Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 304

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1C
Chunk 304
---

the future, the second part of our strategy involves acquiring the rights to drugs at various stages of development and using our proprietary
AI/ML technology to advance the development of such drugs, with the objective of creating near term value and then exiting and monetizing
as quickly as possible, preferably within approximately 30 months.

 26 

Results of
Operations

For the
years ended December 31, 2024 and 2023

Revenue and
Costs of Goods Sold 

We
recognized $65,000 in revenue and $5,200 in costs of goods sold during the year ended December 31, 2023 related to a commercial service
contract. We did not recognize any revenue in the year ended December 31, 2024.

Operating
Expenses

    Year
    ended December 31,  
    Net
    Change 

    2024  
    2023  
    $  
    % 
  
    Operating
    expenses: 

    Research
    and development 
    $2,223,265  
    $1,432,614  
    $790,651  
     55%
  
    General
    and administrative 
     5,013,118  
     3,994,710  
     1,018,408  
     25%
  
    Total operating expenses 
    $7,236,383  
    $5,427,324  
    $1,809,059  
     33%

Research and
Development 

Our
research and development expenses for the year ended December 31, 2024 increased by approximately $791,000 or 55% compared the year ended
December 31, 2023, primarily due to increased personnel costs related to the hiring of additional R&D staff members. In addition,
in the first quarter of 2024, we engaged disease experts as area consultants, we expanded our target discovery efforts, and we also initiated
a preclinical obesity study related to an siRNA program. Going forward, we expect our R&D expenses to increase as we begin the validation
process on potential targets identified in our target discovery program.

General and
Administrative 

Our
general and administrative expenses for the year ended December 31, 2024 increased by approximately $1,018,000 or 25% compared to the
year ended December 31, 2023, primarily due to increased personnel costs related to