BullFrog AI Holdings, Inc. Annual Report - How They Did This Year

Hey there! Thanks for checking out this guide on BullFrog AI Holdings, Inc. Here's a simple look at their past year's performance, which should help you decide if you want to invest.

This report covers their performance for the year ending December 31, 2025.

• What does this company do and how did they perform this year? BullFrog AI Holdings, Inc. is a company incorporated in Nevada, operating through its smaller companies in Delaware and Maryland. They focus on digital transformation technology and bio health. In digital transformation, BullFrog AI develops and uses its own bfLEAP™ artificial intelligence (AI) platform. This platform analyzes complex biological and clinical data, helping find new drugs, improve clinical trials, and predict patient reactions. This speeds up drug discovery and development. In bio health, their main focus is oncology (cancer treatment) and rare diseases, where they use their AI platform to create new treatments.

  They often get licenses for promising technologies. For example, they have deals with Johns Hopkins University for certain drug technologies. These include the sole global right for Mebendazole, a repurposed drug being studied for glioblastoma, an aggressive brain cancer. They also have the sole global right for a group of prodrugs for different cancer treatments. Additionally, they hold the sole global right with George Washington University for Beta2 Spectrin siRNA, a technology being explored for diseases affecting cell structure. These licenses are very important for their research and development. Some agreements, like the Mebendazole license, last until 2030, showing their long-term commitment to drug development. The company aims to use its AI platform to improve the development and sales of these licensed assets.

• Financial performance - money brought in, profit, growth metrics BullFrog AI focuses on research and development, which is costly, especially in biotechnology and AI. Because of this, they are not yet earning much money, or any at all, and are likely losing money. They invest heavily in developing their technologies and licensed assets. Their financial performance shows high research and development costs and general running costs, with little to no product sales expected soon.

  However, we know a couple of things about their size and market value:

  • As of June 30, 2025, the total value of their shares owned by regular investors (not company insiders) was about $11.0 million. This is called the public float and shows how the market values shares available for trading.
  • They had 12,664,387 shares available as of March 18, 2026. This number is important for calculating per-share values and helps understand if more shares are issued, which could reduce your ownership percentage.

• Major wins and challenges this year

  • What went well:
    • Raising Money: BullFrog AI successfully completed a public stock offering in February 2024, selling new shares and warrants to investors through an investment bank. This was key to funding their work and growth, providing needed money to continue research and development and cover running costs. They also had activity with "warrants" (which are like options to buy stock) in October 2024, which might have come from earlier funding rounds and affected their overall finances.
    • Expanding Technology & Pipeline: Securing sole global licensing deals with Johns Hopkins University (for Mebendazole and prodrugs in oncology) and George Washington University (for Beta2 Spectrin siRNA) is a big win. It gives them access to advanced research and new treatments in bio health, targeting areas with high unmet needs like glioblastoma. These long-term licenses, some lasting until 2030, are key to their future product development and confirm their strategy of combining AI with promising treatments.
  • Challenges: Challenges for a company at this stage include managing high research and development costs, navigating complex rules for drug development, and securing enough ongoing money to operate without product sales.

• Financial health - cash, debt, ability to pay bills The company actively works to ensure it has enough money to operate. Beyond the public offering in early 2024, which provided a big cash boost, they have ongoing plans to raise money. These include an "At-The-Market" (ATM) agreement, allowing them to sell new shares in the market over time at current prices, providing a flexible way to get money. They also have a deal with Lincoln Park Capital Fund LLC, involving selling shares to Lincoln Park Capital over time. These arrangements help them raise more money through 2025 and into 2026, showing a constant need for outside money to support their work and development.

  Having enough cash to pay bills and meet "liquidity needs" (their ability to pay short-term debts) is a big focus, especially for a smaller public company in the research and development stage. This constant need for money is a key part of their financial health. Developing their technologies and licensed assets successfully will require a lot of steady investment.

