7Baggers

Tivic Health Systems, Inc.
(NASDAQ:TIVC) 

TIVC stock logo

Tivic Health Systems Inc. operates as a bioelectronic device company that delivers non-invasive neuromodulation products for the treatment of inflammatory conditions. The company's primary product, ClearUP, is a medical device intended to relieve sinus and nasal inflammation. It sells its products o...

Founded: 2016
IPO Price: $5.00 (Nov 11, 2021)
CEO: Jennifer Ernst  
Sector: Healthcare
Industry: Medical Devices
Healthcare
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 
                      
      operating expenses
    		                  
      research and development
    		1,854,000 1,283,000 858,000 655,000 335,000 333,000 422,000 302,000 256,000 360,000 337,000 468,000 490,000 435,000 399,000 497,000 401,000  
      selling, general and administrative
    		3,780,000                  
      total operating expenses
    		5,634,000 2,016,000 2,338,000 1,988,000 1,556,000 1,304,000 1,475,000 1,236,000 1,648,000 2,249,000 1,868,000 2,186,000 2,229,000 2,299,000 2,647,000 3,143,000 2,311,000  
      income from operations
    		-5,634,000 -1,975,000 -2,483,000 -1,934,000 -1,506,000 -1,543,000 -1,431,000 -1,206,000 -1,481,000 -2,244,000 -1,760,000 -2,125,000 -2,116,000 -2,256,000 -2,584,000 -3,018,000 -2,241,000  
      yoy
    		274.10% 28.00% 73.52% 60.36% 1.69% -31.24% -18.69% -43.25% -30.01% -0.53% -31.89% -29.59% -5.58%      
      qoq
    		185.27% -20.46% 28.39% 28.42% -2.40% 7.83% 18.66% -18.57% -34.00% 27.50% -17.18% 0.43% -6.21% -12.69% -14.38% 34.67%   
      operating margin %
    		-Infinity% -2615.89% -1700.68% -2248.84% -2151.43% -857.22% -1135.71% -861.43% -443.41% -628.57% -624.11% -1319.88% -562.77% -552.94% -541.72% -571.59% -523.60%  
      other income
    		             -250 -1,000  1,000  
      change in fair value of derivative liability
    		33,000                  
      interest income
    		24,000 12,000 4,000 3,000 4,000         1,000 1,000    
      interest expense
    		-648,000                  
      net other income
    		-591,000                  
      net loss from operations before discontinued operations
    		-6,225,000                  
      income from discontinued operations
    		23,000                  
      net income
    		-6,202,000 -2,849,000 -2,596,000 -1,931,000 -1,502,000 -1,477,000 -1,431,000 -1,266,000 -1,481,000 -1,500,250 -1,760,000 -2,125,000 -2,116,000 -2,254,000 -2,584,000 -3,018,000   
      yoy
    		312.92% 92.89% 81.41% 52.53% 1.42% -1.55% -18.69% -40.42% -30.01% -33.44% -31.89% -29.59%       
      qoq
    		117.69% 9.75% 34.44% 28.56% 1.69% 3.21% 13.03% -14.52% -1.28% -14.76% -17.18% 0.43% -6.12% -12.77% -14.38%    
      net income margin %
    		-Infinity% -3773.51% -1778.08% -2245.35% -2145.71% -820.56% -1135.71% -904.29% -443.41% -420.24% -624.11% -1319.88% -562.77% -552.45% -541.72% -571.59% 0%  
      net income per share
    		-2.23 -1.35 -1.97 -2.19 -2.52 -18.61 -0.23 -0.32 -1.01 0.2 -1.48 -0.07 -0.11 -0.23 -0.27 -0.32 -0.23  
      weighted-average number of shares - basic and diluted
    		2,883,650 1,155,531 1,320,778 881,294 596,368 287,370 6,191,127 4,009,746 1,467,740 793,043 1,189,821 29,677,734 20,122,178 9,672,957 9,677,734 9,621,484 9,715,234  
      revenue
    		 75,500 146,000 86,000 70,000 180,000 126,000 140,000 334,000 357,000 282,000 161,000 376,000 408,000 477,000 528,000 428,000  
      yoy
    		 -58.06% 15.87% -38.57% -79.04% -49.58% -55.32% -13.04% -11.17% -12.50% -40.88% -69.51% -12.15%      
      qoq
    		 -48.29% 69.77% 22.86% -61.11% 42.86% -10.00% -58.08% -6.44% 26.60% 75.16% -57.18% -7.84% -14.47% -9.66% 23.36%   
      cost of sales
    		 85,750 291,000 32,000 20,000 419,000 82,000 110,000 167,000 352,000 174,000 100,000 263,000 365,000 414,000 403,000 358,000  
      gross profit
    		 -10,250 -145,000 54,000 50,000 -239,000 44,000 30,000 167,000 5,000 108,000 61,000 113,000 43,000 63,000 125,000 70,000  
      yoy
    		 -95.71% -429.55% 80.00% -70.06% -4880.00% -59.26% -50.82% 47.79% -88.37% 71.43% -51.20% 61.43%      
      qoq
    		 -92.93% -368.52% 8.00% -120.92% -643.18% 46.67% -82.04% 3240.00% -95.37% 77.05% -46.02% 162.79% -31.75% -49.60% 78.57%   
      gross margin %
    		NaN% -13.58% -99.32% 62.79% 71.43% -132.78% 34.92% 21.43% 50.00% 1.40% 38.30% 37.89% 30.05% 10.54% 13.21% 23.67% 16.36%  
      operating expenses:
    		                  
