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BFRG on Nasdaq

BullFrog AI Holdings, Inc.

BullFrog AI Holdings, Inc. is an American pharmaceutical preparations company based in Gaithersburg.1 Its shares trade on Nasdaq under the symbol BFRG.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBFRG on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersGaithersburg, Maryland1
  • Incorporated inNV2
  • Business address325 Ellington Blvd., Unit 317, Gaithersburg, Md 208782
  • Filer category, Emerging growth company2
  • Legal formCorporation

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The license also contains tiered sub licensing fees that start at 50% and reduce to 25% based on revenues.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.8%Gross margin5
-5652.4%Operating margin5
-5569.6%Net margin5
-304.2%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue5¢$94.8K
  • Research and development95¢$1.8M

Out of $116.7K in revenue.5 The company lost money this year.

Financial statements

Revenue675$116.7K in 2025+1067% since 2022
0$50.0K$100.0K$150.0K2022: $10.0K$10.0K20222023: $65.0K$65.0K2023+550%2025: $116.7K$116.7K2025+79%
Gross profit675$21.9K in 2025+138% since 2022
0$20.0K$40.0K$60.0K2022: $9.2K$9.2K20222023: $59.8K$59.8K2023+550%2025: $21.9K$21.9K2025−63%
Operating income8675-$6.6M in 2025+1087% since 2021
-$8.0M-$6.0M-$4.0M-$2.0M02021: -$555.4K-$555.4K20212022: -$2.5M-$2.5M2022+342%2023: -$5.4M-$5.4M2023+119%2024: -$7.2M-$7.2M2024+35%2025: -$6.6M-$6.6M2025−9%
Net income8675-$6.5M in 2025+1009% since 2021
-$8.0M-$6.0M-$4.0M-$2.0M02021: -$585.8K-$585.8K20212022: -$2.8M-$2.8M2022+378%2023: -$5.4M-$5.4M2023+91%2024: -$7.0M-$7.0M2024+31%2025: -$6.5M-$6.5M2025−7%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Collaboration revenue$116.7K
Total revenue$116.7K
Cost of collaboration revenue$94.8K
Gross profit$21.9K
Research and development$1.8M$2.2M
General and administrative$4.8M$5.0M
Total operating expenses$6.6M$7.2M
Loss from operations-$6.6M-$7.2M
Interest expense-$5.6K-$18.2K
Interest income$102.2K$260.9K
Total other income (expense), net$96.6K$242.7K
Net loss-$6.5M-$7.0M
Deemed dividend related to warrant exercise price adjustment-$45.0K
Net loss attributable to common stockholders-$6.5M-$7.0M
Net loss per common share attributable to common stockholders - basic-$0.63-$0.85
Net loss per common share attributable to common stockholders - diluted-$0.63-$0.85
Weighted average number of shares outstanding - basic10.3M shares8.2M shares
Weighted average number of shares outstanding - diluted10.3M shares8.2M shares

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Corporate structure

BullFrog AI Holdings, Inc. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BullFrog AI Holdings, Inc.

  • BullFrog AI Holdings, Inc. Gaithersburg, Maryland
    • BullFrog AI, Inc Subsidiary · Delaware, United States
    • BullFrog Management, LLC Subsidiary · Maryland, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BullFrog AI Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$8.7K5 Dec 31, 2025$8.7K5 Dec 31, 20240%
Accumulated depreciation$6.2K5 Dec 31, 2025$4.5K5 Dec 31, 2024+38.4%
Property and equipment, net$2.5K5 Dec 31, 2025$4.2K5 Dec 31, 2024−40.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.2M5 Dec 31, 2025$5.4M5 Dec 31, 2024−59.8%
Long-term investments$117.0K5 Dec 31, 2025

Properties, in its own words

Our principal business address is 325 Ellington Blvd, Unit 317, Gaithersburg, MD 20878, and our telephone number is 240-658-6710. Currently, we do not own any real property. All of our employees work virtually.

