Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 33

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 33
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), Net

Interest
income earned on cash held in an overnight sweep account was approximately $63,500 for the six months ended June 30, 2025 as compared
to income of approximately $143,413 for the six months ended June 30, 2024. The decrease was primarily due to a decrease in our average
cash balance.

Results
of Operations

Liquidity
and Capital Resources

Through
June 30, 2025, we have an accumulated deficit of approximately $20.3 million and have funded our operations primarily through the sale
of common stock, warrants and debt. We anticipate that our expenses will increase in the future to support our service offerings, clinical
and pre-clinical research and development activities associated with strategic partnerships and collaborations, as well as acquired product
candidates. These increases could include increased costs related to the hiring of additional personnel and fees to outside consultants,
lawyers, and accountants, among other expenses.

In
February 2024, we completed an underwritten offering of common stock and warrants generating approximately $5.7 million of net proceeds.

20

In
October 2024, we completed a registered direct offering of common stock and pre-funded warrants, and concurrent private placement of
common stock warrants generating approximately $2.7 million of net proceeds.

In
April 2025, the Company entered into an ATM Agreement with BTIG, LLC, pursuant to which
the Company may offer and sell shares of common stock, from time to time in its sole discretion, at the market price and having an aggregate
offering price of up to $20 million. The Company is not obligated to sell any shares, and BTIG is not required to sell any specific number
or dollar amount of shares of common stock. Accordingly, the Company will not receive any proceeds from such transaction until shares
are actually sold by BTIG. Subject to the Company’s request to sell shares, BTIG will use commercially reasonable efforts, consistent
with its normal trading and sales practices, to sell shares of common stock on the Company’s behalf in accordance with Company
instructions. Notwithstanding the foregoing, there can be no assurance that the Company will be able to sell, when needed, sufficient
shares under the ATM Agreement to fund planned operations. In June 2025, the Company received approximately $346,000 of gross proceeds
from the sale of 211,589 shares of the Company’s common stock at an average price of approximately $1.64 per share.

As