NUWEHIGH SIGNALFINANCIAL10-K

NUWE faces severe financial distress with cash declining 79% to $1.1M and losses deepening 57% to $17.5M, while explicitly warning they need additional capital to fund operations beyond Q2 2026.

The company is in critical financial condition with a cash burn rate that threatens near-term viability, as evidenced by their direct statement about needing additional capital within the next year. The dramatic deterioration in all key balance sheet metrics combined with worsening losses indicates potential going concern issues and high dilution risk for existing shareholders.

Comparing 2026-03-11 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

NUWE's financial position deteriorated dramatically across all major metrics, with cash and equivalents plummeting 79% to just $1.1M while net losses widened 57% to $17.5M. The balance sheet contracted significantly with total assets falling 38% and stockholders' equity declining 60%, while current liabilities increased 18%, creating a liquidity squeeze. This financial profile signals imminent funding needs and potential distress, consistent with management's explicit warning about requiring additional capital by Q2 2026.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-78.7%
$5.1M→$1.1M

Cash declined 78.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
-59.8%
$6.5M→$2.6M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Net Income
P&L
-56.9%
-$11.2M→-$17.5M

Net income declined 56.9% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
+50%
$60K→$90K

Capital expenditure jumped 50% — major investment cycle underway; assess returns on deployment.

Current Assets
Balance Sheet
-41.4%
$8.9M→$5.2M

Current assets declined 41.4% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-38%
$9.9M→$6.1M

Total assets contracted 38% — asset sales, write-downs, or balance sheet optimization underway.

Interest Expense
P&L
-32.2%
$743K→$504K

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

Current Liabilities
Balance Sheet
+18.5%
$2.6M→$3.0M

Current liabilities rose 18.5% — increased short-term obligations, watch current ratio.

R&D Expense
P&L
-15.5%
$3.2M→$2.7M

R&D spending cut 15.5% — could signal cost discipline or concerning reduction in innovation investment.

Accounts Receivable
Balance Sheet
-13.5%
$1.7M→$1.5M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-11
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading Risk Factors included in this Annual Report on Form 10-K.
We undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise.
The principal factors and uncertainties include, among others: We will need to raise additional capital to fund our operations beyond the second quarter of 2026.
Our near-term prospects are highly dependent on revenues from a single-product, the Aquadex System.
We have incurred operating losses since our inception and anticipate that we will continue to incur operating losses in the near term.
We have limited commercial manufacturing experience and could experience difficulty in producing commercial volumes of the Aquadex System and related components because we depend on third parties for manufacturing.
We depend upon third-party suppliers, including single-source suppliers, making us vulnerable to supply prolems and price fluctuations.
We have experienced and may continue to experience product defects or issues with quality management, which may result in lawsuits for product liability, and could harm our business, results of operations and financial condition.
Our products may cause or contribute to adverse medical events or be subject to failures or malfunctions that we are required to report to the FDA, and if we fail to do so, we would be subject to sanctions that could harm our reputation, business, financial condition and results of operations.
REMOVED
Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all.
Except as required by law, we undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise.
Business Overview We are a commercial-stage medical technology company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovative technology.
Sean Pinney for example, is the principal investigator under the Company s current REVERSE-HF heart failure clinical study.
14 These patients are hospitalized on average for 8 days at a cost of approximately $24,000, as to which reimbursement does not cover the full cost.
The Company estimates it has treated more than 30,000 patients across all three (3) of our customer categories, since it reintroduced the Aquadex System to the U.S.
42 Following ultrafiltration, neurohormonal activation is reset toward a more physiological condition and diuretic efficacy is restored; 43 Provides highly automated operation with only one setting required to begin therapy; Utilizes a single-use, disposable auto-loading blood filter circuit that facilitates easy set-up; and Has a built-in console that guides the medical practitioner through the setup and operational process.
We are currently focusing our commercial activities in three primary clinical areas where fluid overload is prevalent: heart failure, critical care, and pediatrics.
Heart Failure Heart disease is the leading cause of death in the United States and other developed countries.
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