Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 235

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1B
Chunk 235
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CVI”) and initiated preclinical studies with our in-licensed drug programs. The Company is actively engaged
in developing and pursuing new intellectual property as it strives to continuously evolve its AI/ML platform.

Internally,
the Company has added incremental staff to accelerate execution and the development of processes and custom scripts for use in performing
new drug target discovery and analytical services for customers, while also launching initiatives targeting large public health data
sources and seeking access to proprietary health data sources, such as our agreement with the LIBD. We also transitioned our accounting
and financial reporting systems and processes to enhance our internal control environment as a public company. Capital from the IPO was
also used to retire two notes that were sold to fund the Company through the IPO as well as other debts accrued over time to our staff,
employees and consultants, and obligations related to the acquisition of our licensed drug programs.

The
Company has had negative cash flows from operations and operated at a net loss since inception. In the first quarter of 2023, we completed
our IPO.  In February 2024, we received net proceeds of approximately $5.7 million from an underwritten 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