Nuwellis, Inc.
Business
Nuwellis, Inc. develops, manufactures, and commercializes the Aquadex System, a mechanical ultrafiltration device that removes excess fluid from patients with fluid overload unresponsive to diuretics. The company offers the Aquadex FlexFlow and Aquadex SmartFlow systems consisting of a console, disposable blood circuit, and catheter for use in hospitals and healthcare facilities. Primary markets are pediatrics, critical care (cardiac surgery, ECMO, VAD, organ transplant), and heart failure (inpatient and outpatient), with operations focused on the United States following a 2025 decision to exit most international markets.
Summary from 10-K filed 2026-03-11
Financials
Consolidated Statement of Income
| 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 |
|---|---|---|---|---|---|---|
| Net sales | 8 | 9 | 9 | 9 | 8 | |
| Cost of goods sold | 3 | 3 | 4 | 4 | 3 | |
| Gross profit | 5 | 6 | 5 | 5 | 4 | |
| Selling, general and administrative | 14 | 13 | 17 | 18 | 19 | |
| Research and development | 3 | 3 | 5 | 4 | 5 | |
| Total operating expenses | 16 | 17 | 23 | 22 | 24 | |
| Loss from operations | −11 | −11 | −18 | −17 | −20 | |
| Other income (expense) | 10,000 | −80,000 | 154,000 | 75,000 | −19,000 | |
| Gain on settlement | 0 | 900,000 | 0 | — | — | |
| Financing expense | −11 | −6 | −3 | −9 | 0 | |
| Change in fair value of warrant liability | 4 | 5 | 758,000 | 12 | 0 | |
| Loss before income taxes | −18 | −11 | −20 | −15 | −20 | |
| Income tax expense | −5,000 | −5,000 | −8,000 | −9,000 | −9,000 | |
| Net loss | −18 | −11 | −20 | −15 | −20 | |
| Deemed dividend attributable to Series J Convertible Preferred Stock | 4,000 | 541,000 | −2 | 0 | — | |
| Net loss attributable to common stockholders | −18 | −11 | −23 | −15 | — | |
| Basic loss per share (in Dollars per share) | −25.39 | −353.3 | −360.06 | −83.55 | −285.36 | |
| Diluted loss per share (in Dollars per share) | −25.39 | −353.3 | −360.06 | −83.55 | −285.36 | |
| Weighted average shares outstanding - basic (in Shares) | 690,145 | 31,601 | 56,000 | 174,000 | 69,000 | |
| Weighted average shares outstanding - diluted (in Shares) | 690,145 | 31,601 | 56,000 | 174,000 | 69,000 | |
| Unrealized foreign currency translation adjustment | 55,000 | −16,000 | −13,000 | −7,000 | −4,000 | |
| Total comprehensive loss | −17 | −11 | −20 | −14 | −20 |
Consolidated Balance Sheet
| 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 | 1 | 5 | 4 | 18 | 9 | |
| Accounts receivable | 1 | 2 | 2 | 1 | 750,000 | |
| Inventories, net | 2 | 2 | 2 | 3 | 3 | |
| Other current assets | 698,000 | 315,000 | 461,000 | 396,000 | 328,000 | |
| Total current assets | 5 | 9 | 8 | 23 | 28 | |
| Property, plant and equipment, net | 368,000 | 478,000 | 728,000 | 980,000 | 1 | |
| Operating lease right-of-use asset | 293,000 | 510,000 | 713,000 | 903,000 | 1 | |
| Other assets | 271,000 | 21,000 | 120,000 | 21,000 | 21,000 | |
| TOTAL ASSETS | 6 | 10 | 10 | 25 | 30 | |
| Accounts payable and accrued liabilities | 2 | 2 | 2 | 2 | 1 | |
| Accrued compensation | 460,000 | 640,000 | 525,000 | 2 | 2 | |
| Current portion of operating lease liability | 261,000 | 238,000 | 216,000 | 196,000 | 167,000 | |
| Other current liabilities | 85,000 | 41,000 | 51,000 | 58,000 | 36,000 | |
| Total current liabilities | 3 | 3 | 3 | 5 | 3 | |
| Warrant liability | 389,000 | 468,000 | 3 | 7 | 0 | |
| Operating lease liability | 67,000 | 307,000 | 544,000 | 760,000 | 956,000 | |
| Total liabilities | 3 | 3 | 7 | 12 | 4 | |
| Commitments and contingencies | — | — | — | — | — | |
