Tenon Medical, Inc. (TNON) Balance Sheet
TNON balance sheet, 2025
December 31, 2025 · U.S. dollars$10.8M assets = $5.7M liabilities + $5.0M equity
Both columns are drawn to the same scale: what TNON owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TNON financial health
Descriptive bands, not a rating. Fiscal 2025.
TNON balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $268,4532019 | $10.8M2025 | +85.0%/yr | |
| Total liabilities | $1.9M2019 | $5.7M2025 | +20.3%/yr | |
| Shareholders’ equity | −$2.6M2019 | $5.0M2025 | — | |
| Cash & short-term investments | $151,9682019 | $3.8M2025 | +70.7%/yr | |
| Total debt | $927,8042019 | $141,0002025 | −26.9%/yr | |
| Net cash (debt) | −$775,8362019 | $3.6M2025 | +$4.4M | |
| Working capital | −$1.4M2019 | $3.6M2025 | +$5.0M | |
| Current ratio | 0.162019 | 2.112025 | +1.95 | |
| Debt / equity | 0.152022 | 0.032025 | −0.12 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TNON assets
TNON liabilities and equity
TNON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TNON balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $3.8M | $6.5M | $2.4M | $8.6M | $7.3M | $245,635 | $151,968 |
| Cash & equivalents | $3.8M | $6.5M | $2.4M | $2.1M | $2.9M | $245,635 | $151,968 |
| Short-term investments | — | — | $0 | $6.4M | $4.4M | $0 | — |
| Receivables | $1.7M | $863,000 | $526,000 | $241,000 | $76,000 | $14,474 | $53,768 |
| Inventory | $1.1M | $606,000 | $554,000 | $415,000 | $188,000 | $43,288 | $61,545 |
| Other current assets | $260,000 | $206,000 | $381,000 | $121,000 | $87,000 | $0 | $1,172 |
| Total current assets | $6.8M | $8.2M | $3.9M | $9.3M | $7.7M | $303,397 | $268,453 |
| Property, plant & equipment (net) | $1.0M | $1.2M | $1.6M | $1.7M | $1.2M | $0 | $0 |
| Goodwill & intangible assets | $2.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $51,000 | $482,000 | $849,000 | $76,000 | $415,000 | $87,504 | $0 |
| Total assets | $10.8M | $9.8M | $6.3M | $11.1M | $9.3M | $390,901 | $268,453 |
| Liabilities | |||||||
| Accounts payable | $845,000 | $369,000 | $433,000 | $550,000 | $478,000 | $589,191 | $447,520 |
| Short-term debt | $141,000 | $287,000 | $1.4M | $228,000 | $13.7M | $241,397 | $734,413 |
| Total current liabilities | $3.2M | $1.9M | $3.1M | $2.5M | $15.3M | $1.5M | $1.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $333,578 | $0 |
| Lease obligations | $141,000 | $428,000 | $684,000 | $911,000 | $1.1M | $0 | — |
| Other long-term liabilities | $2.5M | $2.0M | $2.4M | $2.3M | $14.6M | $0 | $193,390 |
| Total liabilities | $5.7M | $3.9M | $5.6M | $4.8M | $29.8M | $1.8M | $1.9M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $11,000 | $3,000 | $3,000 | $11,000 | $1,000 | $1,660 | $1,660 |
| Retained earnings (deficit) | −$81.3M | −$68.7M | −$55.1M | −$39.5M | −$20.6M | −$4.5M | −$3.9M |
| Accumulated other comprehensive income | — | — | −$46,000 | −$100,000 | −$91,000 | −$56,571 | −$32,409 |
| Minority interest | — | — | — | $0 | — | — | — |
| Total shareholders' equity | $5.0M | $6.0M | $778,000 | $6.3M | −$20.6M | −$3.1M | −$2.6M |
