Bullfrog AI Holdings, Inc. (BFRG) Balance Sheet

NASDAQ: BFRGAssets, liabilities, debt and equity over 6 years.

BFRG balance sheet, 2025

December 31, 2025 · U.S. dollars

$2.8M assets = $672,022 liabilities + $2.1M equity

Both columns are drawn to the same scale: what BFRG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

BFRG financial health

Current ratio3.85

Comfortable · current assets cover current liabilities 3.85×

Equity / assets76.1%

Equity-funded · of assets funded by shareholders

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

BFRG balance sheet trends, 2020–2025

Bullfrog AI Holdings, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$5,0192020	$2.8M2025	+254.5%/yr
Total liabilities	$545,5372020	$672,0222025	+4.3%/yr
Shareholders’ equity	−$540,5182020	$2.1M2025	—
Cash & short-term investments	$5,0192020	$2.2M2025	+237.1%/yr
Total debt	$209,9172020	$1.6M2022	+174.2%/yr
Net cash (debt)	−$204,8982020	−$1.5M2022	−$1.3M
Working capital	−$540,5182020	$1.9M2025	+$2.5M
Book value per share	−$0.102020	$0.212025	—
Current ratio	0.012020	3.852025	+3.84
Shares outstanding	5.7M2020	10.3M2025	+12.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BFRG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

BFRG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

BFRG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

BFRG balance sheet

Bullfrog AI Holdings, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	$2.2M	$5.4M	$2.6M	$57,670	$10,014	$5,019
Cash & equivalents	$2.2M	$5.4M	$2.6M	$57,670	$10,014	$5,019
Receivables	$0	$0	$0	$0	$0	$0
Inventory	$0	$0	$0	$0	$0	$0
Other current assets	$400,451	$111,597	$145,882	$15,000	$0	$0
Total current assets	$2.6M	$5.5M	$2.8M	$72,670	$10,014	$5,019
Property, plant & equipment (net)	$2,525	$4,250	$5,974	$7,699	$0	$0
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0
Long-term investments	$116,670	$0	$0	$0	$0	$0
Other non-current assets	$105,000	$0	$0	$0	$0	$0
Total assets	$2.8M	$5.6M	$2.8M	$80,369	$10,014	$5,019
Liabilities
Accounts payable	$168,151	$435,934	$103,656	$543,993	$68,594	$94,447
Short-term debt	—	—	—	$1.6M	$586,304	$209,917
Deferred revenue	—	—	—	$32,000	$10,000	—
Total current liabilities	$672,022	$588,090	$184,350	$3.1M	$1.0M	$545,537
Long-term debt	$0	$0	$0	$0	$0	$0
Other long-term liabilities	$304	$0	$0	$0	$0	$0
Total liabilities	$672,022	$588,090	$184,350	$3.1M	$1.0M	$545,537
Shareholders' equity
Common stock & paid-in capital	$114	$91	$61	$40	$272	$252
Retained earnings (deficit)	−$23.3M	−$16.8M	−$9.8M	−$4.4M	−$1.6M	−$1.0M
Accumulated other comprehensive income	—	—	−$1	—	—	—
Total shareholders' equity	$2.1M	$5.0M	$2.6M	−$3.1M	−$1.0M	−$540,518
Key figures
Total debt	—	—	—	$1.6M	$586,304	$209,917
Net cash (debt)	—	—	—	−$1.5M	−$576,290	−$204,898
Working capital	$1.9M	$5.0M	$2.6M	−$3.1M	−$1.0M	−$540,518
Tangible book value	$2.1M	$5.0M	$2.6M	−$3.1M	−$1.0M	−$540,518
Book value per share	$0.21	$0.60	$0.43	−$0.50	−$0.18	−$0.10
Shares outstanding	10.3M	8.2M	6.0M	6.1M	5.7M	5.7M
Current ratio	3.85	9.43	15.03	0.02	0.01	0.01
Quick ratio	3.25	9.24	14.24	0.02	0.01	0.01
Equity / assets	76.1%	89.4%	93.4%	−3,804.1%	−10,077.0%	−10,769.4%

