Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 74

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 74
---
 all of which are creditable against
royalties paid by us. As of June 30, 2025, all minimum annual royalty payments through 2024 have been paid, the Company has accrued $150,000
of the $300,000 minimum annual royalty for 2025, and the Company has accrued $6,250 of the $75,000 annual license fee due in June 2026.

Our
objective is to utilize bfLEAP™, our AI/ML platform, with a precision medicine approach toward drug development with biopharmaceutical
collaborators, as well as our own internal clinical development programs. We believe the bfLEAP™ platform is ideally suited for
evaluating pre-clinical and clinical trial data generated in translational research and clinical trial settings in order to lead to faster,
less expensive drug approvals.

16

Our
aim is to improve the odds of success in each stage of developing medicine, ranging from early pre-clinical through late-stage clinical
development. Our ultimate objective is to utilize bfLEAP™ to enable the success of ongoing third-party clinical trials or rescue
late-stage failed drugs (i.e., Phase II or Phase III clinical trial failures) for in-house development and divestiture. We will also
consider collaborations for earlier stage drugs.

We
intend to continue to evolve and improve bfLEAP™, either in-house or with development partners like JHU-APL. We plan to leverage
our proprietary AI/ML platform developed over several years at one of the top innovation institutions in the world, which has already
been successfully applied in multiple sectors.

We
operate and have staffed our business using funds from our initial public offering and subsequent financings, have entered into partnerships
and relationships, completed our first commercial service contract with a leading rare disease non-profit organization for AI/ML analysis
of late-stage clinical data in 2023, and we are partway through our collaboration agreement for clinical trial optimization with a Phase
III oncology company focused on novel chemotherapeutic treatments for rare cancers. We have also acquired the rights to a series of preclinical
and early clinical drug assets from universities, as well as entered into a strategic collaboration with a world-renowned research institution
to create a HSV1 viral therapeutic platform to engineer immunotherapies for a variety of diseases. We have signed exclusive worldwide
license agreements with Johns Hopkins University (“JHU”) for a cancer drug that targets glioblastoma (brain cancer), pancreatic