Bullfrog AI Holdings, Inc. Warrants

Bullfrog AI Holdings, Inc. Warrants (BFRG) reported FY 2025 results with total revenue of $117K from collaboration revenue, primarily from its agreement with Eleison Pharmaceuticals. Gross profit was $22K after $95K cost of revenue. Operating expenses totaled $6.6M, including $1.8M R&D and $4.8M G&A, leading to a $6.6M operating loss. Other income netted $97K, resulting in a net loss of $6.5M or -$1 per basic/diluted share on 10.3M weighted shares. Balance sheet shows $2.8M total assets, with $2.6M current assets (cash $2.2M, prepaids $400K), $672K liabilities, and $2.1M equity. Cash flows: operating -$5.5M, financing +$2.4M (ATM sales $2.5M, offerings $8.3M net of costs), net cash decrease -$3.1M. Nasdaq non-compliance noted for equity below $2.5M minimum and bid price < $1. Going concern doubt raised due to cash runway; reliant on financing facilities like $20M ATM ($16.4M remaining capacity, float-limited). Strategic focus on AI platform bfLEAP for drug development partnerships.

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