Senseonics Holdings, Inc 10-Q for FY2026 Q3

Senseonics Holdings, Inc. (SENS)

10-Q 2026-11-09 For: 2026-09-30

Added on November 09, 2026

About this 10-Q

Senseonics Holdings, Inc filed this 10-Q on November 9, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Senseonics reported revenue of $19.6 million for the three months ended September 30, 2026, up from $8.1 million, while gross margin improved to 61.7% from 42.8%. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $19.56M; up 141.6% from $8.1M a year earlier
Net loss: $32.68M; compared with a net loss of $19.53M a year earlier
Diluted EPS: -$0.50; compared with -$0.43 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	Nasdaq Stock Market LLC

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, 2026 (Unaudited) and December 31, 2025		3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2026 and 2025		4
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2026 and 2025		5
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025		6
Notes to Unaudited Condensed Consolidated Financial Statements		7

ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations		29

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk		42

ITEM 4: Controls and Procedures		42

PART II: Other Information		42

ITEM 1: Legal Proceedings		42

ITEM 1A: Risk Factors		42

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		46


	September 30,		December 31,
	2026		2025
		(unaudited)

Assets
Current assets:
Cash and cash equivalents	$	47,759	$	40,234
Restricted cash		315		315
Short-term investments, net		78,544		53,796
Accounts receivable, net		13,102		6,807
Accounts receivable, net - related parties		—		5,312
Inventory, net		8,439		6,703
Prepaid expenses and other current assets		4,741		4,366
Total current assets		152,900		117,533

Deposits and other assets		5,340		4,536
Property, equipment and intangible assets, net		4,267		4,200
Total assets	$	162,507	$	126,269
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,503	$	4,059
Accrued expenses and other current liabilities		20,209		15,091
Accrued expenses and other current liabilities, related parties		1,076		5,198
Notes payable, current portion, net		2,025		—
Total current liabilities		25,813		24,348

Long-term debt and notes payable, net		54,204		35,586
Non-current operating lease liabilities		4,869		5,289
Total liabilities		84,886		65,223

Commitments and contingencies

Stockholders’ equity:
Common stock, $0.001 par value per share; 140,000,000 and 70,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; 54,775,503 shares and 41,265,778 shares issued and outstanding as of September 30, 2026 and December 31, 2025		55		41
Additional paid-in capital		1,196,325		1,077,923
Accumulated other comprehensive income (loss)		(57)		69
Accumulated deficit		(1,118,702)		(1,016,987)
Total stockholders’ equity		77,621		61,046
Total liabilities and stockholders’ equity	$	162,507	$	126,269


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenue, net	$	19,342	$	4,202	$	41,358	$	9,235
Revenue, net - related parties		219		3,893		4,398		11,766
Total revenue		19,561		8,095		45,756		21,001
Cost of sales		7,492		4,627		18,188		12,907
Gross profit		12,069		3,468		27,568		8,094

Expenses:
Research and development expenses		11,667		7,759		31,917		22,773
Selling, general and administrative expenses		32,258		15,310		95,341		32,733
Operating loss		(31,856)		(19,601)		(99,690)		(47,412)
Other (expense) income, net:
Interest income		1,173		1,236		2,947		2,884
Interest expense		(1,813)		(1,171)		(4,606)		(3,745)
Other (expense) income		(181)		6		(366)		(17)
Total other (expense) income, net		(821)		71		(2,025)		(878)

Net Loss		(32,677)		(19,530)		(101,715)		(48,290)
Other comprehensive loss
Translation adjustments		35		—		66		—
Unrealized (loss) gain on marketable securities		(38)		65		(192)		88
Other comprehensive (loss) gain		(3)		65		(126)		88
Total comprehensive loss	$	(32,680)	$	(19,465)	$	(101,841)	$	(48,202)

Basic net loss per common share	$	(0.50)	$	(0.43)	$	(1.80)	$	(1.19)
Basic weighted-average shares outstanding		65,736,278		44,953,694		56,569,410		40,554,943

Diluted net loss per common share	$	(0.50)	$	(0.43)	$	(1.80)	$	(1.19)
Diluted weighted-average shares outstanding		65,736,278		44,953,694		56,569,410		40,554,943


