Tenon Medical priced a $2.85 million at‑the‑market private investment in public equity (PIPE) on November 11, 2025, raising gross proceeds that will be used for general corporate purposes.
The new capital adds liquidity to support product development, commercialization, and the integration of recent acquisitions, most notably the August 2025 purchase of SiVantage’s SImmetry SI Joint Fusion Portfolio, which expands Tenon’s product line and market reach.
Tenon’s cash position will rise from $7.8 million at June 30, 2025 to roughly $10.65 million, improving its ability to fund growth initiatives and meet short‑term obligations amid ongoing operating losses.
The company has been operating at a loss, with Q2 2025 revenue down 37% year‑over‑year and a gross margin of 43% versus 46% in Q4 2024. The new capital is intended to accelerate product launches—such as the Catamaran SE SI Joint Fusion System and the FDA 510(k) clearance for the SImmetry+ SI Joint Fusion System—while offsetting these losses.
Management emphasized that the financing will support strategic investments in high‑return verticals and maintain cost discipline, while the SiVantage acquisition is expected to immediately contribute to revenue and broaden the company’s market presence.
The transaction reflects Tenon’s strategy to transform into a multi‑product leader in the sacroiliac joint disorder market, leveraging its innovative minimally invasive solutions and expanding its portfolio to capture greater market share.
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