Nuwellis Inc

NASDAQ:NUWEUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

Stockholders' equity Series A junior participating preferred stock as of September 30, 2024 and December 31, 2023, par value $0.0001 per share; authorized 30,000 shares, none outstanding -- -- Series F convertible preferred stock as of September 30, 2024 and December 31, 2023, par value $0.0001 per share; authorized 18,000 shares, issued and outstanding 127 shares -- -- Preferred stock as of September 30, 2024 and December 31, 2023, par value $0.0001 per share; authorized 39,352,000 shares, none outstanding -- -- Common stock as of September 30, 2024 and December 31, 2023, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,866,890 and 162,356, respectively -- -- Additional paid-in capital 300,546 290,647 Accumulated other comprehensive income: Foreign currency translation adjustment (46) (31) Accumulated deficit (297,323) (287,626) --------- -------- Total stockholders' equity 3,177 2,990 --------- -------- TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY $ 6,728 $ 9,770 ========= ======== NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except per share amounts and weighted average shares outstanding) Three months ended Nine months ended September 30 September 30 2024 2023 2024 2023 --------- ------ ------- ---------- Net sales $ 2,367 $ 2,412 $ 6,418 $ 6,313 Cost of goods sold 711 1,031 2,097 2,718 Gross profit 1,656 1,381 4,321 3,595 --------- ------ ------- ------- Operating expenses: Selling, general and administrative 2,702 3,428 10,544 13,582 Research and development 486 1,117 2,378 4,050 --------- ------ ------- ------- Total operating expenses 3,188 4,545 12,922 17,632 --------- ------ ------- ------- Loss from operations (1,532) (3,164) (8,601) (14,037) Other income (expense), net 8 (204) (87) 98 Financing Expense -- -- (5,607) -- Change in fair value of warrant liability 3,882 -- 4,602 (755) Income (loss) before income taxes 2,358 (3,368) (9,693) (14,694) Income tax expense -- (2) (4) (6) --------- ------ ------- ------- Net income (loss) $ 2,358 $ (3,370) $ (9,697) $ (14,700) --------- ------ ------- ------- Deemed dividend attributable to Series J Convertible Preferred Stock -- -- 541 -- --------- ------ ------- ------- Net income (loss) attributable to common shareholders $ 2,358) $ (3,370) $ (9,156) $ (14,700) --------- ------ ------- ------- Basic and diluted net income (loss) per share $ 1.74 $ (63.27) $ (14.99) $ (357.42) ========= ====== ======= ======= Weighted average shares outstanding -- basic and diluted 1,351,939 53,265 647,079 41,128 Other comprehensive loss: Foreign currency translation adjustments $ (4) $ -- $ (15) $ (6) --------- ------ ------- ------- Total comprehensive income (loss) $ 2,354 $ (3,370) $ (9,171) $ (14,706) ========= ====== ======= ======= NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Nine months ended September 30 2024 2023 Operating Activities: Net loss $ (9,697) $(14,700) Adjustments to reconcile net loss to cash flows used in operating activities: Depreciation and amortization 227 253 Stock-based compensation expense 374 513 Change in fair value of warrant liability (4,602) 755 Warrant financing costs 5,607 -- Net realized gain on marketable securities -- (65) Changes in operating assets and liabilities: Accounts receivable 658 (19) Inventory, net 120 325 Other current assets (275) (551) Other assets and liabilities (13) (16) Accounts payable and accrued expenses (486) (1,678) ------ Net cash used in operating activities (8,087) (15,183) Investing Activities: Proceeds from sale of marketable securities -- 578 Additions to intangible assets -- (99) Purchases of property and equipment (37) (185) Net cash provided by (used in) investing activities (37) 294 Financing Activities: Issuance of common stock from offering 2,403 -- Proceeds from the exercise of Series J Convertible Preferred Warrants 501 -- Proceeds from the exercise of April 2024 Warrants 1,182 -- Issuance of July and August 2024 Common Stock and Warrants 2,160 -- Proceeds from ATM stock offerings, net -- 2,108 Payments on finance lease liability -- (20) Net cash provided by financing activities 6,246 2,088 Effect of exchange rate changes on cash (15) (6) ------ Net decrease in cash and cash equivalents (1,893) (12,807) Cash and cash equivalents - beginning of period 3,800 17,737 ------ ------- Cash and cash equivalents - end of period $ 1,907 $ 4,930 ====== =======

Nuwellis Announces Exercise of Warrants for $5.1 Million of Gross Proceeds

MINNEAPOLIS, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) ("Nuwellis" or the "Company"), a commercial-stage medical device company committed to transforming the lives of people with fluid overload, today announced the entry into definitive agreements for the immediate exercise of certain outstanding warrants issued by the Company on April 30, 2024 (collectively, the "Existing Warrants") to purchase up to an aggregate of 1,832,517 shares of the Company's common stock at their current exercise price of $2.10 per share for total gross proceeds of approximately $3.8 million, prior to deducting inducement agent fees and estimated offering expenses. An additional $1.3 million of gross proceeds was received through the exercise of warrants over the last week in accordance with their original terms.