[Form 4] NEPHROS INC Insider Trading Activity

Rhea-AI Filing Summary

Nephros, Inc. (NEPH) filed a Form 4 showing insider activity. A director reported acquiring 8,036 shares of common stock on 11/10/2025 at $0, bringing direct beneficial ownership to 122,881 shares following the transaction. The filing also lists multiple outstanding stock options with various exercise prices and expirations, with examples including options exercisable at $5.5755 expiring 08/10/2028 and at $2.14 expiring 05/14/2034.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spandow Oliver J.

(Last) (First) (Middle)

C/O NEPHROS, INC.

380 LACKAWANNA PLACE

(Street)

SOUTH ORANGE NJ 07079

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NEPHROS INC [ NEPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/10/2025		A		8,036	A	$0	122,881	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$5.5755							(1)	08/10/2028	Common Stock	9,466		9,466	D
Stock Option (Right to Buy)	$5.85							(1)	12/19/2028	Common Stock	5,161		5,161	D
Stock Option (Right to Buy)	$8.57							(1)	12/16/2029	Common Stock	5,568		5,568	D
Stock Option (Right to Buy)	$8.06							(1)	01/06/2031	Common Stock	6,850		6,850	D
Stock Option (Right to Buy)	$6.82							(1)	12/14/2031	Common Stock	7,062		7,062	D
Stock Option (Right to Buy)	$1.07							(1)	01/05/2033	Common Stock	7,080		7,080	D
Stock Option (Right to Buy)	$2.14							(2)	05/14/2034	Common Stock	7,323		7,323	D
Stock Option (Right to Buy)	$1.47							(3)	01/01/2035	Common Stock	7,050		7,050	D

Explanation of Responses:

1. Fully exercisable.

2. This option vests as to 2,441 shares on each of 5/14/24, 5/14/25 and 5/14/26.

3. This option vests as to 2,350 shares on each of 1/1/25, 1/1/26 and 1/1/27.

	/s/ Christopher Melsha as attorney-in-fact for Oliver Spandow pursuant to power of attorney previously filed.	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did NEPH report on Form 4?

A director acquired 8,036 shares of Nephros common stock on 11/10/2025 at $0.

How many NEPH shares does the insider own after the transaction?

The director beneficially owns 122,881 shares directly following the reported transaction.

What role does the reporting person have at NEPH?

The reporting person is a Director of Nephros, Inc.

Does the Form 4 list stock options for the insider?

Yes. The filing lists several stock options, including one at $5.5755 expiring 08/10/2028 and one at $2.14 expiring 05/14/2034.

What is the ownership form of the reported NEPH holdings?

The holdings are reported as Direct (D) ownership.

Were there vesting details disclosed for any options?

Yes. One option vests as to 2,441 shares on each of 5/14/24, 5/14/25, and 5/14/26; another vests 2,350 shares on 1/1/25, 1/1/26, and 1/1/27.