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TNON

Tenon Medical, Inc.

TNON

Tenon Medical, Inc. • NASDAQ
$1.13 ▲ 0.89% (+0.01)
Market Cap $9.72 M
52w High $5.85
52w Low $0.85
Dividend Yield 0%
P/E 0.19
Volume 28.44K
Outstanding Shares 8.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.173M ▲ $4.165M ▲ $-3.339M ▼ -284.655% ▲ $-0.4 ▼ $-3.194M ▼
Q2-2025 $564K ▼ $3.102M ▼ $-2.769M ▲ -490.957% ▲ $-0.36 ▲ $-2.655M ▲
Q1-2025 $726K ▼ $4M ▲ $-3.616M ▼ -498.072% ▼ $-1.01 ▲ $-3.509M ▼
Q4-2024 $770K ▼ $3.526M ▼ $-3.087M ▲ -400.909% ▼ $-2.54 ▲ $-3.056M ▼
Q3-2024 $887K $3.633M $-3.184M -358.963% $-3.63 $-3.02M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.442M ▼ $10.366M ▼ $5.568M ▲ $4.798M ▼
Q2-2025 $7.846M ▼ $11.114M ▼ $4.401M ▲ $6.713M ▼
Q1-2025 $10.311M ▲ $13.394M ▲ $4.018M ▲ $9.376M ▲
Q4-2024 $6.535M ▼ $9.843M ▼ $3.872M ▼ $5.971M ▼
Q3-2024 $9.162M $13.039M $4.848M $8.191M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.339M ▼ $-3.824M ▼ $-639K ▼ $59K ▲ $-4.404M ▼ $-3.713M ▼
Q2-2025 $-2.769M ▲ $-2.214M ▲ $-192K ▼ $-59K ▼ $-2.465M ▼ $-2.406M ▲
Q1-2025 $-3.616M ▼ $-2.483M ▲ $0 ▼ $6.259M ▲ $3.776M ▲ $-2.483M ▲
Q4-2024 $-3.087M ▲ $-2.777M ▼ $37K ▲ $113K ▼ $-2.627M ▼ $-2.74M ▼
Q3-2024 $-3.184M $-2.343M $-104K $9.641M $7.194M $-2.447M

Five-Year Company Overview

Income Statement

Income Statement Tenon Medical appears to be a very early-stage, pre‑revenue company. Over the last several years, it has not generated meaningful sales and has consistently reported operating and net losses. In plain terms, the business is spending money to develop and run the company but has not yet converted that effort into commercial revenue. The losses look persistent rather than one‑off, suggesting the business model is still in the build‑out phase rather than in a stable operating mode. The extremely large swings in per‑share loss mostly reflect reverse stock splits, not big changes in the underlying dollar losses, but they underscore how early and fragile the earnings picture is.

Balance Sheet

Balance Sheet The balance sheet looks very small and thin. The company holds a modest amount of assets and cash, with little or no traditional debt, which avoids heavy interest burdens but also signals limited financial resources. Equity has fluctuated and even dipped negative in the past, which is a warning sign that the company has depended heavily on outside capital to stay afloat. Overall, the balance sheet suggests a company with minimal cushion: not heavily indebted, but also not backed by a strong pool of assets or retained profits, and therefore sensitive to funding conditions and setbacks.

Cash Flow

Cash Flow Cash flows show a steady pattern of money flowing out of the business with no offsetting inflows from operations. Operating cash burn appears consistent, indicating the company is using cash to cover ongoing expenses like payroll, development, and overhead while not yet bringing in cash from customers. Capital spending seems very light, so most cash use is likely for operating costs, not big equipment or facilities. The combination of ongoing cash burn and a small cash base means the company likely depends on periodic capital raises to continue its activities, making funding access a central risk factor.

Competitive Edge

Competitive Edge Based on the financials alone, Tenon Medical looks like a very small, pre‑commercial device company operating in a healthcare space that is typically dominated by much larger and well‑established players. The absence of revenue suggests that its products are either still in development, in early launch, or not yet gaining traction. In medical devices, success usually depends on strong clinical evidence, physician adoption, reimbursement support, and distribution reach. Larger competitors typically have deeper pockets, broader sales forces, and long-standing hospital relationships, which can make it challenging for a newcomer to break through. Without signs of commercial scale in the numbers, Tenon’s current competitive position appears nascent and unproven.

Innovation and R&D

Innovation and R&D The persistent losses and lack of capital spending suggest that most outlays are likely tied to people, clinical work, regulatory activities, and commercialization efforts rather than heavy manufacturing. That is typical for a small medical device innovator. However, with no revenue yet visible in the data, it is hard to judge whether its research efforts are translating into meaningful market adoption or defensible advantages. Publicly available tools are not currently providing detailed insight into Tenon’s specific technologies, patents, or clinical data, so any assessment of its innovation strength is highly uncertain. From a high level, the company appears to be in the phase of turning technical and clinical development into a viable business, but there is no clear evidence in the financials that this has happened yet.

Summary

Overall, Tenon Medical looks like a very early-stage, pre‑revenue medical device company that is still trying to prove out its commercial model. The income statement shows recurring losses without sales, the balance sheet is thin and reliant on external financing, and cash flows indicate ongoing burn with limited internal resources to fund it. The competitive environment in medical devices is typically tough, with larger incumbents holding strong positions, and there is no financial evidence yet that Tenon has broken through that barrier. Innovation and R&D spending are likely the main focus, but their commercial payoff remains uncertain. This profile points to a high‑risk, high‑uncertainty situation where future outcomes depend heavily on successful product validation, regulatory and clinical milestones, market adoption, and continued access to capital.

NEWS

November 14, 2025 · 8:00 AM UTC

Tenon Medical Announces Closing of $2.85 Million At-The-Market PIPE Financing

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November 13, 2025 · 4:05 PM UTC

Tenon(R) Medical Reports Third Quarter 2025 Financial Results

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November 11, 2025 · 8:00 AM UTC

Tenon Medical(R) Announces Pricing of At-The-Market PIPE Financing

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November 3, 2025 · 8:30 AM UTC

Tenon Medical, Inc. Announces Timing of Third Quarter 2025 Financial Results

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October 21, 2025 · 8:30 AM UTC

Tenon Medical(R) Announces FDA 510(k) Clearance for SImmetry(R)+ SI Joint Fusion System

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