The investor presentation from Bullfrog AI discusses the company's innovative use of artificial intelligence to enhance drug development and clinical trials, focusing on reducing risks and improving efficiency. It highlights the significant market challenges in pharmaceuticals, including high failure rates and lengthy development timelines, while emphasizing Bullfrog AI's unique technology and capabilities. The presentation outlines the business model, key objectives, and experienced leadership team driving the company toward successful partnerships and growth in the biopharma sector.

1. Investor Presentation
September 26, 2023
Maxim Emerging Growth in AI

2. 2
Forward-Looking Statements
This presentation contains forward-looking statements. In addition, from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and
projections about future events, which we derive from the information currently available to us. Such forward-looking
statements relate to future events or our future performance, including: our financial performance and projections; our
growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements
by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,”
“anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative
of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our
ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs;
and the competitive environment of our business. These and other factors may cause our actual results to differ materially
from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed
in this document and other statements made from time to time by us or our representatives, may not occur, and actual
events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not
obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions,
the forward-looking events discussed in this document and other statements made from time to time by us or our
representatives might not occur. See offering documents for further risks and disclosures. Past performance is not indicative
of future results. There is now guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid
and there is a total risk of loss.

3. The Problem:
High Failure Rate in Drug Development
54% of drugs
Fail in Phase 3
88% of drugs
in the industry’s pipeline will fail
8½ years
average until ready to go to market
$2.6 billion
average cost for a new drug
$100 billion
spent on research in 2018 by Top 15 pharma companies
$204 billion
Total annual R&D spending by 2024, 3% CAGR
Only 12% of drugs that enter clinical trials make it to market
3

4. BullFrog AI
Nasdaq: BFRG
Using AI to accelerate the process of drug
development and clinical testing, leading
to effective treatments faster

5. What can BullFrog AI and our partners achieve together?
• De-risking discovery toward preclinical studies
• De-risking early R&D toward first-in-human clinical trials
• De-risking later R&D toward pivotal/ late-stage clinical trials
• Rescue and/or repositioning of failed Phase III assets
ü More efficient trials
ü Reduce time to market
ü More effective drugs
5

6. THE BULLFROG AI PLATFORM:
Award-winning analytics platform
(Johns Hopkins APL – Technology of the Year 2018)
Proven technology, actionable insights
Enable more precise and efficient
development of new therapeutics
6
Finalist in the R&D 100 2023 competition

7. What makes BullFrog AI special?
1. Feature selection
2. Predictions from incomplete data
3. Scale with no code
4. Multimodal data
5. Disease Agnostic
6. Explainable AI
7

8. MULTIMODAL DATA: DRIVING NOVEL INSIGHTS
“-Omics”
Data
Pre-Clinical /
Clinical Data
Dose Response
Data
Sociodemographic
Data
Behavioral
Data
Real World
Evidence Data
Link Inference Community Finding
Clustering
Correlation Analysis Probabilistic Models Centrality Analysis
Analytics
Meaningful
and
Actionable
Insights
Combining prior
knowledge with new
findings.
Predictive analysis
with insight on
uncertainty
Characterize relative
importance of nodes and
their connections.
Effective for identifying
key genetic factors in
correlation networks
Organize data into
relational groups, or
clusters Identifying
number and type of
clusters existing in
the data
Data
Sources
Measure strength of
nonlinear
relationships among
multiple variables
Discover
associations
between data niches
from indirect
evidence
Examine tight-
knit ”communities” of
data nodes
within complex
networks
8
Discovery
Lead Identification
Real World Data
Product Registries
Phase IV
Commercial
Dose Response
Drug Interaction
Patient Subgroups
Phase I – II
Development
New Targets
New Therapies
New Biomarkers
Protocol Design
Trial Optimization
Responders
Non-responders
Phase III
Development

9. Patient stratification: predicting rate of
disease progression
Ø Using a combination of attributes we can create models that predict rate of disease progression
with strong correlation to ground truth
150 Patients
Multimodal data
Incomplete data
Time series data
0.92 correlation
coefficient

