Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 36

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 36
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 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 contract for external services through communications with the service providers to reflect
the actual amount expended.

General
and Administrative Expenses 

General
and administrative expenses include personnel costs and costs associated with being a public company such as directors and officers insurance,
audit and tax provider fees, legal fees, and exchange listing costs. Additionally, our general and administrative costs include expenses
for our business development, investor relations and marketing efforts. We anticipate our general and administrative expenses increasing
in the future to support our service offerings and clinical and pre-clinical research and development activities associated with strategic
partnering and collaborations. 

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

Collaboration
Revenue and Cost of Collaboration Revenue

We
recognized revenue and cost of revenue of approximately $83,000 and $68,000, respectively, for the three months ended September 30, 2025,
entirely related to our lone collaboration agreement with Eleison. The revenue and cost are for the completion of the final two 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 
    $345,992  
    $566,584  
    $(220,592)
  
    General and administrative 
     1,239,061  
     1,253,357  
     (14,296)
  
    Total operating expenses 
    $1,585,053  
    $1,819,941  
    $(234,888)

21

Research
and Development 

Our
research and development expenses for the three 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.

General
and Administrative 

Our
general and administrative expenses for the three 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