The company's financial stability is under pressure, evidenced by a debt-to-equity ratio that spiked to 2.57 in 2026Q1 alongside a compressed current ratio of 1.03.
| Total Current Assets | 7.62M | 6.77M | 8.21M | 3.89M | 9.35M | 7.67M | 303.4K | 268.45K |
| Cash & Short-Term Investments | 4.61M | 3.76M | 6.54M | 2.43M | 8.57M | 7.32M | 245.63K | 151.97K |
| Cash Only | 4.61M | 3.76M | 6.54M | 2.43M | 2.13M | 2.92M | 245.63K | 151.97K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 6.44M | 4.4M | 0 | 0 |
| Accounts Receivable | 1.97M | 1.7M | 863K | 526K | 241K | 76K | 14.47K | 53.77K |
| Days Sales Outstanding | 113.63 | 157.14 | 96.12 | 65.57 | 127.3 | 173.38 | 120.56 | 365.87 |
| Inventory | 806K | 1.05M | 606K | 554K | 415K | 188K | 43.29K | 61.55K |
| Days Inventory Outstanding | 215.95 | 242.57 | 141.25 | 119.86 | 113.72 | 1.25K | 865.43 | 1.23K |
| Other Current Assets | 0 | 0 | 206K | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 5.22M | 3.99M | 1.63M | 2.46M | 1.74M | 1.6M | 87.5K | 0 |
| Property, Plant & Equipment | 2.29M | 1.05M | 1.15M | 1.61M | 1.67M | 1.19M | 0 | 0 |
| Fixed Asset Turnover | 3.48x | 3.76x | 2.85x | 1.82x | 0.41x | 0.14x | - | - |
| Goodwill | 2.41M | 2.41M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 470K | 485K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 51K | 51K | 482K | 849K | 76K | 415K | 87.5K | 0 |
| Total Assets | 12.84M | 10.76M | 9.84M | 6.34M | 11.09M | 9.27M | 390.9K | 268.45K |
| Asset Turnover | 0.41x | 0.37x | 0.33x | 0.46x | 0.06x | 0.02x | 0.11x | 0.20x |
| Asset Growth % | 69.71% | 9.32% | 55.13% | -42.78% | 19.6% | 2271.96% | 45.61% | - |
| Total Current Liabilities | 7.41M | 3.21M | 1.87M | 3.14M | 2.53M | 15.27M | 1.49M | 1.69M |
| Accounts Payable | 646K | 845K | 369K | 433K | 550K | 478K | 589.19K | 447.52K |
| Days Payables Outstanding | 166.16 | 194.47 | 86.01 | 93.68 | 150.71 | 3.17K | 11.78K | 8.95K |
| Short-Term Debt | 3.69M | 141K | 0 | 1.17M | 228K | 13.51M | 241.4K | 734.41K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.07M | 2.23M | 0 | 474K | 1.3M | 846K | 80.75K | 28.69K |
| Current Ratio | 1.03x | 2.11x | 4.39x | 1.24x | 3.69x | 0.50x | 0.20x | 0.16x |
| Quick Ratio | 0.92x | 1.78x | 4.07x | 1.06x | 3.53x | 0.49x | 0.17x | 0.12x |
| Cash Conversion Cycle | 163.42 | 205.24 | 151.36 | 91.75 | 90.31 | -1.75K | -10.79K | -7.35K |
| Total Non-Current Liabilities | 3.54M | 2.51M | 2M | 2.43M | 2.31M | 14.55M | 333.58K | 193.39K |
| Long-Term Debt | 1.19M | 0 | 0 | 0 | 0 | 0 | 333.58K | 193.39K |
| Capital Lease Obligations | 0 | 0 | 141K | 428K | 683K | 911K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.35M | 2.51M | 1.86M | 2M | 1.62M | 13.64M | 0 | 0 |
| Total Liabilities | 10.94M | 5.72M | 3.87M | 5.57M | 4.84M | 29.82M | 1.83M | 1.88M |
| Total Debt | 4.88M | 141K | 428K | 1.86M | 911K | 14.62M | 574.98K | 927.8K |
| Net Debt | 270K | -3.62M | -6.11M | -571K | -1.22M | 11.7M | 329.34K | 775.84K |
| Debt / Equity | 2.57x | 0.03x | 0.07x | 2.39x | 0.15x | - | - | - |
| Debt / EBITDA | -0.40x | - | - | - | - | - | - | 463902.00x |
| Net Debt / EBITDA | -0.02x | - | - | - | - | - | - | 387918.00x |
| Interest Coverage | 69.82x | - | -401.15x | -740.95x | -52.44x | -10.40x | -3.20x | -10.19x |
| Total Equity | 1.9M | 5.04M | 5.97M | 778K | 6.25M | -20.55M | -1.44M | -1.61M |
| Equity Growth % | 570.05% | -15.59% | 667.48% | -87.56% | 130.42% | -1330.28% | 10.97% | - |
| Book Value per Share | 0.17 | 0.68 | 4.92 | 3.43 | 61.90 | -1820.69 | -138.50 | -155.57 |
