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

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 13
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,380 
  
    Vested at March 31, 2025 
     663,891  
    $1.55  
     5.3  
    $452,380 

    Number of Warrants  
    Weighted-Average Exercise Price  
    Weighted-Average Remaining Contractual Term (Years)  
    Aggregate Intrinsic Value 
  
    Outstanding at December 31, 2023 
     678,176  
    $1.57  
     6.6  
    $1,209,136 
  
    Granted 
     -  
    $-  

    Exercised 
     (14,285) 
    $2.66  

    Forfeited / canceled 
     -  
    $-  

    Outstanding at March 31, 2024 
     663,891  
    $1.55  
     6.3  
    $1,170,302 
  
    Vested at March 31, 2024 
     660,910  
    $1.54  
     6.3  
    $1,168,664 

During
the three months ended March 31, 2024, the Company recognized $2,397 of compensation expense related to warrants issued as consideration
for services. No such expense was recognized in the three months ended March 31, 2025.

As
of March 31, 2025, there was no unrecognized compensation expense as no unvested warrants remain.

5. Income Taxes

The
Company has not recorded any tax provision or benefit for the three months ended March 31, 2025 or 2024. The Company has provided a valuation
allowance for the full amount of its net deferred tax assets since realization of any future benefits from deductible temporary differences,
net operating losses, credit carryforwards, and research and development credits are not more-likely-than-not to be realized at March
31, 2025 and December 31, 2024.

6. Material Agreements

JHU-APL
Technology License

In
February 2018, the Company entered into an exclusive, world-wide, royalty-bearing license with JHU-APL (the “2018 License Agreement”).
The license covers three (3) issued patents, one (1) new provisional patent application, non-patent rights to proprietary