BullFrog AI Holdings, Inc.

BullFrog AI Holdings, Inc. operates in the biopharmaceutical industry, focusing on the application of Artificial Intelligence and Machine Learning (AI/ML) to advance medicine development ¹. The company's core business model is centered on improving the success and efficiency of drug development through strategic acquisitions of clinical-stage and failed drugs for in-house development, or through strategic partnerships and collaborations with biopharmaceutical companies ². The company aims to generate revenue from contract services, collaborative arrangements, and the acquisition and divestment of drug rights ³.

The company's primary customer segments include biopharmaceutical companies and other organizations facing challenges in data analysis throughout the drug development process ⁴. The business model involves a mix of fee-for-service payments, success fees based on achieving milestones, and potential rights to new intellectual property generated from analysis ⁵. For acquired drug rights, the company plans to divest and sell the rescued drug asset with new information back to larger pharmaceutical companies following positive clinical trial results ⁶.

BullFrog AI's main product and platform offerings include bfLEAP™, BullFrog Data Networks™, bfPREP™, siRNA, and Mebendazole. The bfLEAP™ platform is an analytical AI/ML platform derived from technology developed at The Johns Hopkins University Applied Physics Laboratory (JHU-APL), designed to synthesize disparate, high-dimensional data for actionable insights in therapeutics development ⁷. BullFrog Data Networks™ is an AI-powered bioinformatics solution that integrates and analyzes multi-omics, clinical, and real-world biomedical data to uncover hidden biological relationships and accelerate drug discovery, target identification, and clinical trial design ⁸. bfPREP™ is an AI-powered data preparation platform that cleans, standardizes, and harmonizes fragmented biomedical datasets for drug discovery and clinical research ⁹. The company also holds exclusive worldwide rights to siRNA targeting Beta2-spectrin for the treatment of human diseases like hepatocellular carcinoma, obesity, non-alcoholic fatty liver disease, and non-alcoholic steatohepatitis, which is currently in the preclinical stage ¹⁰. Additionally, BullFrog AI has an exclusive worldwide license for an improved formulation of Mebendazole for the treatment of human cancer, specifically glioblastoma, which has completed a Phase I clinical trial ¹¹. The company also holds a license for N-substituted prodrugs of mebendazole, which demonstrate improved solubility and bioavailability, with preclinical studies showing effectiveness in an animal model for glioblastoma ¹².

For the fiscal year ended December 31, 2025, BullFrog AI recognized collaboration revenue of approximately $117,000 ¹³ and incurred a cost of collaboration revenue of approximately $95,000 ¹⁴, resulting in a gross profit of $21,892 ¹⁵. Total operating expenses were $6,616,528 ¹⁶, leading to a loss from operations of $(6,594,636) ¹⁷. The net loss for the year was $(6,498,068) ¹⁸, with a diluted EPS of $(0.63) ¹⁹. As of December 31, 2025, the company had cash and cash equivalents of $2,183,705 ²⁰ and restricted cash of $105,000 ²¹, totaling $2,288,705 ²². Total liabilities were $672,022 ²³, and total stockholders' equity was $2,136,329 ²⁴. The accumulated deficit stood at $(23,291,624) ²⁵. Net cash used in operating activities was $(5,522,265) ²⁶.

Comparing 2025 to 2024, collaboration revenue increased from $0 ²⁷ in 2024 to $116,670 ²⁸ in 2025, as the company had no active customer agreements in 2024. Research and development expenses decreased by 19% ²⁹ from $2,223,265 ³⁰ in 2024 to $1,799,738 ³¹ in 2025, primarily due to a reduction in personnel costs and the allocation of certain personnel costs to cost of revenue. General and administrative expenses decreased by 4% ³² from $5,013,118 ³³ in 2024 to $4,816,790 ³⁴ in 2025, mainly due to reductions in director and officer insurance policy premiums and recruiting fees, partially offset by an increase in noncash stock-based compensation expense. Interest expense decreased by approximately $12,000 ³⁵, while interest income decreased by approximately $159,000 ³⁶ due to lower average cash balances. Net cash used in operating activities decreased by approximately $88,000 ³⁷ in 2025 compared to 2024, primarily due to decreased operating costs, partially offset by the timing and payment of vendor invoices. Net cash provided by financing activities decreased from $8,421,502 ³⁸ in 2024 to $2,374,987 ³⁹ in 2025, mainly due to proceeds from offerings and warrant exercises in 2024 not being fully offset by ATM agreement sales in 2025.

