Tivic Health Systems (TIVC) AI Stock Analysis

• Market Cap: $3.01M
• Dividend Yield: N/A
• Average Volume (3M): 99.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.12
• Revenue Growth: -49.63%
• EPS Growth: 82.22%
• Country: US
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -1.97
• Shares Outstanding: 2,525,778
• 10 Day Avg. Volume: 91,463
• 30 Day Avg. Volume: 99,839
• PEG Ratio: 3.37
• Price to Book (P/B): 667.70
• Price to Sales (P/S): 2170.01
• P/FCF Ratio: -295.65
• Enterprise Value/Market Cap: -0.72
• Enterprise Value/Revenue: -4.48
• Enterprise Value/Gross Profit: 7.72
• Enterprise Value/Ebitda: 0.30
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-27.54% Downside)

The score is primarily held down by weak financial performance (minimal revenue, persistent losses, and significant cash burn). Technicals also remain bearish with the stock below major moving averages and negative MACD. Strategic progress and improved cash on the earnings update provide partial support, but financing-related leverage/dilution risk and a negative earnings-based valuation keep the overall score low.

Positive Factors

Late‑stage biopharma pipeline (Entolimod)

Shifting from devices to a late‑stage TLR5 program (Entolimod) represents a structural pivot into pharmaceuticals with sizeable prior investment and government funding. This positions the company to pursue government stockpile and clinical markets, creating durable future revenue potential if approvals succeed.

In‑house manufacturing and CDMO opportunity

Owning manufacturing capabilities can materially reduce COGS, shorten development timelines for Entolimod, and diversify revenue through CDMO services. Over months this supports margin expansion, greater control of supply chains, and a scalable platform for multiple programs if commercialized.

Gross margin improvement

Reported margin improvement (ex‑reserve) suggests improving unit economics for product sales and manufacturing processes. If sustained, higher gross margins support long‑term profitability as R&D and SG&A scale for biopharma programs, reducing the revenue threshold to achieve positive operating leverage.

Negative Factors

Very small revenue base and cash burn

A minimal revenue base and persistent negative operating/free cash flow force ongoing external financing. This structural cash burn limits runway, constrains investment in clinical programs without dilution or debt, and increases the risk the company cannot self‑fund pivotal development milestones.

New leverage and dilution risk from acquisition financing

Financing the manufacturing acquisition with significant debt and large preferred convertible equity materially raises leverage and potential dilution. Over time this increases fixed obligations and shareholder dilution risk, reducing financial flexibility for clinical development and commercial launches.

Wind‑down of ClearUP and manufacturing delays

Winding down the ClearUP consumer business eliminates an established revenue channel and shifts revenue timing to long regulatory cycles. Combined with reported manufacturing delays, this increases near‑term revenue volatility and extends the timeline to cash‑positive operations, pressuring capital needs.

Tivic Health Systems Business Overview & Revenue Model

Company Description

Tivic Health Systems Inc. operates as a bioelectronic device company that delivers non-invasive neuromodulation products for the treatment of inflammatory conditions. Its primary product is ClearUP, is a medical device intended to relieve sinus and nasal inflammation. The company sells its products on direct-to-consumer channel through its own websites; and platforms, such as Amazon.com and Walmart.com, as well as to U.S. online retailers, including BestBuy.com and FSAStore.com. Tivic Health Systems, Inc. was incorporated in 2016 and is headquartered in Hayward, California.

How the Company Makes Money

Tivic Health Systems generates revenue primarily through the sale of its medical devices, particularly ClearUP Sinus Relief. The company sells its products directly to consumers through online platforms and retail partnerships. Additionally, Tivic may collaborate with healthcare providers and distributors to expand its market reach. The company's earnings are also influenced by its ongoing research and development efforts to introduce new products and innovations in the bioelectronic medicine field, potentially opening additional revenue streams in the future.

Tivic Health Systems Financial Statement Overview

Summary

Very small revenue base (~$0.5M TTM) with persistent, sizable losses (negative gross profit; net margin ~-15.6% TTM) and substantial ongoing cash burn (operating and free cash flow about -$6.1M TTM). The main positive is a clean balance sheet with $0 debt, but profitability and cash generation remain the dominant weakness.

Income Statement

TTM (Trailing-Twelve-Months) revenue remains very small (~$0.5M) and, while growth is positive (+4.3%), profitability is deeply negative: gross profit is negative and net losses are large (net margin ~-15.6% TTM). Results have been consistently loss-making across the annual periods, with margins staying materially below breakeven, indicating the business has not yet demonstrated operating leverage.

Balance Sheet

Leverage looks conservative with total debt at $0 in TTM and debt-to-equity at 0.0, reducing near-term balance-sheet risk. However, shareholder returns are very weak (return on equity ~-2.0 TTM) driven by ongoing losses, and equity has been volatile over time (including negative equity in 2020), which underscores dilution/recapitalization risk and an unproven ability to compound capital.

