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Tivic Health Systems, Inc. (TIVC)

USD0.43 -0.04 (-8.78%)
US NASDAQ Healthcare Medical - Devices
Address 47685 Lakeview Blvd. 94538
Fremont, CA, US
CEO Michael Kevin Handley
IPO 2021-11-11
CIK 1787740 ISIN US8887053085

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Description

Tivic Health Systems, Inc. operates as a late-stage immunotherapeutics company. Its lead drug candidate is Entolimod, a TLR5 agonist that is in late-stage development to treat acute radiation syndrome. The company’s pipeline also comprises Entolimod to treat Neutropenia and lymphocyte exhaustion; and Entolasta, an immunologically optimized variant of Entolimod for chronic applications. In addition, it offers CDMO services. The company was incorporated in 2016 and is based in San Antonio, Texas.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
USD0.43 -0.04 (-8.78%)
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Volume Profile
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Liquidity & share structure
Average Volume
262.6K
Beta
1.84
Float Shares
1.03M
Free Float %
95.0%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-10.81% -8.84% -20.00% -4.54% -56.92% -45.93% -80.97% -99.57% -99.99% -99.99% -99.99%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
0.43
Ratings Trend (MoM)
Rating 2024-11 Change
Strong Buy 0 0
Buy 0 0
Hold 0 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
-3.00
Distress
Piotroski F-Score
2 / 9
Weak
MOAT Score
1 / 10
No MOAT
Operational MOAT
✗ Below peers
  • Revenue growth Medical - Devices: +11.2%
    -51.0% Q1'26: -100.0% (vs Q1'25)
  • EPS growth Medical - Devices: +28.5%
    +60.1% Q1'26: +11.5% (vs Q1'25)
  • FCF margin FCF growth · Medical - Devices: +30.9%
    -1,974.1%
  • EBIT margin Medical - Devices: +6.2%
    -2,054.2%
  • ROIC Medical - Devices: +3.3%
    -74.0% Q1'26: -161.2% (vs Q1'25)
  • Share dilution Medical - Devices: 0.0%
    -99.9% Q1'26: +383.5% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Medical - Devices: -0.35×
    -0.82× Q1'26: -0.45× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (1.84) × ERP
WACC = 3% × Ke + 97% × Kd (4.1%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Current price: 0.43
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2022
actual
Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Revenue
1.84M
est: 2.08M (-11.5%)
1.18M
est: 3.12M (-62.3%)
780.0K
est: 4.89M (-84.0%)
382.0K
est: 8.03M (-95.2%)
EBITDA
-9.92M
est: -2.08M (-377.1%)
-8.06M
est: -3.12M (-158.4%)
-5.31M
est: -4.89M (-8.6%)
-7.84M
est: -8.03M (+2.4%)
EBIT
-10.10M
est: -2.08M (-385.5%)
-8.25M
est: -3.12M (-164.3%)
-5.66M
est: -4.89M (-15.8%)
-7.85M
est: -8.03M (+2.3%)
Net Income
-10.10M
est: -547.15B (+100.0%)
-8.24M
est: -161.21B (+100.0%)
-5.66M
est: -117.25M (+95.2%)
-8.88M
SGA
8.67M
est: 9.48M (-8.6%)
6.88M
est: 14.23M (-51.7%)
4.35M
est: 31.86M (-86.3%)
4.77M
est: 52.34M (-90.9%)
EPS
-104.37
est: -1,904.00 (+94.5%)
-176.72
est: -561.00 (+68.5%)
-19.67
est: -408.00 (+95.2%)
-7.84
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-04-27 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-24 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-23 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-22 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-21 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-20 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-17 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5
2026-04-16 C 2/5 1/5 1/5 1/5 1/5 1/5 5/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
-11.38M
OE per share TTM
-13.90
Owner's Yield
-452.74%
Maintenance CapEx ratio
Maint CapEx / Avg PPE
28.2%