      sales and marketing
    		 255,000 415,000 426,000 179,000 241,000 234,000 207,000 505,000 735,000 480,000 452,000 458,000 501,000 487,000 1,125,000 684,000  
      general and administrative
    		 753,500 1,065,000 907,000 1,042,000 730,000 819,000 727,000 887,000 1,154,000 1,051,000 1,266,000 1,281,000 1,363,000 1,761,000 1,521,000 1,226,000  
      other income:
    		                  
      loss on disposal of property and equipment
    		 -29,250 -117,000                
      total other income
    		 -26,500 -113,000 3,000 4,000            1,000  
      other expense:
    		                  
      other expense
    		     15,000  60,000           
      total other expense
    		     15,000  60,000           
      change in fair value of derivative liabilities
    		                  
      income before provision for income taxes
    		                -2,240,000  
      net loss and comprehensive loss
    		                -2,240,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 
                       
        assets
      		                 
        current assets
      		                 
        cash and cash equivalents
      		7,215,000 12,645,000 3,450,000 1,184,000 669,000 2,002,000 2,189,000 3,693,000 1,668,000 3,395,000 5,169,000 2,659,000 5,167,000 3,517,000 6,328,000 9,049,000 10,801,000 
        prepaid expenses and other current assets
      		687,000 346,000 267,000 362,000 273,000 249,000 234,000 188,000 250,000 327,000 227,000 275,000 294,000 235,000 331,000 398,000 633,000 
        inventory
      		750,000  4,000 283,000 306,000 319,000 731,000 766,000 774,000 756,000 928,000 988,000 943,000 863,000 761,000 833,000 447,000 
        current assets of discontinued operations
      		 15,000                
        total current assets
      		8,652,000 13,006,000 3,740,000 1,842,000 1,261,000 2,639,000 3,163,000 4,663,000 2,827,000 4,652,000 6,455,000 4,000,000 6,482,000 5,287,000 7,594,000 10,372,000 11,998,000 
        property and equipment
      		12,644,000 12,641,000 12,000 120,000 118,000 119,000 119,000 120,000 121,000 122,000 124,000 124,000 104,000 12,000 15,000 13,000 16,000 
        deferred offering costs
      		555,000 136,000 211,000 301,000 170,000 49,000 112,000  61,000   65,000 21,000 584,000 79,000   
        licensed technology
      		2,243,000 2,243,000 2,243,000 2,243,000 2,226,000             
        operating lease right-of-use assets
      		10,086,000                 
        goodwill
      		3,457,000 3,457,000                
        restricted cash
      		368,000                 
        other assets
      		210,000 124,000 23,000 2,000 2,000    34,000 34,000 34,000 34,000 34,000 34,000 34,000 34,000 33,000 
        total assets
      		38,215,000 31,607,000 6,229,000 4,508,000 3,777,000 2,807,000 3,394,000 4,783,000 3,286,000 5,157,000 7,007,000 4,596,000 7,101,000 5,856,000 8,208,000 11,026,000 12,694,000 
        liabilities, temporary equity and stockholders’ equity
      		                 
