Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 65

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 65
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 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.

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. 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
in 2022. 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 fees 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 a new drug application (“NDA”)
by the U.S. Food and Drug Administration and commercialization. As of September 30, 2025, there has been no accrual for royalties since
the Company has not begun to generate applicable revenue; however, the Company has accrued $15,000 of the $20,000 license maintenance
fees for 2025. 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.

    16

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