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Bullfrog AI Holdings, Inc. (BFRG) stock

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NASDAQ: BFRG Nasdaq Biotechnology

Bullfrog AI Holdings, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Bullfrog AI Holdings, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: limited reported history: available models are shown without a Buy/Hold/Sell rating. We'll show the comparison once resolved.

Bullfrog AI Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 0 selling2 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds16 adding, 8 cuttingOf 2 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Current signal Share count rising (dilution): Diluted shares outstanding rose 45.7% year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Bullfrog AI Holdings, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Share dilution. Diluted shares rose 45.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 168% and a beta of 2.7 against the S&P 500.
  • Short interest rising. Shares sold short rose 894% in a month to 6.3% of tradable shares.

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
-$0.07 against an average estimate of -$0.11: beat by 36.4%
Revenue
$0m, up 547.6% on a year earlier

Bullfrog AI Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week+3.1%
  • 1 month-19.7%
  • This year-43.8%
  • 1 year-61.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

EPS (TTM, diluted)
$-0.45

Growth

Share count change
+45.7%

Cash

Free cash flow (TTM)
-$5.5M

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BFRG from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bullfrog AI Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Bullfrog AI Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.0 ~$0.0–$0.1 Left out: out of range vs price (0.04x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bullfrog AI Holdings, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20232025
Share price$3.26$0.88
Market value$20m$9m
+ Net debt (− = net cash)−$3m−$2m
Enterprise value$17m$7m
Multiples
Price / sales n/m78.2x
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.37 — $780000 —
Next −$0.17 +54% $5m +573%

How the EPS forecast has moved

In the last 30 days, 1 analyst raised Bullfrog AI Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Bullfrog AI Holdings, Inc., last 90 days
−$0.60 −$0.40 −$0.20 $0.00 30 days ago 7 days ago Now Current fiscal year, 30 days ago: −$0.44 Current fiscal year, 7 days ago: −$0.44 Current fiscal year, Now: −$0.37 −$0.37 Next fiscal year, 30 days ago: −$0.21 Next fiscal year, 7 days ago: −$0.21 Next fiscal year, Now: −$0.17 −$0.17

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
30 days ago −$0.44−$0.21
7 days ago −$0.44−$0.21
Now −$0.37−$0.17

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.11 −$0.07 +36.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
0.07
at average volume
Short interest, 1 month
+894%
to October 15, 2026
Held by institutions
6%
of shares
Held by insiders
13.5%
of shares
Employees
9
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202420252026 to date
Return
BFRG−39%−56%−44%
Industry peers (median)−28%−5%−26%
S&P 500+25%+18%+11%
Months that ended higher
BFRG33%25%36%
S&P 50075%75%46%
Largest fall from a high during the year
BFRG−80%−79%−75%
S&P 500−8%−19%−9%

Worst fall since February 13, 2023: 95% from April 20, 2023 to September 16, 2026. Getting back needed a 1937% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.43 – $1.68
From 52-week high
−70.5%
vs 50-day average
−10.4%
vs 200-day average
−23.9%
Volatility (1 year)
168%
Beta vs S&P 500
2.73

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2025 Dec 2025
Income
Revenue 10 65 117
Gross profit 9 60 22
EBITDA −2,455 −5,366 −6,593
Operating income −2,456 −5,368 −6,595
Net income −2,802 −5,356 −6,498
Diluted EPS −$0.70 −$0.89 −$0.63
Growth (year on year)
Revenue — +550.0% +79.5%
Margins
Gross margin 92.0% 92.0% 18.8%
EBITDA margin <−999% <−999% <−999%
Operating margin <−999% <−999% <−999%
Net margin <−999% <−999% <−999%
Free-cash-flow margin <−999% <−999% <−999%
Cash flow
Cash from operations −911 −6,001 −5,522
Capital spending 9 0 0
Free cash flow −920 −6,001 −5,522
Stock-based pay 340 632 1,011
Free cash flow after stock pay −1,260 −6,633 −6,533
Balance sheet
Cash 58 2,625 2,184
Total debt 1,324 0 0
Net debt (negative = net cash) 1,266 −2,625 −2,184
Diluted shares 4m 6m 10m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $8m
Short-term assets $7mLonger-term assets $0m
What it owes, and who funded it · $8m
Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $7m of assets due within a year against $706,590 of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7m short-term assets against $0 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$6m against $5,520 of interest.

From Bullfrog AI Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+45.7%
year over year

Who owns it

Funds buying and selling
Reported value
$947,046
Institutions reporting
21
Shares held vs prior quarter
▲ 121.3%
Positions opened / closed
9 / 7

Top buyers and sellers, Q2 2026: 16 institutions bought and 8 sold ; the biggest buyer was Citadel Advisors LLC (+362K shares) and the biggest seller Creativeone Wealth, LLC (−29K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Citadel Advisors LLC $256,698 362K 27.1% New
J. Safra Sarasin Holding AG $191,050 114K 20.2% 0.0%
Vanguard Fiduciary Trust Co $75,604 106K 8.0% ▲ 316.4%
Geode Capital Management, LLC $74,498 105K 7.9% ▲ 31.4%
Vanguard Capital Management LLC $65,033 92K 6.9% ▲ 37.6%
Vontobel Holding Ltd. $49,700 70K 5.2% ▲ 84.2%
Jane Street Group, LLC $46,846 66K 4.9% New
Act Advisors, Llc. $40,009 56K 4.2% New
Fortem Financial Group, LLC $35,500 50K 3.7% 0.0%
Raymond James Financial Inc $31,532 44K 3.3% ▲ 196.1%
Northern Trust Corp $16,710 24K 1.8% New
Two Sigma Securities, LLC $15,384 22K 1.6% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bullfrog AI Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $71,500 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $71,500 net buying
Insider Date Trade Shares Price Value
Singh Vininder Chief Executive Officer September 22, 2026 Buy 75,000 $0.60 $45,000
Blacher Joshua Chief Financial Officer September 22, 2026 Buy 50,000 $0.53 $26,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Bullfrog AI Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bullfrog AI Holdings, Inc. in brief

What does Bullfrog AI Holdings, Inc. do?
Bullfrog AI Holdings, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Bullfrog AI Holdings, Inc.'s stock ticker?
Bullfrog AI Holdings, Inc. trades under the ticker BFRG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
Who are Bullfrog AI Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Citadel Advisors LLC, J. Safra Sarasin Holding AG and Vanguard Fiduciary Trust Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Bullfrog AI Holdings, Inc.'s market cap?
On December 31, 2025, Bullfrog AI Holdings, Inc.'s market capitalisation was about $9.1M and net debt of -$2.2M. Market figures come from third-party market data and may be delayed.
Are insiders buying or selling Bullfrog AI Holdings, Inc. stock?
Over the last 12 months, Bullfrog AI Holdings, Inc.'s directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.