Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<ul><li>First Hop – The Big Pharma Pilot Starts Paying. BullFrog recorded its first collaboration revenue after completing the first deliverable under its top five pharma agreement.</li><li>The filed accounting recognizes each deliverable at a point in time when completed. </li><li>2Q revenue of $215K was above our expectation for no revenue; we were modeling first revenue in 4Q26. </li></ul>

First Hop – The Big Pharma Pilot Starts Paying. BullFrog recorded its first collaboration revenue after completing the first deliverable under its top five pharma agreement.The filed accounting recognizes each deliverable at a point in time when completed. 2Q revenue of $215K was above our expectation for no revenue; we were modeling first revenue in 4Q26. 

BFRG: 2Q26 Results; First Hop - The Big Pharma Pilot Starts Paying

Bullfrog AI Holdings

BFRG: 2Q26 Results; First Hop - The Big Pharma Pilot Starts Paying