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RMTI on Nasdaq

Rockwell Medical Inc.

Logo: rockwellmed.com5

Rockwell Medical Inc. is a publicly traded pharmaceutical company based in Wixom, Michigan and founded in 1996 that focuses on development and commercialization of treatments against diseases such as end-stage renal disease (ESRD) and chronic kidney disease (CKD). The company's primary customers are dialysis providers.3 Its shares trade on Nasdaq under the symbol RMTI.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1995Founded1

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  • TickerRMTI on Nasdaq1
  • Industrypharmaceutical industry1
  • HeadquartersUnited States1
  • Websitewww.rockwellmed.com
  • Incorporated inDE6
  • Business address30142 Wixom Road, Wixom, Mi 483936
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI529900Y6YUB5X93MMD774
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered address201 WEST BIG BEAVER ROAD, SUITE 500, 48084 Troy, United States4
  • Registered withCorporations Division (Department of Licensing and Regulatory Affairs), 8004371304

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RM image
Photo: Rockwell Medical, Public domain, via Wikimedia Commons8

Rockwell Medical Inc. is a publicly traded pharmaceutical company based in Wixom, Michigan and founded in 1996 that focuses on development and commercialization of treatments against diseases such as end-stage renal disease (ESRD) and chronic kidney disease (CKD).3

Financials

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

Key numbers, fiscal 2025

16.9%Gross margin9
-6.8%Operating margin9
-7.7%Net margin9
-31.8%Revenue growth, 20259
-14.4%Return on equity9
0.24×Debt to equity9

What sells

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

Regions

United States brought in 87% of the revenue Rockwell Medical Inc. broke down this way in fiscal 2025.

  1. United States$60.4M987%down 35% from 2024
  2. Outside the United States$8.9M913%down 4% from 2024
Regions by year
Regions20242025
United States$92.3M$60.4M
Outside the United States$9.2M$8.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue83¢$57.6M
  • Other costs17¢$11.7M

Out of $69.3M in revenue.9 The company lost money this year.

Financial statements

Revenue10111213149$69.3M in 2025+13% since 2019
0$50.0M$100.0M$150.0M2019: $61.3M$61.3M20192020: $62.2M$62.2M2020+1%2021: $61.9M$61.9M2021−0%2022: $72.8M$72.8M2022+18%2023: $83.6M$83.6M2023+15%2024: $101.5M$101.5M2024+21%2025: $69.3M$69.3M2025−32%
Gross profit10111213149$11.7M in 2025+312% since 2019
-$5.0M0$5.0M$10.0M$15.0M$20.0M2019: $2.8M$2.8M20192020: $2.7M$2.7M2020−4%2021: -$2.4M-$2.4M20212022: $4.1M$4.1M20222023: $8.7M$8.7M2023+113%2024: $17.5M$17.5M2024+101%2025: $11.7M$11.7M2025−33%
Operating income10111213149-$4.7M in 2025−86% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M0$10.0M2019: -$34.5M-$34.5M20192020: -$28.4M-$28.4M2020−18%2021: -$30.3M-$30.3M2021+7%2022: -$16.8M-$16.8M2022−45%2023: -$6.7M-$6.7M2023−60%2024: $608.0K$608.0K20242025: -$4.7M-$4.7M2025
Net income10111213149-$5.3M in 2025−84% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$34.1M-$34.1M20192020: -$30.9M-$30.9M2020−9%2021: -$32.7M-$32.7M2021+6%2022: -$18.7M-$18.7M2022−43%2023: -$8.4M-$8.4M2023−55%2024: -$480.0K-$480.0K2024−94%2025: -$5.3M-$5.3M2025+1007%

Every line of the income statement as filed: the last 2 fiscal years, latest first.9