During 2025, BullFrog AI entered into a collaboration agreement with Eleison Pharmaceuticals Inc., a Phase III oncology company, for clinical trial optimization, from which it recognized approximately $117,000 ⁴⁰ in revenue. In June 2025, the company also entered into a strategic collaboration agreement with Sygnature Discovery for a joint marketing arrangement of its BullFrog Data Networks™ platform ⁴¹. The company is planning to launch a new scenario-based decision engine solution in late March 2026 ⁴². In October 2025, stockholders approved an amendment to increase shares available for grant under the 2022 Equity Incentive Plan by 750,000 ⁴³. The company also received written notice from Nasdaq on August 21, 2025, regarding non-compliance with the minimum $2,500,000 ⁴⁴ stockholders' equity requirement and on February 10, 2026, regarding non-compliance with the $1.00 ⁴⁵ minimum bid price requirement ⁴⁶.

BullFrog AI Holdings, Inc. has not issued formal revenue, margin, or EPS guidance for the upcoming period.

The company's growth strategy is primarily focused on generating revenue through strategic relationships with biopharma companies, structured as a combination of cash fees, equity in partners, or other consideration and intellectual property ⁴⁷. The objective of these engagements is to uncover valuable insights to reduce risk and increase the speed of the drug development process through manual or automated integration into client workflows or analysis of discrete data sets ⁴⁸. A secondary growth vector involves acquiring the rights to drugs at various stages of development and leveraging proprietary AI/ML technology to advance their development, with the goal of creating near-term value and monetizing these assets, preferably within approximately 30 months ⁴⁹. This includes securing rights to proprietary data sets and repeating this strategy, as well as gaining access to later-stage clinical assets through partnerships or acquisition of failed therapeutic candidates for drug rescue ⁵⁰.

Operationally, the company anticipates that its research and development costs could become significant over time as it executes its business plan, begins conducting preclinical R&D activities aimed at securing development partners, and files investigational new drug (IND) applications for its licensed drug development programs and strategic partnerships ⁵¹. General and administrative expenses are also expected to increase in the future to support service offerings and clinical and preclinical R&D activities associated with strategic partnering and collaborations ⁵². The company is actively engaged in developing and pursuing new intellectual property to continuously evolve its AI/ML platform ⁵³.

Regarding capital allocation, the company has an At-The-Market Sales Agreement with BTIG, LLC, allowing it to sell shares of common stock up to an aggregate offering price of $20 million ⁵⁴. As of the filing date, approximately $16.4 million ⁵⁵ of capacity remains available under this agreement, though the amount permitted to be raised in any 12-month period is currently limited to approximately $1.1 million ⁵⁶ based on its public float ⁵⁷. Additionally, the company has a purchase agreement with Lincoln Park Capital Fund, LLC, committing Lincoln Park to purchase up to $10.0 million ⁵⁸ of common stock over a 36-month period commencing November 25, 2025 ⁵⁹. In January 2026, the company received approximately $218,000 ⁶⁰ of net proceeds from the sale of 270,000 ⁶¹ shares at an average price of approximately $0.81 ⁶² per share under this facility ⁶³. The company does not currently intend to pay dividends on its common stock, with capital appreciation being the sole source of gain for stockholders for the foreseeable future ⁶⁴.

