Sintx Technologies, Inc.

Previous wording

Biomedical Applications: Since its inception, SINTX has been focused on medical grade silicon nitride. SINTX biomedical products have been shown to be biocompatible, bioactive, antipathogenic, and to have superb bone affinity. Spinal implants made from SINTX silicon nitride have been successfully implanted in humans since 2008 in the U.S., Europe, South America and Asia. This established use, along with its inherent resistance to bacterial adhesion and bone affinity suggests that it may also be suitable in other fusion device applications such as arthroplasty implants, foot wedges, and dental implants. More recently, in July 2025, SINTX submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) for its novel silicon nitride osteotomy wedges, marking its official entry into the foot and ankle reconstruction market. These next-generation implants blend cutting-edge biomaterials science with surgical precision and are designed to elevate standards in orthopedic procedures. SINTX silicon nitride products can be polished to a smooth and wear-resistant surface for articulating applications, such as bearings for hip and knee replacements.

Current wording

Biomedical Applications: Since its inception, SINTX has been focused on medical grade silicon nitride. SINTX biomedical products have been shown to be biocompatible, bioactive, antipathogenic, and to have superb bone affinity. Spinal implants made from SINTX silicon nitride have been successfully implanted in humans since 2008 in the U.S., Europe, South America and Asia. This established use, along with its inherent resistance to bacterial adhesion and bone affinity suggests that it may also be suitable in other fusion device applications such as arthroplasty implants, foot wedges, and dental implants. More recently, in October 2025, SINTX received U.S. Food and Drug Administration (FDA) 510(k) clearance for the SiNAPTIC® Foot & Ankle Osteotomy Wedge System, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. These next-generation implants blend cutting-edge biomaterials science with surgical precision and are designed to elevate standards in orthopedic procedures. SINTX silicon nitride products can be polished to a smooth and wear-resistant surface for articulating applications, such as bearings for hip and knee replacements.

Previous wording

Antipathogenic Applications: Today, there is a global need to improve protection against pathogens in everyday life. SINTX believes that by incorporating its unique composition of silicon nitride antipathogenic powder into products such as face masks, drapes, filters, sutures, and wound care devices, it is possible to manufacture surfaces that inactivate pathogens, thereby limiting the spread of infection and disease. The discovery in 2020 that SINTX silicon nitride inactivates SARS-CoV-2, the virus which causes the disease COVID-19, has opened new markets and applications for our material. We presently manufacture advanced ceramic powders and components in our manufacturing facilities based in Salt Lake City, Utah.

Current wording

Antipathogenic Applications: Today, there is a global need to improve protection against pathogens in everyday life. SINTX believes that by incorporating its unique composition of silicon nitride antipathogenic powder into products such as face masks, drapes, filters, sutures, and wound care devices, it is possible to manufacture surfaces that inactivate pathogens, thereby limiting the spread of infection and disease. The discovery in 2020 that SINTX silicon nitride inactivates SARS-CoV-2, the virus which causes the disease COVID-19, has opened new markets and applications for our material.

Previous wording

General and administrative expenses consist primarily of salaries, benefits and other related costs, including stock-based compensation for certain members of our executive team and other personnel employed in finance, legal, compliance, administrative, information technology, customer service, executive and human resource departments. General and administrative expenses also include other expenses not part of the other cost categories mentioned above, including facility expenses and professional fees for accounting and legal services.

Current wording

General and administrative expenses consist primarily of salaries, benefits and other related costs, including stock-based compensation for certain members of our executive team and board of directors, and other personnel employed in finance, legal, compliance, administrative, information technology, customer service, executive and human resource departments. General and administrative expenses also include other expenses not part of the other cost categories mentioned above, including facility expenses and professional fees for accounting and legal services.

Previous wording

The following is a tabular presentation of our unaudited condensed consolidated operating results for the three and six months ended June 30, 2025 and 2024 (in thousands):

Current wording

The following is a tabular presentation of our unaudited condensed consolidated operating results for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Previous wording

For the three months ended June 30, 2025, product revenue decreased $0.3 million, or 74%, compared to the same period in 2024. During the three months ended June 30, 2025, grant and contract revenue decreased $0.4 million, or 89% as compared to the same period in 2024.

