NUWE on Nasdaq

Nuwellis, Inc.

American electromedical and electrotherapeutic apparatus company.

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Last updated Oct 18, 2026.

Overview

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TickerNUWE on Nasdaq
IndustryElectromedical & Electrotherapeutic Apparatus
HeadquartersEden Prairie, United States
Incorporated inDE²
Business address12988 Valley View Road, Eden Prairie, Mn 55344²
Filer categoryNon-accelerated filer, Smaller reporting company²

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Financials

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

Key numbers, fiscal 2025

62.0%Gross margin³

-134.3%Operating margin³

-211.9%Net margin³

-5.4%Revenue growth, 2025³

-667.7%Return on equity³

-$10.9MFree cash flow³

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueResearch and developmentSelling, general and admin

Cost of revenue16¢$3.1M
Research and development14¢$2.7M
Selling, general and admin70¢$13.5M
Income tax0¢$5.0K

Out of $8.3M in revenue.³ The company lost money this year.

Financial statements

Revenue⁴⁵⁶⁷⁸³$8.3M in 2025+50% since 2019

Gross profit⁵⁶⁷⁸³$5.1M in 2025+26% since 2020

Operating income⁴⁵⁶⁷⁸³-$11.1M in 2025−39% since 2019

Net income⁴⁵⁶⁷⁸³-$17.5M in 2025−3% since 2019

Every line of the income statement as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Net sales	$8.3M	$8.7M
Cost of goods sold	$3.1M	$3.1M
Gross profit	$5.1M	$5.7M
Selling, general and administrative	$13.5M	$13.5M
Research and development	$2.7M	$3.2M
Total operating expenses	$16.2M	$16.7M
Loss from operations	-$11.1M	-$11.0M
Other income (expense)	$10.0K	-$80.0K
Gain on settlement	$0	$900.0K
Financing expense	-$10.6M	-$5.6M
Change in fair value of warrant liability	$4.1M	$4.6M
Loss before income taxes	-$17.5M	-$11.2M
Income tax expense	-$5.0K	-$5.0K
Net loss	-$17.5M	-$11.2M
Deemed dividend attributable to Series J Convertible Preferred Stock	$4.0K	$541.0K
Net loss attributable to common stockholders	-$17.5M	-$10.6M
Basic loss per share (in Dollars per share)	-$25.39	-$353.30
Diluted loss per share (in Dollars per share)	-$25.39	-$353.30
Weighted average shares outstanding - basic (in Shares)	690.1K shares	31.6K shares
Weighted average shares outstanding - diluted (in Shares)	690.1K shares	31.6K shares
Unrealized foreign currency translation adjustment	$55.0K	-$16.0K
Total comprehensive loss	-$17.5M	-$11.2M

