OneMedNet's ViuHealth Partnership Expands Data Scale but Fails to Address Core Financial and Operational Risks

What happened

OneMedNet announced a strategic partnership with ViuHealth to enhance its autoimmune disease datasets, aiming to accelerate recurring revenue from life sciences and AI customers. However, the company faces acute liquidity constraints, with only $0.1 million in cash and $1.6 million in Bitcoin as of mid-2025 and a going-concern flag in its audits. This collaboration expands the autoimmune clinical ontology on its iRWD platform, potentially increasing data scale and diversity to attract more customers. Yet, it does not immediately resolve key issues such as sub-scale revenue, which was $155k in Q2 2025, or Nasdaq noncompliance overhangs threatening delisting. Therefore, while the partnership aligns with long-term strategic goals, it offers little near-term relief from the high-risk profile detailed in the DeepValue report.

Implication

The partnership could enhance OneMedNet's iRWD offerings by adding autoimmune data, potentially making it more competitive for future contracts with life sciences firms. However, it fails to provide immediate revenue or cash inflows, crucial given the company's dependence on external financing and history of operating losses. Success hinges on OneMedNet's ability to translate this data expansion into sustained iRWD bookings, an area where execution has been inconsistent amid pivots from the decommissioned BEAM service. Additionally, Nasdaq noncompliance and potential dilution from equity facilities like the Yorkville SEPA remain significant overhangs that could undermine shareholder value. Thus, investors should remain skeptical and await concrete evidence of improved financial metrics and strategic traction before considering a stance change.

Thesis delta

This news partially addresses the strategic validation watch item from the DeepValue report, as partnerships could lead to multi-year contracts and support a move to HOLD. However, it does not shift the core SELL thesis because liquidity constraints, sub-scale revenue, and Nasdaq compliance risks remain unaddressed, with no immediate impact on iRWD revenue growth or funding runway. A change to HOLD would require demonstrating consecutive quarters of iRWD revenue above $1M and secured non-dilutive financing, which this partnership alone does not achieve.