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olivLaw · US equity research

OneMedNet Corporation ONMD

Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)

4.54USD+7.84% · 1 dayClose 04 Nov 2026

OneMedNet Corporation provides solutions that unlock the value of clinical image archives held by healthcare providers, offering life science companies imaging real world data that is curated and meets regulatory requirements. The company still has very small revenue and recurring losses, and its network of 2,130 healthcare sites and revenue of 1.4 million USD in 2025 show the model is at an early stage.

At the close of 04 Nov 2026, OneMedNet Corporation (ONMD) stock was 4.54 USD (+7.84% on the day), with market capitalisation 269.2 m USD, beta 0.84, 52-week range 3.93–19.50 USD. Latest reported quarter (Q2 2026): revenue of 292.0 k USD (+88.4% YoY), net income of -2.2 m USD (−172.8% YoY), diluted EPS -0.04 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
269.2 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.15 · TTM to 30 Jun 2026
E/P (TTM)
-3.39%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.84
Volatility (1y) 128%
52-week range
3.9319.50

Price history

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Technical reading

RSI (14)
45.1
neutral
Bollinger (20, 2)
3.96 – 4.99
in the upper half of the band · %B 0.56 · band width 23.0%
SMA 50 / 200
5.46 / 7.14
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.31 / -0.36
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−11.2%−1.1%−10.1 pp—
3 months−29.7%−0.5%−29.3 pp—
6 months−52.8%+4.4%−57.1 pp—
Year to date−58.7%+12.3%−71.0 pp—
1 year−74.4%+13.5%−87.9 pp+14.7%
3 years−92.1%+76.4%−168.5 pp+18.0%
5 years−95.5%+63.7%−159.2 pp—
Max drawdown (1y)
−79.8%
08 Dec 2025 → 12 Oct 2026
Max drawdown (5y)
−97.2%
09 Oct 2023 → 13 Jun 2025
Compound annual growth (5y)
−46.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
292.0 k USD
+88.4% YoY
Net income
-2.2 m USD
−172.8% YoY
Diluted EPS
-0.04
−157.1% YoY
net / operating
-743.8% / -774.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue142.0 k26.0 k137.0 k155.0 k177.0 k891.0 k96.0 k292.0 k
Cost of revenue226.0 k52.0 k361.0 k396.0 k399.0 k726.0 k476.0 k857.0 k
Gross profit-84.0 k-26.0 k-224.0 k-241.0 k-222.0 k165.0 k-380.0 k-565.0 k
Research & development298.0 k340.0 k348.0 k382.0 k323.0 k443.0 k311.0 k324.0 k
Operating income-2.3 m-2.7 m-2.2 m-2.1 m-2.2 m-3.1 m-2.6 m-2.3 m
Depreciation & amortisation10.0 k ≈26.0 k12.0 k34.0 k ≈10.0 k ≈9.0 k11.0 k5.0 k ≈
Interest expense14.0 k92.0 k31.0 k22.0 k6.0 k8.0 k10.0 k9.0 k
Net income-2.1 m-2.4 m-1.9 m3.0 m-741.0 k-3.1 m-2.5 m-2.2 m
Diluted EPS-0.07-0.07 ≈-0.060.07-0.01-0.06 ≈-0.04-0.04
Operating cash flow-1.9 m ≈-2.0 m-1.9 m-2.2 m ≈-1.7 m ≈-1.7 m-1.5 m-1.9 m ≈
Capex9.0 k ≈35.0 k5.0 k3.0 k ≈0 ≈5.0 k2.0 k9.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenue1.2 m1.0 m643.0 k1.4 m
Revenue YoYunavailable−11.4%−37.0%+111.4%
Net income-30.5 m-33.8 m-10.1 m-2.8 m
Net income YoYunavailableunavailableunavailableunavailable
Diluted EPS-7.66-4.65-0.36-0.06
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %-2,641.0%-3,308.5%-1,575.3%-206.1%
Free cash flow-4.8 m-4.8 m-7.0 m-7.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
585.0 k USD
Financial debt
1.2 m USD
Net debt
609.0 k USD
Equity
-3.0 m USD
Total assets
2.2 m USD
Debt / equity
unavailable
Current ratio
0.43x
ROE
unavailable
ROA
-95.3%
FCF margin
-553.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.0 m
2024
643.0 k
2025
1.4 m

SEC (XBRL)· 30 Mar 2026verified

Cost of revenue
2023
1.2 m
2024
924.0 k
2025
1.9 m

SEC (XBRL)· 30 Mar 2026verified

Gross profit
2023
-129.0 k
2024
-281.0 k
2025
-503.0 k

SEC (XBRL)· 30 Mar 2026verified

Research & development
2023
2.1 m
2024
1.5 m
2025
1.5 m

SEC (XBRL)· 30 Mar 2026verified

Operating income
2023
-6.9 m
2024
-9.6 m
2025
-9.7 m

SEC (XBRL)· 30 Mar 2026verified

Depreciation & amortisation
2023
28.0 k
2024
57.0 k
2025
65.0 k

SEC (XBRL)· 30 Mar 2026verified

EBITDA
2023
-6.8 m ≈
2024
-9.5 m ≈
2025
-9.6 m ≈

SEC (XBRL)· 30 Mar 2026derived

Interest expense
2023
11.0 k
2024
147.0 k
2025
67.0 k

SEC (XBRL)· 30 Mar 2026verified

Pre-tax income
2023
-33.8 m
2024
-10.1 m
2025
-2.8 m

SEC (XBRL)· 30 Mar 2026verified

Income tax
2023
18.0 k
2024
2.0 k
2025
1.0 k

SEC (XBRL)· 30 Mar 2026verified

Net income
2023
-33.8 m
2024
-10.1 m
2025
-2.8 m

SEC (XBRL)· 30 Mar 2026verified

Diluted EPS
2023
-4.65
2024
-0.36
2025
-0.06

SEC (XBRL)· 30 Mar 2026verified

Weighted average diluted shares
2023
7.3 m
2024
28.1 m
2025
44.5 m

SEC (XBRL)· 30 Mar 2026verified

Balance sheet · USD

Cash
2023
47.0 k
2024
172.0 k
2025
585.0 k

SEC (XBRL)· 30 Mar 2026verified

Receivables
2023
152.0 k
2024
213.0 k
2025
495.0 k

SEC (XBRL)· 30 Mar 2026verified

Current assets
2023
365.0 k
2024
3.6 m
2025
2.1 m

SEC (XBRL)· 30 Mar 2026verified

Property, plant & equipment, net
2023
99.0 k
2024
108.0 k
2025
56.0 k

SEC (XBRL)· 30 Mar 2026verified

Total assets
2023
464.0 k
2024
3.7 m
2025
2.2 m

SEC (XBRL)· 30 Mar 2026verified

Accounts payable
2023
4.7 m
2024
6.0 m
2025
3.5 m

SEC (XBRL)· 30 Mar 2026verified

Short-term debt
2023
465.0 k
2024
9.4 m
2025
974.0 k

SEC (XBRL)· 30 Mar 2026verified

Long-term debt
2023
465.0 k
2024
2.3 m
2025
220.0 k

SEC (XBRL)· 30 Mar 2026verified

Current liabilities
2023
13.8 m
2024
19.2 m
2025
4.8 m

SEC (XBRL)· 30 Mar 2026verified

Total liabilities
2023
13.9 m
2024
19.7 m
2025
5.1 m

SEC (XBRL)· 30 Mar 2026verified

Equity
2023
-13.4 m †
2024
-16.0 m †
2025
-3.0 m †

SEC (XBRL)· 30 Mar 2026verified

Shares outstanding at year end
2023
32.3 m
2024
28.0 m
2025
—

SEC (XBRL)· 17 Dec 2024verified

Cash flow · USD

Operating cash flow
2023
-4.8 m
2024
-7.0 m
2025
-7.5 m

SEC (XBRL)· 30 Mar 2026verified

Capex
2023
44.0 k
2024
51.0 k
2025
13.0 k

SEC (XBRL)· 30 Mar 2026verified

Free cash flow
2023
-4.8 m ≈
2024
-7.0 m ≈
2025
-7.5 m ≈

SEC (XBRL)· 30 Mar 2026derived

Investing cash flow
2023
-44.0 k
2024
-2.0 m
2025
2.3 m

SEC (XBRL)· 30 Mar 2026verified

Financing cash flow
2023
4.6 m
2024
9.1 m
2025
5.6 m

SEC (XBRL)· 30 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
111.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
5.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-68.8%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-693.3%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-695.7%
computed by olivLawTTM to 30 Jun 2026
Net margin
-584.2%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-473.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-459.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
unavailable
insufficient data
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
475.0 k USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
-307.0x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-6.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
16.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-6.9 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
115 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
648 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
269.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
269.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-3.4%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
184.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
185.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-2.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.54 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 269.2 m USD

Key indicators

Market capitalisation
269.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
insufficient data
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-584.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
111.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 588derived 52

