UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-33624

SINTX Technologies, Inc.

(Exact name of registrant as specified in its charter)

delaware		84-1375299
(State or other jurisdiction		(IRS Employer
of incorporation or organization)		Identification No.)

1885 West 2100 South, Salt Lake City, UT		84119
(Address of principal executive offices)		(Zip Code)

(801) 839-3500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Stock		SINT		The NASDAQ Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files); Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

3,851,956 shares of common stock, $0.01 par value, were outstanding at November 7, 2025.

SINTX Technologies, Inc.

Table of Contents

Part I. Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (unaudited)	3
Condensed Consolidated Statements of Operations (unaudited)	4
Condensed Consolidated Statements of Stockholders’ Equity (unaudited)	5
Condensed Consolidated Statements of Cash Flows (unaudited)	6
Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3. Quantitative and Qualitative Disclosures About Market Risk	23
Item 4. Controls and Procedures	23
Part II. Other Information
Item 1. Legal Proceedings	24
Item 1A. Risk Factors	24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3. Defaults Upon Senior Securities	24
Item 4. Mine Safety Disclosures	24
Item 5. Other Information	24
Item 6. Exhibits	25
Signatures	26

SINTX Technologies, Inc.

Condensed Consolidated Balance Sheets - Unaudited

(in thousands, except share and per share data)

	September 30, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	6,250		$	3,598
Account and other receivables, net of allowance for credit losses of $4.2 and $61.0 respectively		120			196
Prepaid expenses and other current assets		577			475
Inventories		447			502
Total current assets		7,394			4,771

Inventories, net		402			465
Property and equipment, net		507			922
Intangible assets, net		150			16
Goodwill		302			-
Operating lease right of use asset		2,536			3,159
Other long-term assets		73			80
Total assets	$	11,364		$	9,413

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	203		$	299
Accrued liabilities		1,050			986
Debt		59			32
Derivative liabilities		870			208
Current portion of operating lease liability		384			456
Other current liabilities		1,781			1
Total current liabilities		4,347			1,982

Operating lease liability, net of current portion		2,949			3,537
Total liabilities		7,296			5,519

Commitments and contingencies		-			-

Stockholders’ equity:
Convertible preferred stock Series B, $0.01 par value, 130,000,000 total shares authorized inclusive of all series of preferred; 19 shares issued and outstanding as of September 30, 2025 and December 31, 2024.		-			-
Convertible preferred stock Series C, $0.01 par value, 130,000,000 total shares authorized inclusive of all series of preferred; 50 shares issued and outstanding as of September 30, 2025 and December 31, 2024.		-			-
Convertible preferred stock Series D, $0.01 par value, 130,000,000 total shares authorized inclusive of all series of preferred; 180 shares issued and outstanding as of September 30, 2025 and December 31, 2024.		-			-
Convertible preferred stock, value		-			-

Common stock, $0.01 par value, 250,000,000 shares authorized; 3,666,280 and 1,342,853 shares issued and 3,615,856 and 1,342,853 outstanding as of September 30, 2025 and December 31, 2024, respectively.		36			13
Treasury Stock, 50,424 shares as of September 30, 2025		(133	)		-
Additional paid-in capital		294,052			285,619
Accumulated deficit		(289,887	)		(281,738	)
Total stockholders’ equity		4,068			3,894
Total liabilities and stockholders’ equity	$	11,364		$	9,413

The condensed consolidated balance sheet as of December 31, 2024, has been prepared using information from the audited consolidated balance sheet as of that date.

The accompanying notes are an integral part of these condensed consolidated financial statements.

SINTX Technologies, Inc.

