Senseonics Holdings, Inc.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 5, 2025

SENS$9.80+14.1%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

PART I: Financial Information ·

ITEM 1: Financial Statements

Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024		3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2025 and 2024		4
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2025 and 2024		5
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024		6
Notes to Unaudited Condensed Consolidated Financial Statements		7

ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations		27

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk		38

ITEM 4: Controls and Procedures		39

PART II: Other Information		39

ITEM 1: Legal Proceedings		39

ITEM 1A: Risk Factors		40

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds		46

ITEM 3: Defaults Upon Senior Securities		46

ITEM 4: Mine Safety Disclosures		46

ITEM 5: Other Information		47

ITEM 6: Exhibits		47

SIGNATURES		48

Condensed Consolidated Balance Sheet****s

(in thousands, except share and per share data)


· · September 30, · · December 31,
· · 2025 · · 2024
	(unaudited)

Assets · · · ·
Current assets:
Cash and cash equivalents	$34,458	$74,597
Restricted cash	315	315
Short term investments, net	76,494	—
Accounts receivable, net	4,513	1,365
Accounts receivable, net - related parties	2,683	4,921
Inventory, net	6,323	4,421
Prepaid expenses and other current assets	6,489	5,819
Total current assets	131,275	91,438

Deposits and other assets	4,634	4,926
Property, equipment and intangible assets, net	4,015	4,074
Total assets	$139,924	$100,438
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$5,932	$3,205
Accrued expenses and other current liabilities	11,410	13,636
Accrued expenses and other current liabilities, related parties	3,732	1,870
Notes payable, current portion, net	—	20,138
Total current liabilities	21,074	38,849

Long-term debt and notes payables, net	35,266	34,703
Non-current operating lease liabilities	5,419	5,785
Total liabilities	61,759	79,337

Preferred stock and additional paid-in-capital, subject to possible redemption: $0.001 par value per share; 0 and 12,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024	—	37,656
Total temporary equity	—	37,656

Commitments and contingencies

Stockholders’ equity (deficit):
Common stock, $0.001 par value per share; 70,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 40,812,706 shares and 29,767,561 shares issued and outstanding as of September 30, 2025 and December 31, 2024	41	30
Additional paid-in capital	1,074,200	931,289
Accumulated other comprehensive income	88	—
Accumulated deficit	(996,164)	(947,874)
Total stockholders’ equity (deficit)	78,165	(16,555)
Total liabilities, temporary equity and stockholders’ equity (deficit)	$139,924	$100,438

Unaudited Condensed Consolidated Statements of Operations** and Comprehensive Loss**

(in thousands, except share and per share data)


· · Three Months Ended · · Nine Months Ended
· · September 30, · · September 30,
· 2025 · 2024 · 2025 · 2024
Revenue, net	$4,202	$955	$9,235	$2,322
Revenue, net - related parties	3,893	3,308	11,766	11,853
Total revenue	8,095	4,263	21,001	14,175
Cost of sales	4,627	8,314	12,907	17,593
Gross profit (loss)	3,468	(4,051)	8,094	(3,418)

Expenses:
Research and development expenses	7,759	10,546	22,773	31,784
Selling, general and administrative expenses	15,310	8,250	32,733	25,369
Operating loss	(19,601)	(22,847)	(47,412)	(60,571)
Other income (expense), net:
Interest income	1,236	1,010	2,884	3,584
Interest expense	(1,171)	(2,133)	(3,745)	(6,266)
Gain on change in fair value of derivatives	—	—	—	102
Other income (expense)	6	(6)	(17)	11
Total other income (expense), net	71	(1,129)	(878)	(2,569)

Net Loss	(19,530)	(23,976)	(48,290)	(63,140)
Other comprehensive income
Unrealized gain on marketable securities	65	41	88	45
Other comprehensive gain	65	41	88	45
Total comprehensive loss	$(19,465)	$(23,935)	$(48,202)	$(63,095)

