Sintx Technologies, Inc. (SINT): History, Ownership, Mission, How It Works & Makes Money

Sintx Technologies, Inc. (SINT) is at a critical inflection point, moving its advanced silicon nitride technology from R&D into commercialization-but can a company with a recent market capitalization of just $12M truly disrupt the medical device space? Looking at the Q3 2025 financials, you see the challenge: total revenue was just $208K, a 74% year-over-year drop, reflecting a tough, defintely costly strategic shift away from low-margin manufacturing. Still, the October 2025 FDA 510(k) clearance for the SiNAPTIC Foot & Ankle Osteotomy Wedge System changes the game, offering a clear path to proprietary product revenue in 2026. How does a company with a $3.539M quarterly net loss sustain this pivot, and what does its unique ownership structure mean for its long-term mission?

Sintx Technologies, Inc. (SINT) History

You're looking for the bedrock of Sintx Technologies, Inc., and honestly, its history is a story of material science pivoting to medical innovation. The core takeaway is that the company, built on the promise of silicon nitride, has spent two decades refining its focus, culminating in a major strategic realignment in 2025 to chase high-growth orthopedic markets.

Given Company's Founding Timeline

Year established

The company traces its origins to 1996, when it was founded as Ortho Development Corporation, later becoming Amedica Corporation, before its current iteration as Sintx Technologies, Inc..

Original location

The original focus on advanced orthopedic materials began in Salt Lake City, Utah, which remains the company's headquarters today.

Founding team members

The foundation was laid by the combined expertise of Dr. B. Sonny Bal, an orthopedic surgeon, and Dr. Russell Tait, a materials scientist. This pairing was crucial, as Dr. Bal focused on the clinical application while Dr. Tait drove the development of the silicon nitride technology itself.

Initial capital/funding

While specific seed capital details aren't public, a major early investment came from Gregg R. Honigblum, who, through Creation Capital, provided over $100 million in private equity to Amedica, Sintx Technologies' predecessor. That's a serious commitment to a new biomaterial.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been defined by a few sharp turns, mostly centered on either validating the core technology or aggressively streamlining the business model. The single most important early event was the 2008 FDA clearance; that's when silicon nitride went from a lab curiosity to a clinically viable biomaterial. Over 50,000 spinal implants have been successfully placed since then, showing the long-term clinical acceptance.

The most recent, and arguably most critical, shift came in 2025. The company executed a strategic realignment to focus exclusively on high-margin orthopedic and surgical markets, moving away from non-core ventures like the ceramic armor business, which was shut down in August 2024.

• The 2025 Strategic Pivot: In February 2025, a successful recapitalization and the divestiture of the non-core Technology Assessment & Transfer, Inc. subsidiary provided the financial runway and focus needed for the new strategy.
• The SiNAPTIC Acquisition: The July 2025 acquisition of SiNAPTIC Surgical, LLC brought in new leadership and immediately expanded the product pipeline into the foot and ankle sector. This move wasn't just about products; it was about injecting proven commercial expertise.
• Near-Term Financials: This focus is crucial because the trailing twelve-month revenue as of September 30, 2025, was only $733K, reflecting the transition, so every strategic move must drive commercial sales. The Q3 2025 net loss was $3.5 million, illustrating the capital burn rate that the new strategy must reverse.

The current leadership, including CEO Eric K. Olson, is defintely betting the company's future on the unique properties of their silicon nitride platform, which boasts antimicrobial activity and osteogenic potential (bone-growth promotion). You can read more about the forward-looking strategy here: Mission Statement, Vision, & Core Values of Sintx Technologies, Inc. (SINT).

Sintx Technologies, Inc. (SINT) Ownership Structure

Sintx Technologies, Inc. (SINT) is a publicly traded company, and its ownership structure is a mix of institutional funds, company insiders, and a large public float, which means strategic control is somewhat dispersed but still heavily influenced by management and the board.

The company's governance is driven by a small, focused leadership team that has undergone significant expansion and strategic realignment in 2025, particularly following the acquisition of SiNAPTIC Surgical, LLC in July 2025, which brought new commercial and clinical expertise into the organization.

Sintx Technologies, Inc. Current Status

Sintx Technologies is a publicly traded entity, listed on the NASDAQ Capital Market under the ticker symbol SINT. As of November 2025, the company's market capitalization stands at approximately $12.36 Million USD, reflecting its status as a small-cap innovator in the advanced ceramics space. The stock price as of November 21, 2025, closed at $3.21 per share.

This public status mandates regulatory transparency, requiring the company to file detailed reports with the Securities and Exchange Commission (SEC), which is how we get a clear view of its financial health and strategic shifts. You can learn more about what drives their product strategy by reviewing their Mission Statement, Vision, & Core Values of Sintx Technologies, Inc. (SINT).

