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Corporate Presentation January 2026
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This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about the Company and its industry. These statements and the outcomes of the events they describe involve substantial risks, uncertainties and potentially inaccurate assumptions, some of which cannot be predicted or quantified. All statements other than statements of historical facts contained in this presentation, including statements regarding the Company’s strategy, financial guidance and projections, future results of operations and financial performance, future operations, projected costs, prospects, plans, objectives, expected products, market size, market expansion, growth opportunities and competitive position, as well as assumptions relating to the foregoing, are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” "aims," "forecasts," "guidance" or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans, or intentions. The Company cautions you that the foregoing list does not contain all of the forward-looking statements made in this presentation. You should not rely upon forward-looking statements as predictions of future events, future financial, performance or future trends. The Company has based the forward-looking statements contained in this presentation primarily on its current expectations, estimates, forecasts, and projections about future events and trends that it believes may affect its business, financial condition, results of operations, and prospects. The Company cannot guarantee orensure that the future results, performance, events, circumstances or any other outcome expressed, anticipated or reflected in the forward-looking statements will be achieved or occur in whole or in part. Actual results, events, or circumstances could differ materially from those described or assumed in the forward-looking statements. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements in this presentation. This presentation contains estimates, projections, and other information concerning the Company’s industry and its business, as well as data regarding market research, estimates, and forecasts prepared by its management or third parties. Information that is based on estimates, forecasts, projections, marketresearch, or similar methodologies is inherently subject to uncertainties. These data and the industry in which the Company operates are subject to a high degree of uncertainty and risk due to a variety of factors which could cause results to differ materially from those expressed in these estimates, publications, and reports made by third parties or the Company. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: risks related to our limited operating history and history of net losses; our ability to successfully achieve substantial market acceptance and adoption of our products; competitive pressures; our ability to adapt our manufacturing and production capacities to evolving patterns of demand and customer trends; the manufacturing of a substantial number of our product components and their assembly in China and Vietnam; product defects and related liability; the complexity, timing, expense, and outcomes of clinical studies; our ability to obtain and maintain adequate coverage and reimbursement levels for our products; our ability to comply with changing laws and regulatory requirements and resulting costs; our dependence on a limited number of suppliers; delays in regulatory, litigation or other matters affecting our business, and other risks and uncertainties, including those described under the heading “Risk Factors” in our Quarterly Reports on Form 10-Q, Annual Report on Form 10-K and other reports filed with the U.S. Securities and Exchange Commission (“SEC”). These filings, when made, are available on the Investor Relations section of our website at https://investors.ceribell.com/ and on the SEC’s website at https://sec.gov/. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments it may make. In addition, the results of studies referenced in this presentation concerning the Clarity algorithm apply only to the algorithm version that was in use at the time of the analysis and do not reflect subsequent algorithm updates. Most studies referenced in this presentation were conducted with small sample sizes and were not powered for statistical significance, did not control for other clinical variables, or have other design limitations (e.g., the studies may be retrospective and are not randomized controlled trials). In addition, some of the studies were sponsored, funded or supported by the Company or involved employees or consultants of the Company. Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective owners. Solely for convenience, the trademarks and trade names referred to in this presentation appear without the ® and symbols. This does not indicate, in any way, that the Company will not assert its rights, and the rights of any applicable licensor, to these marks and tradenames, to the fullest extent under applicable law. By attending or receiving this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the Company’s market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of its business. Forward Looking Statement 2
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AI-Powered Point-of-Care EEG Platform Targeting Serious Neurological Conditions in the Acute Care Setting 3
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2025 TAM Adult Seizure Acute Care Market >$2B Large & Expanding Market Opportunity U.S. only 4 With Recently Expanded Indications Adult Seizure Acute Care Market Pediatric & Neonate Seizure Acute Care Delirium >$3.5B Financial Highlights $87M - $89M FY 2025 Revenue 1 34% YoY Revenue Growth2 88% Gross Margin3 1. Revenue guidance issued November 2025 2. Year-over-year growth at the midpoint of revenue guidance 3. As of September 30, 2025
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Patient Population Estimated Prevalence of Seizures1 of seizures in the ICU are non - convulsive 2,3 up to 92 % Seizures Are Highly Prevalent in Critically-Ill Patients and Often Go Undiagnosed EEG required for diagnosis 8-10% 10-19% 6-27% 16-23% 23% 18-33% 23-37% 32% 10-59% 48% Unexplained Altered Mental Status (AMS) Aneurysmal Subarachnoid Hemorrhage Acute Ischemic Stroke Intraparenchymal Hemorrhage Recent Neurosurgical Procedures Moderate-to-Severe Traumatic Brain Injury (TBI) Brain Tumors Sepsis-Associated Encephalopathy Hypoxic-Ischemic Encephalopathy Post Cardiac Arrest Following Convulsive Status Epilepticus (SE) 1. Herman, S.T., et al. (2015) J Clin Neurophysiol. 32(2):87-95 2. Claassen, J., et al. (2004). Neurology. 62(10):1743–1748 3. Rudin, D., et al. (2011) Epilepsy Res. 96(1-2):140-50 5
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"Time is Brain" 10% 33% 85% 30% 50% 15% <10 hr 10-20 hr >20 hr Morbidity Mortality 80% 75% 61% 50% 40% <0.5 <1.0 <1.5 <2.0 ≥2.0 TREATMENT DELAY (Hrs)DURATION OF SEIZURE (Hrs) PATIENT RESPONSE RATE TO FIRST-LINE TREATMENT2 STATUS EPILEPTICUS ALL-CAUSE MORBIDITY & MORT ALITY RATE1 >2.0 6 1. Young, G.B., et al. (1996). Neurology, 47(1):83-89 2. Lowenstein, D.H., et al. (1993) Neurology, 43(3 Pt 1):483-488
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Guidelines and Recommendations Include Timely EEG to Detect and Manage Seizures Across Different Disease States 1. Brophy, G., et al. (2012) Neurocrit Care. 17(1):3-23 2. Panchal, A.R., et al. (2020) Circulation. 142(suppl 2):S366-S468 3. Perman S.M., et al. (2024) Circulation 149(5):e254-e273 4. Green, T.L., et al. (2021) Stroke 52(5):e179-e197 EEG should be initiated within 15-60 minutes to “evaluate for NCSE if [patient is] not waking up after clinically obvious seizures cease.” 1 2012 “Recommend promptly performing and interpreting EEG for the diagnosis of seizures in all comatose patients after the return of spontaneous circulation (ROSC)” from cardiac arrests.2 2020 “EEG [is recommended] for a change in mental status or depressed mental status out of proportion to the [ischemic] stroke.”3 2021 “Monitoring with continuous EEG can detect nonconvulsive seizures, especially in [aneurysmal subarachnoid hemorrhage] patients with depressed consciousness or fluctuating neurological examination. ”4 2023 7
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Interpretation Challenges Hardware & Access Challenges Conventional EEG Has Significant Limitations in the Acute Care Setting Overview of EEG Conventional EEG systems were not designed for the acute care setting An EEG is a non-invasive tool used to measure and display electrical activity in the brain Designed for use in the outpatient setting, primarily for managing epilepsy patients Requires EEG Technician (9-5 Monday – Friday) Long Set-Up Process Requires Interpretation by a Specially-Trained Neurologist Continuous Monitoring Rarely Performed in Practice 8
