Rockwell Medical Q3 2026 loss widens to $2.3M
Sales and gross profit grew year over year, while Rockwell Medical posted a larger quarterly net loss and negative adjusted EBITDA.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Rockwell Medical, Inc. (RMTI) reported third-quarter 2026 net sales of $19.1 million, up 20% from $15.9 million a year earlier. Gross profit was $3.1 million, up 37%, and gross margin was 16%, versus 14%. For the first nine months, sales rose 7% to $54.2 million and gross profit rose 18% to $9.3 million.
Net loss was $2.3 million, compared with $1.8 million, and adjusted EBITDA, a non-GAAP measure, was a loss of $267,000 versus income of $50,000. Nine-month net loss was $5.1 million versus $4.8 million. Cash, cash equivalents and available-for-sale investments totaled $22.5 million as of September 30, 2026, down from $24.8 million as of June 30, 2026; the company attributed the decrease primarily to increases in accounts receivable and prepaid expenses and capital purchases to automate manufacturing facilities.
Under an equity and asset purchase agreement with Vantive Limited, subject to the agreement’s terms and conditions, Rockwell Medical will acquire Vantive’s hemodialysis concentrates, machines, water treatment systems, related consumables and technical services business, along with its one-million-square-foot manufacturing campus in Medolla, Italy. The combined business is projected to generate annual revenue between $400 million and $450 million.
2 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly net sales rose 20% to $19.1 million.
- Moderate pointQuarterly gross profit increased 37% to $3.1 million.
Negative
- Moderate pointQuarterly net loss was $2.3 million, versus $1.8 million.
- Moderate pointAdjusted EBITDA was a $267,000 loss, versus $50,000 income.
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, or exhibit attachments filed with this report.
Key Figures
Net sales: $19.1 million
Gross profit: $3.1 million
Gross margin: 16%
+4 more
7 metrics
Net sales
$19.1 million
Three months ended September 30, 2026; up 20% from $15.9 million in the same period of 2025
Gross profit
$3.1 million
Three months ended September 30, 2026; up 37% from the same period in 2025
Gross margin
16%
Three months ended September 30, 2026; compared with 14% in the same period of 2025
Net loss
$2.3 million loss
Three months ended September 30, 2026; compared with $1.8 million loss in the same period of 2025
Adjusted EBITDA
$267,000 loss
Three months ended September 30, 2026; compared with $50,000 in the same period of 2025
Cash, cash equivalents and investments available-for-sale
$22.5 million
As of September 30, 2026; compared with $24.8 million as of June 30, 2026
Projected annual revenue
$400 million to $450 million
Projected for the combined business under the Vantive agreement
Key Terms
Adjusted EBITDA, Adjusted EPS, non-GAAP financial measure, hemodialysis concentrates
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA, a non-GAAP financial measure"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EPS financial
"Adjusted EPS, a non-GAAP financial measure"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
non-GAAP financial measure financial
"Each of these adjusted measures is a non-GAAP financial measure"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
hemodialysis concentrates medical
"Vantive’s hemodialysis concentrates, HD machines"
Hemodialysis concentrates are concentrated liquid or powder mixtures that are mixed with water to produce the cleansing fluid used in hemodialysis treatments; they contain salts and other ingredients that help remove waste and balance electrolytes in a patient’s blood. For investors, these concentrates are a critical recurring consumable: their supply, price, quality and regulatory status can affect clinic operating costs, treatment continuity and revenue, much like how a soda syrup concentrate determines cost and availability at a fountain.
Earnings Snapshot
Net sales: $19.1 million
Third quarter 2026
Net sales
$19.1 million
Up 20% from $15.9 million in the third quarter of 2025
Gross profit
$3.1 million
Up 37% year over year
Net loss
$2.3 million loss
Compared with $1.8 million loss in the third quarter of 2025
Adjusted EBITDA
$267,000 loss
Compared with $50,000 in the third quarter of 2025
Gross margin
16%
Compared with 14% in the third quarter of 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were RMTI’s third-quarter 2026 results?