Item 2 of the 10-K filed Mar 19, 2026.4

Leadership

Who has led BullFrog AI Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Vininder Singh2023–now

Chief financial officer

  1. Dane R. Saglio2023–2024
  2. Joshua Blacher2024–now
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Financial OfficerDane Saglia named May 12, 202218

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BullFrog AI, Inc Delaware3
  • BullFrog Management, LLC Maryland3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 20, 20268-K Listing notice or transfer19
  2. Jun 15, 20268-K Executive or director change; Shareholder vote20
  3. Apr 22, 20268-K Other events21
  4. Apr 21, 20268-K Director nominations22
  5. Apr 13, 20268-K Other events23
  6. Apr 1, 20268-K Other events24
  7. Mar 30, 20268-K Entered a material agreement; Other events25
  8. Feb 23, 20268-K Listing notice or transfer26
  9. Feb 17, 20268-K Listing notice or transfer27
  10. Dec 30, 20258-K Other events28
  11. Oct 24, 20258-K Executive or director change; Shareholder vote29
  12. Oct 9, 20258-K Listing notice or transfer30
  13. Mar 3, 2023New chief executive Vininder Singh becomes CEO11

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.15) a share, on Nov 14, 2025.31

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

201 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 48 major events, 48 insider forms, 2 large holders, 1 private raises, 87 other. The latest 20:

  1. Sep 22, 20264 EDGAR
  2. Sep 22, 20264 EDGAR
  3. Aug 20, 20268-K EDGAR
  4. Aug 14, 202610-Q EDGAR
  5. Jul 6, 2026424B3 EDGAR
  6. Jun 15, 20268-K EDGAR
  7. Jun 15, 20264 EDGAR
  8. Jun 15, 20264 EDGAR
  9. Jun 15, 20264 EDGAR
  10. Jun 10, 2026EFFECT EDGAR
  11. Jun 8, 2026CORRESP EDGAR
  12. Jun 4, 2026UPLOAD EDGAR
  13. May 29, 2026S-1 EDGAR
  14. May 14, 202610-Q EDGAR
  15. May 1, 2026DEFA14A EDGAR
  16. Apr 30, 2026DEF 14A EDGAR
  17. Apr 22, 20268-K EDGAR
  18. Apr 21, 20268-K EDGAR
  19. Apr 13, 20268-K EDGAR
  20. Apr 1, 2026424B5 EDGAR

The 201 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

42 open-market trades by officers, directors and large owners since October 2021: 3 buys and 39 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2026Blacher JoshuaChief Financial OfficerBuy50,000$0.53$26.5KForm 4
Sep 22, 2026Singh VininderChief Executive OfficerBuy75,000$0.60$45.0KForm 4
Jul 7, 2025Singh VininderChief Executive OfficerSale29,002$1.50$43.5KForm 4
Jul 3, 2025Singh VininderChief Executive OfficerSale6,039$1.61$9.7KForm 4
Jul 2, 2025Singh VininderChief Executive OfficerSale7,554$1.57$11.9KForm 4
Jul 1, 2025Singh VininderChief Executive OfficerSale7,405$1.53$11.3KForm 4
Apr 4, 2025Singh VininderChief Executive OfficerSale5,895$1.30$7.7KForm 4
Apr 3, 2025Singh VininderChief Executive OfficerSale27,958$1.44$40.3KForm 4
Apr 2, 2025Singh VininderChief Executive OfficerSale8,902$1.64$14.6KForm 4
Apr 1, 2025Singh VininderChief Executive OfficerSale7,245$1.61$11.7KForm 4
Oct 9, 2024Singh VininderChief Executive OfficerSale5,695$2.59$14.8KForm 4
Oct 8, 2024Singh VininderChief Executive OfficerSale4,960$2.55$12.6KForm 4
Oct 7, 2024Singh VininderChief Executive OfficerSale5,911$2.57$15.2KForm 4
Oct 4, 2024Singh VininderChief Executive OfficerSale8,001$2.74$21.9KForm 4
Oct 3, 2024Singh VininderChief Executive OfficerSale5,592$2.66$14.9KForm 4
Oct 2, 2024Singh VininderChief Executive OfficerSale5,436$2.75$14.9KForm 4
Oct 1, 2024Singh VininderChief Executive OfficerSale14,405$2.65$38.2KForm 4
Jul 9, 2024Singh VininderChief Executive OfficerSale11,751$1.59$18.7KForm 4
Jul 8, 2024Singh VininderChief Executive OfficerSale10,670$1.47$15.7KForm 4
Jul 5, 2024Singh VininderChief Executive OfficerSale7,095$1.58$11.2KForm 4

