Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 1198

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 11
Chunk 1198
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bendazole
that demonstrate improved solubility and bioavailability. The license covers prodrug compositions and use for treating disease as claimed
in multiple U.S. and worldwide patent applications. In consideration for the rights granted to the Company under the license agreement,
JHU and IOCB will receive a staggered upfront license fee of $100,000. The Company will also reimburse JHU and IOCB for previously incurred
patent costs. Under the terms of the license agreement, JHU and IOCB will be entitled to four percent (4.0%) royalty on net sales by
the Company in which the JHU and IOCB license was utilized. In addition, the Company is required to pay JHU and IOCB minimum annual royalty
payments of $5,000 for 2026, $10,000 for 2027, $20,000 for 2028, $30,000 for 2029 and $50,000 for 2030 and each year after until the
first commercial sale, after which, the annual minimum royalty shall be $150,000. The license agreement also contains milestone payments
for patent grants, clinical development steps through the approval of an NDA and commercialization. As of December 31, 2024 and 2023,
the balance of accrued expense related to this license agreement was $0. The Company assessed whether the license should be capitalized
and determined that the licensed program is in the early stage and therefore may not be recoverable; the Company expensed the license
fee and will expense development costs until commercial viability is likely.

 11. Commitments and Contingencies

While
not assured, management does not believe, based upon information available at this time, that a loss contingency will have a material
adverse effect on the Company’s financial position, results of operations or cash flows. Additionally, the Company does not have
any material commitments.

 12. Subsequent Events 

The
Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the consolidated financial
statements are issued. 

Other
than as disclosed in this Note 12 and as may be disclosed elsewhere in the notes to the accompanying consolidated financial statements,
there have been no subsequent events that require adjustment or disclosure in the accompanying consolidated financial statements.

In
February 2025, the Company announced its entry into a collaboration agreement with Eleison Pharmaceuticals Inc. (“Eleison”),
a Phase III oncology company focused on novel chemotherapeutic treatments for