Tenon Medical Stock Price, News & Analysis

Tenon Medical, Inc. (NASDAQ: TNON) is a medical device company in the surgical appliance and supplies manufacturing industry. Formed in 2012, the company focuses on technologies for patients suffering from sacroiliac (SI) joint and broader sacro-pelvic disorders. Tenon Medical develops and commercializes minimally invasive SI joint fusion systems designed to stabilize the joint and promote true biological fusion, with an emphasis on sacroiliac joint disruptions, degenerative sacroiliitis and sacro-pelvic fixation needs.

According to the company’s disclosures, Tenon Medical has developed The Catamaran SI Joint Fusion System, which offers a novel, less invasive approach to the SI joint using a single, robust titanium implant. The Catamaran Fixation Device passes through both the axial and sagittal planes of the ilium and sacrum, stabilizing and transfixing the SI joint along its longitudinal axis. The angle and trajectory of the Catamaran surgical approach are designed to provide a pathway away from critical neural and vascular structures and into strong cortical bone. Since the national launch of the Catamaran SI Joint Fusion System in October 2022, Tenon has focused on three commercial opportunities in the SI joint market: primary SI joint procedures, revision procedures of failed SI joint implants, and augmenting or providing adjunct fixation to spinal fusion constructs.

Core technologies and product portfolio

Tenon Medical describes its technology portfolio as centered on achieving fusion, not fixation for SI joint procedures. The Catamaran SI Joint Fixation Device is a single-piece titanium implant with two pontoons connected by an osteotome bridge, engineered to transfix the SI joint along its longitudinal axis for immediate stabilization and long-term fusion. It is placed via a minimally invasive inferior-posterior approach into dense cortical bone of the sacrum and ilium. Company communications note that this design is developed in line with AO principles of arthrodesis: joint preparation, rigid fixation and bone graft augmentation.

The company reports that the Catamaran system has been used in more than 1,000 procedures for indications including primary SI joint dysfunction, sacroiliitis, revision of failed alternative implants, and stabilization of the SI joint beneath lumbar long constructs. Tenon has also introduced the Catamaran SE SI Joint Fusion System, which incorporates a reduced-profile fixation device intended to give physicians an additional implant size option, particularly for patients with smaller SI joint anatomy or revision cases where space is limited. The Catamaran SE uses a dedicated proprietary instrument set and supports a minimally invasive inferior-posterior approach, with a hand drill option for surgeons who prefer manual drilling during implant site preparation.

Beyond Catamaran, Tenon has expanded its portfolio through the acquisition of sacro-pelvic technologies. On August 1, 2025, the company completed the acquisition of substantially all assets of SiVantage, Inc., including intellectual property related to sacropelvic fixation and fusion procedures, referred to as the SImmetry business and SI Products. Tenon describes this acquisition as transforming it into a multi-product, multi-approach sacro-pelvic fusion company and bringing revenue-generating technologies and an expanded commercial organization. The company also entered into an asset purchase agreement with SIMPL Medical, LLC for posterior sacroiliac implant technology (SIMPL Products), with royalty-based consideration tied to future net revenue from those products.

A key outcome of the SiVantage acquisition is the addition of the SImmetry SI Joint Fusion System and the SImmetry+ SI Joint Fusion System. Tenon reports that the SImmetry+ system has received U.S. Food and Drug Administration (FDA) 510(k) clearance as a minimally invasive lateral access SI joint fusion solution indicated for sacroiliac joint fusion in conditions such as sacroiliac joint disruptions and degenerative sacroiliitis. SImmetry+ uses 3D-printed titanium implants and proprietary instrumentation and is described as incorporating joint decortication, bone graft delivery and fixation to support a true fusion approach. The system is cleared for use with one to three implants, giving physicians flexibility based on patient anatomy and pathology.

Tenon states that SImmetry+ features 3D-printed titanium implants with a self-drilling, self-tapping and self-harvesting design intended to streamline implantation and enhance bone preparation and fusion. Company materials emphasize that SImmetry+ and Catamaran together provide multiple surgical approaches—lateral and inferior-posterior—both designed to be minimally invasive and to enable authentic arthrodesis. The portfolio is supported by clinical evidence, including the prospective MAINSAIL and EvoluSIon SI joint fusion studies.

Clinical evidence and studies

Tenon highlights clinical data from its MAINSAIL study, a prospective, single-arm, multi-center post-market clinical trial evaluating clinical and radiographic outcomes in adult patients with SI joint disruptions or degenerative sacroiliitis treated with the Catamaran SI Joint Fusion System. The study is designed to enroll up to 50 patients with follow-up to 24 months. A second interim analysis covering the first 24 consecutive patients across six U.S. clinical sites reported 12‑month outcomes.

According to the company’s summary of the MAINSAIL interim analysis, patients experienced statistically significant reductions in SI joint pain (measured by VAS scores) and disability (measured by ODI scores) at 12 months, high patient satisfaction rates and a favorable safety profile with no serious adverse events, re-operations or re-interventions reported in the cohort. Radiographic CT fusion assessments performed by an independent radiologist showed a high proportion of patients with unequivocal evidence of fusion with bridging bone across the SI joint and no radiolucency at 12 months.