Condensed Consolidated Statements of Operations - Unaudited

(in thousands, except share and per share data)

	2025			2024			2025			2024
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Product revenue	$	150		$	367		$	541		$	1,054
Grant and contract revenue		58			432			187			1,291
Total revenue		208			799			728			2,345
Costs of revenue		115			210			455			657
Gross profit		93			589			273			1,688
Operating expenses:
Research and development		1,264			796			3,618			4,492
General and administrative		2,102			802			4,836			2,997
Sales and marketing		59			87			100			589
Armor exit costs		-			4,457			-			4,457
Reduction in force		-			407			-			407
Grant and contract expenses		23			448			122			1,061
Total operating expenses		3,448			6,997			8,676			14,003
Loss from operations		(3,355	)		(6,408	)		(8,403	)		(12,315	)
Other income (expenses):
Interest expense		(13	)		(9	)		(40	)		(15	)
Interest income		43			24			130			66
Gain (loss) on disposal of equipment		-			(20	)		327			(8	)
Change in fair value of derivative liabilities		(214	)		173			(166	)		3,459
Offering costs of derivative liabilities		-			-			-			(550	)
Other income, net		-			1			3			34
Total other income, net		(184	)		169			254			2,986
Net loss before income taxes		(3,539	)		(6,239	)		(8,149	)		(9,329	)
Provision for income taxes		-			-			-			-
Net loss	$	(3,539	)	$	(6,239	)	$	(8,149	)	$	(9,329	)
Deemed dividend related to warrant inducement		(6,719	)		-			(6,719	)		-
Net loss attributable to common stockholders	$	(10,258	)	$	(6,239	)	$	(14,868	)	$	(9,329	)

Net loss per share – basic and diluted
Basic – net loss	$	(1.19	)	$	(6.96	)	$	(3.38	)	$	(17.30	)
Basic – deemed dividend related to warrant inducement		(2.27	)		-			(2.79	)		-
Basic – attributable to common stockholders	$	(3.46	)	$	(6.96	)	$	(6.17	)	$	(17.30	)

Diluted – net loss	$	(1.19	)	$	(6.96	)	$	(3.38	)	$	(19.59	)
Diluted – deemed dividend related to warrant inducement		(2.27	)		-			(2.79	)		-
Diluted – attributable to common stockholders	$	(3.46	)	$	(6.96	)	$	(6.17	)	$	(19.59	)

Weighted average common shares outstanding:
Basic		2,963,539			896,305			2,411,004			539,252
Diluted		2,963,539			897,323			2,411,179			656,468

The accompanying notes are an integral part of these condensed consolidated financial statements.

SINTX Technologies, Inc.

Condensed Consolidated Statements of Stockholders’ Equity - Unaudited

(in thousands, except share and per share data)

	Shares			Amount		Shares			Amount		Stock		Capital			Deficit			Equity
	Preferred Stock					Common Stock					Treasury		Paid-In			Accumulated			Total
	Shares			Amount		Shares			Amount		Stock		Capital			Deficit			Equity
Balance as of December 31, 2023		256		$	-		26,603		$	-	$	-	$	279,486		$	(270,714	)	$	8,772
Stock based compensation		-			-		-			-		-		50			-			50
Common stock issued for cash, net of fees		-			-		165,797			2		-		1,582			-			1,584
Prefunded warrants issued for cash, net of cash fees		-			-		-			-		-		406			-			406
Issuance of common stock from the exercise of prefunded warrants for cash		-			-		63,000			1		-		(1	)		-			-
Net loss		-			-		-			-		-		-			(886	)		(886	)
Balance as of March 31, 2024		256			-		255,400			3		-		281,523			(271,600	)		9,926
Stock based compensation		-			-		14			-		-		15			-			15
Common stock issued for cash, net of fees		-			-		358,000			4		-		1,104			-			1,108
Extinguishment of derivative liabilities upon exercise of warrants		-			-		79			-		-		1			-			1
Issuance of common stock from the conversion of preferred stock		(11	)		-		2,881			-		-		-			-			-
Round up of shares issued in reverse stock split		-			-		131,967			-		-		-			-			-
Net loss		-			-		-			-		-		-			(2,204	)		(2,204	)
Balance as of June 30, 2024		245			-		748,341			7		-		282,643			(273,804	)		8,846
Stock based compensation		-			-		-			-		-		10			-			10
Common stock issued for cash, net of cash fees		-			-		595,560			6		-		2,958			-			2,964
Issuance of common stock from the conversion of preferred stock		4			-		(1,048	)		-		-		-			-			-
Net loss		-			-		-			-		-		-			(6,239	)		(6,239	)
Balance of as September 30, 2024		249		$	-		1,342,853		$	13	$	-	$	285,611		$	(280,043	)	$	5,581

