Joint oncology conference submission planned and follow-on contract discussion underway Validates BullFrog AI’s enterprise-grade platform strategy, combining automation and human-in-the-loop oversight for scalable, trustworthy analytics GAITHERSBURG, Md., Sept. 08, 2025 (GLOBE NEWSWIRE) -- BullFrog AI Holdings, Inc. (NASDAQ: BFRG; BFRGW) ("BullFrog AI" or the "Company"), a technology-enabled drug development company using artificial intelligence (“AI”) and machine learning to enable the successful developm ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41600 BULLFROG AI HOLDINGS, INC. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Nevada 84-4786155 (State or other juri ...

Core Insights - BullFrog AI Holdings, Inc. is participating in BTIG's Annual Virtual Biotechnology Conference, highlighting its focus on AI-driven drug development [1][2] Company Overview - BullFrog AI utilizes artificial intelligence and machine learning to enhance drug discovery and development processes [3] - The company collaborates with leading research institutions and employs its proprietary bfLEAP™ platform to analyze complex biological data, aiming to streamline therapeutic development and reduce clinical trial failure rates [3] Event Participation - CEO Vin Singh will engage in a fireside chat and one-on-one meetings during the conference scheduled for July 29-30, 2025 [1][2] - The fireside presentation is set for July 30, 2025, at 11:20 a.m. ET, with access available through BTIG [2]

From target discovery to trial optimization, bfLEAP™ empowers biopharma teams to predict therapeutic success with greater confidence In a $200B+ market crowded with black-box AI, BullFrog AI's bfLEAP™ delivers what others can't: biologically grounded, composition-aware analytics that guide smarter therapeutic decisions GAITHERSBURG, Md., July 22, 2025 (GLOBE NEWSWIRE) -- BullFrog AI Holdings, Inc. (NASDAQ: BFRG; BFRGW) ("BullFrog AI" or the "Company"), a technology-enabled drug development company using art ...

Core Insights - BullFrog AI Holdings, Inc. is hosting a webinar on July 23, 2025, to discuss its advancements in drug development using AI and machine learning [1][2] - The company has launched the BullFrog Data Networks™ Solutions Library, which includes the bfLEAP™ causal AI engine and the new bfPREP™ module for data automation [2] - BullFrog AI is collaborating with Sygnature Discovery to enhance its global reach and drive revenue growth in the $204 billion biopharma R&D market [2] Company Overview - BullFrog AI utilizes AI and machine learning to improve drug discovery and development processes [5] - The company aims to reduce clinical trial failure rates by analyzing complex biological data through its proprietary platforms [5] Webinar Details - The webinar will feature insights from BullFrog AI's Founder and CEO, Vin Singh, followed by a live Q&A session [2][3] - Registration for the free webinar is available online [4]

Core Insights - BullFrog AI Holdings, Inc. has introduced bfPREP™, a data cleansing and preparation module aimed at addressing the multi-billion-dollar data quality challenge in life sciences by automating data processes for AI readiness [1][3] Industry Overview - The global market for data preparation and cleansing tools in life sciences and healthcare is projected to grow from approximately $3.1 billion in 2024 to $6.8 billion by 2029, driven by increasing data volumes and demand for AI-ready infrastructure [3] Product Features - bfPREP™ automates the detection, correction, standardization, and transformation of clinical, omics, and real-world datasets, converting raw information into analysis-ready insights [2][3] - The module is designed for end-to-end automation, significantly reducing data preparation timelines from months to days [5] - It supports standards-based interoperability, with native support for OMOP and plans for additional healthcare data standards [5] Strategic Value - bfPREP™ is tailored for various stakeholders in drug development, including clinical operations teams, contract research organizations (CROs), biotechs, and health IT managers, enhancing their ability to deliver cleaner, submission-ready data faster [5][6] - The solution integrates seamlessly with existing data lakes and supports hybrid environments, making it scalable and cloud-ready [5]

