Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 58

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 58
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 You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking
statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date of such statements. 

Overview

Bullfrog
AI Holdings, Inc. was incorporated in the State of Nevada in February 2020. Bullfrog AI Holdings, Inc. is the parent company of Bullfrog
AI, Inc. and Bullfrog AI Management, LLC, which were incorporated in Delaware and Maryland, in 2017 and 2021, respectively. Operations
are currently conducted through Bullfrog AI Holdings, Inc., which began operations on February 6, 2020. We are a company focused specifically
on advanced Artificial Intelligence / Machine Learning (“AI/ML”) analysis of complex data in the advancement of medicine.
Our AI/ML platform (trade name: bfLEAP™) was created from technology originally developed at The Johns Hopkins University Applied
Physics Laboratory (“JHU-APL”). Subsequently, we have developed new tools and capabilities composed of an ensemble of machine
learning and artificial intelligence models.

In
February 2018, the Company secured an original exclusive, worldwide, royalty-bearing license from JHU-APL for the technology underlying
our bfLEAP™ platform. The license covers three (3) issued patents, one (1) new provisional patent application, non-patent rights
to proprietary libraries of algorithms and other trade secrets including modifications and improvements. We entered into a new license
agreement with JHU-APL in July 2022 that provides the Company with new intellectual property and also encompasses most of the intellectual
property from the February 2018 license. In consideration for the new license entered into in July 2022 with JHU-APL, the Company issued
to JHU-APL 39,879 shares of common stock. Under the terms of the new license agreement, JHU-APL will be entitled to eight (8%) percent
of net sales for the services provided by the Company to other parties and three (3%) percent for internally developed drug projects
in which the JHU-APL license was utilized. The new license also contains tiered sub licensing fees that start at fifty (50%) percent
and decline to twenty-five (25%) percent based on revenues. The Company and JHU-APL entered into Amendment Number 1 of