Tivic Health Systems, Inc.

Third-quarter revenue net of returns was $140,000, compared with $126,000 in the year-ago quarter; nine-month revenue was $302,000 versus $600,000 in 2024. Cost of sales was $291,000 versus $82,000 in the prior-year quarter, driven mainly by a $230,000 inventory reserve; gross margin excluding that reserve was 42% versus 35% a year ago. Operating expenses were $2.3 million versus $1.5 million, and net loss was $2.6 million versus $1.4 million. For the first nine months, operating expenses were $5.9 million versus $4.4 million and net loss was $6.0 million versus $4.2 million. Cash and cash equivalents were $3.5 million at 9/30/2025 versus $2.0 million at 12/31/2024, with no debt. Management did not give formal quarterly or full-year revenue/EPS guidance; instead, it said existing cash plus remaining tranches of the preferred purchase agreement should support meaningful progress toward GMP manufacturing validation for entolimod, and noted the company closed additional tranches of its $8.4 million financing for $3.8 million in net proceeds during Q3.

Jennifer Ernst framed the quarter as part of a broader company transformation that began in February, from bioelectronics toward biologic pharmaceuticals focused on the immune system. She emphasized progress on entolimod for acute radiation syndrome, talks with BARDA and government stakeholders, and expansion into neutropenia, lymphocyte exhaustion, and oncology-related applications. Her tone was constructive and forward-looking, but she also acknowledged manufacturing delays tied to financial stress at a contract manufacturer and said the VNS program may need a reassessment of its initial commercial focus.

Lisa Wolf highlighted that Q3 results reflect the shift away from consumer devices and toward the biopharma pipeline. She pointed to a $230,000 reserve for excess and obsolete inventory in cost of goods sold, a $117,000 asset write-off tied to clear up, and said the company does not expect significant additional exit costs and has discontinued meaningful resource allocation to clear up sales. She also noted $3.5 million in cash at quarter-end, no debt, and said cash plus remaining preferred purchase agreement tranches should help fund GMP manufacturing validation for entolimod.

There was no live analyst Q&A in the prerecorded call, so no questions or follow-ups were raised on the record. The main management disclosures instead addressed likely investor concerns directly: manufacturing delays from the contract manufacturer’s financial stress, the lack of formal guidance, and the need to reassess the VNS commercial strategy after surprising optimization-trial findings. Management also said it is evaluating alternative commercialization opportunities for VNS while focusing limited resources on entolimod and follow-on oncology applications.