SI-BONE, Inc.

SIBN · Surgical & Medical Instruments & Apparatus · 44.3M shares · +7%/yr ↑ dilution · EDGAR filings ↗

Net buyback after stock comp: -$24M (gross $73K, SBC $24M)

Reference price $15.25 · est. market cap ~$676M — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C54

Sacroiliac-joint device maker near breakeven with strong growth and a cash-rich balance sheet.

Strengths

Strong growth, high gross margin — revenue +20%, gross margin 80%
Cash-rich — current ratio 8.5 (88th)

Risks

Near-breakeven net result — operating margin -11%, net income -39%
Cash burn — FCF -$9M
Adoption/competition risk — per 10-K

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Net lossNet loss (net margin -9.4%)
Cash burnNegative free cash flow (-9.1M)
FDA approvalFDA clearance/approval — iFuse INTRA Ti Implant System (2026-02-11)
Strong balance sheetStrong balance sheet — $139M cash & investments, ~61 quarters of runway
Insider sellingInsider selling — 52 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$4M, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)

Quarterly revenue

2025-06-30 · $49M2025-09-30 · $49M2025-12-31 · $56M2026-03-31 · $53M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

79.6%

Operating margin

-11.1%

Net margin

-9.4%

Return on equity

-10.6%

Return on assets

-7.9%

ROIC

-8.3%

Revenue growth (QoQ)

