Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 60

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 60
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8.7  
    $25,652 
  
    Vested at September 30, 2024 
     449,434  
    $4.06  
     8.3  
    $16,837 

The
fair value of options granted during the nine months ended September 30, 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  

    Nine Months Ended September 30, 

    2025  
    2024 
  
    Expected dividend yield 
     0% 
     0%
  
    Expected volatility 
     94% - 97%  
     92% - 97% 
  
    Risk-free interest rate 
     3.8% - 4.5%  
     3.5% - 4.4% 
  
    Expected life (in years) 
     5.5  
     5.3 - 6.0 

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

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