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 commercialization efforts into critical care, post-cardiac surgery, and pediatrics following 510(k) clearance for pediatric use in 2020.

• Relies on third-party manufacturing and a limited number of customers, with the top ten customers accounting for nearly half of revenues.

Financial performance and metrics

• Net losses since inception, with a net loss of $17.5 million and an 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 cash of $6.5 million post-offering if fully subscribed.

• 2,635,718 shares outstanding as of March 31, 2026, with potential dilution from options, warrants, and preferred stock conversions.

Use of proceeds and capital allocation

• Estimated net proceeds of $4.4 million if fully subscribed, with no minimum offering amount.

• Proceeds intended for working capital and general corporate purposes, including potential acquisitions.

• Management has broad discretion over use of funds; proceeds may be significantly less if the offering is not fully subscribed.