Tenon Medical (TNON) investor relations material

Company overview and business model

• Focuses on minimally invasive medical devices for sacroiliac (SI) joint disorders, offering Catamaran and SImmetry SI Joint Fusion Systems for primary, revision, and adjunct spine fusion procedures.

• Catamaran System received FDA clearance in 2018 and launched nationally in October 2022, targeting the US market.

• Acquired SiVantage and SIMPL Medical in August 2025, expanding its portfolio with the SImmetry System.

• Emphasizes innovation with proprietary implant designs and clinical evidence supporting improved outcomes.

Market opportunity and competitive landscape

• Over 30 million US adults have chronic lower back pain; 15–30% linked to SI Joint issues.

• Surgical penetration for SI Joint pain remains low (5–7%) due to complexity and suboptimal existing solutions.

• Catamaran and SImmetry systems aim to address unmet needs with less invasive, customizable approaches.

• SI Joint is considered the last major joint not fully addressed by spine implant industry.

Financial performance and metrics

• Raised approximately $2.85 million in November 2025 Private Placement and $2.99 million in August 2026 Private Placement.

• As of August 31, 2026, 1,032,578 shares of common stock outstanding; up to 2,768,975 shares post-offering if all warrants and milestone shares are exercised.

• Substantial dilution risk due to outstanding warrants, convertible notes, and preferred stock.