I think this is correct. Right?
No, it's meaningless. You have two expressions, each with an equals sign and nothing on the right hand side.
I need a formula that gives me how much compound to use, as per mg per drop.
You have already said you want 12.5 mg per drop. Do you mean how many mgs in the full dropper to give you 12.5 mg per drop?
0.5 mL sounds like a very large drop. Are you sure it's not something like 0.05 mL - that would be more typical for a dropper.
Anyway, if you know the volume of the drop (call this v), and the total volume of the dropper (call this V), how many drops are there in a full dropper?
So if there are 12.5 mg in one drop, how many mg are there in a full dropper?