NEPH on Nasdaq

NEPHROS INC

American surgical and medical instruments and apparatus company. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerNEPH on Nasdaq2
  • IndustrySurgical & Medical Instruments & Apparatus2
  • HeadquartersSouth Orange, United States2
  • Incorporated inDE3
  • Business address380 Lackawanna Place, South Orange, Nj 070793
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300TLN1G9WX00KA572
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 27368182

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Settings: Our ultrafilters are used for advanced purification and polishing of water or bicarbonate concentrate in dialysis environments.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.9%Gross margin5
6.1%Operating margin5
6.4%Net margin5
32.7%Revenue growth, 20255
11.7%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 94% of the revenue NEPHROS INC broke down this way in fiscal 2025.

  1. Product$18.2M594%up 30% from 2024
  2. Royalty and Other Revenues$555.0K53%up 337% from 2024
  3. Service$520.0K53%up 567% from 2024
  4. Other Revenue$24.0K50%down 44% from 2024
Products and services by year
Products and services20242025
Product$14.0M$18.2M
Royalty and Other Revenues$127.0K$555.0K
Service$78.0K$520.0K
Other Revenue$43.0K$24.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue38¢$7.2M
  • Research and development7¢$1.3M
  • Selling, general and admin48¢$9.0M
  • Income tax0¢$12.0K
  • Profit6¢$1.2M

Out of $18.8M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$1.6M

Out of $1.6M of cash from operations.6

Financial statements

Revenue78910115$18.8M in 2025+82% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $10.3M$10.3M20192020: $8.6M$8.6M2020−17%2021: $10.2M$10.2M2021+19%2022: $10.0M$10.0M2022−2%2023: $14.2M$14.2M2023+43%2024: $14.2M$14.2M2024−1%2025: $18.8M$18.8M2025+33%
Gross profit78910115$11.6M in 2025+91% since 2019
0$5.0M$10.0M$15.0M2019: $6.1M$6.1M20192020: $4.9M$4.9M2020−19%2021: $5.6M$5.6M2021+15%2022: $4.7M$4.7M2022−16%2023: $8.4M$8.4M2023+78%2024: $8.7M$8.7M2024+4%2025: $11.6M$11.6M2025+33%
Operating income78910115$1.1M in 2025
-$6.0M-$4.0M-$2.0M0$2.0M2019: -$3.2M-$3.2M20192020: -$4.3M-$4.3M2020+35%2021: -$3.3M-$3.3M2021−24%2022: -$4.3M-$4.3M2022+33%2023: -$1.6M-$1.6M2023−63%2024: $6.0K$6.0K20242025: $1.1M$1.1M2025+19000%
Net income7810115$1.2M in 2025
-$7.5M-$5.0M-$2.5M0$2.5M2019: -$3.2M-$3.2M20192020: -$4.5M-$4.5M2020+42%2021: -$3.9M-$3.9M2021−15%2022: -$7.1M-$7.1M2022+84%2023: -$1.6M-$1.6M2023−78%2024: $74.0K$74.0K20242025: $1.2M$1.2M2025+1514%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total net revenues$18.8M$14.2M
Cost of goods sold$7.2M$5.4M
Gross Margin$11.6M$8.7M
Research and development$1.3M$906.0K
Depreciation and amortization$140.0K$135.0K
Selling, general and administrative$9.0M$7.7M
Total operating expenses$10.5M$8.7M
Operating income$1.1M$6.0K
Interest expense-$1.0K-$1.0K
Interest income$139.0K$94.0K
Other expense net-$78.0K-$10.0K
Total other income$60.0K$83.0K
Income before income taxes$1.2M$89.0K
Income tax expense-$12.0K-$15.0K
Net income$1.2M$74.0K
Net income per common share, basic$0.11$0.01
Net income per common share, diluted$0.11$0.01
Weighted average common shares outstanding, basic10.6M shares10.5M shares
Weighted average common shares outstanding, diluted11.0M shares10.6M shares

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Leadership

Who has led NEPHROS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Norman J. Barta2007
  2. Ernest Elgin Iii.2008–2010
  3. Paul A. Mieyal2011–2012
  4. John C. Houghton2012–2014
  5. Daron Evans2015–2021
  6. Andrew Astor2020–2022
  7. Robert R. Banks Jr.2023–now

Chair

  1. Norman J. Barta2007

President

  1. Ernest Elgin Iii.2008–2010
  2. John C. Houghton2012–2014
  3. Daron Evans2015–2020
  4. Andrew Astor2020–2022
  5. Robert R. Banks Jr.2023–now

