Bullfrog AI Holdings, Inc.

What they do

The company uses its bfLEAP analytical AI/ML platform, originally developed at JHU-APL, to integrate complex, high-dimensional data to de-risk drug development and increase probability of success. It deploys bfLEAP through strategic collaborations with biopharmaceutical partners and potentially for internal clinical programs, including rescuing late-stage failed drugs. Revenue is generated from licensing, services, and royalties, with a small base of current customers.

Revenue drivers

• bfLEAP platform services — Provides AI/ML analysis services to biopharmaceutical collaborators; revenue recognized from these services, with quarterly revenue reaching $83,413 in Q3 2025.
• Licensing and royalties — Derived from out-licensing its platform or technology; subject to royalties to JHU-APL (8% of net sales for services, 3% for internal drug projects).
• Collaborations and partnerships — Strategic partnerships with third parties for drug development projects, contributing to revenue but not yet material given total annual revenue of $116,670 in 2025.

Recent performance

For the year ended December 31, 2025, revenue was $116,670, up from $65,000 in 2023, but net loss widened to $6.5M in 2025 from $5.4M in 2023. Quarterly revenue has been volatile: $33,257 in Q2 2025 and $83,413 in Q3 2025. As of March 31, 2026, the company had $5.1M in cash and equivalents, total assets of $5.5M, and an accumulated deficit of $2.5M in shareholder equity. Operating cash flow was negative $5.5M in 2025, consistent with prior years.

Strategy

Management's stated objective is to increase the probability of success and reduce cost of drug development by using bfLEAP across pre-clinical and clinical stages. The company aims to build biopharmaceutical partnerships to apply its platform to third-party trials and potentially rescue late-stage failed drugs for in-house development. It continues to enhance bfLEAP intellectual property, including a 2023 amendment with JHU-APL for additional patents and know-how. The company also plans to use its cash to fund operations and regain compliance with Nasdaq listing requirements.

Risks

• Going concern uncertainty — Auditor included a going concern explanatory paragraph due to significant losses and need for additional capital to sustain operations.
• Nasdaq delisting risk — Received a notice on August 21, 2025, for non-compliance with the $2.5M stockholders' equity requirement; extension until February 17, 2026, to regain compliance.
• Early-stage revenue volatility — Revenue is minimal and highly variable, with quarterly revenue fluctuating from $33,257 to $83,413 in 2025.
• Reliance on JHU-APL license — Core technology is licensed from JHU-APL, with ongoing royalty and sublicensing fees, and future amendments could affect terms.

Outlook

Management expects operating expenses to increase in the near future, reflecting continued development of bfLEAP and its applications. The company plans to use existing cash to fund operations but will likely need to raise additional capital to meet obligations and sustain operations. It is focused on executing its plan to regain compliance with Nasdaq listing rules and expanding partnerships to generate revenue.