Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 18

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 18
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 unpaid at September 30, 2025. As of September 30, 2025, approximately $18.9 million of capacity remains
available under the ATM Agreement; however, the amount the Company is permitted to raise in any 12-month period is limited based on its
public float pursuant to SEC General Instruction I.B.6 of Form S-3. Accordingly, as of September 30, 2025, the Company is limited to
additional common stock sales of approximately $2.0 million. This amount is subject to adjustment based on increases in the Company’s
public float.

    11

In
September 2025, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant
to which Lincoln Park committed to purchase up to $10.0 million of the Company’s common stock, subject to certain limitations.
The Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $10.0 million
of the Company’s common stock. Such sales of common stock by the Company, if any, will be subject to certain limitations set forth
in the purchase agreement, and may occur from time to time, at the Company’s sole discretion, over the 36-month period commencing
on the date that the conditions to Lincoln Park’s purchase obligation set forth in the purchase agreement are satisfied, including
that a registration statement covering the resale by Lincoln Park of shares of common stock that have been and may be issued to Lincoln
Park under the purchase agreement, which the Company filed with the SEC in October 2025, is declared effective by the SEC. No shares
were sold under this facility during the nine months ended September 30, 2025. In connection with this agreement, the Company issued
147,682 shares of common stock valued at approximately $207,000 to Lincoln Park as a fee in advance of any sales pursuant to this facility.

Dilutive
securities are excluded from the diluted earnings per share calculation because their effect is anti-dilutive. As of September 30, 2025,
73,449 shares of preferred stock, 6,940,042 warrants, 866,412 options for shares of common stock, and 342,030 unvested RSUs were excluded
from the calculation of net loss per share. As of September 30, 2024, 73,449 shares of preferred stock, 5,307,444