aibioTenon Medical announces warrant inducement for $2,872,338.58 gross
Tickers TNON
Holders exercised 572,179 existing warrants for cash and received new warrants for 858,269 shares at $5.02 per share. WallachBeth Capital acted as financial advisor, and the closing was expected on or about September 14, 2026.
Key facts
- Company
- Tenon Medical, Inc. (NASDAQ: TNON)
- News type
- Financings
- Primary source
- Tenon Medical, Inc. 8-K (2026-09-16)
Tenon Medical, Inc. announced on September 11, 2026, that it had entered into warrant exercise agreements with an institutional investor. The investor agreed to exercise outstanding warrants to buy an aggregate of 572,179 shares of common stock. In exchange for the immediate exercise in full, the company expects gross cash proceeds of $2,872,338.58. The release is attached to a Form 8-K filed by the company. The closing of the offering was expected to occur on or about September 14, 2026, subject to customary closing conditions.
The new warrants
The exercising holders also receive new unregistered warrants in a private placement. These cover up to 858,269 shares of common stock, which is 150% of the shares issued in connection with the exercise. The new warrants have an exercise price of $5.02 per share, are immediately exercisable on the date of issuance, and expire five years from that date.
The release expects gross proceeds of $2,872,338.58. That figure excludes any proceeds received on exercise of the new warrants, and it is stated before financial advisor fees and other expenses payable by the company. The new warrants and their shares were offered under an exemption from registration under the Securities Act of 1933, and they may not be offered or sold in the United States without registration or an applicable exemption.
The company has agreed to file a registration statement with the SEC covering the resale of the shares issuable on exercise of the new warrants.
Advisors
WallachBeth Capital is acting as financial advisor for the warrant inducement. The release does not name a placement agent, underwriter or legal counsel for the transaction, and it does not name the investor.
About the company
Tenon Medical, Inc. is a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders. The company was incorporated in Delaware in 2012. It offers two systems to treat a diseased sacroiliac joint. Its Catamaran SI Joint Fusion System uses a single, robust titanium implant in a less invasive approach. In August 2025, the company acquired substantially all of the assets of SiVantage, Inc. and SIMPL Medical, LLC, including the SImmetry+ SI Joint Fusion System. That system treats SI joint disorders through a minimally invasive lateral access solution. The release says the company is focused on three commercial opportunities: primary SI Joint procedures, revision procedures of failed SI Joint implants, and SI Joint fusion adjunct to a spine fusion construct. The company says Catamaran launched nationally in October 2022.
Recent financial position
The financial data attached to the filing come from the company's annual report on Form 10-K filed March 27, 2026. For fiscal 2025, Tenon reported revenue of $3.9 million, against $3.3 million in 2024. Research and development expense was $2.1 million in 2025 and $2.6 million in 2024. The net loss was $12.6 million for 2025, against $13.7 million for 2024. Cash from operations was negative $10.7 million in 2025 and negative $9.9 million in 2024.
Year-end cash and cash equivalents were $3.8 million for the year ended December 31, 2025, and $6.5 million for 2024. The most recent figure in the financial data is cash and cash equivalents of $1.7 million at June 30, 2026, taken from a 10-Q.
The risks ahead
The company expects gross proceeds of $2,872,338.58, before advisor fees and other expenses, and in return it issues new warrants for up to 858,269 shares at $5.02, which add to future dilution. The company reported cash and cash equivalents of $1.7 million at June 30, 2026, a net loss of $12.6 million for 2025, and cash from operations of negative $10.7 million. The release expects closing on or about September 14, 2026, and says the company agreed to file a resale registration statement. It gives no date for that filing and names no placement agent or counsel.