Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 225

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 225
---
 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.

George
Washington University - Beta2-spectrin siRNA License 

In
January 2022, the Company entered into an exclusive, world-wide, royalty-bearing license from George Washington University (“GWU”)
for rights to use siRNA targeting Beta2-spectrin in the treatment of human diseases, including hepatocellular carcinoma (“HCC”).
The license covers methods claimed in three U.S. and worldwide patent applications, and also includes use of this approach for treatment
of obesity, non-alcoholic fatty liver disease, and non-alcoholic steatohepatitis.

In
consideration of the rights granted to the Company under the license agreement, the Company paid GWU a $20,000 license initiation fee.
Under the terms of the license agreement, GWU will be entitled to a three percent (3%) royalty on net sales subject to quarterly minimums
once the first sale has occurred subsequent to regulatory approval, as well sublicense or assignment fees in the event the Company sublicenses
or assigns their rights to use the technology. The Company will also reimburse GWU for previously incurred and ongoing patent costs.
The sublicense and assignment fee amounts decline as the Company advances the clinical development of the licensed technology. The license
agreement also contains milestone payments for clinical development through the approval of an NDA and commercialization. As of December
31, 2024, there has been no accrual for royalties since the Company has not begun to generate applicable revenue. The Company assessed
whether the license should be capitalized and determined that the licensed program is in the early stage and therefore may not be recoverable;
the Company expensed the license fee and will expense development costs until commercial viability is likely.

     F-17 

Johns
Hopkins University – Mebendazole License 

In
February 2022, the Company entered into an exclusive, world-wide, royalty-bearing license from Johns Hopkins University (“JHU”)
for the use of an improved formulation of Mebendazole for the treatment of any human cancer or neoplastic disease. This formulation shows
potent activity in animal models with different types of cancer and has been evaluated in a Phase I clinical trial in patients with high-grade
glioma (NCT01729260). The trial, an open-label dose-escalation study, assessed the safety