10. Clusters of Factors to Predict Response
Schizophrenia Trial
10
Analytical Results:
Identification of multi-variate signature:
• Genetic Variants
(Biomarkers - SNPs)
• Physiological Biomarkers
(Drug Clearance)
• Categorical Correlates
(e.g., CT site)
• Outliers
(lower correlation)

11. BullFrog’s newest algorithms outperformed the top 10 currently-used
algorithms for complex, multi-variate data analysis
C. Savkli, C. Schwartz. “Random Subspace Mixture Models for Interpretable Anomaly
Detection” 23rd International Conference on Artificial Intelligence, July 26-29, 2021, USA
BullFrog’s
algorithm
was #1
BENCHMARK COMPARISON STUDY
5

12. Our Business Model
12
Unlock Value From Data
Drug Rescue/ Data Insights
Internal Drug Development
Discovery Stage Novel Targets
Refinery for RWD and Clinical Data

13. World-wide Exclusive Rights
Program Candidate Discovery Preclinical Phase 1 Phase 2 Phase 3 Collaborator Status
Glioblastoma
bf-222-Polyform C
bf-223 ProDrug
Repurposed
small
molecule for
cancer therapy
The Johns
Hopkins
University
Exclusive License
Liver Cancer (HCC)
siRNA for
cancer and
metabolic
disorders
The George
Washington
University
Exclusive License
Morbid Obesity Exclusive License
NASH Exclusive License
NAFLD Exclusive License
Colorectal Cancer Oncolytic Virus JCVI Exclusive Co-Dev
= planned
PARTNER
13

14. bf-223 vs bf-222 Animal GBM Efficacy Study
Tumor burden—20d post-implantation
Proprietary & Confidential
*
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* Molar equivalent doses
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*P < 0.005 using
unpaired t test
*
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• Bf-223 anti-cancer activity
at least as good as bf-222
• Bf-223 better solubility and
bioavailability
• Optimistic about potential

15. Partnerships
15
Largest collection of postmortem human
brains for the study of neuropsychiatric
disorders in the world

16. 16
Current Market Challenges
According to a 2023 report from
Deloitte:
• 1 in 8 have a neuropsychiatric
disorder
• Currently a $100 billion market
for pharmaceuticals
• Projected to grow to $200 billion
annually by 2028
• High failure rates in development
• A human brain is exponentially
more complex than an animal
brain
• Unable to perform brain tissue
biopsy without harm to subject
Analyze
•Genomic data across all
diseases
Identify
•Potential Drug targets
Screen
•Results in reduction in
drug failure rate, increase
in ability to repurpose
drugs, or insight to
develop new drugs
Analyze
• Genomic and non-genetic
data for specific disease
Identify
• Clusters and/or genetic
targets for pharma to screen
against
• Aid in patient selection
and/or biological approach to
selection
Design
• Precision trial design
developed for pharmaceutical
companies

17. Purpose-built Data Networks using the bfLEAP platform
BullFrog Data Networks extend the bfLEAP platform to create
purpose-built comprehensive data networks from multi-
modal data to identify hidden insights. Networks can be
created using clinical trial data, EMR, claims, -omics, and all
types of Real-World Data (RWD), analyzed together using
unsupervised machine learning.

18. Key Near-Term Objectives
18
1
Aggressively pursue
business opportunities -
DEALS
2
Expand and ramp
technical team –
execution and generate
collateral
3
Promote company and
generate strong market
awareness – investors
and biopharma
4
Pursue strategic
partners for R&D
programs

