BFRG

MKT CAP:$8M

Bullfrog AI Holdings, Inc. Common Stock

Market Cap

$8M

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$0.93+$0.05 (+6.21%)

Apr 21, 2026

Company Details

BullFrog AI Holdings, Inc., through its subsidiaries, operates as a digital biopharmaceutical company that focuses on artificial intelligence and machine learning (AI/ML) driven analysis of data sets in medicine and healthcare in the United...

CEO

Vininder Singh

IPO Date

Feb 13, 2023

Website

www.bullfrogai.com

Key Metrics TTM

Revenue

$116.7K

— YoY

Net Income

-$7M

EPS (Diluted)

-$0.72

Free Cash Flow

-$6M

Revenue / Share

$0.01

Gross Margin

18.8%

Operating Margin

-5883.9%

Net Margin

-5770.7%

FCF Margin

-4807.8%

P/S

72.3x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

Q3 2025

Nov 14, 2025

$83.4KEPS -$0.15

Q2 2025

Aug 13, 2025

$33.3KEPS -$0.15

Q1 2025

May 13, 2025

$0EPS -$0.21

FY 2024

Mar 14, 2025

$0-100.0%EPS -$0.85

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$141.2K
Q1 22	$0	$0	-$550.3K
Q2 22	$0	$0	-$682.0K
Q3 22	$0	$0	-$640.6K
Q4 22	$10.0K	$9.2K	-$583.0K
Q1 23	$0	$0	-$1M
Q2 23	$0	$0	-$2M
Q3 23	$65.0K	$59.8K	-$1M
Q4 23	$0	$0	-$1M
Q1 24	$0	$0	-$2M
Q2 24	$0	$0	-$2M
Q3 24	$0	$0	-$2M
Q4 24	$0	$0	-$2M
Q1 25	$0	$0	-$2M
Q2 25	$33.3K	$6.5K	-$1M
Q3 25	$83.4K	$15.4K	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	3146.0x	—
Q1 23	3146.0x	—
Q2 23	2108.7x	—
Q3 23	272.2x	—
Q4 23	328.5x	—
Q1 24	377.5x	—
Q2 24	211.2x	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	440.0x	—
Q3 25	114.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$87.9K	-$87.9K
Q1 22	-$9.8K	-$9.8K
Q2 22	-$602.2K	-$611.0K
Q3 22	-$259.2K	-$259.2K
Q4 22	-$39.6K	-$39.6K
Q1 23	-$2M	-$2M
Q2 23	-$1M	-$1M
Q3 23	-$1M	-$1M
Q4 23	-$1M	-$1M
Q1 24	-$2M	-$2M
Q2 24	-$1M	-$1M
Q3 24	-$1M	-$1M
Q4 24	-$1M	-$1M
Q1 25	-$2M	-$2M
Q2 25	-$1M	-$1M
Q3 25	-$1M	-$1M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$8.7K
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$2
Q1 24	$4
Q2 24	$5
Q3 24	$0
Q4 24	$0
Q1 25	$5
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	—	+267.1%
Q3 22	—	+273.0%
Q4 22	—	+319.9%
Q1 23	—	+116.4%
Q2 23	—	+125.4%
Q3 23	—	+113.7%
Q4 23	-100.0%	+125.2%
Q1 24	—	+65.1%
Q2 24	—	+9.4%
Q3 24	-100.0%	+32.9%
Q4 24	—	+32.4%
Q1 25	—	+4.6%
Q2 25	—	-10.6%
Q3 25	—	-9.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$24.3K	—
Q1 22	$30.0K	—
Q2 22	$209.3K	—
Q3 22	$51.5K	—
Q4 22	$49.3K	492.8%
Q1 23	$177.4K	—
Q2 23	$262.3K	—
Q3 23	$121.5K	186.9%
Q4 23	$120.4K	—
Q1 24	$335.4K	—
Q2 24	$192.4K	—
Q3 24	$201.6K	—
Q4 24	$214.3K	—
Q1 25	$300.3K	—
Q2 25	$177.9K	534.9%
Q3 25	$378.2K	453.4%

OpEx Breakdown

Quarter	R&D	G&A
Q4 21	—	$141.2K
Q1 22	$316.3K	$234.0K
Q2 22	$92.7K	$589.3K
Q3 22	$39.4K	$601.1K
Q4 22	$160.9K	$431.3K
Q1 23	$369.9K	$820.7K
Q2 23	$273.7K	$1M
Q3 23	$380.0K	$983.9K
Q4 23	$409.0K	$926.8K
Q1 24	$552.1K	$1M
Q2 24	$513.7K	$1M
Q3 24	$566.6K	$1M
Q4 24	$590.9K	$1M
Q1 25	$576.3K	$1M
Q2 25	$480.3K	$995.9K
Q3 25	$346.0K	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$10.0K	$0	$10.0K
Q2 22	$238.5K	$0	$238.5K
Q3 22	$42.2K	$0	$42.2K
Q4 22	$57.7K	$0	$57.7K
Q1 23	$5M	$0	$5M
Q2 23	$5M	$0	$5M
Q3 23	$4M	$0	$4M
Q4 23	$3M	$0	$3M
Q1 24	$7M	$0	$7M
Q2 24	$6M	$0	$6M
Q3 24	$4M	$0	$4M
Q4 24	$5M	$0	$5M
Q1 25	$4M	$0	$4M
Q2 25	$2M	$0	$2M
Q3 25	$2M	$0	$2M
Q4 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	6M	0.0%	—
Q1 22	6M	0.0%	—
Q2 22	5M	-5.5%	0.0%
Q3 22	6M	+5.8%	0.0%
Q4 22	6M	+7.7%	+7.7%
Q1 23	5M	-20.5%	-14.3%
Q2 23	6M	+25.1%	+13.4%
Q3 23	6M	+0.6%	+7.9%
Q4 23	6M	0.0%	+0.1%
Q1 24	7M	+21.2%	+52.7%
Q2 24	8M	+10.0%	+34.2%
Q3 24	8M	0.0%	+33.3%
Q4 24	8M	+1.5%	+35.3%
Q1 25	10M	+17.5%	+31.1%
Q2 25	10M	+0.2%	+19.5%
Q3 25	10M	+6.9%	+27.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$2.5K	4
Q1 23	$0	4
Q2 23	$0	4
Q3 23	$16.3K	4
Q4 23	$0	4
Q1 24	$0	4
Q2 24	$0	4
Q3 24	$0	4
Q4 24	$0	9
Q1 25	$0	9
Q2 25	$3.7K	9
Q3 25	$9.3K	9

Revenue / Employee