Net sales were $19.1 million, up 20% from $15.9 million in the third quarter of 2025. Gross profit was $3.1 million, up 37%, while gross margin was 16%, compared with 14%.
How much annual revenue is projected for the combined RMTI-Vantive business?
The combined business is projected to generate annual revenue between $400 million and $450 million. The projection relates to the proposed acquisition of Vantive Limited’s hemodialysis business under an agreement subject to its terms and conditions.
What assets are included in RMTI’s Vantive acquisition?
Rockwell Medical says it will acquire Vantive Limited’s hemodialysis concentrates, machines, water treatment systems, related consumables and technical services business, and its one-million-square-foot manufacturing campus in Medolla, Italy, subject to the agreement’s terms and conditions.
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): November 12, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
(248 ) 960-9009
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each exchange on which registered | ||||||||||||
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, Rockwell Medical, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 incorporated in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information or Exhibit 99.1 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits The following exhibit is being furnished herewith:
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated November 12, 2026 | |||||||
| 104 | Cover Page Interactive Data File, formatted in INline XBRL and included as Exhibit 101. | |||||||
SIGNATURE
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.
| ROCKWELL MEDICAL, INC. | ||||||||
| Date: November 12, 2026 | By: | /s/ Mark Strobeck | ||||||
| Mark Strobeck | ||||||||
| Chief Executive Officer | ||||||||
Rockwell Medical Announces Third Quarter 2026 Results
•Net Sales for the third quarter 2026 were $19.1 million representing a 20% increase over the same period in 2025
•Gross Profit for the third quarter 2026 increased 37% over the same period in 2025 primarily driven by higher volumes
•The combination of Rockwell Medical with Vantive’s global hemodialysis concentrates, hemodialysis machines, water treatment systems, and related consumables and technical services business is projected to generate annual revenue between $400 million and $450 million
Wixom, Michigan, November 12, 2026 – Rockwell Medical, Inc. (the “Company”) (Nasdaq: RMTI), a healthcare company that develops, manufactures, commercializes and distributes a portfolio of hemodialysis products to dialysis providers worldwide, today announced financial and operational results for the three and nine months ended September 30, 2026.
“We have maintained solid upward momentum across our business, driven by robust market demand and disciplined execution,” said Mark Strobeck, Ph.D., President and Chief Executive Officer at Rockwell Medical. “Our third quarter 2026 net sales grew 20% year-over-year, reflecting strong customer adoption and market validation of our products. Our team’s commitment to quality and reliable customer service continues to set us apart. We are excited to build on this momentum with our recently announced equity and asset purchase agreement with Vantive, a transformational step that we believe will significantly expand our portfolio and global reach. As we celebrate our 30th anniversary, we are well-positioned to drive innovation and capitalize on emerging growth opportunities.”
FINANCIAL HIGHLIGHTS
Net Sales
•Net sales for the three months ended September 30, 2026 were $19.1 million, which represents a 20% increase over net sales of $15.9 million for the same period in 2025. The increase in net sales was driven by greater purchasing from our existing customers and additional sales to new customers in the western United States.
•Net sales for the nine months ended September 30, 2026 were $54.2 million, which represents a 7% increase over net sales of $50.9 million for the same period in 2025.
Gross Profit
•Gross profit for the three months ended September 30, 2026 was $3.1 million, which represents a 37% increase over gross profit for the same period in 2025.
•Gross profit for the nine months ended September 30, 2026 was $9.3 million, which represents an 18% increase over gross profit of $7.8 million for the same period in 2025.
Gross Margin
•Gross margin for the three months ended September 30, 2026 was 16%, which represents an increase from 14% for the same period in 2025.
•Gross margin for the nine months ended September 30, 2026 was 17%, which represented an increase from 15% for the same period in 2025.
Net Loss
•Net loss for the three months ended September 30, 2026 was $2.3 million compared to a net loss of $1.8 million for the same period in 2025.
•Net loss for the nine months ended September 30, 2026 was $5.1 million compared to a net loss of $4.8 million for the same period in 2025.
