Ceribell, Inc.CBLL

Ceribell Inc. closed the first quarter with $26.5 million in revenue, but still managed to post a net loss of $19.7 million, a $20.7 million operating loss, and negative diluted EPS of $0.52, all for the three months ended 31 March 2026. The firm’s cash burn was real: net cash used in operating activities totalled $19.3 million, while capex was a trivial $125,000, underscoring a business that is still heavy on intangible development and light on bricks and mortar. (source: Ceribell Inc. 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1861107/000119312526217008/cbll-20260331.htm)

Ceribell markets point-of-care EEG devices and an EEG Portal that lets clinicians review full studies in real time on any device, powered by more than a million hours of EEG data and guided by clinician feedback. The company’s Clarity algorithm is pitched as the first critical care monitoring device to achieve both FDA Breakthrough Designation and a CMS New Technology Add-on Payment code, positioning it as an early-warning system for seizure activity in ICU patients. (source: Ceribell product pages for Clarity, EEG Portal and Point-of-Care EEG, https://ceribell.com/product/clarity/; https://ceribell.com/product/eeg-portal/; https://ceribell.com/product/point-of-care-eeg/)

The filings also show a business still chasing scale with no single customer making up 10% of revenue or receivables in the quarter, and all revenue generated in the United States. Research and development spend was $6.2 million in the quarter, while inventory sat at $6.9 million, down $386,000 sequentially. The company’s cash and equivalents stood at $45.3 million at 31 March 2026, against total assets of $178.1 million and liabilities of $37.3 million. Stockholders’ equity was $140.8 million, but the equity base is being diluted: the weighted average diluted share count for the quarter was 37.7 million shares. (source: Ceribell Inc. 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1861107/000119312526217008/cbll-20260331.htm)

Ceribell’s most concrete clinical claim rests on a study published in Neurology showing its point-of-care EEG performed comparably to conventional EEG in forecasting seizure risk using the 2HELPS2B score, alongside a press release touting reduced ICU stays and better patient outcomes. The company hasn’t filed a 10-K yet, and its investor relations page points to product pages rather than a traditional IR site, so the gap between clinical promise and filing readiness remains a notable feature of the story. (source: Ceribell press release on ICU stays and outcomes; SEC EDGAR filing index, https://ceribell.com/press_releases/ceribell-announces-publication-of-study-demonstrating-significant-reduction-in-length-of-icu-stays-and-better-patient-outcomes-with-ceribell-point-of-care-eeg-compared-to-conventional-eeg/; https://www.sec.gov/edgar/browse/?CIK=1861107)

For all the AI polish in the product pitch, Ceribell’s revenue concentration and filing cadence suggest a company still building its commercial footprint rather than harvesting it. The firm’s latest 10-Q shows no segment-level detail beyond a single revenue line, no guidance, and no customer concentration disclosures beyond the explicit statement that no single buyer accounts for 10% of revenue or receivables. That’s consistent with an early-stage med-tech outfit, but less consistent with a firm that’s already burning close to 75% of its cash in a single quarter while chasing Breakthrough Device status. (source: Ceribell Inc. 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1861107/000119312526217008/cbll-20260331.htm)