Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 240

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1B
Chunk 240
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 products, collaborations and preclinical studies aimed at generating the data to
enable the filing of an Investigational New Drug (IND) application.

Research and
Development Costs and Expenses 

Research
and development costs and expenses in 2023 and 2024 include development activities on our licensed drug candidates and our discovery
collaborations with JCVI. In addition to fees paid to external service providers, we are also allocating internal costs for personnel
working on these efforts in addition to personnel costs related to our internal efforts to develop our product and service offerings
using bfLEAP™. We anticipate our research and development costs could become significant as we execute on our business plan and
begin conducting preclinical research and development activities directed at securing development partners and filing an IND for our
licensed drug development programs described in this filing, as well as under strategic partnerships and for other drug development programs
we may acquire. Research and development expenses are recorded in operating expenses in the period in which they are incurred. Estimates
will be used in determining the expense liability of certain costs where services have been performed but not yet invoiced. We will monitor
levels of performance under each significant contract for external services through communications with the service providers to reflect
the actual amount expended. 

General and
Administrative Expenses 

General
and administrative costs and expenses in 2023 and 2024 include personnel costs and costs associated with being a public company such
as D&O insurance, audit and tax provider fees, SEC legal counsel, and exchange listing costs. Additionally, our general and administrative
costs include expenses for our business development, investor relations and marketing efforts. We anticipate our general and administrative
expenses increasing in the future to support our service offerings and clinical and pre-clinical research and development activities
associated with strategic partnering and collaborations. 

Emerging
Growth Company and Smaller Reporting Company Status 

The
Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may
take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are
required to comply with those standards. We have elected to use the extended transition period to comply with new or revised accounting
standards. This may make it difficult to compare our financial results with the financial results of another public company that is either
not