Bullfrog AI Holdings Reports $2.02 Million Net Loss and $0 Revenue in Q1 2025

Bullfrog AI Holdings, Inc. reported its financial results for the first quarter of 2025, revealing a continued lack of revenue generation, with total revenue remaining at $0 for both the current and prior year periods. The company recorded a net loss of $2.02 million for the three months ended March 31, 2025, compared to a net loss of $1.92 million for the same period in 2024. This represents an increase in net loss of approximately 6% year-over-year. The company's operating expenses also rose, totaling $2.06 million, up from $1.97 million in the previous year, primarily driven by increased research and development costs and general administrative expenses.

In terms of financial position, Bullfrog AI's cash and cash equivalents decreased to approximately $3.8 million as of March 31, 2025, down from $5.4 million at the end of 2024. The company’s total assets also fell to $4.09 million, compared to $5.55 million at the end of the previous fiscal year. Current liabilities increased to $839,397, up from $588,090, largely due to higher accrued expenses. The accumulated deficit grew to approximately $18.81 million, reflecting the ongoing challenges in achieving profitability.

Strategically, Bullfrog AI has focused on expanding its operational capabilities and partnerships. The company has entered into a collaboration agreement with Eleison Pharmaceuticals, aimed at leveraging its AI/ML platform for drug development. Additionally, Bullfrog AI has secured exclusive worldwide licenses for several drug candidates from prestigious institutions, including Johns Hopkins University and George Washington University, which are expected to enhance its product pipeline. The company is also actively pursuing new intellectual property and has initiated preclinical studies on its licensed drug programs.

Operationally, Bullfrog AI has not reported any significant changes in customer counts or user statistics, as it continues to seek partnerships to drive revenue. The company has made efforts to enhance its internal processes, including transitioning to an external accounting firm and implementing an enterprise-level accounting platform. As of March 31, 2025, the company employed a total of 38 staff members, reflecting its commitment to building a capable team to support its growth strategy.

Looking ahead, Bullfrog AI Holdings, Inc. faces substantial challenges, particularly regarding its liquidity and ability to fund operations. The company has indicated that its current cash position is insufficient to support planned operations for the next year, raising concerns about its ability to continue as a going concern. To address this, Bullfrog AI plans to pursue additional capital through various means, including equity sales and collaborative arrangements. The company has entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing it to sell up to $20 million in common stock, although there is no guarantee that it will be able to raise the necessary funds in a timely manner.