Ceribell, Inc. (CBLL) is a commercial-stage medical device company manufacturing the Ceribell System (EEG recorder plus disposable Wearables plus AI-driven Clarity algorithm) for seizure detection in ICU settings. The 10-Q covers the quarter ended March 31, 2026, filed May 11, 2026. The TAG_CONTEXT provided contains no XBRL-tagged financial data, so balance-sheet line-item values cannot be sourced directly from the filing's interactive data. The MFFAIS-provided liquidation estimates are used as the operative recovery figures: cash liquidation value of approximately $19.9M, liquid liquidation value of approximately $35.0M, and operating liquidation value of approximately $42.3M. These figures confirm what the risk factor narrative makes plain: equity recovery under a stop-and-liquidate scenario is negative or marginally positive only under the most optimistic operating-asset assumptions, and the gap between CLV and OLV is narrow, indicating the company holds little in the way of tangible assets beyond liquid instruments. The VLSA (venture loan and security agreement with Horizon Technology Finance and SVB) carries $20.0M outstanding principal as of March 31, 2026, which, at face value, consumes virtually the entire estimated liquid asset base. The revolving facility had no outstanding balance. The liability stack under liquidation would include the $20.0M VLSA principal plus accrued interest, operating lease obligations (Sunnyvale, CA manufacturing and HQ), and any remaining trade payables and accrued liabilities. Intangible assets—including the Stanford University in-license for the brain stethoscope EEG sonification technology, internally developed Clarity algorithm, and patent portfolio—receive zero recovery haircut under the liquidation lens and are the largest structural reason recovery to equity is near zero or negative. NOLs of $165.6M federal and $157.6M state carry no liquidation value. The filing discloses that during Q1 2026 the company exercised its option to extend exclusivity under certain Stanford-licensed patent rights through expiration of the last-to-expire licensed patent, an event noted in the IP risk factor section but not separately XBRL-tagged. The filing does not separately disclose inventory, accounts receivable, PP&E, or operating lease right-of-use asset balances in the TAG_CONTEXT, making line-level haircut calculations impossible from this data set. The prior filing provided is the 10-K (period ending December 31, 2025, filed February 24, 2026); balance sheet comparison between December 31, 2025 and March 31, 2026 cannot be performed without tagged financial data from either filing.
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