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Bullfrog AI Holdings Inc. (BFRG) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Bullfrog AI's use of artificial intelligence and machine learning to analyze complex data sets in medicine and healthcare. The company's platform, bfLEAP™, is designed to improve the odds of success in drug development by providing a more precise understanding of data.
Bullfrog AI reported no revenue for the year ended December 31, 2024, compared to $65,000 in the previous year. The company attributes this to the completion of a commercial service contract in 2023.
Operating expenses increased to $7,236,383 in 2024 from $5,427,324 in 2023. This increase was primarily due to higher research and development expenses, which rose by 55% to $2,223,265, and general and administrative expenses, which increased by 25% to $5,013,118.
Bullfrog AI's net loss for 2024 was $6,993,647, compared to a net loss of $5,355,869 in 2023. After accounting for a deemed dividend related to a warrant exercise price adjustment, the net loss attributable to common stockholders was $7,038,632.
The company ended the year with $5,435,983 in cash and cash equivalents, up from $2,624,730 at the end of 2023. However, Bullfrog AI noted that its cash position is not sufficient to fund planned operations for at least a year beyond the filing date, raising substantial doubt about its ability to continue as a going concern.
Bullfrog AI plans to address its liquidity needs through potential sales of equity securities, debt transactions, licensing agreements, and collaborative arrangements. The company has also entered into a collaboration agreement with Eleison Pharmaceuticals to apply its bfLEAP® platform to analyze clinical data from Eleison's ongoing Phase III trial.
The company continues to evolve its bfLEAP™ platform and has entered into several licensing agreements, including with Johns Hopkins University and George Washington University, to further its research and development efforts.
Bullfrog AI's management has identified material weaknesses in its internal controls over financial reporting, which remain unremediated as of December 31, 2024. The company is implementing improvements to address these weaknesses.
The company does not own or lease any real property, with all employees working virtually. Bullfrog AI is not currently a party to any legal proceedings.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.