NEPH on Nasdaq

NEPHROS INC

NEPHROS INC is an American surgical and medical instruments and apparatus company.2 It is headquartered in South Orange, United States.2

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Last updated Oct 21, 2026.

Overview

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  • TickerNEPH on Nasdaq2
  • IndustrySurgical & Medical Instruments & Apparatus2
  • HeadquartersSouth Orange, United States2
  • Incorporated inDE3
  • Business address380 Lackawanna Place, South Orange, Nj 070793
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300TLN1G9WX00KA572
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 27368182

Settings: Our ultrafilters are used for advanced purification and polishing of water or bicarbonate concentrate in dialysis environments.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.9%Gross margin5
6.1%Operating margin5
6.4%Net margin5
32.7%Revenue growth, 20255
11.7%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 94% of the revenue NEPHROS INC broke down this way in fiscal 2025.

  1. Product$18.2M594%up 30% from 2024
  2. Royalty and Other Revenues$555.0K53%up 337% from 2024
  3. Service$520.0K53%up 567% from 2024
  4. Other Revenue$24.0K50%down 44% from 2024
Products and services by year
Products and services20242025
Product$14.0M$18.2M
Royalty and Other Revenues$127.0K$555.0K
Service$78.0K$520.0K
Other Revenue$43.0K$24.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue38¢$7.2M
  • Research and development7¢$1.3M
  • Selling, general and admin48¢$9.0M
  • Income tax0¢$12.0K
  • Profit6¢$1.2M

Out of $18.8M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$1.6M

Out of $1.6M of cash from operations.6

Financial statements

Revenue78910115$18.8M in 2025+82% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $10.3M$10.3M20192020: $8.6M$8.6M2020−17%2021: $10.2M$10.2M2021+19%2022: $10.0M$10.0M2022−2%2023: $14.2M$14.2M2023+43%2024: $14.2M$14.2M2024−1%2025: $18.8M$18.8M2025+33%
Gross profit78910115$11.6M in 2025+91% since 2019
0$5.0M$10.0M$15.0M2019: $6.1M$6.1M20192020: $4.9M$4.9M2020−19%2021: $5.6M$5.6M2021+15%2022: $4.7M$4.7M2022−16%2023: $8.4M$8.4M2023+78%2024: $8.7M$8.7M2024+4%2025: $11.6M$11.6M2025+33%
Operating income78910115$1.1M in 2025
-$6.0M-$4.0M-$2.0M0$2.0M2019: -$3.2M-$3.2M20192020: -$4.3M-$4.3M2020+35%2021: -$3.3M-$3.3M2021−24%2022: -$4.3M-$4.3M2022+33%2023: -$1.6M-$1.6M2023−63%2024: $6.0K$6.0K20242025: $1.1M$1.1M2025+19000%
Net income7810115$1.2M in 2025
-$7.5M-$5.0M-$2.5M0$2.5M2019: -$3.2M-$3.2M20192020: -$4.5M-$4.5M2020+42%2021: -$3.9M-$3.9M2021−15%2022: -$7.1M-$7.1M2022+84%2023: -$1.6M-$1.6M2023−78%2024: $74.0K$74.0K20242025: $1.2M$1.2M2025+1514%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total net revenues$18.8M$14.2M
Cost of goods sold$7.2M$5.4M
Gross Margin$11.6M$8.7M
Research and development$1.3M$906.0K
Depreciation and amortization$140.0K$135.0K
Selling, general and administrative$9.0M$7.7M
Total operating expenses$10.5M$8.7M
Operating income$1.1M$6.0K
Interest expense-$1.0K-$1.0K
Interest income$139.0K$94.0K
Other expense net-$78.0K-$10.0K
Total other income$60.0K$83.0K
Income before income taxes$1.2M$89.0K
Income tax expense-$12.0K-$15.0K
Net income$1.2M$74.0K
Net income per common share, basic$0.11$0.01
Net income per common share, diluted$0.11$0.01
Weighted average common shares outstanding, basic10.6M shares10.5M shares
Weighted average common shares outstanding, diluted11.0M shares10.6M shares

