Tenon Medical, Inc. (TNON) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 211.05% of current shares
Recent Dilution: 682.35% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
24M
Additional shares possible
Splits
None
Past 2 years

Summary

TNON currently has 11.6M outstanding shares. with significant dilution risk as 24.4M authorized shares could dilute existing holders by 211.0%. The company has significantly diluted shareholders by 682.35% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 11.6M shares outstanding

12M 24M
Mar 27, 2026

10-K filing | 11.3M shares outstanding

11M 24M
Dec 10, 2025

S-3 filing: This prospectus relates to the offer and resale of up to an aggregate of 5,428,890 shares of common stock of Tenon Medical, Inc. by the selling stockholders named herein.

11M 24M
Nov 17, 2025

8-K filing: Tenon Medical, Inc. issued 2,217,904 shares of common stock and warrants to purchase 2,217,904 shares of common stock at a combined price of $1.285 per share and warrant, resulting in gross proceeds of $2.85 million. ($2.85M proceeds)

8.6M 19M
Nov 13, 2025

10-Q filing | 8.6M shares outstanding

8.6M 19M
Aug 13, 2025

10-Q filing | 8.9M shares outstanding

8.9M 19M
Aug 07, 2025

8-K filing: Tenon Medical, Inc. acquired SImmetry Business from SiVantage, Inc. and SIMPL Business from SIMPL Medical, LLC, issuing shares of common stock as part of the SImmetry acquisition and to Geist and Grawey as part of their employment agreements.

7.6M 19M
May 13, 2025

10-Q filing | 7.6M shares outstanding

7.6M 19M
Apr 04, 2025

S-1 filing: This S-1 filing registers the resale of shares of common stock issuable upon the exercise of warrants held by a selling stockholder, with the company not receiving any proceeds from the sale of these shares, but intending to use proceeds from the cash exercise of the warrants for working capital.

6.2M 19M
Mar 28, 2025

8-K filing: Tenon Medical, Inc. completed a registered direct offering and concurrent private placement on March 27, 2025, issuing 615,000 shares of common stock, pre-funded warrants to purchase up to 656,500 shares of common stock, and common warrants to purchase 1,271,500 shares of common stock, for gross proceeds of approximately $2.54 million. ($7.62M proceeds)

5.6M 13M
Mar 27, 2025

8-K filing: Tenon Medical, Inc. completed a registered direct offering and concurrent private placement on March 26, 2025, issuing 615,000 shares of common stock, pre-funded warrants to purchase up to 118,500 shares of common stock, and common warrants to purchase an aggregate of 733,500 shares of common stock, raising gross proceeds of approximately $1.46 million. ($1.46M proceeds)

5.6M 13M
Mar 26, 2025

10-K filing | 5.6M shares outstanding

5.6M 13M
Mar 12, 2025

8-K filing: Tenon Medical, Inc. entered into a warrant exercise inducement offer letter agreement with a holder of existing warrants to purchase common stock, where the holder agreed to exercise the warrants for cash at a reduced price in exchange for new warrants. ($3.0M proceeds)

3.1M 13M
Nov 14, 2024

10-Q filing | 3.1M shares outstanding

3.1M 13M
Nov 04, 2024

S-1/A filing: This prospectus relates to the resale from time to time of up to 2,445,700 shares of common stock of Tenon Medical, Inc.

510K 13M
Oct 17, 2024

S-1 filing: This S-1 filing relates to the resale of up to 2,445,700 shares of common stock issuable upon the exercise of Series A and Series B Common Stock purchase warrants by a selling stockholder.

510K 13M
Sep 17, 2024

8-K filing: Tenon Medical, Inc. completed a public offering on September 16, 2024, selling 55,000 shares of common stock, pre-funded warrants for 1,167,850 shares, and warrants for 1,222,850 shares at a combined price of $3.68 per share and warrant, resulting in gross proceeds of approximately $4.5 million before deducting fees and expenses. ($13.5M proceeds)

510K 11M
Sep 16, 2024

8-K filing: Tenon Medical, Inc. entered into a warrant exercise inducement offer letter agreement with a holder of outstanding Common Stock purchase warrants, where the holder agreed to exercise the Existing Warrants for cash at the exercise price of $3.55 per share in consideration for the Company's agreement to issue new unregistered warrants. ($4.75M proceeds)

510K 11M
Sep 09, 2024

S-1/A filing: Tenon Medical, Inc. is offering up to 1,708,428 shares of its common stock, together with common warrants and pre-funded warrants. The company intends to use the proceeds from this offering for sales and marketing activities, clinical studies, and general corporate purposes, including working capital.

510K 11M
Aug 14, 2024

S-1 filing: Tenon Medical, Inc. is offering common stock, common warrants, and pre-funded warrants on a best efforts basis. The offering is subject to completion.

4M 5.8M
Aug 13, 2024

10-Q filing | 4.0M shares outstanding

4M 5.8M
Jun 21, 2024

POS AM filing: This POS AM filing relates to the offering of up to 424,807 shares of common stock by the selling stockholder, Lincoln Park Capital Fund, LLC, under a purchase agreement, with proceeds to be used for general corporate purposes, capital expenditures, working capital, and general and administrative expenses.

3.8M 5.8M
Jun 21, 2024

POS AM filing: This POS AM filing relates to shares of common stock issuable upon the exercise of Tradeable Warrants.

