aibioTenon Medical prices $3.0 million private placement with warrants
Tickers TNON
Tenon Medical agreed to sell 597,610 shares, or pre-funded warrants, to an institutional investor, with warrants for up to 1,058,517 more shares. WallachBeth Capital LLC is the exclusive placement agent.
Key facts
- Company
- Tenon Medical, Inc. (NASDAQ: TNON)
- News type
- Financings
- Primary source
- Tenon Medical, Inc. 8-K (2026-08-31)
Tenon Medical, Inc. (Nasdaq: TNON) has priced a private placement that it estimates will bring in approximately $3.0 million in gross proceeds, before placement agent fees and other estimated offering expenses. The company announced the pricing in a press release dated August 28, 2026, which it filed with the Securities and Exchange Commission on August 31, 2026. The offering is expected to close on or about August 31, 2026, subject to customary closing conditions.
The terms
On August 27, 2026, the company entered into a securities purchase agreement with an institutional investor. Under the agreement, Tenon will sell 597,610 shares of common stock, or pre-funded warrants in lieu of shares, together with a warrant to purchase up to an aggregate 1,058,517 shares of common stock. The combined effective offering price for each share and its accompanying warrant is $5.02. For each pre-funded warrant and its accompanying warrant, the combined effective offering price is $5.019.
The pre-funded warrants have an exercise price of $0.001 per share. The warrants have an exercise price of $5.02 per share, are immediately exercisable, and will expire five years from the date of issuance.
The company estimates gross proceeds of approximately $3.0 million. The release does not say how the company plans to use the proceeds, and the figure is stated before deducting the placement agent's fees and other estimated offering expenses.
WallachBeth Capital LLC is acting as the exclusive placement agent in connection with the offering. The release names no legal counsel for the company or for the placement agent, and it names no other bank or advisor.
The securities are sold in a private placement under Section 4(a)(2) of the Securities Act and Regulation D, and are not registered. The company has agreed to provide customary registration rights for the common stock, the shares underlying the warrants and the shares underlying the pre-funded warrants.
What the company does
Tenon Medical is a medical device company dedicated to transforming care for patients with certain sacro-pelvic disorders. The company was incorporated in the State of Delaware in 2012 and currently offers two systems to treat a diseased sacroiliac joint, known as the SI Joint. Its Catamaran SI Joint Fusion System uses a single, robust titanium implant.
In August 2025, Tenon acquired substantially all of the assets of SiVantage, Inc. and SIMPL Medical, LLC, including the SImmetry+ SI Joint Fusion System. That system treats disorders of the SI Joint through a minimally invasive lateral access solution. Since the national launch of The Catamaran System in October 2022, the company has focused on three commercial opportunities: primary SI Joint procedures, revision procedures of failed SI Joint implants, and SI-Joint fusion as an adjunct to a spine fusion construct.
Financial position
The figures below come from the company's SEC XBRL data, which tracks its annual report on Form 10-K filed March 27, 2026. Revenue was $3.9 million for 2025, compared with $3.3 million for 2024. Research and development expense was $2.1 million for 2025 and $2.6 million for 2024. The net loss was $12.6 million for 2025, compared with $13.7 million for 2024.
Cash from operations was negative $10.7 million for 2025, compared with negative $9.9 million for 2024. Year-end cash and cash equivalents were $3.8 million at December 31, 2025, and $6.5 million at December 31, 2024. Cash and cash equivalents were $1.7 million at June 30, 2026, according to the company's most recent quarterly report.
The risks ahead
The private placement brings in about $3.0 million before fees, and the investor's warrants for up to 1,058,517 shares at $5.02 add to 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 does not say how the proceeds will be used. The company has agreed to give registration rights for the shares and the shares underlying the warrants, and it names no counsel or other adviser.