Senseonics Holdings, Inc 10-Q for FY2025 Q2

Senseonics Holdings, Inc. (SENS)

10-Q 2025-08-06 For: 2025-06-30

Added on April 10, 2026

About this 10-Q

Senseonics Holdings, Inc filed this 10-Q on August 6, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

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

Revenue: $6.65M; up 36.7% from $4.87M a year earlier
Net loss: $14.5M; compared with a net loss of $20.29M a year earlier
Diluted EPS: -$0.02; compared with -$0.03 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 June 30, 2025 (Unaudited) and December 31, 2024		3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024		4
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2025 and 2024		5
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 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		25

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk		36

ITEM 4: Controls and Procedures		36

PART II: Other Information		36

ITEM 1: Legal Proceedings		36

ITEM 1A: Risk Factors		37

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds		43

ITEM 3: Defaults Upon Senior Securities		43

ITEM 4: Mine Safety Disclosures		43

ITEM 5: Other Information		43

ITEM 6: Exhibits		44

SIGNATURES		45


	June 30,		December 31,
	2025		2024
		(unaudited)

Assets
Current assets:
Cash and cash equivalents	$	31,518	$	74,597
Restricted cash		315		315
Short term investments, net		94,894		—
Accounts receivable, net		2,853		1,365
Accounts receivable, net - related parties		2,304		4,921
Inventory, net		4,714		4,421
Prepaid expenses and other current assets		4,990		5,819
Total current assets		141,588		91,438

Deposits and other assets		4,729		4,926
Property, equipment and intangible assets, net		3,957		4,074
Total assets	$	150,274	$	100,438
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	2,269	$	3,205
Accrued expenses and other current liabilities		9,883		13,636
Accrued expenses and other current liabilities, related parties		2,624		1,870
Notes payable, current portion, net		—		20,138
Total current liabilities		14,776		38,849

Long-term debt and notes payables, net		35,230		34,703
Non-current operating lease liabilities		5,548		5,785
Total liabilities		55,554		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 June 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; 1,400,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 814,576,132 shares and 595,351,210 shares issued and outstanding as of June 30, 2025 and December 31, 2024		815		595
Additional paid-in capital		1,070,516		930,724
Accumulated other comprehensive loss		23		—
Accumulated deficit		(976,634)		(947,874)
Total stockholders’ equity (deficit)		94,720		(16,555)
Total liabilities, temporary equity and stockholders’ equity (deficit)	$	150,274	$	100,438


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenue, net	$	3,223	$	778	$	5,033	$	1,367
Revenue, net - related parties		3,426		4,087		7,873		8,545
Total revenue		6,649		4,865		12,906		9,912
Cost of sales		3,528		4,567		8,280		9,279
Gross profit		3,121		298		4,626		633

Expenses:
Research and development expenses		7,715		10,800		15,014		21,238
Selling, general and administrative expenses		9,729		8,991		17,423		17,119
Operating loss		(14,323)		(19,493)		(27,811)		(37,724)
Other (expense) income, net:
Interest income		973		1,190		1,648		2,574
Interest expense		(1,145)		(2,085)		(2,574)		(4,133)
Gain on change in fair value of derivatives		—		102		—		102
Other (expense) income		(6)		(1)		(23)		17
Total other (expense) income, net		(178)		(794)		(949)		(1,440)

Net Loss		(14,501)		(20,287)		(28,760)		(39,164)
Other comprehensive loss
Unrealized gain (loss) on marketable securities		26		(5)		23		4
Other comprehensive gain (loss)		26		(5)		23		4
Total comprehensive loss	$	(14,475)	$	(20,292)	$	(28,737)	$	(39,160)

Basic net loss per common share	$	(0.02)	$	(0.03)	$	(0.04)	$	(0.06)
Basic weighted-average shares outstanding		813,364,903		616,585,664		766,382,267		615,587,105

Diluted net loss per common share	$	(0.02)	$	(0.03)	$	(0.04)	$	(0.06)
Diluted weighted-average shares outstanding		813,364,903		616,585,664		766,382,267		615,587,105


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 Loss		Deficit		Equity (Deficit)		Preferred Stock Temporary Equity
Three months ended June 30, 2024:
Balance, March 31, 2024	530,818	$	530	$	906,569	$	(2)	$	(888,135)	$	18,962	$	37,656
Issuance of common stock, net of issuance costs	620		1		—		—		—		1		—
Issued common stock for vested RSUs and ESPP purchase	6,122		6		—		—		—		6		—
Exercise of stock options and warrants	11		—		5		—		—		5		—
Stock-based compensation expense	—		—		2,926		—		—		2,926		—
Shares withheld related to net share settlement of equity awards	(2,294)		(2)		(1,028)		—		—		(1,030)		—
Net loss	—		—		—		—		(20,287)		(20,287)		—
Other comprehensive loss	—		—		—		(5)		—		(5)		—
Balance, June 30, 2024	535,277	$	535	$	908,472	$	(7)	$	(908,422)	$	578	$	37,656

