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• Analogies for Tivic Health Systems (TIVC):
• A Claritin or Sudafed, but as a drug-free electronic device for sinus relief.
• An Omron that makes bioelectronic devices specifically for sinus pain.

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• ClearUP Sinus Pain Relief device: A non-invasive, drug-free bioelectronic medical device that uses proprietary microcurrent technology to relieve sinus pain, pressure, and congestion.

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Tivic Health Systems (TIVC) primarily sells its ClearUP Sinus Relief device directly to individuals through various retail channels (both online and brick-and-mortar) and its own e-commerce platform.

Given that the company sells primarily to individuals, here are three categories of customers it serves:

1. Allergy Sufferers: Individuals who experience chronic or seasonal allergic rhinitis and are seeking drug-free, non-invasive solutions for their associated sinus pain and congestion. This group often looks for effective alternatives to oral medications or nasal sprays.

2. Health-Conscious Consumers: Individuals who prioritize drug-free or non-pharmacological approaches to managing common ailments. They may be sensitive to medications, prefer natural remedies, or simply wish to avoid potential side effects of conventional drugs for sinus relief.

3. Convenience Seekers: Individuals looking for an easy-to-use, at-home, and reusable device that provides on-demand relief for sinus symptoms. They value the ability to self-treat without the need for prescriptions or frequent pharmacy visits.

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• Sanmina Corporation (SANM)

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Jennifer Ernst, Chief Executive Officer & Co-founder

Jennifer Ernst co-founded Tivic Health in 2016. Her career began in computing, including over 20 years at Xerox PARC in various go-to-market roles, and as Director of Business Development. She also served as CEO and Chief Strategy Officer of the U.S. subsidiary of Thin Film Electronics ASA. Ernst has a history of developing new products and markets in the technology sector and previously served as a director of FlexTech Alliance. She earned an MBA from Santa Clara University.

Lisa Wolf, Chief Financial Officer

Lisa Wolf was appointed Interim Chief Financial Officer effective October 1, 2024, and then permanent Chief Financial Officer effective July 7, 2025. She brings over 30 years of financial leadership experience in both public and private companies across various industries, including life sciences and technology. Wolf most recently served as Vice President at Murdock Martell, a consulting firm. Previously, she was the Chief Accounting Officer of Nasdaq-listed Resonant, Inc., where she played a key role in its growth and eventual sale to Murata Electronics North America. She holds a B.S. in Business Administration from California State University, Northridge, and earned her CPA while at Arthur Andersen.

Michael K. Handley, Chief Operating Officer and President of Biopharma

Michael K. Handley joined Tivic Health in February 2025. He previously served as Chief Executive Officer, President, and Chairman of Statera Biopharma, a public company, where he was responsible for executing growth strategy, advancing clinical development and intellectual property, and spearheading business development and financing activities. Handley has held senior management roles at other life science companies, including Armis Biopharma, Vessix Vascular, Inc. (acquired by Boston Scientific), and Acclarent (acquired by Johnson & Johnson). He began his career as a research scientist at Amgen, where he developed patents and published in peer-reviewed journals, and subsequently worked as a management consultant in the healthcare industry. He graduated cum laude from Colorado State University with Bachelor of Science degrees in Molecular Biology and Physiology.

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1. Significant Financial Hardship and Going Concern: Tivic Health Systems is in a precarious financial state, with a high probability of experiencing financial hardship. The company has reported substantial net losses and operates with a short cash runway, indicating potential difficulties in sustaining operations without additional funding. Its low market capitalization further underscores this vulnerability.
2. Dependence on Successful Biopharmaceutical Pipeline Development: The company is undergoing a major strategic transformation, shifting its focus from consumer health technology to biopharmaceutical drug development, specifically with its lead drug candidate Entolimod and vagus nerve stimulation (VNS) devices. This pivot introduces considerable risks associated with the successful achievement of clinical, regulatory, and manufacturing milestones for these new drug candidates. Failure to meet these milestones could severely impact the company's future viability.
3. Regulatory Hurdles and Potential NASDAQ Delisting: As Tivic Health Systems transitions into a biopharmaceutical company, it faces rigorous, time-consuming, and costly regulatory approval processes, particularly with the FDA. Additionally, the company faces the risk of being delisted from NASDAQ if its stock price remains below the required threshold for an extended period, which would further impair its ability to raise capital and damage investor confidence.

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Tivic Health Systems (TIVC) is focusing its efforts on two primary areas: a biopharmaceutical program and a bioelectronic program, while phasing out its initial product, ClearUP.

Bioelectronic Program: Non-invasive Cervical Vagus Nerve Stimulation (ncVNS)

For its non-invasive cervical vagus nerve stimulation (ncVNS) approach, Tivic Health has identified market opportunities exceeding $30 billion in annual market opportunity. The company's intellectual property portfolio for VNS is robust, covering both U.S. and international markets, suggesting this market opportunity is global. Another reference indicates a $21 billion VNS market.

Biopharmaceutical Program: TLR5 Agonists (Entolimod™ and Entolasta)

Tivic Health is advancing its TLR5 agonist program, which includes Entolimod™ and Entolasta. Entolimod™ is in late-stage development for acute radiation syndrome (ARS) and is being developed for advanced cancers and neutropenia. However, the addressable market sizes for these specific indications related to Tivic Health's TLR5 agonists are not explicitly provided in the available information.

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Share Issuance

• Tivic Health Systems (TIVC) completed an initial public offering (IPO) on November 11, 2021, raising $16 million by issuing 3,000,000 shares at a price range of $5.00-$6.00 per share.
• In a public offering reported on August 14, 2025, the company raised gross proceeds of approximately $4.0 million (net ~$3.3 million), with about $1.4 million allocated to common stock and $1.9 million to warrants.
• The company has also entered into a Tranched Financing arrangement structured to raise up to $8.4 million through sales of Series B Preferred Stock and warrants, and an Equity Line of Credit enabling sales of up to 25 million common shares over 24 months.

Inbound Investments

• The company raised $16 million through its initial public offering (IPO) on November 11, 2021.
• A public offering, reported on August 14, 2025, generated gross proceeds of approximately $4.0 million.
• Tivic Health has structured a Tranched Financing to potentially raise up to an additional $8.4 million via Series B Preferred Stock and warrants, alongside an Equity Line of Credit for selling up to 25 million common shares over two years.

Capital Expenditures

• As of June 30, 2025, capital expenditures were $3,000.
• The trailing twelve months (TTM) capital expenditure for Tivic Health Systems is $0.
• Over the past five years, the company's average capital expenditure was $34.2K, with a peak of $123K.