Amesite Inc. Form 10-K Summary
Business context and reporting period
Amesite Inc. is an AI software company focused on enterprise and professional applications, particularly post-acute healthcare. Its principal products are NurseMagic, serving individual nurses and healthcare enterprises, and LynkMagic, providing enterprise AI solutions. Amesite Engage remains available but is not currently a growth priority.
The filing covers the fiscal year ended June 30, 2026, with comparative fiscal 2025 information. The company had five full-time employees and one consultant at June 30, 2026 and operates remotely without lease obligations.
- Fiscal 2026 milestones included a census-based NurseMagic enterprise tier, EMR compatibility, automated interdisciplinary reporting, configurable documentation, and the company’s largest enterprise deployment, serving an approximately 2,700-patient census.
- Revenue was predominantly generated from B2B NurseMagic license fees.
Financial performance and liquidity
| Metric | FY 2026 | FY 2025 | Change |
|---|---|---|---|
| Revenue | $364,777 | $110,459 | +$254,318; approximately 230% |
| Operating expenses | $3,507,883 | $3,714,072 | -$206,189 |
| Loss from operations | $(3,143,106) | $(3,603,613) | Loss narrowed by $460,507 |
| Net loss | $(3,095,838) | $(3,617,086) | Loss narrowed by $521,248 |
| Basic and diluted loss per share | $(0.63) | $(1.03) | Improved |
| Net cash used in operating activities | $(2,146,717) | $(2,455,248) | Cash use decreased by $308,531 |
| Capitalized software additions | $225,098 | $378,300 | Decreased by $153,202 |
- Revenue mix was 82% B2B and 18% B2C in fiscal 2026, compared with 76% B2B and 24% B2C in fiscal 2025.
- General and administrative expense was $2,510,264, compared with $2,477,888. Technology and content development expense declined to $613,578 from $691,154, and sales and marketing expense declined to $384,041 from $545,030.
- The filing does not present a separate gross profit or gross margin because the company reports an integrated hosted technology and services model. Based on reported revenue and operating expenses, the implied operating margin was approximately negative 862% in fiscal 2026 versus negative 3,262% in fiscal 2025.
- Cash and cash equivalents were $2,298,809 at June 30, 2026, plus $100,000 of restricted cash, for total cash, cash equivalents and restricted cash of $2,398,809. Total assets were $3,029,637 and stockholders’ equity was $2,653,719.
- Current liabilities were $375,918. The filing reports no interest expense in either fiscal 2026 or fiscal 2025 and does not identify outstanding borrowings or debt obligations.
- Capitalized software, net, was $497,034 at June 30, 2026. The company recorded no software impairment in fiscal 2026, compared with a $90,869 impairment in fiscal 2025.
Material changes versus the prior comparable period
- Revenue increased substantially as the company expanded B2B NurseMagic adoption, although revenue remained far below the level needed to cover operating expenses.
- Net loss improved by approximately 14%, primarily because of lower technology and content development and sales and marketing costs, partially offset by higher general and administrative expense.
- Operating cash burn improved by approximately 13%, while capitalized software investment declined approximately 40%.
- Cash flow was supported by approximately $2.343 million of financing proceeds in fiscal 2026, compared with approximately $3.096 million in fiscal 2025.
- Shares outstanding increased from 4,572,713 at June 30, 2025 to 6,549,851 at June 30, 2026. Fiscal 2026 financing also created 4,137,822 outstanding warrants and other potentially dilutive securities.
Financing, outlook, risks and unusual items
- In April 2026, the company completed registered direct and private placements with aggregate gross proceeds of approximately $2.6 million before fees and expenses, including a $600,000 insider-led placement. The offerings included common stock and warrants.
- At June 30, 2026, outstanding warrants covered 4,137,822 shares. Series A-1 and Series A-2 warrants became exercisable after stockholder approval on July 13, 2026. The potential exercise price proceeds and resulting dilution should be evaluated against the company’s share price and capital needs.
- On July 17, 2026, the company entered into an at-the-market offering agreement permitting sales of common stock from time to time under its effective shelf registration statement. The filing text does not provide a clear maximum offering amount.
- Management states that current forecasts indicate cash may be insufficient to fund planned operations for the twelve months following issuance of the financial statements. The company plans to seek additional financing, potentially through common-stock offerings, but those plans are subject to market conditions and do not alleviate substantial doubt about going-concern status.
- The independent auditor issued an unqualified opinion on the financial statements but included an explanatory going-concern paragraph. The financial statements contain no adjustments related to the outcome of this uncertainty.
- Key risks include continued losses and cash consumption, dependence on additional financing, customer adoption and retention, intense healthcare software competition, HIPAA and other privacy compliance, AI accuracy and bias, cybersecurity, third-party dependencies, intellectual property protection, limited personnel, and potential Nasdaq listing risks.
- No material legal proceedings were reported. The company stated that it had not experienced material cybersecurity incidents in recent years, although future incidents could materially affect operations and financial condition.
- Management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2026. The auditor was not required to provide an internal-control attestation because Amesite is a smaller reporting company and non-accelerated filer.
Most important facts for investors to verify
- Whether NurseMagic enterprise deployments convert into durable, recurring revenue and whether customer concentration decreases; one customer represented 12% of fiscal 2026 revenue and 36% of accounts receivable at year-end.
- The company’s actual cash runway relative to operating cash use of approximately $2.147 million during fiscal 2026.
- The timing, pricing and dilution impact of any future equity or ATM financing.
- The potential dilution from 4,137,822 outstanding warrants, 570,692 options, 199,004 restricted stock units and 302,735 deferred stock units.
- Whether revenue growth and cost controls can move the company toward breakeven, given the fiscal 2026 net loss of approximately $3.096 million and the stated going-concern uncertainty.
- Compliance, cybersecurity and data-protection controls supporting healthcare customers and the company’s claims regarding AI-enabled workflow and documentation benefits.