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)

Core Insights - Bullfrog AI Holdings, Inc. is hosting a webinar on April 23, 2025, to discuss its innovative use of AI and machine learning in drug development [1] - The company's proprietary bfLEAP™ platform, developed at Johns Hopkins Applied Physics Lab, aims to uncover hidden biological insights and optimize clinical strategies [2] - Bullfrog AI is pursuing a dual growth strategy by generating recurring revenue through its Data Networks platform while advancing a pipeline of licensed drug assets in collaboration with leading research institutions [2] Company Overview - Bullfrog AI leverages AI and machine learning to enhance drug discovery and development, aiming to streamline therapeutics development and reduce clinical trial failure rates [4] - The company utilizes causal AI in combination with its bfLEAP™ platform to analyze complex biological data [4] Webinar Details - The webinar will include a live question and answer session following the presentation, allowing attendees to engage directly with the company's CEO [3] - Registration for the free webinar is available online, and questions can be pre-submitted or asked during the event [3]

Group 1 - Bullfrog AI Holdings, Inc. is hosting a webinar on April 23, 2025, at 4:15 p.m. ET to discuss its innovative use of AI and machine learning in drug development [1] - The company's proprietary bfLEAP™ platform, developed at Johns Hopkins Applied Physics Lab, is designed to help biopharma firms uncover hidden biological insights and optimize clinical strategies using high-dimensional, multi-modal data [2] - Bullfrog AI's growth strategy includes driving recurring revenue through its scalable Data Networks platform while advancing a pipeline of licensed drug assets in collaboration with top-tier research institutions [2] Group 2 - The webinar will include a live question and answer session, allowing attendees to engage directly with the company's CEO, Vin Singh [3] - Interested participants can register for the free webinar and submit questions in advance via email or during the live event [3] - Bullfrog AI aims to streamline therapeutics development and reduce failure rates in clinical trials by leveraging causal AI and its bfLEAP™ platform [4]

Part I [Business](index=5&type=section&id=Item%201.%20Business) Bullfrog AI Holdings, Inc. leverages its bfLEAP™ platform for drug development through contract services, collaborations, and asset acquisition - The company utilizes its **bfLEAP™ AI/ML platform** to accelerate drug development and reduce costs[23](index=23&type=chunk) - The business model encompasses **contract services, collaborative arrangements with milestone payments, and strategic drug asset acquisition and divestiture**[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - Exclusive worldwide licenses include a **mebendazole formulation for cancer** and an **siRNA-based therapeutic for liver diseases**[31](index=31&type=chunk)[36](index=36&type=chunk) - A strategic partnership with **Lieber Institute for Brain Development (LIBD)** focuses on identifying new biomarkers and drug targets for neurological disorders[47](index=47&type=chunk) - In February 2025, a collaboration with **Eleison Pharmaceuticals** began to analyze clinical data for their pancreatic cancer drug, glufosfamide[25](index=25&type=chunk)[46](index=46&type=chunk) [Risk Factors](index=25&type=page&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, the company is exempt from providing specific risk factor disclosures - Smaller reporting companies are **not required to provide** the information for this item[119](index=119&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - Not applicable[120](index=120&type=chunk) [Cybersecurity](index=25&type=section&id=Item%201C.%20Cybersecurity) The company integrates cybersecurity risk management into its overall framework, overseen by the audit committee, with no material incidents reported - Cybersecurity risk management is integrated into overall risk systems, with periodic assessments to identify and manage threats[121](index=121&type=chunk)[122](index=122&type=chunk) - The board's **audit committee oversees cybersecurity risk management**, receiving regular reports from the IT team[126](index=126&type=chunk)[128](index=128&type=chunk) - To date, no cybersecurity incidents have materially affected the company's operations or financial condition[125](index=125&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties) The company operates virtually with no owned or leased real property, maintaining a principal business address - The company **does not own any real property**, with all employees working virtually[129](index=129&type=chunk) [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any