						Accumulated							Series B
	Common Stock			Paid-In		Other		Accumulated		Stockholders'		Convertible
	Shares	Amount		Capital		Comprehensive Loss		Deficit		Equity		Preferred Stock Temporary Equity
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 purchases	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 income, net of tax	—		—		—		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 purchases	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 income, net of tax	—		—		—		88		—		88		—
Balance, September 30, 2025	40,811	$	41	$	1,074,200	$	88	$	(996,164)	$	78,165	$	—

Three months ended September 30, 2026:
Balance, June 30, 2026	52,865	$	53	$	1,176,339	$	(54)	$	(1,086,025)	$	90,313	$	—
Issuance of common stock, net of issuance costs	1,872		2		16,301		—		—		16,303		—
Issued common stock for vested RSUs and ESPP purchases	38		—		125		—		—		125		—
Stock-based compensation expense	—		—		3,560		—		—		3,560		—
Net loss	—		—		—		—		(32,677)		(32,677)		—
Other comprehensive loss	—		—		—		(3)		—		(3)		—
Balance, September 30, 2026	54,775	$	55	$	1,196,325	$	(57)	$	(1,118,702)	$	77,621	$	—

Nine months ended September 30, 2026:
Balance, December 31, 2025	41,263	$	41	$	1,077,923	$	69	$	(1,016,987)	$	61,046	$	—
Issuance of common stock, net of issuance costs	13,167		13		69,779		—		—		69,792		—
Issuance of pre-funded warrants in connection with public offering, net of issuance costs	—		—		39,992		—		—		39,992		—
Issuance of warrants in connection with amendment to Loan and Security Agreement	—		—		321		—		—		321		—
Issued common stock for vested RSUs and ESPP purchases	542		1		188		—		—		189		—
Stock-based compensation expense	—		—		9,405		—		—		9,405		—
Shares withheld related to net share settlement of equity awards	(197)		—		(1,283)		—		—		(1,283)		—
Net loss	—		—		—		—		(101,715)		(101,715)		—
Other comprehensive loss	—		—		—		(126)		—		(126)		—
Balance, September 30, 2026	54,775	$	55	$	1,196,325	$	(57)	$	(1,118,702)	$	77,621	$	—


	Three Months Ended				Nine Months Ended
	September 30, 2026				September 30, 2026
			%				%
(Dollars in thousands)	Amount		of Total		Amount		of Total
Revenue, net:
United States	$	16,782	85.8	%	$	38,685	84.5	%
Outside of the United States		2,779	14.2			7,071	15.5
Total	$	19,561	100.0	%	$	45,756	100.0	%

	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 September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Net loss	$	(32,677)	$	(19,530)	$	(101,715)	$	(48,290)
Basic weighted average common shares outstanding		65,736,278		44,953,694		56,569,410		40,554,943
Net loss per share:
Basic and diluted	$	(0.50)	$	(0.43)	$	(1.80)	$	(1.19)


	September 30, 2026
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Commercial Paper	$	8,352	$	—	$	(18)	$	8,334
Corporate debt securities		19,566		—		(41)		19,525
Government and agency securities		50,749		—		(64)		50,685
Total	$	78,667	$	—	$	(123)	$	78,544


	December 31, 2025
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Commercial Paper	$	6,396	$	3	$	—	$	6,399
Corporate debt securities		12,452		18		—		12,470
Government and agency securities		34,879		48		—		34,927
Total	$	53,727	$	69	$	—	$	53,796


	Net		Fair
	Carrying Amount		Value
2026 (remaining three months)	$	31,392	$	31,375
2027		47,275		47,169
Total	$	78,667	$	78,544


				September 30,		December 31,
Operating Lease Assets and Liabilities	Balance Sheet Classification		2026		2025
Assets
Operating lease ROU assets		Deposits and other assets	$	5,103	$	4,460
Liabilities
Current operating lease liabilities		Accrued expenses and other current liabilities	$	1,419	$	496
Non-current operating lease liabilities		Non-current operating lease liabilities		4,869		5,289
Total operating lease liabilities			$	6,288	$	5,785


2026 (remaining 3 months)	$	356
2027		1,426
2028		1,408
2029		1,226
2030		1,122
Thereafter		2,763
Total		8,301
Less: Present value adjustment		(2,013)
Present value of lease liabilities	$	6,288


