Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 32

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 32
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 is able to reveal real and meaningful
connections in the data without the need for a priori hypothesis. Algorithms used in the platform are designed to handle highly imbalanced
data sets and successfully identify combinations of factors that are associated with outcomes of interest. The Company’s platform
leverages models that use both correlative and causative machine learning and artificial intelligence approaches which provide a comprehensive
approach to predictive analysis that is expected to lead to meaningful insights including the molecular drivers of disease. In this regard,
with the Company’s access to proprietary data sets such as its strategic data and commercialization agreements with the Lieber
Institute for Brain Development (“LIBD”), the Company has increased its internal efforts on target discovery.

The
Company’s goal is to improve the odds of success at all stages of pre-clinical and clinical therapeutics development for in-house
programs and for its strategic partners, collaborators, and customers. The Company’s business model includes enabling the success
of ongoing clinical trials and rescuing late stage failed drugs (i.e., Phase II or Phase III clinical trial failures) by bringing them
in-house for development prior to eventual divestiture; although, the Company also considers entering collaborations for earlier stage
drugs. The Company pursues its drug asset enhancement business by leveraging the powerful and proven bfLEAP™ AI/ML platform initially
developed at JHU-APL. The Company believes the bfLEAP™ analytics platform is a potentially disruptive tool for analysis of pre-clinical
and clinical data sets, such as the robust pre-clinical and clinical trial data sets being generated in translational R&D and clinical
trial settings.

Liquidity
and Going Concern

The
Company has had negative cash flows from operations and operated at a net loss since inception. As of March 31, 2025, the Company has
a cash balance of approximately $3.8 million. In February 2024 and October 2024, the Company received net proceeds of approximately $5.7
million and $2.7 million, respectively, from the sale of its common stock and warrants. As of March 31, 2025, 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 unaudited condensed 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