Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 12

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 12
---
  
    $-  

    Forfeited / canceled 
     -  
    $-  

    Outstanding at March 31, 2024 
     826,717  
    $4.07  
     9.1  
    $100,452 
  
    Vested at March 31, 2024 
     356,505  
    $4.02  
     8.6  
    $63,272 

The
fair value of options granted in the three months ended March 31, 2025 and 2024 was estimated using the Black-Scholes option pricing
model based on the assumptions in the table below:

 Schedule of Black Scholes Option Pricing Model 

    Three Months Ended March 31, 

    2025  
    2024 
  
    Expected dividend yield 
     0%  
     0% 
  
    Expected volatility 
      94% - 96%  
      91% - 95% 
  
    Risk-free interest rate 
     4.0% - 4.5%  
     4.0% - 4.3% 
  
    Expected life (in years) 
     5.5  
      5.25 - 6.0 

●Volatility
                                            – The trading volatility was determined by calculating the volatility of the Company’s
                                            peer group.

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

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

●Dividend
                                            yield – The Company does not expect to pay a dividend in the foreseeable future.

The
weighted-average grant-date fair value of options granted during the three months ended March 31, 2025 and 2024 were $1.67 and $2.97,
respectively.

    10

During
the three months ended March 31, 2025 and 2024, the Company recognized $300,288 and $333,020, respectively, of compensation expense related
to stock options.

As
of March 31, 2025, the total unrecognized compensation expense related to unvested stock options was approximately $238,000, which the
Company expects to recognize over