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Bullfrog AI Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated during the nine months ended September 30, 2024, compared to $65,000 in the same period the previous year.
Research and development expenses increased to $1,632,409 from $1,023,619 in the same period of the previous year. This increase is attributed to hiring additional technical staff and initiating preclinical studies.
General and administrative expenses rose to $3,835,213 from $3,067,940, primarily due to increased personnel costs and associated equity compensation.
Net loss for the nine months ended September 30, 2024, was $5,278,904, compared to $4,058,923 in the previous year. The increase in net loss is due to higher operating expenses.
The company reported a cash balance of approximately $4.2 million as of September 30, 2024. Bullfrog AI Holdings completed a registered direct offering in October 2024, generating net proceeds of approximately $2.7 million.
Bullfrog AI Holdings anticipates requiring additional capital to continue executing its strategy, with plans to raise funds through various avenues including sales of equity securities and collaborative arrangements.
The filing details the company's ongoing efforts to improve internal controls over financial reporting, including transitioning accounting processes to a new external firm and hiring a Corporate Controller.
Bullfrog AI Holdings continues to focus on its AI/ML platform, bfLEAP™, to enhance drug development and target discovery efforts through partnerships and collaborations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bullfrog AI Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.