Company Movements - Spruce Biosciences, Inc. experienced a monumental surge, with its price jumping to $136.81, marking a 1451% increase due to the FDA granting Breakthrough Therapy Designation for its tralesinidase alfa enzyme replacement therapy for treating Sanfilippo Syndrome Type B [1][7] - OneMedNet Corporation Warrants saw its price increase by 233.17% to $0.19, related to a strategic partnership with Palantir Technologies to enhance its healthcare AI and data analytics capabilities [2][7] - OneMedNet Corporation also made notable gains, with its price escalating by 184.88% to $2.93, driven by investor optimism around its technology and the partnership with Palantir Technologies [3][7] - Society Pass Incorporated experienced a 146.18% increase in its price to $3.47, following an analyst upgrade based on the company's robust second-quarter performance and positive future outlook [4][7] - Argo Blockchain plc saw its price rise by 106.89% to $0.86, despite uncertainty over its financial future, linked to ongoing negotiations regarding a senior secured loan crucial for its recapitalization plan [5][7] Market Dynamics - The significant price movements of these companies underscore the diverse factors at play in the financial markets, including technological innovations, clinical advancements, and strategic corporate actions [6][7]

Company Developments - Advanced Micro Devices (NASDAQ:AMD) shares surged over 27% following a landmark agreement with OpenAI to deploy up to 6 gigawatts of AMD Instinct GPU power for AI infrastructure [2][3] - The initial phase includes a rollout of 1 gigawatt of AMD Instinct MI450 GPUs in the second half of 2026, with plans for further expansions across multiple generations of AMD's data center chips [2] Market Movements - Spruce Biosciences, Inc. (NASDAQ:SPRB) shares increased by 316% after receiving U.S. FDA breakthrough therapy designation for its enzyme replacement therapy for Sanfilippo Syndrome Type B [9] - OneMedNet Corporation (NASDAQ:ONMD) shares surged 143% after selecting Palantir Technologies to enhance its healthcare AI and real-world data analytics operations [9] - Society Pass Incorporated (NASDAQ:SOPA) shares rose by 113% [9] - Lixiang Education Holding Co., Ltd. (NASDAQ:LXEH) shares fell 58% [9] - Skye Bioscience, Inc. (NASDAQ:SKYE) shares dropped 54% after failing to meet primary endpoint in a study [9] - Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) shares decreased by 28% following a $25 million public offering announcement [9] Commodity Updates - Oil prices increased by 0.7% to $61.28, while gold rose by 1.8% to $3,977.90 [6] - Silver traded up 1.1% to $48.485, whereas copper fell by 1.4% to $5.0365 [6]

OneMedNet Corp (NASDAQ:ONMD) shares rocketed premarket on Monday after the company disclosed that it has chosen Palantir Technologies Inc. (NASDAQ:PLTR) to advance its healthcare AI and real-world data analytics operations. OneMedNet is leveraging Palantir’s analytics to unlock the $868 billion AI healthcare market by 2030 through secure, scalable data-driven solutions. Under the multi-year partnership, Palantir’s Artificial Intelligence Platform, which is known for integrating complex datasets and delive ...

DENVER and MINNEAPOLIS, Oct. 06, 2025 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) has selected Palantir Technologies (Nasdaq: PLTR) to transform the healthcare AI and Real-World Data (RWD) analytics marketplace. Palantir’s Artificial Intelligence Platform will provide the infrastructure for OneMedNet’s iRWD™ near real-time AI powered provider network (‘network’) enabling OneMedNet to empower life sciences, medical device, and research organizations with anonymized, regulatory-grade clinical dat ...

