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Tivic Health Systems Inc

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Tivic Health Systems Inc AI Insights

Informational only. Not investment advice.
As of 2025-12-22

Snapshot

  • Gross margin TTM is -58% (cost of revenue 762K exceeds 482K revenue) - selling products below cost.[Gross Margin TTM]
  • Cash burn of 6.6M FCF TTM vs 3.5M cash on hand = ~6 months runway without new capital raise.[Free Cash Flow TTM]
  • Revenue declined 33% over 3Y while industry median grew 6% - losing competitive ground.[Total Revenue 3Y Growth]

Watch Triggers

  • Cash and Equivalents: Falls below 2MWould signal imminent financing need or operational shutdown risk.
  • Gross Margin TTM: Turns positiveFirst sign unit economics could work - currently selling below cost.
  • Issuance of Capital Stock: New equity raise announcedDilution timing/terms will determine equity value preservation.

Bull Case

Trading at 0.71x book value with 3.3M tangible book - downside may be limited if assets are liquidated.

P/B RatioTangible Book Value

Zero debt and 3.1M working capital provides flexibility to pivot or restructure without creditor pressure.

Debt to EquityWorking Capital

Bear Case

Negative gross margin (-58%) means every sale destroys value - business model fundamentally broken.

Gross Margin TTMCost of Revenue TTM

R&D of 2.2M (4.5x revenue) with no path to profitability suggests capital destruction will continue.

Research and Development TTMOperating Margin TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

BearBull
20%

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Forward Thesis

Company will require dilutive equity raise within 6-9 months to continue operations.

3-12mhigh
  • 6.6M annual cash burn rate
  • Only 3.5M cash remaining
  • Zero debt capacity (no assets to pledge)
FCF TTM: -6.6MCash: 3.5M (6mo runway)Prior raise: 4.2M stock issuance

Valuation Context

Caveats

Public Strategies Rankings

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Fundamental company data provided by Morningstar, updated daily.

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