Current wording

For the three months ended September 30, 2025, product revenue decreased $0.2 million, or 59%, compared to the same period in 2024. During the three months ended September 30, 2025, grant and contract revenue decreased $0.4 million, or 87% as compared to the same period in 2024.

Previous wording

For the six months ended June 30, 2025, product revenue decreased $0.3 million, or 43%, compared to the same period in 2024. During the six months ended June 30, 2025, grant and contract revenue decreased $0.7 million, or 85% as compared to the same period in 2024.

Current wording

For the nine months ended September 30, 2025, product revenue decreased $0.5 million, or 49%, compared to the same period in 2024. During the nine months ended September 30, 2025, grant and contract revenue decreased $1.1 million, or 86% as compared to the same period in 2024.

Previous wording

While this strategic realignment has led to a temporary minor decline in reported revenue, we believe it is a necessary step in positioning the Company for sustainable growth. During this transitional period, we continue to invest in the development and regulatory advancement of silicon nitride-based orthopedic and surgical implants, as evidenced by our recently submitted 510(k) for osteotomy wedges used in foot and ankle fusion procedures. We believe that these products will serve as key revenue drivers in the future.

Current wording

While this strategic realignment has led to a decline in reported revenue, we believe it is a necessary step in positioning the Company for sustainable growth. During this transitional period, we continue to invest in the development and regulatory advancement of silicon nitride-based orthopedic and surgical implants, as evidenced by the recently received 510(k) clearance for osteotomy wedges used in foot and ankle fusion procedures. Additionally, we entered into a private label agreement to supply OsseoSculpt™, a next next-generation biologic designed to complement the foot and ankle osteotomy wedges. We began recognizing commercial revenue from OsseoSculpt™ in Q3 2025. We believe that these products will serve as key revenue drivers beginning in 2026.

Previous wording

For the three months ended June 30, 2025, cost of revenue decreased $0.1 million, or 58%, compared to the same period in 2024 primarily due to the decrease in revenue mentioned above.

Current wording

For the three months ended September 30, 2025, cost of revenue decreased $0.1 million, or 45%, compared to the same period in 2024 primarily due to the decrease in revenue mentioned above.

Previous wording

For the six months ended June 30, 2025, cost of revenue decreased $0.1 million, or 24%, compared to the same period in 2024 primarily due to the decrease in revenue mentioned above.

Current wording

For the nine months ended September 30, 2025, cost of revenue decreased $0.2 million, or 31%, compared to the same period in 2024 primarily due to the decrease in revenue mentioned above.

Previous wording

For the three months ended June 30, 2025, research and development expenses decreased $0.4 million, or 26%, compared to the same period in 2024, primarily due to a decrease in payroll related costs.

Current wording

For the three months ended September 30, 2025, research and development expenses increased $0.5 million, or 59%, compared to the same period in 2024, primarily due to an increase in costs related to the Research Agreement (see Note 13).

Previous wording

For the six months ended June 30, 2025, research and development expenses decreased $1.3 million, or 36%, compared to the same period in 2024, primarily due to a decrease in payroll related costs, patent expenses, protypes, and outside consulting costs.

Current wording

For the nine months ended September 30, 2025, research and development expenses decreased $0.9 million, or 19%, compared to the same period in 2024, primarily due to a decrease in payroll related costs, patent expenses, prototypes, and outside consulting costs, partially offset by an increase in costs related to the Research Agreement (see Note 13).

Previous wording

For the three months ended June 30, 2025, general and administrative expenses increased $0.2 million, or 22%, compared to the same period in 2024, primarily due to fees paid to departing members of the Board of Directors, higher accounting expenses, partially offset by lower legal expenses.

Current wording

For the three months ended September 30, 2025, general and administrative expenses increased $1.3 million, or 162%, compared to the same period in 2024, primarily due to increased stock-based compensation and other headcount related costs, partially offset by lower legal expenses and outside consulting costs.

Previous wording

For the six months ended June 30, 2025, general and administrative expenses increased $0.3 million, or 13%, compared to the same period in 2024, primarily due to fees paid to departing members of the Board of Directors, partially offset by lower legal expenses.

Current wording

For the nine months ended September 30, 2025, general and administrative expenses increased $1.8 million, or 61%, compared to the same period in 2024, primarily due to increased stock-based compensation and other headcount related costs, and fees paid to departing members of the board of directors, partially offset by lower legal expenses and outside consulting costs.