Core Insights - OneMedNet Corporation has announced a strategic partnership with Medcase, aiming to enter the healthcare data annotation market and create a new revenue channel in the healthcare AI ecosystem [1][2][5] Market Overview - The global healthcare data annotation market is valued at $1.5 billion in 2025 and is projected to grow to $2.8 billion by 2030, indicating a significant growth phase [2] - The investment from Scale AI, amounting to $14.8 billion from Meta, has disrupted the industry, leading to an opportunity for specialized providers focused on healthcare [2] Strategic Positioning - OneMedNet will leverage Medcase's network of over 15,000 healthcare professionals to enhance its annotation services, providing regulatory-grade, de-identified Real-World Data (RWD) [3][6] - The partnership positions OneMedNet at the center of the healthcare data value chain, addressing a large unmet market need and unlocking new growth channels [5] Competitive Advantage - The combination of OneMedNet's iRWD™ platform and Medcase's annotation expertise creates a unique competitive advantage that is difficult for generalist data players to replicate [3][6] - The healthcare sector is identified as the fastest-growing and most defensible vertical within the global data annotation industry [6] Growth Potential - The demand for specialized healthcare annotation is accelerating, with a focus on meeting the unique requirements of healthcare AI developers, pharmaceutical companies, and medical technology leaders [6][7] - OneMedNet's proprietary iRWD™ platform taps into the potential of over 1,750 healthcare sites, emphasizing the importance of domain-specific data in AI model development [7]

Core Insights - OneMedNet Corporation has achieved significant adoption by a leading global medical device company, recognized for its advancements in diagnostic imaging and digital health solutions [1] - The company has established a master services agreement that allows for ongoing engagement without a fixed term, including multiple purchase orders for Real-World Data [2] - OneMedNet's ability to provide comprehensive, multimodal data sets is emphasized as a key factor in generating Real-World Evidence, which is crucial for AI model development in medical imaging [3] Company Overview - OneMedNet is positioned as a leader in harnessing Real-World Data (RWD) through its iRWD™ platform, which taps into data from over 1,750 healthcare sites [5] - The company focuses on delivering curated, de-identified datasets that empower clients to enhance AI development, clinical trial design, and healthcare outcomes [4] - Beyond healthcare, OneMedNet's proprietary AI technology is applicable in other industries such as finance, retail, and telecom, showcasing its versatility [6]

Core Insights - OneMedNet Corporation has expanded its Cardiovascular network by adding 85 new cardiovascular centers and data sources, positioning itself as one of the largest providers of Cardiovascular Real-World Data (RWD) [1][5] Industry Context - Cardiovascular diseases (CVDs) are the leading cause of death globally, responsible for approximately 19.8 million deaths in 2022, which accounts for about 32% of all global mortality [2] - The economic burden of CVD is significant, driving an estimated $320 billion annually in the United States and over $1 trillion globally in direct healthcare costs and lost productivity [2] Company Positioning - The enriched multimodal cardiovascular data network of OneMedNet is well-suited for the pharmaceutical and insurance sectors, providing real-time data that offers deeper insights into disease progression, treatment responses, and outcomes [3] - The expansion enhances OneMedNet's ability to deliver de-identified cardiovascular imaging, diagnostic reports, and electrocardiograms (ECG) at an unprecedented scale, continually updated to reflect the latest clinical insights [4][6] - OneMedNet is positioned as the premier source for high-quality, regulatory-grade cardiovascular RWD, which fuels innovation, supports clinical evidence generation, and improves patient outcomes [5] Technological Advancements - By combining de-identified cardiovascular imaging, structured reports, and ECG signals, OneMedNet provides real-world clinical insights that accelerate innovation in diagnostics, therapeutics, and AI model development [6] - The company utilizes its iRWD™ platform to harness the potential of over 1,750 healthcare sites, delivering precision insights across various medical fields, including cardiology [7]

Company Overview - OneMedNet Corporation is a leader in AI-powered Real-World Data (RWD) and has established a long-term strategic partnership with Circle Cardiovascular Imaging Inc. to enhance cardiac diagnostics and treatment planning [1][4] - Circle CVI selected OneMedNet's iRWD™ platform for access to diverse and regulatory-grade cardiovascular datasets, which includes data from over 1,750 provider sites and over 131 million exams [2][4] Partnership Details - The collaboration allows Circle CVI to expand its research and development capabilities while aligning with evolving regulatory and clinical evidence standards [4] - Circle CVI's CEO highlighted the exceptional quality and regulatory readiness of OneMedNet's data, indicating a commitment to a long-term partnership [3][5] Industry Implications - This partnership exemplifies a growing industry shift towards utilizing real-world evidence as a foundation for medical innovation [4] - OneMedNet's platform is positioned to revolutionize how healthcare companies access and utilize Real-World Data, which is critical for driving innovation in various medical fields [5]

MINNEAPOLIS, Aug. 14, 2025 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq:ONMD) ("OneMedNet," the "Company," "we," "us" or "our"), a leader in AI-powered Real-World Data (RWD), announced its financial results for the second quarter ended June 30, 2025, including its significantly improved balance sheet. Second Quarter and First Half 2025 Financial Highlights Second Quarter Operational Highlights "We are focused on our strategy, and the second quarter marked an important milestone for OneMedNet, with the ...