	Preferred Stock				Common Stock				Treasury			Paid-In			Accumulated			Total
	Shares		Amount		Shares		Amount		Stock			Capital			Deficit			Equity
Balance as of December 31, 2024		249	$	-		1,342,853	$	13	$	-		$	285,619		$	(281,738	)	$	3,894
Stock based compensation		-		-		2,264		-		-			177			-			177
Common stock and prefunded warrants issued for cash, net of fees		-		-		1,171,189		12		-			4,387			-			4,399
Issuance of common stock from the cashless exercise of warrants		-		-		5		-		-			-			-			-
Purchase of common stock into Treasury		-		-		-		-		(86	)		-			-			(86	)
Net loss		-		-		-		-		-			-			(2,292	)		(2,292	)
Balance as of March 31, 2025		249		-		2,516,311		25		(86	)		290,183			(284,030	)		6,092
Stock based compensation		-		-		53,932		1		-			279			-			280
Common stock and prefunded warrants issued for cash, net of fees		-		-		-		-		-			(19	)		-			(19	)
Issuance of common stock from the cashless exercise of warrants		-		-		20,928		-		-			-			-			-
Purchase of common stock into Treasury		-		-		-		-		(47	)		-			-			(47	)
Net loss		-		-		-		-		-			-			(2,318	)		(2,318	)
Balance as of June 30, 2025		249		-		2,591,171		26		(133	)		290,443			(286,348	)		3,988
Balance		249	$	-		2,591,171	$	26	$	(133	)	$	290,443		$	(286,348	)	$	3,988
Stock based compensation		-		-		35,004		-		-			888			-			888
Issuance of common stock for business acquisition		-		-		216,450		2		-			680			-			682
Issuance of common stock from the cashless exercise of warrants		-		-		128,000		1		-			(1	)		-			-
Common stock and warrants issued for cash, net of fees		-		-		695,655		7		-			2,042			-			2,049
Deemed dividend related to warrant inducement		-		-		-		-		-			(6,719	)		-			(6,719	)
Warrants issued for warrant inducement		-		-		-		-		-			6,719			-			6,719
Net loss		-		-		-		-		-			-			(3,539	)		(3,539	)
Balance as of September 30, 2025		249	$	-		3,666,280	$	36	$	(133	)	$	294,052		$	(289,887	)	$	4,068
Balance		249	$	-		3,666,280	$	36	$	(133	)	$	294,052		$	(289,887	)	$	4,068

The accompanying notes are an integral part of these condensed consolidated financial statements.

SINTX Technologies, Inc.

Condensed Consolidated Statements of Cash Flows - Unaudited

(in thousands)

	2025			2024
	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(8,149	)	$	(9,329	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		245			727
Impairment of Armor		64			4,457
Amortization of right of use asset		246			428
Loss on disposal of subsidiary		25			-
Amortization of intangible assets		11			4
Stock based compensation - Employee		739			75
Stock based compensation - Non-employee		606			-
Change in fair value of derivative liabilities		166			(3,459	)
Bad debt (recoveries) expense		(1	)		13
Loss (gain) on disposal of equipment		(352	)		8
Changes in operating assets and liabilities:
Trade accounts receivable		(13	)		332
Prepaid expenses and other current assets		70			241
Inventories		110			171
Accounts payable and accrued liabilities		247			(788	)
Other liabilities		34			(2	)
Payments on operating lease liability		(275	)		(396	)
Net cash used in operating activities		(6,227	)		(7,518	)
Cash flows from investing activities
Purchase of property and equipment		(143	)		(544	)
Proceeds from acquisition of Sinaptic Surgical		750			-
Proceeds from notes receivable, net of imputed interest		-			320
Proceeds from sale of property and equipment		352			20
Disposal of property and equipment, net of cash received		(4	)		-
Net cash provided by (used in) investing activities		955			(204	)
Cash flows from financing activities
Proceeds from issuance of warrant derivative liabilities		-			3,366
Proceeds from issuance of common stock and prefunded warrants, net of cash fees		4,380			6,075
Proceeds from exercise of warrants, net of cash fees, and deposit for stock issuance (in other current liabilities)		3,624			-
Purchase of common stock into treasury		(133	)		-
Proceeds from issuance of warrants in connection with exercise of warrants		206			-
Proceeds from issuance of common stock in connection with exercise of warrants		-			2
Payments on debt		(153	)		(247	)
Net cash provided by financing activities		7,924			9,196
Net increase in cash and cash equivalents		2,652			1,474
Cash and cash equivalents at beginning of period		3,598			3,340
Cash and cash equivalents at end of period	$	6,250		$	4,814

