SNESMEDIUM SIGNALFINANCIAL10-K

SNES significantly expanded its share count while demonstrating solid operational growth and working capital increases.

The company's outstanding shares increased substantially from approximately 1.7 million to 5.3 million shares, indicating either a major equity raise or stock-based compensation event that warrants investor attention regarding potential dilution. The accompanying financial improvements suggest the capital may be supporting business expansion, but shareholders should evaluate the trade-off between growth and ownership dilution.

Comparing 2026-03-13 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

The company demonstrated healthy operational performance with gross profit growing meaningfully to $1.4 million and inventory expanding 25% to support business growth. However, working capital dynamics shifted as current liabilities increased 42% while accounts receivable declined 40%, suggesting either improved collections or changes in customer payment terms. Capital expenditures grew notably to $138K, indicating continued investment in the business infrastructure.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+64.3%
$84K$138K

Capital expenditure jumped 64.3% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
+42.2%
$561K$798K

Current liabilities surged 42.2% — significant near-term obligations; verify ability to meet short-term debt.

Accounts Receivable
Balance Sheet
-40%
$335K$201K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Gross Profit
P&L
+38.2%
$1.0M$1.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Inventory
Balance Sheet
+25.2%
$794K$994K

Inventory built 25.2% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-13
ADDED
There were 3,764,143 shares of the registrant s common stock outstanding on June 30, 2025.
As of March 11, 2026, there were 5,303,426 shares of the registrant s common stock outstanding.
Such proxy statement will be filed with the SEC not later than 120 days after the conclusion of the registrant s fiscal year ended December 31, 2025.
All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding future events, operating results, financial position, business strategy, and the plans and objectives of management for future operations, are forward-looking statements.
In some cases, you can identify forward-looking statements because they contain words such as anticipate, believe, estimate, expect, intend, suggest, target, contemplate, project, predict, may, might, plan, would, should, could, can, potential, continue, objective, or the negative of these words, or similar terms or expressions.
These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Such factors include, among others, the following: the successful commercialization of our products; market acceptance of our products; our financial performance, including our ability to fund operations; our ability to maintain compliance with Nasdaq s continued listing requirements; regulatory approval and regulation of our products; and other factors and risks identified from time to time in our filings with the Securities and Exchange Commission (the SEC ), including this Annual Report on Form 10-K.
Overview We have developed and are commercializing products for managing animal pest populations through fertility control and population management strategies.
As far back as we can trace, rodents have been foes to mankind.
Today, they remain one of the most resilient and economically destructive vertebrate pests on the planet.
REMOVED
There were 515,340 shares of the registrant s common stock outstanding on June 30, 2024.
As of March 11, 2025, there were 1,746,930 shares of common stock outstanding.
All statements other than statements of historical facts contained or incorporated herein by reference in this Annual Report on Form 10-K, including statements regarding our future operating results, future financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectives for future operations, are forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as anticipates, believes, estimates, expects, intends, suggests, targets, contemplates, projects, predicts, may, might, plan, would, should, could, can, potential, continue, objective, or the negative of those terms, or similar expressions intended to identify forward-looking statements.
However, not all forward-looking statements contain these identifying words.
We are subject to the information requirements of the Exchange Act, and we file or furnish reports, proxy statements and other information with the SEC.
Such reports and other information we file with the SEC are available free of charge at www.senestech.com as soon as practicable after such reports are available on the SEC s website at www.sec.gov.
The SEC s website contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
Overview We have developed and are commercializing products for managing animal pest populations through fertility control.
As far back as we can trace, rodents - and in particular rats - have been foes to mankind.
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