N
Nuwellis, Inc.
NUWECIK 0001506492NasdaqNon-AcceleratedSmaller ReportingElectromedical & Electrotherapeutic ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$8.27M
Net Income
$-17.52M
Total Assets
$6.12M
Equity
$2.62M
Shares Out
2.31M
Op. Cash Flow
$-10.81M
Business
Nuwellis, Inc. is a commercial-stage medical technology company focused on treating patients with fluid overload using ultrafiltration devices. It markets the Aquadex FlexFlow and Aquadex SmartFlow systems, comprising consoles, disposable blood circuit sets and catheters, and is developing a dedicated pediatric CRRT device (Vivian). The company’s commercial and development efforts are organized around three primary clinical areas: heart failure, critical care and pediatrics, supported by R&D and clinical trials. It sells directly to U.S. hospitals and clinics and through independent specialty distributors across Europe, Latin America, the Middle East and Asia, targeting inpatient and outpatient settings.
Summary from filing dated 2025-03-11
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 |
|---|---|---|---|---|---|---|
| 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
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 | 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
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 | 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
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro