Tivic Health Systems (TIVC) Q4 2025 earnings summary

Executive summary

• Completed a strategic transformation to focus exclusively on immunotherapy, anchored by the TLR5 platform and lead candidate Entolimod, and discontinued legacy consumer device and neuromodulation businesses, relocating headquarters to San Antonio, Texas.

• Acquired Velocity Bioworks, enabling in-house manufacturing, reducing development timelines and costs, and established it as a wholly owned CDMO subsidiary.

• Acquired exclusive global rights to Entolimod for acute radiation syndrome and positioned it for oncology supportive care and biodefense markets, targeting significant unmet needs and government partnerships.

• Discontinued all activities related to the consumer product business in 2025, reducing losses from discontinued operations by $300,000.

• Leadership transition with Michael K. Handley appointed CEO in March 2026.

Financial highlights

• Operating expenses rose to $7.9 million in 2025 from $4.5 million in 2024, driven by biopharma business launch, expansion, and increased headcount.

• Net loss before discontinued operations expected between $7.9 million and $8.1 million, compared to $4.5 million in 2024.

• Net loss including discontinued operations expected between $8.8 million and $9.1 million, versus $5.7 million in 2024.

• Cash and cash equivalents at year-end 2025 were $12.6 million, up from $2 million the prior year; working capital at $12.4 million.

• Loss from discontinued operations decreased to $900,000 from $1.2 million year-over-year.

Outlook and guidance

• Plans to initiate physician-sponsored trials for Entolimod in neutropenia and advance to phase II-B studies, with lead indication in acute radiation syndrome.

• Ongoing discussions with U.S. government agencies for potential funding and procurement partnerships.

• Intends to ramp up CDMO operations and attract third-party customers over the next year, leveraging macro trends in domestic biomanufacturing and immunotherapy market expansion.