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Commercial Physical & Biological Research (SIC 8731)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-584.2%18 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth5.6%47 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-307.0x0 (on a fixed band)19%
Current ratio · Balance sheet0.3x0 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-2.6%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial47/100 · 1/2 factors with a value
  • Quality· partial18/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ONEMEDNET CORPORATION (ONMD). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.4 m USD in 2025; YoY growth 111.4%; net margin -584.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -584.2%
  • Interest coverage: -307.0x
  • Current ratio: 0.3x
  • FCF yield: -2.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 67.6x
EV/EBITDA
—
vertical median 24.6x
P/S
184.9x
vertical median 4.2x
above median (+4,337.4%)
P/B
—
vertical median 4.6x
ROE
—
vertical median 1.2%
Net margin
-584.2%
vertical median 1.0%
below median (−57,912.2%)
EBIT margin
-695.7%
vertical median 4.0%
below median (−17,503.6%)
Revenue YoY
111.4%
vertical median -4.0%
above median
Net debt/EBITDA
—
vertical median 3.4x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IQVIqvia Holdings Inc.43.5 bn32.021.7%8.1%+5.9%+15% / +23%
INCYIncyte Corporation25.0 bn65.27.8%6.7%+21.2%+18% / +126%
MEDPMedpace Holdings, Inc.18.4 bn36.4117.9%18.2%+20.0%+11% / +143%
CRLCharles River Laboratories International, Inc.15.6 bn385.51.2%1.0%−0.9%+83% / +66%
ICLRICON plc15.6 bn70.02.5%2.8%+0.8%+10% / −24%
ABSIAbsci Corp1.8 bn—-57.7%-7,756.4%−38.2%+231% / +528%
OABIOmniab, Inc.755.6 m—-16.5%-108.1%−29.3%+186% / +18%
NRCNRC Health574.5 m95.9248.1%4.5%−4.0%+59% / −35%
ONMDOnemednet Corporation269.2 m——-584.2%+111.4%−74% / −92%
MXCTMaxCyte, Inc.143.5 m—-20.4%-114.8%−14.5%−21% / −71%
BIAFbioAffinity Technologies, Inc.23.7 m—-1,860.2%-257.3%−34.2%−87% / −100%
ISPCiSpecimen Inc.2.1 m—-968.5%-2,449.0%−79.2%−95% / −100%

1- and 3-year price returns: for ONMD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    OneMedNet Corporation provides solutions that unlock the value of clinical image archives held by healthcare providers, offering life science companies imaging real world data that is curated and meets regulatory requirements. The company still has very small revenue and recurring losses, and its network of 2,130 healthcare sites and revenue of 1.4 million USD in 2025 show the model is at an early stage 1.

    SWOT

    Strengths

    • An extensive federated network of healthcare providers built over more than a decade, giving access to clinical data that is hard to replicate. The company says it has shown the commercial and regulatory viability of imaging real world data 1.
    • An in-house clinical team that curates data to each protocol's specifications, a capability that may reduce the risk of rejection by regulators 1.
    • Growth in iRWD revenue in 2025 and a history of solving a real image-sharing problem point to a commercial direction that could be strengthened 1.

    Weaknesses

    • Net losses in every year since inception, a very large accumulated deficit relative to revenue, and a going concern warning 1.
    • Revenue is very small relative to operating expenses, and gross margin is negative, showing the model does not yet cover curation and hosting costs 1.
    • Dependence on equity and debt financing, with dilution risk for shareholders, and the need to cure the listing bid price condition 12.

    Opportunities

    • If regulators accept evidence based on clinical practice data more often, demand for curated imaging data could increase 1.
    • Expanding the provider network outside the US, where the company already works with partners in several countries, could open new markets 1.
    • AI tools could reduce curation costs and widen the range of products offered to life science companies 1.

    Threats

    • Competitors with greater resources or superior technology could reduce market share and pressure prices 1.
    • A cybersecurity incident could expose confidential data and seriously damage reputation and provider relationships 1.
    • Loss of network providers or major customers could reduce the volume of available data and revenue 1.

    Risks

    • Going concernhigh

      The auditor included a substantial doubt paragraph about the company's ability to continue as a going concern, which depends on generating cash flows and obtaining financing 1.

    • Listing bid price curehigh

      The Nasdaq minimum bid price notice requires a cure by October 2026, and failure to comply could lead to delisting 2.

    • Revenue concentrationmedium

      Revenue is very small and comes from few customers, so losing one important client could have a disproportionate effect 12.

    • Data securitymedium

      The company handles sensitive medical data, and a cyber attack or internal error could create legal liability and loss of client trust 1.

    • Intellectual property protectionlow

      The technological advantage depends on protecting patents and trade secrets, and the company acknowledges it cannot predict with certainty whether its rights will be enforced 1.

    Investment thesis

    What would need to be true (bull case)

    • If regulators and the pharmaceutical industry continue to give more weight to clinical practice data, an extensive federated network could become a competitive advantage that is hard to match 1.
    • Growth in data delivery revenue in 2025 shows that focusing the company on iRWD is already producing commercial results 1.
    • A network of over two thousand sites and in-house clinical curation could become hard for new entrants to replicate, especially if quality standards tighten 1.

