Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 708

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 708
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 secondary public offering
of common stock and warrants. Additionally, in October 2024, we received net proceeds of approximately $2.7 million from a registered
direct offering of common stock and pre-funded warrants, and concurrent private placement of common stock warrants. As of December 31,
2024, the Company has a cash balance of approximately $5.4 million. As of December 31, 2024, the Company’s cash and cash equivalents
position is not sufficient to fund the Company’s planned operations for at least a year beyond the filing date of the consolidated
financial statements. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability
to continue as a going concern is dependent upon the Company obtaining the necessary financing and/or revenues to meet its obligations
arising from normal business operations when they become due.

Our
Strategy

The
Company has a unique strategy designed to reduce risk and increase the frequency of cash flow. The first part of the strategy is to generate
revenues through strategic relationships with biopharma companies. These relationships will be structured as a combination of fees and
intellectual property based on the specific scope of the engagement. The objective of these engagements will be to uncover valuable insights
to reduce the risk and increase the speed of the drug development process, which can be achieved through manual or automated integration
into the client’s workflow or analysis of discrete data sets.

In
the future, the second part of our strategy involves acquiring the rights to drugs at various stages of development and using our proprietary
AI/ML technology to advance the development of such drugs, with the objective of creating near term value and then exiting and monetizing
as quickly as possible, preferably within approximately 30 months.

 26 

Results of
Operations

For the
years ended December 31, 2024 and 2023

Revenue and
Costs of Goods Sold 

We
recognized $65,000 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,