Ownership Overview

Ownership breakdown
At a glance
Institutional holders
9
Total invested
233.4K
Insider transactions (90d)
0
Beneficial owners (>5%)
13
Beneficial owners (>5%)
# Reporting person Amount owned % of class Sole voting Shared voting Sole dispositive Shared dispositive Type Citizenship Filing date SEC filing
1 L1 Capital Global Opportunities Master Fund Ltd. 6.00M 9.60% 6.00M FI Cayman Islands 2023-07-17
2 Michael Bigger 2.10M 7.10% 2.10M IN Delaware 2023-02-21
3 Jennifer Ernst 1.42M 14.30% 1.42M 1.42M IN United States 2022-02-14
4 John Claude 1.20M 12.30% 1.20M 1.20M IN United States 2022-02-14
5 Bigger Capital Fund GP, LLC 1.10M 3.70% 1.10M OO Delaware 2023-02-21
6 Bigger Capital Fund, LP 1.10M 3.70% 1.10M PN Delaware 2023-02-21
7 District 2 Capital Fund LP 1.00M 3.40% 1.00M PN Delaware 2023-02-21
8 District 2 Capital LP 1.00M 3.40% 1.00M PN Delaware 2023-02-21
9 District 2 GP LLC 1.00M 3.40% 1.00M OO Delaware 2023-02-21
10 District 2 Holdings LLC 1.00M 3.40% 1.00M OO Delaware 2023-02-21
11 Daniel B. Asher 324.8K 4.99% 324.8K 324.8K HC, IN United States of America 2024-05-15
12 Intracoastal Capital LLC 324.8K 4.99% 324.8K 324.8K OO United States of America 2024-05-15
13 Mitchell P. Kopin 324.8K 4.99% 324.8K 324.8K HC, IN United States of America 2024-05-15

Institutional Activity (13F)

Institutional ownership trend From To
13F snapshot — 2026 Q1
Investors holding
9
+2 vs prev Q
New positions
5
Closed positions
3
Increased
6
Reduced
2
Put/Call ratio
0.00
Calls held
Puts held
Top institutional holders
# Investor Shares / Δ Mkt value / Δ Own% / Δ Weight% / Δ Avg px / Perf. Hold / Status
1 GEODE CAPITAL MANAGEMENT, LLC 87.8K +87.8K (+100.0%) 77.8K +77.8K (+100.0%) 3.05% +3.045 pp 0.00% +0.000 pp USD0.89 +0.0% 1 qtrs NEW
2 SANCTUARY ADVISORS, LLC 61.2K +61.2K (+100.0%) 54.2K +54.2K (+100.0%) 2.12% +2.123 pp 0.00% +0.000 pp USD0.89 +0.0% 1 qtrs NEW
3 MAREX GROUP PLC 59.3K +18.3K (+44.7%) 52.5K -6.9K (-11.6%) 2.06% +0.635 pp 0.00% +0.000 pp USD3.02 -70.5% 4 qtrs
4 HRT FINANCIAL LP 42.4K +42.4K (+100.0%) 37.0K +37.0K (+100.0%) 1.47% +1.471 pp 0.00% +0.000 pp USD0.89 +0.0% 1 qtrs NEW
5 XTX TOPCO LTD 10.5K +10.5K (+100.0%) 9.3K +9.3K (+100.0%) 0.36% +0.364 pp 0.00% +0.000 pp USD0.89 +0.0% 1 qtrs NEW
6 UBS GROUP AG 2.4K -17.3K (-88.0%) 2.1K -26.4K (-92.6%) 0.08% -0.600 pp 0.00% +0.000 pp USD1.56 -42.9% 4 qtrs
7 TOWER RESEARCH CAPITAL LLC (TRC) 584.00 -1.1K (-64.6%) 517.00 -1.9K (-78.4%) 0.02% -0.037 pp 0.00% +0.000 pp USD1.45 -38.6% 2 qtrs
8 SBI SECURITIES CO., LTD. 16.00 +— (+0.0%) 14.00 -9.0 (-39.1%) 0.00% +0.000 pp 0.00% +0.000 pp USD2.50 -64.4% 5 qtrs
9 CAITONG INTERNATIONAL ASSET MANAGEMENT CO., LTD 1.00 +1.0 (+100.0%) 1.00 +1.0 (+100.0%) 0.00% +0.000 pp 0.00% +0.000 pp USD 1 qtrs NEW
10 SUSQUEHANNA INTERNATIONAL GROUP, LLP -14.6K (-100.0%) -21.2K (-100.0%) 0.00% -0.508 pp 0.00% +0.000 pp USD 2 qtrs SOLD
11 CITIGROUP INC -5.0K (-100.0%) -7.2K (-100.0%) 0.00% -0.173 pp 0.00% +0.000 pp USD 3 qtrs SOLD
12 BANK OF AMERICA CORP /DE/ -13.0 (-100.0%) -19.0 (-100.0%) 0.00% -0.001 pp 0.00% +0.000 pp USD 5 qtrs SOLD
Ownership breakdown by holder

ETF Ownership

Top ETFs holding this stock

This company is not held by any ETF in our universe.