Previous wording

For the six months ended June 30, 2025, sales and marketing expenses decreased $0.2 million, or 39%, compared to the same period in 2024, primarily due to an overall decrease in payroll related costs.

Current wording

For the three months ended September 30, 2025, sales and marketing expenses remained consistent compared to the same period in 2024.

Previous wording

For the three months ended June 30, 2025, sales and marketing expenses decreased $0.1 million, or 51%, compared to the same period in 2024, primarily due to an overall decrease in payroll related costs.

Current wording

For the nine months ended September 30, 2025, sales and marketing expenses decreased $0.5 million, or 83%, compared to the same period in 2024, primarily due to an overall decrease in payroll related costs.

Previous wording

For the three months ended June 30, 2025, grant and contract expenses decreased $0.3 million, or 86%, compared to the same period in 2024, primarily due to the decrease in grant and contract revenue associated with the sale of the TA&T subsidiary.

Current wording

For the three months ended September 30, 2025, grant and contract expenses decreased $0.4 million, or 95%, compared to the same period in 2024, primarily due to the decrease in grant and contract revenue associated with the sale of the TA&T subsidiary.

Previous wording

For the six months ended June 30, 2025, grant and contract expenses decreased $0.5 million, or 84%, compared to the same period in 2024, primarily due to the decrease in grant and contract revenue associated with the sale of the TA&T subsidiary.

Current wording

For the nine months ended September 30, 2025, grant and contract expenses decreased $0.9 million, or 89%, compared to the same period in 2024, primarily due to the decrease in grant and contract revenue associated with the sale of the TA&T subsidiary.

Previous wording

For the three months ended June 30, 2025, other income decreased $0.2 million, or -31%, compared to the same period in 2024, primarily due to a $0.5 million decrease in the change in value of derivative liabilities, partially offset by a $0.3 million gain on disposal of property and equipment associated with SINTX Armor.

Current wording

For the three months ended September 30, 2025, other income decreased $0.4 million, or 209%, compared to the same period in 2024, primarily due to a $0.4 million decrease in the change in value of derivative liabilities.

Previous wording

For the six months ended June 30, 2025, other income decreased $2.4 million, or -84%, compared to the same period in 2024, primarily due to a $2.7 million decrease in the change in value of derivative liabilities, partially offset by a $0.3 million gain on disposal of property and equipment associated with SINTX Armor.

Current wording

For the nine months ended September 30, 2025, other income decreased $2.7 million, or 91%, compared to the same period in 2024, primarily due to a $3.1 million decrease in the change in value of derivative liabilities, partially offset by a $0.3 million gain on disposal of property and equipment associated with SINTX Armor, and a $0.1 million increase in interest income.

Previous wording

The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.

Current wording

The condensed consolidated financial statements have been prepared assuming we will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to our ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.

Previous wording

For the six months ended June 30, 2025, and 2024, the Company incurred a net loss of $4.6 million and $3.1 million, respectively, and used cash in operating activities of $3.7 million and $4.9 million, respectively. The Company had an accumulated deficit of $286 million and $282 million as of June 30, 2025, and December 31, 2024, respectively. We will require substantial future capital in order to continue operating our business, conduct research and development and regulatory clearance and approval activities necessary to bring our products to market, and to establish effective marketing and sales capabilities. Our existing capital resources are not sufficient to enable us to fund the completion of the development and commercialization of all our product candidates.

Current wording

For the nine months ended September 30, 2025, and 2024, we incurred a net loss of $8.1 million and $9.3 million, respectively, and used cash in operating activities of $6.2 million and $7.5 million, respectively. We had an accumulated deficit of $290 million and $282 million as of September 30, 2025, and December 31, 2024, respectively. We will require substantial future capital in order to continue operating our business, conduct research and development and regulatory clearance and approval activities necessary to bring our products to market, and to establish effective marketing and sales capabilities. Our existing capital resources may not be sufficient to enable us to fund the completion of the development and commercialization of all our product candidates.

Previous wording

To date, the Company’s operations have been principally financed from proceeds from the issuance of preferred and common stock and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operations. The Company’s continuation as a going concern is dependent upon its ability to increase sales, decrease expenses and raise additional funding. Whether and when the Company can attain profitability and positive cash flows from operations or obtain additional financing is uncertain.