Core Insights - BullFrog AI Holdings, Inc. has launched the BullFrog Data Networks™ Solutions Library, an enterprise-wide solution aimed at transforming drug development for large biopharma organizations through AI and machine learning [1][6] Group 1: Product Overview - The BullFrog Data Networks™ Solutions Library is set to launch in late 2025 and is tailored for large-scale pharmaceutical, biotechnology, and life sciences organizations, providing secure infrastructure to extract insights from extensive biomedical datasets [2] - The platform is organized into specialized modules focusing on critical areas of drug discovery, such as target selection and clinical trial optimization, allowing clients to customize their decision support systems [2][6] - The solution is built on the bfLEAP™ causal AI engine, enhancing the ability to analyze complex biological data and streamline therapeutics development [1][10] Group 2: Technical Infrastructure - The library supports native deployment across major cloud platforms including Google Cloud Platform, Microsoft Azure, and Amazon Web Services, ensuring scalability, uptime, and data security [3] - This cloud-native architecture allows for rapid deployment and compliance with global data privacy standards, facilitating seamless data access and integration for R&D teams [4][5] Group 3: Market Position and Growth Potential - The BullFrog Data Networks Solutions Library aims to reduce R&D costs and failure rates for biopharma companies, positioning BullFrog AI as a leader in AI-driven drug discovery [6] - The global AI in drug discovery market is projected to reach $35.4 billion by 2034, growing at a CAGR of 29.6%, indicating a strong demand for scalable, data-driven solutions [8]

Core Insights - BullFrog AI Holdings, Inc. is leveraging AI and machine learning to enhance drug development processes, showcasing its leadership in AI-driven bioinformatics through the participation of Dr. Juan Felipe Beltrán in an upcoming webinar [1][2] Group 1: Company Overview - BullFrog AI focuses on technology-enabled drug development, utilizing AI and machine learning to improve the efficiency and success rates of pharmaceuticals and biologics [1][6] - The company’s proprietary bfLEAP™ platform and BullFrog Data Networks™ are designed to provide actionable insights from complex biological data, addressing the challenge that only 12% of drugs entering Phase 1 clinical trials successfully reach the market [4] Group 2: Webinar Details - Dr. Beltrán will discuss critical issues in AI-driven bioinformatics, including mismanagement of compositional data, overinterpretation of machine learning feature importance, and misapplication of generative AI [3] - The webinar aims to provide practical strategies for bioinformaticians, biostatisticians, data scientists, and translational scientists to improve decision-making and confidence in analytical results [5] Group 3: Market Opportunity - The company emphasizes the significant market opportunity in enhancing drug discovery processes, which is crucial for investors recognizing the potential in AI-driven solutions for biopharma [2]