Period ending2025-12-312024-12-31
Net Sales$69.3M$101.5M
Cost of Sales$57.6M$84.0M
Gross Profit$11.7M$17.5M
Research and Product Development$0$19.0K
Selling and Marketing$2.4M$2.7M
General and Administrative$14.0M$14.1M
Operating (Loss) Income-$4.7M$608.0K
Realized Gain on Available-for-Sale Investments$267.0K$74.0K
Interest Expense-$1.1M-$1.3M
Interest Income$234.0K$92.0K
Total Other Expense, net-$623.0K-$1.1M
Net Loss-$5.3M-$480.0K
Net Loss Per Share Attributable to Common Stockholders - Basic (in dollars per share)-$0.15-$0.03
Net Loss Per Share Attributable to Common Stockholders - Diluted (in dollars per share)-$0.15-$0.03
Weighted Average Number of Shares of Common Stock Outstanding - Basic (in shares)36.0M shares31.1M shares
Weighted Average Number of Shares of Common Stock Outstanding - Diluted (in shares)36.0M shares31.1M shares

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Corporate structure

Rockwell Medical 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 Rockwell Medical Inc.

  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on Rockwell Medical Inc., latest Nov 14, 2025 (7 filings since Feb 14, 2023)
  • Irrevocable Larson Family Investment Trust Filed SCHEDULE 13G/A on Rockwell Medical Inc., latest Dec 17, 2024 (11 filings since May 3, 2024)
  • Richmond Brothers, Inc. Filed SC 13D/A on Rockwell Medical Inc., latest Sep 6, 2023 (3 filings since Jun 23, 2022)
  • DaVita Filed SC 13G/A on Rockwell Medical Inc., latest Feb 14, 2023 (2 filings since Apr 18, 2022)
  • BlackRock Filed SC 13G/A on Rockwell Medical Inc., latest Feb 24, 2022
  • Rockwell Medical Inc. Wixom, Michigan, 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 Rockwell Medical 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$15.3M9 Dec 31, 2025$16.2M9 Dec 31, 2024−5.2%
Accumulated depreciation$10.7M9 Dec 31, 2025$10.4M9 Dec 31, 2024+3.1%
Property and equipment, net$4.6M9 Dec 31, 2025$5.8M9 Dec 31, 2024−20.0%
Finance-lease assets$651.0K9 Dec 31, 2025$1.3M9 Dec 31, 2024−51.6%
Operating-lease assets (leased space)$2.6M9 Dec 31, 2025$3.2M9 Dec 31, 2024−20.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.7M9 Dec 31, 2025$15.7M9 Dec 31, 2024−31.6%
Marketable securities, current$14.3M9 Dec 31, 2025$5.9M9 Dec 31, 2024+140.5%
Debt securities available for sale$14.3M9 Dec 31, 2025$5.9M9 Dec 31, 2024+140.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$921.0K9 Dec 31, 2025$921.0K9 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$9.7M9 Dec 31, 2025$10.2M9 Dec 31, 2024−5.4%
Finite-lived intangibles, gross$11.0M9 Dec 31, 2025$11.0M9 Dec 31, 20240%
Accumulated amortization$1.4M9 Dec 31, 2025$828.0K9 Dec 31, 2024+66.5%
Finite-lived intangibles, net$9.7M9 Dec 31, 2025$10.2M9 Dec 31, 2024−5.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$3.4M9 Dec 31, 2025$5.8M9 Dec 31, 2024−40.7%
Raw materials$1.8M9 Dec 31, 2025$3.0M9 Dec 31, 2024−38.6%
Work in process$199.0K9 Dec 31, 2025$367.0K9 Dec 31, 2024−45.8%
Finished goods$1.4M9 Dec 31, 2025$2.4M9 Dec 31, 2024−42.6%

Properties, in its own words

We lease a 51,000 square foot manufacturing, office and warehouse facility and an additional 17,500 square foot office and warehouse facility in Wixom, Michigan under a lease expiring in August 2027. We use the office space in Wixom, Michigan as our principal administrative office.

We lease a second 51,000 square foot manufacturing, office and warehouse facility in Grapevine, Texas under a lease that now expires in February 2031. Upon expiration of the original lease for this facility in December 2025, the Company extended the lease for an additional 62 months.

The rest of Item 2

During the year ended December 31, 2025, we entered into a lease for a 16,800-square foot storage facility in Allentown, Pennsylvania, that expires in April 2030.

Previously, we leased a 57,000 square foot manufacturing and warehouse facility in Greer, South Carolina. In the third quarter of 2025, we concluded manufacturing in that facility in preparation for the lease expiry in February 2026 as part of the Company's ongoing efforts to streamline operations and improve efficiency.

