NEPHHIGH SIGNALFINANCIAL10-K

NEPH achieved a dramatic operational turnaround with operating income swinging from $6K to $1.1M and operating cash flow improving from negative $492K to positive $1.6M.

This represents a significant inflection point for Nephros, demonstrating the company has successfully transitioned from breakeven operations to meaningful profitability. The simultaneous achievement of positive operating income and strong cash flow generation suggests sustainable operational improvements rather than one-time accounting effects, which is particularly important for a commercial-stage company.

Comparing 2026-03-12 vs 2025-03-24View on EDGAR →
FINANCIAL ANALYSIS

Nephros delivered exceptional financial performance with operating income increasing 19,000% to $1.1M and net income growing 1,514% to $1.2M, while operating cash flow swung dramatically positive to $1.6M from negative $492K. The company strengthened its balance sheet by reducing total debt 79% to $71K, increasing cash 44% to $5.4M, and growing stockholders' equity 50% to $8.4M, though current liabilities increased 77% to $2.8M. Despite higher R&D spending (+48%), the overall picture signals a company that has achieved operational profitability and strong cash generation while maintaining investment in growth.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+19000%
$6K→$1.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+1513.5%
$74K→$1.2M

Net income grew 1513.5% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+434.3%
-$492K→$1.6M

Operating cash flow surged 434.3% — exceptional cash generation, highest quality earnings signal.

Interest Expense
P&L
-90%
$20K→$2K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
-79.3%
$343K→$71K

Debt reduced 79.3% — deleveraging strengthens balance sheet and reduces financial risk.

Current Liabilities
Balance Sheet
+77.1%
$1.6M→$2.8M

Current liabilities surged 77.1% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
+49.5%
$5.6M→$8.4M

Equity base grew 49.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

R&D Expense
P&L
+47.8%
$906K→$1.3M

R&D investment increased 47.8% — signals commitment to future product development, though near-term margin impact.

Cash & Equivalents
Balance Sheet
+43.6%
$3.8M→$5.4M

Cash position surged 43.6% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+35.5%
$1.8M→$2.4M

Receivables surged 35.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-24
ADDED
As of March 12, 2026, there were 10,644,268 shares of the registrant s common stock, $ 0.001 par value, outstanding.
The 2026 Proxy Statement will be filed within 120 days of December 31, 2025.
Food and Drug Administration (the FDA ) or other governmental agencies; we may not be able to obtain funding when needed or on terms favorable to us in order to continue operations; we may not have sufficient capital to successfully implement our business plan; we may not be able to effectively market and sell our products in new or existing markets; we may not be able to sell our water filtration products at competitive prices or profitably; we may experience increased costs and/or disruptions in our supply chain due to the imposition of U.S.
tariffs; we may encounter unanticipated internal control deficiencies or weaknesses or ineffective disclosure controls and procedures; we may not be able to obtain appropriate or necessary regulatory approvals to achieve our business plan; we may not be able to secure or enforce adequate legal protection, including patent protection, for our products; and we may not be able to achieve sales growth in key geographic markets.
Business Overview Nephros is a commercial-stage company that develops and markets high-performance water filtration solutions for points of use, with a core focus on medical-grade water filtration.
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REMOVED
As of March 17, 2025, there were 10,600,350 shares of the registrant s common stock, $ 0.001 par value, outstanding.
The 2025 Proxy Statement will be filed within 120 days of December 31, 2024.
Business Overview We are a commercial-stage company that develops and sells high performance water solutions to the medical and commercial markets.
Our medical water filters, mostly classified as ultrafilters, are used primarily by hospitals for the prevention of infection from waterborne pathogens, such as legionella and pseudomonas, and in dialysis centers for the removal of biological contaminants from water and bicarbonate concentrate.
Because our ultrafilters capture contaminants as small as 0.005 microns in size, they minimize exposure to a wide variety of bacteria, viruses, fungi, parasites, and endotoxins.
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