Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 64

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 64
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 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 June 30, 2025 and 2024

Collaboration
Revenue and Cost of Collaboration Revenue

We
recognized revenue and cost of revenue of approximately $33,000 and $27,000, respectively, for the three months ended June 30, 2025,
entirely related to our single collaboration agreement. The revenue and cost are for the completion of the initial deliverable under
the agreement. The remaining revenue and cost will be recognized upon completion of the remaining deliverables. We had no active customer
agreements in the comparable prior year period.

Operating
expenses

    June 30,  
    Net Change 

    2025  
    2024  

    Operating expenses: 

    Research and development 
    $480,297  
    $513,699  
    $(33,402)
  
    General and administrative 
     995,898  
     1,168,264  
     (172,366)
  
    Total operating expenses 
    $1,476,195  
    $1,681,963  
    $(205,768)

Research
and Development 

Our
research and development expenses for the three months ended June 30, 2025 decreased, compared to the same period ended June 30, 2024,
primarily due to a reduction in personnel costs, partially offset by an increase in costs for our target discovery and validation efforts.

General
and Administrative 

Our
general and administrative expenses for the three months ended June 30, 2025 decreased, compared to the same period ended June 30, 2024,
primarily due to reductions in our director and officer insurance policy premium and non-cash stock-based compensation expense.

19

Other
Income (Expense), Net

Interest
income earned on cash held in an overnight sweep account was approximately $23,000 for the three months ended June 30, 2025 as compared
to income of approximately $78,000 for the three months ended June 30, 2024. The decrease was primarily due to a decrease in our average
cash balance.

Results
of Operations – Comparison of Six Months Ended June 30, 2025 and 2024 

Collaboration
Revenue