Senseonics Holdings, Inc 10-Q for FY2025 Q3

Senseonics Holdings, Inc. (SENS)

10-Q 2025-11-05 For: 2025-09-30

Added on April 10, 2026

About this 10-Q

Senseonics Holdings, Inc filed this 10-Q on November 5, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $8.1M; up 89.9% from $4.26M a year earlier
Net loss: $19.53M; compared with a net loss of $23.98M a year earlier
Diluted EPS: -$0.43; compared with -$0.77 a year earlier

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	SENS	NYSE American


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

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


	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


	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


Delaware (State or other jurisdiction of incorporation or organization)	3841 (Primary Standard Industrial Classification Code Number)	47-1210911 (I.R.S. Employer Identification Number)


						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	$	—


	Three Months Ended				Nine Months Ended
	September 30, 2025				September 30, 2025
			%				%
(Dollars in thousands)	Amount		of Total		Amount		of Total
Revenue, net:
United States	$	6,421	79.3	%	$	15,862	75.5	%
Outside of the United States		1,674	20.7			5,139	24.5
Total	$	8,095	100.0	%	$	21,001	100.0	%

	Three Months Ended				Nine Months Ended
	September 30, 2024				September 30, 2024
			%				%
(Dollars in thousands)	Amount		of Total		Amount		of Total
Revenue, net:
United States	$	2,382	55.9	%	$	9,089	64.1	%
Outside of the United States		1,881	44.1			5,086	35.9
Total	$	4,263	100.0	%	$	14,175	100.0	%


	Three Months Ended September 30,					Nine Months Ended September 30,
		2025		2024		2025		2024
Net loss	$	(19,530)	$	(23,976)	$	(48,290)	$	(63,140)
Basic weighted average common shares outstanding		44,953,694		31,044,897		40,554,943		30,868,515
Net loss per share:
Basic and diluted	$	(0.43)	$	(0.77)	$	(1.19)	$	(2.05)


	September 30, 2025
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Commercial Paper	$	8,315	$	5	$	(2)	$	8,318
Corporate debt securities		13,855		24		—		13,879
Government and agency securities		54,236		61		—		54,297
Total	$	76,406	$	90	$	(2)	$	76,494


	Net		Fair
	Carrying Amount		Value
2025 (remaining three months)	$	22,913	$	22,918
2026		53,493		53,576
Total	$	76,406	$	76,494


				September 30,		December 31,
Operating Lease Assets and Liabilities	Balance Sheet Classification		2025		2024
Assets
Operating lease ROU assets		Deposits and other assets	$	4,558	$	4,837
Liabilities
Current operating lease liabilities		Accrued expenses and other current liabilities	$	479	$	429
Non-current operating lease liabilities		Non-current operating lease liabilities		5,419		5,785
Total operating lease liabilities			$	5,898	$	6,214


2025 (remaining 3 months)	$	238
2026		967
2027		996
2028		1,026
2029		1,057
Thereafter		3,851
Total		8,135
Less: Present value adjustment		(2,237)
Present value of lease liabilities	$	5,898


Remaining lease term (years)	2025
Operating leases	7.7
Discount rate
Operating leases	8.5	%


	Shares		Exercise price (per share)		Weighted average exercise price (per share)
Outstanding, December 31, 2024	2,357,747	$	7.00 to $77.20	$	7.33
Granted	—		—		—
Exercised	—		—		—
Expired	—		—		—
Outstanding and Exercisable, September 30, 2025	2,357,747	$	7.00 to $77.20	$	7.33

Weighted Average Remaining Life, September 30, 2025 (years)	4.57


	September 30,		December 31,
	2025		2024
Finished goods	$	2,088	$	781
Work-in-process		3,786		3,213
Raw materials		449		427
Total	$	6,323	$	4,421


	September 30,		December 31,
	2025		2024
Property and equipment
Machinery and laboratory equipment	$	3,559	$	3,156
Office furniture and equipment		611		606
Leasehold improvements		2,200		2,201
Intangible assets
Sensor insertion network assets		800		800
Less: Accumulated depreciation and amortization		(3,155)		(2,689)
Property, equipment and intangible assets, net	$	4,015	$	4,074


	September 30,		December 31,
	2025		2024
Tax credits receivable⁽¹⁾	$	1,793	$	1,793
Sales and marketing		1,606		104
Contract manufacturing ⁽²⁾		1,337		2,720
Clinical and Preclinical		574		689
Interest receivable		385		—
Insurance		326		97
IT and software		313		228
Rent and utilities		102		99
Accounting and audit		—		71
Other		53		18
Total prepaid expenses and other current assets	$	6,489	$	5,819


	September 30,		December 31,
	2025		2024
Compensation and benefits	$	3,907	$	5,311
Sales and marketing services		3,214		1,287
Professional and administrative services		2,897		1,587
Research and development		2,600		3,416
Contract manufacturing		1,142		1,813
Operating lease		479		429
Product warranty and replacement obligations		436		406
Interest on notes payable		289		789
Accrued construction and renovation costs		54		397
Other		124		71
Total accrued expenses and other current liabilities	$	15,142	$	15,506


