Rockwell Medical, Inc. reported that its Board of Directors appointed Heather Hunter as Senior Vice President and Chief Operating Officer, effective immediately. She has been serving as the company’s Senior Vice President and Chief Corporate Affairs Officer since August 2022 and previously held senior communications and corporate affairs roles at Venatorx Pharmaceuticals, Safeguard Scientifics, and W.P. Carey.
Hunter’s existing employment agreement, dated August 31, 2022 and amended May 20, 2025, provides an annualized base salary of $323,574, a target bonus opportunity equal to 45% of base salary, eligibility for long-term incentive awards, and an initial time-based stock option to purchase up to 60,000 shares vesting over four years. The agreement includes severance and equity-vesting protections in cases of death, disability, certain terminations without cause or for good reason, and change of control, along with standard confidentiality, inventions assignment, non-interference, and non-competition obligations.
Armistice Capital, LLC and Steven Boyd report shared beneficial ownership of 2,149,471 shares of Rockwell Medical common stock, representing 6.29% of the class. The reporting persons state they exercise shared voting and dispositive power over these shares through Armistice Capital's role as investment manager of the Armistice Capital Master Fund, the direct holder. The Master Fund is identified as the record owner but disclaims beneficial ownership due to the investment management agreement. No sole voting or dispositive power is reported.
The disclosure clarifies ownership structure and control relationships: Armistice Capital acts as adviser and Steven Boyd, as managing member, is identified as having shared beneficial influence over the reported position.
Rockwell Medical, Inc. filed a Form S-8 registration statement to register an additional 5,000,000 shares of its common stock, par value $0.0001 per share, issuable under the Rockwell Medical, Inc. Amended and Restated 2018 Long Term Incentive Plan. This filing adds to prior Form S-8 registrations from 2018, 2020, 2022, and 2023 that are incorporated by reference, and is intended to provide more shares for equity-based compensation to directors, executives, and other eligible participants under the plan.
Rockwell Medical (RMTI) reported a sharp decline in sales following reduced volumes from its largest customer. Net sales were $16.1 million for the quarter (down 38% year-over-year) and $35.0 million for the six months (down 28%). Gross margin held near 16%, but the company recorded a net loss of $1.5 million for the quarter and $3.0 million year-to-date, driven largely by a $9.9 million quarterly reduction in DaVita purchases and a $14.6 million reduction for the six-month period.
Liquidity sources include $18.4 million of cash, cash equivalents and short-term investments, $21.1 million available under an ATM facility, and net working capital of $20.7 million; management believes these resources are sufficient for at least the next twelve months. The Company has an outstanding term loan with a net carrying amount of $8.6 million, current deferred consideration of $2.5 million, and completed remediation with its lender by submitting updated projections. The Company also disclosed a new multimillion-dollar supply agreement with IRC with three-year utilization commitments.
Rockwell Medical, Inc. furnished a press release announcing its financial results for the quarter ended June 30, 2025, and attached that press release as Exhibit 99.1 to this Current Report on Form 8-K. The company explicitly states the information in Item 2.02 and Exhibit 99.1 is being furnished and therefore is not deemed "filed" for purposes of Section 18 of the Exchange Act and will not be incorporated by reference into Securities Act filings except by specific reference. Item 9.01 lists the furnished exhibits: Exhibit 99.1 (press release) and Exhibit 104 (Cover Page Interactive Data File in Inline XBRL). The report is signed on behalf of the registrant by Mark Strobeck, Chief Executive Officer.