Senseonics Holdings Inc

For the period ended Sep 30, 2024. Filed Nov 7, 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.

Sep 30, 2024 · Filed Nov 7, 2024

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, 2024 (Unaudited) and December 31, 2023			3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023			4
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity for the three and nine months ended September 30, 2024 and 2023			5
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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			27

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk			38

ITEM 4: Controls and Procedures			38

PART II: Other Information			40

ITEM 1: Legal Proceedings			40

ITEM 1A: Risk Factors			40

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds			42

ITEM 3: Defaults Upon Senior Securities			42

ITEM 4: Mine Safety Disclosures			42

ITEM 5: Other Information			42

ITEM 6: Exhibits			43

SIGNATURES			44

Condensed Consolidated Balance Sheet****s

(in thousands, except share and per share data)


· · September 30, · · December 31,
· · 2024 · · 2023 ·
	(unaudited)

Assets · · · · ·
Current assets:
Cash and cash equivalents	$27,106	$75,709
Restricted cash	315	—
Short term investments, net	47,375	33,747
Accounts receivable, net	1,523	808
Accounts receivable, net - related parties	2,507	3,724
Inventory, net	3,207	8,776
Prepaid expenses and other current assets	5,665	7,266
Total current assets	87,698	130,030

Deposits and other assets	5,209	7,006
Property and equipment, net	3,424	1,184
Total assets	$96,331	$138,220
Liabilities and Stockholders’ (Deficit) Equity
Current liabilities:
Accounts payable	$2,107	$4,568
Accrued expenses and other current liabilities	12,578	11,744
Accrued expenses and other current liabilities, related parties	1,448	945
Notes payable, current portion, net	19,376	—
Total current liabilities	35,509	17,257

Long-term debt and notes payables, net	34,448	41,195
Derivative liabilities	—	102
Other liabilities	5,899	6,214
Total liabilities	75,856	64,768

Preferred stock and additional paid-in-capital, subject to possible redemption: $0.001 par value per share; 12,000 shares authorized and 12,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023	37,656	37,656
Total temporary equity	37,656	37,656

Commitments and contingencies

Stockholders’ (deficit) equity:
Common stock, $0.001 par value per share; 1,400,000,000 shares and 900,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 545,612,780 shares and 530,364,237 shares issued and outstanding as of September 30, 2024 and December 31, 2023	546	530
Additional paid-in capital	914,637	904,535
Accumulated other comprehensive income (loss)	34	(11)
Accumulated deficit	(932,398)	(869,258)
Total stockholders’ (deficit) equity	(17,181)	35,796
Total liabilities and stockholders’ (deficit) equity	$96,331	$138,220

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,
· 2024 · 2023 · 2024 · 2023
Revenue, net	$955	$426	$2,322	$1,176
Revenue, net - related parties	3,308	5,671	11,853	13,184
Total revenue	4,263	6,097	14,175	14,360
Cost of sales	8,314	4,925	17,593	12,358
Gross (loss) profit	(4,051)	1,172	(3,418)	2,002

Expenses:
Research and development expenses	10,546	12,769	31,784	38,003
Selling, general and administrative expenses	8,250	7,425	25,369	22,598
Operating loss	(22,847)	(19,022)	(60,571)	(58,599)
Other (expense) income, net:
Interest income	1,010	1,460	3,584	3,879
Exchange related (loss) gain, net	—	(4,569)	—	14,207
Interest expense	(2,133)	(2,425)	(6,266)	(9,388)
Gain on change in fair value of derivatives	—	438	102	6,505
Other (expense) income	(6)	15	11	194
Total other (expense) income, net	(1,129)	(5,081)	(2,569)	15,397

Net Loss	(23,976)	(24,103)	(63,140)	(43,202)
Other comprehensive loss
Unrealized gain on marketable securities	41	61	45	619
Other comprehensive gain	41	61	45	619
Total comprehensive loss	$(23,935)	$(24,042)	$(63,095)	$(42,583)

Basic net loss per common share	$(0.04)	$(0.04)	$(0.10)	$(0.08)
Basic weighted-average shares outstanding	620,897,955	592,452,262	617,370,311	552,703,546

Diluted net loss per common share	$(0.04)	$(0.04)	$(0.10)	$(0.08)
Diluted weighted-average shares outstanding	620,897,955	592,452,262	617,370,311	552,703,546

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

(in thousands)


							Series B
· · Common Stock · · Paid-In · · Other · · Accumulated · · Stockholders' · · Convertible
· Shares · Amount · Capital · Comprehensive Loss · · Deficit · · (Deficit) Equity · Preferred Stock Temporary Equity
Three months ended September 30, 2023:
Balance, June 30, 2023	492,827	$493	$880,129	$(120)	$(827,965)	$52,537	$37,656
Issued common stock for vested RSUs and ESPP purchase	210	1	117	—	—	118	—
Exercise of stock options and warrants	—	—	5	—	—	5	—
Exchange of 2025 Notes	35,139	35	20,967	—	—	21,002	—
Issuance of warrants, net of issuance costs	—	—	363	—	—	363	—
Stock-based compensation expense	—	—	2,084	—	—	2,084	—
Net loss	—	—	—	—	(24,103)	(24,103)	—
Other comprehensive income, net of tax	—	—	—	61	—	61	—
Balance, September 30, 2023	528,176	$528	$903,665	$(59)	$(852,069)	$52,065	$37,656

Nine months ended September 30, 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	9,945	10	7,366	—	—	7,376	—
Issued common stock for vested RSUs and ESPP purchase	5,581	6	199	—	—	205	—
Issuance of warrants, net of issuance costs	—	—	63,645	—	—	63,645	—
Exercise of stock options and warrants	6	—	3	—	—	3	—
Exchange of 2025 Notes	35,139	35	20,967	—	—	21,002	—
Stock-based compensation expense	—	—	6,735	—	—	6,735	—
Shares withheld related to net share settlement of equity awards	(2,132)	(2)	(1,601)	—	—	(1,603)	—
Other	—	—	(137)	—	—	(137)	—
Net loss	—	—	—	—	(43,202)	(43,202)	—
Other comprehensive income, net of tax	—	—	—	619	—	619	—
Balance, September 30, 2023	528,176	$528	$903,665	$(59)	$(852,069)	$52,065	$37,656

Three months ended September 30, 2024:
Balance, June 30, 2024	535,277	$535	$908,472	$(7)	$(908,422)	$578	$37,656
Issuance of common stock, net of issuance costs	10,039	10	3,657	—	—	3,667	—
Issued common stock for vested RSUs and ESPP purchase	296	1	75	—	—	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	545,612	$546	$914,637	$34	$(932,398)	$(17,181)	$37,656

Nine months ended September 30, 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	10,767	11	3,656	—	—	3,667	—
Issued common stock for vested RSUs and ESPP purchase	6,785	7	170	—	—	177	—
Issuance of warrants, net of issuance costs	—	—	149	—	—	149	—
Exercise of stock options and warrants	12	—	6	—	—	6	—
Stock-based compensation expense	—	—	7,160	—	—	7,160	—
Shares withheld related to net share settlement of equity awards	(2,316)	(2)	(1,039)	—	—	(1,041)	—
Net loss	—	—	—	—	(63,140)	(63,140)	—
Other comprehensive income, net of tax	—	—	—	45	—	45	—
Balance, September 30, 2024	545,612	$546	$914,637	$34	$(932,398)	$(17,181)	$37,656

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