Sanuwave Health SEC Filings

SANUWAVE Health (SNWV) reported Q3 2025 results with revenue of $11.5M (up 22% year over year) and gross margin of 78%. Operating income was $1.5M. Net income reached $10.3M, driven by a $6.1M favorable change in warrant fair value and $5.0M other income from a patent sale.

Year to date, revenue was $31.0M (up 39%) and operating income was $4.3M. Consumables and parts contributed $7.0M in the quarter; system revenue was $4.4M. Stock‑based compensation totaled $1.4M in Q3.

Balance sheet and liquidity: SANUWAVE closed a new credit agreement with a $23.0M secured term loan (maturing 2029) and a $5.0M revolver (undrawn availability $4.3M as of Sept 30, 2025), and repaid prior senior secured debt. Management states that refinancing and positive operating income alleviated prior going‑concern doubt. Cash was $9.6M; total liabilities were $38.5M. Shares outstanding were 8,576,164 as of Nov 3, 2025.

SANUWAVE Health (SNWV) reported a leadership change and severance terms. Former President Andrew Walko was terminated without cause effective October 24, 2025, and entered a Separation and Release Agreement. The agreement provides $76,666.67 in cash, payable in equal installments over a four-month severance period, with an initial payment of one week’s base salary on October 31, 2025. Walko’s employee stock options will continue to vest during the severance period and remain exercisable until their stated expiration dates. The agreement includes a release of claims, confidentiality, and non-disparagement provisions.

Opaleye Management Inc. reported acquiring 1,267 shares of SANUWAVE Health, Inc. (SNWV) on 10/06/2025 at a weighted average price of $30.277 per share. After the transaction, Opaleye reports beneficial ownership of 966,267 shares through Opaleye, L.P. and an additional 15,000 shares held in a separately managed account for a total indirect position reported.

The filing clarifies the price is a weighted average from multiple trades between $29.75 and $30.50, and states that Opaleye Management Inc. disclaims beneficial ownership except to the extent of pecuniary interest. The Form 4 is signed by James Silverman, President, dated 10/09/2025.

SANUWAVE Health, Inc. (SNWV) Form 3 shows Daniel Coyle, the company's Chief Operating Officer and an officer-director, reporting initial beneficial ownership following grants and vesting events. He directly holds 37 shares of common stock and holds options totaling 25,000 underlying shares: a 20,000-share option granted 10/22/2024 exercisable through 10/22/2034 at an exercise price of $14.2, and a second option where 5,000 of the originally granted 10,000 shares vested after achieving two project-based milestones; the remaining 5,000 remain performance‑contingent. The 20,000-share option vests in 12 quarterly installments over three years starting on the grant date. The Form 3 was signed by an attorney-in-fact on 10/06/2025.

Jeffrey Blizard, a company director of SANUWAVE Health, Inc. (SNWV), reported the acquisition of 1,342 shares of common stock through the exercise of a stock option on 09/30/2025. The option had an exercise price of $37.48 and the underlying shares are exercisable through 09/30/2030. The filing states the options were fully vested at grant date and lists the transaction as a direct ownership change. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Ian D. Miller, a director of SANUWAVE Health, Inc. (SNWV), reported a Form 4 showing the acquisition on 09/30/2025 of 1,510 stock options with an exercise price of $37.48. The options were reported as fully vested at grant and are exercisable beginning 09/30/2025 with an expiration of 09/30/203010/02/2025. The filing lists the reporting person’s address in Eden Prairie, MN and indicates the Form was filed by one reporting person.

SANUWAVE Health, Inc. filed a Form S-8 to register securities for an employee benefit plan and states the registration statement is currently effective. The filing incorporates by reference the company’s Annual Report for the year ended December 31, 2024, Quarterly Reports for the quarters ended March 31, 2025 and June 30, 2025, numerous Current Reports filed in 2025, and the Form 8-A description of Common Stock. Part I disclosure documents are not filed here but will be delivered to plan participants as permitted by rule.