BFRG

BullFrog AI is a pre-commercial AI/ML drug-analytics shell, not a business you can underwrite on the numbers. FY2025 revenue was $117K — yes, up 79.5%, but off a rounding-error base, and the four-year history ($0 → $10K → $65K → $0 → $117K) shows no durable commercial traction from the bfLEAP platform. Against that, the company burned $5.52M in operating cash and posted a $6.50M net loss. At $0.70 and a $8.86M market cap, the stock trades at 76x sales of a product that barely sells; there is no earnings, cash-flow, or asset base to value against, so the P/S is meaningless except as a flag that price is untethered from fundamentals.

The filing removes any doubt about the risk. Management and its auditor both state there is 'substantial doubt about our ability to continue as a going concern': $2.3M cash (including $0.1M restricted) will 'not be sufficient to fund our planned operations for at least a year beyond the filing date.' Survival is explicitly 'contingent upon... the sale of our securities.' That is the whole story — the company must raise capital to keep the lights on, and it has already been doing so: shares outstanding rose 34.5% in a single year, total assets fell 49.4%, cash fell 59.8%, and stockholders' equity fell 57.0% to $2.14M against a $23.3M accumulated deficit. Every existing holder is being diluted while the asset base erodes.