Cash Flow

Cash burn remains significant: TTM operating cash flow is about -$6.1M and free cash flow is about -$6.1M, indicating the company is funding operations externally rather than through internally generated cash. While free cash flow shows improvement versus the prior annual period (positive growth), cash conversion is not yet supportive because both operating and free cash flow remain firmly negative alongside persistent net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	482.00K	780.00K	1.18M	1.84M	1.17M	860.00K
Gross Profit	-280.00K	2.00K	287.00K	299.00K	-129.00K	-225.00K
EBITDA	-7.30M	-5.31M	-8.06M	-9.92M	-6.65M	-3.21M
Net Income	-7.51M	-5.66M	-8.24M	-10.10M	-8.49M	-3.64M
Balance Sheet
Total Assets	6.23M	2.81M	5.16M	6.02M	15.04M	1.53M
Cash, Cash Equivalents and Short-Term Investments	3.45M	2.00M	3.40M	3.52M	12.97M	1.04M
Total Debt	0.00	0.00	369.00K	530.00K	708.00K	1.47M
Total Liabilities	638.00K	272.00K	1.58M	2.39M	1.76M	2.71M
Stockholders Equity	5.59M	2.54M	3.58M	3.63M	13.27M	-1.18M
Cash Flow
Free Cash Flow	-6.11M	-5.72M	-8.63M	-8.93M	-5.61M	-3.03M
Operating Cash Flow	-6.08M	-5.72M	-8.51M	-8.92M	-5.61M	-3.03M
Investing Cash Flow	-556.00K	0.00	-118.00K	-11.00K	0.00	0.00
Financing Cash Flow	7.89M	4.33M	8.51M	-528.00K	17.54M	1.76M

Tivic Health Systems Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TIVC, the sentiment is Negative. The current price of 1.38 is above the 20-day moving average (MA) of 1.30, below the 50-day MA of 1.64, and below the 200-day MA of 3.09, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 34.96 is Neutral, neither overbought nor oversold. The STOCH value of 34.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TIVC.

Tivic Health Systems Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NUWE	50 Neutral	$6.25M	-0.04	-467.14%	―	-8.93%	97.80%
MOVE	47 Neutral	$15.58M	-0.75	-398.78%	―	-44.57%	55.97%
BJDX	46 Neutral	$1.64M	-0.03	-126.20%	―	―	97.70%
TIVC	45 Neutral	$3.01M	-0.13	-178.18%	―	-49.63%	82.22%
AEMD	45 Neutral	$2.43M	-0.05	-191.39%	―	―	76.53%

Tivic Health Systems Corporate Events

Tivic Health Highlights TLR5 Pipeline in New Investor Presentation

On January 20, 2026, Tivic Health Systems, Inc. announced it had made an investor presentation available on its website, outlining a clinical pipeline centered on its TLR5 agonist portfolio, led by Entolimod in late Phase III development for acute radiation syndromes and Entolasta in pre-clinical development for chronic radiation syndromes. The presentation highlights more than $140 million in prior investment, over 40 human and animal studies, extensive patent protection, and development funding from U.S. government agencies that are now positioned as key customer prospects, positioning Tivic to compete in the fast-growing global market for hematopoietic and gastrointestinal radiation treatments—currently dominated by G-CSF-based drugs and projected to reach $21.3 billion by 2032—while signaling multiple anticipated near-term value inflection points for stakeholders as the company advances its oncology and medical countermeasure programs.

The most recent analyst rating on (TIVC) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Tivic Health Systems stock, see the TIVC Stock Forecast page.

Tivic Health Systems Acquires Scorpius Holdings Assets

On December 9, 2025, Tivic Health Systems acquired the manufacturing and development assets of Scorpius Holdings, launching a new subsidiary, Velocity Bioworks, to provide contract development and manufacturing services. This acquisition allows Tivic to bring manufacturing in-house, reducing costs and accelerating the development of its lead drug, Entolimod, while also creating new revenue opportunities by serving other biotech companies. The acquisition was financed by a $16 million debt and up to $75 million in preferred convertible equity led by 3i, LP. Additionally, Tivic terminated its Equity Purchase Agreement with Mast Hill Fund, L.P. on December 9, 2025.

Tivic Health Systems Shifts Focus to Biopharma Program

On November 12, 2025, Tivic Health Systems‘ board decided to wind down its ClearUP business by the end of the year to focus on its biopharma program, incurring costs of approximately $347,000 in the third quarter and expecting additional expenditures of $20,000 to $50,000. The company anticipates minimal revenue until regulatory approval and commercialization of its other products. Tivic reported a net loss of $2.6 million for the third quarter of 2025, compared to $1.4 million in 2024, as it transitions to focus on its biologics pipeline, including the development of Entolimod for military and medical applications.

Tivic Health Unveils Clinical Study Findings

On November 13, 2025, Tivic Health Systems announced the findings of a Clinical Optimization Study for its non-invasive vagus nerve stimulation device, conducted in collaboration with The Feinstein Institutes for Medical Research. The study highlighted the importance of personalizing stimulation parameters, such as frequency and electrode placement, to enhance autonomic effects, with potential clinical utility for conditions like ischemic stroke and PTSD. These findings may open new opportunities for Tivic’s product development and partnerships.