Bullfrog AI Holdings, Inc. reported a challenging financial performance for the fiscal year ending December 31, 2024, with no revenue generated compared to $65,000 in revenue for the previous year. The company’s operating expenses increased significantly, totaling $7.2 million, a 33% rise from $5.4 million in 2023. This increase was primarily driven by higher research and development costs, which rose by 55% to approximately $2.2 million, and general and administrative expenses, which increased by 25% to about $5 million. The company continues to operate at a net loss, accumulating a deficit of approximately $16.8 million since its inception.
In terms of strategic developments, Bullfrog AI has focused on expanding its partnerships and collaborations. Notably, in February 2025, the company announced a collaboration with Eleison Pharmaceuticals to analyze clinical data for a Phase III oncology trial. This partnership aims to leverage Bullfrog's proprietary bfLEAP™ platform to enhance trial efficiency and decision-making. Additionally, the company has entered into a data use and technology partnership with the Lieber Institute for Brain Development, which will allow Bullfrog to utilize extensive brain data for drug development insights.
Operationally, Bullfrog AI has made strides in enhancing its workforce, increasing its employee count to nine full-time staff members as of December 31, 2024. The company has also engaged consultants to support its research and development efforts. Despite these advancements, the company has not yet conducted clinical trials or identified any drug candidates that have received regulatory approval for commercialization. The focus remains on utilizing its AI/ML platform to improve drug development processes and potentially rescue failed drug candidates.
Looking ahead, Bullfrog AI's management has expressed concerns regarding its liquidity, indicating that its cash reserves of approximately $5.4 million as of December 31, 2024, are insufficient to fund operations for the next year. The company plans to seek additional financing to support its ongoing operations and strategic initiatives. The outlook remains cautious, with management emphasizing the need for successful partnerships and collaborations to generate revenue and sustain operations in the future.
About BullFrog AI Holdings, Inc.
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