Noncash investing and financing activities
Debt issued for prepaid insurance	$	180		$	335
Deemed dividend related to warrant inducement and issuance of warrants		6,719			-
Agent warrant offering cost allocated to equity		-			13
Right of use asset for amended lease liability – increase		-			307
Reduction of derivative liability upon exercise of warrants		-			1
Supplemental cash flow information
Cash paid for interest	$	40		$	15

The accompanying notes are an integral part of these condensed consolidated financial statements.

SINTX TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization and Summary of Significant Accounting Policies

The condensed consolidated financial statements include the accounts of SINTX Technologies, Inc. (“SINTX”, or the “Company”) and its wholly-owned subsidiaries, SINTX Armor, Inc. (“SINTX Armor”), SINTX Agribiotech, Inc., Sinaptic Surgical, LLC, and Technology Assessment and Transfer, Inc. (TA&T) through February 19, 2025 (see Note 2), which are collectively referred to as “we” or the “Company.” SINTX Technologies is an advanced ceramics company formed in December 1996 that develops and commercializes materials, components, and technologies for medical and agribiotech applications. SINTX provides biomedical solutions for medical devices specializing in silicon nitride (Si₃N₄) for musculoskeletal and antipathogenic applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008.

SINTX Core Business

Biomedical Applications: Since its inception, SINTX has been focused on medical grade silicon nitride. SINTX biomedical products have been shown to be biocompatible, bioactive, antipathogenic, and to have superb bone affinity. Spinal implants made from SINTX silicon nitride have been successfully implanted in humans since 2008 in the U.S., Europe, South America and Asia. This established use, along with its inherent resistance to bacterial adhesion and bone affinity suggests that it may also be suitable in other fusion device applications such as arthroplasty implants, foot wedges, and dental implants. More recently, in October 2025, SINTX received U.S. Food and Drug Administration (FDA) 510(k) clearance for the SiNAPTIC® Foot & Ankle Osteotomy Wedge System, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. These next-generation implants blend cutting-edge biomaterials science with surgical precision and are designed to elevate standards in orthopedic procedures. SINTX silicon nitride products can be polished to a smooth and wear-resistant surface for articulating applications, such as bearings for hip and knee replacements.

We believe that silicon nitride has a superb combination of properties that make it suited for long-term human implantation. Other biomaterials are based on bone grafts, metal alloys, and polymers- all of which have well-known practical limitations and disadvantages. In contrast, silicon nitride has a legacy of success in the most demanding and extreme industrial environments. Bacterial infection of any biomaterial implants is always a concern. SINTX silicon nitride has been shown to be resistant to bacterial colonization and biofilm formation, making it antibacterial. As a human implant material, silicon nitride offers bone ingrowth, resistance to bacterial and viral infection, ease of diagnostic imaging, resistance to corrosion, and superior strength and fracture resistance, all of which claims are validated in our large and growing inventory of peer-reviewed, published literature reports. We believe that our versatile silicon nitride manufacturing expertise positions us favorably to introduce new and innovative devices in the medical and non-medical fields.

Antipathogenic Applications: Today, there is a global need to improve protection against pathogens in everyday life. SINTX believes that by incorporating its unique composition of silicon nitride antipathogenic powder into products such as face masks, drapes, filters, sutures, and wound care devices, it is possible to manufacture surfaces that inactivate pathogens, thereby limiting the spread of infection and disease. The discovery in 2020 that SINTX silicon nitride inactivates SARS-CoV-2, the virus which causes the disease COVID-19, has opened new markets and applications for our material. We presently manufacture advanced ceramic powders and components in our manufacturing facilities based in Salt Lake City, Utah.

