Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 74

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 74
---
8 License Agreement and are not duplicative.

On
May 31, 2023, the Company and JHU-APL entered into Amendment Number 1 of the July 8, 2022 License Agreement whereby the Company gained
access to certain improvements including additional patents and knowhow in exchange for a series of payments totaling $275,000. The first
of these payments for $75,000 was paid in July 2023 and the remaining payments of $75,000, $75,000, and $50,000 are due in years 2025,
2026 and 2027, respectively. The amendment also reduced the 2023 minimum annual royalty payment to $60,000, all other financial terms
remain the same. As of December 31, 2024, we have accrued $300,000 of the 2024 minimum annual royalty payments, and the entire accrued
balance was paid in January 2025.

 14 

George
Washington University - Beta2-spectrin siRNA License 

On
January 14, 2022, the Company entered into an exclusive, world-wide, royalty-bearing license from GWU for rights to use siRNA targeting
Beta2-spectrin in the treatment of human diseases, including HCC. The license covers methods claimed in three U.S. and worldwide patent
applications, and also includes use of this approach for treatment of obesity, non-alcoholic fatty liver disease, and non-alcoholic steatohepatitis.
This program is currently in the preclinical stage of development. The Company has not yet initiated development activities or IND-enabling
studies on this asset; however, the plan is to conduct this work over the next 24 months. All R&D on this candidate to date has been
conducted by the licensor of the technology, GWU. The term of the agreement began on January 14, 2022 and ends on the expiration date
of the last patent to expire or 10 years after the first sale of a licensed product if no patents have been issued. The license can be
terminated by the licensee upon 60 days’ written notice, or by the licensor if the Company is more than 30 days late in paying
amounts owed to the licensor and does not make payment upon demand, or in the event of any material breach of the license that is not
cured within 45 days.

Non-alcoholic
fatty liver disease (“NAFLD”) is a