Sintx Technologies, Inc. Ownership Breakdown

Understanding who owns the stock is key to understanding the company's long-term stability and decision-making power. The majority of the company is held by the general public, but institutional and insider holdings still represent a significant, influential block of shares. Here's the quick math on the breakdown as of November 2025, based on the most recent data:

The low insider ownership percentage (4.1%) suggests that while management is involved, the influence of institutional investors (18.4%) is relatively high for a company of this size, meaning a few large funds can exert substantial pressure on strategic direction.

Sintx Technologies, Inc. Leadership

The company is steered by an executive team with a deep focus on medical devices, ceramics, and finance, which is a direct result of the strategic shift executed in 2025.

• Eric K. Olson: Serves as the President, Chief Executive Officer (CEO), and Chairman of the Board, providing unified strategic direction.
• Kevin Trask: Appointed Chief Financial Officer (CFO) in September 2025, bringing extensive experience from publicly traded companies; his base salary is $300,000.
• Gregg Richard Honigblum: Chief Investment Officer and Director, transitioning from Chief Strategy Officer in April 2025 to focus on capital allocation and strategic investments.
• Kevin J. Ontiveros Esq.: Chief Legal Officer, appointed in May 2025, with over two decades of legal experience in the life science industry.
• Lisa Marie Del Re: Chief Commercial Officer, a key addition in August 2025 to spearhead the commercialization of the new orthopedic product portfolio.

This leadership structure shows a clear commitment to commercial execution and financial rigor, which is exactly what a small-cap company needs to convert its innovative silicon nitride technology into market share.

Sintx Technologies, Inc. (SINT) Mission and Values

Sintx Technologies, Inc. stands for transforming medical device and industrial markets by leveraging its proprietary silicon nitride ceramic technology. The company's core purpose, especially following its February 2025 recapitalization and strategic realignment, is to drive commercialization of this unique biomaterial to create superior patient outcomes and substantial shareholder value.

You can see this commitment in their recent financial moves, like the divestiture of non-core assets in early 2025 to laser-focus on high-margin opportunities. For a deeper dive into their balance sheet, check out Breaking Down Sintx Technologies, Inc. (SINT) Financial Health: Key Insights for Investors.

Sintx Technologies' Core Purpose

The company's mission and vision are tightly focused on its core technological advantage: silicon nitride (Si₃N₄). This material, which is neither metal nor plastic, offers a unique trifecta of benefits-antimicrobial activity, osteogenic potential (bone growth), and radiographic translucency-making it a game-changer in orthopedics and beyond.

Official Mission Statement

The mission is a clear, action-oriented statement that maps their technology to market execution. It's about being a partner, not just a supplier.

• Drive sustainable growth and value creation.
• Collaborate with market leaders who recognize the transformative potential of silicon nitride.

This isn't corporate fluff; it's a business model. They aim to accelerate growth by forming joint ventures with established manufacturers in the $62 billion global orthopedic implant sector, plus emerging fields like wound care and agribiotech.

Vision Statement

The company's vision is to establish silicon nitride as the next-generation standard in advanced ceramics, pushing past traditional materials.

• Lead the next wave of innovation in medical technology.
• Accelerate commercialization and unlock the full value of its intellectual property portfolio.
• Develop next-generation hybrid biomaterials, combining silicon nitride's biological performance with the flexibility of polymers like PEEK and PEKK.

Honestly, their vision is defintely ambitious, especially given their trailing 12-month revenue was only $733K as of September 30, 2025. But, they have over 50,000 spinal implants successfully placed worldwide, so the clinical viability is proven.

Sintx Technologies' Core Values and Cultural DNA

While an official, short slogan isn't publicly used, the company's cultural DNA is built around the core values necessary to execute a high-tech, high-stakes medical device strategy.

• Innovation: Building on a legacy that includes the first FDA-cleared implant material that is neither metal nor plastic.
• Transparency: Maintaining open communication with all stakeholders, from patients to investors.
• Disciplined Execution: Focusing operations, as seen by the August 2024 termination of the armor ceramics facility and the July 2025 acquisition of SiNAPTIC Surgical.
• Value Creation: Committing to long-term value for shareholders through a strengthened balance sheet and monetizing an extensive patent portfolio of 18 issued U.S. patents and 84 pending applications.

The implicit tagline is simple: Silicon Nitride: The Next-Generation Biomaterial.

