08:15 AM EDT, 05/09/2025 (MT Newswires) -- Spectral Medical ( EDTXF ) on Friday said its first-quarter net loss tripled on fair value adjustments.

The company, which is advancing treatments for sepsis, said the net loss surged to $12.6 million, or $0.04 per share, from $4.2 million, or $0.01 per share, for the same period last year. The increased loss was due to higher fair value adjustment of derivative liability on March 31. Beyond that, operating expense were flat.

Revenue contracted 14% to $572,000.

Earlier this week, Spectral Medical ( EDTXF ) entered into a US$10 million senior secured promissory note with Vantive, providing a funding path to advance its candidate PMX through the regulatory phase and, if ultimately approved, into commercialization. Spectral has completed enrollment in the Tigris trial, which is evaluating PMX for the treatment of endotoxic septic shock.