Adjusted EBITDA
•Adjusted EBITDA for the three months ended September 30, 2026 was ($0.3) million compared to Adjusted EBITDA of $50,000 for the same period in 2025.
•Adjusted EBITDA for the nine months ended September 30, 2026 was ($0.7) million compared with Adjusted EBITDA of ($0.6) million for the same period in 2025.
Cash, Cash Equivalents and Investments Available-for-Sale
•Cash, cash equivalents and investments available-for-sale at September 30, 2026 was $22.5 million, which represents a decrease from $24.8 million at June 30, 2026. The decrease was primary driven by an increase in accounts receivable and prepaid expenses in the ordinary course of business, as well as capital purchases to further automate our manufacturing facilities.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In Thousands, Except Per Share Amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net Sales | $ | 19,122 | $ | 15,927 | $ | 54,238 | $ | 50,912 | |||||||||||||||
| Gross Profit | 3,111 | 2,272 | 9,251 | 7,817 | |||||||||||||||||||
| Operating Income (Loss) | (2,221) | (1,584) | (4,762) | (4,293) | |||||||||||||||||||
| Net Income (Loss) | (2,324) | (1,753) | (5,101) | (4,760) | |||||||||||||||||||
| Adjusted EBITDA** | (267) | 50 | (714) | (630) | |||||||||||||||||||
| Basic and Diluted Net Income (Loss) per Share * | $ | (0.59) | $ | (0.49) | $ | (1.33) | $ | (1.41) | |||||||||||||||
| Adjusted EPS ** | $ | (0.07) | $ | 0.01 | $ | (0.18) | $ | (0.18) | |||||||||||||||
* See Note 3 for more details related to Basic and Diluted Weighted Average Shares Outstanding on Form 10-Q filed November 12, 2026.
** See reconciliation to GAAP financial measures in the tables below.
OPERATING HIGHLIGHTS
•In July 2026, Rockwell Medical named Brian Cox as Vice President, Quality and Regulatory Compliance, advancing the Company’s quality and regulatory leadership. Mr. Cox brings over 20 years of medical device experience spanning development, manufacturing, and regulatory compliance. Having held leadership roles at global healthcare companies including Abbott and Johnson & Johnson, as well as smaller, growth-oriented medical device manufacturers, Mr. Cox has deep expertise in building and scaling quality systems in complex regulated environments.
•Subsequent to the end of the third quarter 2026, Great Place to Work® and Fortune magazine named Rockwell Medical to the 2026 Fortune Best Workplaces in Manufacturing & ProductionTM List in the small & medium category for the third year in a row.
•Subsequent to the end of the third quarter 2026, Rockwell Medical announced that it entered into an Equity and Asset Purchase Agreement (“the Agreement”) with Vantive Limited (“Vantive”). Subject to the terms of the Agreement, Rockwell Medical will acquire (the “Acquisition”) Vantive’s hemodialysis (“HD”) concentrates, HD machines including AK-98, water treatment systems, and related consumables and technical services business. In addition, subject to the terms and conditions of the Agreement, Rockwell Medical will acquire Vantive’s state-of-the art one million square foot manufacturing campus in Medolla, Italy, an integral municipality within the Mirandola Biomedical District, the third largest medtech region in the world. The Medolla campus currently manufactures dry concentrate cartridges, HD machines, related parts and consumables, and water treatment systems that support the broader HD product portfolio.
CONFERENCE CALL AND WEBCAST DETAILS
Date: Thursday, November 12, 2026
Time: 8:00 a.m. EST
Webcast and Replay: www.RockwellMed.com/Results
Speakers:
•Mark Strobeck, Ph.D. — President and Chief Executive Officer
•Jesse Neri — SVP, Chief Financial Officer
Format: Discussion of third quarter 2026 financial and operational results followed by Q&A.
