Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 437

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 437
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. All other financial
terms remain the same. As a result of this amendment, the minimum annual payments were $30,000 for 2022 and $60,000 for 2023, and the
minimum annual payments will be $300,000 for 2024 and beyond, all of which are creditable against royalties paid by us. As of December
31, 2024, we have accrued $300,000 of the 2024 minimum annual royalty payments, and the entire accrued balance was paid in January 2025.

We
intend to continue to evolve and improve bfLEAP™, either in-house or with development partners like JHU-APL. We plan to leverage
our proprietary AI/ML platform developed over several years at one of the top innovation institutions in the world, which has already
been successfully applied in multiple sectors.

We
have staffed our business using funds from our initial public offering and subsequent financings and have entered into partnerships and
relationships and recently completed our first commercial service contract with a leading rare disease non-profit organization for AI/ML
analysis of late-stage clinical data. We have also acquired the rights to a series of preclinical and early clinical drug assets from
universities, as well as a strategic collaboration with a world-renowned research institution to create a HSV1 viral therapeutic platform
to engineer immunotherapies for a variety of diseases. We have signed exclusive worldwide License Agreements with JHU for a cancer drug
that targets glioblastoma (brain cancer), pancreatic cancer, and others. We have also signed an exclusive worldwide license from George
Washington University for another cancer drug that targets hepatocellular carcinoma (liver cancer) and other liver diseases. In addition,
we have signed three-year strategic data and commercialization agreements with the Lieber Institute for Brain Development (“LIBD”)
whom we believe has a repository of the largest collection of postmortem brains in the world, including molecular, clinical, and other
data. The objective of this collaboration with LIBD is for the Company to analyze these rich data sets using its proprietary AI/ML tools
and models and then go to market with the discoveries with the ultimate goal of securing revenue generating strategic partnership deals
with biopharmaceutical companies. We intend to secure the rights to other proprietary data sets and repeat this strategy. Additionally,
we intend to gain access to later-stage clinical assets through partnerships or the acquisition of rights to failed therapeutic candidates
for drug rescue. In certain circumstances