Sintx Technologies(SINT) - 2025 Q3 - Quarterly Report

Revenue Performance - For the three months ended September 30, 2025, product revenue decreased by $0.2 million, or 59%, compared to the same period in 2024, while grant and contract revenue decreased by $0.4 million, or 87%[106]. - For the nine months ended September 30, 2025, product revenue decreased by $0.5 million, or 49%, and grant and contract revenue decreased by $1.1 million, or 86% compared to the same period in 2024[107]. - Total revenue for the three months ended September 30, 2025, was $208,000, a decrease of $591,000, or 74%, and for the nine months, total revenue was $728,000, a decrease of $1.617 million, or 69%[105]. Expenses - Research and development expenses increased by $0.5 million, or 59%, for the three months ended September 30, 2025, primarily due to increased costs related to the Research Agreement[112]. - General and administrative expenses increased by $1.3 million, or 162%, for the three months ended September 30, 2025, primarily due to increased stock-based compensation and headcount-related costs[114]. - Total operating expenses for the three months ended September 30, 2025, were $3.448 million, a decrease of $3.549 million, or 51%, compared to the same period in 2024[105]. Net Loss - The net loss for the three months ended September 30, 2025, was $3.539 million, a decrease of $2.7 million, or 43%, compared to the same period in 2024[105]. - For the nine months ended September 30, 2025, the company incurred a net loss of $8.1 million, compared to a net loss of $9.3 million for the same period in 2024, reflecting a decrease of approximately 12.9%[125]. Cash Flow - Cash used in operating activities decreased to $6.2 million for the nine months ended September 30, 2025, from $7.5 million in the same period of 2024, a reduction of $1.3 million[138]. - Net cash provided by investing activities was $0.955 million during the nine months ended September 30, 2025, compared to a net cash used of $0.204 million in the same period of 2024, an increase of $1.159 million[139]. - Net cash provided by financing activities was $7.9 million for the nine months ended September 30, 2025, down from $9.2 million in the same period of 2024, a decrease of $1.3 million[140]. Strategic Developments - The company received FDA 510(k) clearance for the SiNAPTIC® Foot & Ankle Osteotomy Wedge System in October 2025, marking its entry into reconstructive foot and ankle surgery in the U.S.[93]. - The company is transitioning away from low-margin OEM technical manufacturing contracts to focus on proprietary silicon nitride-based biomedical devices, which are expected to offer stronger margins[108]. - The company began recognizing commercial revenue from OsseoSculpt™, a next-generation biologic, in Q3 2025, which is anticipated to be a key revenue driver starting in 2026[109]. - The company received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system in October 2025, with revenue expected to begin in the first half of 2026[134]. - The company is focused on advancing its business strategy in the biomedical sector, particularly in developing innovative medical devices using advanced ceramics and biomaterials[128]. Asset Management - The company incurred an impairment charge of approximately $4.6 million related to the write-down of long-lived assets associated with the armor plant, which was shut down in October 2023[132]. - The company entered into an Entity Acquisition Agreement with Tethon Corporation on February 19, 2025, selling all issued shares of TA&T in exchange for the assumption of its liabilities[133]. - The company expects to save approximately $950,000 over the sublease term of the SINTX armor facility, which was leased in October 2025[136]. Accumulated Deficit - The company had an accumulated deficit of $290 million as of September 30, 2025, compared to $282 million as of December 31, 2024[125].