3.7M 5.8M
Jun 21, 2024

S-1/A filing: This S-1/A filing from Tenon Medical, Inc. details updates on their business, including recent developments such as the retirement of the CFO, a Nasdaq notice regarding listing standards, an exchange offer, and details of Series A and Note offerings.

3.7M 5.8M
Jun 12, 2024

POS AM filing: The filing relates to the offering of 2,000,000 shares of common stock issuable upon the exercise of Tradeable Warrants, with the proceeds to be used for general corporate purposes.

3.7M 5.8M
May 15, 2024

10-Q filing | 3.7M shares outstanding

3.7M 5.8M
May 10, 2024

POS AM filing: This POS AM filing relates to the offering of 2,000,000 shares of common stock issuable upon the exercise of tradeable warrants.

3.7M 5.8M
May 10, 2024

S-1 filing: This is an S-1 filing for Tenon Medical, Inc. regarding the offering of common stock by the Selling Stockholder Lincoln Park Capital Fund, LLC.

3.7M 5.8M
Mar 29, 2024

10-K filing | 3.7M shares outstanding

3.7M 810K
Nov 14, 2023

10-Q filing | 2.5M shares outstanding

2.5M 810K
Nov 02, 2023
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 22,612,856 → 2,261,285

2.3M 810K
Sep 11, 2023

S-1 filing: This is an S-1 filing for Tenon Medical, Inc. related to the offering of common stock to Lincoln Park Capital Fund, LLC through a purchase agreement, with the company potentially receiving up to $10 million in gross proceeds for general corporate purposes.

23M 8.1M
Aug 11, 2023

10-Q filing | 22.6M shares outstanding

23M 7.1M
Jun 07, 2023

S-1 filing: This S-1 filing by Tenon Medical, Inc. outlines an offering of up to 16,465,422 Units, each consisting of one share of common stock and two warrants, along with pre-funded units and warrants to purchase up to 32,930,844 shares of common stock, to expand commercial launch, marketing and for working capital purposes.

12M 7.1M
May 16, 2023

S-3/A filing: Tenon Medical, Inc. is offering common stock through an At-The-Market offering, with Maxim Group LLC acting as the sales agent, for a total proposed amount of up to $5,523,274. The company intends to use the net proceeds to hire additional employees, continue the commercial launch of our product including training clinicians on The CATAMARAN System procedure, continue clinical marketing studies that are focused on capturing post-market safety and efficacy data, gathering system feedback and initiating product refinements, other sales and marketing activities and for working capital and general corporate purposes.

11M 7.1M
May 09, 2023

10-Q filing | 11.3M shares outstanding

11M 7.6M
May 04, 2023

S-3 filing: Tenon Medical, Inc. is offering common stock through an At-The-Market offering, with Maxim Group LLC acting as the sales agent, for up to $6,700,000.

11M 7.6M
Mar 10, 2023

10-K filing | 11.3M shares outstanding

11M 4M
Feb 15, 2023

RW filing: The company is withdrawing the registration statement because it no longer wishes to conduct a public offering of its securities at this time.

11M 4M
Feb 08, 2023

S-1 filing: This is an S-1 filing for Tenon Medical, Inc. regarding an offering of 4,444,445 units, each consisting of one share of common stock and one warrant to purchase one share of common stock.

11M 13M
Nov 10, 2022

10-Q filing | 11.2M shares outstanding

11M 4M
Aug 12, 2022

10-Q filing | 11.2M shares outstanding

11M 4M
Jun 09, 2022

10-Q filing | 11.2M shares outstanding

11M 4M
Apr 29, 2022

8-K filing: Tenon Medical, Inc. completed an initial public offering of 3,200,000 shares of common stock at $5.00 per share, resulting in gross proceeds of $16,000,000. ($16.0M proceeds)

990K 4M
Apr 20, 2022

S-1/A filing: This S-1/A filing outlines a proposed offering of 4,000,000 shares of common stock, with the intention to use the net proceeds to hire additional employees, commence the commercial launch of our product including training clinicians on The CATAMARAN System procedure, initiating clinical marketing studies that are focused on capturing post-market safety data, gathering system feedback and initiating product refinements, other sales and marketing activities and for working capital and general corporate purposes.

990K 4M
Apr 18, 2022

S-1/A filing: Tenon Medical, Inc. files an S-1/A registration statement for the registration of 4,120,000 shares of common stock, including 120,000 shares issuable upon the exercise of warrants to The Benchmark Company, LLC as compensation.

990K 4.1M
Apr 15, 2022

S-1/A filing: S-1/A filing for common stock offering.

990K 4M
Apr 07, 2022

S-1/A filing: This is an S-1/A filing for Tenon Medical, Inc., a medical device company focused on surgical solutions for sacroiliac joint fixation/fusion, which includes information on common stock being offered, underwriters' warrants, and related risk factors.

990K 4.1M
Mar 14, 2022

S-1/A filing: This S-1/A filing provides information on Tenon Medical, Inc., a medical device company, including details on its business, the terms of its securities, and risk factors associated with investing in its common stock.

2M 50K
Nov 10, 2021

S-1 filing: This is an S-1 filing for an initial public offering of common stock. It includes information about the company's business, risks, and recent developments including convertible notes and warrants.

2M 50K
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