Wexford Capital nets 812 Nephros shares in option

NEPHROS INC (NEPH) had insider activity reported by entities associated with Wexford Capital LP.

Rhea-AI Filing Summary

NEPHROS INC (NEPH) had insider activity reported by entities associated with Wexford Capital LP. On 2026-08-18, Wexford Capital exercised stock options to purchase 3,765 shares of common stock at an exercise price of $3.60 per share through a cashless exercise, with a portion of the option shares withheld to satisfy the exercise price. This resulted in the acquisition of 812 shares of common stock, bringing Wexford Capital’s direct common stock holdings to 56,872 shares and leaving 36,198 stock options outstanding, expiring on August 24, 2026. Wexford GP LLC, Charles E. Davidson and Joseph M. Jacobs may be deemed controlling persons of Wexford Capital and disclaim beneficial ownership except to the extent of any pecuniary interests. The transactions were not reported as made under a Rule 10b5-1 trading plan.

Insider Trade Summary

3,765 shares exercised/converted

Exercise 2 txns

Insider WEXFORD CAPITAL LP, Wexford GP LLC, DAVIDSON CHARLES E, JACOBS JOSEPH

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F3, F4	3,765	$0.00	$0.00
Exercise	Common Stock F1, F2	812	$3.60	$3K

Holdings After Transaction: Stock Option (Right to Buy) — 36,198 contracts (Direct); Common Stock — 56,872 shares (Direct)

Footnotes (4)

1. F1. Represents the net number of shares of common stock issued upon the cashless exercise of stock options to purchase 3,765 shares, after a portion of the option shares was withheld to satisfy the exercise price.
2. F2. Includes shares of common stock granted to Wexford Capital LP ("Wexford Capital") as reported in Form 4s previously filed by Arthur Amron, a current director of the Issuer and a former employee of Wexford Capital.
3. F3. One-third of the options vested immediately upon the grant date of August 24, 2016. The remainder of the options vested in equal annual installments on each of the first and second anniversaries of the grant date.
4. F4. Includes stock options granted to Wexford Capital as reported in Form 4s previously filed by Arthur Amron, a current director of the Issuer and a former employee of Wexford Capital.

Key Figures

Options Exercised: 3,765 stock options Exercise Price: $3.60 per share Net Shares Issued: 812 shares +4 more

7 metrics

Options Exercised 3,765 stock options Stock options to buy NEPH common stock exercised on 2026-08-18

Exercise Price $3.60 per share Exercise price of stock options on NEPH common stock

Net Shares Issued 812 shares Common shares issued from cashless option exercise on 2026-08-18

Common Shares Held After Transaction 56,872 shares Wexford Capital LP direct NEPH common stock holdings post-transaction

Options Held After Transaction 36,198 stock options Remaining NEPH stock options held by Wexford Capital LP

Option Expiration Date August 24, 2026 Expiration date of the remaining stock options

Transaction Date August 18, 2026 Date of the cashless option exercise and related share issuance

Key Terms

cashless exercise, beneficially owned, pecuniary interests, ten percent owner

4 terms

cashless exercise financial

"Represents the net number of shares of common stock issued upon the cashless exercise"

A cashless exercise is a way for an option holder to convert stock options into actual shares without paying the purchase price in cash; instead they immediately give up a portion of the newly issued shares to cover the cost and any withholding taxes. Investors care because this process increases the number of shares available and can slightly dilute existing holdings, while also signaling how insiders or employees are realizing compensation without needing cash — similar to paying for a purchase by handing over part of what you just bought.

beneficially owned financial

"the securities beneficially owned by Wexford Capital"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

pecuniary interests financial

"except to the extent of any pecuniary interests therein"

ten percent owner regulatory

"reporting persons are marked as a ten percent owner"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NEPH (NEPHROS INC) report in this Form 4?

Entities associated with Wexford Capital LP reported a cashless exercise of stock options for 3,765 shares of NEPHROS INC common stock on 2026-08-18, resulting in the net issuance of 812 shares of common stock and a reduction in option holdings.

How many NEPH common shares does Wexford Capital LP hold after this Form 4 transaction?

After the reported transaction, Wexford Capital LP directly holds 56,872 shares of NEPHROS INC common stock. This figure reflects the net shares issued in the 2026-08-18 cashless option exercise.

What stock options related to NEPH does Wexford Capital LP still hold after the exercise?

Following the cashless exercise, Wexford Capital LP holds 36,198 stock options on NEPHROS INC common stock, with these options scheduled to expire on August 24, 2026, as reported in the filing.