We use each of our facilities to manufacture and warehouse our products. All such facilities and their contents are covered under various insurance policies which management believes provide adequate coverage. We use the office space in Wixom, Michigan as our principal administrative office. We believe that our existing leased properties are adequate and suitable for the conduct of our business and that our capital resources are sufficient to purchase, lease or construct any additional facilities required to meet our expected long-term growth needs. We expect that we may need additional manufacturing capacity and distribution facilities to meet our business requirements and anticipate they will be available on commercially available terms.

Item 2 of the 10-K filed Mar 26, 2026.17

Leadership

Who has led Rockwell Medical Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert L. Chioini2007–2017
  2. Stuart M. Paul2018–2019
  3. Mark Strobeck2022–now

Chair

  1. Robert L. Chioini2007–2017

President

  1. Robert L. Chioini2007–2017
  2. Mark Strobeck2022–now

Chief financial officer

  1. Thomas E. Klema2007–2017
  2. Jesse Neri2025–now

Chief operating officer

  1. Heather Hunter2025–now
200020052010201520202025
Board members and other officers (24)

Products and brands

Triferic

Triferic was approved by the Food and Drug Administration (FDA) in January 2015. Triferic is the only FDA-approved therapy indicated to replace iron and maintain hemoglobin in adult hemodialysis patients with chronic kidney disease. Triferic replaces the iron lost during hemodialysis treatments. Triferic delivers iron directly to transferrin which transports it to the bone marrow to make hemoglobin. Rockwell is actively marketing and commercializing Triferic in the U.S. hemodialysis market. In February 2014, the Company completed its long-term safety study for Triferic.

Rockwell Medical began commercializing Triferic (dialysate) and Triferic AVNU (intravenous) in the United States in the second half of 2019 and in early 2021, respectively. Triferic was launched into a very competitive marketplace with well-entrenched products and a lack of consensus regarding unmet medical needs for dialysis patients with anemia. Due to its limited market adoption, unfavorable reimbursement, and absence of interest from other companies to license or acquire Triferic despite Rockwell's significant effort to partner the program, Rockwell Medical discontinued its New Drug Applications (“NDAs”) for Triferic and Triferic AVNU in the United States in the fourth quarter of 2022.

Calcitriol

Calcitriol (active vitamin D) generic is FDA approved for treating secondary hyperparathyroidism or hypocalcemia in hemodialysis patients.

Hemodialysis Concentrates

Rockwell is a manufacturer of hemodialysis concentrates/dialysates for dialysis providers and distributors in the U.S. and globally. Hemodialysis concentrates remove toxins and replace critical nutrients in the dialysis patient's bloodstream during hemodialysis. Rockwell has three U.S. manufacturing and distribution facilities.

Read the full text

Iron (III) pyrophosphate

One of the main treatments that the company develops is iron (III) pyrophosphate, for iron supplementation, a key element in the formation of new red blood cells. It was licensed in 2011 for the delivery of iron supplementation for patients who suffer from anemic dialysis since the process accounts for treatment in around 90% of anemia patients.

International Partnerships

While Rockwell has discontinued commercialization of Triferic in the United States, the company has established international partnerships with companies seeking to develop and commercialize Triferic outside the United States and is working closely with these international partners to develop and commercialize Triferic in their respective regions.

South Korea for example; Triferic and Triferic AVNU have been approved in South Korea, and our partner, Jeil Pharmaceutical, launched Triferic in South Korea during the third quarter of 2022.

Also, in April 2023, Drogsan submitted a Marketing Authorization application and GMP application for Triferic AVNU to the Turkish Medicines and Medical Devices Agency ("TMMDA"), for which Drogsan received priority status and high priority status, respectively. Taking into consideration that Drogsan was granted an accelerated review for Triferic AVNU with the Turkish regulatory authority, Rockwell anticipates approval for Triferic AVNU in Turkey in 2024. Drogsan is responsible for all regulatory approval and commercialization activities.