        current liabilities
      		                 
        accounts payable
      		629,000 264,000 465,000 234,000 438,000 125,000 333,000 446,000 547,000 713,000 638,000 831,000 1,094,000 1,323,000 1,602,000 1,915,000 625,000 
        accrued expenses
      		1,490,000                 
        operating lease liabilities, current
      		492,000                 
        current liabilities of discontinued operations
      		4,000 6,000                
        total current liabilities
      		2,615,000 646,000 638,000 821,000 741,000 272,000 560,000 591,000 992,000 1,401,000 1,000,000 1,160,000 1,573,000 1,859,000 2,023,000 2,378,000 1,097,000 
        convertible note payable
      		6,899,000 6,454,000                
        derivative liability
      		259,000 292,000                
        operating lease liabilities, non-current
      		9,643,000                 
        other non-current liabilities
      		251,000 48,000                
        total liabilities
      		19,667,000 7,440,000 638,000 821,000 741,000 272,000 560,000 591,000 1,133,000 1,577,000 1,242,000 1,435,000 1,896,000 2,226,000 2,436,000 2,839,000 1,601,000 
        commitments and contingencies
      		                 
        temporary equity
      		                 
        series b preferred stock, par value 0.001, 8,400 shares authorized and 2,155 shares issued and outstanding as of march 31, 2026, and december 31, 2025.
      		1,420,000                 
        series c preferred stock, par value 0.001, 75,000 shares authorized and 12,000 and 11,767 shares issued and outstanding as of march 31, 2026 and december 31, 2025, respectively.
      		6,066,000                 
        stockholders' equity
      		                 
        preferred stock, 0.0001 par value...
      		                 
        common stock, 0.0001 par value...
      		2,000 2,000 2,000 1,000 1,000 1,000 1,000 1,000    3,000 3,000 1,000 1,000 1,000 1,000 
        additional paid in capital
      		70,094,000 69,392,000 55,206,000 50,661,000 48,078,000 46,075,000 44,897,000 44,824,000 41,520,000 41,466,000 41,408,000 37,041,000 36,960,000 33,271,000 33,159,000 32,990,000 32,878,000 
        accumulated deficit
      		-59,034,000 -52,597,000 -49,617,000 -46,975,000 -45,043,000 -43,541,000 -42,064,000 -40,633,000 -39,367,000 -37,886,000 -35,643,000 -33,883,000 -31,758,000 -29,642,000 -27,388,000 -24,804,000 -21,786,000 
        total stockholders’ equity
      		11,062,000 16,797,000 5,591,000 3,687,000 3,036,000 2,535,000 2,834,000 4,192,000 2,153,000 3,580,000 5,765,000 3,161,000 5,205,000 3,630,000 5,772,000 8,187,000 11,093,000 
        total liabilities, temporary equity and stockholders' equity
      		38,215,000 31,607,000                
        non-current assets of discontinued operations
      		                 
        other accrued expenses
      		 376,000 173,000 587,000 303,000 147,000 227,000 145,000 265,000 495,000 189,000 144,000 297,000 373,000 261,000 293,000 304,000 
        non-current liabilities of discontinued operations
      		                 
        series b preferred stock, par value 0.001, 8,400 shares authorized and 2,155 shares issued and outstanding as of december 31, 2025, and no shares issued and outstanding as of december 31, 2024
      		 1,379,000                
        series c preferred stock, par value 0.001, 75,400 shares authorized and 12,000 shares issued and outstanding as of december 31, 2025, and no shares issued and outstanding as of december 31, 2024
      		 5,991,000                
        accounts receivable
      		  19,000 13,000 13,000 69,000 9,000 16,000 74,000 174,000 131,000 13,000 57,000 88,000 95,000 92,000 117,000 
        liabilities and stockholders’ equity
      		                 
        stockholders’ equity
      		                 
        total liabilities and stockholders’ equity
      		  6,229,000 4,508,000 3,777,000 2,807,000 3,394,000 4,783,000 3,286,000 5,157,000 7,007,000 4,596,000 7,101,000 5,856,000 8,208,000 11,026,000 12,694,000 
        right-of-use assets, operating lease
      		        304,000 349,000 394,000 438,000 481,000 523,000 565,000 607,000 647,000 
        operating lease liability, current
      		        180,000 193,000 173,000 185,000 182,000 163,000 160,000 170,000 168,000 
        operating lease liability
      		        141,000 176,000 242,000 275,000 323,000 367,000 413,000 461,000 504,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 
                         
