Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 37

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 37
---
 premium and recruiting fees, partially offset by an
increase in noncash stock-based compensation expense.

Other
Income (Expense), Net

Interest
income earned on cash held in an overnight sweep account was approximately $20,000 for the three months ended September 30, 2025 as compared
to approximately $61,000 for the three months ended September 30, 2024. The decrease was primarily due to a decrease in our average cash
balance.

Results
of Operations – Comparison of Nine Months Ended September 30, 2025 and 2024 

Collaboration
Revenue and Cost of Collaboration Revenue

We
recognized revenue and cost of revenue of approximately $117,000 and $95,000, respectively, for the nine months ended September 30, 2025,
entirely related to our lone collaboration agreement with Eleison. The revenue and cost are for the completion of all deliverables under
the collaboration agreement. We had no active customer agreements in the comparable prior year period.

    September 30,  
    Net Change 

    2025  
    2024  

    Operating expenses: 

    Research and development 
    $1,402,549  
    $1,632,409  
    $(229,860)
  
    General and administrative 
     3,715,319  
     3,835,213  
     (119,894)
  
    Total operating expenses 
    $5,117,868  
    $5,467,622  
    $(349,754)

Research
and Development 

Our
research and development expenses for the nine months ended September 30, 2025 decreased, compared to the same period ended September
30, 2024, primarily due to a reduction in personnel costs and the allocation of certain personnel costs from research and development
to cost of revenue related to our collaboration with Eleison, partially offset by an increase in licensing fees.

General
and Administrative 

Our
general and administrative expenses for the nine months ended September 30, 2025 decreased, compared to the same period ended September
30, 2024, primarily due to reductions in our director and officer insurance policy premium and recruiting fees, partially offset by increases
in personnel costs and noncash stock-based compensation expense.

Other
Income (Expense), Net

Interest
income earned on cash held in an overnight sweep account was approximately $83,000 for the nine months ended September 30,