Nuwellis (NUWE) Registration filing summary

Company overview and business model

• Commercial-stage medical technology company focused on ultrafiltration therapy for fluid overload, primarily through the Aquadex SmartFlow system for adult and pediatric patients unresponsive to diuretics.

• Expanded indications include heart failure, critical care, post-cardiac surgery, and pediatrics, with recent 510(k) clearance for pediatric use (≥20kg).

• Relies on third-party manufacturers and suppliers, with KDI Precision Manufacturing as the sole manufacturer for key components.

Financial performance and metrics

• Net losses since inception, with a net loss of $17.5 million and accumulated deficit of $316.3 million as of December 31, 2025.

• Cash and cash equivalents of $2.1 million as of March 31, 2026; pro forma stockholders' equity of $7.1 million post-offering.

• Ten largest customers accounted for nearly half of revenues in 2025; largest customer represented 13.7%.

Use of proceeds and capital allocation

• Estimated net proceeds of $4.4 million if fully subscribed, with use for working capital, general corporate purposes, and potential acquisitions.

• No minimum offering amount; proceeds may be significantly less if not fully subscribed.