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NEPHROS INC
NEPHCIK 0001196298NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$18.79M
Net Income
$1.19M
Total Assets
—
Equity
—
Shares Out
10.86M
Op. Cash Flow
$1.60M
Business
NEPHROS INC develops and sells high-performance water filtration solutions for medical and commercial customers. Its main products include ultrafilters and microfilters (e.g., DSU, SSU, EndoPur, HydraGuard, S100, NanoGuard) designed to retain bacteria, viruses, endotoxins and to improve taste, odor and reduce scale and heavy metals. The company operates distinct medical and commercial segments—serving hospitals, dialysis centers and infection control applications, as well as food service, hospitality, convenience stores, military and outdoor markets. Products are sold through value-added resellers, distributors and a direct salesforce, with some manufacturing outsourced and limited in-house commercial production.
Summary from filing dated 2025-03-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total net revenues | 19 | 14 | 14 | 10 | 10 | |
| Cost of goods sold | 7 | 5 | 6 | 5 | 5 | |
| Gross Margin | 12 | 9 | 8 | 5 | 6 | |
| Research and development | 1 | 906,000 | 873,000 | 1 | 1 | |
| Depreciation and amortization | 140,000 | 135,000 | 214,000 | 218,000 | 192,000 | |
| Selling, general and administrative | 9 | 8 | 9 | 8 | 7 | |
| Total operating expenses | 10 | 9 | 10 | 9 | 9 | |
| Operating income | 1 | 6,000 | −2 | −4 | −3 | |
| Interest expense | −1,000 | −1,000 | −2,000 | — | — | |
| Interest income | 139,000 | 94,000 | 64,000 | 14,000 | 10,000 | |
| Other expense net | −78,000 | −10,000 | −44,000 | 64,000 | 17,000 | |
| Total other income | 60,000 | 83,000 | 18,000 | 58,000 | 468,000 | |
| Income before income taxes | 1 | 89,000 | −2 | — | — | |
| Income tax expense | −12,000 | −15,000 | — | — | — | |
| Net income | 1 | 74,000 | — | — | −4 | |
| Net income per common share, basic | 0.11 | 0.01 | −0.15 | −0.73 | −0.41 | |
| Net income per common share, diluted | 0.11 | 0.01 | −0.15 | −0.73 | — | |
| Weighted average common shares outstanding, basic | 11 | 11 | 10 | 10 | 10 | |
| Weighted average common shares outstanding, diluted | 11 | 11 | 10 | 10 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 5 | 4 | 4 | 4 | 7 | |
| Accounts receivable, net | 2 | 2 | 1 | 1 | 2 | |
| Inventory | 3 | 3 | 2 | 3 | 4 | |
| Prepaid expenses and other current assets | 177,000 | 142,000 | 132,000 | 188,000 | 207,000 | |
| Total current assets | 11 | 8 | 8 | 8 | 14 | |
| Property and equipment, net | 106,000 | 161,000 | 152,000 | 116,000 | 72,000 | |
| Lease right-of-use assets | 1 | 1 | 2 | 984,000 | 614,000 | |
| Intangible assets, net | 318,000 | 349,000 | 381,000 | 423,000 | 465,000 | |
| Goodwill | 800,000 | 800,000 | 800,000 | 800,000 | 800,000 | |
| License and supply agreement, net | 164,000 | 216,000 | 271,000 | 402,000 | 500,000 | |
| Other assets | 50,000 | 50,000 | 86,000 | 54,000 | 84,000 | |
| TOTAL ASSETS | 14 | 11 | 12 | 11 | 18 | |
| Accounts payable | 914,000 | 649,000 | 873,000 | 740,000 | 1 | |
| Accrued expenses | 1 | 565,000 | 794,000 | 285,000 | 444,000 | |
| Current portion of lease liabilities | 391,000 | 348,000 | 446,000 | 316,000 | 313,000 | |
| Total current liabilities | 3 | 2 | 2 | 1 | 2 | |
| Lease liabilities, net of current portion | 672,000 | 1 | 1 | 705,000 | 340,000 | |
| TOTAL LIABILITIES | 3 | 3 | 4 | 2 | 3 | |
| Preferred stock, $.001 par value; 5,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024 | — | — | — | — | — | |
| Common stock, $.001 par value; 40,000,000 shares authorized at December 31, 2025 and 2024; 10,644,268 and 10,544,691 shares issued and outstanding at December 31, 2025 and 2024, respectively | 11,000 | 11,000 | 10,000 | 10,000 | 10,000 | |
| Additional paid-in capital | 153 | 153 | 153 | 148 | 147 | |
| Accumulated deficit | −143 | −144 | −144 | −143 | −136 | |
| TOTAL STOCKHOLDERS EQUITY | 10 | 9 | 8 | 9 | 15 | |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 14 | 11 | 12 | 11 | 18 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation of property and equipment | 55,000 | 46,000 | 39,000 | 93,000 | 38,000 | |
| Amortization of intangible assets, license and supply agreement and finance lease right-of-use asset | 84,000 | 91,000 | 175,000 | 258,000 | 214,000 | |
| Stock-based compensation | 296,000 | 153,000 | 1 | 982,000 | 1 | |
| Inventory impairments and writeoffs | 68,000 | 262,000 | 295,000 | 773,000 | 213,000 | |
| Change in right-of-use asset | 356,000 | 447,000 | 342,000 | — | — | |
| Gain on asset disposal | — | −5,000 | — | — | — | |
| (Gain) or loss on foreign currency transactions | 5,000 | −6,000 | — | — | — | |
| Accounts receivable | −633,000 | −285,000 | −221,000 | 357,000 | −278,000 | |
| Inventory | −685,000 | −407,000 | 387,000 | 765,000 | 296,000 | |
| Prepaid expenses and other current assets | −35,000 | −10,000 | 56,000 | 26,000 | 12,000 | |
| Other assets | — | 36,000 | −31,000 | 29,000 | — | |
| Accounts payable | 259,000 | −220,000 | 133,000 | −593,000 | 908,000 | |
| Accrued expenses | 1 | −226,000 | 506,000 | −150,000 | 274,000 | |
| Lease liabilities | −343,000 | −442,000 | −342,000 | −355,000 | −329,000 | |
| Net cash provided by (used in) operating activities | 2 | −492,000 | 827,000 | −3 | −1 | |
| Sale of property and equipment | — | 5,000 | — | — | — | |
| Purchase of property and equipment | — | −55,000 | −75,000 | −137,000 | −36,000 | |
| Net cash used in investing activities | 0 | −50,000 | −75,000 | −137,000 | −85,000 | |
| Principal payments on finance lease liability | −5,000 | −5,000 | −7,000 | −12,000 | −11,000 | |
| Net cash used in financing activities | −5,000 | −5,000 | −79,000 | 34,000 | 237,000 | |
| Net increase (decrease) in cash and cash equivalents | 2 | −547,000 | 673,000 | −3 | −1 | |
| Cash paid for interest expense | 1,000 | 2,000 | 2,000 | 19,000 | 41,000 | |
| Right-of-use asset obtained in exchange for finance lease liability | — | 22,000 | — | — | — |
Filings
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