From Wikipedia’s article on Rockwell Medical, shared under CC BY-SA 4.0.7

Former names

  • ROCKWELL MEDICAL TECHNOLOGIES INCJul 24, 1997 to Jun 14, 20126

Timeline

  1. Aug 13, 20268-K Results of operations46
  2. Aug 13, 20268-K Regulation FD disclosure47
  3. Jul 20, 20268-K Other events48
  4. Jun 29, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed49
  5. Jun 15, 20268-K Shareholder vote50
  6. May 8, 20268-K Listing notice or transfer51
  7. May 7, 20268-K Results of operations52
  8. May 7, 20268-K Regulation FD disclosure53
  9. Mar 26, 20268-K Results of operations54
  10. Mar 26, 20268-K Regulation FD disclosure55
  11. Jan 20, 20268-K Results of operations56
  12. Jan 5, 20268-K Other events57
  13. Jul 5, 2022New chief executive Mark Strobeck becomes CEO18
  14. Sep 6, 2018New chief executive Stuart M. Paul becomes CEO19
  15. Jul 17, 2007New chief executive Robert L. Chioini becomes CEO20
  16. Jan 27, 1998Went public Listed on NASDAQ1
  17. 1995Founded Founded1

Calendar

Coming up

  1. Nov 12, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.50) a share, on Nov 12, 2025.58

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results46
  2. May 7, 2026Reported quarterly or annual results52
  3. Mar 26, 2026Reported quarterly or annual results54
  4. Jan 20, 2026Reported quarterly or annual results56
  5. Nov 12, 2025Reported quarterly or annual results59
  6. Aug 14, 2025Reported quarterly or annual results60
  7. May 12, 2025Reported quarterly or annual results61
  8. Mar 20, 2025Reported quarterly or annual results62

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

Filings

270 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 69 major events, 98 insider forms, 24 large holders, 59 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 1, 2026144 EDGAR
  3. Aug 13, 20268-K EDGAR
  4. Aug 13, 202610-Q EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Jul 20, 20268-K EDGAR
  7. Jul 6, 20264 EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jul 6, 20264 EDGAR
  10. Jul 6, 20264 EDGAR
  11. Jul 6, 20264 EDGAR
  12. Jul 6, 20264 EDGAR
  13. Jul 6, 20264 EDGAR
  14. Jul 6, 20264 EDGAR
  15. Jul 6, 20264 EDGAR
  16. Jul 6, 20264 EDGAR
  17. Jun 29, 20268-K EDGAR
  18. Jun 15, 20268-K EDGAR
  19. May 11, 2026DEFA14A EDGAR
  20. May 8, 20268-K EDGAR

The 270 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

23 open-market trades by officers, directors and large owners since October 2021: 2 buys and 21 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 2, 2026Hunter HeatherChief Operating OfficerSale2,868$0.84$2.4KForm 4
Jan 2, 2026Neri JesseSVP and CFOSale886$0.84$744Form 4
Nov 18, 2025COOPER JOHN GDirectorSale5,079$0.87$4.4KForm 4
Oct 1, 2025Chole TimothySVP and CCOSale2,868$1.19$3.4KForm 4
Oct 1, 2025Neri JesseSVP and CFOSale886$1.19$1.1KForm 4
Oct 1, 2025Strobeck MarkPresident and CEOSale6,926$1.19$8.2KForm 4
Oct 1, 2025Hunter HeatherChief Operating OfficerSale2,868$1.19$3.4KForm 4
Jul 1, 2025Chole TimothySVP and CCOSale2,868$0.82$2.4KForm 4
Jul 1, 2025Strobeck MarkPresident and CEOSale6,926$0.82$5.7KForm 4
Jul 1, 2025Neri JesseSVP and CFOSale886$0.82$727Form 4
Jul 1, 2025Chole TimothySVP and CCOSale2,868$0.82$2.4KForm 4
Jul 1, 2025Neri JesseSVP and CFOSale886$0.82$727Form 4
Jul 1, 2025Strobeck MarkPresident and CEOSale6,926$0.82$5.7KForm 4
Apr 11, 2025Irrevocable Larson Family Investment Trust10% ownerBuy30,500$1.08$33.0KForm 4
Apr 10, 2025Irrevocable Larson Family Investment Trust10% ownerBuy57,000$1.07$61.1KForm 4
Apr 1, 2025Strobeck MarkPresident and CEOSale6,926$1.08$7.5KForm 4
Apr 1, 2025Neri JesseSVP and CFOSale886$1.10$975Form 4
Apr 1, 2025Chole TimothySVP and CCOSale2,868$1.08$3.1KForm 4
Jan 2, 2025Chole TimothySVP and CCOSale1,001$2.05$2.1KForm 4
Jan 2, 2025Strobeck MarkPresident and CEOSale2,163$2.06$4.5KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

