Dilution profile // every instrument, one screen, from SEC filings

BullFrog AI Holdings, Inc. (BFRGW)

CIK 1829247 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (historical dilution)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
MEDIUM$8.7M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
MEDIUMwarrants = 39% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+204% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
MEDIUM~11 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2023-04-142026-05-13

Latest: 18.5M shares as of May 13, 2026 (10-Q).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Exercise Price Two2.2M$2
Exercise Price Three1.8M$3.36
Exercise Price Four1.5M$6.51
Exercise Price Five1.4M$8.125
Exercise Price274,286$0.0007
Exercise Price One5,000$1.22

Tranches exactly as the company dimensioned them in its 10-Q filed May 14, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 7.2M underlying shares, as reported Mar 31, 2026 (10-Q).

Rough fully diluted estimate: 25.8M = 18.5M O/S + 7.2M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed May 14, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding18.5MMay 13, 2026
+ Exercise Price Two (if exercised)2.2MMar 31, 2026
+ Exercise Price Three (if exercised)1.8MMar 31, 2026
+ Exercise Price Four (if exercised)1.5MMar 31, 2026
+ Exercise Price Five (if exercised)1.4MMar 31, 2026
+ Exercise Price (if exercised)274,286Mar 31, 2026
+ Exercise Price One (if exercised)5,000Mar 31, 2026
Fully diluted estimate25.8M+38.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $8.7Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1May 29, 2026$1.3M registeredfiling →
S-1Oct 10, 2025$7.3M registeredfiling →
S-1Nov 8, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 2 registered.

UPDATEJul 6, 2026Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVEJun 10, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDMay 29, 2026S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDApr 1, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
UPDATEDec 1, 2025Prospectus update — often a resale registration, not necessarily new capital424B3
EFFECTIVENov 25, 2025SEC declared a registration effective — selling can beginEFFECT
EXECUTEDNov 7, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDOct 10, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
EXECUTEDSep 16, 2025Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDApr 25, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVENov 29, 2024SEC declared a registration effective — selling can beginEFFECT
REGISTEREDNov 25, 2024S-1/A registration — capacity to sell shares, not a sale yetS-1/A

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full BFRGW workspace