Current wording

To date, our operations have been principally financed from proceeds from the issuance of preferred and common stock and, to a lesser extent, cash generated from product sales. We expect that we will continue to generate operating losses and use cash in operations. Our continuation as a going concern is dependent upon its ability to increase sales, decrease expenses and raise additional funding. It is uncertain when, if ever, we will attain profitability and positive cash flows from operations or obtain additional financing.

Previous wording

We are actively seeking opportunities to raise additional equity and/or debt financing. However, such funding is not guaranteed and may not be available to the Company on favorable or acceptable terms and may involve significant restrictive covenants. Any additional equity financing, if available to the Company, will most likely be dilutive to its current stockholders. If the Company is not able to obtain additional debt or equity financing on a timely basis, the impact on the Company will be material and adverse.

Current wording

We continue to seek opportunities to raise additional funding through equity and/or debt financing. However, such funding is not guaranteed and may not be available on favorable terms and may involve restrictive covenants. Any additional equity financing, if available, will most likely be dilutive to its current stockholders. If we are not able to obtain additional debt or equity financing, the impact on our company and business will be material and adverse.

Previous wording

The Company’s strategic emphasis is focused on utilizing its technology in making advancements in the biomedical sector. Historically engaged in both industrial and biomedical applications, SINTX has prioritized the development and commercialization of innovative medical devices, leveraging its expertise in advanced ceramics and biomaterials. This renewed focus aligns with a commitment to improving patient outcomes through the creation of products designed for surgical, orthopedic, and other specialized medical applications. We are concentrating our resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility.

Current wording

The board of directors, together with management, remains focused on advancing our business strategy and focus. Our strategic emphasis is focused on utilizing our technology in making advancements in the biomedical sector. Historically engaged in both industrial and biomedical applications, we have prioritized the development and commercialization of innovative medical devices, leveraging its expertise in advanced ceramics and biomaterials. This renewed focus aligns with a commitment to improving patient outcomes through the creation of products designed for surgical, orthopedic, and other specialized medical applications. We are concentrating our resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility.

Previous wording

Through this transformation, SINTX’s aim is to deliver meaningful innovations to the medical community. Our current research and development pipeline is centered on medical-grade devices that incorporate antimicrobial properties, enhanced imaging capabilities, and durability under physiological conditions, which are critical for orthopedic implants, spinal fusion devices, and other surgical tools. As we transition our focus away from industrial applications, we anticipate this strategic shift will enable us to better serve the medical sector, address critical unmet needs, and position SINTX as a leading provider in the medical device market. By focusing on partnerships and collaborations with healthcare institutions and industry leaders, SINTX is positioned to expand its footprint in the medical device sector and drive shareholder value through sustainable, high-impact innovations.

Current wording

Through this transformation, as demonstrated by the recent FDA 510(k) clearance of our SiNAPTIC® Foot & Ankle Osteotomy Wedge System, our aim is to deliver meaningful innovations to the medical community. Our current research and development pipeline is centered on medical-grade devices that incorporate antimicrobial properties, enhanced imaging capabilities, and durability under physiological conditions, which are critical for orthopedic implants, spinal fusion devices, and other surgical tools. As we transition our focus away from industrial applications, we anticipate this strategic shift will enable us to better serve the medical sector, address critical unmet needs, and position SINTX as a leading provider in the medical device market. By focusing on partnerships and collaborations with healthcare institutions and industry leaders, we believe that we are positioned to expand our footprint in the medical device sector and drive shareholder value through sustainable, high-impact innovations.

Previous wording

On August 8, 2024, the Board of Directors approved a plan to implement a Company-wide reduction in the workforce. This decision was part of the Company’s ongoing strategic review of its operations aimed at improving operational efficiency and reducing costs.

Current wording

On August 8, 2024, the board of directors approved a plan to implement a Company-wide reduction in the workforce. This decision was part of an ongoing strategic review of our operations aimed at improving operational efficiency and reducing costs.

Previous wording

On August 12, 2024, the Board of Directors approved a plan to cease efforts to make the armor plant operational. This decision was made to streamline operations and focus on core business areas that align with the Company’s long-term strategic goals. The armor plant has not been fully operational since the acquisition of the armor equipment in July 2021 and has been completely shut down since October 2023 due to the malfunctioning of the sintering furnace. In connection with this decision, the Company incurred an impairment charge of approximately $4.6 million during the year ended December 31, 2024. This charge primarily relates to the write-down of certain long-lived assets associated with the armor plant to their estimated fair value.