Insider Activity

Insider Activity — Latest Quarter
Ratio by transactions
0.00
Bearish
Buys
1
Sells
0
Shares acquired
19.0K
Shares disposed
Cash buys
1.00
Cash sales
Net activity
+19,000
Insider buys vs sells (history) From To
Recent insider transactions From To
Date Person Role Transaction A/D Security Shares Price Value Owned after D/I Filing
2026-04-15 Bolton Sheryle Director P-Purchase A Common Stock 10,000 1.04 10.4K 10,000 D
2026-04-01 Valauri Christina Rizopoulos Director P-Purchase A Common Stock 19,000 0.95 18.0K 19,000 D
2026-03-18 Wolf Lisa G Officer M-Exempt D Restricted Stock Units 92 0.00 643 D
2026-02-18 Handley Michael K Officer M-Exempt D Restricted Stock Units 8,824 0.00 26,471 D
2025-12-18 Wolf Lisa G Officer F-InKind D Common Stock 302 1.87 564.74 434 D
2025-12-18 Ernst Jennifer Director / Officer M-Exempt A Common Stock 14,706 0.00 37,953 D
2025-09-22 Ernst Jennifer Director / Officer A-Award A Common Stock 22,541 0.00 23,247 D
2025-08-06 Zikria Dean Director A-Award A Stock Option (Right to Purchase) 7,500 3.32 24.9K 7,500 D
2025-08-06 Wolf Lisa G Officer A-Award A Employee Stock Option (Right to Purchase) 80,000 3.32 265.6K 80,000 D
2025-08-06 Valauri Christina Rizopoulos Director A-Award A Stock Option (Right to Purchase) 7,500 3.32 24.9K 7,500 D
2025-08-06 Handley Michael K Officer A-Award A Employee Stock Option (Right to Purchase) 45,000 3.32 149.4K 45,000 D
2025-08-06 Ernst Jennifer Director / Officer A-Award A Employee Stock Option (Right to Purchase) 85,000 3.32 282.2K 85,000 D
2025-08-06 Bolton Sheryle Director A-Award A Stock Option (Right to Purchase) 12,500 3.32 41.5K 12,500 D
2025-02-21 Handley Michael K Officer A-Award A Restricted Stock Units 600,000 0.00 600,000 D
2025-02-18 Handley Michael K Officer 0 0.00 0
2024-12-18 Zikria Dean Director A-Award A Stock Option (Right to Purchase) 12,000 0.23 2.7K 12,000 D
2024-12-18 Wolf Lisa G Officer A-Award A Restricted Stock Units 25,000 0.00 25,000 D
2024-12-18 Valauri Christina Rizopoulos Director A-Award A Stock Option (Right to Purchase) 12,000 0.23 2.7K 12,000 D
2024-12-18 Gurfein Blake Officer A-Award A Restricted Stock Units 225,000 0.00 225,000 D
2024-12-18 Ernst Jennifer Director / Officer A-Award A Restricted Stock Units 500,000 0.00 500,000 D
2024-12-18 Bolton Sheryle Director A-Award A Stock Option (Right to Purchase) 15,000 0.23 3.4K 15,000 D
2024-10-01 Wolf Lisa G Officer 0 0.00 0
2024-10-01 Bambach Kimberly Ann Officer 0 0.00 0
2024-09-30 Drexler Karen Director 0 0.00 0
2024-08-09 Zikria Dean Director A-Award A Employee Stock Option (Right to Buy) 3,000 0.41 1.2K 3,000
2024-08-09 Valauri Christina Rizopoulos Director A-Award A Employee Stock Option (Right to Buy) 3,000 0.41 1.2K 3,000
2024-08-09 Drexler Karen Director A-Award A Employee Stock Option (Right to Buy) 3,000 0.41 1.2K 3,000
2024-08-09 Bolton Sheryle Director A-Award A Employee Stock Option (Right to Buy) 3,000 0.41 1.2K 3,000
2024-07-01 Valauri Christina Rizopoulos Director D Stock Option (Right to Buy) 250 17.60 4.4K 0
2024-03-12 Gurfein Blake Officer A-Award A Employee Stock Option (Right to Buy) 10,000 1.34 13.4K 10,000