Tenon also references the EvoluSIon study as clinical evidence supporting the SImmetry+ system. In company materials summarizing 12‑month outcomes from EvoluSIon, among 250 treated patients the procedure is reported to have demonstrated a strong safety profile, meaningful reductions in pain and improvements in quality-of-life measures. The company notes reductions in pre-operative opioid use and a substantial percentage of patients with radiographic fusion of the SI joint at 12 months, confirmed by CT and independently reviewed by a trained radiologist.

Business focus and commercial strategy

Tenon Medical consistently describes itself as a company transforming or redefining care for patients with sacro-pelvic disorders. Its stated commercial focus centers on three SI joint market opportunities with the Catamaran system: primary SI joint procedures, revision procedures of failed SI joint implants, and SI joint fusion adjunct to a spine fusion construct. With the addition of SImmetry and SImmetry+, the company presents itself as offering a multi-product, multi-approach sacro-pelvic fusion portfolio that spans SI joint fusion, spinal fusion adjuncts, revision surgery and deformity adjuncts.

The company’s communications emphasize a strategy of portfolio diversification, commercial expansion and operational alignment. Tenon reports activities such as full commercial launch of Catamaran SE, integration of the SiVantage acquisition, expansion of its commercial team, and targeted training sessions and workshops for physicians on Catamaran and SImmetry systems. Management commentary in earnings releases describes efforts to streamline operating infrastructure, advance commercial training, and strengthen hospital approval pathways and distribution networks associated with the acquired portfolios.

Tenon’s revenue is described as being generated from sales of its SI joint fusion systems, including the Catamaran system and, following the SiVantage acquisition, the SImmetry SI Joint Fusion System and SImmetry+. Earlier descriptions state that the company derived the majority of its revenue from sales of The Catamaran System to a limited number of clinicians, and more recent disclosures reference record procedure volumes and the addition of SImmetry product sales as drivers of revenue.

Corporate and capital markets information

Tenon Medical, Inc. is incorporated in Delaware and lists its principal offices in Los Gatos, California. The company’s common stock trades on The Nasdaq Stock Market under the symbol TNON, and its warrants trade under the symbol TNONW. Tenon identifies itself as an emerging growth company under applicable U.S. securities regulations.

The company uses a mix of equity and preferred stock in its capital structure, as reflected in its condensed balance sheets, which show common stock, Series A convertible preferred stock and Series B convertible preferred stock. Tenon has also raised capital through private investment in public equity (PIPE) transactions. For example, an 8‑K filed on November 17, 2025 describes securities purchase agreements dated November 10, 2025 with accredited investors for an at‑the‑market PIPE financing. Under these agreements, Tenon issued shares of common stock and common stock purchase warrants at a combined offering price, with the warrants having a specified exercise price and three‑year term. The company reported gross proceeds of approximately $2.85 million from this offering, to be used for working capital and general corporate purposes.

Tenon’s SEC filings also describe equity-based compensation and governance matters. An 8‑K dated October 16, 2025 reports the issuance of restricted stock units to directors and officers under the Tenon Medical, Inc. 2022 Equity Incentive Plan, with vesting in two installments. An 8‑K dated September 23, 2025 details the results of the company’s 2025 Annual Meeting of Stockholders, including the election of directors, approval of warrant exercisability, amendments to the 2022 Equity Incentive Plan to increase share reserves and adjust the evergreen provision, and ratification of the company’s independent auditor.

Acquisitions and growth initiatives

Tenon’s growth strategy includes acquisitions of complementary sacro-pelvic technologies. On August 1, 2025, the company entered into the SiVantage asset purchase agreement, acquiring substantially all assets of SiVantage, Inc., including intellectual property related to sacropelvic fixation and fusion procedures. Consideration included cash, shares of Tenon common stock (including pledged shares held for indemnification purposes), royalties on future SI Product sales subject to a cap, and a deferred cash payment tied to warrant exercises. The agreement also provides for the potential issuance of additional earnout shares upon achievement of specified aggregate sales milestones for SI Products over a three‑year period.

The SiVantage transaction includes customary covenants such as non‑compete provisions, cooperation on preparation of financial statements of the acquired business, and lock‑up of pledged shares, as well as mutual indemnification arrangements subject to thresholds, caps and survival periods for representations and warranties. In connection with the acquisition, Tenon entered into employment agreements with two former SiVantage executives, who joined Tenon as Chief Innovation Officer and Chief Commercial Officer, with base salary, commission structures, restricted stock awards and severance provisions described in the 8‑K.