| Series J Convertible Preferred Stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 600,000 shares, issued and outstanding 137 and 102, respectively | 6,000 | 2,000 | 221,000 | 0 | — | |
| Preferred stock | 0 | 0 | 0 | 0 | 0 | |
| Common stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,686,217 and 104,142, respectively | 0 | 0 | 0 | 0 | 0 | |
| Additional paid-in capital | 319 | 305 | 291 | 280 | 279 | |
| Foreign currency translation adjustment | 8,000 | −47,000 | −31,000 | −18,000 | −11,000 | |
| Accumulated deficit | −316 | −299 | −288 | −267 | −253 | |
| Total stockholders equity | 3 | 7 | 3 | 12 | 26 | |
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY | 6 | 10 | 10 | 25 | 30 |
Consolidated Statement of Cash Flows
| 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 | 200,000 | 310,000 | — | — | — | |
| Stock-based compensation expense | 127,000 | 478,000 | 670,000 | 862,000 | 1 | |
| Loss on disposal of intangible asset | 0 | 99,000 | 0 | — | — | |
| Amortization of operating lease right-of-use asset | 217,000 | 0 | — | — | — | |
| Accounts receivable | 234,000 | 224,000 | −545,000 | −656,000 | 155,000 | |
| Inventory | −192,000 | 279,000 | 697,000 | 140,000 | −143,000 | |
| Other current assets | −528,000 | −160,000 | −65,000 | −68,000 | −91,000 | |
| Other assets and liabilities | −173,000 | −22,000 | −7,000 | −96,000 | 186,000 | |
| Accounts payable and accrued expenses | 406,000 | −626,000 | −2 | 1 | −211,000 | |
| Net cash used in operations | −11 | −10 | −18 | −15 | −18 | |
| Purchase of property and equipment | −90,000 | −60,000 | −149,000 | −122,000 | −219,000 | |
| Net cash used in investing activities | −90,000 | −60,000 | 330,000 | 15 | −16 | |
| Issuance of Common Stock and warrants from offering, net | 4 | 2 | — | — | — | |
| Proceeds from exercise of Series J Convertible Preferred Warrants | 0 | 501,000 | 1 | 0 | — | |
| Proceeds from exercise of April 2024 Warrants, net | 0 | 2 | 0 | — | — | |
| Issuance of July and August 2024 Common Stock and Warrants, net | 0 | 2 | 0 | — | — | |
| Proceeds from warrant inducement in November 2024, net | 0 | 3 | 0 | — | — | |
| Proceeds from the exercise of warrants, net | 0 | 288,000 | 120,000 | 0 | 1,000 | |
| Issuance of Common Stock from ATM, net | 3 | 0 | 2 | 9 | 28 | |
| Net cash provided by financing activities | 7 | 11 | 4 | 9 | 28 | |
| Effect of exchange rate changes on cash | 55,000 | −16,000 | −13,000 | −7,000 | −4,000 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | −4 | 1 | −14 | 9 | −6 | |
| Issuance of Series J Preferred Stock for exercise of Warrants | 0 | 2 | 3 | 0 | — | |
| Reclassification of April 2024 warrants to equity | 0 | 4 | 0 | — | — | |
| Series A warrants conversion to equity | 8 | 0 | — | — | — | |
| Series B warrant exercises | 2 | 0 | — | — | — | |
| Cash paid for income taxes | 7,000 | 7,000 | 12,000 | 9,000 | 11,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Nuwellis, Inc.'s CIK number?
Nuwellis, Inc.'s SEC CIK number is 0001506492 (1506492). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Nuwellis, Inc.'s SEC filings?
All of Nuwellis, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Nuwellis, Inc. last report earnings?
Nuwellis, Inc. (NUWE) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001140361-26-020805). This is Nuwellis, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Nuwellis, Inc.'s most recent earnings 8-K?
Nuwellis, Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001140361-26-020805. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Nuwellis, Inc.'s latest earnings 8-K →
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