Nuwellis, Inc.NUWE

Nuwellis, Inc. Leases Disclosure

10-KFiled Mar 11, 20262 min read
Note 8—Operating Leases
 
The Company leases a 23,000 square foot facility located in Eden Prairie, Minnesota for office and lab space under a non-cancelable operating lease that expires in March 2027. In November 2021, the Company entered into a fourth amendment to the lease, extending the term of the lease from March 31, 2022, to March 31, 2027. This facility serves as our corporate headquarters and houses substantially all our functional areas. Monthly rent and common area maintenance charges, including estimated property tax for our headquarters, total approximately $36,000. The lease contains provisions for annual inflationary adjustments. Rent expense is being recorded on a straight-line basis over the term of the lease. Beginning on April 1, 2022, the annual base rent was $10.50 per square foot, subject to annual increases of $0.32 to $0.34 per square foot thereafter.
 
The cost components of the Company’s operating lease were as follows for the year ended December 31:
 
(in thousands)
  2025     2024  
Operating lease cost
$264  $257 
Variable lease cost
  183   138 
Total
$447  $395 
 
Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased office and lab space.
 
Maturities of our lease liability for the Company’s operating lease are as follows as of December 31:
 
(in thousands)
  2025  
2026
  273 
2027
  46 
Total lease payments
  319 
Less: Interest
  (12) 
Present value of lease liability
 $307 
Less: Current Portion
  (240) 
Non-current lease liability
 $67 
 
As of December 31, 2025 and 2024, the remaining lease terms were 1.25 and 2.25 years, respectively, and discount rates were 6.25% and 6.25% respectively. For the years ended December 31, 2025, and 2024, the operating cash outflows from the Company’s operating lease for office and manufacturing space were $265,000 and $257,000, respectively.
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Historical Timeline

Fiscal YearFiled
2025Mar 11, 2026Showing above
2024Mar 11, 2025
2023Mar 11, 2024
2022Mar 3, 2023
2021Mar 3, 2022
2020Mar 25, 2021
2019Mar 5, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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