Bullfrog AI Holdings, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on advanced artificial intelligence and machine learning for healthcare data analysis, experienced a notable decline in revenue, reporting $0 for both the three and nine months ended September 30, 2024, compared to $65,000 for the same periods in 2023. This drop reflects the company's ongoing challenges in generating income from its services.

Total operating expenses increased substantially, reaching $1.82 million for the third quarter of 2024, up from $1.36 million in the same quarter of 2023. For the nine-month period, operating expenses totaled $5.47 million, compared to $4.09 million in the prior year. The rise in expenses is attributed to higher research and development costs, which increased by $609,000 year-over-year, driven by the hiring of additional technical staff and the initiation of new studies. General and administrative expenses also rose, reflecting increased staffing and equity compensation costs.

The net loss for the third quarter of 2024 was $(1.76 million), compared to $(1.25 million) in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $(5.28 million), an increase from $(4.06 million) in the previous year. The net loss per share attributable to common stockholders was $(0.22) for the third quarter of 2024, slightly higher than $(0.21) in 2023.

On the balance sheet, cash and cash equivalents increased to approximately $4.24 million as of September 30, 2024, up from $2.62 million at the end of 2023. Total current assets also rose to $4.60 million, while total current liabilities increased significantly to $779,037 from $184,350, indicating a growing financial obligation.

The company has been actively seeking additional capital to support its operations, having raised approximately $5.7 million from a secondary public offering in February 2024 and $2.7 million from a registered direct offering in October 2024. Despite these efforts, Bullfrog AI anticipates a continued lack of significant revenue in the near term and is exploring various funding avenues, including equity sales and collaborations.

Strategically, Bullfrog AI is focused on leveraging its proprietary bfLEAP™ platform to enhance drug development processes and is engaged in partnerships with biopharmaceutical companies to monetize its technology. The company has also made strides in securing licenses for its technology, which are expected to contribute to future revenue streams.