Tenon Medical (TNON) Registration filing summary

Company overview and business model

• Medical device company focused on minimally invasive solutions for sacroiliac (SI) joint disorders causing lower back pain.

• Offers two FDA-cleared systems: Catamaran SI Joint Fusion System and SImmetry SI Joint Fusion System, targeting primary, revision, and adjunct SI joint procedures.

• Acquired assets from SiVantage, Inc. and SIMPL Medical, LLC in August 2025, expanding product portfolio and surgical approaches.

• Emphasizes clinical research, physician training, and commercial expansion in the US market.

Financial performance and metrics

• As of March 31, 2026, net tangible book value was approximately $(982,000), or $(0.087) per share.

• Pro forma net tangible book value after recent asset acquisition was $(982), or $(0.085) per share.

• Offering expected to increase pro forma net tangible book value to $0.114 per share, with immediate dilution of $0.488 per share to new investors.

• Stockholders' equity reported at $1,895,000 as of March 31, 2026, below Nasdaq's minimum requirement.

Use of proceeds and capital allocation

• Estimated net proceeds of $2,972,500 from the offering, after underwriting discounts and expenses.

• Proceeds allocated to partial repayment of convertible notes, commercial expansion, clinician training, hiring sales reps, distribution network growth, clinical research, R&D, inventory, marketing, working capital, and general corporate purposes.

• Management retains broad discretion over allocation of proceeds.