2024-03-12 Ernst Jennifer Director / Officer A-Award A Employee Stock Option (Right to Buy) 32,000 1.34 42.9K 32,000
2024-03-12 Bambach Kimberly Ann Officer A-Award A Common Stock 7,500 0.00 7,500
2023-06-14 Zikria Dean Director A-Award A Employee Stock Option (Right to Buy) 25,000 0.09 2.3K 25,000
2023-06-14 Drexler Karen Director A-Award A Employee Stock Option (Right to Buy) 25,000 0.09 2.3K 25,000
2023-06-14 Bolton Sheryle Director A-Award A Employee Stock Option (Right to Buy) 25,000 0.09 2.3K 25,000
2023-05-08 Sabia Ryan Officer A-Award A Employee Stock Option (Right to Buy) 100,000 0.13 13.0K 100,000
2023-05-08 Gurfein Blake Officer A-Award A Employee Stock Option (Right to Buy) 100,000 0.13 13.0K 100,000
2023-05-08 Ernst Jennifer Director / Officer A-Award A Employee Stock Option (Right to Buy) 125,000 0.13 16.3K 125,000
2023-04-28 Bambach Kimberly Ann Officer 0 0.00 0
2022-12-31 Drexler Karen Director 0 0.00 0
2022-06-14 Zikria Dean Director A-Award A Employee Stock Option (Right to Buy) 40,000 1.75 70.0K 40,000
2022-06-14 Drexler Karen Director A-Award A Employee Stock Option (Right to Buy) 40,000 0.00 40,000
2022-06-14 Bolton Sheryle Director A-Award A Employee Stock Option (Right to Buy) 40,000 0.00 40,000
2022-04-01 Cai Veronica Officer A-Award A Employee Stock Option (Right to Buy) 117,880 1.61 189.8K 117,880
2022-02-04 Sabia Ryan Officer A-Award A Employee Stock Option (Right to Buy) 50,000 1.67 83.5K 50,000
2022-02-04 Gurfein Blake Officer A-Award A Employee Stock Option (Right to Buy) 35,000 1.67 58.5K 35,000
2022-02-04 Ernst Jennifer Director / Officer / 10% Owner A-Award A Employee Stock Option (Right to Buy) 200,000 1.83 366.0K 200,000
2021-12-14 Zikria Dean Director A-Award A Employee Stock Option (Right to Buy) 18,000 4.59 82.6K 18,000
2021-12-14 Sabia Ryan Officer A-Award A Employee Stock Option (Right to Buy) 25,000 4.59 114.8K 25,000
2021-12-14 Gurfein Blake Officer A-Award A Employee Stock Option (Right to Buy) 82,500 4.59 378.7K 82,500
2021-12-14 Drexler Karen Director A-Award A Employee Stock Option (Right to Buy) 18,000 4.59 82.6K 18,000
2021-12-14 Bolton Sheryle Director A-Award A Employee Stock Option (Right to Buy) 18,000 4.59 82.6K 18,000
2021-11-12 Ernst Jennifer Director / Officer / 10% Owner C-Conversion A Common Stock 26,986 0.00 1,199,877
2021-11-10 Zikria Dean Director D Stock Option (Right to Buy) 6,250 1.00 6.3K 0
2021-11-10 Sabia Ryan Officer D Stock Option (Right to Buy) 50,000 1.60 80.0K 0
2021-11-10 Gurfein Blake Officer D Common Stock 0 0.00 119,979
2021-11-10 Ernst Jennifer Director / Officer / 10% Owner D Common Stock 0 0.00 1,171,500
2021-11-10 Drexler Karen Director D Stock Option (Right to Buy) 6,250 1.00 6.3K 0
2021-11-10 Claude John 10% Owner D Common Stock 0 0.00 1,196,000
2021-11-10 Bolton Sheryle Director D Stock Option (Right to Buy) 6,250 1.00 6.3K 0
2021-11-10 Benz Briana Officer D Common Stock 0 0.00 112,500
2021-03-01 Ernst Jennifer Director / Officer / 10% Owner D Series Seed-2 Convertible Preferred Stock 1,391 0.00 0

