Is Tenon Medical going out of business?

TENON MEDICAL, INC. (TNON) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

TENON MEDICAL, INC. (TNON) scores 20 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Shares dilution YoY: Reverse split detected; adjusted share change (28.1% YoY) and the capital-structure risk is penalized.

Five questions, kept separate

Survival - Critical

1-2 mo of estimated runway from 2026-06-30, based on $1.7M of cash and short-term investments against $20.0M of annual burn. Adjusted shares outstanding increased 28.1% over the comparison year.

Business quality - Pre-commercial

Operating margins cannot grade a pipeline; Survival and clinical evidence remain the relevant lenses here.

Trajectory - Clinical progress unavailable

Fundamentals can show funding and burn, but not whether the clinical pipeline is advancing.

Valuation - Balanced

31.7% net-cash backing support a balanced pre-commercial Valuation assessment.

Event risk - Evidence unavailable

No active asserted adverse event was found in the available filing evidence. The filing evidence is stale or incomplete, so this is not proof of absence.

What the rules read

• Shares dilution YoY: Reverse split detected; adjusted share change (28.1% YoY) and the capital-structure risk is penalized.
• Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)
• Cash Runway (years): 0.08y
• Revenue CAGR (3Y): 78.71%
• R&D intensity: 34.98%
• Return on Assets: -138.05%
• Revenue per Asset Efficiency: 20.01% QoQ (Strong monetization)
• Revenue growth YoY: 126.77% (YoY) - Early-Stage Surge (low base)
• FCF margin: -376.13% (Inv. Mode)
• Cash Burn Deceleration: -112.56% QoQ improvement (Worsening)
• Revenue Quality: Quality concerns (DSO +38d, Rev +127%)
• Working Capital Efficiency: -15.34x (Tight)

Read from filings through 2026-08-13.

Price as of 2026-09-07.