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Corporate structure

NEPHROS INC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NEPHROS INC

  • NEPHROS INC South Orange, New Jersey, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NEPHROS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.2M5 Dec 31, 2025$1.2M5 Dec 31, 20240%
Accumulated depreciation$1.1M5 Dec 31, 2025$1.0M5 Dec 31, 2024+5.5%
Property and equipment, net$106.0K5 Dec 31, 2025$161.0K5 Dec 31, 2024−34.2%
Finance-lease assets$17.0K5 Dec 31, 2025$22.0K5 Dec 31, 2024−22.7%
Operating-lease assets (leased space)$1.0M5 Dec 31, 2025$1.4M5 Dec 31, 2024−25.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.4M5 Dec 31, 2025$3.8M5 Dec 31, 2024+43.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$759.0K5 Dec 31, 2025$759.0K5 Dec 31, 20240%
Finite-lived intangibles, gross$540.0K5 Dec 31, 2025$540.0K5 Dec 31, 20240%
Accumulated amortization-$222.0K5 Dec 31, 2025-$191.0K5 Dec 31, 2024−16.2%
Finite-lived intangibles, net$318.0K5 Dec 31, 2025$349.0K5 Dec 31, 2024−8.9%
Licenses, net$2.3M5 Dec 31, 2025$2.3M11 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$3.2M5 Dec 31, 2025$2.6M5 Dec 31, 2024+23.6%
Raw materials$259.0K5 Dec 31, 2025$354.0K5 Dec 31, 2024−26.8%
Finished goods$3.0M5 Dec 31, 2025$2.3M5 Dec 31, 2024+31.5%

Properties, in its own words

Our U.S. facilities are located at 380 Lackawanna Place, South Orange, New Jersey 07079 and 30 Leslie Court, Whippany, NJ 07981. We use these facilities to house our corporate headquarters, research, manufacturing, and distribution facilities.

We believe our current facilities are adequate to meet our needs, although we may consolidate facilities in the future. We do not own any real property for use in our operation or otherwise.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led NEPHROS INC, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (23)

Timeline

  1. Oct 13, 20268-K Director nominations; Other events49
  2. Aug 6, 20268-K Results of operations50
  3. Jun 15, 20268-K Regulation FD disclosure51
  4. May 7, 20268-K Results of operations52
  5. Mar 27, 20268-K Regulation FD disclosure53
  6. Nov 26, 20258-K Entered a material agreement; Ended a material agreement54
  7. Aug 11, 20258-K Results of operations55
  8. Jun 16, 20258-K Shareholder vote56
  9. May 8, 20258-K Results of operations57
  10. Apr 28, 20258-K Executive or director change58
  11. Apr 1, 20258-K Regulation FD disclosure59
  12. Mar 6, 20258-K Results of operations60
  13. May 17, 2023New chief executive Robert R. Banks Jr. becomes CEO14
  14. Aug 26, 2020New chief executive Andrew Astor becomes CEO15
  15. Apr 17, 2015New chief executive Daron Evans becomes CEO16
  16. Apr 25, 2012New chief executive John C. Houghton becomes CEO17
  17. Mar 28, 2011New chief executive Paul A. Mieyal becomes CEO18
  18. Sep 17, 2008New chief executive Ernest Elgin Iii. becomes CEO19
  19. Nov 13, 2007New chief executive Norman J. Barta becomes CEO20

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.03 a share, on Nov 6, 2025.61

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results50
  2. May 7, 2026Reported quarterly or annual results52
  3. Aug 11, 2025Reported quarterly or annual results55
  4. May 8, 2025Reported quarterly or annual results57
  5. Mar 6, 2025Reported quarterly or annual results60
  6. Nov 13, 2024Reported quarterly or annual results62
  7. May 9, 2024Reported quarterly or annual results63
  8. Mar 7, 2024Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

145 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 41 major events, 50 insider forms, 15 large holders, 18 other. The latest 20:

  1. Oct 14, 2026DEF 14A EDGAR
  2. Oct 13, 20268-K EDGAR
  3. Sep 16, 2026SCHEDULE 13D/A EDGAR
  4. Sep 16, 2026SCHEDULE 13G EDGAR
  5. Sep 16, 20264 EDGAR
  6. Sep 16, 20264 EDGAR
  7. Aug 20, 20264 EDGAR
  8. Aug 14, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  9. Aug 10, 202610-Q EDGAR
  10. Aug 6, 20268-K EDGAR
  11. Jun 15, 20268-K EDGAR
  12. Jun 12, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. May 7, 20268-K EDGAR
  14. May 7, 202610-Q EDGAR
  15. Apr 30, 202610-K/A EDGAR
  16. Mar 27, 20268-K EDGAR
  17. Mar 25, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. Mar 25, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. Mar 18, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. Mar 18, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 145 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 7 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 30, 2024Amron Arthur HDirectorBuy3,000$2.24$6.7KForm 4
May 28, 2024Amron Arthur HDirectorBuy2,000$2.22$4.4KForm 4
May 16, 2024Banks Robert R. Jr.President and CEOBuy50,000$2.24$112.0KForm 4
Mar 12, 2024Amron Arthur HDirectorBuy7,000$2.45$17.1KForm 4
Dec 7, 2023Banks Robert R. Jr.President and CEOBuy18,000$2.20$39.6KForm 4
Aug 15, 2023Banks Robert R. Jr.President and CEOBuy1,901$1.69$3.2KForm 4
Aug 14, 2023Banks Robert R. Jr.President and CEOBuy99$1.50$148Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Robert Banks51$362.5K$627.1K72
2025Judy Krandel$144.2K$322.6K72
2024President and Chief Executive Officer$350.0K$410.2K72
2024Chief Financial Officer$141.7K$148.7K72

