JERSEY CITY, N.J., Oct. 18, 2024 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced that 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, has entered into a definitive agreement for the purchase and sale of an aggregate of 1,565, ...

GAITHERSBURG, Md., Oct. 18, 2024 (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, announced today it has entered into a definitive agreement for the purchase and sale of an aggregate of 1,565,000 shares of common stock (or common stock equivalents in lieu thereof) in a registered direc ...

Core Insights - The study published in Cell Reports provides mechanistic evidence for the role of β2-spectrin in obesity-related liver diseases, suggesting that targeting this protein with BF-114 can prevent disease progression [1][2] - BF-114 has shown potential in treating metabolic dysfunction-associated steatotic liver disease (MASLD), metabolic dysfunction-associated steatohepatitis (MASH), and hepatocellular carcinoma (HCC) [1][2] - Dr. Lopa Mishra has joined BullFrog AI's Scientific Advisory Board to provide strategic insights for advancing BF-114 [1][5] Research Findings - The research indicates that β2-spectrin mediates the effects of environmental factors driving MASH progression, and BF-114 can reduce β2-spectrin levels to halt MASLD and MASH progression in animal models [2][3] - Previous studies from Dr. Mishra's laboratory support the development of BF-114 for obesity and liver diseases [3] Development Strategy - BullFrog AI plans to utilize its AI-driven platform to analyze single-cell data from animal models and human patients, which will enhance understanding of SPTBN1 silencing effects in obesity and liver disease [4] - Insights from this analysis are expected to inform the continued development of BF-114 and may uncover additional therapeutic applications [4] Leadership and Expertise - Dr. Lopa Mishra brings extensive expertise to BullFrog AI, with over 100 peer-reviewed publications and an H-Index of 66, which will be instrumental in guiding the BF-114 program [5][6] - The company emphasizes the combination of its drug development approach and promising results from BF-114 as a strong foundation for exploring its potential in treating obesity and liver diseases [6] Company Overview - BullFrog AI is a technology-enabled drug development company leveraging artificial intelligence and machine learning for pharmaceutical and biologic development [7] - The company's proprietary bfLEAP™ platform is being utilized for the development of BF-114 targeting obesity and liver diseases [7]

Revenue Recognition - The company recognized revenue of $65,000 in Q3 2023 from its first commercial service contract, with no revenue generated during the six months ended June 30, 2024[70]. Research and Development Expenses - Research and development expenses for Q2 2024 increased to $513,699, up from $273,671 in Q2 2023, reflecting a rise of $240,028[74]. - For the six months ended June 30, 2024, research and development expenses totaled $1,065,825, up from $643,604 in the same period of 2023, an increase of $422,221[75]. - Research and development expenses for the six months ended June 30, 2024, increased due to higher personnel costs from hiring additional technical staff and engaging disease experts[78]. General and Administrative Expenses - General and administrative expenses for Q2 2024 decreased to $1,168,264 from $1,263,299 in Q2 2023, a reduction of $95,035[74]. - General and administrative expenses for the six months ended June 30, 2024 were $2,581,856, compared to $2,084,011 in the same period of 2023, an increase of $497,845[75]. - General and administrative expenses for the six months ended June 30, 2024, increased primarily due to higher personnel costs and associated equity compensation costs[78]. Total Operating Expenses - Total operating expenses for Q2 2024 were $1,681,963, an increase of $144,993 compared to $1,536,970 in Q2 2023[74]. - Total operating expenses for the six months ended June 30, 2024 reached $3,647,681, up from $2,727,615 in the same period of 2023, an increase of $920,066[75]. Cash and Capital Resources - The company has a cash balance of approximately $5.6 million as of June 30, 2024, following net proceeds of approximately $5.7 million from a secondary public offering[65]. - The company anticipates requiring additional capital to continue executing its strategy, with plans to raise funds through equity sales, debt transactions, and licensing agreements[67]. - Management believes the company's capital resources are sufficient to fund planned operations for approximately 9 months from the date of this filing[84]. Financing Activities - The company completed its IPO on February 16, 2023, raising approximately $8.4 million in gross proceeds by selling 1,297,318 units at $6.50 each[82]. - In the first quarter of 2024, the company generated approximately $5.7 million in net proceeds from an underwritten secondary offering of common stock and warrants[83]. - Net cash provided by financing activities for the six months ended June 30, 2024, decreased to $6,121,507 from $8,991,410 in the same period of 2023, a decrease of $2,869,903[86]. Cash Flow - Net cash used in operating activities for the six months ended June 30, 2024, decreased to $(3,132,149) from $(3,589,511) in the same period of 2023, a change of $457,362[85]. - The net increase in cash and cash equivalents for the six months ended June 30, 2024, was $2,989,358, down from $5,401,899 in the same period of 2023, a decrease of $2,412,541[85]. Interest Income and Expense - Interest expense decreased by $59,950 for the six months ended June 30, 2024, while interest income increased by $57,662 during the same period[79]. Accumulated Deficit - The company has an accumulated deficit of approximately $13,287,000 as of June 30, 2024, funded through the sale of common stock and debt[80].