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section highlights inherent risks and uncertainties that could cause actual results to differ materially from forward-looking statements - This report contains forward-looking statements based on current expectations and projections, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - Key risks include projected financial position, cash burn rate, ability to raise additional capital, Bitcoin investment volatility, ability to reverse revenue decline, intellectual property protection, reliance on third-party suppliers, competition, and geopolitical/macroeconomic conditions[11](index=11&type=chunk)[12](index=12&type=chunk)[15](index=15&type=chunk) [Part I. Financial Information](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, changes in stockholders' deficit, and cash flows, along with detailed notes explaining the company's business, accounting policies, financial instruments, and related party transactions [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and stockholders' deficit at specific reporting dates Unaudited Condensed Consolidated Balance Sheets | (In thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | **Assets** | | | | Cash and cash equivalents | $122 | $172 | | Investment in crypto assets – Bitcoin | $1,598 | $2,849 | | Total current assets | $2,267 | $3,619 | | Total assets | $2,337 | $3,727 | | **Liabilities and Stockholders' Deficit** | | | | Accounts payable and accrued expenses | $5,247 | $6,654 | | Total current liabilities | $6,159 | $19,228 | | Total liabilities | $6,177 | $19,677 | | Total stockholders' deficit | $(3,840) | $(15,950) | - Total assets decreased by approximately **37%** from **$3.7 million** at December 31, 2024, to **$2.3 million** at June 30, 2025, primarily due to a reduction in Bitcoin holdings and other current assets[18](index=18&type=chunk) - Total liabilities significantly decreased by approximately **69%** from **$19.7 million** at December 31, 2024, to **$6.2 million** at June 30, 2025, largely driven by the conversion and repayment of various debt instruments (Loan extensions, PIPE Notes, Yorkville Note, Deferred underwriter fee payable, Loans – related parties)[18](index=18&type=chunk) - Stockholders' deficit improved from **$(15.9) million** at December 31, 2024, to **$(3.8) million** at June 30, 2025, reflecting net income and equity issuances[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's financial performance over specific periods, including revenue, expenses, and net income or loss Unaudited Condensed Consolidated Statements of Operations | (In thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $155 | $227 | $292 | $476 | | Gross margin | $(241) | $(102) | $(445) | $(170) | | Total operating expenses | $1,822 | $2,352 | $3,906 | $4,384 | | Loss from operations | $(2,063) | $(2,454) | $(4,351) | $(4,554) | | Total other expense (income), net | $(5,045) | $1,135 | $(5,431) | $1,144 | | Net income (loss) | $2,982 | $(3,589) | $1,080 | $(5,698) | | Net income (loss) per share – basic | $0.07 | $(0.14) | $0.03 | $(0.23) | - The company reported a net income of **$2.98 million** for the three months ended June 30, 2025, a significant improvement from a net loss of **$3.59 million** in the prior-year period, primarily driven by a **$3.71 million** gain on troubled debt restructurings[20](index=20&type=chunk) - For the six months ended June 30, 2025, the company achieved a net income of **$1.08 million**, compared to a net loss of **$5.70 million** in the same period of 2024, also largely due to gains from debt restructurings[20](index=20&type=chunk) - Total revenue decreased by **32%** for the three months and **39%** for the six months ended June 30, 2025, primarily due to the decommissioning of the BEAM platform, partially offset by increased web imaging (iRWD) revenue[20](index=20&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) This section details changes in the company's equity over time, including common stock issuances, stock-based compensation, and net income or loss Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit | (In thousands, except share data) | Common Stock Shares (000s) | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Deficit | | :-------------------------------- | :------------------------- | :------------------ | :------------------------- | :------------------ | :-------------------------- | | Balance, Dec 31, 2024 | 28,175 | $2 | $86,146 | $(101,569) | $(15,950) | | Issuance of common stock (various) | 18,108 | $0 | $11,030 | $0 | $11,030 | | Stock-based compensation expense | 0 | $0 | $405 | $0 | $405 | | Net income (loss) | 0 | $0 | $0 | $1,080 | $1,080 | | Balance, June 30, 2025 | 46,283 | $2 | $97,176 | $(100,489) | $(3,840) | - The total number of common shares outstanding increased significantly from **28,175,172** at December 31, 2024, to **46,283,392** at June 30, 2025, primarily due to conversions of various debt instruments and new private placements[18](index=18&type=chunk)[23](index=23&type=chunk) - Additional paid-in capital increased by **$11.03 million** during the six months ended June 30, 2025, reflecting proceeds from private placements and conversions of debt into equity[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's cash inflows and outflows from operating, investing, and financing activities over specific