          cash flows from operating activities
        		                 
          net loss
        		-6,202,000 -2,849,000 -2,596,000 -1,931,000 -1,502,000 -1,477,000 -1,431,000 -1,266,000 -1,481,000 -2,243,000 -1,760,000 -2,125,000 -2,116,000 -2,254,000 -2,584,000 -3,018,000 -2,240,000 
          less: net income from discontinued operations
        		23,000                 
          net loss from continuing operations
        		-6,225,000                 
          adjustments to reconcile net loss to net cash from operating activities:
        		                 
          stock-based compensation
        		208,000  139,000               
          depreciation
        		4,000 3,000 0 1,000 1,000 0 1,000 1,000 1,000 2,000 0 4,000 2,000 3,000 3,000 2,000 2,000 
          amortization of debt discount and debt issuance costs
        		445,000                 
          non-cash interest expense
        		203,000                 
          change in fair value of derivative liability
        		-33,000                 
          amortization of right-of-use asset
        		177,000     273,000 0 31,000 45,000 45,000 44,000 43,000 42,000 42,000 42,000 40,000 40,000 
          changes in operating assets and liabilities:
        		                 
          prepaid expenses and other current assets
        		-341,000 96,000 95,000 -89,000 -24,000 -15,000 -46,000 62,000 77,000 -100,000 48,000 19,000 -59,000 96,000 67,000 220,000 175,000 
          inventory
        		-750,000  49,000 23,000 13,000 74,000 35,000 -12,000 -14,000 140,000 60,000 -45,000 -80,000 -102,000 72,000 -386,000 -18,000 
          other assets
        		-86,000  -21,000 0 -2,000 0 0       0 0   
          accounts payable
        		365,000 -201,000 231,000 -204,000 313,000 -208,000 -113,000 -101,000 -166,000 75,000 -193,000 -263,000 -229,000 -279,000 -313,000 1,289,000 -163,000 
          accrued expenses
        		1,114,000 209,000 -327,000 197,000 156,000 -80,000 82,000 -120,000 -230,000 287,000 45,000 -153,000 -76,000 112,000 -32,000 -10,000 36,000 
          lease liabilities
        		-128,000     -273,000 -17,000 -31,000 -48,000 -46,000 -45,000 -45,000 -25,000 -43,000 -58,000 -41,000 -36,000 
          net cash from operating activities - continuing operations
        		-5,047,000                 
          net cash from operating activities - discontinued operations
        		36,000                 
          net cash from operating activities
        		-5,011,000 -2,287,000 -1,996,000 -1,827,000 -889,000 -1,365,000 -1,407,000 -1,287,000 -1,666,000 -1,774,000 -1,871,000 -2,440,000 -2,426,000 -2,227,000 -2,772,000 -1,752,000 -2,168,000 
          capital expenditures
        		-7,000 -25,000 -10,000 0 0 0 0 0  0 0 -24,000 -94,000 0 -5,000 0 -6,000 
          free cash flows
        		-5,018,000 -2,312,000 -2,006,000 -1,827,000 -889,000 -1,365,000 -1,407,000 -1,287,000  -1,774,000 -1,871,000 -2,464,000 -2,520,000 -2,227,000 -2,777,000 -1,752,000 -2,174,000 
          cash flows from investing activities
        		                 
          acquisition of property and equipment
        		-7,000 -25,000 -10,000       0 0 -24,000 -94,000 0 -5,000 0 -6,000 
          acquisition of licensed technology
        		 0 0 -17,000 -526,000             
          net cash from investing activities
        		-7,000 -149,000 -10,000 -20,000 -526,000     0 0 -24,000 -94,000 0 -5,000 0 -6,000 
          cash flows from financing activities
        		                 
          proceeds from warrant exercises
        		 0 0 0 109,000             
          offering costs in advance of sale of common stock
        		-44,000 -68,000 90,000 -131,000 -27,000 63,000   -61,000   -44,000 -21,000     
          net cash from financing activities
        		-44,000 11,631,000 4,272,000 2,362,000 82,000 1,178,000 -97,000 3,312,000 -61,000 0 4,381,000 -44,000 4,170,000 -584,000    
          net decrease in cash and cash equivalents
        		-5,062,000    -1,333,000            -2,174,000 
          cash and cash equivalents
        		7,215,000                 
          beginning of period
        		12,645,000 0 0 0 2,002,000 0 0 0 3,395,000 0 0 0 3,517,000 0 0 0 12,975,000 
          end of period
        		7,583,000 9,195,000 2,266,000 515,000 669,000 -187,000 -1,504,000 2,025,000 1,668,000 -1,774,000 2,510,000 -2,508,000 5,167,000 -2,811,000 -2,721,000 -1,752,000 10,801,000 
          less: cash and cash equivalents included in discontinued operations
        		                 