| Key figures | |||||||
| Total debt | $141,000 | $428,000 | $1.9M | $911,000 | $14.6M | $574,975 | $927,804 |
| Net cash (debt) | $3.6M | $6.1M | $571,000 | $7.7M | −$7.3M | −$329,340 | −$775,836 |
| Working capital | $3.6M | $6.3M | $749,000 | $6.8M | −$7.6M | −$1.2M | −$1.4M |
| Tangible book value | $2.1M | $6.0M | $778,000 | $6.3M | −$20.6M | −$3.1M | −$2.6M |
| Current ratio | 2.11 | 4.39 | 1.24 | 3.69 | 0.50 | 0.20 | 0.16 |
| Quick ratio | 1.70 | 3.96 | 0.94 | 3.48 | 0.48 | 0.17 | 0.12 |
| Debt / equity | 0.03 | 0.07 | 2.39 | 0.15 | — | — | — |
| Equity / assets | 46.8% | 60.7% | 12.3% | 56.4% | −221.7% | −804.3% | −971.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.7M | $4.6M | $3.8M | $3.4M | $7.8M | $10.3M | $6.5M | $9.2M | $2.0M | $4.4M | $2.4M | $3.4M |
| Cash & equivalents | $1.7M | $4.6M | $3.8M | $3.4M | $7.8M | $10.3M | $6.5M | $9.2M | $2.0M | $4.4M | $2.4M | $3.4M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $1.9M | $2.0M | $1.7M | $1.3M | $770,000 | $886,000 | $863,000 | $876,000 | $679,000 | $571,000 | $526,000 | $773,000 |
| Inventory | $783,000 | $806,000 | $1.1M | $1.4M | $688,000 | $607,000 | $606,000 | $607,000 | $609,000 | $632,000 | $554,000 | $474,000 |
| Other current assets | $400,000 | $238,000 | $260,000 | $428,000 | $580,000 | $186,000 | $206,000 | $543,000 | $831,000 | $360,000 | $381,000 | $345,000 |
| Total current assets | $4.8M | $7.6M | $6.8M | $6.5M | $9.9M | $12.0M | $8.2M | $11.2M | $4.1M | $6.0M | $3.9M | $5.0M |
| Property, plant & equipment (net) | $2.2M | $2.3M | $1.0M | $863,000 | $1.1M | $1.0M | $1.2M | $1.4M | $1.4M | $1.6M | $1.6M | $1.7M |
| Goodwill & intangible assets | $2.9M | $2.9M | $2.9M | $2.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $51,000 | $51,000 | $51,000 | $51,000 | $120,000 | $372,000 | $482,000 | $482,000 | $490,000 | $490,000 | $849,000 | $695,000 |
| Total assets | $9.9M | $12.8M | $10.8M | $10.4M | $11.1M | $13.4M | $9.8M | $13.0M | $6.0M | $8.0M | $6.3M | $7.3M |
| Liabilities | ||||||||||||
| Accounts payable | $628,000 | $646,000 | $845,000 | $625,000 | $894,000 | $496,000 | $369,000 | $1.1M | $1.1M | $266,000 | $433,000 | $763,000 |
| Short-term debt | $4.5M | $3.7M | $141,000 | $216,000 | $290,000 | $295,000 | $287,000 | $279,000 | $271,000 | $263,000 | $1.4M | $249,000 |
| Total current liabilities | $8.3M | $7.4M | $3.2M | $3.0M | $2.6M | $2.2M | $1.9M | $3.2M | $3.4M | $2.3M | $3.1M | $3.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.3M | $1.4M | $141,000 | $216,000 | $290,000 | $360,000 | $428,000 | $495,000 | $561,000 | $623,000 | $684,000 | $743,000 |
| Other long-term liabilities | $3.4M | $3.5M | $2.5M | $2.5M | $1.8M | $1.8M | $2.0M | $1.7M | $1.8M | $2.1M | $2.4M | $1.7M |
| Total liabilities | $11.7M | $10.9M | $5.7M | $5.6M | $4.4M | $4.0M | $3.9M | $4.8M | $5.2M | $4.4M | $5.6M | $4.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $11,000 | $11,000 | $9,000 | $8,000 | $8,000 | $3,000 | $3,000 | $4,000 | $4,000 | $3,000 | $2,000 |
