Company: BFRG
Filing Date: 2025-12-01
Form Type: 424B3
Source: 0001493152-25-025570
Chunk: 35

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-12-01
Form: 424B3
Chunk 35
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 give effect to the limitations on the number of shares we may be permitted
to issue to Lincoln Park from time to time under the Purchase Agreement as a result of the Beneficial Ownership Cap or the Exchange Cap.

(2) The denominator is based on 10,249,805
shares of our common stock outstanding as of August 29, 2025 and the shares of common stock set forth in the adjacent column to the left that we would have sold to Lincoln Park as Purchase Shares pursuant
to the Purchase Agreement, assuming such Purchase Shares are sold to Lincoln Park at the assumed average purchase price per share set
forth in the first column on the left. The numerator is based on the number of shares of our common stock issuable under the Purchase
Agreement at the corresponding assumed average purchase price per share set forth in the first column on the left, without giving
effect to the Exchange Cap or the Beneficial Ownership Cap.

(3) The closing sale price per share
of our common stock on October 9, 2025.

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<div align='center'>USE OF PROCEEDS</div>

This prospectus relates to shares of our common stock that may be offered and sold from time to time by Lincoln Park. See “Plan of Distribution” elsewhere in this prospectus for more information. We are not selling any securities under this prospectus and we will not receive any proceeds from the sale of shares by Lincoln Park under this prospectus.

We may receive up to $10 million in aggregate gross proceeds from sales of shares of our common stock we make to Lincoln Park under the Purchase Agreement. We may choose to sell fewer than $10 million shares of our common stock, or, due to the Beneficial Ownership Cap, we may not be able to sell all $10 million in shares of our common stock under the Purchase Agreement, in which case we would raise less than $10 million in aggregate gross proceeds under the Purchase Agreement. It is also possible that we do not sell any shares under the Purchase Agreement.

We will have broad discretion in the use of the net proceeds from any sale of shares of our common stock to Lincoln Park under the Purchase Agreement. Based upon our current plans and business conditions, we intend to use net proceeds from such sales for working capital and general corporate purposes. We have not determined the amount of net proceeds to be used specifically for such purposes. The amounts and timing of our actual expenditures may vary significantly and will depend on numerous factors, including market conditions, cash generated or used by our operations