OneMedNet Advances Commercial Launch Amid Persistent Financial Strains

What happened

OneMedNet announced the next phase of commercial launch for its Real-World Data platform powered by Palantir Foundry, claiming to convert customer evaluations into subscriptions after a November 2025 demonstration. However, the DeepValue report reveals acute liquidity constraints, with only $0.1 million in cash and $1.6 million in Bitcoin as of June 2025, raising substantial going-concern doubts. Revenue remains sub-scale at $155,000 in Q2 2025, and Nasdaq noncompliance notices threaten delisting or a reverse split. The company's dependence on external financing, such as a $25 million equity facility, implies high dilution risk if utilized. While the launch could signal progress in iRWD sales, it does not address the core issues of financial instability and competitive pressures from larger RWD platforms.

Implication

The announcement indicates potential iRWD traction but fails to provide concrete financial metrics or timelines, leaving investors reliant on vague progress claims. Liquidity remains critically low, with a going-concern flag and dependence on dilutive financing, threatening shareholder value. Nasdaq noncompliance overhangs the stock, with potential delisting or reverse split actions that could further depress equity. Without demonstrated iRWD revenue growth above $1 million per quarter or secured long-term funding, the high-risk profile persists. Investors should monitor upcoming quarterly reports for iRWD bookings, cash runway updates, and Nasdaq compliance resolutions before considering any stance change.

Thesis delta

The commercial launch progress is a minor positive but does not shift the SELL thesis from the DeepValue report. Key watch items—such as iRWD revenue traction, liquidity improvement, and Nasdaq compliance—remain unmet and unchanged. Until OneMedNet demonstrates sustained financial stability and execution beyond promotional announcements, the high-risk assessment holds firm.