-6.7%

Debt / equity

0.2×

Current ratio

8.5×

Free cash flow

-$9M

EBITDA

-$17M

Tangible book value

$178M

Cash & investments

$139M

Cash runway

61q

Stock comp / revenue

12.7%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-05	DUNN JEFFREY W	Sell	3.6K	$15.25
2026-06-04	HILLEMAN JERYL L	Grant	11K	—
2026-06-04	Davis Timothy E JR	Grant	11K	—
2026-06-04	Nishimura Mika	Grant	11K	—
2026-06-04	Freund John Gordon	Grant	11K	—
2026-06-04	DUNN JEFFREY W	Grant	11K	—
2026-06-04	West Thomas A.	Grant	11K	—
2026-05-29	Davis Timothy E JR	Sell	3.5K	$14.14
2026-05-28	Davis Timothy E JR	Option exercise	12K	$4.32
2026-05-28	Davis Timothy E JR	Sell	3.8K	$14.47
2026-05-18	PISETSKY MICHAEL A.	Sell	1.9K	$14.64
2026-05-18	Maheshwari Anshul	Sell	2.5K	$14.71
2026-05-18	Maheshwari Anshul	Sell	2.2K	$14.65
2026-05-18	PISETSKY MICHAEL A.	Sell	1.9K	$14.63
2026-05-18	FRANCIS LAURA	Sell	3.9K	$14.75
2026-05-18	FRANCIS LAURA	Sell	2.2K	$14.67
2026-05-18	FRANCIS LAURA	Sell	2.0K	$14.57
2026-05-18	FRANCIS LAURA	Sell	3.7K	$14.75
2026-05-18	FRANCIS LAURA	Sell	3.2K	$14.73
2026-05-04	DUNN JEFFREY W	Sell	337	$13.15
2026-04-07	Hinckley Greg K	Option exercise	3.1K	$5.94
2026-04-02	PISETSKY MICHAEL A.	Sell	34	$12.61
2026-04-02	Maheshwari Anshul	Sell	1.8K	$12.92
2026-04-02	Maheshwari Anshul	Sell	1.6K	$12.81
2026-04-02	PISETSKY MICHAEL A.	Sell	1.3K	$12.86
2026-04-01	PISETSKY MICHAEL A.	Sell	1.8K	$12.95
2026-03-12	Nishimura Mika	Sell	4.1K	$13.83
2026-02-17	PISETSKY MICHAEL A.	Sell	3.3K	$15.41
2026-02-17	Maheshwari Anshul	Sell	1.3K	$15.35
2026-02-17	Maheshwari Anshul	Sell	11K	$15.36
2026-02-17	Maheshwari Anshul	Sell	2.2K	$15.29
2026-02-17	Maheshwari Anshul	Sell	3.1K	$15.46
2026-02-17	Maheshwari Anshul	Sell	3.9K	$15.41
2026-02-17	PISETSKY MICHAEL A.	Sell	2.6K	$15.39
2026-02-17	PISETSKY MICHAEL A.	Sell	1.5K	$15.32
2026-02-17	PISETSKY MICHAEL A.	Sell	12K	$15.34
2026-02-17	PISETSKY MICHAEL A.	Sell	1.9K	$15.31
2026-02-17	FRANCIS LAURA	Sell	16K	$15.35
2026-02-17	FRANCIS LAURA	Sell	3.9K	$15.29
2026-02-17	FRANCIS LAURA	Sell	19K	$15.32
2026-02-17	FRANCIS LAURA	Sell	40K	$15.29
2026-02-17	FRANCIS LAURA	Sell	3.2K	$15.31
2026-02-17	FRANCIS LAURA	Sell	2.2K	$15.29
2026-02-17	FRANCIS LAURA	Sell	7.9K	$15.44
2026-02-17	FRANCIS LAURA	Sell	2.0K	$15.30
2026-02-17	RECUPERO ANTHONY J	Sell	2.1K	$15.28
2026-02-17	RECUPERO ANTHONY J	Sell	3.0K	$15.42
2026-02-17	RECUPERO ANTHONY J	Sell	1.7K	$15.41
2026-02-17	RECUPERO ANTHONY J	Sell	11K	$15.41
2026-02-17	RECUPERO ANTHONY J	Sell	3.1K	$15.45
2026-02-16	Maheshwari Anshul	Grant	13K	—
2026-02-16	FRANCIS LAURA	Grant	57K	—
2026-02-16	FRANCIS LAURA	Grant	57K	—
2026-02-16	FRANCIS LAURA	Grant	115K	—
2026-02-16	Maheshwari Anshul	Grant	81K	—
2026-02-16	PISETSKY MICHAEL A.	Grant	9.8K	—
2026-02-16	PISETSKY MICHAEL A.	Grant	9.8K	—
2026-02-16	PISETSKY MICHAEL A.	Grant	59K	—
2026-02-16	Maheshwari Anshul	Grant	13K	—
2026-02-02	DUNN JEFFREY W	Sell	337	$16.42
2026-01-08	DUNN JEFFREY W	Sell	20K	$21.28
2026-01-02	Maheshwari Anshul	Sell	1.9K	$19.63
2026-01-02	Maheshwari Anshul	Sell	1.7K	$19.67
2026-01-02	Maheshwari Anshul	Sell	1.6K	$19.63
2026-01-02	PISETSKY MICHAEL A.	Sell	38	$19.75
2026-01-02	PISETSKY MICHAEL A.	Sell	1.4K	$19.68
2026-01-02	PISETSKY MICHAEL A.	Sell	2.0K	$19.58
2026-01-02	RECUPERO ANTHONY J	Sell	1.9K	$19.61
2026-01-02	RECUPERO ANTHONY J	Sell	1.7K	$19.64
2025-12-18	Maheshwari Anshul	Sell	19K	$20.15
2025-12-18	PISETSKY MICHAEL A.	Sell	20K	$20.15
2025-12-08	DUNN JEFFREY W	Option exercise	1.2K	$4.32
2025-12-08	DUNN JEFFREY W	Sell	1.2K	$19.33
2025-12-08	DUNN JEFFREY W	Sell	19K	$19.33
2025-11-25	Maheshwari Anshul	Sell	100	$20.00
2025-11-24	PISETSKY MICHAEL A.	Sell	400	$20.00
2025-11-21	Maheshwari Anshul	Sell	1.2K	$20.01
2025-11-18	FRANCIS LAURA	Sell	5.4K	$17.70
2025-11-17	PISETSKY MICHAEL A.	Sell	1.5K	$17.40
2025-11-17	PISETSKY MICHAEL A.	Sell	1.9K	$17.42
2025-11-17	FRANCIS LAURA	Sell	2.0K	$17.44
2025-11-17	FRANCIS LAURA	Sell	2.2K	$17.44
2025-11-17	FRANCIS LAURA	Sell	3.2K	$17.43
2025-11-17	FRANCIS LAURA	Sell	3.9K	$17.40
2025-11-17	RECUPERO ANTHONY J	Sell	1.7K	$17.42
2025-11-17	RECUPERO ANTHONY J	Sell	2.1K	$17.45
2025-11-17	Maheshwari Anshul	Sell	1.3K	$17.41
2025-11-17	Maheshwari Anshul	Sell	2.2K	$17.44
2025-11-11	DUNN JEFFREY W	Option exercise	57K	$4.32
2025-11-11	DUNN JEFFREY W	Sell	57K	$18.95
2025-11-11	Maheshwari Anshul	Sell	2.6K	$18.33
2025-11-11	FRANCIS LAURA	Sell	5.4K	$17.06
2025-11-11	DUNN JEFFREY W	Sell	23K	$18.95
2025-11-11	DUNN JEFFREY W	Option exercise	23K	$4.32
2025-11-03	DUNN JEFFREY W	Sell	293	$14.80
2025-10-02	Maheshwari Anshul	Sell	1.6K	$14.17
2025-10-02	Maheshwari Anshul	Sell	1.8K	$14.22
2025-10-02	PISETSKY MICHAEL A.	Sell	34	$14.11
2025-10-02	PISETSKY MICHAEL A.	Sell	1.8K	$14.26
2025-10-02	PISETSKY MICHAEL A.	Sell	1.3K	$14.25
2025-10-02	RECUPERO ANTHONY J	Sell	1.8K	$14.27