Six months ended June 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	728		1		(1)		—		—		—		—
Issuance of common stock for vested RSUs and ESPP purchases	6,489		6		95		—		—		101		—
Issuance of warrants, net of issuance costs	—		—		149		—		—		149		—
Exercise of stock options and warrants	12		—		6		—		—		6		—
Stock-based compensation expense	—		—		4,727		—		—		4,727		—
Shares withheld related to net share settlement of equity awards	(2,316)		(2)		(1,039)		—		—		(1,041)		—
Net loss	—		—		—		—		(39,164)		(39,164)		—
Other comprehensive gain	—		—		—		4		—		4		—
Balance, June 30, 2024	535,277	$	535	$	908,472	$	(7)	$	(908,422)	$	578	$	37,656

Three months ended June 30, 2025:
Balance, March 31, 2025	654,216	$	654	$	996,679	$	(3)	$	(962,133)	$	35,197	$	—
Issuance of common stock, net of issuance costs	155,539		156		72,114		—		—		72,270		—
Issued common stock for vested RSUs and ESPP purchase	6,968		7		—		—		—		7		—
Stock-based compensation expense	—		—		2,893		—		—		2,893		—
Shares withheld related to net share settlement of equity awards	(2,147)		(2)		(1,170)		—		—		(1,172)		—
Net loss	—		—		—		—		(14,501)		(14,501)		—
Other comprehensive gain	—		—		—		26		—		26		—
Balance, June 30, 2025	814,576	$	815	$	1,070,516	$	23	$	(976,634)	$	94,720	$	—

Six months ended June 30, 2025:
Balance, December 31, 2024	595,351	$	595	$	930,724	$	—	$	(947,874)	$	(16,555)	$	37,656
Conversion of preferred stock	30,372		30		37,626		—		—		37,656		(37,656)
Issuance of common stock, net of issuance costs	183,752		184		98,542		—		—		98,726		—
Issuance of common stock for vested RSUs and ESPP purchases	7,248		8		61		—		—		69		—
Stock-based compensation expense	—		—		4,733		—		—		4,733		—
Shares withheld related to net share settlement of equity awards	(2,147)		(2)		(1,170)		—		—		(1,172)		—
Net loss	—		—		—		—		(28,760)		(28,760)		—
Other comprehensive gain	—		—		—		23		—		23		—
Balance, June 30, 2025	814,576	$	815	$	1,070,516	$	23	$	(976,634)	$	94,720	$	—


	Three Months Ended				Six Months Ended
	June 30, 2025				June 30, 2025
			%				%
(Dollars in thousands)	Amount		of Total		Amount		of Total
Revenue, net:
United States	$	4,946	74.4	%	$	9,441	73.2	%
Outside of the United States		1,703	25.6			3,465	26.8
Total	$	6,649	100.0	%	$	12,906	100.0	%

	Three Months Ended				Six Months Ended
	June 30, 2024				June 30, 2024
			%				%
(Dollars in thousands)	Amount		of Total		Amount		of Total
Revenue, net:
United States	$	3,030	62.3	%	$	6,706	67.7	%
Outside of the United States		1,835	37.7			3,206	32.3
Total	$	4,865	100.0	%	$	9,912	100.0	%


	Three Months Ended June 30,					Six Months Ended June 30,
		2025		2024		2025		2024
Net loss	$	(14,501)	$	(20,287)	$	(28,760)	$	(39,164)
Basic weighted average common shares outstanding		813,364,903		616,585,664		766,382,267		615,587,105
Net loss per share:
Basic and diluted	$	(0.02)	$	(0.03)	$	(0.04)	$	(0.06)


	June 30, 2025
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Commercial Paper	$	14,384	$	—	$	(2)	$	14,382
Corporate debt securities		9,178		6		—		9,184
Government and agency securities		71,309		19		—		71,328
Total	$	94,871	$	25	$	(2)	$	94,894


	Net		Fair
	Carrying Amount		Value
2025 (remaining six months)	$	47,885	$	47,882
2026		46,986		47,012
Total	$	94,871	$	94,894