NON-GAAP FINANCIAL MEASURES
To supplement Rockwell Medical’s unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure that is defined as net income (loss) before net interest income (expense), net other income (expense), income tax expenses (benefit), depreciation and amortization, impairment charges, stock-based compensation expense, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to one-time severance costs, deferred revenue and inventory reserve amounts, if applicable for the periods presented. The Company has provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA. In addition, this press release includes a reference to Adjusted EPS, a non-GAAP financial measure that is defined as Adjusted EBITDA divided by the weighted average number of shares outstanding. The Company has also provided a reconciliation to EPS, or net income divided by the weighted average number of shares outstanding, which is the most directly
comparable GAAP financial measure. Each of these adjusted measures is a non-GAAP financial measure. The Company has provided reconciliations to the GAAP measures at the end of this press release.
Adjusted EBITDA and Adjusted EPS are key measures used by Rockwell Medical to understand and evaluate operating performance and trends, to prepare and approve its annual budget and to develop short- and long-term operating plans. The Company provides Adjusted EBITDA because it believes the metric is helpful in highlighting trends in its operating results because it excludes items that are not indicative of Rockwell Medical’s core operating performance. In particular, the Company believes that the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of Rockwell Medical’s business. This is also true for Adjusted EPS, which is derived from Adjusted EBITDA.
Adjusted EBITDA and Adjusted EPS should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the same industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA and Adjusted EPS as tools for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than the most directly comparable financial measure calculated in accordance with GAAP. When evaluating the Company’s performance, you should consider Adjusted EBITDA and Adjusted EPS alongside other financial performance measures, including net loss, EPS and other GAAP results.
ABOUT ROCKWELL MEDICAL
Rockwell Medical, Inc. (Nasdaq: RMTI) is a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products for dialysis providers worldwide. Rockwell Medical's mission is to provide dialysis clinics and the patients they serve with the highest quality products supported by the best customer service in the industry. Rockwell is focused on innovative, long-term growth strategies that enhance its products, its processes, and its people, enabling the Company to deliver exceptional value to the healthcare system and provide a positive impact on the lives of hemodialysis patients. Hemodialysis is the most common form of end-stage kidney disease treatment and is typically performed in freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, or a patient’s home. Rockwell Medical's products are vital to vulnerable patients with end-stage kidney disease, and the Company is relentless in providing unmatched reliability and customer service. Certified as a Great Place to Work® four years in a row (2023-2026) and named Fortune Best Workplaces in Manufacturing & Production™ three years in a row (2024-2026), Rockwell Medical is Driven to Deliver Life-Sustaining Dialysis Solutions™. For more information, visit www.rockwellmed.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as, “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “could,” “can,” “would,” “develop,” “plan,” “potential,” “predict,” “forecast,” “project,” “intend,” “look forward to,” “remain confident,” “remain steadfast,” “guidance,” “working to,” “goal” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. Such statements include without limitation statements relating to: regarding the proposed acquisition of Vantive’s hemodialysis business; the anticipated timing and ability to complete the acquisition; the expected benefits of the acquisition; the expected size, net sales, geographic reach and product portfolio of the combined business; Rockwell Medical’s ability to successfully integrate the acquired business, operations, products, employees and facilities; and Rockwell Medical’s expectations regarding future growth, customer demand, business
momentum, market opportunities and operating performance. While Rockwell Medical believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Rockwell Medical's SEC filings), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include but are not limited to those risks more fully discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, as such description may be amended or updated in any subsequent reports filed with the SEC. Rockwell Medical expressly disclaims any obligation to update our forward-looking statements, except as may be required by law.
