Company: BFRG
Filing Date: 2025-10-10
Form Type: S-1
Source: 0001493152-25-017809
Chunk: 39

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-10-10
Form: S-1
Chunk 39
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The number of shares of our common stock to be outstanding immediately after this offering is based on 10,249,805 shares of our common stock outstanding as of August 29, 2025, and excludes, as of such date, the following:

| ● | Up                                                                                           
 to 7,214,328 shares of common stock issuable upon the exercise of outstanding warrants       
 with a weighted-average exercise price of $4.91 per share;                                   |
| ● | Up                                                                                           
 to 821,412 shares of common stock issuable upon the exercise of outstanding stock            
 options, which options have a weighted average exercise price of $3.51 per share;            |
| ● | Up                                                                                           
 to 342,030 shares of common stock issuable upon vesting of outstanding restricted            
 stock units; and                                                                             |
| ● | Up                                                                                           
 to an aggregate of 59,348 shares of common stock reserved for future issuance under the 2022 
 Plan.                                                                                        |

The number of outstanding options, restricted stock units and shares of common stock available for future issuances under the 2022 Plan does not reflect:

| ● | Up                                                                                          
 to 45,000                                                                                   
 shares of common stock issuable upon exercise of outstanding stock options with an exercise 
 price of $1.43 per share granted since August 29, 2025.                                     |

To the extent that outstanding options or warrants have been or may be exercised, new equity awards were or are issued, or we otherwise issued or issue additional shares of common stock, including in our “at the market” offering program, investors purchasing our common stock in this offering may experience further dilution.

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<div align='center'>SELLING STOCKHOLDER</div>

This prospectus relates to the possible resale by the selling stockholder, Lincoln Park, of additional shares of our common stock that may be issued to Lincoln Park pursuant to the Purchase Agreement. We are filing the registration statement of which this prospectus is a part pursuant to the provisions of the Registration Rights Agreement, which we entered into with Lincoln Park on September 15, 2025 concurrently with our execution of the Purchase Agreement, in which we agreed to provide certain registration rights with respect to sales by Lincoln Park of the shares of our common stock that have been and may be issued to Lincoln Park under the Purchase Agreement.

Lincoln Park, as the selling stockholder, may, from time to time, offer and sell pursuant to this prospectus up to 5,