BullFrog AI Holdings, Inc. (BFRG) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 29, 2026

Risk Assessment Details

Potential Dilution: 164.97% of current shares
Recent Dilution: 131.78% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
19M
Potential Supply
31M
Additional shares possible
Splits
None
Past 2 years

Summary

BFRG currently has 18.5M outstanding shares. with significant dilution risk as 30.6M authorized shares could dilute existing holders by 165.0%. The company has significantly diluted shareholders by 131.78% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 29, 2026

S-1 filing: This filing relates to the resale of up to 2,000,000 shares of common stock by Lincoln Park Capital Fund, LLC, which were or may be issued pursuant to a purchase agreement.

19M 31M
May 14, 2026

10-Q filing | 18.5M shares outstanding

19M 29M
Nov 14, 2025

10-Q filing | 10.4M shares outstanding

10M 37M
Oct 10, 2025

S-1 filing: This prospectus relates to the resale, from time to time, of up to 5,000,000 shares of our common stock, par value $0.00001 per share, by Lincoln Park Capital Fund, LLC.

10M 37M
Sep 16, 2025

8-K filing: BullFrog AI Holdings, Inc. entered into a purchase agreement with Lincoln Park Capital Fund, LLC, for the sale of up to $10.0 million of the Company's common stock over a 36-month period, subject to certain conditions and limitations.

9.7M 32M
Aug 13, 2025

10-Q filing | 9.7M shares outstanding

9.7M 32M
May 13, 2025

10-Q filing | 9.7M shares outstanding

9.7M 32M
Mar 14, 2025

10-K filing | 9.4M shares outstanding

9.4M 33M
Nov 25, 2024

S-1/A filing: This prospectus relates to the resale or other disposition from time to time by the selling stockholders identified herein of shares of common stock issuable upon exercise of Common Stock purchase warrants and placement agent Common Stock purchase warrants.

8.7M 33M
Nov 08, 2024

10-Q filing | 8.1M shares outstanding

8.1M 34M
Nov 08, 2024

S-1 filing: This prospectus relates to the resale or other disposition from time to time by the selling stockholders of shares of common stock issuable upon exercise of Common Stock purchase warrants and placement agent Common Stock purchase warrants.

8.7M 33M
Oct 21, 2024

8-K filing: Bullfrog AI Holdings, Inc. completed a registered direct offering and concurrent private placement on October 21, 2024, issuing 862,602 shares of common stock and pre-funded warrants to purchase up to 702,398 shares, along with warrants to purchase 1,565,000 shares of common stock, raising gross proceeds of approximately $3.13 million. ($3.13M proceeds)

7.4M 33M
Aug 07, 2024

10-Q filing | 8.1M shares outstanding

8.1M 32M
Aug 07, 2024

S-3 filing: Bullfrog AI Holdings, Inc. may from time to time sell common stock, preferred stock, warrants, or a combination of these securities, or units, up to a total offering price of $100,000,000.

7.4M 33M
May 10, 2024

10-Q filing | 7.4M shares outstanding

7.4M 330K
Mar 29, 2024

10-K filing | 7.9M shares outstanding

7.9M 0
Jan 29, 2024

S-1 filing: Bullfrog AI Holdings, Inc. is offering shares of common stock and accompanying warrants in a firm commitment offering, along with pre-funded warrants for certain purchasers.

6.1M 1.6M
Nov 14, 2023

10-Q filing | 6.1M shares outstanding

6.1M 0
Aug 14, 2023

10-Q filing | 6.1M shares outstanding

6.1M 0
May 24, 2023

10-Q filing | 6.1M shares outstanding

6.1M 0
Apr 25, 2023

10-K filing | 6.1M shares outstanding

6.1M 0
Feb 21, 2023

8-K filing: Bullfrog AI Holdings, Inc. closed a public offering of 1,297,318 units at $6.50 per unit, each unit consisting of one share of common stock, one tradeable warrant, and one non-tradeable warrant; the underwriters exercised their over-allotment option for 306,818 warrants; and an additional 194,598 shares of common stock were issued to the representative. ($8.43M proceeds)

4M 0
Feb 13, 2023

S-1/A filing: This is a firm commitment initial public offering of 1,317,647 units of Bullfrog AI Holdings, Inc. Each Unit consists of one share of our common stock, one tradeable warrant to purchase one share of common stock at an anticipated exercise price of $7.80 per share, and one non-tradeable warrant to purchase one share of our common stock at an exercise price of $8.125.

4M 4M
Jan 10, 2023

S-1/A filing: This is a firm commitment initial public offering of 1,317,647 units of Bullfrog AI Holdings, Inc, each unit consisting of one share of common stock, one tradeable warrant, and one non-tradeable warrant.

4M 4M
Dec 08, 2022

S-1/A filing: This S-1/A filing is for an initial public offering of 1,317,647 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock, along with registration for resale of an aggregate of 1,985,313 shares of common stock and shares of common stock issuable upon the conversion of certain promissory notes and the exercise of certain warrants.

4M 1.5M
Nov 28, 2022

S-1/A filing: This is a firm commitment initial public offering of 1,317,647 units of Bullfrog AI Holdings, Inc. Each Unit consists of one share of common stock and one tradeable warrant to purchase one share of common stock at an anticipated exercise price of $6.75 per share.

4M 3M
Nov 07, 2022

S-1/A filing: This is a firm commitment initial public offering of 1,317,647 units of Bullfrog AI Holdings, Inc., each unit consisting of one share of common stock and one tradeable warrant to purchase one share of common stock at an anticipated exercise price of $6.75 per share.

4M 3.4M
Oct 19, 2022

S-1 filing: This is a firm commitment initial public offering of 1,317,647 units of Bullfrog AI Holdings, Inc., with each unit consisting of one share of common stock and one tradeable warrant to purchase one share of common stock at an anticipated exercise price of $ per share.

4M 1.7M
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