				June 30,		December 31,
Operating Lease Assets and Liabilities	Balance Sheet Classification		2025		2024
Assets
Operating lease ROU assets		Deposits and other assets	$	4,653	$	4,837
Liabilities
Current operating lease liabilities		Accrued expenses and other current liabilities	$	462	$	429
Non-current operating lease liabilities		Non-current operating lease liabilities		5,548		5,785
Total operating lease liabilities			$	6,010	$	6,214


2025 (remaining 6 months)	$	475
2026		967
2027		996
2028		1,026
2029		1,057
Thereafter		3,851
Total		8,372
Less: Present value adjustment		(2,362)
Present value of lease liabilities	$	6,010


Remaining lease term (years)	2025
Operating leases	7.9
Discount rate
Operating leases	8.5	%


	Shares		Exercise price (per share)		Weighted average exercise price (per share)
Outstanding, December 31, 2024	47,154,786	$	0.35 to $3.86	$	0.37
Granted	—		—		—
Exercised	—		—		—
Expired	—		—		—
Outstanding and Exercisable, June 30, 2025	47,154,786	$	0.35 to $3.86	$	0.37

Weighted Average Remaining Life, June 30, 2025 (years)	4.82


	June 30,		December 31,
	2025		2024
Property and equipment
Machinery and laboratory equipment	$	3,358	$	3,156
Office furniture and equipment		606		606
Leasehold improvements		2,193		2,201
Intangible assets
Sensor insertion network assets		800		800
Less: Accumulated depreciation and amortization		(3,000)		(2,689)
Property, equipment and intangible assets, net	$	3,957	$	4,074


	June 30,		December 31,
	2025		2024
Tax credits receivable⁽¹⁾	$	1,793	$	1,793
Contract manufacturing ⁽²⁾		1,635		2,720
Clinical and Preclinical		639		689
Insurance		377		97
Interest receivable		278		—
Rent and utilities		102		99
IT and software		95		228
Sales and marketing		49		104
Accounting and audit		—		71
Other		22		18
Total prepaid expenses and other current assets	$	4,990	$	5,819


	June 30,		December 31,
	2025		2024
Compensation and benefits	$	2,810	$	5,311
Professional and administrative services		2,646		1,587
Research and development		2,494		3,416
Sales and marketing services		2,093		1,287
Contract manufacturing		1,044		1,813
Operating lease		462		429
Product warranty and replacement obligations		430		406
Interest on notes payable		289		789
Accrued construction and renovation costs		54		397
Other		185		71
Total accrued expenses and other current liabilities	$	12,507	$	15,506


	June 30, 2025
	Principal ($)	Debt (Discount) Premium ($)⁽¹⁾	Issuance Costs ($)	Carrying Amount ($)
Loan and Security Agreement	35,000	430	(200)	35,230

	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


	Six Months Ended June 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%	1,742	479	48	2,269
Total		1,787	735	52	2,574


	Six Months Ended June 30, 2024
	Interest Rate	Interest ($)	Debt Discount and Fees ($)⁽¹⁾	Issuance Costs ($)	Total Interest Expense ($)
2025 Notes	5.25%	535	1,362	23	1,920
Loan and Security Agreement	9.90%	1,749	427	37	2,213
Total		2,284	1,789	60	4,133


	June 30, 2025
Asset Class	Total		Level 1		Level 2		Level 3
Cash and Cash Equivalents
Money market funds	$	29,335		29,335		—		—
Short Term Investments
Commercial paper (>3 months)	$	14,382		—		14,382		—
Corporate debt securities		9,183		—		9,183		—
Government and agency securities (>3 months)		71,328		71,328		—		—


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

	(in thousands)
Revenue, net	$	3,223	$	778	$	2,445
Revenue, net - related parties		3,426		4,087		(661)
Total revenue		6,649		4,865		1,784
Cost of sales		3,528		4,567		(1,039)
Gross profit		3,121		298		2,823

Expenses:
Research and development expenses		7,715		10,800		(3,085)
Selling, general and administrative expenses		9,729		8,991		738
Operating loss		(14,323)		(19,493)		5,170
Other (expense) income, net:
Interest income		973		1,190		(217)
Interest expense		(1,145)		(2,085)		940
Gain on change in fair value of derivatives		—		102		(102)
Other expense		(6)		(1)		(5)
Total other (expense) income, net		(178)		(794)		616
Net Loss	$	(14,501)	$	(20,287)	$	5,786


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 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).

3.6		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).

3.7		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).

3.8		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		Securities Purchase Agreement, dated May 15, 2025, by and between Senseonics Holdings, Inc. and Abbott Laboratories (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 May 15, 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: August 6, 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)