The company explicitly flagged several structural headwinds and execution risks. It has incurred significant operating losses since inception and expects to continue incurring losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern ⁶⁵. The company's existing cash and cash equivalents of approximately $2.3 million ⁶⁶ as of December 31, 2025, are not sufficient to fund planned operations for at least a year beyond the filing date ⁶⁷. The ability to continue as a going concern is contingent upon utilizing available financing facilities and/or obtaining necessary additional financing and/or revenues ⁶⁸. There is no assurance that sufficient financing will be available when needed or on acceptable terms ⁶⁹. The company is also facing delisting concerns from Nasdaq due to non-compliance with the minimum $2,500,000 ⁷⁰ stockholders' equity requirement and the $1.00 ⁷¹ minimum bid price requirement ⁷². Failure to regain compliance could adversely affect its stock price, liquidity, and ability to raise capital ⁷³. The development of new products involves a lengthy, expensive, and complex process with a high risk of failure, and there is no assurance that its technologies will be capable of developing and commercializing products ⁷⁴. The company's ability to resell and/or license certain products depends on successful clinical trials, and only a small number of R&D programs result in FDA-approved products ⁷⁵.

The company faces significant risks including its limited operating history and recurring losses, which raise substantial doubt about its ability to continue as a going concern, with existing cash of approximately $2.3 million ⁷⁶ as of December 31, 2025, insufficient to fund operations for at least a year beyond the filing date ⁷⁷. There is a risk of delisting from Nasdaq due to non-compliance with the minimum $2,500,000 ⁷⁸ stockholders' equity requirement and the $1.00 ⁷⁹ minimum bid price requirement, which could adversely affect stock price, liquidity, and financing capabilities ⁸⁰. The development of new products is lengthy, expensive, and complex, with a high risk of failure, and there is no assurance that the company's technologies will successfully develop and commercialize products ⁸¹. Competition in the biotechnology and pharmaceutical industries is intense, with many competitors possessing greater financial and technical resources ⁸². The company relies on various intellectual property rights, including patents and licenses, which may not be sufficiently broad or adequately protected, potentially leading to costly litigation or restrictive license agreements ⁸³. The company is dependent on collaborative agreements and third-party contract research organizations (CROs) for R&D and clinical trials, exposing it to risks if these third parties fail to perform ⁸⁴. Geopolitical events, such as military operations in the Middle East and the Russian invasion of Ukraine, along with inflationary pressures and interest rate volatility, could adversely affect global economic conditions and increase the cost of clinical trials conducted outside the U.S. ⁸⁵. The company is increasingly dependent on information technology systems and faces risks from cyberattacks or breaches, which could lead to liability or operational interruptions ⁸⁶. Furthermore, the evolving regulatory landscape for artificial intelligence in healthcare, including potential new federal and state laws and FDA guidance, could impose new compliance obligations and costs ⁸⁷.

Management's message to shareholders emphasizes the company's commitment to leveraging its proprietary AI/ML platform, bfLEAP™, to advance medicine development and improve the probability of success while decreasing time and cost. They highlight the platform's ability to synthesize disparate, high-dimensional data for actionable insights and its application in internal programs and strategic partnerships. Management explicitly states that the company's cash and cash equivalents position of approximately $2.3 million ⁸⁸ as of December 31, 2025, is not sufficient to fund planned operations for at least a year beyond the filing date, indicating a need for additional capital. They also acknowledge the Nasdaq delisting notices regarding the minimum $2,500,000 ⁸⁹ stockholders' equity requirement and the $1.00 ⁹⁰ minimum bid price requirement, and plan to present additional details of their compliance plan and request more time at a Nasdaq Hearings Panel. The three strategic priorities emphasized are: generating revenue through strategic relationships with biopharma companies, acquiring rights to drugs at various development stages and using AI/ML to advance them for monetization, and continuously evolving its intellectual property and AI/ML platform.