Sintx Technologies, Inc. (SINT) How It Works

Sintx Technologies, Inc. operates as a specialized medical materials company, creating value by developing and manufacturing proprietary silicon nitride (Si₃N₄) ceramic biomaterials used in surgical implants and advanced infection-prevention applications. The business model is shifting from low-margin Original Equipment Manufacturer (OEM) work toward commercializing its own high-margin, FDA-cleared medical devices and monetizing its extensive intellectual property (IP) through licensing deals.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

You're watching Sintx Technologies execute a focused strategic pivot right now, moving away from being a ceramics job shop to a pure-play medical technology innovator. This is a crucial shift for future profitability, but it means near-term revenue will be volatile, as you saw in the Q3 2025 report.

• Strategic Realignment: The company is exiting low-margin OEM manufacturing and non-core assets, like the February 2025 divestiture of its Maryland-based subsidiary.
• Acquisition and Product Focus: The July 2025 acquisition of SiNAPTIC Surgical, LLC brought in a portfolio of differentiated orthopedic and spine technologies, including the recently FDA-cleared SINAPTIC® Foot & Ankle Osteotomy Wedge System.
• Financial Discipline: Management is tightening its operating footprint. Here's the quick math: executing a sublease of the Armor facility is estimated to save approximately $950,000 in lease costs over the sublease term.
• Value Creation: The company generates revenue through direct sales of its proprietary implants (like the SINAPTIC® system), sales of its advanced ceramic powder to other manufacturers, and by licensing its extensive patent portfolio to partners in adjacent markets like medical textiles.

They are defintely prioritizing commercialization of their proprietary, infection-resistant devices.

Given Company's Strategic Advantages

The core advantage for Sintx Technologies is its unique, proprietary silicon nitride material platform, which has significant clinical and regulatory barriers to entry for competitors.

• Proprietary Biomaterial Leadership: Sintx is the only FDA-registered producer of implantable silicon nitride, a material that offers a trifecta of benefits: intrinsic antimicrobial activity, bone-growth-promoting potential (osteointegration), and clear imaging under X-ray and CT scanning.
• Extensive IP Portfolio: The company holds a significant IP moat, with 18 issued U.S. patents and 84 pending applications as of June 2025, covering material composition, processing methods, and medical device designs.
• Clinical Validation: The technology is proven in the field, with over 50,000 spinal implants successfully placed worldwide to date.
• Operational Efficiency and Liquidity: Operating expenses were reduced by 51% year-over-year to approximately $3.4 million in Q3 2025, and cash and cash equivalents stood at $6.25 million as of September 30, 2025, bolstered by a $4.3 million capital raise from warrant exercises.

What this estimate hides is that the Q3 2025 revenue was only $0.2 million, a sharp drop from Q3 2024, showing the transition is still a cash-intensive process before the new product launches fully kick in. You can dive deeper into the financial structure here: Exploring Sintx Technologies, Inc. (SINT) Investor Profile: Who's Buying and Why?

Sintx Technologies, Inc. (SINT) How It Makes Money

Sintx Technologies, Inc. makes money by developing, manufacturing, and selling advanced silicon nitride ($Si_3N_4$) ceramic biomaterials primarily for use in medical devices, such as spinal implants and orthopedic wedges, and through government and research grants for its material science technology.

The company is in a pivotal transition, intentionally shedding lower-margin Original Equipment Manufacturer (OEM) work and non-core technical ceramics contracts to focus exclusively on its proprietary, high-value silicon nitride medical device portfolio. This shift is why you see a sharp revenue decline in the near term, but it's a necessary move for long-term margin improvement.

Sintx Technologies' Revenue Breakdown

For the third quarter of 2025, Sintx Technologies reported total revenue of just $0.208 million. This figure is a sharp decrease, down nearly 74% from the same period last year, primarily due to a reduction in recognized grant revenue as the company focuses on commercialization. Based on the company's stated strategic shift and recent earnings commentary, here is the estimated revenue mix for Q3 2025, which reflects the current transition state:

The largest portion, Existing Product Sales, comes from providing silicon nitride interbody spinal fusion devices to partners like CTL/Amedica. The 60% figure represents the remaining, higher-value product sales as the company exits low-margin OEM contracts. Grant Revenue is shrinking because the company is shifting resources from research and development (R&D) grants to commercial execution. New Product Sales, like the private-labeled orthobiologic product OsseoSculpt™, represent the first trickle of revenue from the new, focused strategy and are expected to accelerate.

Business Economics

Sintx Technologies operates with a 'razor and blade'-like potential, where the core technology is the proprietary silicon nitride biomaterial, and the revenue comes from selling finished, high-value medical implants and related products. The economics are currently defined by high R&D investment and low sales volume, but the goal is to flip that ratio.

