The firm exhibits a persistent cash burn profile, evidenced by negative free cash flow in every observed quarter and an OCF/NI ratio that reached 1.06 in 2026Q1, indicating a lack of non-cash accruals to support operations.
| Cash from Operations | -5.42M | -5.52T | -5.61M | -6M | -910.89K | -382.4K | -211.71K |
| Operating CF Margin % | - | -99999900% | - | -9232.77% | -9108.9% | - | - |
| Operating CF Growth % | 4.46% | -98431627.36% | 6.52% | -558.84% | -138.2% | -80.63% | - |
| Net Income | -6.07M | -6.5T | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Depreciation & Amortization | 1.73K | 1.73B | 1.72K | 1.73K | 1.04K | 0 | 0 |
| Stock-Based Compensation | 837K | 1.01T | 943.65K | 631.53K | 340.15K | 98.95K | 87.13K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -116.67K | -36.55B | 0 | 162.96K | 413.48K | 7.29K | -17.27K |
| Working Capital Changes | -66.61K | 80.12K | 438.02K | -1.44M | 1.14M | 97.2K | 60.13K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -28.8K | -267.78K | 332.28K | -440.34K | 475.4K | -25.85K | 60.13K |
| Cash from Investing | 0 | 0 | 0 | 0 | -8.74K | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -8.74K | 0 | 0 |
| CapEx % of Revenue | 0% | 0% | - | - | 87.44% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 6.8M | 2.37T | 8.42M | 8.57M | 967.29K | 387.4K | 209.94K |
| Debt Issued (Net) | -30.18K | 0 | 0 | -219.95K | 967.29K | 387.3K | 209.92K |
| Equity Issued (Net) | 6.92M | 2.37M | 8.32M | 7.29M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -92.55K | 2.37T | 105.82K | 1.49M | 0 | 100 | 25 |
| Net Change in Cash | 1.38M | -3.15T | 2.81M | 2.57M | 47.66K | 5K | -1.77K |
| Free Cash Flow | -5.42M | -5.52T | -5.61M | -6M | -919.63K | -382.4K | -211.71K |
| FCF Margin % | -4644.06% | -99999900% | - | -9232.77% | -9196.34% | - | - |
| FCF Growth % | 1.61% | -98431627.36% | 6.52% | -552.57% | -140.49% | -80.63% | - |
| FCF per Share | -0.42 | -534223.18 | -0.68 | -0.99 | -0.15 | -0.07 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.89x | 849831.83x | 0.80x | 1.12x | 0.33x | 0.65x | 0.62x |
| Interest Paid | 0 | 0 | 0 | 93.92K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid Cash Runway Depletion
As reported in quarterly financial statements, the company consistently records operating cash outflows that closely track net losses, with the OCF/NI ratio fluctuating between 0.68 and 1.06, indicating that the business lacks any meaningful non-cash accruals to bridge the gap between accounting losses and actual cash burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-based expenditures rather than non-cash accounting charges. Investors should interpret this as a lack of operational leverage, as the firm is unable to generate cash efficiencies even as it scales its research activities.
Based on the provided cash flow data, the company has recorded negative free cash flow in every observed quarter, with quarterly outflows frequently exceeding $1.5 million, confirming that the firm remains in a state of perpetual cash consumption without a clear path to self-sustaining operational profitability.
The absence of positive free cash flow highlights the company's reliance on external capital to fund its ongoing clinical and platform development. This trajectory suggests that the firm's current business model is not yet capable of covering its own operating costs, necessitating constant monitoring of liquidity levels.
According to historical cash flow filings, working capital changes have been highly erratic, swinging from a $355,400 inflow in 2024Q3 to a $333,700 outflow in 2024Q1, which suggests that the company's cash position is subject to significant, unpredictable fluctuations tied to timing differences in project-based billing and vendor payments.
This volatility in working capital appears to be a byproduct of the company's early-stage, project-heavy revenue structure. Such instability makes it difficult to forecast short-term liquidity needs and may indicate that the firm lacks the internal controls necessary to manage cash cycles effectively as it attempts to scale.
Data from recent SEC filings reveals that stock-based compensation, which reached as high as $378,200 in 2025Q3, consistently masks the true extent of the company's cash-based operating losses, effectively shifting the burden of funding the firm's high G&A expenses onto the equity holders through ongoing dilution.
By utilizing equity to compensate personnel, the company preserves limited cash reserves, yet this practice obscures the true economic cost of its operations. Analysts should view this as a potential red flag, as it suggests that the firm's current compensation structure is not aligned with the generation of tangible cash returns.
Quick answers to the most common questions about buying BFRG stock.
Bullfrog AI Holdings, Inc. Common Stock (BFRG) generated $-5522265.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bullfrog AI Holdings, Inc. Common Stock (BFRG) reported negative free cash flow of $5.52T in 2025, indicating capital requirements exceeded cash from operations.
Bullfrog AI Holdings, Inc. Common Stock (BFRG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.