BullFrog AI Holdings, Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2025, with total revenue of approximately $116,670, a stark contrast to the previous year when no revenue was recorded. The company attributed this revenue to a collaboration agreement with Eleison Pharmaceuticals, which focused on enhancing clinical trial efficacy. Despite this revenue generation, BullFrog AI incurred a net loss of approximately $6.5 million, slightly improved from a net loss of $6.99 million in 2024. The company's accumulated deficit now stands at approximately $23.3 million, raising concerns about its ability to continue as a going concern.
In terms of operational changes, BullFrog AI has made strategic moves to enhance its product offerings and partnerships. The company has entered into several licensing agreements, including exclusive rights to utilize advanced AI technology from Johns Hopkins University Applied Physics Laboratory (JHU-APL) and George Washington University for drug development. Additionally, BullFrog AI has established a partnership with the Lieber Institute for Brain Development to leverage extensive brain-related datasets for drug discovery. These collaborations are aimed at improving the efficiency of drug development processes and potentially rescuing failed drug candidates.
The company has also seen a reduction in its operating expenses, which totaled approximately $6.6 million in 2025, down from $7.2 million in 2024. This decrease was primarily due to lower research and development costs, attributed to a reduction in personnel expenses. As of December 31, 2025, BullFrog AI had a cash balance of approximately $2.3 million, which is insufficient to fund its planned operations for the next year. The company has been actively seeking additional capital through various financing avenues, including an At-The-Market Sales Agreement and a purchase agreement with Lincoln Park Capital Fund, LLC.
Looking ahead, BullFrog AI faces challenges in maintaining its Nasdaq listing due to non-compliance with minimum stockholders' equity requirements. The company received a notice from Nasdaq in August 2025 regarding this issue and has since submitted a compliance plan. However, a subsequent notice in February 2026 indicated that the company had not met the terms of the extension granted by Nasdaq. The company has requested a hearing to present its compliance plan and seek additional time to meet the listing requirements. The outcome of this hearing will be critical for the company's future operations and ability to raise capital.
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.
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