Was the NEPH Form 4 transaction by Wexford Capital done under a Rule 10b5-1 plan?

No. The Form 4 for NEPHROS INC indicates the Rule 10b5-1 checkbox is not affirmed, meaning the reported transactions were not designated as being made under a Rule 10b5-1 trading plan.

Who are the reporting persons on the NEPH Form 4 besides Wexford Capital LP?

The reporting persons are Wexford Capital LP, Wexford GP LLC, Charles E. Davidson, and Joseph M. Jacobs. Wexford GP, Davidson, and Jacobs may be deemed controlling persons of Wexford Capital and disclaim beneficial ownership except for any pecuniary interests.

What is the exercise price of the NEPH stock options involved in this Form 4?

The stock options exercised in the NEPHROS INC transaction have an exercise price of $3.60 per share. The exercise was conducted on a cashless basis, with a portion of the option shares withheld to satisfy the exercise price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/20/2026 - 04:15 PM Accepted by SEC EDGAR 08/20/2026 - 04:14 PM Learn about SEC filing dates

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
Estimated average burden
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^*

WEXFORD CAPITAL LP

(Last) (First) (Middle)

777 SOUTH FLAGLER DRIVE

SUITE 602 EAST

(Street)

WEST PALM BEACH FLORIDA 33401-6122

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2026

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

	Form filed by One Reporting Person
X	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
Common Stock	08/18/2026		M		812(1)	A	$3.6	56,872	D(2)

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)	$3.6	08/18/2026		M			3,765	(3)	08/24/2026	Common Stock	3,765	$0	36,198(4)	D

1. Name and Address of Reporting Person^*

WEXFORD CAPITAL LP

(Last) (First) (Middle)

777 SOUTH FLAGLER DRIVE

SUITE 602 EAST

(Street)

WEST PALM BEACH FLORIDA 33401-6122

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Wexford GP LLC

(Last) (First) (Middle)

C/O WEXFORD CAPITAL LP

777 SOUTH FLAGLER DRIVE, SUITE 602 EAST

(Street)

WEST PALM BEACH CONNECTICUT 33401

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

DAVIDSON CHARLES E

(Last) (First) (Middle)

C/O WEXFORD CAPITAL LP

777 SOUTH FLAGLER DRIVE, SUITE 602

(Street)

WEST PALM BEACH FLORIDA 33401

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JACOBS JOSEPH

(Last) (First) (Middle)

C/O WEXFORD CAPITAL LP

777 SOUTH FLAGLER DRIVE, SUITE 602 EAST

(Street)

WEST PALM BEACH FLORIDA 33401

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Represents the net number of shares of common stock issued upon the cashless exercise of stock options to purchase 3,765 shares, after a portion of the option shares was withheld to satisfy the exercise price.

2. Includes shares of common stock granted to Wexford Capital LP ("Wexford Capital") as reported in Form 4s previously filed by Arthur Amron, a current director of the Issuer and a former employee of Wexford Capital.

3. One-third of the options vested immediately upon the grant date of August 24, 2016. The remainder of the options vested in equal annual installments on each of the first and second anniversaries of the grant date.

4. Includes stock options granted to Wexford Capital as reported in Form 4s previously filed by Arthur Amron, a current director of the Issuer and a former employee of Wexford Capital.

Remarks:

Wexford GP LLC ("Wexford GP") may, as the General Partner of Wexford Capital, be deemed to own beneficially the securities held by Wexford Capital. Each of Charles E. Davidson ("Davidson") and Joseph M. Jacobs ("Jacobs", and together with Wexford Capital, Wexford GP and Davidson, the "Reporting Persons") may, by reason of his status as a controlling person of Wexford GP, be deemed to own beneficially the securities held by Wexford Capital. Each of Wexford Capital, Wexford GP, Davidson and Jacobs share the power to vote and to dispose of the securities beneficially owned by Wexford Capital. Each of Wexford GP, Davidson and Jacobs disclaim beneficial ownership of the securities owned by Wexford Capital, as applicable, and this report shall not be deemed as an admission that they are the beneficial owners of such securities, except to the extent of any pecuniary interests therein.

	Wexford Capital LP, By: Wexford GP LLC, its general partner, By: Mark E. Ahern, Vice President and Assistant Secretary	08/20/2026
	Wexford GP LLC, By: Mark E. Ahern, Vice President and Assistant Secretary	08/20/2026
	Charles E. Davidson	08/20/2026
	Joseph M. Jacobs	08/20/2026
	** 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)