Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 170

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 170
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 2024 primarily relating to increased personnel costs.

Cash Flows
Used in Investing Activities

There
was no cash used in investing activities during any of the periods presented.

Cash Flows
Provided by Financing Activities

Net
cash provided by financing activities for the year ended December 31, 2024 decreased by approximately $147,000, compared to the same
period ended December 31, 2023 primarily due to fewer proceeds from equity issuances in 2024 partially offset by payments of debt in
2023.

Critical
Accounting Policies

In
Note 2 of our Audited Financial Statements for the year ended December 31, 2024 found elsewhere in this Annual Report on Form 10-K, we
included a discussion of the most critical accounting policies used in the preparation of our financial statements. There has been no
material change in the policies and estimates used in the preparation of our financial statements since the completion of the 2024 audit.

Off-Balance
Sheet Arrangements

We
do not have any off-balance sheet arrangements, as such term is defined in Item 303(a)(4) of Regulation S-K.

 28 

Financial
Operations Overview

Revenue 

We
completed our first commercial service contract and recognized revenue in the amount of $65,000 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