Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 61

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 61
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 in all cases,
partners and the establishment of third-party relationships for execution and completion of clinical trials.

Since
completing our initial public offering in February 2023 (the “IPO”), aided by the receipt of the IPO proceeds in addition
to the proceeds from our February 2024 and October 2024 offerings and our ongoing At-The-Market Sales Agreement with BTIG, LLC (the “ATM Agreement”),
we have implemented several initiatives including: investor relations and marketing to raise awareness for the Company in the financial
and business sectors, research and development, collaboration with the J Craig Venter Institute (“JCVI”), and initiation of
preclinical studies with our in-licensed drug programs. The Company is actively engaged in developing and pursuing new intellectual property
as it strives to continuously evolve its AI/ML platform.

Internally,
the Company has added incremental staff to accelerate execution and development of processes and custom scripts for use in performing
new drug target discovery and analytical services for customers, while also launching initiatives targeting large public health data
sources and seeking access to proprietary health data sources, such as our agreement with the LIBD. We are also transitioning our accounting
and financial reporting systems and processes to enhance our internal control environment as a public company. Capital from the IPO was
also used to retire two notes that were sold to fund the Company through the IPO as well as other debts accrued over time to our staff,
employees and consultants, and obligations related to the acquisition of our licensed drug programs.

17

The
Company has incurred negative cash flows from operations and operated at a net loss since inception. In the first quarter of 2023,
we completed our IPO. In February 2024, we received net proceeds of approximately $5.7 million from an underwritten public offering
of common stock and warrants. In October 2024, we received net proceeds of approximately $2.7 million from a registered direct
offering of common stock and pre-funded warrants, and concurrent private placement of common stock warrants. In June 2025, we
received net proceeds of approximately $0.2 million from the sale of shares of our common stock pursuant to our ATM Agreement. As of
June 30, 2025, the Company has a cash balance of approximately $2.6 million, which includes $0.1 million of restricted cash. As of
June 30, 2025, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned
operations