SONX — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2025-03-26

• We generated revenue of $31.7 million and a net loss of $33.5 million from continuing operations for the year ended December 31, 2024 compared to revenue of $34.6 million and a net loss of $62.5 million from continuing operations for the year ended December 31, 2023. As of December 31, 2024, we had …

• On September 30, 2024, we entered into the Biolase Asset Purchase Agreement with Biolase, Inc. and other parties (collectively “Sellers”), pursuant to which, subject to the terms and conditions set forth in the Biolase Asset Purchase Agreement, we were designated as the “stalking horse” bidder in co…

• subject to a downward working capital adjustment, (ii) the assumption of liabilities and (iii) the value of the Delaware Litigation (collectively, the “Purchase Price”).

• The Sellers conducted a bankruptcy auction on November 4, 2024. Based on the result of that auction, the Company was not the winning bidder. Accordingly, the Company did not proceed with the transaction described in the Biolase Asset Purchase Agreement. The Biolase Asset Purchase Agreement was termi…

• On March 1, 2024, we divested our Software segment that we owned through our wholly-owned subsidiary, then-known as TDO Software, Inc. (“TDO”), by selling substantially all the assets and liabilities of TDO, for approximately $16.0 million, with $15.0 million received upon closing and the balance du…

Text removed vs the prior filing · source: 10-K · 2024-03-11

• As of December 31, 2023, we had an installed base of approximately 1,134 GentleWave Systems that had performed a milestone of more than one million GentleWave patient procedures since commercialization. We generated revenue of $43.9 million and incurred a net loss of $60.9 million for the year ended…

• Since the commercialization of our current technology in 2017, we have been focusing on establishing the GentleWave Procedure as the standard of care for RCT. We achieved the following major milestones in 2023:

• We launched the second generation of our CleanFlow PI ("CleanFlow G2"), which includes an optimized design and enhanced matrix system, for heightened efficacy and ease of use when performing the GentleWave Procedure, further simplifying the root canal treatment process for clinicians and

• improving the overall patient experience. CleanFlow G2 allows doctors to use one procedure instrument for all teeth. As of December 31, 2023, the CleanFlow PI has substantially replaced existing PIs, creating a more efficient platform.

• With the launch of GentleWave G4 in late 2022, we have now discontinued the sale of the legacy GentleWave Gen3 system. We assemble the G4 console in-house, which has improved our gross margin and operating leverage. We will continue to support service and warranty of both G4 and Gen 3 systems with o…

Text added vs the prior filing · source: 10-K · 2025-03-26

• Our securities are trading on the OTC Pink market, which is volatile and sporadic and could depress our securities’ market price and liquidity.

• On November 22, 2023, the NYSE suspended trading of our common stock and announced its intention to commence proceedings to delist our common stock from the NYSE and our common stock commenced trading on the OTCQX on the same day. We appealed the NYSE’s delisting determination, but subsequently with…

• On June 4, 2024, we were notified by the OTC, that our common stock closed below $0.10 for more than 30 consecutive calendar days and no longer meets the Standards for Continued Qualification for the OTCQX, Rule 2.1(A). On October 16, 2024, we filed an amendment to our Amended and Restated Certifica…

• On November 7, 2024, we were notified by the OTC, that market capitalization has stayed below $5 million for the past 30 consecutive calendar days and no longer meets the Standards for Continued Qualification for the OTCQX, Rule 2.1(B). We had a cure period of 90 calendar days to regain compliance. …

• As our common stock was moved to OTC Pink market, it could be more difficult to buy or sell our common stock and to obtain accurate quotations, and the price of our common stock could suffer a material decline. The move to OTC Pink market could also impair the liquidity of our common stock and could…

Text removed vs the prior filing · source: 10-K · 2024-03-11

• Our common stock has been suspended from trading on the NYSE and may be delisted from the NYSE, which may negatively impact our stockholders and the trading price and liquidity of our common stock.

• On November 15, 2023, we received notice from the NYSE that we were not in compliance with the continued listing standard set forth in Section 802.01B of the NYSE’s Listed Company Manual (“Section 802.01B”) because the Company’s average global market capitalization over a consecutive 30 trading-day …

• accordance with NYSE rules, and the appeal is still in process, there can be no assurance that an appeal will be successful. In the meantime, the Company’s common stock is currently trading on the OTCQX, operated by the OTC Markets Group, Inc., under the symbols “SONX”. The over-the-counter markets …

• reduced trading liquidity and market prices for our common and preferred stock ;

• decreased number of institutional and other investors willing to hold or acquire our stock, coverage by securities analysts, market making activity and information available concerning trading prices and volume, as well as fewer broker-dealers willing to execute trades in our stock, thereby further …

Text added vs the prior filing · source: 10-K · 2025-03-26

• We generated revenue of $31.7 million and a net loss of $33.5 million from continuing operations for the year ended December 31, 2024 compared to revenue of $34.6 million and a net loss of $62.5 million from continuing operations for the year ended December 31, 2023. As of December 31, 2024, we had …

• We expect to continue to incur net losses for the next several years. We expect to continue to make investments in our sales and marketing organization, including plans to expand our international marketing programs and expanding direct to clinician digital marketing efforts to help facilitate furth…

• accounting, insurance, exchange listing and SEC compliance, investor relations, and other administrative and professional services expenses. As a result of these and other expenses, we require additional financing to fund our operations and planned growth.

• Our ability to continue as a going concern depends on our ability to successfully secure additional financing, continue to commercialize our products, achieve and maintain profitable operations, as well as the adherence to conditions of outstanding term loans (see Note 10 to the Consolidated Financi…

• On September 30, 2024, the Company entered into an Asset Purchase Agreement (the “Biolase Asset Purchase Agreement”) with Biolase, Inc., a Delaware corporation (“Biolase”), BL Acquisition Corp., a Delaware corporation (“BL Acquisition”), BL Acquisition II, Inc., a Delaware corporation (“BL Acquisiti…

Text removed vs the prior filing · source: 10-K · 2024-03-11

• As of December 31, 2023, we had an installed base of approximately 1,134 GentleWave Systems that had performed a milestone of more than 1.3 million GentleWave patient procedures since commercialization. We generated revenue of $43.9 million and a net loss of $60.9 million for the year ended December…

• On September 27, 2022, we completed a private placement, issuing an aggregate of 23.0 million shares of common stock at a purchase price of $0.95 per share and pre-funded warrants to purchase an aggregate of 43.3 million shares of common stock at a purchase price of $0.949 per pre-funded warrant to …

• immediately exercisable and will remain exercisable until exercised in full. The aggregate net proceeds from the private placement, after deducting placement agent fees and other offering expenses, were $59.0 million.

• We expect to continue to incur net losses for the next several years. We expect to continue to make investments in our sales and marketing organization, including increasing the number of U.S. and Canadian sales representatives, expanding our international marketing programs and expanding direct to …

• Our ability to continue as a going concern depends on our ability to continue to commercialize our products, achieve and maintain profitable operations, as well as the adherence to conditions of outstanding term loans (see Note 9 to the Consolidated Financial Statements). We will require additional …