legal or administrative proceedings - The company is **not currently a party to any legal or administrative proceedings**[130](index=130&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[131](index=131&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock and warrants trade on Nasdaq, with no dividends paid or anticipated, and no equity repurchases in Q4 2024 - Common stock (**BFRG**) and tradeable warrants (**BFRGW**) commenced trading on the Nasdaq Capital Market on **February 14, 2023**[133](index=133&type=chunk) - The company has **not paid dividends since inception** and plans to retain future earnings for business development[135](index=135&type=chunk) - No equity securities were repurchased during the **fourth quarter ended December 31, 2024**[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Plan of Operation](index=27&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Plan%20of%20Operation) The company reported no revenue in 2024, with operating expenses increasing 33% to $7.2 million, leading to a $7.0 million net loss and substantial doubt about its going concern ability Operating Expenses Comparison (2024 vs 2023) | Operating Expenses | 2024 ($) | 2023 ($) | Net Change ($) | Net Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $2,223,265 | $1,432,614 | $790,651 | 55% | | General and administrative | $5,013,118 | $3,994,710 | $1,018,408 | 25% | | **Total operating expenses** | **$7,236,383** | **$5,427,324** | **$1,809,059** | **33%** | - The company's cash balance of approximately **$5.4 million** as of December 31, 2024, is insufficient for a year of operations, raising **substantial doubt about its going concern ability**[149](index=149&type=chunk)[165](index=165&type=chunk) Consolidated Cash Flow Data (2024 vs 2023) | Cash Flow Activity | 2024 ($) | 2023 ($) | Net Change ($) | | :--- | :--- | :--- | :--- | | Net cash used in Operating activities | $(5,610,249) | $(6,001,299) | $391,050 | | Net cash used in Investing activities | - | - | - | | Net cash provided by Financing activities | $8,421,502 | $8,568,359 | $(146,857) | - The company, as an emerging growth company, has elected to use the **extended transition period** for new financial accounting standards compliance[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative market risk disclosures - As a smaller reporting company, the company is **not required to provide** the information for this item[178](index=178&type=chunk) [Financial Statements and Supplementary Data](index=34&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the full consolidated financial statements and supplementary data appended to the Form 10-K, starting on page F-1 - The required financial statements are appended to the report, commencing on **page F-1**[179](index=179&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=34&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding financial disclosure - None[180](index=180&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective as of December 31, 2024, due to a material weakness in internal controls, with remediation efforts underway - Management concluded that **disclosure controls and procedures were ineffective** as of December 31, 2024, due to material weaknesses in internal control over financial reporting[181](index=181&type=chunk) - A material weakness was identified due to inadequate documentation, implementation, or operation of effective internal controls over financial reporting, a weakness also present in 2023[184](index=184&type=chunk) - Remediation efforts include transitioning accounting to an external firm, implementing a new accounting platform, and hiring a **Corporate Controller in 2024**[186](index=186&type=chunk)[189](index=189&type=chunk) [Other Information](index=35&type=section&id=Item%209B.%20Other%20Information) No new 10b5-1 plans were adopted in Q4 2024, though CEO Vininder Singh's existing plan resulted in 50,000 shares sold - CEO Vininder Singh's 10b5-1 sales plan, effective until August 31, 2025, or 1,000,000 shares sold, resulted in **50,000 shares sold in each of Q2, Q3, and Q4 2024**[188](index=188&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=35&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[189](index=189&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=36&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) The company's leadership includes CEO Vininder Singh and CFO Josh Blacher, with independent directors overseeing key committees and a commitment to board diversity - Executive officers include **Vininder Singh (CEO)** and **Josh Blacher (CFO)**, supported by independent directors R. Donald Elsey, William Enright, and Jason D. Hanson[192](index=192&type=chunk) - The board comprises four male directors, with a stated commitment to seeking qualified women and minority candidates despite lacking a formal diversity policy[200](index=200&type=chunk) - The company has established **Audit, Compensation, and Nominating & Corporate Governance committees**, each composed of independent directors[203](index=203&type=chunk)[205](index=205&type=chunk)[208](index=208&type=chunk) - A **Clawback Policy**, effective December 1, 2023, allows for recovery of incentive-based compensation from executive officers upon material financial restatement[211](index=211&type=chunk) [Executive Compensation](index=42&type=section&id=Item%2011.