All 42 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Vininder Singh$400.0K$818.0K33
2025Josh Blacher$235.1K$254.1K33
2024Chief Executive Officer and Director$400.0K$630.7K33
2024Chief Financial Officer$10.6K33

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Apr 29, 2022Raised $866,000 in a private offering of debt Form D: 7 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC361,546$256.7K0.0%New
J. Safra Sarasin Holding AG113,720$191.1K0.0%No change
Vanguard Fiduciary Trust Co106,484$75.6K0.0%+80,913
Geode Capital Management, LLC104,928$74.5K0.0%+25,068
Vanguard Capital Management LLC91,596$65.0K0.0%+25,022
Vontobel Holding Ltd.70,000$49.7K0.0%+32,000
Jane Street Group, LLC65,980$46.8K0.0%New
ACT Advisors, LLC.56,351$40.0K0.0%New
Fortem Financial Group, LLC50,000$35.5K0.0%No change
Raymond James Financial Inc44,411$31.5K0.0%+29,411
Northern Trust Corp23,535$16.7K0.0%New
Two Sigma Securities, LLC21,667$15.4K0.0%New
StoneX Group Inc.18,570$13.0K0.0%+2,110
Susquehanna International Group, Llp17,082$12.1K0.0%New
Ewa, LLC11,871$8.4K0.0%New
Tower Research Capital LLC (TRC)6,204$4.4K0.0%+761
Hickory Point Bank & Trust2,000$1.4K0.0%No change
Barclays PLC1,033$7330.0%New
EverSource Wealth Advisors, LLC486$3450.0%No change
Virtu Financial LLC11,249$80.0%New
UBS Group AG7$50.0%−17,628

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BullFrog AI Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBullFrog AI Holdings, Inc.1
  • CIK0001829247
  • Employer ID (EIN)84-47861554
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inNevada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address325 Ellington Blvd., Unit 317, Gaithersburg, MD 208781
  • Phone30136720551
  • Shares outstanding18,541,651 as of Aug 13, 20269
  • Public float$11.0M as of Jun 30, 20254
  • AuditorM&K CPAS, PLLC, The Woodlands, Texas PCAOB ID 2738; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 22, 20201
  • Filings205 in all: 8-K (48), 4 (38), CORRESP (25), UPLOAD (12), 10-Q (11), 144 (8), 3 (6), EFFECT (6)1
    All 34 form types

    S-1/A (6), S-1 (5), 10-K (4), 424B5 (4), DEF 14A (4), 424B3 (3), 5 (3), C/A (3), DRS (2), 4/A (1), 424B4 (1), 8-A12B (1), C (1), CERT (1), D (1), DEFA14A (1), DRS/A (1), DRSLTR (1), NT 10-K (1), NT 10-Q (1), PRE 14A (1), S-3 (1), S-3/A (1), S-8 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 20, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.00001 per shareBFRGNasdaq
Tradeable WarrantsBFRGWNasdaq

From the cover page of the 10-K filed Mar 19, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks BullFrog AI Holdings, Inc. names in Item 1A of its 10-K filed Mar 19, 2026: 42 risks under these headings, as written.4

