Senseonics Holdings, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Senseonics Holdings, Inc. has filed its 2023 10-K report, providing a comprehensive overview of its financial standing and business activities.</b>

AI Summary

Senseonics Holdings, Inc. (SENS) filed a Annual Report (10-K) with the SEC on March 1, 2024. Senseonics Holdings, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing details the company's financial performance and business operations. Key financial data points such as total assets and total debt are included. The report references various equity and debt instruments, including Series B Preferred Stock and Convertible Notes. It also covers stock purchase warrants and employee stock purchase plans.

Why It Matters

For investors and stakeholders tracking Senseonics Holdings, Inc., this filing contains several important signals. This 10-K filing is crucial for investors to understand Senseonics' financial health, including its asset base and debt obligations, as of December 31, 2023. The detailed information on equity and debt instruments, such as preferred stock and warrants, is essential for evaluating the company's capital structure and potential dilution.

Risk Assessment

Risk Level: medium — Senseonics Holdings, Inc. shows moderate risk based on this filing. The company's financial disclosures in this 10-K, while comprehensive, do not provide immediate indicators of significant financial distress or exceptional growth, suggesting a neutral risk profile based solely on this filing's summary data.

Analyst Insight

Review the full 10-K to analyze revenue trends, profitability, and cash flow to assess the company's operational performance and future prospects.

Financial Highlights

total Assets

530364237

total Debt

479637138

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 530,364,237 — Total Assets (As of December 31, 2023)
• 479,637,138 — Total Debt (As of December 31, 2023)
• 2024-03-01 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• Senseonics Holdings, Inc. (company) — Filer of the 10-K report
• ASN Technologies, Inc. (company) — Former company name
• Energy Capital LLC (company) — Mentioned in relation to preferred stock and convertible equity

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-01: Filing Date — Date the 10-K was officially submitted to the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Senseonics' financial health and business operations for the fiscal year.)

Series B Preferred Stock

A class of preferred stock with specific rights and preferences, often issued in private placements. (Indicates a specific type of capital raised or instrument held by the company, relevant to its capital structure.)

Stock Purchase Warrants

Contracts that give the holder the right, but not the obligation, to purchase a company's stock at a specified price within a certain timeframe. (Relevant for understanding potential future share dilution and capital raising activities.)

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share SENS NYSE American Secu

Filing Documents

• sens-20231231x10k.htm (10-K) — 2837KB
• sens-20231231xex23d1.htm (EX-23.1) — 3KB
• sens-20231231xex31d1.htm (EX-31.1) — 14KB
• sens-20231231xex31d2.htm (EX-31.2) — 14KB
• sens-20231231xex32d1.htm (EX-32.1) — 9KB
• sens-20231231xex97d1.htm (EX-97.1) — 41KB
• sens-20231231x10k004.jpg (GRAPHIC) — 27KB
• 0001558370-24-002218.txt (&nbsp;) — 13200KB
• sens-20231231.xsd (EX-101.SCH) — 81KB
• sens-20231231_cal.xml (EX-101.CAL) — 87KB
• sens-20231231_def.xml (EX-101.DEF) — 408KB
• sens-20231231_lab.xml (EX-101.LAB) — 794KB
• sens-20231231_pre.xml (EX-101.PRE) — 630KB
• sens-20231231x10k_htm.xml (XML) — 2316KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 27

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 68

Cybersecurity

Item 1C. Cybersecurity 68

Properties

Item 2. Properties 69

Legal Proceedings

Item 3. Legal Proceedings 70

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 70 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 70

[Reserved]

Item 6. [Reserved] 71

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 71

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 82

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 83

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 122

Controls and Procedures

Item 9A. Controls and Procedures 122

Other Information

Item 9B. Other Information 123

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 123 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 123

Executive Compensation

Item 11. Executive Compensation 123

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 123

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 123

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 123 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 124

Form 10-K Summary

Item 16. Form 10-K Summary 127

Signatures

Signatures 128 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements that involve substantial risks and uncertainties. The forward-looking statements are contained principally in Part I, Item 1: "Business," Part I, Item 1A: "Risk Factors," and Part II, Item 7: "Management's Discussion and Analysis of Financial Condition and Results of Operations," but are also contained elsewhere in this Annual Report. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue", "target", "seek", "contemplate", and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Annual Report, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. All statements other than statements of historical fact could be deemed forward-looking, including but not limited to statements about: the success of our collaboration and commercialization agreement with Ascensia Diabetes Care Holdings AG ("Ascensia"); the timing of product launches; the clinical utility of Eversense; our ability to develop future generations of Eversense; our ability to service our outstanding indebtedness; the timing and availability of data from our clinical trials; the timing of our pl

Business

Item 1. Business Overview We are a medical technology company focused on the development and manufacturing of glucose monitoring products designed to transform lives in the global diabetes community with differentiated, long-term implantable glucose management technology. Our implantable CGM ("Eversense"), including the Eversense E3 continuous glucose monitoring ("CGM") system version is designed to continually and accurately measure glucose levels in people with diabetes via an under-the-skin sensor, a removable and rechargeable smart transmitter, and a convenient app for real-time diabetes monitoring and management for a period of up to six months as compared to seven to 14 days for non-implantable CGM systems. We affixed the CE mark to the original 90-day Eversense CGM system in June 2016, which marked the first certification for the product to be sold within the European Economic Area (being the European Union plus Norway, Iceland, and Liechtenstein) ("EEA"). Subsequently, we affixed the CE mark to the extended life Eversense XL CGM system in September 2017 to be sold in select markets in Europe and the Middle East. In June 2022, we affixed the CE mark to the Eversense E3 CGM system and Ascensia began commercialization in select markets in Europe during the third quarter of 2022. In June 2018, the U.S. Food and Drug Administration ("FDA"), approved the 90-day Eversense CGM system for distribution throughout the United States. In June 2019, we received FDA approval for the non-adjunctive indication (dosing claim) for the 90-day Eversense system. With this approval and the availability of a new app in December 2019, the Eversense system can now be used as a therapeutic CGM in the United States to replace fingerstick blood glucose measurement to make treatment decisions, including insulin dosing. In February 2022, the 180-day extended life Eversense E3 CGM system was approved by the FDA and Ascensia began commercializing Eversense E3 in the United States in the

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View this 10-K filing on SEC EDGAR