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 33. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Wexford Capital LP3,600,552$12.9M1.8%No change
Topline Capital Management, LLC535,698$1.9M0.5%−46,269
Vanguard Capital Management LLC198,643$709.2K0.0%No change
Morgan Stanley128,915$460.2K0.0%+18,000
Cornerstone Capital, Inc.128,700$459.5K0.0%No change
Bard Associates Inc118,003$421.3K0.1%−3,199
Renaissance Technologies LLC77,504$276.7K0.0%−21,896
Geode Capital Management, LLC70,263$250.9K0.0%−2,662
Mesirow Financial Investment Management, Inc.60,000$214.2K0.0%−60,000
HighTower Advisors, LLC59,710$213.2K0.0%No change
Navellier & Associates Inc53,479$190.9K0.0%+34,353
Essex Investment Management Co LLC38,927$139.0K0.0%−57
Vanguard Fiduciary Trust Co36,901$131.7K0.0%No change
Blair William & Co/il36,249$129.4K0.0%No change
Citadel Advisors LLC29,044$103.7K0.0%+8,156
Dimensional Fund Advisors LP22,164$79.1K0.0%+1,419
BlackRock, Inc.18,822$67.2K0.0%New
De Lisle Partners LLP17,400$62.1K0.0%−7,600
Northern Trust Corp16,706$59.6K0.0%+5,878
State Street Corp15,698$56.0K0.0%No change
Goldman Sachs Group Inc12,836$45.8K0.0%−1,327
Mercer Global Advisors Inc /adv12,500$44.6K0.0%New
Elkhorn Partners Limited Partnership11,000$39.3K0.0%−1,000
Cannell & Spears LLC11,000$39.3K0.0%No change
Royal Bank Of Canada827$3.0K0.0%+80

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How NEPHROS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNEPHROS INC1
  • CIK0001196298
  • Employer ID (EIN)13-39718094
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address380 Lackawanna Place, South Orange, NJ 070791
  • Phone201.343.52021
  • Shares outstanding10,860,120 as of Aug 7, 20266
  • Public float$27.3M as of Jun 30, 20254
  • AuditorBaker Tilly US, LLP, Tewksbury, Massachusetts PCAOB ID 23; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 22, 20021
  • Filings1,036 in all: 4 (280), 8-K (229), 424B3 (75), 10-Q (56), 3 (39), EFFECT (32), SC 13D/A (27), UPLOAD (25)1
    All 60 form types

    POS AM (21), CORRESP (20), S-1/A (19), 10-K (18), DEF 14A (18), SC 13G (17), S-1 (13), DEFA14A (12), 10QSB (10), 4/A (9), D/A (9), S-8 (9), D (7), SC 13D (7), SC 13G/A (7), NT 10-Q (5), 10KSB (4), NT 10-K (4), PRE 14A (4), RW (4), S-3 (4), SB-2/A (4), 10-K/A (3), ARS (3), SC TO-C (3), 424B5 (2), 8-A12B (2), 8-A12B/A (2), 8-K/A (2), AW (2), CT ORDER (2), DEF 14C (2), PRE 14C (2), PRER14A (2), REGDEX (2), S-3/A (2), SCHEDULE 13G (2), 10KSB/A (1), 10QSB/A (1), 25-NSE (1), 424A (1), 424B1 (1), 5 (1), CERT (1), CERTAMX (1), DEFR14A (1), PRER14C (1), S-1MEF (1), SB-2 (1), SC TO-I (1), SC TO-I/A (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Oct 14, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.001 per shareNEPHThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks NEPHROS INC names in Item 1A of its 10-K filed Mar 12, 2026: 28 risks under these headings, as written.4