	September 30, 2025
	Principal ($)	Debt (Discount) Premium ($)⁽¹⁾	Issuance Costs ($)	Carrying Amount ($)
Amended Loan and Security Agreement	35,000	445	(179)	35,266

	December 31, 2024
	Principal ($)	Debt (Discount) Premium ($)⁽¹⁾	Issuance Costs ($)	Carrying Amount ($)
2025 Notes	20,399	(256)	(5)	20,138
Loan and Security Agreement	35,000	(49)	(248)	34,703


	Nine Months Ended September 30, 2025
	Interest Rate	Interest ($)	Debt Discount and Fees ($)⁽¹⁾	Issuance Costs ($)	Total Interest Expense ($)
2025 Notes	5.25%	45	256	4	305
Loan and Security Agreement	9.90%	2,339	650	65	3,054
Amended Loan and Security Agreement	9.90%	289	93	4	386
Total		2,673	999	73	3,745


	Nine Months Ended September 30, 2024
	Interest Rate	Interest ($)	Debt Discount and Fees ($)⁽¹⁾	Issuance Costs ($)	Total Interest Expense ($)
2025 Notes	5.25%	803	2,083	35	2,921
Loan and Security Agreement	9.90%	2,635	651	59	3,345
Total		3,438	2,734	94	6,266


	September 30, 2025
Asset Class	Total		Level 1		Level 2		Level 3
Cash and Cash Equivalents
Money market funds	$	29,407		29,407		—		—
Short Term Investments
Commercial paper (>3 months)	$	8,317		—		8,317		—
Corporate debt securities		13,880		—		13,880		—
Government and agency securities (>3 months)		54,297		54,297		—		—


	Three Months Ended
	September 30,				Period-to-
	2025		2024		Period Change

	(in thousands)
Revenue, net	$	4,202	$	955	$	3,247
Revenue, net - related parties		3,893		3,308		585
Total revenue		8,095		4,263		3,832
Cost of sales		4,627		8,314		(3,687)
Gross profit (loss)		3,468		(4,051)		7,519

Expenses:
Research and development expenses		7,759		10,546		(2,787)
Selling, general and administrative expenses		15,310		8,250		7,060
Operating loss		(19,601)		(22,847)		3,246
Other income (expense), net:
Interest income		1,236		1,010		226
Interest expense		(1,171)		(2,133)		962
Other income (expense)		6		(6)		12
Total other income (expense), net		71		(1,129)		1,200
Net Loss	$	(19,530)	$	(23,976)	$	4,446


Exhibit No.		Document

3.1		Amended and Restated Certificate of Incorporation of Senseonics Holdings, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37717), filed with the Commission on March 23, 2016).

3.2		Amended and Restated Bylaws of Senseonics Holdings, Inc. (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (File No. 001-37717), filed with the Commission on March 23, 2016).

3.3		Certificate of Amendment to Amended and Restated Certificate of Incorporation of Senseonics Holdings, Inc. (incorporated herein by reference to Exhibit 3.3 to the Registrant’s Quarterly Report on Form 10-Q for the Quarter ended June 30, 2018 (File No. 001-37717), filed with the Commission on August 8, 2018).

3.4		Certificate of Amendment to Amended and Restated Certificate of Incorporation of Senseonics Holdings, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37717), filed with the Commission on May 22, 2024).
3.5		Certificate of Amendment to Amended and Restated Certificate of Incorporation of Senseonics Holdings, Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37717), filed with the Commission on October 16, 2025).

3.6		Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37717), filed with the Commission on August 18, 2020).

3.7		Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37717) filed on October 26, 2020).

3.8		Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock (incorporated by reference to Exhibit 3.5 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-37717) filed with the Commission on November 8, 2022).

3.9		Amendment to Bylaws of Senseonics Holdings, Inc. (incorporated herein by reference to Exhibit 3.7 to the Registrant’s Annual Report on Form 10-K (File No. 001-37717) filed with the Commission on March 5, 2021).

10.1		First Amendment to Loan and Security Agreement, dated September 3, 2025, by and between Senseonics Holdings, Inc. and Hercules Capital, Inc. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-37717) filed with the Commission on September 3, 2025).
31.1*		Certification of Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act.

31.2*		Certification of Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act.

32.1**		Certifications of Principal Executive Officer and Principal Financial Officer under Section 906 of the Sarbanes-Oxley Act.

101.INS*		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document)

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document


101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	SENSEONICS HOLDINGS, INC.


Date: November 5, 2025	By:	/s/Rick Sullivan
		Rick Sullivan
		Chief Financial Officer
		(Principal Financial Officer)



	/s/ Timothy T. Goodnow, Ph.D.
	Timothy T. Goodnow, Ph.D.
	President & Chief Executive Officer
	(principal executive officer)



	/s/ Rick Sullivan
	Rick Sullivan
	Chief Financial Officer
	(principal financial officer)