• Key risks that could hurt the stock price The company is open about several factors that could impact its performance and your investment:

  • Financial Performance: There's always a risk that their future money brought in (which is currently very little or none) might not meet expectations. Their costs are high because of research and development, and their overall profit might also not meet expectations. As a research and development company, they expect to lose money for the foreseeable future. Unexpected cost increases or delays could make these losses worse.
  • Funding: They need enough cash to operate. Getting more money can be challenging, especially for a smaller public biotech/AI company. Market conditions, investor mood, and drug development risks all play a part. Failure to get enough money could lead to delays, reducing their work, or even stopping development programs.
  • Technology Development: Their success depends on developing their digital transformation (bfLEAP™ AI platform) and bio health (licensed drug candidates) technologies successfully. This is complex, costly, and uncertain. Many projects fail, especially in drug development. Clinical trials for drugs like Mebendazole or Beta2 Spectrin siRNA might not show good results. The AI platform might also not work as expected.
  • Customer Acquisition: Getting and keeping customers for their products and services is crucial. For their AI platform, this means getting partnerships with pharmaceutical companies or research institutions. For their drug candidates, it means successful clinical development and approval from regulators, followed by market acceptance. This depends on how well it works, its safety, and competitors.
  • High Capital Needs: Developing new technologies and bringing them to market requires a lot of continuous investment, especially in drug discovery and AI. They invest in research, development, clinical trials, and patents and trademarks. These money needs can strain their finances and require frequent fundraising.
  • Nasdaq Listing: They need to follow Nasdaq's listing rules, which include rules for minimum stock price, company value, and shareholder ownership. Failure to meet these rules could lead to their stock being removed from Nasdaq, greatly hurting the stock's tradability and investor trust.
  • Growth Management: Expanding into new markets, growing their AI platform, and managing many drug candidates effectively can be difficult, especially for a smaller company. Fast growth can strain their operations, finances, and management.
  • Market Acceptance & Pricing: There's a risk if their products and services will be accepted by the market, and at what price. Even if development is successful, the market might not accept new AI platforms or drug therapies. This depends on competitors, doctor use, and insurance payment rules.
  • Regulatory Changes: Healthcare and technology industries have many rules. Changes in rules from the FDA (for drug approvals), HIPAA (for data privacy), or new AI ethical guidelines could greatly impact their business, increasing costs or delaying product development.
  • Key Personnel: Getting and keeping talented employees is key for a company like this. This includes scientists, AI developers, and experienced managers. Losing key individuals could greatly slow their progress and innovation.

• Competitive positioning BullFrog AI operates in competitive fields. In AI for drug discovery, they compete with large drug companies that have their own AI teams, as well as specialized AI biotech companies like BenevolentAI, Recursion Pharmaceuticals, and Exscientia. For specific drug candidates, such as Mebendazole for glioblastoma, they compete with other companies developing treatments for that disease, including those with existing therapies or drugs in clinical trials.

• Leadership or strategy changes Key roles like the Chief Marketing Officer and Chief Financial Officer are mentioned in relation to stock options, showing their involvement in the company's incentive plans. The company continues its focus on using its AI platform for drug discovery and development with its licensed assets.

• Future outlook BullFrog AI clearly focuses on moving forward its digital transformation (bfLEAP™ AI platform) and bio health businesses, especially in oncology and rare diseases. Their long-term licensing agreements, some lasting until 2030, show they're planning long-term. They aim to develop these licensed technologies, such as Mebendazole for glioblastoma. They're also actively working on ways to raise money, including their ATM agreement and Lincoln Park Capital Fund LLC deal, to support their ongoing work and growth plans. They know their research and development business needs a lot of money.

  The company aims to get and keep customers (like pharmaceutical partners or future patients), expand into new markets (like new treatment areas or regions), and manage its growth. They must also navigate complex technology development, clinical trials, and regulations. Their future success depends on effectively using their AI platform and successfully moving their licensed drug candidates through clinical development and toward sales.

• Market trends or regulatory changes affecting them The company operates in the fast-moving fields of digital transformation (AI in healthcare) and bio health. They know that changes in rules (new laws) and wider industry trends could greatly impact their business. Key market trends include more use of AI in drug discovery, a growing focus on personalized medicine, and the rising costs of drug development (which AI aims to lower). Regulatory changes could come from agencies like the U.S. Food and Drug Administration (FDA) for drug approvals, or from changing data privacy rules (like HIPAA), which affect their AI platform's ability to handle patient data. Changes in healthcare policy, drug pricing pressure, or ethical concerns about AI in medicine could all present big challenges or opportunities. The company must be flexible and adapt to new market developments.

Understanding these aspects can help you make an informed decision about BullFrog AI Holdings, Inc.