periods Unaudited Condensed Consolidated Statements of Cash Flows | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(4,232) | $(3,053) | | Net cash provided by (used in) investing activities | $1,250 | $(7) | | Net cash provided by financing activities | $2,932 | $3,720 | | Net (decrease) increase in cash and cash equivalents | $(50) | $660 | | Cash and cash equivalents at end of period | $122 | $707 | - Net cash used in operating activities increased to **$4.23 million** for the six months ended June 30, 2025, from **$3.05 million** in the prior-year period[28](index=28&type=chunk) - Investing activities provided **$1.25 million** in cash for the six months ended June 30, 2025, primarily from Bitcoin sales (**$3.46 million**) offsetting purchases (**$2.20 million**)[28](index=28&type=chunk) - Financing activities provided **$2.93 million** in cash, mainly from private placements and related party investments, partially offset by debt repayments[28](index=28&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements, covering accounting policies, debt, and equity [Note 1. Description of Business](index=12&type=section&id=1.%20Description%20of%20Business) This note describes the company's core business, its operational context, and key risks related to its financial viability and crypto asset investments - OneMedNet Corporation is a healthcare software company focused on digital medical image management, exchange, and sharing, operating as a wholly-owned subsidiary of Data Knights Acquisition Corp. following a business combination on November 7, 2023[31](index=31&type=chunk)[32](index=32&type=chunk) - The company has incurred recurring operating losses and has an accumulated deficit of **$100.5 million** as of June 30, 2025, raising substantial doubt about its ability to continue as a going concern[36](index=36&type=chunk) - The company's investment in Bitcoin exposes it to significant risks due to crypto asset volatility, lack of central regulation, and potential future regulatory actions that could reduce demand and value[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=13&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and methods used in preparing the financial statements, including EPS calculation and debt restructuring policies - The company calculates basic and diluted net income (loss) per share using the two-class method for participating securities, with pre-funded warrants considered outstanding shares in basic EPS calculation[44](index=44&type=chunk)[45](index=45&type=chunk) - Debt modifications are evaluated under ASC 470-60 as troubled debt restructurings (TDR) if the borrower is in financial difficulty and the lender grants a concession, with gains recognized if the debt's carrying amount exceeds the fair value of transferred consideration[47](index=47&type=chunk)[48](index=48&type=chunk) - As an 'emerging growth company,' the company has elected to use the extended transition period for complying with new or revised accounting standards[49](index=49&type=chunk) [Note 3. Segment Information](index=15&type=section&id=3.%20Segment%20Information) This note details the company's operating segments and geographical revenue breakdown, confirming its single-segment operation - The company operates and reports as a single segment, focusing on digital medical image management, exchange, and sharing, with the CEO reviewing operating results on an aggregate basis[52](index=52&type=chunk) Revenue by Geography (In thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Americas | $55 | $170 | $174 | $348 | | Europe and Middle East | $65 | $57 | $69 | $128 | | Asia Pacific | $35 | $- | $49 | $- | | Total | $155 | $227 | $292 | $476 | [Note 4. Crypto Assets Held](index=15&type=section&id=4.%20Crypto%20Assets%20Held) This note provides information on the company's Bitcoin holdings, including fair value measurement, additions, dispositions, and unrealized gains or losses - The company's crypto assets consist solely of Bitcoin, measured at fair value based on quoted end-of-day prices on River.com (Level 1 input)[54](index=54&type=chunk) Bitcoin Holdings (In thousands) | (In thousands) | Units | Cost Basis | Fair Value | | :------------- | :---- | :--------- | :--------- | | Bitcoin | 15 | $1,636 | $1,598 | Bitcoin Activity (In thousands) | (In thousands) | Bitcoin | | :------------- | :------ | | Balance, Dec 31, 2024 | $2,849 | | Additions | $2,200 | | Dispositions | $(2,614) | | Unrealized loss, net | $(837) | | Balance, June 30, 2025 | $1,598 | - During the six months ended June 30, 2025, the company acquired **$2.2 million** in Bitcoin and disposed of **$2.6 million**, resulting in a net unrealized loss of **$0.84 million** and a realized gain on sale of **$0.84 million**[55](index=55&type=chunk) [Note 5. Accounts Payable and Accrued Expenses](index=16&type=section&id=5.