Nuwellis, Inc. (NASDAQ: NUWE) lifts Q2 2026 revenue and margin but stays unprofitable
Rhea-AI Filing Summary
Nuwellis, Inc. reported second quarter 2026 revenue of $2.0 million, up 14% from the prior-year quarter, driven by higher U.S. circuit and console sales and nine consoles sold versus three a year ago. Gross margin improved to 76% from 56%, reflecting prior pricing actions, favorable product mix, and the transition to contract manufacturing.
Operating expenses rose to $4.7 million, leading to a net loss of $4.8 million, a substantial improvement from a $12.6 million loss in the prior-year quarter, helped by a favorable $4.4 million change in warrant liabilities. For the first half, net loss was $9.4 million and net cash used in operations was $6.3 million. Cash and cash equivalents were $3.9 million at June 30, 2026; including recent financings and warrant exercises, the company raised $12.7 million in gross proceeds and states its cash runway extends through the second quarter of 2027. Total stockholders’ equity shifted to a deficit of $2.1 million as warrant liabilities increased to $7.0 million.
Positive
- Revenue grew 14% year over year in Q2 2026 to $2.0 million, supported by higher U.S. circuit and console sales and an increase in consoles sold from three to nine.
- Gross margin expanded to 76% in Q2 2026 from 56% a year earlier, reflecting pricing actions, favorable product mix, and transition to contract manufacturing.
- Net loss narrowed to $4.8 million in Q2 2026 from $12.6 million in the prior-year quarter, aided by a favorable change in warrant liabilities.
- Recent financings and warrant exercises raised $12.7 million in gross proceeds and the company states its cash runway now extends through Q2 2027.
Negative
- Despite improvements, Nuwellis reported a Q2 2026 net loss of $4.8 million and a first-half 2026 net loss of $9.4 million, indicating continuing significant losses.
- Total stockholders’ equity turned to a deficit of $2.1 million at June 30, 2026, from positive equity of $2.6 million at December 31, 2025, alongside warrant liabilities rising to $7.0 million.
- Net cash used in operating activities for the first half of 2026 was $6.3 million, exceeding revenue of $4.4 million, highlighting ongoing cash burn.
Filing Explained
The July 2 reverse split is effective, and related warrants moved from liability to equity in early July.
This
The company states that the reverse split became effective on
The balance sheet reports
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $1.969 million
Q2 2026 Gross Margin: 76%
Q2 2026 Net Loss: $4.828 million
+5 more
8 metrics
Q2 2026 Revenue
$1.969 million
Three months ended June 30, 2026; 14% increase year over year
Q2 2026 Gross Margin
76%
Compared with 56% in the prior-year quarter
Q2 2026 Net Loss
$4.828 million
Net loss for the three months ended June 30, 2026
H1 2026 Net Loss
$9.369 million
Net loss for the six months ended June 30, 2026
Cash and Cash Equivalents
$3.922 million
Balance at June 30, 2026
Gross Proceeds Raised
$12.7 million
Recent financing activity including June, July, and warrant exercises
Warrant Liabilities
$6.963 million
Balance at June 30, 2026, up from $0.389 million at December 31, 2025
Total Stockholders’ Equity (Deficit)
$(2.055 million)
Equity deficit at June 30, 2026 versus equity of $2.624 million at year-end 2025
Key Terms
warrant liabilities, Series J Convertible Preferred Stock, contract manufacturing, Aquadex SmartFlow System, +1 more
5 terms
warrant liabilities financial
"Warrant liabilities were $6,963 as of June 30, 2026"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
Series J Convertible Preferred Stock financial
"Mezzanine Equity Series J Convertible Preferred Stock as of June 30, 2026"
Series J convertible preferred stock is a specific class of preferred shares that gives holders priority on dividends and company assets but can be exchanged for common shares under set terms. Think of it like a special ticket that pays out before regular tickets and can be swapped for ordinary tickets later; this matters to investors because it affects income priority, potential ownership dilution when converted, and influence over company decisions.
contract manufacturing technical
"improvement reflected pricing adjustments, favorable product mix, and our successful transition to contract manufacturing"
Contract manufacturing is when a company hires a specialized outside firm to produce its products or components instead of making them itself. For investors this matters because it can lower upfront costs and speed growth, but also creates dependencies on suppliers that affect profit margins, quality control, and supply-chain risk—think of it like having a neighborhood bakery bake and pack your recipe so you can sell more without buying ovens.