Bullfrog AI Holdings, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$6.9M	$5.1M	$2.2M	$2.0M	$2.5M	$3.8M	$5.4M	$4.2M	$5.6M	$7.0M	$2.6M	$3.9M
Cash & equivalents	$6.9M	$5.1M	$2.2M	$2.0M	$2.5M	$3.8M	$5.4M	$4.2M	$5.6M	$7.0M	$2.6M	$3.9M
Receivables	$215,385	$0	$0	$58,335	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$336,994	$234,636	$400,451	$487,018	$228,837	$280,126	$111,597	$358,537	$457,355	$632,596	$145,882	$352,433
Total current assets	$7.5M	$5.3M	$2.6M	$2.5M	$2.7M	$4.1M	$5.5M	$4.6M	$6.1M	$7.6M	$2.8M	$4.2M
Property, plant & equipment (net)	$1,662	$2,094	$2,525	$2,956	$3,387	$3,818	$4,250	$4,681	$5,112	$5,543	$5,974	$6,406
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$116,670	$116,670	$116,670	$58,335	$58,335	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$105,000	$105,000	$105,000	$105,000	$105,000	$0	$0	$0	$0	$0	$0	$0
Total assets	$7.7M	$5.5M	$2.8M	$2.7M	$2.9M	$4.1M	$5.6M	$4.6M	$6.1M	$7.6M	$2.8M	$4.2M
Liabilities
Accounts payable	$169,945	$216,986	$168,151	$168,212	$181,793	$210,533	$435,934	$91,374	$82,016	$154,542	$103,656	$110,503
Short-term debt	$90,138	$133,886	—	$55,606	$110,291	$164,070	—	$172,005	$341,040	$507,154	—	$213,290
Deferred revenue	—	—	—	—	$25,078	—	—	—	—	—	—	−$213,290
Total current liabilities	$706,590	$652,072	$672,022	$758,701	$681,084	$839,397	$588,090	$779,037	$691,493	$844,530	$184,350	$446,050
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other long-term liabilities	$0	$0	$304	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total liabilities	$706,590	$652,072	$672,022	$758,701	$681,084	$839,397	$588,090	$779,037	$691,493	$844,530	$184,350	$446,050
Shareholders' equity
Common stock & paid-in capital	$185	$184	$114	$104	$96	$94	$91	$79	$79	$79	$61	$61
Retained earnings (deficit)	−$26.3M	−$24.9M	−$23.3M	−$21.8M	−$20.3M	−$18.8M	−$16.8M	−$15.1M	−$13.3M	−$11.7M	−$9.8M	−$8.5M
Accumulated other comprehensive income	—	—	—	—	—	—	—	−$1	−$1	−$1	−$61	$3.8M
Total shareholders' equity	$7.0M	$4.9M	$2.1M	$1.9M	$2.2M	$3.2M	$5.0M	$3.8M	$5.4M	$6.8M	$2.6M	$3.8M
Key figures
Total debt	$90,138	$133,886	—	$55,606	$110,291	$164,070	—	$172,005	$341,040	$507,154	—	$213,290
Net cash (debt)	$6.8M	$4.9M	—	$1.9M	$2.4M	$3.6M	—	$4.1M	$5.3M	$6.5M	—	$3.6M
Working capital	$6.8M	$4.7M	$1.9M	$1.8M	$2.0M	$3.2M	$5.0M	$3.8M	$5.4M	$6.8M	$2.6M	$3.8M
Tangible book value	$7.0M	$4.9M	$2.1M	$1.9M	$2.2M	$3.2M	$5.0M	$3.8M	$5.4M	$6.8M	$2.6M	$3.8M
Book value per share	$0.37	$0.38	$0.19	$0.19	$0.23	$0.34	$0.60	$0.47	$0.66	$0.92	$0.43	$0.62
Shares outstanding	18.8M	12.9M	11.4M	10.4M	9.7M	9.7M	8.2M	8.1M	8.1M	7.4M	6.1M	6.1M
Current ratio	10.57	8.15	3.85	3.34	3.97	4.86	9.43	5.90	8.78	9.05	15.03	9.43
Quick ratio	10.10	7.79	3.25	2.70	3.63	4.53	9.24	5.44	8.12	8.30	14.24	8.64
Debt / equity	0.01	0.03	—	0.03	0.05	0.05	—	0.04	0.06	0.07	—	0.06
Equity / assets	90.8%	88.2%	76.1%	71.9%	76.3%	79.5%	89.4%	83.1%	88.6%	89.0%	93.4%	89.4%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.

BFRG financial position

At the end of fiscal 2025 (December 31, 2025), Bullfrog AI had total assets of $2.8 million (down 49.4% from a year earlier), total liabilities of $0.7 million and shareholders' equity of $2.1 million. Its current ratio was 3.85. In the latest quarter (ended June 30, 2026) total assets were $7.7 million and equity $7.0 million.

Related: BFRG income statement, BFRG cash flow statement, BFRG key metrics. See the BFRG stock overview for the latest quote and news.

BFRG balance sheet FAQ

What are Bullfrog AI's total assets?

Bullfrog AI reported total assets of $2.8 million at the end of fiscal 2025 (December 31, 2025), compared with $5.6 million a year earlier.

How much cash does Bullfrog AI have?

Bullfrog AI held $2.2 million in cash and short-term investments at the end of fiscal 2025.

What is Bullfrog AI's book value?

Bullfrog AI's shareholders' equity (book value) was $2.1 million at the end of fiscal 2025, or $0.21 per share.

What is Bullfrog AI's current ratio?

Bullfrog AI had current assets of $2.6 million and current liabilities of $0.7 million, a current ratio of 3.85 (it can cover its short-term obligations).