GAITHERSBURG, Md., July 25, 2024 (GLOBE NEWSWIRE) -- BullFrog AI Holdings, Inc. (NASDAQ: BFRG; BFRGW) ("BullFrog AI" or the "Company"), a leader in AI-driven drug discovery, announced significant advancements in its ongoing collaboration with the Lieber Institute for Brain Development (LIBD). Building on the progress detailed in our May 16, 2024 release, our research has now pinpointed specific molecular pathways associated with bipolar disorder (BD), enabling the identification of new candidate drug target ...

Our latest analysis, focusing on functional enrichment across various brain regions associated with bipolar disorder, identified significant enrichment in six out of 68 clusters from the LIBD brain dataset. This means that six specific groups of genes or proteins, which are highly relevant to at least some cases with BD, were found among the many brain data clusters analyzed. This is significant because it narrows down gene networks most involved in BD, allowing for more targeted research. Continued Collabo ...

GAITHERSBURG, Md., May 29, 2024 (GLOBE NEWSWIRE) -- BullFrog AI, 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, is pleased to invite investors to a webinar on June 12, 2024, at 4:15 p.m. ET. To register for the free webinar, please visit: https://redchip.zoom.us/webinar/register/WN_mue5XBuOSOiW5ZqV2iiKeg#/registration The e ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2024 reflect the company's pre-revenue stage, a net loss of **$1.9 million**, and significant asset and equity growth to **$7.6 million** and **$6.8 million** respectively, driven by a secondary public offering [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets significantly increased to **$7.65 million** from **$2.78 million** at year-end 2023, primarily due to increased cash from financing, with total liabilities rising and stockholders' equity reaching **$6.80 million** Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Items | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $7,010,717 | $2,624,730 | | Total current assets | $7,643,313 | $2,770,612 | | **Total assets** | **$7,648,856** | **$2,776,586** | | **Liabilities & Equity** | | | | Total current liabilities | $844,530 | $184,350 | | **Total liabilities** | **$844,530** | **$184,350** | | **Total stockholders' equity** | **$6,804,326** | **$2,592,236** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, the company reported no revenue, with net loss widening to **$1.90 million** from **$1.33 million** year-over-year, primarily due to increased operating expenses, including **$552,126** in R&D and **$1.41 million** in G&A Statement of Operations Summary (Unaudited) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenue | $0 | $0 | | Research and development | $552,126 | $369,933 | | General and administrative | $1,413,592 | $820,712 | | Total operating expenses | $1,965,718 | $1,190,645 | | Loss from operations | ($1,965,718) | ($1,190,645) | | Net loss | ($1,903,794) | ($1,325,547) | | Net loss per share | ($0.26) | ($0.27) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased from **$2.59 million** at year-end 2023 to **$6.80 million** by March 31, 2024, primarily driven by **$5.67 million** from common stock and warrant issuances, partially offset by a **$1.90 million** net loss Changes in Stockholders' Equity for Q1 2024 (Unaudited) | Description | Amount | | :--- | :--- | | Balance at December 31, 2023 | $2,592,236 | | Issuance of common stock and warrants, net | $5,674,651 | | Issuance of common stock (warrant exercises) | $105,816 | | Stock-based compensation | $335,417 | | Net loss | ($1,903,794) | | **Balance at March 31, 2024** | **$6,804,326** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash used in operating activities was **$1.90 million**, while financing activities provided **$6.29 million**, leading to a **$4.39 million** net increase in cash and a period-end balance of **$7.01 million** Cash Flow Summary (Unaudited) | Cash Flow Category | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,901,634) | ($2,361,336) | | Net cash used in investing activities | $0 | $0 | | Net cash provided by financing activities | $6,287,621 | $7,723,187 | | **Net increase in cash** | **$4,385,987** | **$5,361,851** | | **Cash at end of period** | **$7,010,717** | **$5,419,521** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's AI/ML platform for drug development, its history of net losses, and the sufficiency of its **$7.0 million** cash balance, bolstered by a **$5.7 million** Q1 2024 offering, to fund operations for 12 months, alongside key accounting policies and license agreements - The company focuses on advanced AI/ML-driven analysis of complex medical and healthcare data sets, utilizing its proprietary bfLEAP™ platform developed at The Johns Hopkins University Applied Physics Laboratory (JHU-APL)[23](index=23&type=chunk)[24](index=24&type=chunk) - The company has had negative cash flows from operations since inception, and following a secondary public offering in Q1 2024 that raised approximately **$5.7 million** in net proceeds, the company believes its cash balance of approximately **$7.0 million** is sufficient to fund operations for about 12 months[26](index=26&type=chunk) - In February 2024, the company received approximately **$6.5 million** in gross proceeds from an underwritten secondary public offering of common stock, pre-funded warrants, and warrants[61](index=61&type=chunk) - The company holds several exclusive, worldwide, royalty-bearing licenses for technology and drug candidates from institutions including JHU-APL, George Washington University, and Johns Hopkins University[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's pre-revenue status, its bfLEAP™ AI/ML platform, a net loss driven by increased R&D and G&A expenses, and the **$5.7 million** net proceeds from a Q1 2024 secondary offering, deemed sufficient for 12 months of operations [Overview](index=20&type=section&id=Overview) The company leverages its bfLEAP™ AI/ML platform for medical data analysis and drug development, having initiated R&D, formed partnerships, and acquired drug asset rights since its February 2023 IPO, including licenses from Johns Hopkins University - The company's core technology is the bfLEAP™ AI/ML platform, licensed