    What would break the thesis

    • Persistent losses, a very large accumulated deficit and the going concern warning show that the business has not yet proven financially sustainable 1.
    • Revenue remains very small relative to costs, and dependence on further financing could lead to dilution of existing shareholders 12.
    • The market is competitive, and competitors with greater resources could capture clients or develop superior technology that makes the company's offer less attractive 1.

    What to watch

    • Cure of the Nasdaq minimum bid price conditionOctober 2026
    • Trend in quarterly iRWD revenue and new customer additionsQ3 2026
    • Financing measures and any shareholder dilutionnext 10-K
    • Status of the going concern assessment in the next annual reportnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    OneMedNet operates in imaging real world data (iRWD), starting from an initial medical image exchange product called BEAM. The company connects healthcare providers such as hospitals and imaging centers with pharmaceutical companies, AI developers and clinical research organizations, delivering de-identified, curated imaging data according to a case selection protocol agreed with the client 1. Data stays locally at providers until it is licensed for a specific study.

    The value proposition rests on the fact that clinical images and the context of the patient record are hard to access and standardize. The company says it covers the whole value chain, from its federated provider network to in-house clinical curation and preparation of case report forms for possible regulatory submissions 1. It links this offer to the need to bring treatments to patients faster, given that drug development often takes many years.

    On revenue structure, the company reports two streams: iRWD, sold on a fixed fee per data unit and recognized on delivery, and BEAM, a subscription recognized ratably, with the BEAM platform decommissioned in May 2025 2. In the first half of 2026 quarterly revenue came only from data deliveries, showing the focus on iRWD 2.

    Segments

    iRWD (imaging real world data)

    The main segment, sold to pharmaceutical companies, medical device makers, clinical research organizations and AI developers. Revenue comes from delivering data units at the price set in the contract, and in 2025 growth in this stream drove almost all of the rise in total revenue 1.

    BEAM (image exchange)

    The initial image exchange platform between hospitals, imaging centers, physicians and patients, with subscription revenue. It was decommissioned in May 2025 and no longer generates revenue, so its contribution to future revenue is nil 12.

    Market context

    The company describes the market for real world data used for clinical evidence as emerging, with growing demand from the pharmaceutical and AI industries. The US drug regulator has set guidelines for using these data in regulatory approvals, and the company notes that about 90% of healthcare data by size is associated with imaging, which outlines the potential market size 1.

    Actual market growth depends on adoption of these data in studies and regulatory filings, and the company acknowledges the market is highly competitive and that competitors may have greater resources 1. If demand develops as the company describes, providers with federated imaging networks could gain relevance, but this remains to be seen.

    Trends

    • Adoption of real world data in regulationtailwind

      US drug regulator guidelines allow data from routine clinical practice to support approvals, creating demand for curated and traceable data. If this practice expands, the company could benefit directly 1.

    • Artificial intelligence in clinical data analysismixed

      AI tools are used to standardize, check quality and index images, which could lower curation costs. At the same time, fast AI development brings competitors with superior technology, a risk the company itself notes 1.

    • Financial pressure and listing statusheadwind

      The company has reported losses every year since inception and a going concern warning. The Nasdaq minimum bid price notice opens a cure period to October 2026, adding pressure on financing 12.

    • Data privacy and security requirementsmixed

      Medical data must be de-identified and protected under US, EU and other rules where the company operates, raising compliance costs but also the entry barrier for competitors 1.

    Competitive position

    The company acknowledges that the real world data market is highly competitive and that current or future competitors may have greater resources, better access to customers and strategic partnerships. A competing technology with superior operational or price performance could affect sales and margins 1.

    The company's stated advantage lies in its federated provider network, in-house clinical curation and combined expertise in compliance, security and radiology. The source documents do not name competitors, so a detailed competitive profile remains limited to the information available 1.

    • Unnamed competitors in available sources

      The company's documents describe generic competitors in the real world data market without naming them, with greater resources and the ability to develop superior technologies 1.

    • Electronic health record and registry data sources

      The company mentions traditional real world data sources such as electronic health records, claims and registries, which can compete with the imaging offer 1.

    • Data aggregators and data platforms

      Historically, pharmaceutical companies bought data from aggregators, sometimes without knowing its quality, so these are substitutes for the offer 1.

    • Consultants and third-party analysis vendors

      Companies outsource data preparation to consultants or third-party vendors, which can offer alternatives for analysis projects 1.

    News & filings

    In the press

    The latest news item in our archive is from 11 Oct 2026; the newest SEC filing is from 14 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / OneMedNet Corporation · 30 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / OneMedNet Corporation · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / OneMedNet Corporation · 23 May 2024

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.