Chief financial officer

  1. Bruce Prashker2006
  2. Mark W. Lerner2006
  3. Gerald John Kochanski Sr.2009–2013
  4. John C. Houghton2014
  5. Andrew Astor2017–2022
  6. Judy Krandel2023–now

Chief operating officer

  1. Andrew Astor2018–2020
2010201520202025
Board members and other officers (23)

Timeline

  1. May 17, 2023New chief executive Robert R. Banks Jr. becomes CEO14
  2. Aug 26, 2020New chief executive Andrew Astor becomes CEO15
  3. Apr 17, 2015New chief executive Daron Evans becomes CEO16
  4. Apr 25, 2012New chief executive John C. Houghton becomes CEO17
  5. Mar 28, 2011New chief executive Paul A. Mieyal becomes CEO18
  6. Sep 17, 2008New chief executive Ernest Elgin Iii. becomes CEO19
  7. Nov 13, 2007New chief executive Norman J. Barta becomes CEO20

Filings

145 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 41 major events, 50 insider forms, 15 large holders, 18 other. The latest 20:

  1. Oct 14, 2026DEF 14A EDGAR
  2. Oct 13, 20268-K EDGAR
  3. Sep 16, 2026SCHEDULE 13D/A EDGAR
  4. Sep 16, 2026SCHEDULE 13G EDGAR
  5. Sep 16, 20264 EDGAR
  6. Sep 16, 20264 EDGAR
  7. Aug 20, 20264 EDGAR
  8. Aug 14, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  9. Aug 10, 202610-Q EDGAR
  10. Aug 6, 20268-K EDGAR
  11. Jun 15, 20268-K EDGAR
  12. Jun 12, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. May 7, 20268-K EDGAR
  14. May 7, 202610-Q EDGAR
  15. Apr 30, 202610-K/A EDGAR
  16. Mar 27, 20268-K EDGAR
  17. Mar 25, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. Mar 25, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. Mar 18, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. Mar 18, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 145 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 7 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 30, 2024Amron Arthur HDirectorBuy3,000$2.24$6.7KForm 4
May 28, 2024Amron Arthur HDirectorBuy2,000$2.22$4.4KForm 4
May 16, 2024Banks Robert R. Jr.President and CEOBuy50,000$2.24$112.0KForm 4
Mar 12, 2024Amron Arthur HDirectorBuy7,000$2.45$17.1KForm 4
Dec 7, 2023Banks Robert R. Jr.President and CEOBuy18,000$2.20$39.6KForm 4
Aug 15, 2023Banks Robert R. Jr.President and CEOBuy1,901$1.69$3.2KForm 4
Aug 14, 2023Banks Robert R. Jr.President and CEOBuy99$1.50$148Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 33. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Wexford Capital LP3,600,552$12.9M1.8%No change
Topline Capital Management, LLC535,698$1.9M0.5%−46,269
Vanguard Capital Management LLC198,643$709.2K0.0%No change
Morgan Stanley128,915$460.2K0.0%+18,000
Cornerstone Capital, Inc.128,700$459.5K0.0%No change
Bard Associates Inc118,003$421.3K0.1%−3,199
Renaissance Technologies LLC77,504$276.7K0.0%−21,896
Geode Capital Management, LLC70,263$250.9K0.0%−2,662
Mesirow Financial Investment Management, Inc.60,000$214.2K0.0%−60,000
HighTower Advisors, LLC59,710$213.2K0.0%No change
Navellier & Associates Inc53,479$190.9K0.0%+34,353
Essex Investment Management Co LLC38,927$139.0K0.0%−57
Vanguard Fiduciary Trust Co36,901$131.7K0.0%No change
Blair William & Co/il36,249$129.4K0.0%No change
Citadel Advisors LLC29,044$103.7K0.0%+8,156
Dimensional Fund Advisors LP22,164$79.1K0.0%+1,419
BlackRock, Inc.18,822$67.2K0.0%New
De Lisle Partners LLP17,400$62.1K0.0%−7,600
Northern Trust Corp16,706$59.6K0.0%+5,878
State Street Corp15,698$56.0K0.0%No change
Goldman Sachs Group Inc12,836$45.8K0.0%−1,327
Mercer Global Advisors Inc /adv12,500$44.6K0.0%New
Elkhorn Partners Limited Partnership11,000$39.3K0.0%−1,000
Cannell & Spears LLC11,000$39.3K0.0%No change
Royal Bank Of Canada827$3.0K0.0%+80

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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