Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 68

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 68
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 first stages of analyses, with a two-year extension option as performance milestones are met.

As
contemplated in the Partnership Agreement, on October 16, 2023, the Company and LIBD entered into a commercial agreement (the “Commercial
Agreement”) that sets forth the key terms for commercialization of products and services developed under the Partnership Agreement.
Pursuant to the Commercial Agreement, LIBD granted the Company a worldwide, royalty-bearing exclusive license so long as the Company
receives net sales or income from the licensing of “Licensed Products” (as defined in the Commercial Agreement) in the application
of machine learning and artificial intelligence for research and development in drug development, and specifically includes therapeutic
products, patient selection strategies, and target identification, but excludes diagnostics and incidental uses of machine learning and/or
artificial intelligence on data derived from research. Generally, “Licensed Products” are any product or service which incorporates,
results from, or is derived from LIBD’s Data (meaning finished brain-related data, including but not limited to DNA methylation,
RNAseq, genomic, DNA methylation, cell-line, clinical, and imaging data, and the specified data set forth in the Partnership Agreement)
and that the Company or its affiliate develops during the term of the Partnership Agreement, and any improvements thereof after the term
of the Partnership Agreement, and all Licensed Products or services derived therefrom by the Company or its affiliates. Licensed Products
may include, but are not limited to, biomarker and target identification, target validation, mapping unmet needs, identifying genetic
risk factors and predictive modeling.

The
Company was also granted the right to sublicense, to use the deliverables under the Partnership Agreement, and LIBD’s intellectual
property rights in the data, to (i) use, sell, distribute for sale, have distributed for sale, offer for sale, have sold, import and
have imported Licensed Products and (ii) to develop, have developed, make, have made Licensed Products that are derived from Licensed
Products developed during the term of the Partnership Agreement, and any improvements made following the term. The Company is prohibited
from sublicensing LIBD Data. The Company shall pay LIBD a royalty based on net sales of all Licensed Products sold by the Company and
its affiliates.

The
Commercial Agreement, generally, may be terminated at any time by either the Company or LIBD if either party defaults or breaches any
material term of the agreement or files for protection under bankruptcy laws, makes an assignment for the