Bullfrog AI (BFRG) Registration filing summary

Company overview and business model

• bfLEAP is an AI/ML platform licensed from Johns Hopkins University Applied Physics Laboratory; it analyzes complex preclinical and clinical data to support precision-medicine decisions and drug development.

• Revenue strategy combines fee-based analytics and data partnerships, collaborative development, and acquisition or licensing of drug assets for advancement and divestiture; management targets monetizing rescued assets preferably within ~30 months.

• Licensed pipeline includes mebendazole and prodrug candidates for cancer and a preclinical Beta2-spectrin siRNA program for liver disease and obesity; platform and drug programs remain pre-commercial.

• Data and development relationships include the Lieber Institute for Brain Development, FSHD Society, and J. Craig Venter Institute; completed analyses include schizophrenia and cardiovascular case studies.

Financial performance and metrics

• 9M 2024 revenue was $0 versus $65,000 in 9M 2023; FY 2023 revenue was $65,000 versus $10,000 in FY 2022.

• 9M 2024 operating expenses were $5.47M versus $4.09M in 9M 2023; net loss was $5.28M versus $4.06M.

• At September 30, 2024, cash was $4.24M and accumulated deficit was $15.05M; management expected available resources to fund planned operations into Q4 2025 absent significant revenues.

• 9M 2024 operating cash use was $4.34M; October 2024 offering proceeds were ~$2.7M net.

Use of proceeds and capital allocation

• Selling stockholders receive proceeds from registered resales; no issuer proceeds arise from resales, but cash exercise of all registered warrants could yield up to ~$3.26M.

• Any warrant-exercise proceeds are intended for general corporate purposes and working capital; allocation remains at management’s discretion.

• Registration costs are borne by the issuer; selling stockholders pay their own commissions, discounts, and disposal expenses.