Bullfrog AI Holdings Inc.
BFRG evidence brief
What we can confirm
- BioSniper Score:
- 6.6 / 10
- Market Cap:
- $8.8M
- Lead Asset:
- BF-223 (Preclinical)
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. (BFRG) is a publicly traded biotechnology company that applies its proprietary AI/ML platform to drug development, including preclinical pipeline candidates and data-driven partnerships with biopharma and research institutions.
Key risk: Minimal revenue
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$8.8M
Cash Runway
—
Lead Asset
BF-223 (Preclinical)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates for Bullfrog AI Holdings Inc..
Bullfrog AI Holdings Inc. (BFRG) is a publicly traded biotechnology company that applies its proprietary AI/ML platform to drug development, including preclinical pipeline candidates and data-driven partnerships with biopharma and research institutions.
- Cash & equivalents of $6.9M as of 2026-06-30 [sec].
- Total revenue of $0.2M and net income of -$1.4M as of 2026-06-30 [sec].
- Shareholders' equity of $7.0M as of 2026-06-30 [sec].
- Completed first commercial service contract in 2023 with a rare disease non-profit for AI/ML analysis of late-stage clinical data [sec_mda · as of 2026-08-14].
- Completed a collaboration agreement for clinical trial optimization with a Phase 3 oncology company in Q3 2025 [sec_mda · as of 2026-08-14].
What works
- Proprietary AI/ML platform developed over several years at a top innovation institution, already applied in multiple sectors [sec_mda · as of 2026-08-14].
- Multiple revenue-generating partnerships and agreements, including with a global pharmaceutical company and the Lieber Institute for Brain Development [sec_mda · as of 2026-08-14].
- Licensed drug programs for glioblastoma (BF-223) and hepatocellular carcinoma, with preclinical pipeline candidates [sec_mda · as of 2026-03-19].
- Multiple financing sources completed since IPO (Feb 2023), including underwritten offerings and an ATM Agreement, providing ongoing capital access [sec_mda · as of 2026-08-14].
What to weigh
- Negative cash flows from operations and net losses since inception [sec_mda · as of 2026-08-14].
- Revenue is minimal ($0.2M as of 2026-06-30) relative to operating costs [sec].
- Clinical development programs require partners and third-party relationships for execution; no wholly owned late-stage clinical assets [sec_mda · as of 2026-08-14].
- Accrued $300,000 in minimum annual royalty payments for bfLEAP™ as of Dec 31, 2025, which remain uninvoiced and unpaid [sec_mda · as of 2026-03-19].
From the filings
Quoted directly from source documents.
First commercial service contract completed in 2023
“completed our first commercial service contract with a leading rare disease non-profit organization for AI/ML analysis of late-stage clinical data in 2023”
SEC MD&A · August 14, 2026
Negative cash flows from operations since inception
“We have had negative cash flows from operations and operated at a net loss since inception.”
SEC MD&A · August 14, 2026
Risks & what to watch (4)›
Key risks
- Minimal revenue — Revenue of $0.2M as of 2026-06-30 is very low relative to net loss of $1.4M [sec].
- Dependence on partnerships — All clinical development programs require partners and third-party relationships; no wholly owned late-stage assets [sec_mda · as of 2026-08-14].
- Unpaid royalty obligations — $300,000 in minimum annual royalty payments for bfLEAP™ accrued but uninvoiced and unpaid as of Dec 31, 2025 [sec_mda · as of 2026-03-19].
- Cash runway uncertainty — Cash of $6.9M as of 2026-06-30 may be limited given ongoing net losses and negative cash flows [sec].
What to watch
- Progress of the collaboration agreement with a global pharmaceutical company for AI/ML application [sec_mda · as of 2026-08-14].
- Development milestones for preclinical pipeline candidates BF-223 (glioblastoma) and siRNA targeting Beta2-spectrin (liver diseases) [pipeline].
- Ability to secure additional revenue-generating strategic partnership deals from the LIBD data analysis [sec_mda · as of 2026-08-14].
- Any updates on the bfLEAP™ royalty obligations and potential impact on cash position [sec_mda · as of 2026-03-19].
Sources: Pipeline · SEC MD&A · Generated October 6, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.10 · 0% dilution
Lead: Phase 1
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
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. (BFRG) is a publicly traded biotechnology company that applies its proprietary AI/ML platform to drug development, including preclinical pipeline candidates and data-driven partnerships with biopharma and research institutions.
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.