SNES Stock: Insider Activity, Filings & Research

SenesTech, Inc. (SNES) — Drillr’s hub for SNES insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, SNES insiders filed 9 open-market buys and 0 sales (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$393.1K

Insiders buyingCluster buying

Insider trades by month Buys Sells

Aug

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Feb

Mar

Apr

May

Context3-month price -27.9%

Date	Insider	Type	Shares	Price
May 18, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	7,120	$1.65
May 18, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	15,000	$1.72
May 18, 2026	Edell Michaeldirector, officer: Chief Executive Officer	Buy	1,000	$1.61
May 18, 2026	Edell Michaeldirector, officer: Chief Executive Officer	Buy	2,000	$1.70
May 18, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	10,000	$1.59
Apr 30, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	3,000	$1.47
Mar 17, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	19,725	$1.79
Mar 17, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	5,060	$1.86
Mar 17, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	146,249	$1.95
Feb 19, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	34,613	$2.40
Feb 19, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	40,807	$2.29
Feb 19, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	10,481	$2.29
Feb 13, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	15,390	$1.89
Feb 13, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	7,956	$1.72
Feb 13, 2026	GLENBROOK CAPITAL MANAGEMENT10 percent owner	Buy	8,000	$1.73

Source: SNES SEC Form 4 filings, latest May 18, 2026. For informational purposes only — not investment advice.

Overview

SenesTech, Inc. (NASDAQ:SNES) is a specialty chemicals company founded in 2004 and headquartered in Phoenix, Arizona, that went public in December 2016. The company has developed a unique approach to pest control through fertility management technology, representing a paradigm shift from traditional rodenticide methods that kill rodents to a more sustainable approach that prevents reproduction. SenesTech operates in the animal pest management industry, focusing primarily on rodent population control through innovative contraceptive solutions.

Business

SenesTech operates in the specialty pest control chemicals industry, which is a subset of the broader pest management market traditionally dominated by rodenticides (rat poisons) and traps. The company has pioneered fertility control technology as an alternative to conventional pest control methods that rely on killing rodents after they have already reproduced and established populations. The company's core technology platform centers around triptolide, a naturally occurring compound derived from the Chinese thunder god vine, which acts as a fertility control agent for rodents. This compound is formulated into liquid baits that, when consumed by rats and mice, reduce their reproductive capacity without immediately killing them. The approach addresses a fundamental problem with traditional rodenticides: they only eliminate existing rodents but do nothing to prevent new generations from being born. SenesTech's primary products include: 1. ContraPest - The company's original liquid fertility control bait designed for professional pest management applications. This product requires specialized equipment for deployment and targets both male and female rats by affecting sperm production and egg development respectively. 2. Evolve Rat and Evolve Mouse - These are newer soft bait formulations that represent the company's strategic pivot toward more user-friendly products. These products can be deployed without specialized equipment, making them accessible to a broader market including direct consumers, municipalities, and retail channels. The company's revenue is currently distributed across multiple channels, with e-commerce representing approximately 60% of sales, followed by distributor relationships and direct field sales. The newer Evolve product line has become increasingly dominant, representing over 50% of recent quarterly revenues, while the original ContraPest product now accounts for roughly 20-25% of sales.

Revenue model

SenesTech generates revenue primarily through direct product sales of its fertility control baits to various customer segments. The company operates on a traditional product manufacturing and distribution model, where it produces its proprietary formulations and sells them through multiple channels including e-commerce platforms, professional distributors, municipal contracts, and retail partnerships. The company's customers span several distinct markets: professional pest management companies who deploy ContraPest in commercial and industrial settings; municipalities implementing integrated pest management programs; agricultural operations dealing with rodent infestations; zoos and animal sanctuaries; and increasingly, direct consumers purchasing through e-commerce platforms like Amazon and Walmart.com. The company has also begun penetrating brick-and-mortar retail through partnerships with chains like Ace Hardware. SenesTech's business model benefits from several factors that can expand margins. The newer Evolve product line carries higher gross margins of approximately 60-65% compared to ContraPest's 50% margins, driven by simplified manufacturing processes and reduced deployment complexity. The shift toward e-commerce and retail channels also improves margins by reducing reliance on distributor markups and field sales costs. International expansion, where the company has signed distribution agreements in 12 countries, offers potential for premium pricing in markets with limited fertility control alternatives. However, several factors pose margin pressure risks. The company's dependence on triptolide, sourced from natural plant extraction, creates input cost volatility and supply chain risks. Regulatory approval processes for new markets and applications require significant investment with uncertain timelines. The company also faces potential competitive pressure from established pest control companies that might develop competing fertility control technologies, and from traditional rodenticide manufacturers defending market share through aggressive pricing.

