Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 67

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 67
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Johns
Hopkins University – Prodrug License

In
October 2022, the Company entered into an exclusive, world-wide, royalty-bearing license from JHU and the Institute of Organic Chemistry
and Biochemistry (“IOCB”) of the Czech Academy of Sciences for rights to commercialize N-substituted prodrugs of Mebendazole
that demonstrate improved solubility and bioavailability. The license covers prodrug compositions and use for treating disease as claimed
in multiple U.S. and worldwide patent applications. In consideration for the rights granted to the Company under the license agreement,
JHU and IOCB received a staggered upfront license fee of $100,000 and the Company reimbursed JHU and IOCB for previously incurred patent
costs. Under the terms of the license agreement, JHU and IOCB will be entitled to a four percent (4.0%) royalty on net sales by the Company
in which the JHU and IOCB license was utilized. In addition, the Company is required to pay JHU and IOCB minimum annual royalty payments
of $5,000 for 2026, $10,000 for 2027, $20,000 for 2028, $30,000 for 2029 and $50,000 for 2030 and each year after until the first commercial
sale, after which, the annual minimum royalty shall be $150,000. The license agreement also contains milestone payments for patent grants,
clinical development steps through the approval of an NDA and commercialization. As of September 30, 2025, the balance of accrued expense
related to this license agreement was $0. The Company assessed whether the license should be capitalized and determined that the licensed
program is in the early stage and therefore may not be recoverable. The Company will expense the license fee and development costs until
commercial viability is likely.

Lieber
Institute for Brain Development Partnership  

In
September 2023, the Company entered into a Data Use and Technology Partnership Agreement (the “Data Use Agreement”) and a
related Memorandum of Understanding (“MOU”) with the Lieber Institute for Brain Development (“LIBD”), a nonprofit
medical research organization focused on mental health disorders. The partnership is intended to combine LIBD’s proprietary brain-related
datasets with the Company’s artificial intelligence and machine learning capabilities to support drug discovery and development
activities.

Under
the Data Use Agreement, LIBD granted the Company a limited, royalty-free, non-transferable license