%20Accounts%20Payable%20and%20Accrued%20Expenses) This note details the composition and changes in accounts payable and accrued expenses, including professional fees and the impact of debt restructurings Accounts Payable and Accrued Expenses (In thousands) | (In thousands) | As of June 30, 2025 | As of December 31, 2024 | | :-------------------------- | :------------------ | :---------------------- | | Professional fees | $3,579 | $4,965 | | Payroll liabilities | $621 | $621 | | Stock repurchase payable | $329 | $329 | | Data provider costs | $319 | $367 | | Other | $399 | $372 | | Total | $5,247 | $6,654 | - Accounts payable and accrued expenses decreased by **$1.4 million**, or **21%**, from December 31, 2024, to June 30, 2025, primarily due to a reduction in professional fees[56](index=56&type=chunk) - The company settled **$1.3 million** of trade payables through troubled debt restructurings, resulting in a gain of **$0.9 million**, by transferring **$0.2 million** in cash and **250,000** shares of common stock valued at **$0.1 million**[56](index=56&type=chunk) [Note 6. Debt](index=16&type=section&id=6.%20Debt) This note provides a detailed breakdown of the company's debt instruments, including conversions, repayments, and troubled debt restructurings - PIPE Notes: **$1.7 million** of outstanding principal and accrued interest were converted into **1,453,174** shares of Common Stock in June 2025, resulting in no outstanding balance as of June 30, 2025[58](index=58&type=chunk) - Loan Extensions: **$2.6 million** of related party loan extensions were converted into **3,650,248** shares of Common Stock in June 2025, accounted for as a troubled debt restructuring with no gain/loss recognized; **$0.4 million** remains outstanding[61](index=61&type=chunk)[62](index=62&type=chunk) - Shareholder Loans: **$1.6 million** in convertible shareholder loans and **$0.7 million** in non-convertible shareholder loans were converted into **2,123,424** and **1,043,051** shares of Common Stock, respectively, in June 2025, with the non-convertible conversion treated as a troubled debt restructuring[64](index=64&type=chunk)[66](index=66&type=chunk) - Yorkville Note: The **$1.5 million** convertible promissory note matured in June 2025, with **$1.25 million** converted into **1,866,562** shares of Common Stock and the remaining **$0.3 million** repaid in cash, leaving no outstanding balance[68](index=68&type=chunk)[75](index=75&type=chunk) [Note 7. Stockholders' Deficit](index=19&type=section&id=7.%20Stockholders'%20Deficit) This note details changes in stockholders' deficit, including common stock issuances, private placements, and the settlement of deferred underwriter fees - The company issued **1,473,696** shares of Common Stock in January 2025 related to a September 2024 private placement[77](index=77&type=chunk) - In June 2025, the company completed a private placement, issuing **3,390,923** shares of Common Stock and pre-funded warrants for **2,561,457** shares, generating **$2.5 million** in net proceeds[78](index=78&type=chunk) - Related party subscription agreements in June 2025 resulted in the issuance of **2,857,142** shares of Common Stock for **$1.2 million** in gross proceeds through subscription agreements in June 2025[79](index=79&type=chunk) - A **$3.3 million** deferred underwriter fee payable was settled in June 2025 with a **$0.5 million** cash payment, resulting in a **$2.8 million** gain on troubled debt restructuring[81](index=81&type=chunk)[83](index=83&type=chunk) - The Standby Equity Purchase Agreement (SEPA) with Yorkville allows the company to sell up to **$25.0 million** of Common Stock; however, due to recent financings, the company no longer expects to draw on the SEPA, and the related derivative liability was adjusted to **$0**[86](index=86&type=chunk)[92](index=92&type=chunk) [Note 8. Net Income (Loss) per Share](index=22&type=section&id=8.%20Net%20Income%20(Loss)%20per%20Share) This note presents the calculation of basic and diluted net income or loss per share, including the impact of anti-dilutive securities Net Income (Loss) per Share (In thousands, except per share data) | (In thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) attributable to common shareholders – basic | $2,757 | $(3,589) | $1,000 | $(5,698) | | Weighted average shares outstanding – basic | 36,835,945 | 25,180,764 | 35,477,382 | 24,957,754 | | Net income (loss) per share – basic | $0.07 | $(0.14) | $0.03 | $(0.23) | | Weighted average shares outstanding – diluted | 38,405,921 | 25,180,764 | 37,127,798 | 24,957,754 | | Net income (loss) per share – diluted | $0.07 | $(0.14) | $0.03 | $(0.23) | - For periods of net loss (e.g., June 30, 2024), all potentially dilutive securities are excluded from diluted EPS calculation as they are anti-dilutive[94](index=94&type=chunk) Anti-Dilutive Securities | Anti-Dilutive Securities | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Warrants for Common Stock | 12,330,336 | 12,181,020 | 12,303,995 | 12,181,020 | | Convertible debt | - | 8,935,634 | - | 8,935,634 | | Total common stock equivalents | 13,074,243 | 29,140,859 | 12,993,803 | 29,140,859 | [Note 9. Stock-Based Compensation](index=23&type=section&id=9.%20Stock-Based%20Compensation) This note details the stock-based compensation expense recognized across various functional areas for the reported periods Stock-Based Compensation Expense (In thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of revenue | $4 | $4 | $7 | $8 | | General and administrative | $187 | $92 | $388 | $220 | | Sales and marketing | $1 | $2 | $2 | $3 | | Research and development | $5 | $5 | $8 | $9 | | Total stock-based compensation expense | $197 | $103 | $405 | $240 | - Total stock-based compensation expense increased by **91%** to **$197 thousand** for the three months ended June 30, 2025, and by **69%** to **$405 thousand** for the six months ended June 30, 2025, primarily driven by general and administrative expenses[97](index=97&type=chunk) [Note 10. Stock Warrants](index=24&type=section&id=10.