The SINTX Salt Lake City facility is registered with the FDA, is cGMP and ANVISA RDC 665 compliant, as well as being ISO 9001:2015, ISO 13485:2016 certified, and ASD9100D certified. The Company’s products are primarily sold in the United States.

Basis of Presentation

These unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and include all assets and liabilities of the Company.

SEC rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) so long as the statements are not misleading. In the opinion of management, these financial statements and accompanying notes contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position and results of operations for the periods presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 19, 2025. The results of operations for the nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the year ending December 31, 2025. The Company’s significant accounting policies are set forth in Note 1 to the consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2024.

Segment Information

The Company operates as one operating segment. Operating segments are defined as components of an entity for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates financial information and resources and assesses the performance of these resources on a consolidated basis. There is no expense or asset information that is supplemental to information disclosed within the consolidated financial statements that is regularly provided to the CODM. The allocation of resources and assessment of performance of the operating segment is based on consolidated net loss and functional expenses as reported on our condensed consolidated statements of operations and comprehensive loss. Because the Company operates as one operating segment, financial segment information, including expense and asset information, can be found in the condensed consolidated financial statements.

Reverse Stock Split

On May 28, 2024, the Company effected a 1-for-200 reverse stock split of the Company’s common stock. The par value and the authorized shares of the common and preferred stock were not adjusted as a result of the reverse stock split. All common stock shares, equivalents, and per-share amounts for all periods presented in these condensed consolidated financial statements have been adjusted retroactively to reflect the reverse stock split.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. As of September 30, 2025, the most significant estimate relates to derivative liabilities relating to common stock warrants.

Reclassification

Certain other prior period balances have been reclassified to conform to the current period presentation.

Liquidity and capital resources

The condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern. To date, the Company’s operations have been principally financed from proceeds from the issuance of preferred and common stock and, to a lesser extent, cash generated from product sales. It is anticipated that the Company will continue to generate operating losses and use cash in operations. The Company’s continuation as a going concern is dependent upon its ability to increase sales, decrease expenses and raise additional funding. We continue to seek opportunities to raise additional funding through equity and/or debt financing. However, such funding is not guaranteed and may not be available to the Company on favorable terms and may involve restrictive covenants. If the Company is not able to obtain additional debt or equity financing, the impact on the Company will be material and adverse.

The board of directors, together with management, remains focused on advancing the Company’s business strategy and focus. We are concentrating our resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility. Through this transformation, as demonstrated by the recent FDA 510(k) clearance of our SiNAPTIC® Foot & Ankle Osteotomy Wedge System, our aim is to deliver meaningful innovations to the medical community. By focusing on partnerships and collaborations with healthcare institutions and industry leaders, SINTX is positioned to expand its footprint in the medical device sector and drive shareholder value through sustainable, high-impact innovations.

On August 8, 2024, the board of directors approved a plan to implement a Company-wide reduction in the workforce. This decision was part of the Company’s ongoing strategic review of its operations aimed at improving operational efficiency and reducing costs.

On August 12, 2024, the board of directors approved a plan to cease efforts to make the armor plant operational. This decision was made to streamline operations and focus on core business areas that align with the Company’s long-term strategic goals. The armor plant had not been fully operational since the acquisition of the armor equipment in July 2021 and had been completely shut down since October 2023.

As discussed in Note 2 to the condensed consolidated financial statements, on February 19, 2025, the Company sold to Tethon all the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T.

As discussed in further detail above, in October 2025, the Company received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. Revenue is expected to begin during the first half of 2026.

As discussed in Note 14 to the condensed consolidated financial statements, in October 2025, the Company entered into the 2025 ATM Agreement to sell shares of its common stock from time to time, through an “at the market offering” program, having an aggregate offering price of $6,413,876 was filed with the SEC.

As discussed in Note 12 to the condensed consolidated financial statements, in October 2025, the Company entered into a sublease agreement to lease the SINTX armor facility, that is expected to save the Company approximately $

SEC Form 10-Q filed by SiNtx Technologies Inc.