| Total Shareholders' Equity | 1.9M | 5.04M | 5.97M | 778K | 6.25M | -20.55M | -3.14M | -2.61M |
| Common Stock | 11K | 11K | 3K | 3K | 11K | 1K | 1.66K | 1.66K |
| Retained Earnings | -84.78M | -81.3M | -68.75M | -55.07M | -39.49M | -20.57M | -4.49M | -3.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -46K | -100K | -91K | -56.57K | -32.41K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1.71M | 994.68K |
Imminent capital exhaustion risk
As reported in recent financial statements, Tenon Medical's cash reserves have dwindled to $4.6 million as of 2026Q1, while the current ratio has compressed to 1.03, signaling an extremely narrow margin of safety for a company with persistent, high-volume operating cash outflows.
The rapid decline in liquidity suggests that the company is approaching a critical juncture where external financing will be required to maintain basic operations. Investors should monitor the current ratio closely, as any further deterioration below unity would likely indicate an inability to meet short-term obligations without immediate capital intervention.
Based on the company's reported figures, the debt-to-equity ratio spiked to 2.57 in 2026Q1 from a near-zero level in late 2025, reflecting a sudden reliance on debt financing that appears to be a necessity-driven response to the exhaustion of internal cash resources.
This shift toward higher leverage in a loss-making environment suggests that the company's cost of capital may be rising significantly. The sudden increase in debt obligations warrants further investigation into the terms of these instruments and whether they impose restrictive covenants that could further limit operational flexibility.
According to the balance sheet data, retained earnings have plummeted to a deficit of $84.8 million by 2026Q1, illustrating a consistent pattern of value destruction that has severely constrained the company's equity base and left shareholders exposed to significant dilution risk.
The erosion of equity highlights the fundamental challenge of scaling the CATAMARAN system within the current cost structure. This trend suggests that the company's primary method of funding operations has been the consumption of shareholder capital, which may continue until a sustainable path to profitability is demonstrated.
As indicated in the 2026Q1 balance sheet, the emergence of $2.4 million in goodwill represents a non-trivial portion of total assets, which may be subject to future impairment charges if the company fails to achieve the projected procedure volumes required to justify its carrying value.
The presence of goodwill on a balance sheet characterized by deep net losses and limited cash runway is concerning, as it may mask the true extent of asset overvaluation. Investors should be wary of potential write-downs that could further weaken the company's already strained equity position.
Quick answers to the most common questions about buying TNON stock.
As of 2025, Tenon Medical, Inc. (TNON) had total assets of $10.8M including $6.8M in current assets.
Tenon Medical, Inc. (TNON) carries total debt of $0.1M, offset by $3.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tenon Medical, Inc. (TNON) has total shareholders' equity (book value) of $5.0M ($0.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tenon Medical, Inc. (TNON) reported a current ratio of 2.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.