%20Stock%20Warrants) This note provides a breakdown of outstanding stock warrants, distinguishing between liability and equity classified warrants and explaining changes Stock Warrants Outstanding | Warrant Type | As of June 30, 2025 | As of December 31, 2024 | | :------------------------ | :------------------ | :---------------------- | | Liability Classified Warrants | | | | Business Combination Warrants | 585,275 | 585,275 | | PIPE Warrants | 95,744 | 95,744 | | Subtotal | 681,019 | 681,019 | | Equity Classified Warrants | | | | Public Warrants | 11,500,000 | 11,500,000 | | Private Placement Warrants | 5,206,291 | 2,199,939 | | Helena Termination Warrants | 50,000 | 50,000 | | Subtotal | 16,756,291 | 13,749,939 | | Grand Total | 17,437,310 | 14,430,958 | - Total outstanding warrants increased from **14.4 million** at December 31, 2024, to **17.4 million** at June 30, 2025, primarily due to an increase in Private Placement Warrants by **3,006,352** shares[98](index=98&type=chunk) - The increase in Private Placement Warrants includes **444,895** shares from a warrant amendment in January 2025 and **2,561,457** June 2025 Pre-Funded Warrants issued in connection with a private placement[98](index=98&type=chunk) [Note 11. Fair Value Measurements](index=24&type=section&id=11.%20Fair%20Value%20Measurements) This note details the fair value measurements of the company's financial assets and liabilities, including crypto assets, warrants, and debt instruments Fair Value Measurements (In thousands) | (In thousands) | June 30, 2025 (Total) | December 31, 2024 (Total) | | :-------------------------- | :-------------------- | :------------------------ | | **Assets:** | | | | Investment in crypto assets – Bitcoin | $1,598 | $2,849 | | **Liabilities:** | | | | Business Combination Warrants | $15 | $12 | | PIPE Warrants | $3 | $3 | | PIPE Notes | $- | $1,734 | | Yorkville Note | $- | $1,718 | | SEPA derivative liability | $- | $434 | - The fair value of PIPE Notes and Yorkville Note decreased to **$0** as of June 30, 2025, due to conversions into Common Stock and cash repayments[101](index=101&type=chunk) - The SEPA derivative liability was adjusted to a fair value of **$0** as of June 30, 2025, as the company no longer expects to draw on the SEPA due to recent financings[103](index=103&type=chunk) - Fair values for Business Combination Warrants and PIPE Warrants are determined using the Black-Scholes option-pricing model, with key assumptions including stock price, exercise price, expected volatility, risk-free rate, and expected term[100](index=100&type=chunk) [Note 12. Related Party Transactions](index=26&type=section&id=12.%20Related%20Party%20Transactions) This note discloses significant transactions with related parties, primarily involving debt conversions and equity issuances - Related party investors converted **$1.0 million** of PIPE Notes into **972,326** shares of Common Stock in June 2025[104](index=104&type=chunk) - Related party investors converted **$1.6 million** in convertible shareholder loans and **$0.7 million** in non-convertible shareholder loans into an aggregate of **3,166,476** shares of Common Stock in June 2025[106](index=106&type=chunk) - Two related party investors converted **$2.6 million** of loan extensions into **3,650,248** shares of Common Stock in June 2025[107](index=107&type=chunk) - The company issued **2,857,142** shares of Common Stock to two related party investors for **$1.2 million** in gross proceeds through subscription agreements in June 2025[108](index=108&type=chunk) [Note 13. Commitments and Contingencies](index=27&type=section&id=13.%20Commitments%20and%20Contingencies) This note outlines the company's lease commitments and confirms the absence of material legal proceedings - The company has a month-to-month lease for a suite at **$530** per month, incurring **$2 thousand** in rent expense for each of the three months ended June 30, 2025 and 2024, and **$5 thousand** for each of the six months[109](index=109&type=chunk) - The company is not currently party to any material legal proceedings that would have a material adverse effect on its business, operating results, financial condition, or cash flows[110](index=110&type=chunk) [Note 14. Subsequent Events](index=27&type=section&id=14.%20Subsequent%20Events) This note reports significant events occurring after the balance sheet date, including new legislation, vendor settlements, and amended loan agreements - On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, which includes significant tax provisions that the company is currently assessing for impact on its financial statements[111](index=111&type=chunk) - On July 10, 2025, the company settled **$1.9 million** in outstanding balances with two vendors for an aggregate reduced fee of **$50 thousand**[112](index=112&type=chunk) - On July 11, 2025, an amended loan extension agreement for **$0.1 million** was entered into, bearing **6.0%** interest and maturing June 15, 2027, with **24** monthly payments[113](index=113&type=chunk) - On July 15, 2025, an amended promissory note agreement for a **$0.3 million** stock repurchase commitment was entered into, bearing **7.0%** interest (retroactive to March 1, 2024) and maturing June 