10-Q · May 15, 2025
Tivic reported Q1 revenue of $70 (in thousands) and a GAAP net loss of $1,502 (in thousands), or ($2.52) per share. Revenue declined sharply year-over-year while gross margin expanded to 71.4%; cash fell to $669 (in…
Earnings analysis · 10-K
TIVC earnings analysis
Filed March 30, 2026 · Our reading of the company's report
The latest report
Tivic completed a material strategic transformation in 2025, pivoting from consumer bioelectronic products to a focused biopharma company built around the TLR5 agonist Entolimod and establishing Velocity Bioworks as a…
Read full summary
Tivic completed a material strategic transformation in 2025, pivoting from consumer bioelectronic products to a focused biopharma company built around the TLR5 agonist Entolimod and establishing Velocity Bioworks as a CDMO. The company acquired exclusive rights to Entolimod (Feb 2025), acquired Scorpius manufacturing assets (Dec 2025) and closed its ClearUP consumer sales as of year-end 2025, but remains loss-making with material financing and execution risks noted in the filing.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- Biopharma — Entolimod/TLR5 franchise (strategic focus; exclusive license acquired Feb 2025)
- Segment
- CDMO — Velocity Bioworks (acquired Dec 2025; supports Tivic and third parties; scale-up demonstrated 200x at 50L)
- Segment
- Consumer devices — ClearUP (ceased sales as of year-end 2025; discontinued)
What stood out
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Strategic pivot to biopharma
Filing states Tivic "executed a deliberate and material strategic transformation: pivoting from a diversified bioelectronic medical device company to a focused biopharmaceutical company built around the TLR5 agonist franchise."
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Exclusive Entolimod license acquired
Filing: Tivic "acquired worldwide exclusive license rights to the Toll-like Receptor ... Entolimod" in February 2025 (quote: "February 2025: Tivic acquired worldwide exclusive license rights ...").
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CDMO created and manufacturing assets acquired
Filing: In December 2025 Tivic established Velocity Bioworks as a wholly owned CDMO via "Acquisition of the manufacturing and development assets of Scorpius Biomanufacturing," supported by "a financing package ... comprising $16 million in debt and up to $75 million in preferred convertible equity."
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Large scale manufacturing demonstration
Filing: Velocity Bioworks "demonstrated a 200-fold (200x) manufacturing scale-up for Entolimod at 50-liter fermentation volume, meeting all drug release specifications for purity and potency."
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Robust preclinical efficacy signal
Filing summarizes nine NHP ARS studies and the pivotal Rs-23 result: "75% survival vs. 27.5% on placebo (p<0.0001) without supportive care" and states an odds ratio "OR 7.9 vs vehicle without supportive care in pivotal NHP study."
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Exited consumer device business
Filing: "The Company ceased sales of its ClearUP sinus device and related operations as of year-end 2025," concentrating resources on Entolimod and Velocity Bioworks.
What to watch
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Going concern / financing need
Filing expressly lists among forward-looking items "our ability to continue as a going concern" and the company cautions readers about substantial risks and uncertainties related to securing additional financing on favorable terms (quote: "our anticipated needs for working capital, and our ability to secure additional financing on favorable terms, if at all").
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Material financing is dilutive / debt-bearing
Filing discloses the Scorpius acquisition was "supported by a financing package ... comprising $16 million in debt and up to $75 million in preferred convertible equity," creating both debt obligations and potential dilution.
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Dependence on government procurement
Filing identifies a key commercial pathway as government purchase: risk language includes the "timing, likelihood and potential terms of government procurement of Entolimod for the Strategic National Stockpile (SNS) or other biodefense program."
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Regulatory and clinical risk for Entolimod
Filing notes Entolimod is "Pre-BLA under FDA Animal Rule" and remains investigational, with continued uncertainty about regulatory approval and clinical development (quote: "Entolimod ... Pre-BLA under FDA Animal Rule").
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Execution / integration risk for Velocity Bioworks
Filing highlights risks related to integration and operation: it lists "our ability to successfully operate, grow and integrate Velocity Bioworks as a contract development and manufacturing organization (CDMO)" as a risk factor.
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Loss of prior revenue stream from consumer exit
Filing: the company "ceased sales of its ClearUP sinus device and related operations as of year-end 2025," removing the prior consumer revenue stream and increasing reliance on early-stage biopharma/CDMO activity.
Management's outlook
The 10-K contains forward-looking statements but does not provide explicit numeric financial guidance; MD&A quantitative guidance is not included in this Report (see Special Note and forward-looking statements).
Earlier filings 4
10-Q · May 15, 2024
Tivic reported Q1 revenue of $334,000 and gross profit of $167,000 (50.0% gross margin) while narrowing its net loss to $1,481,000 ($1.01 per share) versus a $2,116,000 loss a year earlier. Operating expenses and…
10-Q · November 14, 2023
Tivic reported Q3 revenue of $282,000, down from $477,000 year-over-year, with gross profit of $108,000 and an operating loss of $1,760,000. Cash increased to $5.169 million following an $8.507 million net equity raise…
10-Q · May 16, 2022
Tivic reported sequential year-over-year revenue improvement to $428,000 (Q1 2022 vs $323,000 Q1 2021) and gross profit increased to $70,000, but operating losses and cash burn widened. Net loss was $2.24 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.