| Retained earnings (deficit) | −$88.8M | −$84.8M | −$81.3M | −$78.5M | −$75.1M | −$72.4M | −$68.7M | −$65.7M | −$62.5M | −$58.6M | −$55.1M | −$51.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | $0 | −$3.3M | −$3.3M | −$46,000 | −$102,000 |
| Total shareholders' equity | −$1.7M | $1.9M | $5.0M | $4.8M | $6.7M | $9.4M | $6.0M | $8.2M | $832,000 | $3.6M | $778,000 | $2.5M |
| Key figures | ||||||||||||
| Total debt | $5.7M | $4.9M | $141,000 | $216,000 | $290,000 | $360,000 | $428,000 | $495,000 | $561,000 | $623,000 | $1.9M | $743,000 |
| Net cash (debt) | −$4.0M | −$270,000 | $3.6M | $3.2M | $7.6M | $10.0M | $6.1M | $8.7M | $1.4M | $3.8M | $571,000 | $2.6M |
| Working capital | −$3.5M | $215,000 | $3.6M | $3.5M | $7.3M | $9.8M | $6.3M | $8.0M | $684,000 | $3.7M | $749,000 | $1.9M |
| Tangible book value | −$4.6M | −$982,000 | $2.1M | $1.9M | $6.7M | $9.4M | $6.0M | $8.2M | $832,000 | $3.6M | $778,000 | $2.5M |
| Current ratio | 0.58 | 1.03 | 2.11 | 2.15 | 3.86 | 5.46 | 4.39 | 3.52 | 1.20 | 2.63 | 1.24 | 1.61 |
| Quick ratio | 0.44 | 0.89 | 1.70 | 1.56 | 3.36 | 5.10 | 3.96 | 3.16 | 0.78 | 2.19 | 0.94 | 1.34 |
| Debt / equity | — | 2.57 | 0.03 | 0.05 | 0.04 | 0.04 | 0.07 | 0.06 | 0.67 | 0.17 | 2.39 | 0.30 |
| Equity / assets | −17.6% | 14.8% | 46.8% | 46.3% | 60.4% | 70.0% | 60.7% | 62.8% | 13.9% | 45.2% | 12.3% | 34.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
TNON financial position
At the end of fiscal 2025 (December 31, 2025), Tenon Medical had total assets of $10.8 million (up 9.3% from a year earlier), total liabilities of $5.7 million and shareholders' equity of $5.0 million. It held $3.8 million in cash and short-term investments against $0.1 million of debt, a net cash position of $3.6 million. Its current ratio was 2.11. In the latest quarter (ended June 30, 2026) total assets were $9.9 million and equity -$1.7 million.
Related: TNON income statement, TNON cash flow statement, TNON key metrics. See the TNON stock overview for the latest quote and news.
TNON balance sheet FAQ
What are Tenon Medical's total assets?
Tenon Medical reported total assets of $10.8 million at the end of fiscal 2025 (December 31, 2025), compared with $9.8 million a year earlier.
How much debt does Tenon Medical have?
Tenon Medical had $0.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.03.
How much cash does Tenon Medical have?
Tenon Medical held $3.8 million in cash and short-term investments at the end of fiscal 2025; with $0.1 million of debt that is net cash of $3.6 million.
What is Tenon Medical's book value?
Tenon Medical's shareholders' equity (book value) was $5.0 million at the end of fiscal 2025.
What is Tenon Medical's current ratio?
Tenon Medical had current assets of $6.8 million and current liabilities of $3.2 million, a current ratio of 2.11 (it can cover its short-term obligations).
How much goodwill does Tenon Medical have?
Tenon Medical carried $2.9 million of goodwill and intangible assets, 26.9% of total assets, at the end of fiscal 2025.