Tenon Medical, Inc. SEC Filings

Tenon Medical, Inc. reported strong top-line growth but continued losses for the quarter ended March 31, 2026. Revenue rose to $1.38 million from $0.73 million, driven by more surgical procedures and added sales from the SImmetry+ SI Joint Fusion System. Gross margin improved to 69%, reflecting better overhead absorption.

The company still posted a net loss of $3.48 million and used $2.96 million of cash in operating activities. Cash and cash equivalents were $4.61 million. Management states there is substantial doubt about Tenon’s ability to continue as a going concern and discloses a Nasdaq notice for failing to maintain the $1.00 minimum bid price. During the quarter Tenon raised $4.3 million of gross proceeds from senior convertible promissory notes, adding a derivative liability, and later issued 276,228 shares for an acquisition milestone.

Tenon Medical reported strong top-line growth for the first quarter of 2026 while remaining unprofitable. Revenue reached $1.4 million, up about 90% from $0.7 million a year earlier, driven by broader adoption of its Catamaran and SImmetry+ SI joint fusion systems.

Gross profit rose to $0.9 million, with gross margin expanding from 44.5% to 68.5%, reflecting better overhead absorption. Operating expenses increased modestly to $4.2 million, and net loss narrowed slightly to $3.5 million, or $0.31 per share, from $3.6 million, or $1.01 per share.

Cash and cash equivalents were $4.6 million as of March 31, 2026, versus $3.8 million at year-end 2025, aided by a $4.3 million senior convertible note private placement completed in March. Total liabilities nearly doubled to $10.9 million, including $3.5 million of convertible notes and a new derivative liability, reducing stockholders’ equity to $1.9 million.

Geist Wyatt D. reported acquisition or exercise transactions in this Form 4 filing.

Tenon Medical, Inc. disclosed that on May 1, 2026 it issued 276,228 shares of common stock to SiVantage, Inc. under an Asset Purchase Agreement tied to a milestone achievement. Chief Innovation Officer Wyatt D. Geist has a 49.38% equity interest in SiVantage, giving him an indirect pecuniary interest in 136,401 of these shares, increasing his indirect holdings to 487,166 shares held by SiVantage. He also holds 157,569 shares directly and disclaims beneficial ownership of SiVantage’s shares except to the extent of his pecuniary interest.

Tenon Medical, Inc. reported an equity milestone payment tied to its acquisition of assets from SiVantage, Inc. Under an Asset Purchase Agreement dated August 1, 2025, the company issued 276,228 shares of common stock to SiVantage on May 1, 2026 after a specified milestone was achieved.

The Form 4 for Chief Commercial Officer Nathaniel A. Grawey reflects his indirect pecuniary interest in these shares through his 24.69% equity interest in SiVantage, corresponding to 68,201 shares. After this award, he holds 243,584 shares indirectly via SiVantage and 239,281 shares directly of Tenon Medical common stock.

Tenon Medical, Inc. files its annual report describing a niche medical device business focused on sacroiliac joint fusion, built around its Catamaran and SImmetry+ implant systems, both cleared by the FDA as Class II devices.

The company highlights a U.S. market opportunity it estimates at 270,000 procedures annually, or about $2.1 billion, and reports 11,296,378 common shares outstanding as of March 27, 2026. It emphasizes clinical data from its Mainsail and EVoluSIon studies and a sizable patent portfolio extending to around 2031.

Financially, Tenon discloses a going concern warning, a November 2025 PIPE that raised roughly $2.7 million net on 2,217,904 shares and matching warrants, and March 2026 convertible notes with about $5.2 million principal for $4.3 million proceeds. It also reports a Nasdaq minimum bid-price deficiency, with a compliance period running to August 24, 2026, and outlines extensive reimbursement, regulatory, and competitive risks.

Tenon Medical, Inc. reported strong growth for the fourth quarter and full year 2025 while remaining unprofitable. Fourth quarter 2025 revenue reached $1.5 million, up 92% from $0.8 million a year earlier, with gross profit of $1.0 million and gross margin improving to 69% from 46%.

For the year ended December 31, 2025, revenue was $3.9 million, a 20% increase from $3.3 million, and gross profit was $2.4 million, or 60% of revenue, up from $1.7 million and 52%. Operating expenses for 2025 were $15.2 million, roughly flat with $15.5 million in 2024, leading to a narrower net loss of $12.6 million, or $1.70 per share, compared with a $13.7 million loss, or $11.26 per share. Cash and cash equivalents were $3.8 million as of December 31, 2025, down from $6.5 million, and the company reported no debt. Management highlighted FDA 510(k) clearance and initial procedures for its next-generation SImmetry+ SI Joint Fusion System as key milestones supporting future growth.

Tenon Medical, Inc. entered into securities purchase agreements for $4.3 million aggregate principal amount of 20% original issue discount senior convertible promissory notes in a private placement with accredited investors. The notes mature on September 11, 2026, with an option to extend to December 11, 2026, which increases the outstanding principal by 5%. After six months, they are convertible into common stock at a price equal to 80% of the volume-weighted average price over the three trading days before conversion, subject to adjustment. Any prepayment is at 102.5% of principal, and 15% of net proceeds from future securities financings must be used to prepay the notes. WallachBeth Capital LLC acted as placement agent, earning a 7% cash fee on gross proceeds plus $65,000 in expenses. Tenon expects to use net proceeds for commercial expansion, product development, clinical studies, working capital and general corporate purposes. The offering relied on exemptions from registration under Section 4(a)(2) and Regulation D/Rule 506(b).

Tenon Medical, Inc. Chief Financial Officer Kevin Williamson acquired shares through equity award activity. On March 3, 2026, 1,041 restricted stock units granted on November 5, 2024 converted into 1,041 shares of common stock. After these transactions, he directly held 43,593 common shares and 3,126 restricted stock units.

Tenon Medical, Inc. has been notified by Nasdaq that its common stock failed to meet the minimum closing bid price of $1.00 per share for 30 consecutive business days between January 9 and February 24, 2026, triggering a deficiency under Nasdaq’s bid price rule.

The company has 180 calendar days, until August 24, 2026, for its stock to close at or above $1.00 for at least 10 consecutive business days to regain compliance. If it still fails, Tenon may qualify for an additional 180-day period if it meets other Nasdaq listing standards and formally indicates how it plans to cure the deficiency, potentially through a reverse stock split.

Tenon’s shares continue to trade on The Nasdaq Capital Market under the symbol “TNON” while the company evaluates its options. However, failure to regain or maintain compliance could ultimately lead to delisting, though the company would have the right to appeal any delisting determination.