Basic net loss per common share	$(0.43)	$(0.77)	$(1.19)	$(2.05)
Basic weighted-average shares outstanding	44,953,694	31,044,897	40,554,943	30,868,515

Diluted net loss per common share	$(0.43)	$(0.77)	$(1.19)	$(2.05)
Diluted weighted-average shares outstanding	44,953,694	31,044,897	40,554,943	30,868,515

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

(in thousands)


· · · · · · · · · · Accumulated · · · · · · · · · Series B
· · Common Stock · · Paid-In · · Other · · Accumulated · · Stockholders' · · Convertible
· Shares · Amount · Capital · Comprehensive Income (Loss) · · Deficit · · Equity (Deficit) · Preferred Stock Temporary Equity
Three months ended September 30, 2024:
Balance, June 30, 2024	26,763	$27	$908,980	$(7)	(908,422)	$578	$37,656
Issuance of common stock, net of issuance costs	502	—	3,667	—	—	3,667	—
Issued common stock for vested RSUs and ESPP purchase	15	—	76	—	—	76	—
Issuance of warrants, net of issuance costs	—	—	1	—	—	1	—
Stock-based compensation expense	—	—	2,432	—	—	2,432	—
Net loss	—	—	—	—	(23,976)	(23,976)	—
Other comprehensive income, net of tax	—	—	—	41	—	41	—
Balance, September 30, 2024	27,280	$27	$915,156	$34	$(932,398)	$(17,181)	$37,656

Nine months ended September 30, 2024:
Balance, December 31, 2023	26,518	$27	$905,038	$(11)	$(869,258)	$35,796	$37,656
Issuance of common stock, net of issuance costs	538	—	3,667	—	—	3,667	—
Issued common stock for vested RSUs and ESPP purchase	339	—	177	—	—	177	—
Issuance of warrants, net of issuance costs	—	—	149	—	—	149	—
Exercise of stock options and warrants	—	—	6	—	—	6	—
Stock-based compensation expense	—	—	7,160	—	—	7,160	—
Shares withheld related to net share settlement of equity awards	(115)	—	(1,041)	—	—	(1,041)	—
Net loss	—	—	—	—	(63,140)	(63,140)	—
Other comprehensive income, net of tax	—	—	—	45	—	45	—
Balance, September 30, 2024	27,280	$27	$915,156	$34	$(932,398)	$(17,181)	$37,656

Three months ended September 30, 2025:
Balance, June 30, 2025	40,727	$41	$1,071,290	$23	$(976,634)	$94,720	$—
Issuance of common stock, net of issuance costs	68	—	204	—	—	204	—
Issued common stock for vested RSUs and ESPP purchase	16	—	75	—	—	75	—
Issuance of warrants, net of issuance costs	—	—	(163)	—	—	(163)	—
Stock-based compensation expense	—	—	2,794	—	—	2,794	—
Net loss	—	—	—	—	(19,530)	(19,530)	—
Other comprehensive gain	—	—	—	65	—	65	—
Balance, September 30, 2025	40,811	$41	$1,074,200	$88	$(996,164)	$78,165	$—

Nine months ended September 30, 2025:
Balance, December 31, 2024	29,767	$30	$931,289	$—	$(947,874)	$(16,555)	$37,656
Conversion of preferred stock	1,518	2	37,654	—	—	37,656	(37,656)
Issuance of common stock, net of issuance costs	9,255	9	98,921	—	—	98,930	—
Issued common stock for vested RSUs and ESPP purchase	378	—	143	—	—	143	—
Issuance of warrants, net of issuance costs	—	—	(163)	—	—	(163)	—
Stock-based compensation expense	—	—	7,528	—	—	7,528	—
Shares withheld related to net share settlement of equity awards	(107)	—	(1,172)	—	—	(1,172)	—
Net loss	—	—	—	—	(48,290)	(48,290)	—
Other comprehensive gain	—	—	—	88	—	88	—
Balance, September 30, 2025	40,811	$41	$1,074,200	$88	$(996,164)	$78,165	$—

Senseonics Ho****ldings, Inc.

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