  • Risks Related to Our Overall Business and Operations
  • We have only a limited history of profitability and a significant accumulated deficit, and we may not be able to maintain or improve our profitability in the future.
  • We may be unable to achieve or sustain revenue growth.
  • We face significant challenges in obtaining market acceptance of our products, which could adversely affect our potential sales and revenues.
  • If we are not able to successfully scale-up production of our products, then our sales and revenues will suffer.
  • The revenue from our emergency response business is unpredictable and is subject to factors outside our control. As a result, our revenue and operating results may vary significantly from period to period.
  • If we cannot develop adequate distribution, customer service and technical support networks, then we may not be able to market and distribute our products effectively and/or customers may decide not to order our products. In either case, our sales and revenues will suffer.
  • We are dependent on third parties to supply us with our products, making us vulnerable to supply problems and price fluctuations.
  • Significant developments resulting from recent and potential changes in United States tariff policies could have a material adverse effect on us.
  • We are subject to minimum purchase obligations under our License and Supply Agreement with Medica and failure to meet these minimum purchase requirements may result in termination of the agreement, which could materially impact our ability to obtain our filtration products.
  • We operate with a limited senior management team and are highly dependent on our sales and marketing personnel. Our business could be harmed if we are unable to attract and retain personnel necessary for our success.
  • We rely on information technology systems and network infrastructure to operate and manage our business. If we experience a breach, cyber attack or other disruption to these systems or data, our business, results of operations and financial condition could be adversely affected.
The other 17 risks
  • Product liability associated with the production, marketing, and sale of our products, and/or the expense of defending against claims of product liability, could materially deplete our assets and generate negative publicity which could impair our reputation.
  • We cannot assure you that our products will be safe or that there will not be product-related deaths, serious injuries or product malfunctions. Further, we are required under applicable law to report any circumstances relating to our medically approved products that could result in deaths or serious injuries. These circumstances could trigger recalls, class action lawsuits and other events that could cause us to incur expenses and may also limit our ability to generate revenues from such products.
  • We rely on both employees and third-party contractors to install and service our water filtration products, and any failure by these parties to perform adequately could adversely affect our business and reputation.
  • Risks Related to Government Regulation
  • If we violate any provisions of the FDC Act or any other statutes or regulations, then we could be subject to enforcement actions by the FDA or other governmental agencies.
  • If we develop new water filter products in the future, we may be required to obtain regulatory approvals and clearances in the countries in which we intend to sell such products. If we fail to receive, or experience a significant delay in receiving, such approvals and clearances, then we may not be able to get our new products to market and enhance our revenues.
  • Significant additional governmental regulation could subject us to unanticipated delays that would adversely affect our sales and revenues.
  • If we are not able to maintain sufficient quality controls, then the approval or clearance of any of our future products by the FDA or other relevant authorities could be withdrawn, delayed, or denied and our sales and revenues will suffer.
  • Risks Related to our Intellectual Property
  • Protecting our intellectual property in our technology through patents may be costly and ineffective. If we are not able to adequately secure or enforce protection of our intellectual property, then we may not be able to compete effectively and we may not be profitable.
  • If we are not able to secure and enforce protection of our trade secrets through enforcement of our confidentiality and non-competition agreements, then our competitors may gain access to our trade secrets, we may not be able to compete effectively, and we may not be profitable. Such protection may be costly and ineffective.
  • Risks Related to Owning Our Common Stock
  • The prices at which shares of the common stock trade have been and will likely continue to be volatile.
  • Our common stock could be further diluted as a result of the issuance of additional shares of common stock, warrants or options.
  • We have identified a material weakness in our internal control over financial reporting. If we are unable to remediate this material weakness, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and the value of our common stock.
  • We have never paid dividends and do not intend to pay cash dividends.
  • Several provisions of the Delaware General Corporation Law, our fourth amended and restated certificate of incorporation, as amended, and our second amended and restated bylaws could discourage, delay or prevent a merger or acquisition, which could adversely affect the market price of our common stock.
  • As a smaller reporting company with little or no name recognition and with several risks and uncertainties that could impair our business operations, we are not likely to generate widespread interest in our common stock. Without widespread interest in our common stock, our common stock price may be highly volatile and an investment in our common stock could decline in value.
  • Our directors, executive officers, and Wexford Capital control a significant portion of our stock and, if they choose to vote together, could have sufficient voting power to control the vote on substantially all corporate matters.
  • Future sales of our common stock could cause the market price of our common stock to decline.

Legal proceedings

There are currently no material pending legal proceedings and, as far as we are aware, no governmental authority is contemplating any material proceeding to which we are a party or to which any of our properties is subject.

The opening of Item 3, Legal Proceedings.4

Sources

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