Also on August 1, 2025, Tenon entered into the SIMPL Medical asset purchase agreement, acquiring substantially all assets of SIMPL Medical, LLC related to posterior sacroiliac implant technology. The purchase price consists of royalty payments based on a percentage of net revenue from SIMPL Products for a five‑year period following first commercial sale, with a step-down in royalty rate if total royalty payments exceed a specified amount. The company has the option to pay a portion of the quarterly royalty in shares of its common stock, based on a trailing volume-weighted average price. The SIMPL agreement includes representations, warranties, covenants and indemnities similar to those in the SiVantage agreement.

Financial reporting

Tenon Medical provides periodic financial updates through earnings press releases and SEC filings. These materials include condensed balance sheets, statements of operations and comprehensive loss, and discussions of revenue, gross profit, operating expenses and net loss for reported periods. The company has highlighted factors such as procedure volumes, account mix, integration of acquired assets, operating expense trends and cash balances in explaining period-to-period changes. Tenon has also filed pro forma financial information related to the SiVantage acquisition, including an unaudited pro forma condensed balance sheet and pro forma statements of operations.

As of the dates covered in the provided filings, Tenon reports having no outstanding debt and maintaining cash and cash equivalents balances to support ongoing operations, integration of acquired assets, commercial expansion and clinical programs. The company’s communications frequently reference its intention to use capital raised, including PIPE proceeds, for working capital, product launches, commercial expansion, advancement of clinical studies and continued investment in core business operations.

Intellectual property and trademarks

Tenon Medical identifies a range of registered and unregistered trademarks associated with its technologies. These include Catamaran, PiSIF, CAT PiSIF, ETAD, Posterior Inferior Sacroiliac Fusion, CAT SIJ Fusion System, Catamaran SIJ Fusion System, Catamaran Inferior Posterior Fusion System, Catamaran Transfixation Fusion System, Catamaran Transfixation Fusion Device, SImmetry, MAINSAIL, Catamaran Mainsail Study and SImmetry+, among others. The company states that these are registered trademarks or trademarks of Tenon Medical, Inc.

FAQs about Tenon Medical, Inc.

• What does Tenon Medical, Inc. do?
  Tenon Medical, Inc. is a medical device company focused on sacroiliac joint and sacro-pelvic fusion technologies. It develops and commercializes minimally invasive SI joint fusion systems, including the Catamaran and SImmetry platforms, designed to stabilize the SI joint and promote biological fusion.
• When was Tenon Medical formed?
  Company materials state that Tenon Medical, Inc. was formed in 2012.
• What is The Catamaran SI Joint Fusion System?
  The Catamaran SI Joint Fusion System is Tenon’s original SI joint fusion platform. It uses a single, robust titanium implant called the Catamaran Fixation Device, which passes through both the axial and sagittal planes of the ilium and sacrum to stabilize and transfix the SI joint along its longitudinal axis via a minimally invasive inferior-posterior approach.
• What are Tenon’s primary commercial opportunities?
  Tenon states that it focuses on three commercial opportunities with its Catamaran system in the SI joint market: primary SI joint procedures, revision procedures of failed SI joint implants, and augmenting or providing adjunct fixation to spinal fusion constructs.
• What is the SImmetry+ SI Joint Fusion System?
  The SImmetry+ SI Joint Fusion System is a minimally invasive lateral access SI joint fusion platform acquired through the SiVantage transaction. It uses 3D-printed titanium implants and proprietary instrumentation and is designed to incorporate joint decortication, bone graft delivery and fixation to achieve a true fusion, with FDA 510(k) clearance for sacroiliac joint fusion in specified conditions.
• How does Tenon describe its clinical evidence?
  Tenon highlights data from the MAINSAIL study for Catamaran and the EvoluSIon study for SImmetry+, reporting statistically significant improvements in pain and disability scores, high patient satisfaction, favorable safety profiles and high rates of radiographic fusion at 12 months, based on CT imaging reviewed by independent radiologists.
• On which exchange does Tenon Medical trade and under what symbols?
  Tenon Medical’s common stock trades on The Nasdaq Stock Market under the symbol TNON. Its warrants trade on Nasdaq under the symbol TNONW.
• What acquisitions has Tenon completed related to sacro-pelvic technologies?
  On August 1, 2025, Tenon acquired substantially all assets of SiVantage, Inc., including sacropelvic fixation and fusion intellectual property, and separately acquired substantially all assets of SIMPL Medical, LLC related to posterior sacroiliac implant technology, under asset purchase agreements that include cash, equity, royalty and earnout components.
• How does Tenon use capital raised through PIPE financings?
  In an at‑the‑market PIPE financing described in a November 17, 2025 Form 8‑K and related press releases, Tenon reported gross proceeds of approximately $2.85 million and stated that it intends to use the proceeds for working capital and general corporate purposes, including upcoming product launches, expansion of commercial operations, advancement of clinical studies and continued investment in core business operations.
• What is Tenon’s approach to physician engagement and training?
  Earnings and product launch releases describe Tenon hosting targeted training sessions and workshops for physicians on Catamaran and SImmetry systems, conducting controlled early-access or alpha launches with select experienced SI fusion physicians, and using feedback from early adopters and physician advisors to refine implant design, technique and instrumentation.