V
VSEE HEALTH, INC.
Period
FY 2025
Revenue
$14.62M
Net Income
$-14.71M
Total Assets
$22.41M
Equity
$5.45M
Shares Out
48.60M
Op. Cash Flow
$-3.45M
Business
VSee Health operates two telehealth platforms: VSee Lab, a configurable no-code/low-code software platform for hospitals and enterprises to rapidly deploy patient engagement, clinician staffing, remote physical exams, and remote patient monitoring workflows; and iDoc, which provides specialty intensive care unit physician services (neurology, cardiac, medical ICU) delivered through telemedicine to hospital systems, long-term acute care facilities, and correctional facilities. The company serves U.S. healthcare enterprises directly and through channel partners, competing against EMR-embedded tools, established telehealth platforms, and home-built solutions.
Summary from 10-K filed 2026-03-31
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 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Total revenues | 15 | 10 | 6 | — | |
| Cost of revenues | 7 | 3 | 2 | — | |
| Gross margin | 7 | 7 | 4 | — | |
| Compensation and related benefits | 7 | 5 | 4 | — | |
| Goodwill impairment charges | 0 | 57 | — | — | |
| General and administrative | 10 | 7 | 1 | — | |
| Transaction expenses | 0 | 792,796 | 86,799 | — | |
| Total operating expenses | 17 | 69 | 6 | — | |
| Net operating loss | −10 | −62 | −2 | −4 | |
| Interest expense | −3 | −211,459 | −191,323 | — | |
| Other income, net | 47,429 | 504 | −20,114 | — | |
| Change in fair value of financial instruments | −1 | 6 | 90,200 | — | |
| Gain on extinguishment of Equity Line of Credit (ELOC) | 42,394 | 0 | — | — | |
| Loss on extinguishment of debt | −221,202 | −645,979 | — | — | |
| Loss on issuance of financial instruments | −668,020 | −3 | — | — | |
| Total other (expense) income, net | −5 | 3 | −13,375 | 539,691 | |
| Loss before (provision for) benefit from income taxes | −15 | −59 | −2 | −3 | |
| (Provision for) benefit from income taxes | −68,426 | 2 | −2 | −187,225 | |
| Net loss | −15 | −58 | −4 | — | |
| Basic loss per common share (in Dollars per share) | −0.73 | −5.65 | −0.38 | −0.25 | |
| Diluted loss per common share (in Dollars per share) | −0.73 | −5.65 | −0.38 | −0.25 | |
| Weighted average number of common shares outstanding, basic (in Shares) | 20 | 10 | 10 | 13 | |
| Weighted average number of common shares outstanding, diluted (in Shares) | 20 | 10 | 10 | 13 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-10-31 | FY 2025 2025-08-31 | FY 2024 2024-12-31 | FY 2024 2024-09-30 |
|---|---|---|---|---|---|---|
| Cash | 5 | — | — | 326,115 | — | |
| Accounts receivable, net of allowance for credit losses of $835,007 and $2,393,033 as of December 31, 2025, and 2024, respectively | 3 | — | — | 2 | 1 | |
| Due from related party | 304,614 | — | — | 531,656 | — | |
| Prepaids and other current assets | 273,663 | — | — | 446,826 | 466,737 | |
| Total current assets | 8 | — | — | 3 | 4 | |
| Right-of-use assets, net | 13,304 | — | — | 379,585 | — | |
| Intangible assets, net | 9 | — | — | 11 | — | |
| Goodwill | 5 | — | — | 5 | — | |
| Fixed assets, net | 332,614 | — | — | 680,242 | — | |
| Total assets | 22 | — | — | 20 | 22 | |
| Accounts payable and accrued liabilities | 12 | — | — | 9 | 9 | |
| Deferred revenue | 1 | — | — | 417,815 | — | |
| Due to related parties | 51,900 | — | — | 51,900 | — | |
| Operating lease liabilities | 10,394 | — | — | 72,836 | — | |
| Financing lease liabilities | 131,062 | — | — | 328,833 | — | |
| Factoring payable | 0 | — | — | 179,007 | — | |
| Encompass Purchase Liability | 650,000 | — | — | 263,918 | — | |
| Common stock issuance obligation | 18,941 | — | — | 69,621 | 76,276 | |
| Total current liabilities | 16 | — | — | 19 | 20 | |
| Notes payable, less current portion, net of discount | 593,941 | — | — | 593,941 | — | |
| Operating lease liabilities, less current portion | 2,910 | — | — | 269,338 | — | |
| Deferred revenue, net of current portion | 0 | — | — | 69,999 | — | |
| Deferred tax liabilities, net | 119,192 | — | — | 67,378 | 67,378 | |
| Total liabilities | 17 | — | — | 20 | 21 | |
| Commitments and Contingencies (Note 10) | 0 | — | — | 0 | — | |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 1,788 and 6,158 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively | 1 | — | — | 1 | — | |