Aquadex SmartFlow System medical
"The Aquadex SmartFlow System is indicated for the continuous ultrafiltration therapy"
cardiorenal conditions medical
"a medical technology company committed to delivering solutions for patients with cardiorenal conditions"
Cardiorenal conditions are health problems in which the heart and kidneys affect each other’s function, so damage or stress in one organ can worsen the other—think of the heart as a pump and the kidneys as a filter in a shared system. Investors watch these conditions because they drive demand for drugs, medical devices and ongoing care, influence hospital and insurance costs, and can shape long-term revenue and regulatory risks in healthcare businesses.
Earnings Snapshot
Q2 2026 Revenue: $1.969 million
three and six months ended June 30, 2026
Q2 2026 Revenue
$1.969 million
up 14% from $1.725 million in the prior-year quarter
Q2 2026 Gross Margin
76%
up from 56% in the prior-year quarter
Q2 2026 Net Loss
$4.828 million
improved from a $12.553 million net loss in the prior-year quarter
H1 2026 Revenue
$4.372 million
up from $3.629 million in the first half of 2025
H1 2026 Net Cash Used in Operations
$6.287 million
compared with $4.633 million used in the first half of 2025
FAQ
How did Nuwellis (NUWE) perform financially in Q2 2026?
Nuwellis reported Q2 2026 revenue of $2.0 million, up 14% year over year, and a net loss of $4.8 million, a significant improvement from a $12.6 million loss in the prior-year quarter.
What were Nuwellis (NUWE) gross margins in Q2 2026?
Gross margin in Q2 2026 was 76%, compared with 56% in the prior-year quarter. Management attributes the improvement to 2025 pricing adjustments, favorable product mix, and a successful transition to contract manufacturing.
What is Nuwellis (NUWE) current cash position and runway?
As of June 30, 2026, Nuwellis had $3.9 million in cash and cash equivalents. Including a recent capital raise and warrant exercises totaling $12.7 million in gross proceeds, the company states its cash runway extends through the second quarter of 2027.
How much did Nuwellis (NUWE) spend in operating cash in the first half of 2026?
Net cash used in operating activities for the six months ended June 30, 2026 was $6.3 million. This compares with a $4.6 million operating cash outflow in the same period of 2025, reflecting higher operating costs.
What were Nuwellis (NUWE) revenues for the first half of 2026?
For the six months ended June 30, 2026, Nuwellis generated $4.4 million in net sales, compared with $3.6 million in the prior-year period, indicating continued year-over-year growth in its Aquadex-related business.
What is the equity and liability profile of Nuwellis (NUWE) as of June 30, 2026?
Total liabilities were $11.2 million, including $7.0 million of warrant liabilities, and total stockholders’ equity was a deficit of $2.1 million, versus positive equity at year-end 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2026
(Exact Name of Registrant as Specified in its Charter)
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No.
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(State or Other Jurisdiction of Incorporation or Organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices) (Zip Code)
(952 ) 345-4200
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02
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Results of Operations and Financial Condition.
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On August 13, 2026, Nuwellis, Inc. (the “Company”) issued a press release reporting its financial results for the three and six months ended June 30,
2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report on Form 8-K (including Exhibit 99.1) is
furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibits
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Exhibit No. Description
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99.1
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Press Release, dated August 13, 2026, reporting the financial results of Nuwellis, Inc. for the three and six months ended June 30, 2026.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date: August 13, 2026
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NUWELLIS, INC.