          cash and cash equivalents included in continuing operations
        		7,583,000                 
          cash and cash equivalents is comprised of:
        		                 
          restricted cash
        		368,000                 
          total cash and cash equivalents included in continuing operations
        		7,583,000                 
          supplemental disclosure on non-cash investing and financing activities
        		                 
          issuance of common stock and preferred stock in exchange for license
        		 0                
          issuance of common stock for equity line of credit commitment fee
        		375,000 0 0 0 94,000             
          dividends declared
        		235,000 132,000                
          lease liabilities arising from right-of-use assets
        		10,264,000                 
          issuance of 10,755 shares of common stock in settlement of rsus
        		                 
          less: net loss from discontinued operations
        		                 
          stock based compensation
        		     63,000 58,000 54,000 54,000 58,000 48,000 81,000 84,000 112,000 113,000 112,000 61,000 
          issuance of warrants for services
        		 0                
          write-off offering costs related to unclosed financing arrangements
        		                 
          issuance of note receivable
        		                 
          issuance costs in connection with senior convertible note
        		                 
          proceeds from issuance of common stock, net of issuance costs
        		 0 429,000       0 4,316,000 0 4,191,000     
          proceeds from issuance of common stock and warrants, net of issuance costs
        		      15,000           
          proceeds from issuance of preferred stock and warrants, net of issuance costs
        		 11,871,000                
          net increase in cash and cash equivalents
        		 9,195,000 2,266,000      -1,727,000  2,510,000 -2,508,000 1,650,000     
          supplemental disclosure on non-cash financing activities
        		                 
          convertible note issued in exchange for purchase of scorpius assets and goodwill
        		                 
          warrants issued to placement agents as non-cash offering fees
        		                 
          issuance of warrants in exchange for discount on convertible note payable
        		                 
          non-cash recognition of embedded derivative liability on issuance of convertible notes
        		                 
          deemed dividends
        		 0                
          write-off of rou asset and lease liability
        		     0 0           
          loss on disposal of property and equipment
        		                 
          inventory allowances
        		      0 20,000 -4,000         
          provision for credit losses
        		                 
          accounts receivable
        		  -6,000 0 56,000 -55,000 7,000 53,000 100,000 -24,000 -118,000 44,000 31,000 7,000   -30,000 
          supplemental disclosure on noncash investing and financing activities
        		                 
          issuance of warrants
        		                 
          non-cash gain on lease termination
        		                 
          proceeds from issuance of preferred stock and common stock warrants, net of issuance costs
        		                 
          issuance of common stock warrant
        		     0 0   0 168,000 0 195,000     
          issuance of common and preferred stock in exchange for license
        		   0 1,700,000             
          stock- based compensation
        		    100,000             
          changes is operating assets and liabilities:
        		                 
          reserve for inventory obsolescence
        		                 
          supplemental disclosure on noncash financing activities
        		                 
          deferred offering costs charged to additional paid-in-capital
        		         0 0 0 584,000     
          bad debt expenses
        		      0           
          net change in cash and cash equivalents
        		      -1,504,000           
          proceeds from exercise of stock options
        		             0    
          deferred offering costs
        		                 
          accounts receivable allowances
        		                5,000 
          change in fair value of derivative liabilities
        		                 
          amortization of debt discount
        		                 
          loss on extinguishment of debt
        		                 
          noncash interest
        		                 
          forgiveness of ppp loan
        		                 
          repayment of notes payable borrowings
        		                 
          proceeds from convertible notes payable borrowings
        		                 
          proceeds from convertible notes payable borrowings – related party
        		                 
          issuance of conversion feature derivative liability
        		                 
          conversion of convertible notes payable and accrued interest to common stock
        		                 
          conversion of convertible preferred stock to common stock
        		                 
          reclassify conversion feature derivative liability to additional paid in capital
        		                 
          recognition of right-of-use asset and operating lease liability
        		                 
          payment of deferred offering costs
        		                 
          noncash financing transactions
        		                 
          original issue discount on convertible notes payable