VSee Health ($VSEE) just filed. It runs a no-code telehealth platform through VSee Lab and high-acuity ICU physician services through iDoc. Q3 2025 revenue: $3.98M, up 19% YoY.

The growth is real: nine-month revenue hit $10.69M, up 60%, and net loss narrowed. But the company is still unprofitable, and cash sits at roughly $0.47M. Thin cushion for a public telehealth name. Risk section is blunt. Selling stockholders may dump large blocks, note and warrant conversions could cause significant dilution, and sales by directors, officers, and major holders could pressure the stock. Read that part twice. Use of proceeds wasn't specified in the data provided — worth flagging as a gap if you're digging into the filing yourself. Bottom line: $VSEE shows top-line momentum and FedRAMP High positioning, but a delisting appeal, penny-stock trading, and heavy dilution risk make this a speculative story, not a clean IPO. Size accordingly.

The growth is real: nine-month revenue hit $10.69M, up 60%, and net loss narrowed. But the company is still unprofitable, and cash sits at roughly $0.47M. Thin cushion for a public telehealth name.