2025-10-02	RECUPERO ANTHONY J	Sell	1.6K	$14.24
2025-08-18	PISETSKY MICHAEL A.	Sell	1.9K	$15.65
2025-08-18	RECUPERO ANTHONY J	Sell	2.1K	$15.63
2025-08-18	RECUPERO ANTHONY J	Sell	1.7K	$15.61
2025-08-18	PISETSKY MICHAEL A.	Sell	1.5K	$15.62
2025-08-18	Maheshwari Anshul	Sell	1.3K	$15.59
2025-08-18	Maheshwari Anshul	Sell	2.2K	$15.55
2025-08-18	FRANCIS LAURA	Sell	2.2K	$15.61
2025-08-18	FRANCIS LAURA	Sell	2.0K	$15.62
2025-08-18	FRANCIS LAURA	Sell	3.2K	$15.59
2025-08-18	FRANCIS LAURA	Sell	3.9K	$15.59
2025-08-08	Freund John Gordon	Sell	12K	$15.99
2025-08-04	DUNN JEFFREY W	Sell	293	$17.37
2025-07-07	FRANCIS LAURA	Sell	757	$18.26
2025-07-02	Maheshwari Anshul	Sell	1.7K	$18.43
2025-07-02	RECUPERO ANTHONY J	Sell	1.6K	$18.28
2025-07-02	RECUPERO ANTHONY J	Sell	1.8K	$18.26
2025-07-02	PISETSKY MICHAEL A.	Sell	34	$18.38
2025-07-02	PISETSKY MICHAEL A.	Sell	1.8K	$18.31
2025-07-02	PISETSKY MICHAEL A.	Sell	1.3K	$18.26
2025-07-02	Maheshwari Anshul	Sell	867	$18.43
2025-07-02	Maheshwari Anshul	Sell	1.8K	$18.31
2025-07-02	Maheshwari Anshul	Sell	1.6K	$18.29
2025-06-05	West Thomas A.	Grant	8.7K	—
2025-06-05	Nishimura Mika	Grant	8.7K	—
2025-06-05	Wolf Daniel W	Grant	8.7K	—
2025-06-05	DUNN JEFFREY W	Grant	8.7K	—
2025-06-05	HILLEMAN JERYL L	Grant	8.7K	—
2025-06-05	HINCKLEY GREGORY K	Grant	8.7K	—
2025-06-05	Freund John Gordon	Grant	8.7K	—
2025-06-05	DUNN JEFFREY W	Sell	3.4K	$19.05
2025-06-05	Davis Timothy E JR	Grant	8.7K	—
2025-05-19	Maheshwari Anshul	Sell	2.4K	$19.48
2025-05-19	FRANCIS LAURA	Sell	5.4K	$19.49
2025-05-16	RECUPERO ANTHONY J	Sell	314	$19.20
2025-05-16	FRANCIS LAURA	Sell	250	$20.01
2025-05-16	FRANCIS LAURA	Sell	2.0K	$19.69
2025-05-16	FRANCIS LAURA	Sell	3.8K	$19.66
2025-05-16	FRANCIS LAURA	Sell	3.1K	$19.68
2025-05-16	FRANCIS LAURA	Sell	100	$20.01
2025-05-16	FRANCIS LAURA	Sell	100	$20.01
2025-05-16	FRANCIS LAURA	Sell	2.2K	$19.68
2025-05-16	FRANCIS LAURA	Sell	794	$19.48
2025-05-16	Maheshwari Anshul	Sell	40	$19.80
2025-05-16	Maheshwari Anshul	Sell	1.1K	$19.36
2025-05-16	Maheshwari Anshul	Sell	968	$19.26
2025-05-16	Maheshwari Anshul	Sell	1.9K	$19.54
2025-05-16	Maheshwari Anshul	Sell	307	$19.92
2025-05-16	Maheshwari Anshul	Sell	261	$19.97
2025-05-16	Maheshwari Anshul	Sell	5.0K	$20.01
2025-05-16	RECUPERO ANTHONY J	Sell	100	$20.02
2025-05-16	RECUPERO ANTHONY J	Sell	2.1K	$19.61
2025-05-16	RECUPERO ANTHONY J	Sell	41	$19.99
2025-05-16	RECUPERO ANTHONY J	Sell	1.6K	$19.52
2025-05-16	Pisetsky Michael A	Sell	1.5K	$19.70
2025-05-16	Pisetsky Michael A	Sell	132	$19.18
2025-05-16	Pisetsky Michael A	Sell	1.9K	$19.66
2025-05-12	Maheshwari Anshul	Sell	4.9K	$19.02
2025-05-08	Maheshwari Anshul	Sell	28K	$18.17
2025-05-07	Maheshwari Anshul	Sell	4.9K	$17.00
2025-05-07	FRANCIS LAURA	Sell	39K	$17.18
2025-05-01	DUNN JEFFREY W	Sell	336	$13.78
2025-04-30	Pisetsky Michael A	Option exercise	21K	$4.68
2025-04-02	Pisetsky Michael A	Sell	34	$13.86
2025-04-02	Pisetsky Michael A	Sell	1.3K	$14.09
2025-04-02	Pisetsky Michael A	Sell	1.8K	$14.17
2025-04-02	RECUPERO ANTHONY J	Sell	1.8K	$14.17
2025-04-02	RECUPERO ANTHONY J	Sell	1.6K	$14.13
2025-04-02	Maheshwari Anshul	Sell	1.6K	$14.09
2025-04-02	Maheshwari Anshul	Sell	1.8K	$14.14
2025-02-18	FRANCIS LAURA	Sell	1.0K	$16.56
2025-02-18	FRANCIS LAURA	Sell	2.0K	$16.75
2025-02-18	FRANCIS LAURA	Sell	2.2K	$16.77
2025-02-18	FRANCIS LAURA	Sell	3.2K	$16.83
2025-02-18	FRANCIS LAURA	Sell	9.8K	$17.60
2025-02-18	FRANCIS LAURA	Sell	1.6K	$16.72
2025-02-18	FRANCIS LAURA	Sell	3.0K	$17.45
2025-02-18	FRANCIS LAURA	Sell	5.1K	$17.00
2025-02-18	FRANCIS LAURA	Sell	8.2K	$17.59
2025-02-18	FRANCIS LAURA	Sell	5.0K	$17.04
2025-02-18	FRANCIS LAURA	Sell	5.0K	$17.03
2025-02-18	Maheshwari Anshul	Sell	1.3K	$16.70
2025-02-18	Maheshwari Anshul	Sell	156	$17.36
2025-02-18	Maheshwari Anshul	Sell	1.3K	$16.66
2025-02-18	Maheshwari Anshul	Sell	3.0K	$16.86
2025-02-18	Maheshwari Anshul	Sell	3.8K	$16.94
2025-02-18	Maheshwari Anshul	Sell	524	$17.35
2025-02-18	Maheshwari Anshul	Sell	1.2K	$16.74
2025-02-18	RECUPERO ANTHONY J	Sell	940	$17.37
2025-02-18	RECUPERO ANTHONY J	Sell	3.3K	$16.97
2025-02-18	RECUPERO ANTHONY J	Sell	2.1K	$16.75
2025-02-18	RECUPERO ANTHONY J	Sell	1.5K	$16.70
2025-02-18	RECUPERO ANTHONY J	Sell	1.3K	$16.72
2025-02-18	RECUPERO ANTHONY J	Sell	314	$16.39
2025-02-18	DUNN JEFFREY W	Sell	1.6K	$16.77
2025-02-03	Maheshwari Anshul	Grant	72K	—
2025-02-03	Maheshwari Anshul	Grant	24K	—
2025-02-03	RECUPERO ANTHONY J	Grant	56K	—
2025-02-03	RECUPERO ANTHONY J	Grant	19K	—
2025-02-03	FRANCIS LAURA	Grant	122K	—
2025-02-03	FRANCIS LAURA	Grant	92K	—
2025-02-03	FRANCIS LAURA	Grant	31K	—
2025-02-03	DUNN JEFFREY W	Sell	337	$16.51
2025-01-02	RECUPERO ANTHONY J	Sell	1.9K	$13.92
2025-01-02	RECUPERO ANTHONY J	Sell	1.7K	$13.88
2025-01-02	Maheshwari Anshul	Sell	1.6K	$13.90
2025-01-02	Maheshwari Anshul	Sell	1.9K	$13.93
2025-01-02	Maheshwari Anshul	Sell	1.7K	$13.91