Remaining lease term (years)	2026
Operating leases	6.3
Discount rate
Operating leases	9.1	%


	September 30, 2026
	Principal ($)	Debt (Discount) Premium ($)⁽¹⁾	Issuance Costs ($)	Carrying Amount ($)
Amended Loan and Security Agreement	55,000	1,358	(129)	56,229

	December 31, 2025
	Principal ($)	Debt (Discount) Premium ($)⁽¹⁾	Issuance Costs ($)	Carrying Amount ($)
Amended Loan and Security Agreement	35,000	753	(167)	35,586


	September 30,		December 31,
	2026		2025
Finished goods	$	3,763	$	2,580
Work-in-process		4,288		3,631
Raw materials		388		492
Total	$	8,439	$	6,703


	September 30,		December 31,
	2026		2025
Property and equipment
Machinery and laboratory equipment	$	4,425	$	3,904
Office furniture and equipment		617		611
Leasehold improvements		2,253		2,200
Intangible assets
Sensor insertion network assets		800		800
Less: Accumulated depreciation and amortization		(3,828)		(3,315)
Property, equipment and intangible assets, net	$	4,267	$	4,200


	September 30,		December 31,
	2026		2025
Contract manufacturing⁽¹⁾	$	2,661	$	1,949
IT and software		419		310
VAT receivables		364		—
Interest receivable		352		311
Sales and marketing		299		492
Clinical and Preclinical		93		883
Other		553		421
Total prepaid expenses and other current assets	$	4,741	$	4,366


	September 30,		December 31,
	2026		2025
Compensation and benefits	$	7,846	$	5,271
Research and development		3,478		2,705
Patient access and incentive programs		2,155		—
Contract manufacturing		1,991		1,673
Sales and marketing services		1,861		5,028
Professional and administrative services		1,761		3,784
Operating lease		1,419		496
Other		774		1,332
Total accrued expenses and other current liabilities	$	21,285	$	20,289


	Nine Months Ended September 30, 2026
	Interest Rate	Interest ($)	Debt Discount and Fees ($)⁽¹⁾	Issuance Costs ($)	Total Interest Expense ($)
Amended Loan and Security Agreement	9.90%	3,442	1,127	37	4,606
Total		3,442	1,127	37	4,606


	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


	Shares		Exercise price (per share)		Weighted average exercise price (per share)
Outstanding, December 31, 2025	2,357,747	$	7.00 to 77.20	$	7.40
Granted	79,732		5.0167		5.0167
Exercised					—
Expired	(5,830)	$	5.0167 to $47.60	$	7.16
Outstanding and Exercisable, September 30, 2026	2,431,649	$	5.0167 to $47.60	$	7.16

Weighted Average Remaining Life, September 30, 2026 (years)	3.68
Weighted Average Remaining Life, Exercisable, September 30, 2026 (years)	3.68


	September 30, 2026
Asset Class	Total		Level 1		Level 2		Level 3
Cash and Cash Equivalents⁽¹⁾
Money market funds	$	38,424		38,424		—		—
Short Term Investments
Commercial paper (>3 months)	$	8,334		—		8,334		—
Corporate debt securities		19,525		—		19,525		—
Government and agency securities (>3 months)		48,690		48,690		—		—
Foreign corporate/sovereign debt securities		1,995		—		1,995		—


	Three Months Ended
	September 30,				Period-to-
	2026		2025		Period Change

	(in thousands)
Revenue, net	$	19,342	$	4,202	$	15,140
Revenue, net - related parties		219		3,893		(3,674)
Total revenue		19,561		8,095		11,466
Cost of sales		7,492		4,627		2,865
Gross profit		12,069		3,468		8,601

Expenses:
Research and development expenses		11,667		7,759		3,908
Selling, general and administrative expenses		32,258		15,310		16,948
Operating loss		(31,856)		(19,601)		(12,255)
Other (expense) income, net:
Interest income		1,173		1,236		(63)
Interest expense		(1,813)		(1,171)		(642)
Other (expense) income		(181)		6		(187)
Total other (expense) income, net		(821)		71		(892)
Net Loss	$	(32,677)	$	(19,530)	$	(13,147)


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 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 20, 2026).

3.7		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).

3.8		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).

3.9		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).

3.10		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).

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


	SENSEONICS HOLDINGS, INC.


Date: November 9, 2026	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)