Bullfrog AI Holdings Inc (NASDAQ: BFRG) is a clinical-stage biopharmaceutical company that applies artificial intelligence and machine learning to improve the odds of success in pre-clinical and clinical drug development. The company pursues revenue through three described sources: partnerships and collaborations with biopharmaceutical companies, acquisition and in-house development of clinical-stage or failed drugs, and licensing of clinical analytics services. Its core tool is bfLEAP, an AI/ML analytics platform built on an exclusive, worldwide, royalty-bearing license from Johns Hopkins University Applied Physics Laboratory (JHU-APL), originally secured in February 2018 and expanded in July 2022 to cover three issued patents, a provisional patent application, proprietary algorithm libraries, and associated trade secrets. As of the 10-K filed March 19, 2026, the company had not generated significant revenue since inception and continued to operate at a loss, requiring ongoing capital raises to fund clinical programs and drug acquisition efforts.

Revenue model

Three described revenue sources per the 10-K filed March 19, 2026: fees from partnerships and collaborations with biopharmaceutical companies using bfLEAP analytics services, proceeds from development and divestiture of acquired failed or clinical-stage drugs, and licensing of clinical analytics services. JHU-APL receives 8% of net sales for services provided to third parties and 3% for internally developed drug projects. No commercial revenue had been generated as of the filing date.

Products and services

bfLEAP, an AI/ML analytics platform licensed exclusively from JHU-APL, used to analyze pre-clinical and clinical trial data sets. The platform is described as applicable to translational R&D and clinical trial settings for drug candidate evaluation and rescue of Phase II and Phase III clinical trial failures. The company also holds a worldwide, royalty-bearing exclusive license from the Lieber Institute for Brain Development (LIBD) covering machine learning and AI applications in drug development using brain-related data sets including DNA methylation, RNAseq, genomic, cell-line, clinical, and imaging data.

Customers and end markets

Biopharmaceutical and drug development companies seeking AI-assisted clinical analytics. End markets include pre-clinical and clinical-stage drug development. The company also targets owners of failed Phase II and Phase III drug assets as potential acquisition sources.

Value-chain role

Technology licensor and drug development enabler sitting between academic research institutions (JHU-APL, LIBD) and biopharmaceutical companies. Acts as an AI analytics platform provider and drug rescue operator rather than a commercial drug manufacturer or distributor.

Geographic exposure

Worldwide license rights under both the JHU-APL and LIBD agreements. Operations appear U.S.-based. No specific geographic revenue breakdown disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-19

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