Core Insights - BullFrog AI Holdings, Inc. has announced a strategic collaboration with Sygnature Discovery to enhance drug development using AI and machine learning [1][2] - This partnership is expected to generate between $15 million and $30 million in revenue for BullFrog AI through 2028 [2] Company Overview - BullFrog AI is a technology-enabled drug development company that utilizes AI and machine learning to improve the development of pharmaceuticals and biologics [1] - The company’s proprietary platform, BullFrog Data Networks™, is powered by the bfLEAP™ engine and aims to provide AI-driven data insights [1][3] Collaboration Details - The collaboration with Sygnature Discovery will introduce BullFrog Data Networks™ to Sygnature's global client base, enhancing brand recognition and user uptake [2][3] - Sygnature Discovery is a UK-based contract research organization specializing in drug discovery, and this partnership will complement their existing capabilities [4] Platform Capabilities - BullFrog Data Networks™ accelerates the exploration of complex datasets, aiding in early target identification, mechanism-of-action elucidation, patient stratification, drug repurposing, and clinical trial optimization [3] - The platform is designed to meet the needs of small to mid-sized biopharma companies, which are often underserved by current bioinformatics solutions [4]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company reported no revenue, an increased net loss, and a significant cash decrease to $3.8 million, raising substantial doubt about its ability to continue as a going concern [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $4.09 million due to reduced cash, while liabilities increased and stockholders' equity declined to $3.25 million reflecting the net loss Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,801,928 | $5,435,983 | | Total current assets | $4,082,054 | $5,547,580 | | **Total assets** | **$4,085,872** | **$5,551,830** | | **Liabilities & Equity** | | | | Total current liabilities | $839,397 | $588,090 | | **Total liabilities** | **$839,397** | **$588,090** | | Total stockholders' equity | $3,246,475 | $4,963,740 | | **Total liabilities and stockholders' equity** | **$4,085,872** | **$5,551,830** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported no revenue and a net loss of $2.02 million for Q1 2025, an increase from Q1 2024, primarily due to higher operating expenses Statement of Operations Summary (Unaudited, Three Months Ended March 31) | Financial Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | $ - | $ - | | Research and development | $576,260 | $552,126 | | General and administrative | $1,480,360 | $1,413,592 | | **Total operating expenses** | **$2,056,620** | **$1,965,718** | | Loss from operations | ($2,056,620) | ($1,965,718) | | **Net loss** | **($2,017,553)** | **($1,903,794)** | | Net loss per share (basic and diluted) | ($0.21) | ($0.26) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from $4.96 million to $3.25 million, primarily due to the $2.02 million net loss, partially offset by stock-based compensation - The accumulated deficit increased from **$(16.8) million** at year-end 2024 to **$(18.8) million** at the end of Q1 2025, reflecting the ongoing net losses[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $1.80 million, resulting in a $1.63 million cash decrease, contrasting with a $4.39 million increase in Q1 2024 from financing Cash Flow Summary (Unaudited, Three Months Ended March 31) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,798,125) | ($1,901,634) | | Net cash used in investing activities | $ - | $ - | | Net cash provided by financing activities | $164,070 | $6,287,621 | | **Net (decrease) increase in cash** | **($1,634,055)** | **$4,385,987** | | **Cash at end of period** | **$3,801,928** | **$7,010,717** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the bfLEAP™ AI/ML platform, a 'Going Concern' warning due to insufficient cash, material license agreements, and a subsequent $20 million ATM sales agreement - The company's business model is to use its AI/ML platform, bfLEAP™, to analyze complex medical data, enabling drug asset development through partnerships and internal projects[27](index=27&type=chunk)[29](index=29&type=chunk) - There is substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, its cash of approximately **$3.8 million** is not sufficient to fund planned operations for at least **one year**[32](index=32&type=chunk) - In April 2025, the company entered into an At-The-Market (ATM) Sales Agreement with BTIG, LLC, to sell up to **$20 million** of its common stock from time to time[74](index=74&type=chunk) - The company has a key license agreement with JHU-APL for its bfLEAP™ platform, which requires minimum annual royalty payments of **$300,000** for 2024 and beyond, plus additional payments for improvements[64](index=64&type=chunk)[65](index=65&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the early-stage AI/ML drug development business, reiterates the 'going concern' issue due to insufficient cash, and outlines increased operating expenses and future revenue strategies - The company's strategy is twofold: 1) generate near-term revenue through fee-for-service partnerships with biopharma companies, and 2) acquire and advance drug assets using its AI/ML platform for monetization within approximately **30 months**[88](index=88&type=chunk)[89](index=89&type=chunk) Operating Expense Comparison (Three Months Ended March 31) | Expense Category | 2025 | 2024 | Net Change | | :--- | :--- | :--- | :--- | | Research and development | $576,260 | $552,126 | $24,134 | | General and administrative | $1,480,360 | $1,413,592 | $66,768 | | **Total operating expenses** | **$2,056,620** | **$1,965,718** | **$90,902** | - The increase in R&D expenses was due to higher licensing costs and expanded target discovery efforts[95](index=95&type=chunk) - The increase in G&A expenses was due to increased personnel costs[96](index=96&type=chunk) - Management confirms that its cash position of **$3.8 million** as of March 31, 2025, is not sufficient to fund operations for at least a **year**, raising substantial doubt about its ability to continue as a going concern[86](index=86&type=chunk)[100](index=100&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Bullfrog AI Holdings, Inc. is not required to provide this disclosure - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[106](index=106&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective due to unremediated material weaknesses, with ongoing efforts to implement improvements - The CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to ongoing material weaknesses in internal control over financial reporting[107](index=107&type=chunk) - The company has identified material weaknesses related to not properly documenting, implementing, or operating an effective system of internal controls[108](index=108&type=chunk) - Remediation efforts are underway, including transitioning to an external accounting firm, implementing a new accounting platform, hiring a Corporate Controller, and engaging a third-party specialist to assist with evaluation and remediation[109](index=109&type=chunk)[111](index=111&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings considered material to its financial condition or operations - The company is not currently a party to any material legal proceedings[112](index=112&type=chunk) [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Bullfrog AI Holdings, Inc. is not required to provide this information - The company is a smaller reporting company and is not required to provide risk factor disclosures in its Form 10-Q[113](index=113&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the three months ended March 31, 2025 - There were no unregistered sales of equity securities in the first quarter of 2025[114](index=114&type=chunk) [Item 3. Defaults Upon Senior Securities](index=24&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[115](index=115&type=chunk) [Item 4. Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[116](index=116&type=chunk) [Item 5. Other Information](index=24&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted, modified, or terminated a Rule 10b5-1 trading plan, though CEO Vininder Singh sold 50,000 shares under an existing plan - CEO Vininder Singh has a 10b5-1 sales plan in effect until August 31, 2025, for the sale of up to **1,000,000 shares**[117](index=117&type=chunk) - During Q1 2025, **50,000 shares** were sold under this plan[117](index=117&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) Exhibits filed include CEO and CFO certifications and Inline XBRL documents - Exhibits filed include certifications from the CEO and CFO, as well as Inline XBRL data files[118](index=118&type=chunk)