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.

• Relies on third-party manufacturing and suppliers, with a single product as the main revenue source.

Financial performance and metrics

• Accumulated deficit of $316.3 million and net losses of $17.5 million as of December 31, 2025.

• As of March 31, 2026, 2,635,718 shares of common stock outstanding, with significant dilution potential from options, warrants, and convertible preferred stock.

• Net tangible book value per share as of March 31, 2026 was $0.97; offering will result in immediate dilution to new investors.

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, general corporate purposes, and potential acquisitions.

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