Financial Statements — BFRG
Balance Sheet
(in millions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 |
|---|
| Cash & Equivalents | 5.08 | 1.99 | 2.47 | 3.80 | 4.24 | 5.61 | 7.01 | 3.86 | 5.46 | 5.42 |
| Accounts Receivable | -- | 0.06 | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 5.32 | 2.54 | 2.70 | 4.08 | 4.60 | 6.07 | 7.64 | 4.21 | 6.04 | 6.23 |
| Property, Plant & Equipment | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total Non-current Assets* | 0.22 | 0.17 | 0.17 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total Assets | 5.54 | 2.70 | 2.87 | 4.09 | 4.60 | 6.08 | 7.65 | 4.21 | 6.04 | 6.23 |
| Accounts Payable | 0.22 | 0.17 | 0.18 | 0.21 | 0.09 | 0.08 | 0.15 | 0.11 | 0.49 | 0.64 |
| Short-term Debt | -- | 0.06 | 0.11 | 0.16 | 0.17 | 0.34 | 0.51 | 0.21 | 0.42 | 0.63 |
| Total Current Liabilities | 0.65 | 0.76 | 0.68 | 0.84 | 0.78 | 0.69 | 0.84 | 0.45 | 1.14 | 1.61 |
| Total Non-current Liabilities* | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities* | 0.65 | 0.76 | 0.68 | 0.84 | 0.78 | 0.69 | 0.84 | 0.45 | 1.14 | 1.61 |
| Retained Earnings | (24.88) | (21.81) | (20.26) | (18.81) | (15.05) | (13.29) | (11.68) | (8.46) | (7.20) | (5.72) |
| Total Stockholder Equity | 2.50 | 1.94 | 2.19 | 3.25 | 3.82 | 5.39 | 6.80 | 3.77 | 4.90 | 4.62 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 |
|---|
| Total Revenue | -- | 0.00 | 0.08 | 0.03 | -- | -- | -- | -- | -- | 0.00 | 0.07 | -- | -- | -- |
| Cost of Revenue | -- | 0.00 | 0.07 | 0.03 | -- | -- | -- | -- | -- | 0.00 | 0.01 | -- | -- | -- |
| Gross Profit | -- | 0.00 | 0.02 | 0.01 | -- | -- | -- | -- | -- | 0.00 | 0.06 | -- | -- | -- |
| Research & Development | 0.43 | 0.40 | 0.35 | 0.48 | 0.58 | 0.59 | 0.57 | 0.51 | 0.55 | 0.41 | 0.38 | 0.27 | 0.37 | 0.16 |
| Selling, General & Admin | 1.18 | 1.10 | 1.24 | 1.00 | 1.48 | 1.18 | 1.25 | 1.17 | 1.41 | 0.93 | 0.98 | 1.26 | 0.82 | (0.12) |
| Total Operating Expenses | 1.61 | 1.50 | 1.59 | 1.48 | 2.06 | 1.77 | 1.82 | 1.68 | 1.97 | 1.34 | 1.36 | 1.54 | 1.19 | 0.59 |
| Operating Income | (1.61) | (1.50) | (1.57) | (1.47) | (2.06) | (1.77) | (1.82) | (1.68) | (1.97) | (1.34) | (1.30) | (1.54) | (1.19) | (0.58) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | 0.01 | 0.01 | 0.06 | 0.11 |
| Net Income | (1.59) | (1.48) | (1.55) | (1.45) | (2.02) | (1.71) | (1.76) | (1.61) | (1.90) | (1.30) | (1.25) | (1.48) | (1.33) | (0.70) |
| Basic EPS | (0.12) | (0.12) | (0.15) | (0.15) | (0.21) | (0.17) | (0.22) | (0.20) | (0.26) | (0.17) | (0.21) | (0.24) | (0.27) | (0.25) |
| Diluted EPS | (0.12) | (0.12) | (0.15) | (0.15) | (0.21) | (0.17) | (0.22) | (0.20) | (0.26) | (0.17) | (0.21) | (0.24) | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 |
|---|
| Operating Cash Flow | (1.69) | (1.18) | (1.11) | (1.43) | (1.80) | (1.27) | (1.21) | (1.23) | (1.90) | (1.02) | (1.39) | (1.23) | (2.36) |
| Capital Expenditures | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | 0.01 | -- |
| Free Cash Flow* | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (1.39) | (1.24) | -- |
| Investing Cash Flow | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | (0.01) | -- |
| Financing Cash Flow | 4.59 | 1.38 | 0.62 | 0.21 | 0.16 | 2.47 | (0.17) | (0.17) | 6.29 | (0.21) | (0.21) | 1.27 | 7.72 |
* Derived from reported values