15, 2028, with **36** monthly payments[114](index=114&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, results of operations, liquidity, and capital resources, including a detailed comparison of financial performance for the three and six months ended June 30, 2025 and 2024 [Company Overview](index=28&type=section&id=Company%20Overview) This section provides a high-level description of OneMedNet's business, focusing on its solutions for digital medical image management and exchange - OneMedNet provides solutions (OneMedNet iRWD™ and BEAM) for digital medical image management, exchange, and sharing, focusing on unlocking value from clinical image archives for research and healthcare systems[118](index=118&type=chunk) [Key Components of Consolidated Statements of Operations](index=28&type=section&id=Key%20Components%20of%20Consolidated%20Statements%20of%20Operations) This section explains the primary revenue and expense categories within the consolidated statements of operations and their recognition policies - Revenue is generated from iRWD (fixed fee, recognized upon data delivery) and BEAM (subscription-based, recognized ratably over period)[119](index=119&type=chunk) - Cost of revenue includes hosting, labor, and data costs[121](index=121&type=chunk) - Other (income) expenses, net, primarily includes changes in fair value of PIPE Notes, Yorkville Note, warrants, Bitcoin holdings, derivative liabilities, and gains on troubled debt restructurings[126](index=126&type=chunk)[127](index=127&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance by comparing key financial metrics and trends across different reporting periods [Comparison of the Three Months Ended June 30, 2025 and 2024](index=30&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) This section provides a detailed comparative analysis of the company's financial performance for the three-month periods ended June 30, 2025 and 2024 Results of Operations (In thousands) | (In thousands) | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Total revenue | $155 | $227 | $(72) | -32% | | Cost of revenue | $396 | $329 | $67 | 20% | | Gross margin | $(241) | $(102) | $(139) | 136% | | General and administrative | $1,183 | $1,716 | $(533) | -31% | | Loss from operations | $(2,063) | $(2,454) | $391 | -16% | | Net income (loss) | $2,982 | $(3,589) | $6,571 | -183% | - Subscription revenue (BEAM) decreased by **67%** due to the planned decommissioning of the platform, while web imaging revenue (iRWD) increased by **26%** due to enhanced focus and increased customer deliveries[130](index=130&type=chunk) - Cost of revenue as a percentage of revenue increased by **110%** due to the BEAM platform transition and higher iRWD data/personnel costs[133](index=133&type=chunk) - General and administrative expenses decreased by **31%** due to a one-time commitment fee paid to Yorkville in the prior year[134](index=134&type=chunk) - A significant gain on troubled debt restructurings of **$3.71 million** was recorded, primarily from settling deferred underwriter fees (**$2.7 million**) and restructuring trade payables (**$0.9 million**)[146](index=146&type=chunk) [Comparison of the Six Months Ended June 30, 2025 and 2024](index=33&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) This section provides a detailed comparative analysis of the company's financial performance for the six-month periods ended June 30, 2025 and 2024 Results of Operations (In thousands) | (In thousands) | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | :--------- | | Total revenue | $292 | $476 | $(184) | -39% | | Cost of revenue | $737 | $646 | $91 | 14% | | Gross margin | $(445) | $(170) | $(275) | 162% | | General and administrative | $2,615 | $3,073 | $(458) | -15% | | Loss from operations | $(4,351) | $(4,554) | $203 | -4% | | Net income (loss) | $1,080 | $(5,698) | $6,778 | -119% | - Subscription revenue decreased by **69%** due to the BEAM platform decommissioning, while web imaging revenue increased by **40%** due to increased focus on iRWD sales[149](index=149&type=chunk) - Cost of revenue as a percentage of revenue increased by **117%** due to the BEAM platform transition and higher iRWD costs[150](index=150&type=chunk) - Sales and marketing expense increased by **12%** due to higher personnel costs for iRWD sales growth, partially offset by reduced consulting expenses[152](index=152&type=chunk) - Research and development expense decreased by **10%** due to less resources allocated to R&D efforts, focusing on iRWD sales growth[153](index=153&type=chunk) - Gain on troubled debt restructurings of **$3.71 million** was recorded, primarily from settling deferred underwriter fees (**$2.7 million**) and restructuring trade payables (**$0.9 million**)[163](index=163&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's ability to generate and manage cash, detailing cash flows from operating, investing, and financing activities Cash Flow Summary (In thousands) | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(4,232) | $(3,053) | | Net cash provided by (used in) investing activities | $1,250 | $(7) | | Net cash provided by financing activities | $2,932 | $3,720 | - Net cash used in operating activities increased to **$4.2 million** in 2025, primarily due to non-cash charges and cash used in operating assets and liabilities, partially offset by net