Nuwellis, Inc. Fair Value Disclosure
|
(in thousands)
|
2025 | |||
|
Balance at December 31, 2023
|
$ | 2,843 | ||
|
Exercise of Series J warrants
|
(1,357 | ) | ||
|
April 24, 2024, issuance of common warrants
|
7,813 | |||
|
Exercise of April 2024 warrants
|
(1,373 | ) | ||
|
Reclassification of April 2024 warrants to equity
|
(2,844 | ) | ||
|
Change in fair value
|
(4,614 | ) | ||
|
Balance at December 31, 2024
|
$ | 468 | ||
|
June 10, 2025 issuance of common warrants
|
14,547 | |||
|
Reclassification of Series A warrants to equity
|
(8,439 | ) | ||
|
Exercise of Series B warrants
|
(2,054 | ) | ||
|
Change in fair value
|
(4,133 | ) | ||
|
Balance at December 31, 2025
|
$ | 389 | ||
| 2025 | 2024 | |||
|
Common Stock Price
|
$3.35-$39.48 | $46.62-$896.70 | ||
|
Risk-free interest rates, adjusted for continuous compounding
|
3.68%-4.08% | 3.58%-5.05% | ||
| Term (years) | 1.03-5.0 | 1.78-5.00 | ||
|
Expected volatility
|
144%-189.1% | 151.90%-116.80% | ||
|
Dates and probability of future equity raises
|
various | various |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 11, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 11, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 3, 2022 | |
| 2020 | Mar 25, 2021 | |
| 2019 | Mar 5, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Mar 22, 2018 | |
| 2016 | Mar 8, 2017 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.