We are a commercial-stage medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. We have developed the Ceribell System, a novel, point-of-care electroencephalography (“EEG”) platform specifically designed to address the unmet needs of patients in the acute care setting. By combining proprietary, highly portable, and rapidly deployable hardware with sophisticated artificial intelligence (“AI”)-powered algorithms, the Ceribell System enables rapid diagnosis and continuous monitoring of patients with neurological conditions. We are initially focused on becoming the standard of care for the detection and management of seizures in the acute care setting, where the technological and operational limitations of conventional EEG systems have contributed to significant delays in seizure diagnosis and suboptimal patient care and clinical outcomes, as well as a high economic burden for hospitals and the healthcare system. By making EEG more accessible and enabling continuous monitoring through the power of AI, the Ceribell System enables clinicians to more rapidly and accurately diagnose and manage patients at risk of seizure in the acute care setting, resulting in improved patient outcomes and hospital and payer economics. As of September 30, 2024, the Ceribell System has been adopted by more than 500 active accounts, ranging from top academic centers to small community hospitals, and has been used to care for over 100,000 patients. While seizures are often associated with epilepsy in the outpatient setting, in the acute care setting they are commonly triggered by serious conditions such as brain tumors, traumatic brain injury, stroke, cardiac arrest, and sepsis, among others. A seizure lasting longer than five minutes is known as status epilepticus, a serious medical emergency that can lead to mortality or severe and permanent brain damage. Seizures occurring in the acute care setting tend to be non-convulsive, which makes empirical diagnosis extremely challenging. EEG, a non-invasive test that measures electrical activity in the brain and displays this activity as continuous waveforms, is the only way to definitively confirm a seizure diagnosis. However, we believe conventional EEG systems, which were designed approximately 100 years ago for the outpatient setting (Britton 2016), are insufficient to meet the needs of critically ill acute care patients as they are unable to provide the speed of diagnosis and continuous monitoring necessary for optimal patient management (Kämppi 2013; Hillman 2013; Gururangan 2016; Vespa 2020; LaMonte 2021; Eberhard 2023; Kozak 2023; Suen 2023). Conventional EEG systems must be operated by specialized EEG technicians who typically work limited hours, are staffed across multiple departments within the hospital, and face a national supply shortage (Ney 2024; Suen 2023; Eberhard 2023; Zafar 2022; Yazbeck 2019). After arrival at the bedside, which is often delayed, EEG technicians must initiate a long, complex, and labor-intensive setup process before EEG recording can begin. The EEG recording must then be interpreted and monitored by specialized neurologists, who face similar workflow and supply shortage issues, and when available, are rarely able to continuously monitor EEG recordings in real-time. These bottlenecks result in delays in both diagnosis and monitoring. This can lead to delayed seizure detection and less informed treatment decisions, which may negatively impact clinical outcomes and have been shown to contribute to a higher cost burden for hospitals and the healthcare system. We specifically designed the Ceribell System to address the limitations of conventional EEG in the acute care setting and dramatically improve clinical outcomes of critically ill patients at high risk of seizures. The Ceribell System integrates proprietary, highly portable hardware with AI-powered algorithms to aid in the detection and management of seizures. Our hardware is composed of a disposable, flexible headband and a pocket-sized, battery-operated recorder used to capture and wirelessly transmit EEG signals. The hardware is simple to use and, after approximately one hour of training, can be applied within minutes by any non-specialized healthcare professional. EEG data captured by the recorder is interpreted by our proprietary AI-powered seizure detection algorithm, Clarity, which continuously monitors the patient’s EEG signal and can support the clinician’s real-time assessment of seizure activity. In May 2023, the latest generation of Clarity became the first and only device to receive 510(k) clearance from the U.S. Food and Drug Administration (“FDA”) for diagnosing electrographic status epilepticus, and subsequently received a New Technology Add-on Payment (“NTAP”) from the Centers for Medicare and Medicaid Services (“CMS”). The unique features and capabilities of our system deliver numerous benefits, including: • Early seizure detection and improved patient outcomes. The Ceribell System can be deployed in as little as five minutes by any non-specialized healthcare professional with limited training required and