%20Executive%20Compensation) In 2024, CEO Vininder Singh's total compensation was $630,680, while non-executive directors received $45,000 in cash and $34,050 in option awards 2024 Summary Compensation Table | Name and Principal Position | Year | Salary ($) | Option Awards ($) | Total Compensation ($) | | :--- | :--- | :--- | :--- | :--- | | Vininder Singh, CEO | 2024 | $400,000 | $230,680 | $630,680 | | Dane Saglio, former CFO | 2024 | $252,581 | $100,740 | $353,321 | | Josh Blacher, CFO | 2024 | $10,631 | $ - | $10,631 | 2024 Director Compensation | Name | Fees Earned in Cash ($) | Option Awards ($) | Total Compensation ($) | | :--- | :--- | :--- | :--- | | R. Donald Elsey | $45,000 | $34,050 | $79,050 | | William Enright | $45,000 | $34,050 | $79,050 | | Jason D. Hanson | $45,000 | $34,050 | $79,050 | - The **2022 Equity Incentive Plan** authorizes equity awards, with **150,682 shares available** for issuance as of December 31, 2024[228](index=228&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=46&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of March 4, 2025, CEO Vininder Singh holds 26.09% beneficial ownership, with all officers and directors owning 28.20% collectively Security Ownership of Beneficial Owners (as of March 4, 2025) | Name of Beneficial Owner | Percentage of Common Stock | | :--- | :--- | | Vininder Singh (CEO and Director) | 26.09% | | All officers and directors as a group (6 persons) | 28.20% | | Tivoli Trust | 8.81% | | Empery Asset Management, LP | 9.88% | Equity Compensation Plan Information | Plan Category | Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price ($) | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 763,514 | $4.04 | 150,682 | | Equity compensation plans not approved by security holders | 747,376 | $1.69 | 0 | | **Total** | **1,510,890** | **$2.88** | **150,682** | [Certain Relationships and Related Transactions, and Director Independence](index=48&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company discloses related party transactions with Tivoli Trust, including converted SAFE and convertible loan agreements, and maintains a formal approval policy - Upon the IPO in February 2023, a **$150,000 SAFE agreement** with Tivoli Trust converted into **32,967 common shares**[241](index=241&type=chunk) - In February 2023, a **$99,900 convertible loan** with a related party converted into **21,747 common shares**[242](index=242&type=chunk) - The company's policy requires audit committee review and approval for related person transactions exceeding **$120,000** or **1% of average total assets**[244](index=244&type=chunk)[245](index=245&type=chunk) [Principal Accounting Fees and Services](index=49&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) M&K CPAs billed $71,545 in 2024 and $71,750 in 2023 for audit and audit-related services, all pre-approved by the audit committee Accountant Fees (M&K CPAs) | Fee Category | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Audit fees | $44,725 | $35,200 | | Audit-related fees | $26,820 | $36,550 | | Tax fees | - | - | | All other fees | - | - | | **Total fees** | **$71,545** | **$71,750** | - The audit committee's policy requires **pre-approval of all auditing and permitted non-audit services** performed by the auditors[248](index=248&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=50&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section provides a comprehensive list of financial statements and all exhibits filed with the Form 10-K, including key agreements and certifications - This item provides a list of consolidated financial statements and a **detailed index of all exhibits** filed with the report[253](index=253&type=chunk) [Form 10-K Summary](index=52&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided under this item - None[255](index=255&type=chunk) Financial Statements [Report of Independent Registered Public Accounting Firm](index=55&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The independent auditor issued a fair presentation opinion but included a "Going Concern" paragraph due to recurring losses and financial position - The auditor's report expresses **substantial doubt