Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 1047

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 9B
Chunk 1047
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 adverse events
attributed to Mebendazole at any dose during the trial. 41.7% of patients who received Mebendazole were alive at two years after enrollment,
and 25% were alive at four years (Gallia et al., 2021).

The
license covers six (6) issued patents and one (1) pending application. In consideration of the rights granted to the Company under the
license agreement, JHU will receive a staggered upfront license fee of $250,000. The Company initially paid $50,000 and the remaining
balance of $200,000 was paid in 2023. The Company will also reimburse JHU for previously incurred and ongoing patent costs. Under the
terms of the license agreement, JHU will be entitled to three and one-half percent (3.5%) royalty on net sales by the Company in which
the JHU license was utilized. In addition, the Company is required to pay JHU minimum annual royalty payments of $5,000 for 2022, $10,000
for 2023, $20,000 for 2024, $30,000 for 2025 and $50,000 for 2026 and each year after until the first commercial sale after which the
annual minimum royalty shall be $250,000. The license agreement also contains milestone payments for 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 $20,000 and $10,000, respectively. 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.

Johns
Hopkins University – Mebendazole Prodrug License 

In
October 2022, the Company entered into an exclusive, world-wide, royalty-bearing license from JHU and the Institute of Organic Chemistry
and Biochemistry (“IOCB”) of the Czech Academy of Sciences for rights to commercialize N-substituted prodrugs of Mebendazole
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 IO