| Common stock, $0.0001 par value; 100,000,000 shares authorized; 33,193,140 and 16,297,190 shares issued and outstanding as of December 31, 2025, and 2024, respectively | 3,319 | 500,000 | 500,000 | 1,630 | — | |
| Additional paid-in capital | 88 | — | — | 68 | 65 | |
| Accumulated deficit | −82 | — | — | −68 | −64 | |
| Total stockholders equity (deficit) | 5 | — | — | −18,488 | 933,128 | |
| Total liabilities and stockholders equity (deficit) | 22 | — | — | 20 | 22 |
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 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Shares issued as part of stock grants to vendors | 0 | 98,000 | — | — | |
| Change in fair value of financial instruments | 1 | −6 | — | — | |
| Gain on extinguishment of ELOC | −42,394 | 0 | — | — | |
| Loss on termination of lease | 140,709 | 0 | — | — | |
| Deferred income taxes | 51,814 | −2 | 2 | — | |
| Amortization of discount on note payable | 0 | 7,000 | 93,733 | — | |
| Allowance for expected credit losses | 1 | 759,782 | 32,457 | — | |
| Depreciation and amortization | 3 | 1 | 678 | — | |
| Stock-based compensation | 1 | 896,537 | 0 | — | |
| Amortization of right-of-use assets | 66,220 | 55,459 | — | — | |
| Accounts receivable | −2 | −1 | −246,484 | — | |
| Due from related party | 227,042 | 254,378 | — | — | |
| Prepaids and other current assets | 173,163 | −202,245 | 59,741 | 457,605 | |
| Encompass Purchase liability | 386,082 | 0 | — | — | |
| Accounts payable and accrued liabilities | 4 | −1 | 1 | 2 | |
| Deferred revenue | 836,671 | −414,710 | −104,037 | — | |
| Due to related parties | 0 | −210,755 | 192,184 | — | |
| Operating lease liabilities | −55,224 | −92,870 | — | — | |
| Net cash used in operating activities | −3 | −6 | −632,595 | −1 | |
| Cash acquired from Business Combination- iDoc | 0 | 29,123 | — | — | |
| Purchases of fixed assets | −29,928 | −55,267 | −4,335 | — | |
| Net cash used in investing activities | −29,928 | −26,144 | −4,335 | 110 | |
| Repayment on advances of related party | 0 | −47,800 | −21,066 | — | |
| Repayment on Extension Note | 0 | −335,750 | — | — | |
| Payments on Exchange note | — | −61,429 | — | — | |
| Repayment on Additional Bridge Financing | 0 | −52,680 | — | — | |
| Payments on September 2024 Convertible Note | — | −38,889 | — | — | |
| Repayment of notes payable | −148,576 | −38,200 | — | — | |
| Payment to shareholder | −10,000 | 0 | — | — | |
| Proceeds from issuance of common stock | 2 | 0 | — | — | |
| Proceeds from notes issued during the year | 2 | 0 | — | — | |
| Proceeds from pre-funded warrants, net of issuance costs | 6 | 0 | — | — | |
| Payments on factoring payable | −179,007 | −180,397 | — | — | |
| Payments due on acquisition purchase | −44 | −5,150 | −7 | −110 | |
| Payments on financing lease liability | −25,000 | 0 | — | — | |
| Proceeds from reverse recapitalization with DHAC | 0 | 1 | — | — | |
| Net cash provided by financing activities | 8 | 6 | 525,000 | −109 | |
| NET CHANGE IN CASH | 5 | 207,381 | −111,930 | −653,014 | |
| Cash paid for interest expense | 212,476 | 111,331 | — | — | |
| Shares issued | 0 | 325,279 | 214,200 | 284,424 | |
| Escrow shares released from stock payable | 0 | 127,710 | — | — | |
| Shares issued as conversion of debt | 0 | 155,565 | — | — | |
| Shares issued as payment for March 2025 promissory Note | 706,955 | 0 | — | — | |
| Preferred shares issued as conversion of Underwriting Fee as contemplated by the business combination transaction | 0 | 4 | — | — | |
| Shares issued as part of stock grants to vendors | 0 | 625,750 | — | — | |
| Shares issued on conversion of the Exchange Note | 2 | 600,000 | — | — | |
| Preferred shares issued as conversion of VSee debt as contemplated by the business combination transaction | 0 | 220,000 | — | — | |
| Net liabilities acquired in reverse merger | 0 | 19 | — | — | |
| Finance lease payable reclassed from financing activities to accounts payable | 0 | 407,791 | — | — |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro
Frequently asked questions
What is VSEE HEALTH, INC.'s CIK number?
VSEE HEALTH, INC.'s SEC CIK number is 0001864531 (1864531). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find VSEE HEALTH, INC.'s SEC filings?
All of VSEE HEALTH, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.