BullFrog AI Holdings, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $83,413 for the three months ended September 30, 2025, compared to no revenue in the same period of the previous year. For the nine months ended September 30, 2025, the company generated $116,670 in revenue, attributed entirely to a collaboration agreement with Eleison Pharmaceuticals, Inc. The company incurred a gross profit of $15,370 for the quarter and $21,892 for the nine-month period. However, BullFrog AI continues to operate at a loss, reporting a net loss of $1,551,612 for the third quarter and $5,017,894 for the year-to-date, reflecting a decrease in losses compared to $1,763,464 and $5,278,904 for the respective periods in 2024.
The company’s total operating expenses for the third quarter were $1,585,053, down from $1,819,941 in the prior year, primarily due to reduced research and development costs, which fell to $345,992 from $566,584. General and administrative expenses also saw a slight decrease, totaling $1,239,061 compared to $1,253,357 in the previous year. The reduction in expenses is attributed to lower personnel costs and a decrease in insurance premiums. Despite these reductions, the company continues to face significant financial challenges, with an accumulated deficit of approximately $21.8 million as of September 30, 2025.
In terms of operational developments, BullFrog AI has made strides in its strategic partnerships and product offerings. The company entered into a collaboration agreement with Sygnature Discovery in June 2025, aimed at introducing its proprietary AI-driven data insights platform, BullFrog Data Networks™, to Sygnature’s global biopharma client base. However, no revenue has yet been recognized from this collaboration. The company also reported a significant increase in its common stock outstanding, with 10,416,721 shares issued as of September 30, 2025, up from 9,113,139 shares at the end of 2024.
Looking ahead, BullFrog AI Holdings faces substantial liquidity challenges, with cash and cash equivalents of approximately $2.1 million as of September 30, 2025, insufficient to fund operations for the next year. The company has entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing it to raise up to $20 million through the sale of common stock, and has also secured a commitment from Lincoln Park Capital Fund, LLC to purchase up to $10 million of its common stock. However, the company has expressed uncertainty regarding its ability to raise sufficient capital to continue operations, which raises concerns about its status as a going concern. Additionally, BullFrog AI is working to regain compliance with Nasdaq's minimum stockholders' equity requirement, having received an extension until February 17, 2026, to meet the necessary criteria.
About BullFrog AI Holdings, Inc.
Bullfrog AI Holdings, Inc. develops and applies proprietary artificial intelligence and machine learning technology, bfLEAP™, to enhance drug development by analyzing complex preclinical and clinical data. The company focuses on rescuing and advancing therapeutics, particularly in oncology and rare diseases, through data-driven patient stratification and trial optimization. Its business model includes licensing drug rights, collaborative partnerships, and fee-for-service analytics targeting biopharmaceutical companies and research institutions.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.