continuously monitors the patient for seizure activity, empowering bedside clinicians to make more informed and timely treatment decisions. This results in improved patient outcomes, including shorter hospital stays and reductions in unnecessary administration of anti-seizure medication, intubation, and patient transfers. • Improved hospital and payer economics. We have demonstrated that the Ceribell System can deliver cost savings for hospitals and payers by decreasing the average hospital length of stay, reducing the over-administration of anti-seizure medication, and reducing unnecessary patient transfers. In addition, confirmed diagnosis of seizures may allow hospitals to receive appropriate reimbursement coding for the more complex and costly management of patients with multiple comorbidities. • Reduced strain on key hospital personnel. The Ceribell System reduces reliance on EEG technicians for EEG administration and enables hospitals to better manage technician infrastructure and workflow. Additionally, Clarity allows for better triage of at-risk patients, improves resource allocation, and supports more efficient workflow for neurologists. We have developed a large body of evidence that supports these clinical and economic benefits, including over 20 peer-reviewed publications and over 65 abstracts and posters. Our growing base of clinical evidence highlights the value of the Ceribell System to all key stakeholders, including patients, clinicians, and hospitals of different types and acuity settings. We believe our base of clinical evidence validates that the quality of Ceribell System recordings are equivalent to conventional EEG, supports the diagnostic accuracy of Clarity, and shows that use of the Ceribell System can result in improved clinical management and care. In addition, our clinical evidence supports that use of the Ceribell System can provide meaningful cost savings to hospitals and payers, appropriate reimbursement coding for the treatment of patients with complex conditions, and reduced strain on hospital personnel. We believe that EEG has been significantly underutilized in the detection and management of seizures in the acute care setting and that the Ceribell System has the ability to meaningfully expand the use of EEG to the approximately three million acute care patients who we believe should be monitored for non-convulsive seizures in the United States each year. This presents a market opportunity that we estimate to be over $2 billion. In the future, we intend to leverage our proprietary database of EEG recordings and our data science and AI capabilities to expand the use of our system. We believe that our system can be deployed with novel algorithms for various indications in the acute care setting. Thus, we have begun the technical validation process for multiple additional indications, including the detection and monitoring of delirium, for which we received an FDA Breakthrough Device Designation in September 2022. Based on the prevalence of these conditions, we believe expansion of our indications could represent a significant market opportunity. We are currently focused on becoming the standard of care for the detection and management of seizures in the acute care setting. There are approximately 5,800 acute care facilities in the United States that we believe could benefit from our system. As of June 30, 2024, we employed a team of approximately 70 sales representatives, including Territory Managers, who are responsible for new customer acquisition and onboarding, and Clinical Account Managers, who focus on ongoing account coverage to increase utilization and further support hospital onboarding. We intend to expand the size of our direct sales organization in the United States to support our efforts to drive further adoption and utilization of the Ceribell System. While our current commercial focus is on the United States, we have received a CE Mark for the Ceribell System in Europe, and we intend to pursue additional regulatory clearances in Europe within two to four years of this offering and, in the future, elsewhere outside of the United States. We also plan to engage in market access initiatives in attractive international regions in which we see significant opportunity. We generate revenue from two recurring sources – the sale of our disposable headbands that are intended for single patient use and a monthly subscription fee charged to our hospital customers for use of Clarity, recorders, and our portal. We have experienced rapid growth since we began commercializing the Ceribell System in 2018, expanding our headcount from over 100 employees in 2021 to over 200 employees in 2023, and have generally experienced sequential quarterly revenue growth fueled primarily by growth in active account base and utilization per active account. We were incorporated under the laws of the State of Delaware on August 29, 2014, under the name “Brain Stethoscope, Inc.” and changed our name to CeriBell, Inc. on August 11, 2015. Our principal executive offices are located at 360 N. Pastoria Avenue, Sunnyvale, California.