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By:
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/s/ Mike McCormick
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Name:
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Mike McCormick
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Title:
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Chief Executive Officer
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Exhibit 99.1
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FOR IMMEDIATE RELEASE
August 13, 2026
Nuwellis Reports Second Quarter 2026 Financial Results and Business Highlights Focused on Double Digit Revenue Growth and Expanded
Gross Margin
Recent capital raise and warrant exercises extend cash runway through second quarter of 2027
Conference call begins at 9:00 a.m. Eastern time today
MINNEAPOLIS – August 13, 2026 – Nuwellis, Inc. (Nasdaq: NUWE), a medical
technology company committed to delivering solutions for patients with cardiorenal conditions, today reported financial results for the three and six months
ended June 30, 2026.
Second Quarter Results and Recent Highlights:
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Net sales were $2.0 million in the second quarter, a 14% increase compared with the prior-year period; U.S. revenue increased 17%
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Net sales for the first six months of 2026 were $4.4 million, a 20% increase compared with the prior-year period; U.S. revenue increased 24%
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Gross margin in the second quarter improved to 76%, compared with 56% in the prior-year quarter, reflecting improved pricing, product mix, and the transition to contract
manufacturing
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Sold nine consoles during the second quarter and 24 during the first half of 2026, compared with five during the first half of 2025, expanding the installed base for future
circuit utilization
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First-half revenue increased across all core customer categories compared with the prior-year period, led by a 29% increase in pediatrics, 28% in critical care, and 27% in heart
failure. U.S. revenue growth outpaced the total Company average, which included lower international, service, and rental revenue.
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Raised $6.0 million in gross proceeds through a June registered direct offering
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Subsequent to June 30, 2026, raised approximately $6.7 million in gross proceeds from a July financing and warrant exercises, strengthening the Company’s cash position and
simplifying its capitalization structure
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Advanced the proposed Aquadex label expansion to patients weighing 5 kilograms or more, from patients weighing 20 kilograms or more, following a successful U.S. Food and Drug
Administration pre-submission meeting
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Appointed Mike McCormick as President and Chief Executive Officer, effective June 30, 2026
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The second quarter demonstrated continued year-over-year growth, meaningful gross-margin improvement and progress across Nuwellis’ commercial and strategic
priorities. The Company enters its next phase focused on increasing the installed based and utilization of Aquadex, building recurring circuit revenue, expanding its position in pediatrics and critical care, and selectively advancing
technologies that strengthen its broader cardiorenal platform.
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“Nuwellis has an established commercial foundation with differentiated strength in pediatrics and momentum in critical care. Our straightforward objective is to grow
recurring revenue, improve operating leverage, and position Nuwellis as the leading precision fluid management company across the cardiorenal continuum,” said Mike McCormick, Nuwellis President and Chief Executive Officer. “The recent infusion of
capital strengthens our balance sheet and extends our cash runway, which provides financial flexibility to execute on our strategic priorities. We intend to concentrate our investments where we have clear clinical differentiation, attractive
commercial opportunities, and the ability to generate sustainable shareholder value. As part of our strategic plan, we are evaluating opportunities to leverage our commercial infrastructure through complementary products and collaborations that
deepen relationships within our existing hospital customers.”
Second Quarter 2026 Financial Results
Revenue for the second quarter of 2026 was $2.0 million, compared with approximately $1.7 million in the prior-year quarter, representing a 14% increase. The
increase was driven by higher U.S. circuit and console sales, partially offset by lower technical services, catheter, and international sales.
The Company sold nine consoles during the second quarter, compared with three during the second quarter of 2025. The expanding installed base is expected to bolster
growth in recurring circuit revenue, which remains the Company's primary driver of long-term growth.
U.S. circuit and console average selling prices increased approximately 5% and 3%, respectively, compared with the prior-year quarter, reflecting pricing adjustments
implemented during the third quarter of 2025.
Gross margin for the second quarter of 2026 was 76%, compared with 56% in the prior-year quarter. The improvement reflected pricing adjustments implemented in 2025,
favorable product mix, and our successful transition to contract manufacturing.
