Company: BFRG
Filing Date: 2025-10-10
Form Type: S-1
Source: 0001493152-25-017809
Chunk: 38

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-10-10
Form: S-1
Chunk 38
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 Lincoln Park to achieve the same gross proceeds amount, in which case our existing stockholders would experience greater dilution.

The amount that Lincoln Park will receive for our common stock when resold pursuant to this prospectus will depend upon the timing of sales and will fluctuate based on the trading price of our common stock.

As of August 29, 2025, we had a historical net tangible book value of $2,188,110, or $0.21 per share of common stock, based on shares of common stock outstanding at August 29, 2025. Our historical net tangible book value per share is the amount of our total tangible assets less our total liabilities, at August 29, 2025, divided by 10,249,805 shares of common stock.

After giving effect to the sale of 4,852,318 shares to Lincoln Park pursuant to the Purchase Agreement at an assumed price of $1.43 per share, the closing price of our common stock on Nasdaq on October 9, 2025, deducting estimated offering expenses of approximately $109,015, which includes $30,000 paid to Lincoln Park as reimbursement for certain expenses incurred in connection with the offering, and without giving effect to the Beneficial Ownership Cap under the Purchase Agreement, our as adjusted net tangible book value as of August 29, 2025, would have been approximately $9.0 million, or $0.60 per share. This represents an immediate increase in the net tangible book value of $0.39 per share to our existing stockholders and an immediate dilution of $0.83 per share to new investors.

| Assumed offering price per share                                                                          |     |   |      |     |   | 1.43 |
|:----------------------------------------------------------------------------------------------------------|:----|:--|-----:|:----|:--|-----:|
| Net tangible book value per share of common stock as of August 29, 2025                                   |     | $ | 0.21 |     |   |      |
| Increase in net tangible book value per share attributable to this offering                               |     | $ | 0.39 |     |   |      |
| As adjusted net tangible book value per share as of August 29, 2025, after giving effect to this offering |     |   |      |     | $ | 0.60 |
| Dilution per share to new investors participating in this offering                                        |     |   |      |     | $