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Abbott Laboratories for rapid brain injury diagnostics
Dexcom for concussion diagnosis
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- CBL-514: An investigational small molecule drug candidate being developed for the treatment of various neurological disorders, including Multiple Sclerosis and Alzheimer's disease.
- Neurological Therapeutic Discovery: Early-stage research and development efforts focused on identifying and advancing novel drug candidates for a broad spectrum of acute and chronic neurological conditions.
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CeriBell (CBLL) primarily sells its neurodiagnostic device systems to other companies in the healthcare sector. Its primary customers are healthcare facilities, specifically:
- Hospitals
- Emergency Departments
- Intensive Care Units
As of its latest annual report (10-K filing for the fiscal year ended December 31, 2023), CeriBell does not identify any single customer as accounting for 10% or more of its total revenue. Therefore, no specific customer names or public company symbols are disclosed as major customers in its public filings.
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- Flex Ltd. (NASDAQ: FLEX)
- Natus Medical Incorporated (NYSE: NTUS)
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Jane Chao, CEO and Co-founder
Jane Chao is the co-founder and CEO of Ceribell, a position she has held full-time since 2015. Prior to Ceribell, she was the Principal Manager of Portfolio Management Strategy at Genentech, a Senior Strategy Manager at Novartis, and a management consultant with McKinsey & Company.
Scott Blumberg, CFO
Scott Blumberg, Ceribell's CFO, has over 15 years of healthcare finance experience, primarily in the medical device sector. He founded Venture Forward Advisory Services, a financial and strategic consulting agency, where he acted as a Managing Advisor and outsourced CFO for more than 20 venture-backed startups and emerging growth companies. Previously, he was the Director of Business Development for IDEV Technologies, a venture-backed medical device company, where he managed the M&A process that resulted in its sale to Abbott for $310 million. Blumberg also served as an investment professional at Bay City Capital, a life sciences venture capital firm.
Raymond Woo, CTO
Raymond Woo joined Ceribell in 2016 to lead product research and development. Before Ceribell, he was the Global Head of Femtosecond Laser R&D at Abbott Medical Optics (now part of J&J Vision). He played a key role in developing the Catalys laser cataract surgery system at Optimedica, which was subsequently acquired by Abbott Medical Optics.
Dan Rogy, VP of Operations
Dan Rogy has over 25 years of experience in medical equipment and disposable device operations and R&D management. He led the R&D and Operations Teams at Outset Medical to commercialize a novel Hemodialysis system. Rogy also served as General Manager at Abbott Laboratories following its acquisition of OptiMedica, and was previously Director of R&D at Adiana, which was acquired by Cytyc Corporation.
David Stoffel, Chief Business Officer
David Stoffel, Ceribell's Chief Business Officer, has over 20 years of experience in the medical device industry. Prior to Ceribell, he was responsible for leading the Mobile Cardiac Telemetry (MCT) business at iRhythm Technologies. He previously headed the Marketing and Business Development functions at Intuitive Surgical, where he contributed to the development of the Da Vinci robotic system. Stoffel was also a partner at Radius Ventures, a healthcare venture capital firm.
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Here are the key risks to CeriBell's business:
- Profitability Timeline and History of Net Losses: CeriBell has a limited operating history and has consistently reported net losses, including a net loss of $13.6 million in Q2 2025 and $40.5 million for the full year 2024. While the company is experiencing significant revenue growth (38% year-over-year in Q2 2025), operating expenses are also increasing due to investments in its commercial organization, increased headcount, and costs associated with being a public company. This raises questions about when the company will achieve breakeven and sustained profitability.
