Ceribell, the maker of a portable, brain-reading headset for emergency seizure care, aims to go public on the Nasdaq through a $101 million IPO.
The former Fierce 15 winner has priced some 6.7 million shares in the range of $14 to $16, for a proposed total market value of about $505.4 million, according to Renaissance Capital. The company plans to list under the ticker “CBLL.”
While seizures are most commonly associated with epilepsy, they can also be triggered by traumatic brain injuries, strokes, cardiac arrest and sepsis, among other conditions—including without any convulsive or physical symptoms.
Ceribell’s disposable, point-of-care electroencephalography platform, including its artificial intelligence-powered detection algorithms, help track hidden brain activity and deliver a definitive diagnosis.
In August 2023, the California-based company obtained a green light from the FDA for real-time monitoring software designed for hospital intensive care units. And alongside a previous breakthrough designation from the agency, Ceribell was able to quickly claim reimbursement coverage from the Centers for Medicare & Medicaid Services’ New Technology Add-on Payment program, known as NTAP.
Earlier this year, the company posted clinical study results showing reduced ICU hospital stays compared to traditional EEG systems, credited to its ability to uncover nonconvulsive seizures early at the point-of-care.
In its prospectus posted this week, Ceribell said that its headset has been adopted by over 500 customers and used to care for more than 100,000 patients since the system’s initial launch in 2018.
In terms of revenue, the company brought in $45.2 million during the 2023 calendar year, up 74% versus 2022—as well as $29.7 million in the first six months of 2024, for a gain of 45% over the same period the year prior. With $68.2 million in total annual operating expenses, Ceribell listed a 2023 net loss of $29.5 million. The company said it had about $14.1 million in cash on hand as of September 30.
With the proceeds from the IPO, Ceribell said it plans to spend about $50 million to juice up its marketing efforts. The company said it currently counts about 70 sales reps, out of more than 200 employees as of 2023.
It has also slated about $13 million for R&D efforts to expand its device’s indications, including the detection of delirium and ischemic stroke.