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
2025Mark StrobeckPh.D.$566.5K$1.9M68
2025Megan Timmins53$412.0K$978.2K68
2025Jesse Neri48$309.0K$828.8K68
2024Chief Executive Officer$566.5K$1.3M68
2024Chief Legal Officer and Secretary$412.0K$749.9K68
2024Chief Financial Officer$300.0K$539.5K68

Held by these funds

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

FundSharesValueShare of the fundChange
Harbour Investments, Inc.21,865$12.0K0.0%New
Compass Financial Management LLC12$910.0%New
SBI Securities Co., Ltd.67$370.0%New

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

SEC filer profile

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

  • Name on EDGARROCKWELL MEDICAL, INC.2
  • CIK0001041024
  • Employer ID (EIN)38-331720817
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)2834 Pharmaceutical Preparations2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address30142 Wixom Road, Wixom, MI 483932
  • Phone80044933532
  • Shares outstanding4,030,465 as of Aug 10, 202616
  • Public float$28.7M as of Jun 30, 202517
  • AuditorEISNERAMPER LLP, Iselin, New Jersey PCAOB ID 274; no auditor attestation of internal control over financial reporting17
  • On EDGAR sinceJul 24, 19972
  • Filings1,272 in all: 4 (395), 8-K (288), 10-Q (60), SC 13D/A (41), 4/A (37), 3 (35), DEF 14A (28), DFAN14A (27)2
    All 60 form types

    SC 13G/A (27), 10QSB (26), DEFA14A (25), SC 13G (22), UPLOAD (21), 10-K (19), S-8 (19), 424B5 (18), 144 (17), CORRESP (17), EFFECT (13), SCHEDULE 13G/A (13), ARS (12), S-3 (12), 10KSB (9), 424B3 (9), 8-K/A (7), CT ORDER (7), PRE 14A (7), SC 13D (5), REGDEX (4), 10-K/A (3), 3/A (3), S-4/A (3), SB-2/A (3), 15-12G (2), 8-A12G (2), D (2), DEFC14A (2), NT 10-K (2), POS AM (2), PREC14A (2), PRRN14A (2), REGDEX/A (2), S-3/A (2), S-8 POS (2), SC TO-I/A (2), SCHEDULE 13G (2), 10-Q/A (1), 10KSB40 (1), 424B1 (1), 8-A12G/A (1), DEFR14A (1), FWP (1), NT 10-Q (1), PRER14A (1), S-1 (1), S-3MEF (1), S-4 (1), SB-2 (1), SC TO-C (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $.0001RMTINasdaq

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Rockwell Medical Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 35 risks under these headings, as written.17

