T
Tenon Medical, Inc.
TNONCIK 0001560293NasdaqEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$3.94M
Net Income
$-12.56M
Total Assets
$10.76M
Equity
$5.04M
Shares Out
11.30M
Op. Cash Flow
$-10.74M
Business
Tenon Medical, Inc. is a medical device company that develops and commercializes implants and instruments for sacroiliac (SI) joint fusion. Its primary product is The Catamaran™ SI Joint Fusion System, a single titanium implant and proprietary instruments designed for an inferior-posterior, less invasive approach to transfix and promote fusion of the SI joint. The company’s activities include product development, regulatory clearance, post-market clinical studies, and commercialization through independent distributors and sales representatives. Tenon focuses primarily on the U.S. market and distributes its products via hospitals, outpatient clinics and specialty sales channels.
Summary from filing dated 2025-03-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 4 | 3 | 3 | 691,000 | 160,000 | |
| Cost of sales | 2 | 2 | 2 | 1 | 55,000 | |
| Gross Profit | 2 | 2 | 1 | −641,000 | 105,000 | |
| General and administrative | 7 | 8 | 7 | 7 | 3 | |
| Sales and marketing | 6 | 5 | 7 | 8 | 2 | |
| Research and development | 2 | 3 | 3 | 3 | 2 | |
| Total Operating Expenses | 15 | 15 | 17 | 18 | 7 | |
| Loss from Operations | −13 | −14 | −16 | −19 | −6 | |
| Gain on investments | 236,000 | 183,000 | 167,000 | 180,000 | 2,000 | |
| Interest expense | — | −34,000 | −21,000 | — | — | |
| Other expense, net | — | −56,000 | — | −18,000 | — | |
| Total Other Income, net | 236,000 | 93,000 | 146,000 | −192,000 | −620,000 | |
| Net Loss | −13 | −14 | −16 | −19 | −7 | |
| Basic (in Dollars per share) | −1.7 | −11.26 | −68.64 | −23.62 | −7.81 | |
| Diluted (in Dollars per share) | −1.7 | −11.26 | −68.64 | −23.62 | −7.81 | |
| Basic (in Shares) | 7,384 | 1,214 | 227 | 801 | 903 | |
| Diluted (in Shares) | 7,384 | 1,214 | 227 | 801 | 903 | |
| Foreign currency translation adjustment | — | 46,000 | 38,000 | 7,000 | — | |
| Total Comprehensive Loss | −13 | −14 | −16 | −19 | −7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 4 | 7 | 2 | 2 | 3 | |
| Accounts receivable, net | 2 | 863,000 | 518,000 | 228,000 | 76,000 | |
| Inventory | 1 | 606,000 | 554,000 | 415,000 | 188,000 | |
| Prepaid expenses and other current assets | 260,000 | 206,000 | 389,000 | — | — | |
| Total current assets | 7 | 8 | 4 | 9 | 8 | |
| Property and equipment, net | 918,000 | 752,000 | 961,000 | 793,000 | 101,000 | |
| Deposits | 51,000 | 51,000 | 51,000 | 51,000 | 41,000 | |
| Operating lease right-of-use asset | 131,000 | 399,000 | 646,000 | 873,000 | 1 | |
| Deferred offering costs | — | 431,000 | 798,000 | 25,000 | 374,000 | |
| Intangible assets, net (Notes 3 and 6) | 485,000 | — | — | — | — | |
| Goodwill (Note 3) | 2 | — | — | — | — | |
| TOTAL ASSETS | 11 | 10 | 6 | 11 | 9 | |
| Accounts payable | 845,000 | 369,000 | 433,000 | 550,000 | 478,000 | |
| Accrued expenses | 2 | 910,000 | 808,000 | 717,000 | 1 | |
| Current portion of accrued commissions | 590,000 | 303,000 | 470,000 | — | — | |
| Current portion of operating lease liability | 141,000 | 287,000 | 256,000 | 228,000 | 202,000 | |
| Total current liabilities | 3 | 2 | 3 | 3 | 15 | |
| Accrued commissions, net of current portion | 2 | 2 | 2 | 2 | — | |
