Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 48

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 48
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proprietary analytical platform utilizes both supervised and unsupervised machine learning. As such, it can reveal real and meaningful
connections in the data without the need for a priori hypothesis. Algorithms used in the platform are designed to handle highly
imbalanced data sets and successfully identify combinations of factors that are associated with outcomes of interest. The Company’s
platform leverages models that use both correlative and causative machine learning and artificial intelligence approaches which provide
a comprehensive approach to predictive analysis that is expected to lead to meaningful insights including the molecular drivers of disease.
In this regard, with the Company’s access to proprietary data sets such as its strategic data and commercialization agreements
with the Lieber Institute for Brain Development (“LIBD”), the Company continues its internal efforts related to target discovery.

The
Company’s goal is to improve the odds of success at all stages of pre-clinical and clinical development for in-house programs and
for its strategic partners, collaborators, and customers. The Company’s business model includes enabling the success of ongoing
clinical trials and rescuing late stage failed drugs (i.e., Phase II or Phase III clinical trial failures) by bringing them in-house
for development prior to eventual divestiture; although, the Company also considers entering collaborations for earlier stage drugs.
The Company pursues its drug asset enhancement business by leveraging the powerful and proven bfLEAP™ AI/ML platform initially
developed at JHU-APL. The Company believes the bfLEAP™ analytics platform is a potentially disruptive tool for analysis of pre-clinical
and clinical data sets, such as the robust pre-clinical and clinical trial data sets being generated in translational R&D and clinical
trial settings.

    6

Liquidity
and Going Concern 

The
Company has generated negative cash flows from operations and operated at a net loss since inception. As of September 30, 2025, the Company
has a cash balance of approximately $2.1 million, which includes restricted cash of $0.1 million held by a financial institution as collateral
for the Company’s corporate credit card program. In February 2024 and October 2024, the Company received net proceeds of approximately
$5.7 million and $2.7 million, respectively, from the sale of its common stock and warrants. During the three months ended June 30, 2025
and September 30, 2025, the Company received net proceeds of approximately $0.3 million and $0.