[Form 4] Nephros Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lisa Nettis, a director of Nephros Inc. (NEPH), acquired 13,229 stock options on 08/11/2025 with an exercise price of $4.49 per share. The options convert into 13,229 shares of common stock and have an expiration date of 08/11/2035.

The filing discloses a vesting schedule: 4,410 options vest on each of 6/16/2025 and 6/16/2026, and 4,409 vest on 6/16/2027. The Form 4 was executed by Edward Peilen as attorney-in-fact on 08/13/2025 and lists Nettis as a director.

Positive

• Director Lisa Nettis reported acquisition of 13,229 stock options on 08/11/2025 at an exercise price of $4.49
• Options are exercisable into 13,229 common shares and are reported as direct ownership with an 08/11/2035 expiration
• Vesting schedule disclosed: 4,410 options on 6/16/2025, 4,410 on 6/16/2026, and 4,409 on 6/16/2027

Negative

• None.

Insights

Securities Analyst

TL;DR: Director reported acquisition of 13,229 options at $4.49; disclosure is clear but materiality cannot be judged from this filing alone.

The filing documents an acquisition (Transaction Code A) of 13,229 stock options by director Lisa Nettis on 08/11/2025 at an exercise price of $4.49. The options convert to 13,229 common shares and expire on 08/11/2035. The report provides a vesting schedule but does not disclose outstanding share count or percentage ownership, so the filing alone does not establish whether the transaction is material to valuation or control.

Corporate Governance Expert

TL;DR: Routine insider reporting of vested/options exercise with multi-year vesting; properly executed by attorney-in-fact.

The Form 4 lists Nettis as a director and records direct ownership (D) of the reported derivative securities. The explanation specifies a staged vesting schedule across 2025–2027, consistent with an award grant rather than an ad hoc purchase. The filing was signed by Edward Peilen as attorney-in-fact on 08/13/2025, satisfying the signature disclosure. Without additional corporate capital structure details, governance impact or dilution cannot be assessed from this filing alone.

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

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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^*

Nettis Lisa Marie

(Last) (First) (Middle)

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)
08/11/2025

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

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)	$4.49	08/11/2025		A		13,229		(1)	08/11/2035	Common Stock	13,229	$0	13,229	D

Explanation of Responses:

1. This option vests as to 4,410 shares on each of 6/16/25 and 6/16/26 and 4,409 options vest on 6/16/27.

	Edward Peilen as Attorney-in-Fact for Lisa Nettis pursuant to Power of Attorney filed herewith.	08/13/2025
	** 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).
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