tndm-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________________________


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

For the Quarterly Period Ended March 31, 2026


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

For the Transition Period from to

Commission File Number 001-36189

_____________________________________________________________________________________________

Tandem Diabetes Care, Inc.

(Exact name of registrant as specified in its charter)

_____________________________________________________________________________________________


Delaware		20-4327508
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
12400 High Bluff Drive		92130
San Diego,	California	(Zip Code)
(Address of principal executive offices)

(858) 366-6900

(Registrant’s telephone number, including area code)

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


Title of Each Class	Trading Symbol(s)	Name of Exchange on Which Registered
Common Stock, par value $0.001 per share	TNDM	Nasdaq Global 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 x 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 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 ☒

As of May 4, 2026, there were 68,529,089 shares of the registrant’s Common Stock outstanding.

TABLE OF CONTENTS


Part I	Financial Information	1
Item 1	Financial Statements	1
	Condensed Consolidated Balance Sheets at March 31, 2026 (Unaudited) and December 31, 2025	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4	Controls and Procedures	31

Part II	Other Information	32
Item 1	Legal Proceedings	32
Item 1A	Risk Factors	32
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 5	Other Information	71
Item 6	Exhibits	72

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)


	March 31,		December 31,
	2026		2025
Assets	(Unaudited)		(Note 1)
Current assets:
Cash and cash equivalents	$	179,325	$	90,634
Short-term investments	390,931		202,032
Accounts receivable, net	140,672		165,491
Inventories	126,400		128,769
Prepaid and other current assets	49,772		31,217
Total current assets	887,100		618,143
Property and equipment, net	83,250		83,580
Operating lease right-of-use assets	95,740		96,172
Equity method investments	56,486		60,351
Other long-term assets	30,818		22,866
Total assets	$	1,153,394	$	881,112
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	59,860	$	47,067
Accrued expenses	19,238		21,012
Employee-related liabilities	55,695		70,409

Operating lease liabilities	20,109		19,472
Deferred revenue	8,954		9,527

Other current liabilities	84,103		75,237
Total current liabilities	247,959		242,724

Convertible senior notes, net - long-term	601,768		310,036
Operating lease liabilities - long-term	112,858		114,967
Deferred revenue - long-term	7,994		8,474
Other long-term liabilities	50,412		49,741
Total liabilities	1,020,991		725,942
Commitments and contingencies (Note 14)	—		—
Stockholders’ equity:
Common stock, $0.001 par value; 200,000 shares authorized, 68,504 and 68,291 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	69		68
Additional paid-in capital	1,400,218		1,402,044
Accumulated other comprehensive income	5,044		5,593
Accumulated deficit	(1,272,928)		(1,252,535)
Total stockholders’ equity	132,403		155,170
Total liabilities and stockholders’ equity	$	1,153,394	$	881,112

See accompanying notes to unaudited condensed consolidated financial statements.

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Sales	$	247,221	$	234,422
Cost of sales	110,433		116,015
Gross profit	136,788		118,407
Operating expenses:
Selling, general and administrative	108,187		113,853
Research and development	46,035		50,215
Acquired in-process research and development expenses	—		75,217

Total operating expenses	154,222		239,285
Operating loss	(17,434)		(120,878)
Other income (expense), net:
Interest income and other income, net	3,626		4,193
Interest expense	(2,204)		(1,862)
Loss from equity method investments	(3,865)		(3,542)


Total other income (expense), net	(2,443)		(1,211)
Loss before income taxes	(19,877)		(122,089)
Income tax expense	516		8,467
Net loss	$	(20,393)	$	(130,556)
Other comprehensive income (loss):
Unrealized gain (loss) on short-term investments	$	(1,027)	$	423
Unrealized gain on cash flow hedges	1,702		—
Foreign currency translation gains (losses)	(1,224)		1,599
Comprehensive loss	$	(20,942)	$	(128,534)

Net loss per share - basic and diluted	$	(0.30)	$	(1.97)

Weighted average shares used to compute basic and diluted net loss per share	68,397		66,404

See accompanying notes to unaudited condensed consolidated financial statements.

TANDEM DIABETES CARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)

Three Months Ended March 31, 2026


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2025	68,291	$	68	$	1,402,044	$	5,593	$	(1,252,535)	$	155,170

Exercise of stock options	41	—		711		—		—		711
Vesting of restricted stock units, net of shares withheld for taxes	172	1		(2,407)		—		—		(2,406)



Stock-based compensation expense	—	—		15,170		—		—		15,170
Purchase of capped call options related to convertible notes due 2032	—	—		(15,300)		—		—		(15,300)

Unrealized loss on short-term investments	—