  • RISKS RELATED TO OUR BUSINESS
  • We face competition in the concentrates market and have large competitors with substantial resources.
  • Advancements in treatment modalities for end stage kidney disease and the introduction of new pharmacologic therapies may reduce demand for our hemodialysis concentrate products.
  • If our customers move back to entering into long-term bundled product contracts with suppliers, our business could suffer.
  • We have been, and may continue to be, materially and adversely affected by increases in raw material, labor and transportation costs and may be unable to recover certain costs due to provisions in our contracts that limit price increases, and we may lose other customers due to price sensitivity.
  • We expect that if we continue to be subject to the limitations on price increases in our contracts, increasing costs and decreasing volumes may continue to negatively impact our profit margins and materially and adversely affect our financial position and results of operations.
  • Unfavorable weather, economic conditions or supply shortages could materially and adversely affect our business, financial condition or results of operations.
  • Certain aspects of our production and other processes are manual, which introduces risk of error and may result in rising production costs.
  • We may not be successful in expanding our business or in our business development efforts related to in-licensing, acquisitions or other business collaborations. Even if we are able to enter into business development arrangements, they could have a negative impact on our business and our profitability.
  • Our business depends on government funding of health care, and changes could impact our ability to be paid in full for our products, increase prices or cause consolidation in the dialysis provider market.
  • Our medical device products are life-sustaining and any failure to supply them to our customers could result in scrutiny and negatively impact our reputation and stock price.
  • Market dynamics in the concentrates business have resulted in fluctuating volumes that could lead to the implementation of cost-saving measures that would have a material and adverse effect on our business.
The other 24 risks
  • Our business and operations would suffer in the event of a security breach, system failure, invasion, corruption, destruction or interruption of our or our business partners’ critical information technology systems or infrastructure.
  • Our future success depends on our ability to retain executives and key employees and to attract, retain and motivate qualified personnel in the future.
  • We use hazardous materials, and any claims relating to improper handling, storage or disposal of these materials could be time consuming or costly.
  • RISKS RELATED TO OUR FINANCIAL POSITION
  • The reduction in sales to our largest customer required us to right size our operations and our inability to appropriately reduce our scale would have a negative impact on our results of operations and financial condition.
  • Our Loan Agreement with Innovatus contains certain covenants that could adversely affect our operations and, if an event of default were to occur, we could be forced to repay the outstanding indebtedness sooner than planned and possibly at a time when we do not have sufficient capital to meet this obligation. The occurrence of any of these events could cause a significant adverse impact on our business, prospects and share price.
  • We have limited capital resources and will likely need additional funding to expand our business. If we are unable to raise additional capital on attractive terms, or at all, we may be unable to sustain our operations.
  • Our existing capital resources may not be adequate to finance our operating cash requirements in the future and additional capital that we may need to operate or expand our business may not be available.
  • Our financial projections are based on various assumptions that may not come to fruition.
  • RISKS RELATED TO LEGAL AND REGULATORY
  • Our business is highly regulated, resulting in additional expense and risk of noncompliance that can materially and adversely affect our business, results of operations, financial position and cash flows.
  • Our business operations may subject us to numerous commercial disputes, claims, lawsuits and/or investigations.
  • We may become the target of litigation, which is costly and time-consuming to defend.
  • Our products may have or have had undesirable side effects, and our product liability insurance may not be sufficient to protect us from material liability or harm to our business.
  • We could be found to be infringing intellectual property rights of third parties, which could prevent us from selling products and could require us to pay significant damages and compel us to defend against litigation. We may be subject to claims that our employees or directors have wrongfully used or disclosed alleged trade secrets of their former employers.
  • Our business could be impacted as a result of actions by activist stockholders, including as a result of a potential proxy contest for the election of directors at our annual meeting.
  • RISKS RELATED TO OUR COMMON STOCK
  • The market price of our common stock has fluctuated in the past, and is likely to continue to be volatile, which could subject us to litigation.
  • We may fail to qualify for continued listing on Nasdaq, which could make it more difficult for our stockholders to sell their shares.
  • Shares eligible for future sale may affect the market price of our common stock.
  • Our ability to use our net operating loss carryforwards to offset potential taxable income and related income taxes that would otherwise be due may be limited.
  • We do not anticipate paying dividends in the foreseeable future.
  • If securities analysts do not publish research or reports about our business, or if they publish negative evaluations, the price of our common stock could decline.
  • GENERAL RISK FACTORS
  • Our business could be adversely affected by economic downturns, inflation, increases in interest rates, natural disasters, public health crises, political crises, geopolitical events, such as the crisis in Ukraine and the Middle East, or other macroeconomic conditions, which could have a material and adverse effect on our results of operations and financial condition.
  • Our certificate of incorporation, bylaws and Delaware law could prevent a third party from acquiring us (even if an acquisition would benefit our stockholders), may limit the ability of our stockholders to replace our management and limit the price that investors might be willing to pay for shares of our common stock.
  • We are not subject to the provisions of Section 203 of the Delaware General Corporation Law, which could negatively affect your investment.
  • Our certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

Legal proceedings

We may be involved in certain routine legal proceedings from time to time before various courts and governmental agencies. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on our operations or consolidated financial statements in the period in which they are resolved. Information pertaining to legal proceedings is provided under the heading “Litigation” in Note 14, Commitments and Contingencies, to the consolidated financial statements and is incorporated by reference herein.

The opening of Item 3, Legal Proceedings.17

Sources

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