Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 97

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 97
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 in revenue and $5,200 in costs of goods sold during the year ended December 31, 2023 related to a commercial service
contract. We did not recognize any revenue in the year ended December 31, 2024.

Operating
Expenses

    Year
    ended December 31,  
    Net
    Change 

    2024  
    2023  
    $  
    % 
  
    Operating
    expenses: 

    Research
    and development 
    $2,223,265  
    $1,432,614  
    $790,651  
     55%
  
    General
    and administrative 
     5,013,118  
     3,994,710  
     1,018,408  
     25%
  
    Total operating expenses 
    $7,236,383  
    $5,427,324  
    $1,809,059  
     33%

Research and
Development 

Our
research and development expenses for the year ended December 31, 2024 increased by approximately $791,000 or 55% compared the year ended
December 31, 2023, primarily due to increased personnel costs related to the hiring of additional R&D staff members. In addition,
in the first quarter of 2024, we engaged disease experts as area consultants, we expanded our target discovery efforts, and we also initiated
a preclinical obesity study related to an siRNA program. Going forward, we expect our R&D expenses to increase as we begin the validation
process on potential targets identified in our target discovery program.

General and
Administrative 

Our
general and administrative expenses for the year ended December 31, 2024 increased by approximately $1,018,000 or 25% compared to the
year ended December 31, 2023, primarily due to increased personnel costs related to the hiring of additional staff members, as well as
associated increases in equity compensation costs and recruiting fees as we work to expand our headcount and capabilities.

Other Income
(Expense), Net 

Interest
expense decreased by approximately $61,000 for the year ended December 31, 2024, compared to the same period ended December 31, 2023
due to our outstanding notes converting or being paid off in 2023. In 2023, we also recognized a loss on the conversion of notes of approximately