Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 641

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 6
Chunk 641
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 proprietary data sets and repeat this strategy. Additionally,
we intend to gain access to later-stage clinical assets through partnerships or the acquisition of rights to failed therapeutic candidates
for drug rescue. In certain circumstances, we intend to conduct late-stage clinical trials in an effort to rescue therapeutic assets
that previously failed. In these cases, there will be a requirement for drug supply and regulatory services to conduct clinical trials.
The success of our clinical development programs will require finding partners to support the clinical development, adequate availability
of raw materials and/or drug product for our R&D and clinical trials, and, in some cases, may also require establishment of third-party
arrangements to obtain finished drug product that is manufactured appropriately under good manufacturing practices, and packaged for
clinical use or sale. Since we are a company focused on using our AI/ML technology to advance medicines, any clinical development programs
will also require, in all cases, partners and the establishment of third-party relationships for execution and completion of clinical
trials.

 25 

Since
completing our initial public offering in February 2023 (the “IPO”), aided by the receipt of the IPO proceeds in addition
to the proceeds from our February 2024 and October 2024 offerings, we have implemented several initiatives: investor relations and marketing
to promote and raise awareness of the Company in the financial and business sectors, research and development, collaboration with J Craig
Venter Institute (“JCVI”) and initiated preclinical studies with our in-licensed drug programs. The Company is actively engaged
in developing and pursuing new intellectual property as it strives to continuously evolve its AI/ML platform.

Internally,
the Company has added incremental staff to accelerate execution and the development of processes and custom scripts for use in performing
new drug target discovery and analytical services for customers, while also launching initiatives targeting large public health data
sources and seeking access to proprietary health data sources, such as our agreement with the LIBD. We also transitioned our accounting
and financial reporting systems and processes to enhance our internal control environment as a public company. Capital from the IPO was
also used to retire two notes that were sold to fund the Company through the IPO as well as other debts accrued over time to our staff,
employees and consultants, and obligations related to the acquisition of our licensed drug programs.

The
Company has had negative cash flows from operations and operated at a net loss since inception. In the first quarter of 2023, we completed
our IPO.  In February 202