[Form 4] NEPHROS INC Insider Trading Activity

Rhea-AI Filing Summary

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.

Insights

Equity compensation analyst

Routine option grant increases Nephros CFO’s equity incentives without any share sales.

The report shows Nephros Inc. granted Chief Financial Officer Judy Krandel options to acquire 4,000 shares at an exercise price of $2.92 per share, expiring in 2036. The vesting schedule stretches from 2027 onward, aligning incentives over multiple years.

The filing also lists existing options with exercise prices of $1.71 and $1.68 per share, expiring in 2033 and 2035, covering 122,524 and 54,359 underlying shares. No open-market purchases or sales are reported, so this appears to be a standard, compensation-related update rather than a directional trading signal.

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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hours per response:			0.5

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^*

Krandel Judy

(Last) (First) (Middle)

380 LACKAWANNA PLACE

(Street)

SOUTH ORANGE NEW JERSEY 07079

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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

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

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

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

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)	$1.71							(1)	11/01/2033	Common Stock	122,524		122,524	D
Stock Option (right to buy)	$1.68							(2)	03/27/2035	Common Stock	54,359		54,359	D
Stock Option (right to buy)	$2.92	03/16/2026		A		4,000		(3)	03/16/2036	Common Stock	4,000	$0	4,000	D

Explanation of Responses:

1. Options to purchase 30,631 shares vest on 11/1/24 and options to purchase the remaining 91,893 shares vest quarterly in 12 equal amounts commencing on 2/1/2025.

2. Options to purchase 13,589 shares vest on 3/27/2026 and options to purchase the remaining 40,770 shares vest quarterly in 12 equal amounts commencing on 6/27/2026.

3. Options to purchase 1,000 shares vest on 3/16/2027 and options to purchase the remaining 3,000 shares vest quarterly in 12 equal amounts commencing on 6/16/2027.

	/s/ Christopher Melsha as attorney-in-fact for Judy Krandel pursuant to power of attorney previously filed.	03/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)