INVESTOR CONTACT:
Laura Guerrant-Oiye
Executive Director, Investor Relations
(248) 432-1362
IR@rockwellmed.com
###
Financial Tables Follow
###
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars In Thousands) | |||||||||||
| September 30, | September 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash, Cash Equivalents & Investments available-for-sale | $ | 22,541 | $ | 23,707 | |||||||
| Total Assets | $ | 57,084 | $ | 57,486 | |||||||
| Total Liabilities | $ | 23,949 | $ | 20,464 | |||||||
| Total Stockholders’ Equity | $ | 33,135 | $ | 37,020 | |||||||
| Common Stock Outstanding | 3,971,968 | 3,940,528 | |||||||||
| Common stock and common stock equivalents* | 5,155,666 | 4,996,116 | |||||||||
| *Common stock and common stock equivalents: | |||||||||||
| Common stock | 3,971,968 | 3,940,528 | |||||||||
| Options to purchase common stock | 359,652 | 328,186 | |||||||||
| Restricted stock awards | — | 89 | |||||||||
| Restricted stock units | 211,999 | 116,666 | |||||||||
| Preferred stock converted | 141,900 | 140,500 | |||||||||
| Restricted stock units - Market Condition | 71,700 | 71,700 | |||||||||
| Common stock warrants | 398,447 | 398,447 | |||||||||
| Total common stock and common stock equivalents | 5,155,666 | 4,996,116 | |||||||||
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||
| Net Sales | $ | 19,122 | $ | 15,927 | $ | 54,238 | $ | 50,912 | ||||||||||||||||||
| Cost of Sales | 16,011 | 13,655 | 44,987 | 43,095 | ||||||||||||||||||||||
| Gross Profit | 3,111 | 2,272 | 9,251 | 7,817 | ||||||||||||||||||||||
| Research and Product Development | 114 | — | 154 | — | ||||||||||||||||||||||
| Selling and Marketing | 572 | 531 | 1,716 | 1,814 | ||||||||||||||||||||||
| General and Administrative | 3,799 | 3,325 | 11,296 | 10,296 | ||||||||||||||||||||||
| Transaction-related expenses | 847 | — | 847 | — | ||||||||||||||||||||||
| Operating Income (Loss) | (2,221) | (1,584) | (4,762) | (4,293) | ||||||||||||||||||||||
| Other (Expense) Income | ||||||||||||||||||||||||||
| Realized Gain on Investments | 128 | 61 | 378 | 181 | ||||||||||||||||||||||
| Interest Expense | (282) | (285) | (845) | (838) | ||||||||||||||||||||||
| Interest Income | 51 | 55 | 128 | 190 | ||||||||||||||||||||||
| Total Other Expense | (103) | (169) | (339) | (467) | ||||||||||||||||||||||
| Net Income (Loss) | $ | (2,324) | $ | (1,753) | $ | (5,101) | $ | (4,760) | ||||||||||||||||||
| Basic and Diluted Net Loss per Share | $ | (0.59) | $ | (0.49) | $ | (1.33) | $ | (1.41) | ||||||||||||||||||
| Basic and Diluted Weighted Average Shares Outstanding | $ | 3,971,984 | $ | 3,602,494 | $ | 3,957,624 | $ | 3,481,797 | ||||||||||||||||||
| Reconciliation to GAAP Financial Measures | ||||||||||||||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net Income (Loss) | $ | (2,324) | $ | (1,753) | $ | (5,101) | $ | (4,760) | ||||||||||||||||||
| Income taxes | — | — | — | — | ||||||||||||||||||||||
| Other Expense, net | 103 | 169 | 339 | 467 | ||||||||||||||||||||||
| Depreciation and amortization | 547 | 542 | 1,544 | 1,640 | ||||||||||||||||||||||
| EBITDA | (1,674) | (1,042) | (3,218) | (2,653) | ||||||||||||||||||||||
| Severance costs | 168 | 219 | 205 | 430 | ||||||||||||||||||||||
| Stock-based compensation | 392 | 532 | 1,274 | 1,360 | ||||||||||||||||||||||
| Transaction-related expenses | 847 | — | 847 | — | ||||||||||||||||||||||
| Facility transition | — | 341 | 178 | 380 | ||||||||||||||||||||||
| Deferred license revenue | — | — | — | (325) | ||||||||||||||||||||||
| Triferic inventory write-off | — | — | — | 178 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | (267) | $ | 50 | $ | (714) | $ | (630) | ||||||||||||||||||
| Adjusted EPS | $ | (0.07) | $ | 0.01 | $ | (0.18) | $ | (0.18) | ||||||||||||||||||
| Basic Weighted Average Shares Outstanding | 3,971,984 | 3,602,494 | 3,957,624 | 3,481,797 | ||||||||||||||||||||||