Tivic Health Systems, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Tivic Health Systems, Inc. (TIVC) filed its Q1 2024 10-Q, reporting on financial performance and recent corporate actions including warrant offerings.</b>

AI Summary

Tivic Health Systems, Inc. (TIVC) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Tivic Health Systems, Inc. filed a 10-Q for the period ending March 31, 2024. The filing details financial information and business operations for Q1 2024. Subsequent events include a registered public offering of Series A and Series B warrants on May 9, 2024. The company entered into a fulfillment services agreement with Alom Technologies Corporation on March 5, 2024. Key financial statement items like retained earnings and additional paid-in capital are reported as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Tivic Health Systems, Inc., this filing contains several important signals. The filing provides a quarterly update on Tivic Health Systems' financial health and operational status, crucial for investors to assess ongoing performance. Recent warrant offerings and agreements with service providers like Alom Technologies Corporation indicate active corporate development and potential future financing or operational changes.

Risk Assessment

Risk Level: medium — Tivic Health Systems, Inc. shows moderate risk based on this filing. The company's financial disclosures, including details on warrants and potential customer concentration, suggest a medium level of risk related to its financial stability and market position.

Analyst Insight

Investors should monitor the impact of the recent warrant offerings and the performance of the fulfillment services agreement with Alom Technologies Corporation on Tivic's future financial results.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Period covered by the 10-Q filing.)
• 2024-05-09 — Warrant Offering Date (Date of registered public offering for Series A and Series B warrants.)
• 2024-03-05 — Fulfillment Services Agreement Date (Date of agreement with Alom Technologies Corporation.)
• 2023-01-01 — Comparative Period Start Date (Start date for comparative financial data.)

Key Players & Entities

• Tivic Health Systems, Inc. (company) — Filer of the 10-Q report.
• Alom Technologies Corporation (company) — Entered into a fulfillment services agreement with Tivic Health Systems.
• Maxim Group LLC (company) — Involved in underwriting and placement agency agreements for warrant offerings.
• Series A Warrants (dollar_amount) — Subject of a registered public offering on May 9, 2024.
• Series B Warrants (dollar_amount) — Subject of a registered public offering on May 9, 2024.

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to reliance on a limited number of major customers, as indicated by references to 'MajorCustomerMember' and 'CustomerTwoMember'.
• Credit Concentration Risk [medium — financial]: There is a risk associated with the concentration of credit exposure to specific customers, as noted by 'CreditConcentrationRiskMember' and 'CustomerTwoMember' in relation to accounts receivable.
• Geographic Concentration Risk [low — regulatory]: The company's operations or customer base may be concentrated geographically, posing a risk as indicated by 'GeographicConcentrationRiskMember'.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-09: Warrant Offering — Subsequent event involving the offering of Series A and Series B warrants.
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.

Key Financial Figures

• $0.0001 — of Each Class Common Stock, par value $0.0001 per share Trading Symbol(s) TIVC

Filing Documents

• tivc-20240331.htm (10-Q) — 1282KB
• tivc-ex31_1.htm (EX-31.1) — 15KB
• tivc-ex31_2.htm (EX-31.2) — 15KB
• tivc-ex32_1.htm (EX-32.1) — 13KB
• img41941548_0.jpg (GRAPHIC) — 31KB
• 0000950170-24-060534.txt (&nbsp;) — 6418KB
• tivc-20240331.xsd (EX-101.SCH) — 981KB
• tivc-20240331_htm.xml (XML) — 1042KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 32 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our condensed financial statements included in this Quarterly Report on Form 10Q are as follows: Condensed Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Statements of Cash Flow for the three months ended March 31, 2024 and 2023 (unaudited) 4 Notes to Condensed Financial Statements (unaudited) 6 This Quarterly Report on Form 10Q for the quarter ended March 31, 2024, should be read in conjunction with the Company's Annual Report on Form 10K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on March 25, 2024. The accompanying condensed financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2024 are not necessarily indicative of the results that can be expected for the full year. 1 Table of Contents Tivic Health Systems, Inc. Condensed Balance Sheets (Unaudited) March 31, 2024 and December 31, 2023 (in thousands, except share and per share data) March 31, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 1,668 $ 3,395 Accounts receivable, net 74 174 Inventory, net 774 756 Deferred offering costs 61 — Prepaid expenses and other current assets 250 327 Total current assets 2,827 4,652 Property and equipment, net 121 122 Right-of-use assets, operating lease 304 349 Other assets 34 34 Total assets $ 3

View Full Filing

View this 10-Q filing on SEC EDGAR