Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 21

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 21
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 group.

●Risk-free
                                            interest rate – This is the U.S. Treasury rate, having a term comparable to the
                                            expected life of the stock option.

●Expected
                                            life of options – The expected life of options granted to employees was determined
                                            using the simplified method.

The
weighted-average grant-date fair value of options granted during the nine months ended September 30, 2025 and 2024 was $1.57 and $2.83,
respectively.

During
the three and nine months ended September 30, 2025, the Company recognized $145,388 and $623,581, respectively, of compensation expense
related to stock options. During the three and nine months ended September 30, 2024, the Company recognized $201,571 and $726,363, respectively,
of compensation expense related to stock options.

As
of September 30, 2025, the total unrecognized compensation expense related to unvested stock options was approximately $253,000, which
the Company expects to recognize over a weighted-average period of approximately 1.3 years.

Restricted
Stock Units

During
the three months ended September 30, 2025, the Company granted 342,030 restricted stock units (“RSUs”) with an average grant
date fair value of $1.27. The RSUs vest over a two-year2 period. During the three and nine months ended September 30, 2025, the Company
recognized $18,099 of compensation expense related to RSUs.

As
of September 30, 2025, the total unrecognized compensation expense related to unvested RSUs was approximately $416,000, which the Company
expects to recognize over a weighted-average period of approximately 1.9 years.

    13

Stock
Grants

During
the three months ended September 30, 2025, the Company granted 168,465 shares of common stock with an average grant date fair value of
$1.27, all of which were fully vested at the grant date. Of the 168,465 shares granted, 8,438 were not legally issued as of September
30, 2025. During the three and nine months ended September 30, 2025, the Company recognized $213,951 of compensation expense related
to the stock grants.

Warrants

The
following table provides details for the Company’s outstanding warrants as of September 30, 2025:

Schedule