- Competitive Pressures and Intellectual Property Challenges: CeriBell operates in a highly competitive and rapidly evolving industry. Competitors such as Natus Medical may challenge CeriBell's intellectual property (IP) or develop alternative solutions. The risk exists that CeriBell's proprietary database and AI features may not be sufficiently differentiated, making them susceptible to replication by larger competitors. The company has engaged in strategic litigation against Natus Medical over alleged patent infringement, the outcomes of which pose a risk.
- Regulatory Uncertainty, Market Acceptance, and Reimbursement: The company's delirium detection algorithms and other products require FDA clearance, and delays in obtaining such clearances could significantly impact market entry. Furthermore, CeriBell's ability to achieve substantial market acceptance and widespread adoption of its products is crucial for its success. Obtaining and maintaining adequate coverage and reimbursement levels for its products is also a significant factor that could affect its financial performance.
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CeriBell Inc. (CBLL) primarily offers the CeriBell System, a point-of-care electroencephalography (EEG) platform designed for the rapid diagnosis and continuous monitoring of patients with serious neurological conditions. This system includes proprietary, portable, and rapidly deployable hardware, disposable headbands, pocket-sized battery-operated recorders, and AI-powered algorithms such as Clarity for seizure detection. The company also provides a cloud-based secured portal for real-time remote access to EEG data.
The estimated addressable market for CeriBell's main products and services is approximately $2 billion. This market size specifically pertains to the United States.
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Here are the expected drivers of future revenue growth for CeriBell (CBLL) over the next 2-3 years:
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Expansion in Active Accounts and Hospital Penetration: CeriBell is focused on acquiring new accounts and increasing its penetration within existing hospital customers. The company reported 615 active accounts as of September 30, 2025, marking its largest sequential rise since becoming a public company. Management has also highlighted ongoing expansion within the VA system as a new growth engine.
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Growth in Pediatric and Neonatal Markets: The company has received 510(k) clearance for its Clarity algorithm in the pediatric population, positioning it as the only seizure detection algorithm cleared for patients aged 1 year and older. This expansion into the pediatric and neonatal segment is estimated to add approximately $400 million to CeriBell's core market opportunity.
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Recurring Revenue from Disposable Headbands and AI Platform Subscriptions: CeriBell's business model is built on recurring revenue generated from the sale of disposable headbands and subscriptions to its Clarity AI platform. Both product and subscription revenues have demonstrated strong year-over-year increases, indicating continued adoption and utilization of the Ceribell System.
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Investment in Product Development and New Market Expansion: CeriBell continues to invest in product development and clinical evidence generation to sustain growth. The company plans to expand its offerings into new areas such as delirium and stroke detection markets, further broadening its addressable market beyond its current focus on seizure management in acute care settings.
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Share Issuance
- CeriBell, Inc. completed its initial public offering (IPO) on October 15, 2024, issuing 12,196,969 shares of common stock at $17.00 per share, which generated approximately $207.3 million in gross proceeds.
- As of September 30, 2025, the number of issued and outstanding shares of common stock increased to 37,048,397, up from 35,850,606 as of December 31, 2024.
- On November 4, 2025, CeriBell filed a universal shelf registration to offer up to $300,000,000 of various securities, including common stock, though the company stated no immediate intention to pursue a financing transaction at that time.
Inbound Investments
- The company received approximately $207.3 million in gross proceeds from its initial public offering, which closed on October 15, 2024.
Capital Expenditures
- Proceeds from the October 2024 IPO were intended, in part, to fund capital expenditures, alongside sales and marketing efforts, and research and product development.
- Operating expenses for the full year 2024 increased by 41% to $96.5 million, with a primary factor being investments in the company's commercial organization and increased headcount to support business growth.
- Third-quarter 2025 operating expenses rose to $34.6 million, an increase of 39% compared to the same period in 2024, attributed to investments in the commercial organization, increased headcount, and costs associated with operating as a public company.