Operating expenses were approximately $4.7 million for the second quarter of 2026, compared with $3.9 million in the prior-year period, reflecting planned
investments in commercial expansion and product development. Net loss was approximately $4.8 million, including approximately $1.7 million of non-cash warrant valuation expense associated with the June 2026 financing, compared with a net loss of
$12.6 million in the prior-year quarter. Following the effective date of the Company’s most recent reverse stock split on July 2, 2026, the related warrants were reclassified from liability to equity in early July.
As of June 30, 2026, the Company had cash and cash equivalents of approximately $3.9 million. Through second-quarter financing activity and subsequent financing
events, Nuwellis raised approximately $12.7 million in gross proceeds, strengthening its cash position and simplifying its capitalization structure. This activity included $6.0 million raised in June and, subsequent to June 30, an additional $3.4
million from a July financing and $3.3 million from warrant exercise proceeds.
Webcast and Conference Call Information
The Company will host a conference call and webcast at 9:00 a.m. Eastern time today to discuss its financial results and provide an update on the Company’s
performance.
To access the live webcast, please visit the Investors page of the Nuwellis website
at https://ir.nuwellis.com/.
Alternatively, the live conference call may be accessed by dialing (833) 316-1983 or (785) 838-9310 and using conference ID NUWEQ2. An audio archive of the webcast
will be available following the call on the Investors page.
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About Aquadex
The Aquadex SmartFlow System is indicated for the continuous ultrafiltration therapy for temporary (up to 8 hours) or extended (longer than 8 hours in patients who
require hospitalization) use in adult and pediatric patients weighing 20 kilograms or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a healthcare provider, within an
outpatient or inpatient clinical setting, under physician prescription, both of whom having received training in extracorporeal therapies.
About Nuwellis
Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company committed to delivering solutions for
patients with cardiorenal conditions. The Company develops solutions designed to support patient care through monitoring, therapy, and data-informed clinical decision-making across acute and chronic care settings. Nuwellis’ portfolio includes
commercially available and development-stage technologies addressing complex cardiorenal conditions, with a focus on safety, precision, and scalability across patient populations. For more information, visit www.nuwellis.com.
Forward-Looking Statements
Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including
without limitation, statements regarding the new market opportunities and anticipated growth in 2026 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those
risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities,
benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings,
intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC.
Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.
For further information, please contact:
Investor Relations:
CORE IR
ir@nuwellis.com
Media Contact:
CORE PR
media@nuwellis.com
media@nuwellis.com
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NUWELLIS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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June 30,
2026
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December 31,
2025
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|||||||
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ASSETS
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(Unaudited)
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|||||||
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Current assets
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||||||||
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Cash and cash equivalents
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$
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3,922
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$
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1,085
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||||
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Accounts receivable
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1,545
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1,493
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||||||
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Inventories, net
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1,742
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1,910
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||||||
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Other current assets
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690
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698
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||||||
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Total current assets
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7,899
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5,186
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||||||
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Property, plant and equipment, net
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347
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368
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||||||
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Operating lease right-of-use asset
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179
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293
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||||||
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Intangible assets, net
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102
