OneMedNet Corp (ONMD) 10-K Summary: Fiscal Year Ended December 31, 2025
Business Context and Reporting Period
This Annual Report covers the fiscal year ended December 31, 2025. OneMedNet Corporation is a global provider of clinical imaging innovation and a curator of regulatory-grade Imaging Real World Data (iRWD). The company operates a federated network of over 2,130 healthcare sites to provide de-identified clinical images and contextual patient records to life science partners, including pharmaceutical companies, AI developers, and medical device businesses. In May 2025, the company decommissioned its legacy BEAM imaging exchange platform to focus exclusively on its iRWD data delivery model.
Key Financial Metrics
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenue | $1.36 million | $0.64 million |
| Net Loss | $(2.80) million | $(10.13) million |
| Accumulated Deficit | $(104.4) million | $(101.6) million |
| Cash and Cash Equivalents | $0.59 million | $0.17 million |
| Total Liabilities | $5.12 million | $19.68 million |
| Stockholders' Deficit | $(2.97) million | $(15.95) million |
Revenue Breakdown: Data delivery revenue (iRWD) increased to $1.25 million (up 329%), while subscription revenue (BEAM) declined to $0.11 million (down 70%) due to platform decommissioning.
Cash Flow: Net cash used in operating activities was $7.5 million. Net cash provided by financing activities was $5.6 million, driven by private placements and related party subscriptions. Investing activities provided $2.3 million, primarily from Bitcoin sales.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 111% year-over-year, driven by a strategic shift to the iRWD platform and a 329% increase in data delivery revenue.
- Debt Reduction: The company settled or converted approximately $11.9 million of current liabilities between May and July 2025, representing a 62% reduction in total liabilities. This included converting PIPE Notes, shareholder loans, and settling deferred underwriter fees.
- Net Loss Improvement: Net loss decreased by 72% to $2.8 million, largely due to a $5.6 million gain on troubled debt restructurings and a $1.3 million gain from the change in fair value of convertible notes.
- Bitcoin Strategy: The company reduced its Bitcoin holdings from 31 units (fair value $2.85 million) in 2024 to 6 units (fair value $0.51 million) in 2025, realizing a gain of $0.92 million on sales.
Guidance, Outlook, Risks, and Contingencies
Going Concern: The independent registered public accounting firm has included an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern. Management does not believe current cash ($0.59 million) is sufficient to meet needs for the next 12 months without additional financing.
Outlook: The company plans to raise additional capital through equity or debt offerings to fund operations. Long-term strategy focuses on expanding global reach in the Real World Evidence market and enhancing service offerings.
Risks and Contingencies:
- Internal Controls: The company identified material weaknesses in internal controls over financial reporting, including segregation of duties and revenue recognition errors. These weaknesses were not remediated as of December 31, 2025.
- Legal Proceedings: A complaint filed by ARC Group Limited in November 2025 regarding contract breaches and share cancellations was voluntarily dismissed without prejudice in March 2026.
- Crypto Volatility: The company holds Bitcoin as a treasury asset, exposing it to significant price volatility and regulatory uncertainty.
- Customer Concentration: Three customers accounted for 48% of total revenue in 2025.
Investor Verification Checklist
- Liquidity Status: Verify the company's ability to secure the additional financing required to maintain operations for the next 12 months given the "substantial doubt" going concern opinion.
- Internal Control Remediation: Monitor progress on remediating material weaknesses in internal controls over financial reporting to ensure future financial statement reliability.
- Revenue Sustainability: Assess the sustainability of the 329% growth in data delivery revenue and the impact of the BEAM platform decommissioning on future recurring revenue.
- Debt Settlement Terms: Review the terms of the troubled debt restructurings and equity conversions to understand the dilution impact on existing shareholders.
- Bitcoin Exposure: Evaluate the company's ongoing strategy regarding Bitcoin holdings and the associated financial statement volatility.