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT06706908 ↗	Innovative Spinopelvic Solutions With Real-World Evidence Sacroiliac Joint Dysfunction, Sacroiliac Joint Pain	—	Active Not Recruiting	2034-12-01
NCT05640908 ↗	Pelvic Fixation and Fusion During Multilevel Spinal Surgery Spinal Fusion, Deformity of Spine	—	Active Not Recruiting	2027-11-01
NCT05870488 ↗	iFuse TORQ for the Treatment of Sacroiliac Joint Dysfunction Sacroiliac Joint Dysfunction, Sacroiliac; Fusion	PHASE4	Active Not Recruiting	2025-04-23
NCT07565545 ↗	Posterior-Inferior Intra-articular Cortical Piercing Titanium Implant for Sacroiliac Joint Fusion: Evaluation of Safety and Effectiveness Outcomes Sacro Iliac Joint Pain, Sacro-iliac Joints	—	Not Yet Recruiting	2028-03-01
NCT07530497 ↗	Real World Evidence of SI-BONE's iFuse TORQ TNT Advancing Treatment of Pelvic Ring Fractures Fracture; Pelvic, Insufficiency Fractures	—	Not Yet Recruiting	2028-02-01
NCT04062630 ↗	SI Joint Stabilization in Long Fusion to the Pelvis Sacroiliac Joint Disruption, Scoliosis Lumbar Region	NA	Completed	2024-12-17
NCT03122899 ↗	Study of Bone Growth in the Sacroiliac Joint After Minimally Invasive Surgery With Titanium Implants Sacroiliac Dysfunction	NA	Completed	2024-06-19
NCT05426356 ↗	Sacral Fracture Fusion/Fixation for Rapid Rehabilitation Fracture;Pelvis, Sacral Fracture	NA	Terminated	2024-06-15
NCT02270203 ↗	LOIS: Long-Term Follow-Up in INSITE/SIFI Degenerative Sacroilitis, Sacroiliac Joint Disruption	—	Completed	2019-07-01
NCT01741025 ↗	iFuse Implant System® Minimally Invasive Arthrodesis Sacroiliac Joint Pain	NA	Completed	2015-12-15
NCT01681004 ↗	Investigation of Sacroiliac Fusion Treatment (INSITE) Degenerative Sacroiliitis, Sacroiliac Joint Disruption	NA	Completed	2015-02-01
NCT01640353 ↗	Sacroiliac Joint Fusion With iFuse Implant System (SIFI) Degenerative Sacroiliitis, Sacroiliac Joint Disruption	—	Completed	2015-01-01
NCT01874236 ↗	Validity and Reliability of Diagnostic Findings of SI Joint Blocking SI Joint Pain	PHASE4	Terminated	2014-09-30