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Clinical Reality: Conventional EEG is Not Suited for the Acute Care Setting and Leads to Long Delays 1.Gururangan, K., et al. (2016) Clinical Neurophysiology. 127(10):3335-3340. Maximum time from EEG order to arrival and set-up 2.Vespa, P., et al. (2020) Crit Care Med. 48(9):1249-1257. Median time from EEG order to arrival and set-up 3.Quigg, M. et al. (2001) J Clin Neurophysiol. 18(2):162 165. Range of time from request to interpretation 4.Gavvala, J., et al. (2014) Epilepsia. 55(11):1864-1871 Seizure Suspicion / EEG Order 1 EEG Arrival & Set-Up 2 EEG Interpretation 3 Continuous Review of EEG Records is Rare4 Hours or Days1,2,3 9
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Ceribell EEG System: Suspicion to Diagnosis in Minutes, Enabling Earlier & More Accurate Treatment System The 1. Yazbeck et al. (2019) Journal of Neuroscience Nursing 2. Hobbs et al. (2018) Neurocritical Care 3. Eberhard et al. (2023) Clinical Nursing Focus Early detection EEG Arrival & Set-Up EEG Interpretation By any trained, non-specialized healthcare professional 1,2,3 Continuous monitoring Seizure Suspicion / EEG Order1 ~5 Minutes to Set Up 1 2 3 10
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Combining highly portable, simple-to-use and rapidly deployable hardware with AI-powered algorithms Ceribell EEG Headband Ceribell EEG Recorder Ceribell EEG Portal System The AI-powered Seizure Detection Algorithm 11
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Clarity: Our Proprietary AI-Powered Seizure Detection Algorithm ✓Bed-side Alert ✓Real-time feedback on response to medication ✓Provides seizure burden to facilitate EEG reading for neurologists Ceribell Indications for Use 12 CAUTION: Device does not substitute for EEG review by a qualified clinician. Before use, review the manual for indications, contraindications, warnings, precautions, potential adverse events and Instructions for Use. Sale requires the order of a physician.
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Ceribell Supports Precise Patient Care for SE: Expediting Diagnosis and Continuously Monitoring 13 Seizure Burden CAUTION: Device does not substitute for EEG review by a qualified clinician. Before use, review the manual for indications, contraindications, warnings, precautions, potential adverse events and Instructions for Use. Sale requires the order of a physician.
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Evidence-Based Clinical & Economic Benefits 47 Peer-Reviewed Publications & 97 Abstracts 1. Desai, M., et al. (2024) Neurocrit Care. 2. The cohorts were matched 1:1 with propensity scores to have equivalent age, admission scores, diagnosis group and seizure suspicion. 3. The Modified Rankin Scale (mRS) is a 6-point disability scale with possible scores ranging from 0 to 5. 0 is healthy and 5 is severe disability. A separate category of 6 is usually added for patients who expire. 4. Using mRS greater than or equal to 4 at discharge as an indicator of functional disability. Results with Ceribell vs. conventional EEG. Outcome convEEG (N = 62) Ceribell (N = 62)2 ∆ Delta P- Value Median door-to-EEG time (hours) 25.3 5.9 19.4 hours faster door-to-EEG time p < 0.0001 Median ICU LOS 8.0 Days 3.9 days 4.1 days shorter ICU LOS P = 0.003 mRS3 greater than or equal to 4 at discharge 76% 58% 18% better clinical outcomes4 p = 0.047 SAFER Study Overview The Seizure Assessment and Forecasting with Efficient Rapid- EEG (SAFER-EEG) study is a multisite retrospective study of adult patients who received EEG during hospital stay. Most centers had 24/7 conventional EEG with technician onsite or on-call. Study Sites : • Yale University • Mass General • University of New Mexico Study Findings 14 CAUTION: Device does not substitute for EEG review by a qualified clinician. Before use, review the manual for indications, contraindications, warnings, precautions, potential adverse events and Instructions for Use. Sale requires the order of a physician.
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Business Model: Two Sources of Recurring Revenue Recurring Revenue (SaaS + loaned capital) (single-patient disposable) ~75% Product ~25% Subscription Single-Use Headband Disposable+ Recorder Capital Portal SaaS AI Algorithm SaaS + 15 CAUTION: Device does not substitute for EEG review by a qualified clinician. Before use, review the manual for indications, contraindications, warnings, precautions, potential adverse events and Instructions for Use. Sale requires the order of a physician.