Current wording

On August 12, 2024, the board of directors approved a plan to cease efforts to make the armor plant operational. This decision was made to streamline operations and focus on core business areas that align with our long-term strategic goals. The armor plant had not been fully operational since the acquisition of the armor equipment in July 2021 and had been completely shut down since October 2023 due to the malfunctioning of the sintering furnace. In connection with this decision, we incurred an impairment charge of approximately $4.6 million during the year ended December 31, 2024. This charge primarily relates to the write-down of certain long-lived assets associated with the armor plant to their estimated fair value.

Previous wording

As explained in Note 2, on February 19, 2025, the Company entered into an Entity Acquisition Agreement (the “Agreement”) with Tethon Corporation (“Tethon”), pursuant to which the Company sold to Tethon all of the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T.

Current wording

As discussed in Note 2 to the condensed consolidated financial statements, on February 19, 2025, we entered into an Entity Acquisition Agreement (the “Agreement”) with Tethon Corporation (“Tethon”), pursuant to which the Company sold to Tethon all of the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T.

Previous wording

Net cash used in operating activities was $3.7 million during the six months ended June 30, 2025, compared to $4.9 million used during the six months ended June 30, 2024, a decrease of $1.2 million. Decrease in net loss of $1.5 million, combined with adjustments of non-cash items of $2.9 million, and an increase in other liabilities of $0.8 million, contributed positively to our net cash used in operating activities, partially offset by increases in accounts receivable of $0.2 million and prepaid expenses of $0.7 million.

Current wording

Net cash used in operating activities was $6.2 million during the nine months ended September 30, 2025, compared to $7.5 million used during the nine months ended September 30, 2024, a decrease of $1.3 million. Decrease in net loss of $1.2 million, combined with an increase in accounts payables and other liabilities of $1.0 million, contributed positively to our net cash used in operating activities, partially offset by a decrease in adjustments of non-cash items of $0.5 million, and increases in accounts receivable of $0.4 million.

Previous wording

Net cash provided by investing activities was $0.3 million during the six months ended June 30, 2025, compared to net cash used in investing activities of $0.2 million during the six months ended June 30, 2024, an increase of $0.5 million. The increase in cash provided by investing activities during 2025 was primarily due to a $0.5 million decrease in purchase of property and equipment and a $0.3 million increase in proceeds from the sale of property and equipment, partially offset by a $0.3 million decrease in proceeds from notes receivable.

Current wording

Net cash provided by investing activities was $1.0 million during the nine months ended September 30, 2025, compared to net cash used in investing activities of $0.2 million during the nine months ended September 30, 2024, an increase of $1.2 million. The increase in cash provided by investing activities during 2025 was primarily due to $0.8 million in proceeds from the acquisition of Sinaptic Surgical (see Note 3), $0.4 million decrease in purchase of property and equipment and $0.3 million increase in proceeds from the sale of property and equipment, partially offset by a $0.3 million decrease in proceeds from notes receivable.

Previous wording

There was $4.1 million in cash provided by financing activities during the six months ended June 30, 2025, compared to $6.3 million in cash provided by financing activities during the same period in 2024. The $2.2 million decrease to net cash provided by financing activities was primarily attributable to a decrease in proceeds from issuance of warrant derivative liabilities of $3.4 million offset by an increase in proceeds from issuance of common stock and prefunded warrants of $1.3 million.

Current wording

Net cash provided by financing activities was $7.9 million during the nine months ended September 30, 2025, compared to $9.2 million provided during the same period in 2024. The $1.3 million decrease to net cash provided by financing activities was primarily attributable to a decrease in proceeds from issuance of warrant derivative liabilities of $3.4 million, decrease in proceeds from issuance of common stock and prefunded warrants of $1.7 million, and repurchases of common stock into treasury of $0.1 million, partially offset by increases in proceeds from the exercise of warrants, net of cash fees, and deposit for stock issuance (in other current liabilities) of $3.6 million, and proceeds from issuance of warrants in connection with exercise of warrants of $0.2 million.

Previous wording

A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to those policies for the six months ended June 30, 2025.

Current wording

A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to those policies for the nine months ended September 30, 2025.