19. 19
Vin Singh Founder & CEO
Dr. Kristin Bigos Director CNS
• Founder & former CEO, Next Healthcare Inc.
• Co-founder, MaxCyte Inc. - operating / IPO London Exchange
2016 (~USD$1B market cap)
• Global Director, Cell Therapy - ThermoFisher Scientific
• B.S. Electrical Engineering, Rutgers University
• M.S. Biomedical Engineering, Rensselaer Polytechnic Institute
• MBA, The Johns Hopkins University
• Assistant Professor of Medicine, Psychiatry, and Pharmacology - Johns Hopkins
University, School of Medicine
• Research is focused on neuropsychiatric drug development with a precision medicine
approach to the treatment of mental illness
• B.S. Premedicine, Pennsylvania State University
• Ph.D. Clinical Pharmaceutical Sciences, Univ. of Pittsburgh
Dane Saglio CFO
• Seasoned executive with in-Depth experience in finance and
accounting
• SEC compliance and corporate governance
• Former CFO of EntreMed, Inc., New Generation Biofuels, Inc.,
and RegeneRx Biopharmaceuticals, Inc.
• Most recently CFO with Seneca Biopharma Inc., which
merged with Leading Biosciences Inc., in April 2021
• B.S. Business Administration – University of Maryland
• Data-Driven Innovator: Fuses computer science and biology,
applying data science to intricate challenges in drug discovery and
healthcare.
• Trailblazing Leadership: Guided high-throughput screening projects
at the Broad Institute, orchestrated data fusion at nference, and
pioneered cloud-based genomics at ROME Therapeutics.
• End-to-End Expertise: Spanning target identification to post-launch
management, adept at unifying diverse data streams for actionable
insights in pharmaceutical research.
• 30+ years experience in Information Technology for
Business
• Founder, Delmarva Group LLC
• Director of IT Architecture for Day and Zimmerman, Inc .
Bill Hirschman Chief Commercial Officer
Dr. Dave Recker Chief Medical Officer
• Accomplished Sales & Marketing leader in the Life Sciences industry who brings over thirty years of
experience to BulFrogAI.
• Skilled at creating business strategy and implementing go-to-market plans from idea stage into action.
• Has delivered a consistent track record of exceeding sales and revenue targets across diverse industries
for both large and small companies.
• Led multiple business turnarounds, including two multinational companies exceeding 500% growth
and $1B in revenue.
• Held senior executive commercial leadership experience at Worldwide Clinical Trials, Thermo Fisher Scientific,
Covance and Baxter Healthcare Corporation
• Board certified in Internal Medicine and Rheumatology
• 35+ years pharma development experience in virtually every therapeutic area including small molecules,
biologics, cell therapy, and devices
• Senior Vice President Clinical Science and Interim President Takeda Global Research and Development
• MD with Distinction from University of Michigan
• Internship, Residency, and Chief Resident University of Michigan
J.T. Koffenberger Chief Information Officer
Enrique Garcia-Rivera VP of AI
X
Our Team – Experienced / Diverse / Talented
Dr. Thomas Hazel VP Drug Development
• Over 20 years of industry experience in R&D and business development
• most recently served as Senior VP of R&D at Seneca Biopharma, overseeing development of the company’s
stem cell-based therapeutics platform
• 9 granted US patents and multiple foreign patents in stem cells and regenerative medicine
• BA – Kalamazoo College
• PhD, Genetics – University of Illinois College of Medicine
Toby Sayre, MS VP Business Development
• 18+ years in sales, client engagement, and consulting delivery for the life sciences and
biotechnology industry.
• Technical background in bioinformatics and biochemistry, and applied experience in real-world
data, NLP and AI software, and analytical consulting.
• He holds Masters degrees in Cell and Molecular Biology and Biochemistry from SFSU and UCLA.
Cetin Savkli Inventor / Chair Advisory Board
• Inventor, bfLEAP™ platform technology
• Chief Scientist, Computational Mathematics, Johns Hopkins
Applied Physics Laboratory
• Former Senior Engineer with Lockheed Martin
• Former Senior Analyst with Metron, Inc.
• M.Sc., Computer Science – The Johns Hopkins University
• M.Sc., Physics – University of Pittsburgh
• Ph.D., Theoretical Physics – University of Pittsburgh

20. Q3 Accomplishments
20
• Hired VP Artificial Intelligence
• Building pipeline of new business opportunities
• Initiated animal efficacy study for bf-223
• Expand technical team
• US Patent issued for Mebendazole prodrug
• R&D 100 Finalist
• LIBD strategic partnership
• Launched BullFrog Data Networks™

21. Contact
Vin Singh – Founder, CEO
Email: vin.singh@bullfrogai.com
Phone: 301-367-2055
Investor Relations Contact
Dave Gentry
(407)-491-4498
1-800-RED-CHIP
BFRG@redchip.com
Nasdaq: BFRG