BullFrog AI Holdings, Inc.

Listed Company

BFRGWCIK 0001829247NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsNevadaFY ends Dec 31

Period

FY 2025

Revenue

$116.7K

Net Income

$-6.50M

Total Assets

$2.81M

Equity

$2.14M

Shares Out

12.66M

Op. Cash Flow

$-5.52M

Business

Bullfrog AI Holdings, Inc. uses artificial intelligence and machine learning to advance therapeutics and improve success rates in drug development for internal programs and external clients. Its primary offerings include the bfLEAP™ AI/ML analytics platform, Bullfrog Data Networks™, contract analytics services, collaborative arrangements, and licensed drug candidates such as mebendazole prodrugs and a Beta2‑spectrin siRNA program. The company operates through business lines focused on drug‑asset enhancement and acquisition, AI analytics services, partnerships and licensing, and R&D of licensed therapeutics. It provides services and licenses globally to biotechnology and pharmaceutical companies, research institutions, non‑profits, and clinical trial collaborators, primarily via digital delivery and strategic collaborations.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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	—	—	—	—	—

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