SNES

SenesTech sells non-poison rodent fertility-control products (Evolve, ContraPest) and, on the surface, is executing: FY2025 revenue grew 20% to $2.22M, the Evolve line jumped to 81% of sales, and gross margin expanded to 62.5% from 54.1% as mix shifted and manufacturing cost normalized. That is the entire bull case — and it is not nearly enough. Against $2.22M of revenue the company spent $6.2M on SG&A and $1.7M on R&D, producing a -$6.50M operating loss (-292.9% operating margin) and a -$6.38M net loss. After five years the loss curve is essentially flat (-$8.3M in 2021 to -$6.4M in 2025) while the accumulated deficit has reached -$142M. This is a business that has never demonstrated a credible path to covering its own overhead.

The balance sheet is the decisive problem. Cash of $7.58M against operating cash burn of -$5.75M implies barely over a year of runway. Note how the 2025 'strength' was manufactured: total assets rose 292%, equity rose 281%, and cash rose 480% — not from operations, but because shares outstanding ballooned 203.6% in a single year. Shareholders funded the survival of the business through massive dilution, and with ~1 year of runway left they will be asked to do so again. At a $7.9M market cap trading right at net cash per share (~$1.43), the equity is essentially a call option on a going concern that keeps printing stock to stay alive.