BullFrog AI Holdings, Inc.BFRG

BullFrog AI Holdings’ cash burn is now running at $1.7 million per quarter while its revenue for the year to December 2025 was a modest $116,670, according to the 10-K filed on 17 June 2026. The company’s net loss widened to $1.6 million in the first quarter of 2026, with a diluted loss per share of $0.12 on 12.9 million weighted shares outstanding, figures that sit awkwardly beside the firm’s promise of an “explainable AI platform” accelerating drug discovery. The 10-Q for the quarter ended 31 March 2026 shows total assets of $5.5 million, liabilities of $652,072, and just $2.5 million in shareholders’ equity, a capital base that would struggle to fund even a single phase III oncology trial without external capital.

BullFrog’s product story pivots on three AI tools : bfLEAP™ for explainable AI, bfPREP™ for data cleaning and harmonisation, and BullFrog Data Networks®, an AI-ML multi-omics insight platform designed to support precision drug discovery, target validation, and clinical development. The company’s official pages and press releases trumpet a recent commercial agreement with a top-five global pharma company to identify and prioritise therapeutic targets in major depressive disorder, yet the filings themselves do not quantify any revenue arising from that agreement, nor do they confirm the customer’s identity or the contract’s duration. The 8-K filed on 15 June 2026 introduced a new commercial leadership team, a move that reads like an attempt to bridge the gap between the glossy pitch and the thin revenue trail.

The numbers tell a clearer story than the slide deck . For the quarter ended 31 March 2026, BullFrog reported operating loss of $1.6 million, R&D expense of $434,819, and negative operating cash flow of $1.7 million, a burn rate that leaves the company’s $5.1 million cash pile vulnerable within two to three quarters at current outflows. The 424B3 prospectus filed on 6 July 2026 frames the upcoming equity raise as “strategic flexibility,” yet the filings do not disclose any share repurchases in the prior quarter; instead, the weighted diluted share count rose to 12.9 million by quarter-end. The 4 ownership filings dated 15 June 2026 list insider stakes without detailing any material cash consideration or buybacks, reinforcing the optics that equity incentives are being used to fund operations while revenue generation remains in the early innings.

The company’s investor materials and product pages emphasise explainable AI, graph analytics, and data harmonisation tools aimed at biopharma and health IT, and the press releases highlight participation at AACR and a raft of commercial hires. Yet none of the filings quantify the revenue impact of these initiatives, and the 424B3 does not include forward-looking revenue or cash guidance. The gap between marketing and metrics is widest where the company claims enterprise-scale deals without disclosing corresponding contract values or cash collections.

For readers tracking the company on its home turf, the filing trail stops at what is quantifiable: revenue of $116,670 for the year to December 2025, a net loss of $1.6 million in Q1 2026, and a cash runway that depends on either accelerating customer adoption or the next equity raise. The company’s EFFECT filing of 10 June 2026 and the SEC submissions JSON confirm the filing calendar but add no incremental revenue or cash-flow data. Until the company discloses contract values, recognised revenue, and concrete customer traction, the platform story remains a promise rather than a proven business.

If you are watching this name for a trading edge, the only reliable guide is the filing cadence and the cash burn clock. The company’s product pages and press releases are colourful theatre; the 10-K, 10-Q, and 8-K are the only documents that matter today. Follow the filings, not the gear graphics.

There is The source-change rail is filing/source-led and does not use chart-derived signals. Chart context is available separately on this page through the Atlas chart snapshot or TradingView route where available. Stick to the primary filings and the company’s own pages when assessing BullFrog AI Holdings.