Bullfrog AI Holdings Inc.
BFRG evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for BFRG—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BFRG
Bullfrog AI Holdings Inc. is a pre-revenue biotech company using AI/ML to advance a pipeline of licensed drug assets and rescue failed therapeutic candidates, with a cash balance of $7.0 million as of June 30, 2026.
Key risk: Going concern uncertainty
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates for Bullfrog AI Holdings Inc..
Bullfrog AI Holdings Inc. is a pre-revenue biotech company using AI/ML to advance a pipeline of licensed drug assets and rescue failed therapeutic candidates, with a cash balance of $7.0 million as of June 30, 2026.
- Cash & equivalents of $7.0M as of 2026-06-30 [sec]
- Total revenue of $0.2M and net loss of -$1.4M as of 2026-06-30 [sec]
- Shareholders' equity of $2.1M and total debt of $0.1M as of 2026-06-30 [sec]
- Pipeline includes exclusive worldwide licenses from JHU for a glioblastoma/pancreatic cancer drug and from George Washington University for a hepatocellular carcinoma drug [sec_mda · as of 2024-03-29]
- Company has incurred negative cash flows from operations and operated at a net loss since inception [sec_mda · as of 2026-03-19]
What works
- Unique strategy to generate revenues through strategic relationships with biopharma companies, structured as fees and intellectual property [sec_mda · as of 2024-05-10]
- Exclusive worldwide licenses from JHU and George Washington University for cancer drugs targeting glioblastoma, pancreatic cancer, and hepatocellular carcinoma [sec_mda · as of 2024-03-29]
- Plan to conduct late-stage clinical trials to rescue therapeutic assets that previously failed, potentially reducing development risk [sec_mda · as of 2025-11-14]
What to weigh
- Negative cash flows from operations and net loss since inception, with substantial doubt about ability to continue as a going concern [sec_mda · as of 2025-03-14]
- Cash position of $7.0M as of 2026-06-30 may not be sufficient to fund planned operations for at least a year [sec_mda · as of 2025-03-14]
- Success of clinical programs depends on finding partners, adequate drug supply, and third-party manufacturing arrangements [sec_mda · as of 2025-11-14]
From the filings
Quoted directly from source documents.
Company has incurred negative cash flows and net loss since inception
“The Company has incurred negative cash flows from operations and operated at a net loss since inception.”
SEC MD&A · November 14, 2025
Exclusive worldwide licenses from JHU and George Washington University
“We have signed exclusive worldwide License Agreements with JHU for a cancer drug that targets glioblastoma (brain cancer), pancreatic cancer, and others. We have also signed an exclusive worldwide license from George Washington University for another cancer drug that targets hepatocellular carcinoma (liver cancer) and other liver diseases.”
SEC MD&A · March 29, 2024
Plan to conduct late-stage clinical trials to rescue failed therapeutic assets
“In certain circumstances, we intend to conduct late-stage clinical trials in an effort to rescue therapeutic assets that previously failed.”
SEC MD&A · November 14, 2025
Cash position of approximately $2.6 million as of December 31, 2025
“Through December 31, 2025, we received approximately $2.6 million of net proceeds from the sale of our common stock pursuant to the ATM Agreement. As of December 31, 2025, the Company has a cash balance”
SEC MD&A · March 19, 2026
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — Cash not sufficient to fund operations for at least a year; substantial doubt about ability to continue [sec_mda · as of 2025-03-14]
- Dependence on external financing — Requires additional capital through equity, debt, or partnerships; no assurance of availability [sec_mda · as of 2024-11-08]
- Clinical development reliance on partners — Success depends on finding partners, drug supply, and third-party manufacturing [sec_mda · as of 2025-11-14]
- Limited revenue generation — Total revenue of only $0.2M as of 2026-06-30, with net loss of -$1.4M [sec]
What to watch
- Ability to raise additional capital through equity offerings, debt, or partnerships [sec_mda · as of 2024-11-08]
- Progress of licensed drug programs from JHU and George Washington University [sec_mda · as of 2024-03-29]
- Execution of late-stage clinical trials for rescued therapeutic assets [sec_mda · as of 2025-11-14]
- Generation of revenue through strategic biopharma relationships [sec_mda · as of 2024-05-10]
Sources: SEC MD&A · Generated August 21, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
14.2 months
D/E 0.10 · 0% dilution
Lead: Phase 1
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
15
Total value held
$595K
| Holder | Shares | Value |
|---|---|---|
| geode capital management, llc | 79,860 | $134K |
| vanguard capital management llc | 66,574 | $112K |
| fortem financial group, llc | 50,000 | $84K |
| vontobel holding ltd. | 38,000 | $64K |
| vanguard fiduciary trust co | 25,571 | $43K |
| citigroup inc | 24,702 | $41K |
| stonex group inc. | 16,460 | $28K |
| raymond james financial inc | 15,000 | $25K |
| renaissance technologies llc | 12,000 | $20K |
| concurrent investment advisors, llc | 10,000 | $17K |
Showing top 10 of 15 institutional holders of Bullfrog AI Holdings Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 4.3%
- Days to cover
- 0.0
- Shares short
- 702,655
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BFRG short interestGovernance
Frequently asked questions
What is the AI investment thesis for Bullfrog AI Holdings Inc.?
Bullfrog AI Holdings Inc. is a pre-revenue biotech company using AI/ML to advance a pipeline of licensed drug assets and rescue failed therapeutic candidates, with a cash balance of $7.0 million as of June 30, 2026.
What is Bullfrog AI Holdings Inc.'s lead drug candidate?
Bullfrog AI Holdings Inc.'s most advanced tracked candidate is BF-223 (Preclinical) for Glioblastoma.
Who is the CEO of Bullfrog AI Holdings Inc.?
Mr. Vininder Singh is the chief executive officer of Bullfrog AI Holdings Inc. (BFRG).
Where is Bullfrog AI Holdings Inc. headquartered?
Bullfrog AI Holdings Inc. (BFRG) is headquartered in Gaithersburg, MD, United States.
What therapeutic areas does Bullfrog AI Holdings Inc. focus on?
Bullfrog AI Holdings Inc. develops therapies across Oncology, Infectious Disease, Metabolic, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.