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—
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||||||
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Other assets
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599
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271
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||||||
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TOTAL ASSETS
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$
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9,126
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$
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6,118
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||||
|
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||||||||
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LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
||||||||
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Current liabilities
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||||||||
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Accounts payable and accrued liabilities
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$
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2,896
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$
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2,226
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||||
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Accrued compensation
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731
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460
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||||||
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Current portion of operating lease liability
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200
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261
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||||||
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Deferred consideration from Rendiatech acquisition, current
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113
|
—
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||||||
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Other current liabilities
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68
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85
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||||||
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Total current liabilities
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4,008
|
3,032
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||||||
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Deferred consideration from Rendiatech acquisition, non-current
|
200
|
—
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||||||
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Warrant liabilities
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6,963
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389
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||||||
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Operating lease liability
|
—
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67
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||||||
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Total liabilities
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11,171
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3,488
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||||||
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Commitments and contingencies
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||||||||
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||||||||
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Mezzanine Equity
Series J Convertible Preferred Stock as of June 30, 2026 and December 31, 2025, par value $0.0001 per share; authorized 600,000
shares, issued and outstanding 159 and 137, respectively
|
10
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6
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||||||
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Stockholders’ equity (deficit)
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||||||||
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Series A junior participating preferred stock as of June 30, 2026 and
December 31, 2025, par value $0.0001 per share; authorized 30,000 shares, none outstanding
|
—
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—
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||||||
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Series F convertible preferred stock as of June 30, 2026 and December
31, 2025, par value $0.0001 per share; authorized 18,000 shares, issued and outstanding 27 and 127 shares, respectively
|
—
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—
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||||||
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Series F-1 convertible preferred stock as of June 30, 2026 and December 31, 2025, par value $0.0001 per share;
authorized 100 shares, issued and outstanding 34 and 34 shares, respectively
|
—
|
—
|
||||||
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Preferred stock as of June 30, 2026 and December 31, 2025, par value $0.0001 per share; authorized 39,352,000 shares, none outstanding
|
—
|
—
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||||||
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Common stock as of June 30, 2026 and December 31, 2025, par value $0.0001 per share; authorized 100,000,000
shares, issued and outstanding 574,455 and 48,178, respectively
|
—
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—
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||||||
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Additional paid‑in capital
|
323,618
|
318,928
|
||||||
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Accumulated other comprehensive income:
|
||||||||
