C
Ceribell, Inc.
CBLLCIK 0001861107NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthElectromedical & Electrotherapeutic ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$89.06M
Net Income
$-53.41M
Total Assets
$195.80M
Equity
$155.34M
Shares Out
37.64M
Op. Cash Flow
$-40.81M
Business
Ceribell, Inc. is a medical technology company that develops and commercializes a point-of-care EEG platform to improve diagnosis and management of serious neurological conditions in acute care. Its main products and services include a disposable, single‑use headband, a pocket‑sized recorder, the cloud‑based EEG portal, and the AI‑powered Clarity seizure detection algorithm, plus nascent remote reading service agreements. Key business activities center on hardware sales (headbands and recorders), recurring subscription services for Clarity and the portal, and commercial account onboarding and utilization support. The company primarily sells through a U.S. direct sales organization to acute care hospitals, with a CE Mark in Europe and plans for additional international market access.
Summary from filing dated 2025-02-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Total Revenue | 89 | 65 | 45 | |
| Total cost of revenue | 11 | 9 | 7 | |
| Gross profit | 78 | 57 | 38 | |
| Research and development | 19 | 14 | 9 | |
| Sales and marketing | 73 | 49 | 39 | |
| General and administrative | 44 | 34 | 20 | |
| Total operating expenses | 137 | 96 | 68 | |
| Loss from operations | −58 | −40 | −30 | |
| Interest expense | −2 | −2 | −2 | |
| Change in fair value of warrant liability | 0 | −1 | 48,000 | |
| Other income, net | 7 | 3 | 3 | |
| Loss, before provision for income taxes | −53 | −40 | −29 | |
| Provision for income tax expense | 0 | 0 | −11,000 | |
| Net loss | −53 | −40 | −29 | |
| Basic (per share) | −1.46 | −3.39 | −5.56 | |
| Diluted (per share) | −1.46 | −3.39 | −5.56 | |
| Basic (shares) | 37 | 12 | 5 | |
| Diluted (shares) | 37 | 12 | 5 | |
| Unrealized gain on marketable securities | 159,000 | 0 | — | |
| Comprehensive loss | −53 | −40 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 40 | 194 | 34 | — | |
| Marketable securities | 119 | — | — | — | |
| Accounts receivable, net | 15 | 11 | 8 | — | |
| Inventory | 7 | 7 | 6 | — | |
| Contract costs, current | 2 | 2 | 2 | — | |
| Prepaid expenses and other current assets | 3 | 3 | 2 | — | |
| Total current assets | 187 | 217 | 52 | — | |
| Property and equipment, net | 2 | 2 | 2 | — | |
| Operating lease right-of-use assets | 2 | 2 | 2 | — | |
| Contract costs, long-term | 2 | 2 | 1 | — | |
| Other non-current assets | 3 | 2 | 2 | — | |
| Total assets | 196 | 225 | 59 | — | |
| Accounts payable | 3 | 1 | 732,000 | — | |
| Accrued liabilities | 14 | 10 | 8 | — | |
| Contract liabilities, current | 101,000 | 97,000 | 206,000 | — | |
| Operating lease liability, current | 1 | 1 | 694,000 | — | |
| Other current liabilities | 818,000 | 609,000 | 595,000 | — | |
| Total current liabilities | 19 | 13 | 22 | — | |
| Notes payable, long-term | 20 | 20 | — | — | |
| Contract liabilities, long-term | 0 | 30,000 | 44,000 | — | |
| Other liabilities, long-term | 106,000 | 356,000 | 441,000 | — | |
| Operating lease liability, long-term | 1 | 1 | 2 | — | |
| Total long-term liabilities | 21 | 21 | 2 | — | |
| Total liabilities | 40 | 34 | 24 | — | |
| Commitments and contingencies (Note 7) | — | — | — | — | |
| Preferred stock, $0.001 par value; Authorized shares: 10,000,000 as of December 31, 2025 and December 31, 2024, respectively Issued and outstanding shares: none as of December 31, 2025 and December 31, 2024, respectively | — | — | — | — | |
| Common stock, $0.001 par value; Authorized shares: 500,000,000 as of December 31, 2025 and December 31, 2024, respectively Issued and outstanding shares: 37,485,124 and 35,850,60 as of December 31, 2025 and December 31, 2024, respectively. | 38,000 | 36,000 | 5,000 | — | |
| Additional paid-in capital | 375 | 358 | 14 | — | |
| Accumulated other comprehensive income | 159,000 | — | — | — | |
| Accumulated deficit | −220 | −167 | −127 | — | |
| Total stockholders' deficit | 155 | 191 | −112 | −86 | |
| Total liabilities and stockholders' equity | 196 | 225 | 59 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Net loss | −53 | −40 | −29 | |
| Depreciation and amortization expense | 1 | 1 | 847,000 | |
| Noncash lease expense | −101,000 | 59,000 | −19,000 | |
| Stock-based compensation expense | 12 | 5 | 3 | |
| Amortization of debt discount and accretion of premium on term loans | 415,000 | 382,000 | 363,000 | |
| Accretion (amortization) of discount and premium on marketable securities | −2 | 0 | — | |
| Loss on disposal of property and equipment and recorders | 104,000 | 95,000 | 181,000 | |
| Accounts receivable, net | −4 | −3 | −3 | |
| Inventory | −351,000 | −1 | −2 | |
| Prepaid expenses and other current assets | 345,000 | −1 | −965,000 | |
| Contract costs | −713,000 | −591,000 | −773,000 | |
| Other non-current asset | −415,000 | −65,000 | 113,000 | |
| Accounts payable | 2 | 250,000 | 309,000 | |
| Accrued liabilities and other current liabilities | 4 | 2 | 2 | |
| Contract liabilities | −26,000 | −123,000 | −93,000 | |
| Net cash used in operating activities | −41 | −35 | −29 | |
| Purchases of recorder components and recorders | −755,000 | −258,000 | −780,000 | |
| Purchases of property and equipment | −767,000 | −1 | −983,000 | |
| Purchases of marketable securities | −211 | 0 | — | |
| Proceeds from maturities of marketable securities | 94 | 0 | — | |
| Net cash used in investing activities | −118 | −2 | −2 | |
| Proceeds related to employee stock plans | 5 | 1 | — | |
| Taxes withheld and paid related to settlement or vesting of equity awards | −236,000 | 0 | — | |
| Proceeds from debt issuance | 0 | 8 | — | |
| Debt issuance cost | −150,000 | −304,000 | — | |
| Payment of deferred IPO offering costs | 0 | −5 | — | |
| Proceeds from IPO, net of commissions | 0 | 193 | — | |
| Net cash provided by financing activities | 5 | 197 | −3 | |
| Net increase (decrease) in cash and cash equivalents | −154 | 160 | −34 | |
| Cash paid for interest | 2 | 2 | 2 | |
| Right-of-use asset obtained in exchange for operating lease obligation | 1 | 778,000 | — | |
| Property and equipment included in accounts payable and accrued expenses | 63,000 | 99,000 | — | |
| Recorder components included in accounts payable and accrued expenses | 67,000 | 69,000 | — | |
| Conversion of redeemable convertible preferred stock into common stock on completion of IPO | 0 | 147 | — |
Filings
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