Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 37

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 37
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001
and were all exercised in their entirety in the first quarter of 2024.

In
October 2024, the Company received approximately $3.13
million of gross proceeds from the sale of (i) 862,602
shares of the Company’s common stock and pre-funded warrants to purchase up to 702,398
shares of common stock with an exercise price of $0.0001
per share, at a purchase price of $2.00
per share of common stock and a purchase price of $1.9999
per pre-funded warrant in a registered direct offering and (ii) warrants to purchase an aggregate of 1,565,000
shares of common stock with an exercise price of $2.00
per share exercisable after six (6) months from the date of issuance for a 5 five-year period from the initial exercise date in a
concurrent private placement. In conjunction with the transactions, the Company paid the placement agent an aggregate cash fee of
8.0% of the gross proceeds from the sale of securities in the transaction, reimbursed the placement agent for certain out-of-pocket
expenses and issued to the placement agent warrants to purchase an aggregate of 62,600 shares of common stock, equal to 4% of the
aggregate number of shares of common stock and pre-funded warrants sold in the registered direct offering. The placement agent
warrants have an exercise price of $2.00 per share and are exercisable six (6) months from the date of issuance for a five-year
period from the initial exercise date. As of March 31, 2025, all the pre-funded warrants were exercised in cashless transactions and
702,373 shares of common stock were issued.

Dilutive
securities are excluded from the diluted earnings per share calculation because their effect is anti-dilutive. As of March 31, 2025,
73,449 shares of preferred stock, 6,935,042 warrants and 938,927 options for common shares were excluded from the calculation of net
loss per share. As of March 31, 2024, 73,449 shares of preferred stock, 5,307,444 warrants and 826,717 options for common shares were
excluded from the calculation of net loss per share. For each of the three months ended March 31,
2025 and March 31, 2024, 274,286 pre-funded warrants issued in 2020 as