• Gross Margin: The gross margin for Q3 2025 was approximately 44.7% ($93K gross profit on $208K revenue). This is a healthy product margin for a materials company, but it's still highly volatile due to low sales volume. Earlier in 2025, the gross margin was cited as high as 62.2%.
• Pricing Strategy: The pricing is premium, based on the superior clinical performance of silicon nitride-its unique combination of high strength, bioactivity (ability to bond with bone), and antipathogenic properties (resistance to bacterial adhesion). This allows them to command higher prices than traditional metallic or polymer implants.
• Unit Economics: The long-term unit economics are favorable because the cost of goods sold (COGS) for the advanced ceramic is stable, but the selling price for a finished, FDA-cleared implant is high, especially in the orthopedic and spine markets. The entire business hinges on translating the FDA 510(k) clearance for the SiNAPTIC® Foot & Ankle Osteotomy Wedge System (received October 2025) into sustained, high-volume sales, with revenue expected to start in the first half of 2026.

What this estimate hides is the massive operating loss; the gross profit of $93K is dwarfed by the $3.448 million in operating expenses for the quarter.

Sintx Technologies' Financial Performance

As of November 2025, the financial performance of Sintx Technologies reflects a company in a deep investment and restructuring phase, not a mature commercial operation. The numbers show significant cash burn as they invest in their future product pipeline and commercial launch.

• Total Revenue (TTM): The trailing twelve months (TTM) revenue as of September 30, 2025, was approximately $1.27 million. This is down over 60% year-over-year, a direct result of the strategic exit from non-core, low-margin business lines.
• Net Loss: The net loss for Q3 2025 was $3.539 million. This is a common situation for a high-tech medical device company focused on R&D and regulatory clearance.
• Cash Position: The company held $6.25 million in cash and cash equivalents as of September 30, 2025, up from $3.60 million at the end of 2024, thanks to recent financing activities. They also secured an estimated $950,000 in future lease cost savings by subleasing a facility.
• Liquidity: The current ratio is 1.70 as of Q3 2025, which suggests they have enough current assets to cover their short-term liabilities. This is defintely a good sign for a company with negative free cash flow.
• Future Catalyst: The commercial launch of the FDA-cleared SiNAPTIC Foot & Ankle Osteotomy Wedge System is the immediate, clear opportunity to drive high-margin revenue in 2026. Understanding the company's long-term vision requires a look at their Mission Statement, Vision, & Core Values of Sintx Technologies, Inc. (SINT).

The immediate action item is to track the sales ramp of the SiNAPTIC product line in Q1 and Q2 2026; that will be the first true test of the new business model.

Sintx Technologies, Inc. (SINT) Market Position & Future Outlook

Sintx Technologies, Inc. is executing a critical pivot in 2025, moving from a niche industrial ceramics supplier to a focused medical device innovator, a strategy essential for unlocking value from its proprietary silicon nitride (Si₃N₄) biomaterial. The company's future hinges on its ability to commercialize its unique material-the only FDA-cleared implantable silicon nitride-and translate its 62% gross margin into sustained profitability, given the TTM revenue is only $0.95 Million USD as of 2025.

Competitive Landscape

In the orthopedic market, SINTX competes not only with large device manufacturers but also with the established materials they use, primarily titanium and Polyether Ether Ketone (PEEK). SINTX's market share is currently small, reflecting its focus on a specialized biomaterial, but its advantage is the material's unique trifecta of antimicrobial, osteogenic (bone-promoting), and radiolucent properties.

Opportunities & Challenges

The company's strategic realignment, including the divestiture of non-core assets in early 2025 and the acquisition of SiNAPTIC Surgical in July 2025, is a clear action plan to drive growth. The challenge is that this shift is happening against a backdrop of significant financial pressure, evidenced by a negative EBIT margin exceeding 600% in late 2025.

Industry Position

Sintx Technologies operates as a small, technology-differentiated player in the massive global orthopedic implant sector, which is projected to be a $62 billion market. Its position is unique because it holds the only FDA-registered and ISO 13485 certified manufacturing facility for implantable silicon nitride ceramics. That's a huge regulatory barrier to entry.

• Niche Dominance: SINTX is the undisputed leader in medical-grade silicon nitride, having pioneered the first FDA-cleared silicon nitride implant in 2008 and implanted over 50,000 devices worldwide.
• Strategic Focus: The company is moving away from low-margin manufacturing, aiming to capture higher-margin revenue by focusing on its own intellectual property and new product development like the 3D-printed composite implants.
• Financial Health: Despite the operational focus, the company's financial health remains tenuous, requiring close monitoring of its cash burn, which was reduced from $2.7 Million to $1.3 Million year-over-year in Q1 2025. You can dive deeper into this at Breaking Down Sintx Technologies, Inc. (SINT) Financial Health: Key Insights for Investors.

The next step for SINTX is to secure a major licensing or co-development deal that validates its technology beyond its current spine business and dramatically scales revenue.