Senseonics Holdings Inc

For the period ended Mar 31, 2024. Filed May 13, 2024.

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.

Mar 31, 2024 · Filed May 13, 2024

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

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

See the whole filing, with its images and exhibits

Contents

PART I: Financial Information

ITEM 1: Financial Statements

Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023	3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023	4
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three months ended March 31, 2024 and 2023	5
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	6
Notes to Unaudited Condensed Consolidated Financial Statements	7

ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk	36

ITEM 4: Controls and Procedures	36

PART II: Other Information	37

ITEM 1: Legal Proceedings	37

ITEM 1A: Risk Factors	37

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds	39

ITEM 3: Defaults Upon Senior Securities	39

ITEM 4: Mine Safety Disclosures	39

ITEM 5: Other Information	39

ITEM 6: Exhibits	40

SIGNATURES	41

Condensed Consolidated Balance Sheet****s

(in thousands, except share and per share data)


· · March 31, · · December 31,
· · 2024 · · 2023 ·
	(unaudited)

Assets · · · · ·
Current assets:
Cash and cash equivalents	$90,544	$75,709
Restricted cash	316	—
Short term investments, net	8,169	33,747
Accounts receivable, net	1,001	808
Accounts receivable, net - related parties	2,750	3,724
Inventory, net	7,963	8,776
Prepaid expenses and other current assets	7,434	7,266
Total current assets	118,177	130,030

Deposits and other assets	6,903	7,006
Property and equipment, net	1,436	1,184
Total assets	$126,516	$138,220
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$675	$4,568
Accrued expenses and other current liabilities	10,034	11,744
Accrued expenses and other current liabilities, related parties	1,071	945
Note payable, current portion, net	17,937	—
Derivative liability, current portion	102	—
Total current liabilities	29,819	17,257

Long-term debt and notes payables, net	33,965	41,195
Derivative liabilities	—	102
Other liabilities	6,114	6,214
Total liabilities	69,898	64,768

Preferred stock and additional paid-in-capital, subject to possible redemption: $0.001 par value per share; 12,000 shares and 12,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023	37,656	37,656
Total temporary equity	37,656	37,656

Commitments and contingencies

Stockholders’ equity:
Common stock, $0.001 par value per share; 900,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 530,817,549 shares and 530,364,237 shares issued and outstanding as of March 31, 2024 and December 31, 2023	530	530
Additional paid-in capital	906,569	904,535
Accumulated other comprehensive loss	(2)	(11)
Accumulated deficit	(888,135)	(869,258)
Total stockholders’ equity	18,962	35,796
Total liabilities and stockholders’ equity	$126,516	$138,220

Unaudited Condensed Consolidated Statements of Operations** and Comprehensive Income (Loss)**

(in thousands, except share and per share data)


· · Three Months Ended
· · March 31,
· 2024 · 2023
Revenue, net	$589	$313
Revenue, net - related parties	4,458	3,824
Total revenue	5,047	4,137
Cost of sales	4,712	3,723
Gross profit	335	414

Expenses:
Research and development expenses	10,438	12,405
Selling, general and administrative expenses	8,129	7,718
Operating loss	(18,232)	(19,709)
Other (expense) income, net:
Interest income	1,384	1,108
Exchange related gain, net	—	18,776
Interest expense	(2,047)	(4,652)
Gain on change in fair value of derivatives	—	5,778
Other income	18	23
Total other (expense) income, net	(645)	21,033

Net (Loss) Income	(18,877)	1,324
Other comprehensive income
Unrealized gain on marketable securities	9	458
Total other comprehensive gain	9	458
Total comprehensive (loss) income	$(18,868)	$1,782

Basic net (loss) income per common share	$(0.03)	$0.00
Basic weighted-average shares outstanding	614,588,546	497,473,222

Diluted net (loss) income per common share	$(0.03)	$0.00
Diluted weighted-average shares outstanding	614,588,546	540,532,813

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

** (in thousands)**


· · · · · · · Additional · · Accumulated · · · · · Total · · Series B
· · Common Stock · · Paid-In · · Other · · Accumulated · · Stockholders' · · Convertible
· Shares · Amount · Capital · Comprehensive Loss · · Deficit · · Equity (Deficit) · Preferred Stock Temporary Equity
Three months ended March 31, 2023:
Balance, December 31, 2022	479,637	$480	$806,488	$(678)	$(808,866)	$(2,576)	$37,656
Issuance of common stock, net of issuance costs	143	—	(65)	—	—	(65)	—
Exercise of stock options and warrants	—	—	63,542	—	—	63,542	—
Stock-based compensation expense	—	—	1,781	—	—	1,781	—
Net income	—	—	—	—	1,324	1,324	—
Other comprehensive income, net of tax	—	—	—	458	—	458	—
Balance, March 31, 2023	479,780	$480	$871,746	$(220)	$(807,542)	$64,464	$37,656

Three months ended March 31, 2024:
Balance, December 31, 2023	530,364	$530	$904,535	$(11)	$(869,258)	$35,796	$37,656
Issuance of common stock, net of issuance costs	108	—	(1)	—	—	(1)	—
Issued common stock for vested RSUs and ESPP purchase	368	—	96	—	—	96	—
Issuance of warrants, net of issuance costs	—	—	149	—	—	149	—
Stock-based compensation expense	—	—	1,801	—	—	1,801	—
Shares withheld related to net share settlement of equity awards	(22)	—	(11)	—	—	(11)	—
Net loss	—	—	—	—	(18,877)	(18,877)	—
Other comprehensive income, net of tax	—	—	—	9	—	9	—
Balance, March 31, 2024	530,818	$530	$906,569	$(2)	$(888,135)	$18,962	$37,656

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.

About this filing

Table of Contents