income[166](index=166&type=chunk) - Net cash provided by investing activities was **$1.3 million** in 2025, driven by Bitcoin sales offsetting purchases[168](index=168&type=chunk) - Net cash provided by financing activities was **$2.9 million** in 2025, from private placements and related party investments, offset by debt repayments[169](index=169&type=chunk) [Contractual Obligations and Commitments and Going Concern Outlook](index=38&type=section&id=Contractual%20Obligations%20and%20Commitments%20and%20Going%20Concern%20Outlook) This section outlines the company's financial obligations and assesses its ability to continue operations, highlighting liquidity challenges and the need for additional funding - Management believes current cash and cash equivalents are insufficient to meet foreseeable cash needs for the next 12 months, necessitating additional financing through debt and equity offerings[171](index=171&type=chunk) - The company's recurring operating losses and need for additional financing raise substantial doubt about its ability to continue as a going concern[171](index=171&type=chunk) Contractual Obligations (In thousands) | (In thousands) | Total | Less than 1 year | 1-3 years | | :------------- | :------- | :--------------- | :-------- | | Accounts payable & accrued expenses | $5,247 | $5,247 | $- | | Loan extensions | $400 | $400 | $- | | Total | $5,647 | $5,647 | $- | [Critical Accounting Policies and Estimates](index=39&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section discusses the accounting policies and estimates that require significant judgment and can materially impact the company's financial reporting - The company's financial statements are prepared in accordance with GAAP, involving estimates, assumptions, and judgments that can significantly impact reported financial results[174](index=174&type=chunk) - No material changes to critical accounting policies and estimates have occurred through June 30, 2025, from those discussed in the Form 10-K[175](index=175&type=chunk) [Recently Issued and Adopted Accounting Pronouncements](index=39&type=section&id=Recently%20Issued%20and%20Adopted%20Accounting%20Pronouncements) This section provides an overview of new accounting standards and their potential impact on the company's financial statements and disclosures - The company is evaluating the impact of ASU No. 2023-09 (Improvements to Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation Disclosures) on its financial statements and footnotes[50](index=50&type=chunk)[51](index=51&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, OneMedNet Corporation is not required to provide quantitative and qualitative disclosures about market risk [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses in internal controls over financial reporting, including issues with user access/segregation of duties, formalized control environment, non-routine transactions, and record keeping - Disclosure controls and procedures were deemed ineffective as of June 30, 2025, due to material weaknesses in internal controls over financial reporting[178](index=178&type=chunk) - Material weaknesses include lack of proper segregation of duties, absence of a formalized control environment, errors in accounting for non-routine transactions, and inadequate record keeping, attributed to limited accounting department resources[179](index=179&type=chunk) - No changes in internal control over financial reporting materially affected, or are reasonably likely to materially affect, internal control during the three months ended June 30, 2025[180](index=180&type=chunk) [Part II. Other Information](index=40&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part provides additional information not covered in the financial statements, including legal proceedings, risk factors, and equity sales [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that, in management's opinion, would have a material adverse effect on its business, operating results, financial condition, or cash flows [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Form 10-K and other public filings [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended June 30, 2025, the company issued 250,000 shares of Common Stock to Slickage Studios LLC to settle $177,500 of trade accounts payable, relying on Section 4(a)(2) of the Securities Act for exemption from registration - **250,000** shares of Common Stock were issued to Slickage Studios LLC to settle **$177,500** of trade accounts payable, at a conversion price of **$0.71** per share[184](index=184&type=chunk) [Item 3. Defaults Upon Senior Securities](index=40&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period [Item 4. Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025 [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists all documents filed as exhibits to the Quarterly Report on Form 10-Q, including organizational documents, warrant agreements, securities purchase agreements, subscription agreements, loan conversion agreements, and certifications [Signatures](index=42&type=section&id=SIGNATURES) This section formally certifies the accuracy and completeness of the financial report by authorized company officials - The report was duly signed on behalf of OneMedNet Corporation by Robert Golden, Chief Financial Officer, on August 13, 2025[193](index=193&type=chunk)[194](index=194&type=chunk)