Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 712

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 712
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000 in the third quarter of 2023. We did
not recognize any revenue in 2024. In February 2025, we announced our entry into a collaboration agreement with Eleison Pharmaceuticals
Inc. (“Eleison”), a Phase III oncology company focused on novel chemotherapeutic treatments for rare cancers. We are in discussions
with other potential partners, although there can be no assurance of entering into other business relationships in 2025 or beyond.

Operating
Expenses 

We
classify our operating expenses into two categories: research and development and general and administrative. Prior to 2023, most of
our activities were related to: technology evaluation, acquisition and validation, capital acquisition and business development activities
in general, which we believe have readied the Company for contract services while exploring strategic partnering and asset acquisition.
These activities and related expenditures have been recorded and reported as general and administrative in our financial statements.
In 2022, we licensed two drug development programs from universities and entered into a new license with JHU-APL for new intellectual
property and other enhancements used with our bfLEAP™ platform. We incurred license and annual minimum royalty fees associated
with these relationships in 2023 and 2024, and we expect our research and development expenses to increase in 2025 as we initiate activities
directed towards the development of service offering products, collaborations and preclinical studies aimed at generating the data to
enable the filing of an Investigational New Drug (IND) application.

Research and
Development Costs and Expenses 

Research
and development costs and expenses in 2023 and 2024 include development activities on our licensed drug candidates and our discovery
collaborations with JCVI. In addition to fees paid to external service providers, we are also allocating internal costs for personnel
working on these efforts in addition to personnel costs related to our internal efforts to develop our product and service offerings
using bfLEAP™. We anticipate our research and development costs could become significant as we execute on our business plan and
begin conducting preclinical research and development activities directed at securing development partners and filing an IND for our
licensed drug development programs described in this filing, as well as under strategic partnerships and for other drug development programs
we may acquire. Research and development expenses are recorded in operating expenses in the period in which they are incurred. Estimates
will be used in determining the expense liability of certain costs where services have been performed but not yet invoiced. We will monitor
levels of performance under each significant