| Operating lease liability, net of current portion | — | 141,000 | 428,000 | 683,000 | 911,000 | |
| Contingent consideration (Note 3) | 993,000 | — | — | — | — | |
| Total liabilities | 6 | 4 | 6 | 5 | 16 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Common stock, $0.001 par value; 130,000,000 shares authorized at December 31, 2025 and 2024; 10,851,273 and 3,138,804 shares issued and outstanding at December 31, 2025 and 2024, respectively | 11,000 | 3,000 | — | 1,000 | 1,000 | |
| Additional paid-in capital | 83 | 71 | 56 | 46 | 113,000 | |
| Accumulated deficit | −81 | −69 | −55 | −39 | −21 | |
| Total stockholders equity | 5 | 6 | 778,000 | 6 | −21 | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 11 | 10 | 6 | 11 | 9 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation expense | 2 | 4 | 4 | 3 | 377,000 | |
| Depreciation and amortization | 262,000 | 408,000 | 199,000 | — | — | |
| Provision for losses on accounts receivable | 16,000 | 41,000 | — | — | — | |
| Amortization of operating right-of-use asset | 268,000 | 247,000 | 227,000 | 211,000 | 112,000 | |
| Accounts receivable | −851,000 | −386,000 | −290,000 | −152,000 | −61,000 | |
| Inventory | −387,000 | −52,000 | −139,000 | −227,000 | −145,000 | |
| Prepaid expenses and other assets | −35,000 | 183,000 | −301,000 | −57,000 | −130,000 | |
| Accounts payable | 486,000 | −64,000 | −117,000 | 72,000 | 444,000 | |
| Accrued expenses | 648,000 | −171,000 | −99,000 | 2 | 426,000 | |
| Operating lease liability | −287,000 | −256,000 | −227,000 | −202,000 | −82,000 | |
| Net cash used in operating activities | −11 | −10 | −12 | −12 | −4 | |
| Purchase of assets from SiVantage, Inc. | −750,000 | — | — | — | — | |
| Purchases of property and equipment | −273,000 | −186,000 | −361,000 | −847,000 | −102,000 | |
| Net cash used in investing activities | −1 | −186,000 | 6 | −3 | −5 | |
| Gross proceeds from issuance of common stock, prefunded warrants, and warrants | 4 | 5 | — | — | — | |
| Gross proceeds from exercise of warrants under inducement agreement | 3 | 5 | — | — | — | |
| Gross proceeds from issuance of common stock and warrants | 3 | — | — | — | — | |
| Gross proceeds from issuance of Series A convertible preferred stock | — | 3 | — | — | — | |
| Gross proceeds from issuance of Series B convertible preferred stock | — | 550,000 | — | — | — | |
| Gross proceeds from issuance of common stock | — | 2 | 495,000 | 14 | 0 | |
| Gross proceeds from exercise of warrants | — | 812,000 | 258,000 | — | — | |
| Offering costs | −928,000 | −1 | — | — | — | |
| Net cash provided by financing activities | 9 | 14 | 6 | 14 | 11 | |
| Effect of foreign currency translation on cash flow | — | 46,000 | 38,000 | 7,000 | −2,000 | |
| Net (Decrease) Increase in Cash and Cash Equivalents | −3 | 4 | 299,000 | −788,000 | 3 | |
| Warrant modification costs | 5 | 992,000 | — | — | — | |
| Preferred stock issued upon conversion of debt and accrued interest | — | 1 | — | 14 | — | |
| Reclassification of deferred offering costs to additional paid-in capital | 421,000 | 367,000 | — | — | — | |
| Common stock issued upon conversion of Series A preferred stock | 678,000 | — | — | — | — | |
| Common stock issued for purchase of assets from SiVantage, Inc. | 1 | — | — | — | — | |
| Contingent consideration for purchase of assets from SiVantage, Inc. | 1 | — | — | — | — |
Filings
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