Competitive moat

SenesTech's competitive moat is relatively narrow but potentially defensible in specific niches. The company's primary advantage lies in its first-mover status in rodent fertility control technology and its intellectual property around triptolide formulations and delivery systems. The regulatory approvals required for pest control products create some barriers to entry, as competitors would need to invest significant time and resources to achieve similar registrations across multiple jurisdictions. However, the company's moat faces several vulnerabilities. The core active ingredient, triptolide, is a naturally occurring compound that cannot be patented in its basic form, limiting the company's ability to prevent competitors from developing alternative formulations. Large incumbent pest control companies like Bayer, BASF, or Syngenta possess substantially greater resources for research and development, regulatory affairs, and market penetration, and could potentially develop competing fertility control technologies. The company's competitive position is strongest in markets where environmental sustainability and humane pest control are prioritized, such as municipal programs, zoos, and organic agriculture. These customers value the non-lethal approach and may be willing to pay premium prices for fertility control solutions. However, in price-sensitive commercial pest control markets, traditional rodenticides remain significantly cheaper and faster-acting, limiting SenesTech's addressable market. The regulatory landscape provides some protection, as established pest control products benefit from existing approvals and market acceptance. SenesTech's growing library of regulatory approvals across different states and countries creates a modest competitive advantage, but this protection is not insurmountable for well-funded competitors.

Risks & safety

SenesTech presents a moderate to high financial risk profile with limited margin of safety for investors. • Cash Position and Burn Rate: The company maintains $1.7 million in cash as of Q1 2025, with quarterly cash burn of approximately $1.6 million, providing less than one quarter of runway at current burn rates. Management has implemented cost reduction initiatives targeting $2 million in annual savings. • Debt and Solvency: Low debt levels with debt-to-equity ratio of 0.09, indicating minimal financial leverage risk. Current ratio of 5.8 suggests adequate short-term liquidity, though this is primarily dependent on the small cash position. • Valuation Metrics: Trading at 0.8x book value and negative earnings multiples due to ongoing losses. Enterprise value to EBITDA is negative due to losses. Graham net-net value of 1.3 suggests the stock trades below liquidation value. • Operating Performance: Nine consecutive quarters of revenue growth, but still burning cash with negative $1.7 million EBITDA in Q1 2025. Management targets cash flow breakeven at $7 million annual revenue (current run rate approximately $2 million). • Other Considerations: Small market capitalization of $5 million creates liquidity risk and potential for high volatility. Recent $5 million strategic financing provides temporary relief but dilutes existing shareholders.

Recent development

Over the past two years, SenesTech has executed a significant strategic pivot away from its original professional-focused ContraPest product toward more accessible consumer and municipal-oriented solutions. The company launched its Evolve product line, including separate formulations for rats and mice, which can be deployed without specialized equipment and have achieved higher gross margins of 60-65% compared to ContraPest's 50%. The company has aggressively expanded its distribution channels, moving from primarily professional pest management sales to a multi-channel approach. E-commerce now represents over 60% of sales, with products available on Amazon, Walmart.com, and Tractor Supply. The company has also entered brick-and-mortar retail through Ace Hardware and is targeting over 20,000 potential retail locations. Municipal market penetration has become a key growth driver, with pilot programs launched in major cities including New York, Chicago, Baltimore, Los Angeles, and Boston. These deployments focus on integrated pest management approaches where fertility control complements traditional methods. International expansion has accelerated, with distribution agreements signed in 12 countries and regulatory approvals obtained in Hong Kong, UAE, Netherlands, and Maldives. Operationally, the company has implemented significant cost reduction initiatives, bringing marketing, regulatory, and intellectual property functions in-house while pausing new product development. Management has relocated to a larger manufacturing facility in Phoenix and reduced the cash flow breakeven threshold from over $10 million to approximately $7 million in annual revenue. The company has also established an ATM equity facility for flexible capital raising and completed a $5 million strategic financing round.

SNES company profile · for informational purposes only — not investment advice.

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