Tenon Medical (TNON) Registration filing summary

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 surgical treatment of lower back pain.

• Catamaran System received FDA clearance in 2018 and launched nationally in October 2022, targeting primary, revision, and adjunct SI joint procedures.

• Acquired assets from SiVantage and SIMPL Medical in August 2025, expanding its product portfolio and market reach.

• Emphasizes innovation with proprietary implant designs and clinical protocols to improve outcomes and adoption.

Financial performance and metrics

• Raised approximately $2.85 million in gross proceeds from a private placement in November 2025.

• As of June 17, 2026, 11,849,674 shares of common stock were outstanding, with potential for significant dilution from warrants, options, and convertible securities.

• Financial statements for 2024 and 2025 include a going concern warning from auditors.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling stockholders; proceeds from warrant exercises will be used for working capital and general corporate purposes.

• Management retains broad discretion over allocation of any proceeds from warrant exercises.