Recommendation: Speculative Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 23 Sep, 25 | BFRG | Speculative Buy | USD 1.48 | USD 1.56 | USD 1.65 | 15 days | Closed |
12.84%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
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 States. The company offers bfLEAP, an analytical AI/ML platform for the analysis of preclinical and/or clinical data. It also has licensing agreements with George Washington University for rights to use siRNA targeting Beta2-spectrin in the treatment of human diseases, including hepatocellular carcinoma, obesity, non-alcoholic fatty liver disease, and non-alcoholic steatohepatitis; and Johns Hopkins University for the use of a formulation of Mebendazole for the treatment of glioblastoma, and human cancer or neoplastic disease. The company was founded in 2017 and is based in Gaithersburg, Maryland.
Reduced Net Loss: Net loss narrowed from USD 1.61 million in Q2 FY24 to USD 1.45 million in Q2 FY25, an improvement of approximately USD 0.16 million (10%)
Revenue Initiation: Revenue improved from USD 0 in Q2 FY24 to USD 33,000 in Q2 FY25, reflecting the company’s first commercial contract execution
Equity Erosion: Stockholders’ equity fell from USD 4.96 million at December 31, 2024 to USD 2.19 million at June 30, 2025, representing a drop of over USD 2.7 million
Declining Liquidity: Cash and cash equivalents declined from USD 5.44 million as of December 31, 2024 to USD 2.47 million as of June 30, 2025, a decrease of more than 55%
Bullfrog AI faces substantial going-concern risk due to declining liquidity, sustained operating losses, and dependence on external financing without secured commitments
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 1.48 | 1.32 | 1.56 | 1.65 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Development: In the second quarter of fiscal year 2025, Bullfrog AI Holdings recorded revenue of USD 33,000, entirely attributable to a single collaboration agreement. This compares to no revenue in the same period of fiscal year 2024, signaling the company’s initial success in monetizing its proprietary AI/ML-driven drug development solutions. The recognition of this revenue marks the completion of the first deliverable under the agreement, with further revenue expected as additional deliverables are fulfilled.
Operating Expenses: Operating expenses declined year-over-year, totaling USD 1.48 million in Q2 FY25 compared to USD 1.68 million in Q2 FY24. Research and development costs decreased to USD 0.48 million from USD 0.51 million, driven primarily by lower personnel expenses. General and administrative expenses also fell to USD 0.99 million from USD 1.17 million, reflecting reduced insurance premiums and non-cash stock-based compensation.
Profitability and Net Loss: The company reported a net loss of USD 1.45 million in Q2 FY25, narrowing from a net loss of USD 1.61 million in Q2 FY24. This improvement was supported by lower operating expenses, despite reduced interest income of USD 23,000 compared to USD 78,000 in the prior-year quarter due to lower average cash balances.
Balance Sheet Position: As of June 30, 2025, Bullfrog AI reported total assets of USD 2.87 million, down from USD 5.55 million at year-end 2024. Stockholders’ equity stood at USD 2.19 million, a sharp decline from USD 4.96 million six months earlier. The company’s cash and cash equivalents balance was approximately USD 2.47 million, inclusive of restricted cash, indicating constrained liquidity.
Financing Activities: The company has relied heavily on equity financing to sustain operations. In February 2024, it raised USD 5.7 million through a public offering, followed by USD 2.7 million in October 2024. More recently, in June 2025, Bullfrog AI secured approximately USD 0.2 million via its at-the-market (ATM) sales facility. Despite these fundraises, management acknowledged that existing cash resources are insufficient to support operations for 12 months beyond the filing date.
Strategic Direction: Bullfrog AI’s strategic focus remains on leveraging its bfLEAP™ AI/ML platform to enhance drug discovery and development. The company is pursuing collaborations with biopharma firms and acquiring rights to preclinical and clinical assets, with the goal of accelerating value creation and monetization. Partnerships with leading research institutions and licensing agreements underscore its intent to diversify pipelines and reduce risk exposure.
Going Concern Considerations: Management highlighted substantial doubt regarding the company’s ability to continue as a going concern, given its recurring losses and limited cash runway. The company’s future viability depends on its ability to secure timely financing, generate revenues from collaborations, and manage expenses effectively.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Speculative Buy’ recommendation has been given on Bullfrog AI Holdings, Inc (NASDAQ: BFRG) at the closing market price of USD 1.48, as on Sep 22, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Healthcare Industry: Health Information Services
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BFRG Bullfrog AI Holdings, Inc. Common Stock |
-0.01 0.98% | 1.01 | - | - | 284.18 | 4.83 | 205.12 | -12.0243 |
| GEHC GE HealthCare Technologies Inc. |
0.29 0.36% | 82.55 | 22.91 | 20.12 | 2.01 | 5.52 | 2.39 | 13.30 |
| VEEV Veeva Systems Inc Class A |
-2.7 1.23% | 216.60 | 54.61 | 33.22 | 12.83 | 6.73 | 11.14 | 58.84 |
| MTHRF M3 Inc |
- -% | 15.25 | 29.72 | 25.00 | 0.05 | 4.38 | 0.04 | 0.12 |
| MTHRY M3 Inc |
-0.08 1.22% | 6.47 | 31.84 | 26.25 | 0.05 | 4.60 | 0.04 | 0.12 |
Data Powered by EOD Historical Data (“EODHD”).
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is September 22,2025. The reference data in this report has been partly sourced from REFINITIV.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2023 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
