BullFrog AI Holdings, Inc.
Business
BullFrog AI Holdings, Inc. is a digital biopharmaceutical company that uses artificial intelligence and machine learning to advance drug discovery and development. The company operates three main revenue models: contract services using its proprietary bfLEAP™ analytics platform for biopharmaceutical clients; collaborative arrangements with biotech and pharma companies; and acquisition and development of failed or early-stage drug candidates using precision medicine approaches. The company licenses technology from Johns Hopkins University Applied Physics Laboratory and universities, targets rare diseases and oncology indications, and divests developed assets to industry partners rather than commercializing products directly.
Summary from 10-K filed 2026-03-19
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Collaboration revenue | 116,670 | — | 65,000 | 10,000 | — | |
| Total revenue | 116,670 | — | 65,000 | 10,000 | — | |
| Cost of collaboration revenue | 94,778 | — | 5,200 | 800 | — | |
| Gross profit | 21,892 | — | 59,800 | 9,200 | — | |
| Research and development | 2 | 2 | 1 | 609,270 | 25,000 | |
| General and administrative | 5 | 5 | 4 | 2 | 327,329 | |
| Total operating expenses | 7 | 7 | 5 | 2 | 555,362 | |
| Loss from operations | −7 | −7 | −5 | −2 | −555,362 | |
| Interest expense | −5,629 | −18,158 | −79,089 | — | — | |
| Interest income | 102,197 | 260,894 | 183,703 | 459 | — | |
| Total other income (expense), net | 96,568 | 242,736 | 11,655 | −346,686 | −30,478 | |
| Net loss | −6 | −7 | −5 | −3 | −585,840 | |
| Deemed dividend related to warrant exercise price adjustment | — | −44,985 | — | — | — | |
| Net loss attributable to common stockholders | −6 | −7 | −5 | — | — | |
| Net loss per common share attributable to common stockholders - basic | −0.63 | −0.85 | −0.89 | −0.7 | −14 | |
| Net loss per common share attributable to common stockholders - diluted | −0.63 | −0.85 | −0.89 | −0.7 | — | |
| Weighted average number of shares outstanding - basic | 10 | 8 | 6 | 4 | 4 | |
| Weighted average number of shares outstanding - diluted | 10 | 8 | 6 | 4 | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 2 | 5 | 3 | 57,670 | — | |
| Prepaid expenses and other assets | 400,451 | 111,597 | — | — | — | |
| Total current assets | 3 | 6 | 3 | 72,670 | 10,014 | |
| Restricted cash | 105,000 | — | — | — | — | |
| Property and equipment, net | 2,525 | 4,250 | 5,974 | 7,699 | — | |
| Investments | 116,670 | — | — | — | — | |
| Total assets | 3 | 6 | 3 | 80,369 | 10,014 | |
| Accounts payable | 168,151 | 435,934 | 103,656 | 543,993 | 68,594 | |
| Accrued expenses | 503,871 | 152,156 | 80,694 | 982,988 | 68,557 | |
| Total current liabilities | 672,022 | 588,090 | 184,350 | 3 | 1 | |
| Total liabilities | 672,022 | 588,090 | 184,350 | 3 | 1 | |
| Series A Convertible Preferred stock, $0.00001 par value, 5,500,000 shares authorized; 73,449 shares issued and outstanding as of December 31, 2025 and 2024. | 1 | 1 | 1 | 1 | — | |
| Common stock, $0.00001 par value, 100,000,000 shares authorized; 11,418,183 and 9,113,139 shares issued and outstanding as of December 31, 2025 and 2024, respectively. | 114 | 91 | 61 | 40 | 46 | |
| Additional paid-in capital | 25 | 22 | 12 | 1 | 587,415 | |
| Accumulated deficit | −23 | −17 | −10 | −4 | −2 | |
| Total stockholders equity | 2 | 5 | 3 | −3 | −1 | |
| Total liabilities and stockholders equity | 3 | 6 | 3 | 80,369 | 10,014 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation | 1,725 | 1,724 | 1,725 | 1,045 | — | |
| Stock-based compensation | 1 | 943,649 | 631,533 | 340,152 | 98,951 | |
| Non-cash consideration received pursuant to revenue agreements | −116,670 | — | — | — | — | |
| Prepaid expenses and other assets | 11,185 | 34,285 | — | — | — | |
| Accounts payable | −267,783 | 332,278 | −440,337 | 475,399 | −25,853 | |
| Accrued expenses | 336,715 | 71,462 | −838,428 | 373,273 | 27,384 | |
| Net cash used in operating activities | −6 | −6 | −6 | −910,890 | −382,405 | |
| Net cash used in investing activities | — | — | — | −8,744 | — | |
| Proceeds from sale of common stock from ATM, net of issuance costs | 2 | — | 7 | — | — | |
| Proceeds from issuance of common stock and warrants, net of issuance costs | — | 8 | 7 | — | — | |
| Proceeds from warrant exercises | — | 105,816 | 1 | — | — | |
| Issuance costs paid in advance of equity financing | −92,546 | — | — | — | — | |
| Proceeds from short term insurance financing | 181,797 | 561,885 | 697,534 | — | — | |
| Payments on short term insurance financing | −181,797 | −561,885 | −697,534 | — | — | |
| Net cash provided by financing activities | 2 | 8 | 9 | 967,290 | 387,400 | |
| Net (decrease) increase in cash and cash equivalents | −3 | 3 | 3 | 47,656 | 4,995 | |
| Cash paid for interest | 5,629 | 18,158 | 93,916 | 5,757 | — | |
| Cash paid for taxes | — | — | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is BullFrog AI Holdings, Inc.'s CIK number?
BullFrog AI Holdings, Inc.'s SEC CIK number is 0001829247 (1829247). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find BullFrog AI Holdings, Inc.'s SEC filings?
All of BullFrog AI Holdings, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.