TSX Shariah screener · October 2026

Is Spectral Medical Inc. (EDT) Halal?

PASS

Spectral Medical Inc. · TSX: EDT · Healthcare

The short answer

Yes — Spectral Medical Inc. (EDT) passes this Shariah stock screen. Its sepsis diagnostics/therapeutics business (PMX hemoperfusion, FDA-cleared Endotoxin Activity Assay, reagents) has no prohibited lines; interest-bearing debt of C$25.379M is about 7.3% of its ~C$346.4M market cap (293,553,974 shares at C$1.18, Oct 1, 2026), under the ~33% ceiling; and no interest income is disclosed (H1 2026 revenue C$1.512M), giving ≈0.00% non-compliant income. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Spectral Medical Inc. (TSX: EDT) is a Toronto-based late-stage theranostic company focused on sepsis and septic shock. Its lead product is Toraymyxin™ (PMX), a therapeutic hemoperfusion device that removes endotoxin from the bloodstream, guided by the company's FDA-cleared Endotoxin Activity Assay (EAA™), the clinically available test for endotoxin in blood. PMX is approved in Japan and Europe, licensed by Health Canada, and is under FDA substantive review in the U.S. (PMA filed May 28, 2026; accepted June 25, 2026), with Vantive as exclusive U.S./Canadian distribution partner. The company also sells EAA instrumentation and proprietary reagents and reports segments of Spectral Medical Inc., Dialco Medical Inc., and Corporate. None of the disclosed lines — medical devices, diagnostics, reagents, clinical development — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Interest-bearing debt at June 30, 2026 was C$25.379M — notes payable of C$18.829M (current), a non-current promissory note of C$5.597M, and accrued interest of C$0.953M on that promissory note — per the Q2 2026 condensed interim consolidated statements. Debt ÷ market cap is about 7.3% against a market cap of roughly C$346.4M (293,553,974 shares at C$1.18, Oct 1, 2026), well below the ~33% ceiling. The C$39.740M derivative liability is a fair-value derivative tied to the debt, not interest-bearing debt itself. Caveat: cash was only C$0.803M and total shareholders' deficiency was C$(70.1)M — the balance sheet is stretched, but the debt-to-market-cap gate passes. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

No interest income is disclosed in the six months ended June 30, 2026 interim statements — the non-compliant income ratio is about 0.00% against revenue of C$1.512M (Q2: C$621,000 of product and royalty revenue), far below the 5% limit. The statements' C$639,000 'Finance income promissory note' is described by the company as a non-cash fair-value item tied to its promissory notes, not interest income, so it is not counted here. Gate 3 passes. Facts only.

Key figures used

Business: late-stage sepsis theranostics — Toraymyxin (PMX) hemoperfusion device + FDA-cleared Endotoxin Activity Assay; PMA filed May 28, 2026, accepted for FDA substantive review June 25, 2026; Vantive exclusive U.S./Canada partner
Interest-bearing debt: C$25.379M at Jun 30, 2026 (notes payable C$18.829M + promissory note C$5.597M + accrued interest C$0.953M); debt ÷ market cap ≈ 7.3% — under the ~33% ceiling
Market cap: ~C$346.4M (293,553,974 shares × C$1.18, Oct 1, 2026); cash C$0.803M; shareholders' deficiency C$(70.1)M; C$39.740M derivative liability is non-interest-bearing
Non-compliant income: no interest income disclosed → ≈0.00% of H1 revenue C$1.512M (Q2: C$621k) — under the 5% limit; C$639k 'finance income promissory note' is a non-cash fair-value item
Q2 2026: revenue C$621k (−24% YoY); net gain C$331k incl. C$5.0M fair-value gain on derivative liabilities; interest expense C$1.73M on notes/promissory notes
No Zoya, Musaffa, or ShariaPortfolio rating found for EDT — reported as absent, not invented

Frequently asked questions

What does Spectral Medical do?

Spectral Medical Inc. (TSX: EDT) is a Toronto-based late-stage theranostic company focused on sepsis and septic shock. Its lead product is Toraymyxin (PMX), a therapeutic hemoperfusion device that removes endotoxin from the bloodstream, guided by the company's FDA-cleared Endotoxin Activity Assay (EAA), the clinically available test for endotoxin in blood. PMX is approved in Japan and Europe, licensed by Health Canada, and is under FDA substantive review in the U.S. (PMA filed May 28, 2026; accepted for filing June 25, 2026). The company also sells proprietary EAA instrumentation and reagents, and partners with Vantive for exclusive U.S. and Canadian commercialization. None of the disclosed lines — medical devices, diagnostics, reagents, clinical trials — are prohibited lines, so the business gate passes.

Why does Spectral Medical pass this Shariah stock screen?

Yes — Spectral Medical Inc. (EDT) passes this Shariah stock screen. Its business is sepsis diagnostics and therapeutics (the PMX hemoperfusion device, the FDA-cleared Endotoxin Activity Assay, and proprietary reagents) with no prohibited lines; interest-bearing debt of C$25.379M is about 7.3% of its ~C$346.4M market cap (293,553,974 shares at C$1.18, Oct 1, 2026), well under the ~33% ceiling; and no interest income is disclosed in its latest interim statements (H1 2026 revenue C$1.512M), giving a non-compliant income ratio of about 0.00%, under the 5% limit. Caveat: the company carries a large C$39.740M derivative liability tied to its debt structure and has negative equity (shareholders' deficiency of C$(70.1)M) — leverage to watch, but not interest-bearing debt in this screen. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Spectral Medical's interest-bearing debt ratio?

Interest-bearing debt at June 30, 2026 was C$25.379M — notes payable of C$18.829M (current), a non-current promissory note of C$5.597M, and accrued interest on that promissory note of C$0.953M — per the Q2 2026 condensed interim consolidated statements of financial position. With 293,553,974 shares outstanding trading at C$1.18 on Oct 1, 2026, the market cap is roughly C$346.4M, so debt ÷ market cap is about 7.3% — well below the ~33% ceiling. The C$39.740M derivative liability is a fair-value derivative tied to the debt, not interest-bearing debt itself; including all liabilities, total liabilities were C$73.257M against shareholders' deficiency of C$(70.1)M. Cash was only C$0.803M.

What is Spectral Medical's non-compliant income ratio?

No interest income line is disclosed in Spectral's Q2 2026 (six months ended June 30, 2026) interim statements. Against H1 2026 revenue of C$1.512M (Q2: C$621,000; product and royalty revenue from EAA instrumentation and reagents), the non-compliant income ratio is about 0.00% — far below the 5% limit. One line needs reading carefully: the statements show C$639,000 of 'Finance income promissory note' for the half year, but the company describes this as a non-cash fair-value item tied to its promissory notes, not interest income — so it is not counted as non-compliant income here.

Do Zoya, Musaffa, or ShariaPortfolio cover Spectral Medical?

No rating or coverage of Spectral Medical Inc. (TSX: EDT) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: Q2 2026 results press release (Aug 7, 2026) and condensed interim consolidated financial statements for the six months ended June 30, 2026.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).