  • Risks Related to Liquidity, the Company’s Business and Industry
  • We have a limited operating history upon which you can evaluate our performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters.
  • Our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in this annual report.
  • Future sales or issuances of our common stock in the public markets, or the perception of such sales, could depress the trading price of our common stock.
  • We are currently listed on the Nasdaq Capital Market. If we are unable to maintain listing of our securities on Nasdaq or any stock exchange, our stock price could be adversely affected and the liquidity of our stock and our ability to obtain financing could be impaired and it may be more difficult for our shareholders to sell their securities.
  • If we are unable to attract and retain key management, scientific personnel and advisors, we may not achieve our business objectives.
  • The development of our technology, products, and services is highly competitive.
  • From time to time, third parties may claim that one or more of our products or services infringe their intellectual property rights.
  • Although dependent on certain key personnel, we do not have any key man life insurance policies on any such people.
  • New product development involves a lengthy, expensive and complex process.
  • We may not be able to conduct clinical trials necessary to increase the value of our proposed products and formulations.
  • Our ability to resell and/or license certain of our products will depend upon successful clinical trials.
The other 31 risks
  • We face significant competition from other biotechnology and pharmaceutical companies.
  • We may not be able to acquire the rights to any failed drugs or we may not be able to rescue failed drugs through analysis due to our technology or the lack of clinical data.
  • We may not succeed in acquiring the rights to failed drugs, which could limit one of our main sources of revenue.
  • We intend to invest in early stage experimental technologies which have a high risk of failure.
  • We are dependent on our collaborative agreements for the development of products and business development, which exposes us to the risk of reliance on the viability of third parties.
  • We will need to outsource any clinical trial activities as we usually perform only a small portion of the start-up activities in-house.
  • We are a biotechnology company with no significant revenue. We have incurred operating losses since our inception, and we expect to incur losses for the foreseeable future and may never achieve profitability.
  • We will continue to require additional capital for the foreseeable future. If we are unable to raise additional capital when needed, we may be forced to delay, reduce or eliminate our drug acquisition efforts.
  • We face significant risks related to the availability, cost, and performance of the computational infrastructure required to train and deploy AI models.
  • Export controls, trade restrictions, and national security regulations may limit our ability to operate in certain markets and access critical technologies.
  • The capital requirements for AI development are substantial and increasing, and we may be unable to secure adequate financing on acceptable terms.
  • We may be subject to laws and regulations governing our use of artificial intelligence.
  • Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
  • We are increasingly dependent on information technology systems to operate our business and a cyberattack or other breach of our systems, or those of third parties on whom we may rely, could subject us to liability or interrupt the operation of our business.
  • We face risks associated with security breaches or cyberattacks.
  • Risks Related to Intellectual Property Rights
  • We rely on various intellectual property rights, including patents and licenses in order to operate our business.
  • We could be negatively impacted if found to have infringed on intellectual property rights.
  • We rely heavily on our technology and intellectual property, but we may be unable to adequately or cost-effectively protect or enforce our intellectual property rights, thereby weakening our competitive position and increasing operating costs.
  • We rely on agreements with third parties to provide certain services, goods, technology, and intellectual property rights necessary to enable us to implement some of our applications.
  • If any third-party owners of intellectual property we may license in the future do not properly maintain or enforce the patents underlying such licenses, our competitive position and business prospects will be harmed.
  • Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information and may not adequately protect our intellectual property.
  • Risks Related to Ownership of Our Securities
  • Because Vininder Singh, our Chief Executive Officer and director, controls a significant number of shares of our voting capital stock, he has significant influence over actions requiring stockholder approval.
  • The price of our common stock may fluctuate substantially.
  • We do not currently intend to pay dividends on our common stock and, consequently, investors’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.
  • If equity research analysts do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our common stock, the price of our common stock could decline.
  • Provisions of our charter documents or Nevada law could delay or prevent an acquisition of our company, even if the acquisition would be beneficial to our stockholders, and could make it more difficult to change management.
  • Our articles of incorporation grants our Board of Directors the power to designate and issue additional shares of common and/or preferred stock.
  • We will indemnify and hold harmless our officers and directors to the maximum extent permitted by Nevada law.
  • We are an “emerging growth company” under the JOBS Act of 2012 and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • We will continue to incur significant costs to ensure compliance with United States corporate governance and accounting requirements.
  • If we fail to successfully maintain an effective internal control over financial reporting, the integrity of our financial reporting could be compromised, which could result in a material adverse effect on our reported financial results.

Legal proceedings

We are not currently a party to any legal or administrative proceedings. Our current officers and directors have not been convicted in criminal proceedings, nor have they been permanently or temporarily enjoined, barred, suspended, or otherwise limited from involvement in any type of business, securities or banking activities.

The opening of Item 3, Legal Proceedings.4

Sources

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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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