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Foreign currency translation adjustment
|
8
|
8
|
||||||
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Accumulated deficit
|
(325,681
|
)
|
(316,312
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)
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||||
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Total stockholders’ equity (deficit)
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(2,055
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)
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2,624
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|||||
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TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
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$
|
9,126
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$
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6,118
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||||
|
|
|
|
|
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NUWELLIS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in thousands, except per share amounts and weighted average shares outstanding)
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|
Three months ended
June 30
|
Six months ended
June 30
|
||||||||||||||
|
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
Net sales
|
$
|
1,969
|
$
|
1,725
|
$
|
4,372
|
$
|
3,629
|
||||||||
|
Cost of goods sold
|
471
|
767
|
1,190
|
1,604
|
||||||||||||
|
Gross profit
|
1,498
|
958
|
3,182
|
2,025
|
||||||||||||
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Operating expenses:
|
||||||||||||||||
|
Selling, general and administrative
|
3,725
|
3,189
|
8,249
|
6,766
|
||||||||||||
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Research and development
|
942
|
675
|
2,670
|
1,225
|
||||||||||||
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Total operating expenses
|
4,667
|
3,864
|
10,919
|
7,991
|
||||||||||||
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Loss from operations
|
(3,169
|
)
|
(2,906
|
)
|
(7,737
|
)
|
(5,966
|
)
|
||||||||
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Other income
|
7
|
10
|
8
|
17
|
||||||||||||
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Financing expense
|
(6,077
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)
|
(10,553
|
)
|
(6,077
|
)
|
(10,553
|
)
|
||||||||
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Change in fair value of warrant liabilities
|
4,411
|
900
|
4,437
|
940
|
||||||||||||
|
Loss before income taxes
|
(4,828
|
)
|
(12,549
|
)
|
(9,369
|
)
|
(15,562
|
|||||||||
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Income tax expense
|
-
|
(4
|
)
|
-
|
(5
|
)
|
||||||||||
|
Net loss
|
$
|
(4,828
|
)
|
$
|
(12,553
|
)
|
$
|
(9,369
|
)
|
$
|
(15,567
|
|||||
|
Deemed dividend attributable to Series J Convertible Preferred Stock
|
1
|
1
|
3
|
2
|
||||||||||||
|
Net loss attributable to common shareholders
|
$
|
(4,827
|
)
|
$
|
(12,552
|
)
|
$
|
(9,366
|
)
|
$
|
(15,565
|
)
|
||||
|
|
||||||||||||||||
|
Basic and diluted loss per share
|
$
|
(26.64
|
)
|
$
|
(2,134.19
|
)
|
$
|
(77.90
|
)
|
$
|
(3,514.87
|
)
|
||||
|
|
||||||||||||||||
|
Weighted average shares outstanding – basic and diluted
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181,243
|
5,881
|
120,263
|
4,428
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||||||||||||
|
|
||||||||||||||||
|
Other comprehensive loss:
|
||||||||||||||||
|
Net Loss
|
$
|
(4,828
|
)
|
$
|
(12,553
|
)
|
$
|
(9,369
|
)
|
$
|
(15,567
|
)
|
||||
|
Foreign currency translation adjustments
|
-
|
(5
|
)
|
-
|
(7
|
)
|
||||||||||
|
Total comprehensive loss
|
$
|
(4,828
|
)
|
$
|
(12,558
|
)
|
$
|
(9,369
|
)
|
$
|
(15,574
|
|||||
|
|
|
|
|
|
NUWELLIS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
|
Six Months ended
June 30
|
||||||||
|
2026
|
2025
|
|||||||
|
Operating Activities:
|
||||||||
|
Net loss
|
$
|
(9,369
|
)
|
$
|
(15,567
|
)
|
||
|
Adjustments to reconcile net loss to cash flows used in operating activities:
|
||||||||
|
Depreciation and amortization
|
75
|
123
|
||||||
|
Stock-based compensation expense
|
47
|
84
|
||||||
|
Change in fair value of warrant liabilities
|
(4,437
|
)
|
(940
|
)
|
||||
|
Financing expense
|
6,077
|
10,553
|
||||||
|
Non-cash IP R&D from Rendiatech acquisition
|
757
|
-
|
||||||
|
Changes in operating assets and liabilities:
|
||||||||
|
Accounts receivable
|
(52
|
)
|
534
|
|||||
|
Inventory, net
|
218
|
(310
|
)
|
|||||
|
Other current assets
|
8
|
(430
|
)
|
|||||
|
Other assets
|
(213
|
)
|
106
|
|||||
|
Other liabilities
|
(144
|
)
|
(74
|
)
|
||||
|
Accounts payable and accrued expenses
|
746
|
1,288
|
||||||
|
Net cash used in operating activities
|
(6,287
|
)
|
(4,633
|
)
|
||||
|
|
||||||||
|
Investing Activities:
|
||||||||
|
Purchases of property and equipment
|
(39
|
)
|
(4
|
)
|
||||
|
Purchase of intangible assets
|
(90
|
)
|
-
|
|||||
|
Cash paid for acquisition of Rendiatech, net of cash acquired
|
(164
|
)
|
-
|
|||||
|
Net cash used in investing activities
|
(293
|
)
|
(4
|
)
|
||||
|
|
||||||||
|
Financing Activities:
|
||||||||
|
Proceeds from issuance of common stock and warrants, net
|
9,363
|
3,999
|
||||||
|
Issuance of common stock from ATM, net
|
55
|
-
|
||||||
|
Net cash provided by financing activities
|
9,418
|
3,999
|
||||||
|
|
||||||||
|
Effect of exchange rate changes on cash
|
-
|
(7
|
)
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
2,838
|
(645
|
)
|
|||||
|
Cash and cash equivalents, and restricted cash - beginning of period
|
1,190
|
5,095
|
||||||
|
Cash and cash equivalents, and restricted cash - end of period
|
$
|
4,028
|
$
|
4,450
|
||||
Supplemental cash flow information
|
Common stock issued as consideration in asset acquisition
|
$
|
162
|
$
|
-
|
||||
|
Issuance of common stock for conversion of Series F-1 Preferred Stock
|
$
|
-
|
$
|
1,100
|
||||
|
Deferred costs issued as consideration in asset acquisition
|
$
|
313
|
$
|
-
|
||||
|
Deemed dividend on Series J Preferred Stock
|
$
|
3
|
$
|
2
|
|
|
|