·
|
Closes $16 Million Initial Public Offering ("IPO") on April 29, 2022
|
·
|
Company's common stock commenced trading on the Nasdaq Capital Markets under the ticker symbol "TNON"
|
·
|
Initial commercialization commencement of the Catamaran SIJ Fusion System
|
·
|
Revenue of $71,000 in the first quarter of 2022, a 373% increase from the same period in 2021
|
·
|
As of March 31, 2022, the Company hosted 9 physician workshop events
|
Three Months Ended March 31, | ||||||||
2022
|
2021
| |||||||
Revenue
|
$
|
71
|
$
|
15
| ||||
Cost of sales
|
275
|
11
| ||||||
Gross (Loss) Profit
|
(204
|
)
|
4
| |||||
Operating Expenses
| ||||||||
Research and development expenses
|
562
|
87
| ||||||
Sales and marketing expenses
|
276
|
4
| ||||||
General and administrative expenses
|
1,037
|
102
| ||||||
Total Operating Expenses
|
1,875
|
193
| ||||||
Loss from Operations
|
(2,079
|
)
|
(189
|
)
| ||||
Other Income (Expense)
| ||||||||
Gain on investments
|
1
|
-
| ||||||
Interest expense
|
(274
|
)
|
(11
|
)
| ||||
Other expense
|
(1
|
)
|
(1
|
)
| ||||
Total Other Expense
|
(274
|
)
|
(12
|
)
| ||||
Net Loss
|
(2,353
|
)
|
(201
|
)
| ||||
Loss attributable to non-controlling interest
|
-
|
(1
|
)
| |||||
Net Loss Attributable to Tenon Medical, Inc.
|
$
|
(2,353
|
)
|
$
|
(200
|
)
| ||
Net Loss Attributable to Tenon Medical, Inc. Per Share of Common Stock
| ||||||||
Basic and diluted
|
$
|
(2.38
|
)
|
$
|
(0.24
|
)
| ||
Weighted-Average Shares of Common Stock Outstanding
| ||||||||
Basic and diluted
|
989,954
|
830,000
| ||||||
Consolidated Statements of Comprehensive Loss:
| ||||||||
Net loss
|
$
|
(2,353
|
)
|
$
|
(201
|
)
| ||
Unrealized loss on investments
|
-
|
-
| ||||||
Change in foreign currency translation adjustment
|
-
|
-
| ||||||
Total Comprehensive Loss
|
(2,353
|
)
|
(201
|
)
| ||||
Comprehensive loss attributable to non-controlling interest
|
-
|
(1
|
)
| |||||
Total comprehensive loss attributable to Tenon Medical, Inc.
|
$
|
(2,353
|
)
|
$
|
(200
|
)
|
March 31,
|
December 31,
| |||||||
2022
|
2021
| |||||||
(Unaudited)
| ||||||||
Assets
| ||||||||
Current Assets
| ||||||||
Cash and cash equivalents
|
$
|
4,677
|
$
|
2,917
| ||||
Investments
|
-
|
4,404
| ||||||
Accounts receivable
|
64
|
76
| ||||||
Inventory
|
602
|
188
| ||||||
Prepaid expenses
|
82
|
87
| ||||||
Total current assets
|
5,425
|
7,672
| ||||||
Fixed assets - net
|
219
|
101
| ||||||
Deposits
|
41
|
41
| ||||||
Operating lease right-of-use asset
|
1,032
|
1,084
| ||||||
Deferred offering costs
|
428
|
374
| ||||||
TOTAL ASSETS
|
$
|
7,145
|
$
|
9,272
| ||||
Liabilities, Convertible Preferred Stock, and Stockholders' Deficit
| ||||||||
Current Liabilities
| ||||||||
Accounts payable
|
$
|
425
|
$
|
478
| ||||
Accrued expenses
|
970
|
1,088
| ||||||
Current portion of operating lease liability
|
227
|
202
| ||||||
Convertible notes payable and accrued interest - net of debt discount of $14 and $31 at March 31, 2022 and December 31, 2021, respectively
|
13,118
|
12,857
| ||||||
Convertible notes payable and accrued interest due to related parties - net of debt discount of $1 and $2 at March 31, 2022 and December 31, 2021, respectively
|
662
|
649
| ||||||
Total current liabilities
|
15,402
|
15,274
| ||||||
Operating lease liability - net of current portion
|
839
|
911
| ||||||
Total Liabilities
|
16,241
|
16,185
| ||||||
Convertible Preferred Stock
| ||||||||
Series A convertible preferred stock, $0.001 par value; 4,500,000 and 2,805,839 shares authorized at March 31, 2022 and December 31, 2021, respectively; 2,550,763 shares issued and outstanding at March 31, 2022 and December 31, 2021; liquidation preference of $3,891
|
12,367
|
12,367
| ||||||
Series B convertible preferred stock, $0.001 par value; 491,222 shares authorized; 491,222 shares issued and outstanding at March 31, 2022 and December 31, 2021; liquidation preference of $2,447
|
1,272
|
1,272
| ||||||
Stockholders' Deficit
| ||||||||
Common stock, $0.001 par value; 130,000,000 and 10,487,904 shares authorized at March 31, 2022 and December 31, 2021, respectively; 989,954 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively
|
1
|
1
| ||||||
Additional paid-in capital
|
282
|
113
| ||||||
Accumulated deficit
|
(22,928
|
)
|
(20,575
|
)
| ||||
Accumulated other comprehensive income (loss)
|
(91
|
)
|
(91
|
)
| ||||
Total stockholders' deficit
|
(22,736
|
)
|
(20,552
|
)
| ||||
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' DEFICIT
|
$
|
7,145
|
$
|
9,272
|
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Tenon Medical Inc. published this content on 07 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2022 21:31:03 UTC.