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-06-08	Material agreementDebt obligationShareholder voteExhibits	filing ↗
2026-05-11	ResultsExhibits	filing ↗
2026-02-23	Material agreementResultsExec/director change	filing ↗
2026-01-12	ResultsReg FDExhibits	filing ↗
2025-11-10	ResultsExec/director changeExhibits	filing ↗
2025-08-04	ResultsExec/director changeExhibits	filing ↗
2025-06-06	Shareholder voteExhibits	filing ↗
2025-05-05	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-08	2026-06-04	0001459839-26-000059 ↗
10-Q	2026-05-11	2026-03-31	0001459839-26-000056 ↗
8-K	2026-05-11	2026-05-11	0001459839-26-000054 ↗
10-K	2026-02-24	2025-12-31	0001459839-26-000036 ↗
8-K	2026-02-23	2026-02-20	0001459839-26-000022 ↗
8-K	2026-01-12	2026-01-12	0001459839-26-000010 ↗
10-Q	2025-11-10	2025-09-30	0001459839-25-000095 ↗
8-K	2025-11-10	2025-11-06	0001459839-25-000094 ↗
10-Q	2025-08-05	2025-06-30	0001459839-25-000076 ↗
8-K	2025-08-04	2025-07-31	0001459839-25-000073 ↗
8-K	2025-06-06	2025-06-05	0001459839-25-000066 ↗
10-Q	2025-05-06	2025-03-31	0001459839-25-000061 ↗