Executive team

Top executives
EBIT / Employee
-1.5K
Shares Outstanding
1.08M

Executive compensation

Executive compensation (annual)
# Year Executive Salary Bonus Stock award Option award Incentive Other Total % Stock-
based
Filing
1 2025 Michael Handley, Chief Executive Officer and Director; Former Chief Operating Officer 261.3K 305.7K 135.5K 23.8K 590.7K 74.68%
2 2025 Jennifer Ernst, Former Chief Executive Officer and Director 300.0K 68.8K 255.9K 28.0K 396.8K 81.81%
3 2025 Lisa Wolf, Chief Financial Officer 116.4K 240.8K 217.6K 334.0K 72.10%
4 2024 Blake Gurfein, PhD Chief Scientific Officer 350.0K 33.0K 50.9K 11.3K 52.7K 486.5K 12.77%
5 2024 Jennifer Ernst, CEO and Director 275.0K 113.0K 36.2K 42.5K 430.5K 34.65%
6 2024 Jennifer Ernst, Former Chief Executive Officer and Director 275.0K 113.0K 36.2K 42.5K 430.5K 34.65%
7 2024 Kimberly Bambach Former Interim Chief Financial Officer 10.1K 204.3K 214.3K 4.69%
8 2024 Lisa Wolf, Chief Financial Officer 5.7K 59.5K 65.1K 8.68%
9 2023 Blake Gurfein, PhD Chief Scientific Officer 303.4K 40.6K 12.3K 48.7K 392.7K 3.14%
10 2023 Jennifer Ernst, CEO and Director 275.0K 15.4K 38.9K 313.9K 4.90%
11 2023 Ryan Sabia Former Chief Operating Officer 229.2K 10.0K 12.3K 33.8K 285.2K 4.32%
12 2023 Kimberly Bambach Former Interim Chief Financial Officer 197.8K 197.8K 0.00%
13 2022 Jennifer Ernst, CEO and Director 275.0K 123.3K 20.9K 419.2K 29.42%
14 2022 Veronica Cai CFO 243.8K 162.0K 1.0K 406.8K 39.83%
15 2022 Blake Gurfein, PhD Chief Scientific Officer 275.0K 50.9K 29.0K 29.9K 384.9K 7.54%
16 2022 Ryan Sabia Former Chief Operating Officer 254.2K 24.8K 41.5K 17.0K 337.4K 12.29%
17 2021 Blake Gurfein, PhD Chief Scientific Officer 227.6K 184.0K 31.4K 442.9K 41.54%
18 2021 Briana Benz, CFO 104.2K 100.0K 172.4K 18.0K 376.6K 45.78%
19 2021 Jennifer Ernst, CEO and Director 218.5K 31.0K 249.5K 0.00%
20 2020 Blake Gurfein, PhD Chief Scientific Officer 226.3K 16.3K 242.5K 0.00%
21 2020 Jennifer Ernst, CEO and Director 181.1K 16.3K 197.4K 0.00%
CEO compensation breakdown

Proxy statements

Proxy statements (DEF 14A)
Filing date Form type Filing
2026-04-30 DEF 14A
2026-04-20 PRE 14A
2026-02-09 DEFA14A
2026-01-09 DEF 14A
2025-12-29 PRE 14A
2025-06-02 DEF 14A
2025-05-23 PRE 14A

Recent SEC filings

Recent SEC filings
Filing date Form type Filing
2026-05-20 4
2026-05-14 8-K
2026-05-14 10-Q
2026-05-08 SC 13G/A
2026-05-04 8-K
2026-05-04 4
2026-05-04 3
2026-04-30 DEF 14A
2026-04-30 ARS
2026-04-23 8-K

Executive team

NameTitleCompensationGender
Lisa G. Wolf Chief Financial Officer and Principal Financial & Principal Accounting Officer 334.0K female
Jennifer Ernst Co-Founder, Chief Executive Officer & Director 317.5K female
Michael Kevin Handley CEO & Director 293.9K male
ESG Rating
B
MEDICAL - DEVICES
Rank: 89 out of 168
2026
E (Environmental)
50.0 / 62.5
Company / Sector avg.
S (Social)
45.8 / 68.9
Company / Sector avg.
G (Governance)
70.1 / 64.8
Company / Sector avg.
ESG Total
55.3 / 65.4
Company / Sector avg.
ESG Score History MEDICAL - DEVICES
Benchmark vs Sector
Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend history

Earnings history

Earnings reports

Stock splits