Cover Page
Cover Page | Jun. 07, 2022 |
Document Information [Line Items] | |
Document Type | 8-K |
Entity Registrant Name | TENON MEDICAL, INC. |
Entity Central Index Key | 0001560293 |
Amendment Flag | false |
Entity File Number | 001-41364 |
Entity Tax Identification Number | 45-5574718 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 104 Cooper Court |
Entity Address, City or Town | Los Gatos |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95032 |
City Area Code | 408 |
Local Phone Number | 649-5760 |
Document Period End Date | Jun. 7, 2022 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | TNON |
Security Exchange Name | NASDAQ |
Interim Condensed Consolidated
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
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) |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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 |
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 |
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 |
Series A Convertible Preferred Stock [Member] | ||
Convertible Preferred Stock | ||
Convertible Preferred Stock | 12,367 | 12,367 |
Series B Convertible Preferred Stock [Member] | ||
Convertible Preferred Stock | ||
Convertible Preferred Stock | $ 1,272 | $ 1,272 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Convertible notes payable and accrued interest | $ 14 | $ 31 |
Convertible notes payable and accrued interest due to related parties | $ 1 | $ 2 |
Common stock par or stated value per share | $ 0.001 | $ 0.001 |
Common stock shares authorized | 130,000,000 | 10,487,904 |
Common stock shares issued | 989,954 | 989,954 |
Common stock shares outstanding | 989,954 | 989,954 |
Series A Convertible Preferred Stock [Member] | ||
Temporary equity, par or stated value per share | $ 0.001 | $ 0.001 |
Temporary equity shares authorized | 4,500,000 | 2,805,839 |
Temporary equity shares issued | 2,550,763 | 2,550,763 |
Temporary equity shares outstanding | 2,550,763 | 2,550,763 |
Temporary equity liquidation preference | $ 3,891 | $ 3,891 |
Series B Convertible Preferred Stock [Member] | ||
Temporary equity, par or stated value per share | $ 0.001 | $ 0.001 |
Temporary equity shares authorized | 491,222 | 491,222 |
Temporary equity shares issued | 491,222 | 491,222 |
Temporary equity shares outstanding | 491,222 | 491,222 |
Temporary equity liquidation preference | $ 2,447 | $ 2,447 |