Revenue remains negligible with only $116,670 recorded over the trailing twelve months, while quarterly operating expenses consistently exceed $1.5 million, highlighting a structural disconnect between R&D spending and commercial monetization.
| Sales/Revenue | 116.67K | 116.67K | 0 | 65K | 10K | 0 | 0 |
| Revenue Growth % | - | - | -100% | 550% | - | - | - |
| Cost of Goods Sold | 95.21K | 96.5K | 0 | 5.2K | 800 | 0 | 0 |
| COGS % of Revenue | - | 82.71% | - | 8% | 8% | - | - |
| Gross Profit | 21.46K | 20.17K | 0 | 59.8K | 9.2K | 0 | 0 |
| Gross Margin % | 18.39% | 17.29% | - | 92% | 92% | - | - |
| Gross Profit Growth % | - | - | -100% | 550% | - | - | - |
| Operating Expenses | 6.17M | 6.61M | 7.24M | 5.43M | 2.46M | 555.36K | 347.19K |
| OpEx % of Revenue | - | 5669.67% | - | 8349.73% | 24650% | - | - |
| Selling, General & Admin | 4.52M | 4.82T | 5.01M | 3.99M | 1.86M | 530.36K | 347.19K |
| SG&A % of Revenue | - | 99999900% | - | 6145.71% | 18557.31% | - | - |
| Research & Development | 1.66M | 1.8T | 2.22M | 1.43M | 609.27K | 25K | 0 |
| R&D % of Revenue | - | 99999900% | - | 2204.02% | 6092.7% | - | - |
| Other Operating Expenses | 0 | -6.62T | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.15M | -6.59M | -7.24M | -5.37M | -2.46M | -555.36K | -347.19K |
| Operating Margin % | -5273.54% | -5652.38% | - | -8257.73% | -24558.01% | - | - |
| Operating Income Growth % | - | 8.87% | -34.82% | -118.57% | -342.2% | -59.96% | - |
| EBITDA | -6.15M | -6.59M | -7.23M | -5.37M | -2.45M | -545.45K | -140.9K |
| EBITDA Margin % | -5272.06% | -5650.91% | - | -8255.08% | -24547.56% | - | - |
| EBITDA Growth % | 16.03% | 8.87% | -34.83% | -118.59% | -350.05% | -287.13% | - |
| D&A (Non-Cash Add-back) | 1.73K | 1.73K | 1.72K | 1.73K | 1.04K | 0 | 206.3K |
| EBIT | -6.09M | -6.59M | -6.98M | -5.28M | -2.46M | -545.45K | -329.92K |
| Net Interest Income | 72.91K | 96.57K | 242.74K | 104.61K | -346.69K | -40.4K | -11.77K |
| Interest Income | 78.5K | 102.2K | 260.89K | 183.7K | 459 | 0 | 0 |
| Interest Expense | 5.6K | 5.63K | 18.16K | 79.09K | 347.14K | 40.4K | 11.77K |
| Other Income/Expense | 78.97K | 96.57K | 242.74K | 11.65K | -346.69K | -30.48K | 5.5K |
| Pretax Income | -6.07M | -6.5M | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Pretax Margin % | -5205.86% | -5569.61% | - | -8239.8% | -28024.87% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.07M | -6.5M | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Net Margin % | -5205.86% | -5569.61% | - | -8239.8% | -28024.87% | - | - |
| Net Income Growth % | 14.54% | 7.09% | -30.58% | -91.11% | -378.37% | -71.45% | - |
| Net Income (Continuing) | -6.07M | -6.5M | -6.99M | -5.36M | -2.8M | -585.84K | -341.69K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.47 | -0.63 | -0.85 | -0.89 | -0.46 | -0.10 | -0.06 |
| EPS Growth % | 34.52% | 25.88% | 4.49% | -93.48% | -360% | -65.29% | - |
| EPS (Basic) | - | -0.63 | -0.85 | -0.89 | -0.46 | -0.10 | -0.06 |
| Diluted Shares Outstanding | 12.95M | 10.34M | 8.25M | 6.05M | 6.09M | 5.65M | 5.65M |
| Basic Shares Outstanding | 12.95M | 10.34M | 8.25M | 6.05M | 6.09M | 5.65M | 5.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Insufficient Capitalization and Runway
According to the company's quarterly income statements, revenue remains intermittent and negligible, with only $116,670 recorded over the trailing twelve months, suggesting that the business has yet to establish a repeatable commercial model or consistent demand for its bfLEAP platform services within the competitive healthcare landscape.
The absence of consistent quarterly revenue indicates that Bullfrog AI is currently operating as a project-based consultancy rather than a scalable software enterprise. Investors should monitor whether the company can transition from sporadic pilot studies to long-term licensing agreements, as the current trajectory lacks the durability required to support its existing cost structure.
As reported in financial filings, the company maintains a heavy R&D and SG&A burden, with quarterly operating expenses consistently exceeding $1.5 million, which dwarfs the minimal revenue generated and highlights a structural disconnect between the firm's operational spending and its current ability to monetize its proprietary technology.
The persistent reliance on high R&D and G&A spending suggests that management is prioritizing asset development and public listing maintenance over immediate profitability. This cost structure appears unsustainable without a significant inflection in revenue, as the current burn rate continues to erode the company's limited cash reserves.
Based on the provided income statement data, stock-based compensation remains a significant component of the expense profile, frequently exceeding $200,000 per quarter, which effectively dilutes shareholder value while the company continues to report substantial net losses and fails to achieve a positive operating margin in any period.
The consistent issuance of equity-based compensation during periods of zero or near-zero revenue warrants further investigation into management's alignment with long-term shareholder interests. This practice may artificially suppress the perceived cash burn, but it ultimately complicates the path to meaningful EPS growth for future investors.
Data from recent SEC filings indicates that the company's operating margin of -5652.38% reflects an extreme level of cash consumption, raising significant concerns regarding the firm's ability to sustain its current research and development trajectory without resorting to dilutive financing in the near term.
Short-sellers would likely focus on the widening gap between the company's ambitious AI-driven drug discovery narrative and the reality of its limited cash runway. The lack of a clear path to break-even suggests that the company may face a liquidity crisis if it fails to secure major partnerships or additional capital before its current reserves are depleted.
Quick answers to the most common questions about buying BFRG stock.
For fiscal year 2025, Bullfrog AI Holdings, Inc. Common Stock (BFRG) reported total revenue of $0.1M.
Bullfrog AI Holdings, Inc. Common Stock (BFRG) reported a net loss of $6.5M for the fiscal year ending 2025.
Bullfrog AI Holdings, Inc. Common Stock (BFRG) reported an operating income of $-6.6M, resulting in an operating profit margin of -5652.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bullfrog AI Holdings, Inc. Common Stock (BFRG) generated $0.0M in gross profit for the year, representing a gross profit margin of 17.3%. This demonstrates the company's core pricing power and production efficiency.