Tenon Medical Inc. (TNON) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, TNON scores 30 out of 100 and receives an E grade, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are: Fundamental Cash Engine at 6/20 (ROIC -35%; FCF yield 0%), Whale 13F Flow at 3/20 (institutional accumulation and options positioning), Insider Conviction at 5/20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 8/20 (Beta 1.0; sector sensitivity), and Forensic Balance Sheet at 8/20 (Altman Z 2.5; Piotroski F 5/9; Debt/Equity 0.5). Every pillar sits at or below 40% of its maximum, with the weakest readings in capital generation, institutional flow, and insider conviction. For a prospective investor, the practical implication is that the cash engine is not yet self-funding (ROIC -35%, FCF yield 0%), institutional and insider signals are weak rather than supportive, and the balance sheet is not flagged as distressed but is not a source of strength either. Upside drivers would need to come from a turn in operating economics, which the source data does not show. Valuation tradeoffs are difficult to assess because earnings-based multiples are not available in source data. The rating's verdict label is a model output and should be weighed alongside the underlying facts rather than in isolation.

Tenon Medical Inc. (TNON) is a NASDAQ-listed issuer in the Health Care sector, operating in the Medical/Dental Instruments industry. Per the company profile, it is classified within these sector and industry categories. Per the market data, the company reports a gross margin of 59.8%. The source data does not describe its specific products, customers, or revenue model.

Per the SEC financials, revenue rose across the three reported periods while operating losses remained near $-13M to $-16M. Per the market data, operating margin and net margin are each -60%, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 5/9, with Debt/Equity at 0.5. Cash declined from $6.5M in FY 2024 to $3.8M in FY 2025.

Per the news wire, recent items include a Q3 2026 earnings date announcement (Nov. 12), an expansion of an ATM offering described as boosting capital flexibility, an investor-granted offering waiver for a warrant with a $5.02 exercise price, and eight new U.S. patents issued through Q3 2026. A Kalkine report headlined a month-long price decline "despite repeated capital raises." Most items are flagged YELLOW, with the penny-stock commentary flagged GREEN. Risk watch items include the ATM and warrant activity, which indicate ongoing reliance on equity financing. Per the Butterfly Supply-Chain Graph, no supply-chain links or proprietary signals are recorded.

Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE, with no butterfly links and no proprietary signals. Not available in source data for upstream or downstream dependencies, sector correlations beyond the Health Care/Medical-Dental Instruments classification, or second-order bottlenecks.

• What are the company's products, customers, and revenue drivers, given that the source data gives no product description?
• What is the timeline and cash runway implied by the FY 2025 cash balance of $3.8M against FCF of $-11.0M?
• What terms govern the ATM offering and the warrant at a $5.02 exercise price relative to the current $2.29 price?
• Why are EPS, debt, and several earnings multiples recorded as N/A or not available, and how would they change the valuation picture?
• What drove the 52-week range from $2.05 to $45.5, and what has happened to the share count and dilution over that period?