Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 9

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 9
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 powerful and proven bfLEAP™ AI/ML platform initially
developed at JHU-APL. The Company believes the bfLEAP™ analytics platform is a potentially disruptive tool for analysis of pre-clinical
and clinical data sets, such as the robust pre-clinical and clinical trial data sets being generated in translational R&D and clinical
trial settings.

    6

Liquidity
and Going Concern 

The
Company has generated negative cash flows from operations and operated at a net loss since inception. As of September 30, 2025, the Company
has a cash balance of approximately $2.1 million, which includes restricted cash of $0.1 million held by a financial institution as collateral
for the Company’s corporate credit card program. In February 2024 and October 2024, the Company received net proceeds of approximately
$5.7 million and $2.7 million, respectively, from the sale of its common stock and warrants. During the three months ended June 30, 2025
and September 30, 2025, the Company received net proceeds of approximately $0.3 million and $0.7 million, respectively, from the sale
of its common stock pursuant to the Company’s At-The-Market Sales Agreement with BTIG, LLC (the “ATM Agreement”). As
of September 30, 2025, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations
for at least a year beyond the filing date of the unaudited condensed consolidated financial statements. This risk factor, as well as
other factors, raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a
going concern is dependent upon the Company obtaining the necessary financing or revenues to meet its obligations arising from normal
business operations when they become due.

Accordingly,
the Company will require additional capital to continue to execute its strategy. The Company anticipates securing this additional
capital through various avenues including revenues from licensing agreements and collaborative arrangements within its operating business
and/or the selling of equity securities or entry into debt transactions. Although management believes that such funding sources will
be available, including pursuant to the Company’s at-the-market common stock sales facility provided by our ATM Agreement and pursuant
to the Company’s equity line of credit facility provided by our purchase agreement with Lincoln Park Capital Fund, LLC, there can
be no assurance that any such arrangements will provide sufficient capital when needed