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$9.5 $10.9 $11.6 $13.1 $14.4 $15.3 $17.0 $18.5 $20.5 $21.2 $22.6 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Rapid Commercial Expansion & Projectable Business Model ($ in million) 16 Quarterly Revenue
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Significant Opportunity For Continued Growth Within Core Seizure Market * As of September 30, 2025 17 Ceribell is currently active in only 615 out of roughly 6,000 hospitals providing acute care services Ceribell’s top customers use approximately 3x the number of devices as average customers, when controlling for hospital size 10% hospital penetration* 30% within existing accounts* 3% of addressable Market* x
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2026 Strategic Objectives of Core Seizure Market Account Acquisition Drive Utilization in Existing Accounts • Execute on proven account acquisition strategy • Drive productivity of recently expanded commercial infrastructure • Expand in VA • Build out health system infrastructure and playbook • Expand to new departments, ER, ICUs • Train more providers in all shifts • Integrate Ceribell into various patient population protocols based on established guidelines 18
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2025 Milestones - Seizure Market Expansion Neonate & Pediatric Indication Expansion • Received FDA clearances for Clarity algorithms for age 1+ and neonate, including pre-term • Unlocked incremental $400M market opportunity, including ~280 children's hospitals targets • Initiated successful pilots in 2025; full launch in 2026 CAUTION: Device does not substitute for EEG review by a qualified clinician. Before use, review the manual for indications, contraindications, warnings, precautions, potential adverse events and Instructions for Use. Sale requires the order of a physician.
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Approved November 2025: Ceribell Neonate EEG system 20 CAUTION: Device does not substitute for EEG review by a qualified clinician. Before use, review the manual for indications, contraindications, warnings, precautions, potential adverse events and Instructions for Use. Sale requires the order of a physician.
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Seizures in Critically Ill Neonates are Common, Requiring EEG for Accurate Diagnosis 1. Murray, D.M, et al. (2008). Arch Dis Child Fetal Neonatal Ed. 93:F187 -F191 2. Massey, S, et al. (2018). Seminars in Fetal & Neonatal Medicine. 23(2018):168 -174 3. Sheth, R., et al. (1999). J Perinatol. 19(1):40 -3 4. Yan, K., et al. (2023). Jama Network Open. 6(7):e2326301 21 Seizures are the most common neurological emergency in newborns Patient Population Prevalence of Seizures3,4 7-16% 6-23% 0-29% 18-20% 20-28% 19-33% 23-48% 52-58% 25-86% Congenital Heart Disease Prematurity Intracranial Infection Extracorporeal Membrane Oxygenation Encephalopathy Hemorrhagic Stroke Hypoxic-Ischemic Encephalopathy Ischemic Stroke Inborn Errors of Metabolism Diagnostic challenges can lead to under- and over-treatment of neonatal seizures are non-convulsive1,290% up to of clinically observed “seizures” are not seizures 373% up to “We suggest cEEG use to monitor neonates at risk for seizure in the absence of clinically evident seizures .” — American clinical Neurophysiology Society
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Neonatal Seizures Require Urgent Diagnosis and Management 1. Alharbi, H.M., et al. (2022). Neurology. 100:e1976 -e1984 2. Johnson, S, et al. (2014). Pediatr Res 75, 670 -674 3. Pavel, A.M., et al (2021) J Pediatr. 243:61 -68.e2 1 hour in seizure is associated with worse language and neurocognitive impairment1 Developmental Delay Threshold2 Predicted Language Score at 18 Months (Bayley-III) Total Time in Seizure (minutes) 100 85 70 55 60 120 180 0 20 40 60 80 <1 Hour 1-2 Hours trend of 2x greater seizure burden Time to Treatment Median Seizure Burden Just 1 hour delay to treat seizure may lead to higher seizure burden3 22
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2026 Strategic Objectives of Core Seizure Market – Full Launch of Neonate and Pediatric Account Acquisition Drive Utilization in Existing Accounts • Execute on proven account acquisition strategy • Drive productivity of recently expanded commercial infrastructure • Expand in VA • Build out health system infrastructure and playbook • Expand to Children’s Hospitals • Expand to new departments, ER, ICUs • Train more providers in all shifts • Integrate Ceribell into various patient population protocols based on established guidelines • Expand to NICU, PICU, and Ped ER 23
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Ceribell’s Three Growth Horizons NEAR TERM LONGER TERM Develop Solutions for Use Beyond the Acute Care Setting New Clinical Settings Biomarkers for Non -Acute Neurological & Psychiatric Conditions $2.5BN US SEIZURE TAM* SIGNIFICANT POTENTIAL, INCREMENTAL MARKET OPPORTUNITIES Make EEG a New Vital Sign In Acute Care NOW Indication Expansion in ICU and ED Other Acute Care Clinical Settings Make EEG a New Vital Sign In Acute Care Seizure Management in the Acute Care Setting Become Standard of Care 24*Inclusive of adult, neonate and pediatric seizure U.S. market.