from The Johns Hopkins University Applied Physics Laboratory (JHU-APL), which is used to analyze complex data in medicine[100](index=100&type=chunk)[165](index=165&type=chunk) - The business strategy includes generating revenue from service contracts, such as a completed project with a rare disease non-profit, and acquiring rights to drug assets for internal development and eventual divestiture[112](index=112&type=chunk) - The company has signed exclusive worldwide license agreements with Johns Hopkins University for a glioblastoma drug and with George Washington University for a liver cancer drug[112](index=112&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) For Q1 2024, the company reported no revenue, with total operating expenses increasing by **$775,073** to **$1.97 million**, driven by higher R&D costs from new hires and studies, and increased G&A expenses due to personnel and equity compensation - The company did not generate any revenue during the three months ended March 31, 2024[115](index=115&type=chunk) Comparison of Operating Expenses (Q1 2024 vs Q1 2023) | Expense Category | Q1 2024 | Q1 2023 | Net Change | | :--- | :--- | :--- | :--- | | Research and development | $552,126 | $369,933 | $182,193 | | General and administrative | $1,413,592 | $820,712 | $592,880 | | **Total operating expenses** | **$1,965,718** | **$1,190,645** | **$775,073** | - The increase in R&D expenses was primarily due to hiring additional technical staff, engaging consultants, and initiating a preclinical obesity study, while the increase in G&A expenses was mainly due to increased personnel costs from new hires and associated equity compensation[152](index=152&type=chunk)[164](index=164&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company held **$7.0 million** in cash and an **$11.7 million** accumulated deficit, with operations funded by stock sales, including a Q1 2024 secondary offering that provided **$5.7 million** net, deemed sufficient for 12 months of operations - The company had a cash balance of approximately **$7.0 million** as of March 31, 2024[168](index=168&type=chunk) - In Q1 2024, the company completed an underwritten secondary offering of common stock and warrants, generating approximately **$5.7 million** in net proceeds[168](index=168&type=chunk)[179](index=179&type=chunk) - Management believes the company's current capital resources are sufficient to fund planned operations for approximately 12 months from the filing date[180](index=180&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=24&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 the information for this item - Disclosure for this item is not required as the company qualifies as a smaller reporting company[120](index=120&type=chunk)[127](index=127&type=chunk) [Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) The company is maintaining and designing disclosure controls and procedures to ensure timely and accurate reporting, and during Q1 2024, it implemented changes to its internal control over financial reporting by transitioning accounting processes to a new external firm and automating vendor payments - The company is in the process of transitioning and maintaining disclosure controls and procedures to ensure information is recorded and reported in a timely manner[124](index=124&type=chunk) - During Q1 2024, the company transitioned its accounting processes to a new external firm and automated vendor payments, which are changes intended to enhance internal control over financial reporting[139](index=139&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently a party to any legal proceedings that are considered material to its financial condition or results of operations - As of the report date, the company is not a party to any legal proceedings deemed to be material to its financial condition or operations[126](index=126&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Bullfrog AI Holdings, Inc. is not required to provide the information for this item - Smaller reporting companies are not required to provide the information required by this item[127](index=127&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the first quarter of 2024, and the company continues to use the proceeds from its Initial Public Offering and secondary offering to fund its operations - There were no issuances of unregistered sales of equity securities during the three months ended March 31, 2024[128](index=128&type=chunk) - The company continues to use proceeds from its IPO and secondary offering for its operations[121](index=121&type=chunk) [Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - The company reported no defaults upon senior securities[144](index=144&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company's business[145](index=145&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) This section discloses that CEO Vininder Singh has a Rule 10b5-1 sales plan for up to **1,000,000** shares of common stock, under which **100,000** shares were sold in Q1 2024, with no other directors or executive officers adopting or modifying such plans - CEO Vininder Singh has a 10b5-1 sales plan, established in June 2023, for the sale of up to **1,000,000** shares of common stock, under which **100,000** shares were sold in Q1 2024[146](index=146&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including certifications by the CEO and CFO pursuant to SEC rules and the Sarbanes-Oxley Act, and documents formatted in Inline XBRL - The report includes certifications from the Chief Executive Officer and Chief Financial Officer, as well as Inline XBRL documents, as exhibits[133](index=133&type=chunk)[148](index=148&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Nevada 84-4786155 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.00001 per share BFRG The Nasdaq Stock Market LLC (The Nasdaq Capital Market) Tradable Warrants BFRGW The Nasdaq Stock Market LLC (The Nasdaq Capital Market) FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 1 ...

GAITHERSBURG, Md., March 08, 2024 (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 the availability of the recording for the recently held fireside chat. This enlightening session, hosted by RedChip Companies on March 5, 2024, featured BullFrog AI's CEO, Vin Singh, al ...