about the company's going concern ability** due to recurring losses and its financial position as of December 31, 2024[266](index=266&type=chunk) - The auditor identified 'Going Concern' as a **critical audit matter**, citing significant judgment in auditing management's future expenditure estimates[271](index=271&type=chunk) [Consolidated Financial Statements](index=57&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail the company's financial position, operations, and cash flows, showing a 2024 net loss of $7.0 million and $5.44 million in cash Consolidated Balance Sheet Data (as of Dec 31) | | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $5,435,983 | $2,624,730 | | Total current assets | $5,547,580 | $2,770,612 | | **Total assets** | **$5,551,830** | **$2,776,586** | | **Liabilities and Equity** | | | | Total current liabilities | $588,090 | $184,350 | | **Total liabilities** | **$588,090** | **$184,350** | | Total stockholders' equity | $4,963,740 | $2,592,236 | | **Total liabilities and stockholders' equity** | **$5,551,830** | **$2,776,586** | Consolidated Statement of Operations Data (for the Year Ended Dec 31) | | 2024 ($) | 2023 ($) | | :--- | :--- | :--- | | Revenue | $ - | $65,000 | | Gross profit | $ - | $59,800 | | Total operating expenses | $7,236,383 | $5,427,324 | | Loss from operations | $(7,236,383) | $(5,367,524) | | **Net loss** | **$(6,993,647)** | **$(5,355,869)** | | Net loss per common share - basic and diluted | $(0.85) | $(0.89) | [Notes to Consolidated Financial Statements](index=61&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes to financial statements detail liquidity concerns, stockholders' equity components, and material agreements including significant royalty and milestone payment obligations - Note 1 (Liquidity and Going Concern) indicates the company's **~$5.4 million cash** as of December 31, 2024, is insufficient for a year of operations, raising **substantial doubt about its going concern ability**[293](index=293&type=chunk) - Note 8 (Stockholders' Equity) shows the company raised gross proceeds of **~$6.5 million in February** and **~$3.13 million in October 2024** through common stock and warrant offerings[336](index=336&type=chunk)[337](index=337&type=chunk) - Note 10 (Material Agreements) outlines significant future financial commitments, including **$300,000 minimum annual royalty payments** to JHU-APL and potential milestone payments for licensed drug candidates[357](index=357&type=chunk)[358](index=358&type=chunk)[360](index=360&type=chunk) - Note 12 (Subsequent Events) details a February 2025 collaboration with **Eleison Pharmaceuticals Inc.** to analyze clinical trial data for an investigational pancreatic cancer treatment[366](index=366&type=chunk)

Core Insights - BullFrog AI Holdings, Inc. has entered a collaboration with Eleison Pharmaceuticals to enhance clinical trial efficiency and patient insights using its BullFrog Data Networks™ AI solution [1][2] - The partnership aims to apply AI technology to analyze clinical data from Eleison's ongoing Phase 3 trial of glufosfamide, a treatment for pancreatic cancer, to improve trial design and decision-making [2][3] Company Overview - BullFrog AI is a technology-enabled drug development company that utilizes artificial intelligence and machine learning to facilitate the development of pharmaceuticals and biologics [1][4] - Eleison Pharmaceuticals focuses on developing novel chemotherapeutic treatments for rare cancers and has multiple programs in late-stage clinical development, including glufosfamide for pancreatic cancer [5] Clinical Trial Details - Glufosfamide is currently being evaluated in a pivotal Phase 3 international randomized clinical trial for second-line treatment of pancreatic cancer, which is a leading cause of cancer-related deaths in the U.S. [3] - The ongoing Phase 3 trial is expected to be completed by 2027, with glufosfamide designed to have greater specificity and reduced systemic toxicities compared to traditional treatments [3] Strategic Implications - The collaboration is expected to generate deeper insights into patient responses and safety trends, benefiting not only the glufosfamide program but also Eleison's broader oncology pipeline [4] - BullFrog AI's bfLEAP platform will evaluate safety signals and extract predictive biomarkers to support future trial designs, potentially accelerating the path to market for life-saving therapies [2][4]

GAITHERSBURG, Md., Jan. 10, 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 development of pharmaceuticals and biologics, today announced its participation in the TechBio track at Biotech Showcase and RESI JPM, both taking place during the annual JP Morgan Healthcare Conference in San Francisco, January 13–16, 2025. At both ...