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25 Ceribell’s Goal: Make EEG A New Vital Sign Other Delirium Seizure Stroke
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2025 Milestones Toward Making EEG a New Vital Sign Received FDA Breakthrough Designation: LVO stroke detection algorithm in inpatient setting Unlocks >$1B market opportunity 1 26 Delirium Stroke Submitted NTAP application, based on previously received Breakthrough Designation Received FDA Clearance: Delirium Algorithm Acute care delirium market estimated by applying preliminary pricing assumptions to estimated patients at risk of delirium, less overlapping seizure patients.
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Delirium Represents a Significant Unmet Need 1. Oh E.S., et al. JAMA. 2017 Sep 26;318(12):1161–1174 2. Lindroth H., et al. J Acad Consult Liaison Psychiatry, 65 (5) (2024), pp. 417-430 3. . Watt J., et al. Journal of general internal medicine 33, no. 4 (2018): 500-509 4. American Delirium Socity, https://www.americandeliriumsociety.org/What-Is-Delirium 5. Krewulak, K.D., et al. (2018) Crit Care Med 46(12):p 2029-2035 6. Girard, T.D., et al. (2008). Crit Care 12 Suppl 3(Suppl 3):S3 7. Ely EW., et al. Delirium as a predictor of mortality in mechanically ventilated patients in the intensive care unit. JAMA 291(14):1753–62 (2004) 8. Wang, S. et al. (2024) Alzheimer's & Dementia, 20(1), 278-287. High Prevalence • 3+ million patients in the US1-4 • ~30% of Intensive Care Unit patients5 • up to 80% of mechanically ventilated patients6 Poor Clinical Outcomes • 1 ICU delirium day associated with 10% mortality risk increase7 • 60% more likely to develop dementia after surviving delirium in the ICU 8 • Current diagnosis tool (CAM - ICU) is dependent on nurse training, binary, and typically only administered once or twice per day Unmet Need 27 Delirium, defined as an acute change in attention and awareness, often called “acute brain failure”
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Delirium & Seizure: A Hidden Clinical Overlap 1. Frei A.I., et al. (2023) J Neurol. 271(1):231–240 2. Sambin S., et al. (2019) Front Neurol. 10:263 Similar presentation Very different treatment approachs Seizure Delirium 42% of ICU delirium patients have epileptiform abnormality 2 48% of ICU seizure patients experience delirium 1 Delirium and Seizure are Highly Interrelated 28
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2026 Strategic Objectives of the Second Growth Horizon 29 Make EEG a New Vital Sign In Acute Care Delirium HardwareLVO Stroke • Market development and commercial pilot • Full launch in Q4 2026 / Q1 2027 • Advance product, clinical, and regulatory development of stroke algorithm • Develop 2nd gen hardware with additional features to support future indications Make EEG a New Vital Sign in Acute Care
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Pipeline Programs Significantly Expand Ceribell’s TAM >$2B Adult Seizure Market 2025 2026 ~$400M Pediatric & Neonate Expansion 2027 >$1B ICU Delirium Expansion Beyond TBD LVO Stroke + Potential Other New Indications *Chart is not to scale. Acute care delirium market estimated by applying preliminary pricing assumptions to estimated patient s at risk of delirium, less overlapping seizure patients. $2.5B >$3.5B >$3.5BExpanding to >$3.5B Market Opportunity (U.S. Only) 30 3%
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FedRAMP® High Authorization Seizure Detection Algorithm for Preterm Seizure Detection Algorithm for Ages 1+ Delirium Detection Algorithm FDA Cleared LVO Monitoring Algorithm Breakthrough Designation The First and Only 31
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Clarity When It’s Critical