Welcome to our dedicated page for Nephros SEC filings (Ticker: NEPH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Nephros Inc. filings document formal disclosures for a water technology company selling filtration solutions to medical and commercial markets. Recent 8-K reports furnish operating results and financial condition updates, Regulation FD presentations, and material event disclosures tied to the company's product, service, and education strategy.
The filing record also includes a material definitive agreement with Medica S.p.A. covering license and supply arrangements for filtration products based on Medisulfone ultrafiltration technology. These disclosures describe contractual rights, supply obligations, product commercialization arrangements, and related public-company reporting matters.
Nephros, Inc. reported first-quarter 2026 net revenue of $5.2 million, up 7% from $4.9 million a year earlier, driven by 23% growth in core programmatic product revenue and partially offset by lower emergency response sales. Net income declined to $140,000 from $558,000, and gross margin fell to 57% from 65%, mainly due to U.S. tariffs, a stronger Euro increasing product costs, and a higher mix of lower-margin commercial revenue. Adjusted EBITDA was $206,000, down from $667,000. As of March 31, 2026, Nephros held $4.0 million in cash and cash equivalents, remained debt free, and reported total assets of $13.8 million.
Nephros, Inc. reported net income of $140,000 for the three months ended March 31, 2026, down from $558,000 a year earlier, as profitability was pressured by higher costs. Total net revenue rose to $5.2 million from $4.9 million, driven mainly by programmatic product sales, while emergency response revenue declined.
Gross margin narrowed to 57% from 65%, primarily due to higher product costs tied to a weaker U.S. dollar versus the Euro, tariffs implemented in May 2025, and a higher mix of lower-margin commercial revenues. Operating income fell to $97,000 from $566,000.
Cash used in operating activities was $1.7 million in the quarter, compared with $0.3 million provided a year earlier, mainly reflecting higher accounts receivable and inventory and lower accrued expenses. Cash and cash equivalents were $4.0 million as of March 31, 2026, and working capital was $9.0 million.
The company continues to carry an accumulated deficit of about $143 million but remained profitable for both Q1 2026 and full-year 2025 and believes existing cash will fund its operating plan for at least the next 12 months. Nephros also applied in April 2026 for a potential refund of $646,698 in tariffs paid under now-invalidated IEEPA-based programs, though no asset or gain has been recorded.
Nephros maintains an exclusive license and supply agreement with Medica S.p.A. that includes minimum annual purchase commitments through 2030; failure to meet these euro-denominated purchase levels could allow Medica to terminate the agreement. The company also continues to remediate a previously identified material weakness in internal control over revenue recognition for contracts with multiple performance obligations, although management believes the financial statements are fairly presented.
Nephros, Inc. filed Amendment No. 1 to its annual report for the year ended December 31, 2025 to add previously omitted Part III information and update the exhibit list. The amendment details board composition, executive and director pay, equity awards, major shareholders, related-party oversight and auditor fees, but does not change the original financial statements or reflect events after the original filing.
Nephros, Inc. furnished a current report to highlight that it has posted an updated 2026 Corporate Presentation on its corporate website. The presentation is provided as Exhibit 99.1 and is being shared as a Regulation FD disclosure, meaning it is intended to give the market broadly equal access to the same information.
The company notes that the presentation and related disclosure are considered "furnished" rather than "filed" under securities laws, which affects how they may be used in securities law liability and future SEC filings. The report is signed on behalf of Nephros by Chief Financial Officer Judy Krandel.
Nephros Inc. President and CEO Robert R. Banks Jr. exercised stock options to acquire 120,000 shares of common stock at $1.44 per share on March 23, 2026. Following the transaction, he directly holds 190,000 common shares and retains a remaining option position tied to 10,406 underlying shares expiring in 2034.
Nephros Inc. Chief Financial Officer Judy Krandel exercised stock options to acquire 68,861 shares of common stock at an exercise price of $1.71 per share. The options were previously granted compensation awards. Following the transaction, she directly holds 68,861 common shares.
She also continues to hold stock options over 54,359 shares at an exercise price of $1.68 per share, expiring on March 27, 2035, and options over 4,000 shares at an exercise price of $2.92 per share, expiring on March 16, 2036. Footnotes describe future vesting schedules for these remaining option grants. No open-market purchases or sales were reported in this filing.
Nephros director Arthur H. Amron received a grant of 3,610 shares of Nephros common stock on March 16, 2026, issued in lieu of cash fees for board service. The grant was recorded at a price of $0.00 per share and brings his directly held common stock to 134,882 shares.
He also holds stock options to purchase 7,323 shares at an exercise price of $2.14 per share expiring on May 14, 2034, and options for 7,050 shares at $1.47 per share expiring on January 1, 2035. These options vest in equal annual installments over three years, as described in the filing footnotes.
Nephros Inc.’s Chief Financial Officer Judy Krandel received a stock option grant as part of her compensation. On March 16, 2026, she was granted options to buy 4,000 shares of common stock at an exercise price of $2.92 per share, expiring on March 16, 2036. According to the vesting terms, 1,000 of these options vest on March 16, 2027, and the remaining 3,000 vest in 12 quarterly installments starting on June 16, 2027.
In addition to this new grant, she holds previously awarded options with exercise prices of $1.71 and $1.68 per share that expire in 2033 and 2035, respectively, covering 122,524 and 54,359 underlying shares of common stock. The filing shows only acquisitions and holdings, with no reported sales or dispositions in this report.
Nephros, Inc. files its annual report describing a profitable water-filtration business focused on medical-grade and commercial point-of-use solutions. The company highlights FDA 510(k)-cleared Class II filters for infection control and dialysis, as well as commercial products that now reduce Total PFAS.
Management reports profitability in 2024 and 2025 but an accumulated deficit of $143.1 million and dependence on a few large customers and suppliers. A renewed Medica supply agreement runs through 2030 with rising euro-denominated minimum purchase commitments. Nephros also discloses a material weakness in revenue recognition controls, tariff and cybersecurity risks, and significant ownership concentration by Wexford Capital.
Nephros, Inc. entered a new long-term license and supply agreement with Medica S.p.A. for ultrafiltration products. The deal gives Nephros an exclusive license, with rights to sublicense, to market, promote, distribute, offer for sale and sell certain Medisulfone-based filtration products in a defined territory, while Nephros grants Medica an exclusive license under its intellectual property to make these products during the term.
In return, Nephros committed to minimum annual aggregate purchases from Medica of €4,976,000, €5,349,000, €5,750,000, €6,000,000 and €6,300,000 for the years 2026, 2027, 2028, 2029 and 2030, respectively. The agreement runs through December 31, 2030, and replaces a prior 2023 license and supply agreement that was terminated when this new contract was signed.
Nephros may terminate the agreement for convenience with 90 days’ written notice, while Medica can terminate for uncured monetary defaults, and either party can terminate for material breaches or specified insolvency events. The contract also includes customary representations, warranties and indemnification obligations.