Total assets⁴⁵⁶⁷⁸³$6.1M in 2025+9% since 2019

Total liabilities⁴⁵⁶⁷⁸³$3.5M in 2025−3% since 2019

Shareholders’ equity⁵⁶⁷⁸³$2.6M in 2025+32% since 2019

Cash⁴⁵⁶⁷⁸³$1.1M in 2025−15% since 2019

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$1.1M	$5.1M
Accounts receivable	$1.5M	$1.7M
Inventories, net	$1.9M	$1.7M
Other current assets	$698.0K	$315.0K
Total current assets	$5.2M	$8.9M
Property, plant and equipment, net	$368.0K	$478.0K
Operating lease right-of-use asset	$293.0K	$510.0K
Other assets	$271.0K	$21.0K
TOTAL ASSETS	$6.1M	$9.9M
Accounts payable and accrued liabilities	$2.2M	$1.6M
Accrued compensation	$460.0K	$640.0K
Current portion of operating lease liability	$261.0K	$238.0K
Other current liabilities	$85.0K	$41.0K
Total current liabilities	$3.0M	$2.6M
Warrant liability	$389.0K	$468.0K
Operating lease liability	$67.0K	$307.0K
Total liabilities	$3.5M	$3.3M
Series J Convertible Preferred Stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 600,000 shares, issued and outstanding 137 and 102, respectively	$6.0K	$2.0K
Preferred stock	$0	$0
Common stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,686,217 and 104,142, respectively	$0	$0
Additional paid-in capital	$318.9M	$305.4M
Foreign currency translation adjustment	$8.0K	-$47.0K
Accumulated deficit	-$316.3M	-$298.8M
Total stockholders equity	$2.6M	$6.5M	$3.0M
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY	$6.1M	$9.9M
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in Shares)	39.4M shares	39.4M shares
Preferred stock, shares outstanding (in Shares)	0 shares	0 shares
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized (in Shares)	100.0M shares	100.0M shares
Common stock, shares issued (in Shares)	1.7M shares	104.1K shares
Common stock, shares outstanding (in Shares)	1.7M shares	104.1K shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$1.1M	$5.1M
Accounts receivable	$1.5M	$1.7M
Inventories, net	$1.9M	$1.7M
Other current assets	$698.0K	$315.0K
Total current assets	$5.2M	$8.9M
Property, plant and equipment, net	$368.0K	$478.0K
Operating lease right-of-use asset	$293.0K	$510.0K
Other assets	$271.0K	$21.0K
TOTAL ASSETS	$6.1M	$9.9M
Accounts payable and accrued liabilities	$2.2M	$1.6M
Accrued compensation	$460.0K	$640.0K
Current portion of operating lease liability	$261.0K	$238.0K
Other current liabilities	$85.0K	$41.0K
Total current liabilities	$3.0M	$2.6M
Warrant liability	$389.0K	$468.0K
Operating lease liability	$67.0K	$307.0K
Total liabilities	$3.5M	$3.3M
Series J Convertible Preferred Stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 600,000 shares, issued and outstanding 137 and 102, respectively	$6.0K	$2.0K
Preferred stock	$0	$0
Common stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,686,217 and 104,142, respectively	$0	$0
Additional paid-in capital	$318.9M	$305.4M
Foreign currency translation adjustment	$8.0K	-$47.0K
Accumulated deficit	-$316.3M	-$298.8M
Total stockholders equity	$2.6M	$6.5M	$3.0M
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY	$6.1M	$9.9M
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in Shares)	39.4M shares	39.4M shares
Preferred stock, shares outstanding (in Shares)	0 shares	0 shares
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized (in Shares)	100.0M shares	100.0M shares
Common stock, shares issued (in Shares)	1.7M shares	104.1K shares
Common stock, shares outstanding (in Shares)	1.7M shares	104.1K shares

Cash from operations⁴⁵⁶⁷⁸³-$10.8M in 2025−34% since 2019

Capital spending⁴⁵⁶⁷⁸³$90.0K in 2025−82% since 2019

Free cash flow⁴⁵⁶⁷⁸³-$10.9M in 2025−35% since 2019

Every line of the cash flow as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Net loss	-$17.5M	-$11.2M
Depreciation	$200.0K	$310.0K
Stock-based compensation expense	$127.0K	$478.0K
Change in fair value of warrant liability	-$4.1M	-$4.6M
Loss on disposal of intangible asset	$0	$99.0K
Financing expense	$10.6M	$5.6M
Amortization of operating lease right-of-use asset	$217.0K	$0
Accounts receivable	$234.0K	$224.0K
Inventory	-$192.0K	$279.0K
Other current assets	-$528.0K	-$160.0K
Other assets and liabilities	-$173.0K	-$22.0K
Accounts payable and accrued expenses	$406.0K	-$626.0K
Net cash used in operations	-$10.8M	-$9.6M
Purchase of property and equipment	-$90.0K	-$60.0K
Net cash used in investing activities	-$90.0K	-$60.0K
Issuance of Common Stock and warrants from offering, net	$4.0M	$2.4M
Proceeds from exercise of Series J Convertible Preferred Warrants	$0	$501.0K
Proceeds from exercise of April 2024 Warrants, net	$0	$2.2M
Issuance of July and August 2024 Common Stock and Warrants, net	$0	$2.2M
Proceeds from warrant inducement in November 2024, net	$0	$3.4M
Proceeds from the exercise of warrants, net	$0	$288.0K
Issuance of Common Stock from ATM, net	$2.9M	$0
Net cash provided by financing activities	$6.9M	$11.0M
Effect of exchange rate changes on cash	$55.0K	-$16.0K
Net increase (decrease) in cash, cash equivalents and restricted cash	-$3.9M	$1.3M
Issuance of Series J Preferred Stock for exercise of Warrants	$0	$1.9M
Reclassification of April 2024 warrants to equity	$0	$4.2M
Series A warrants conversion to equity	$8.4M	$0
Series B warrant exercises	$2.1M	$0
Deemed dividend on Series J Preferred Stock	$4.0K	$541.0K
Cash paid for income taxes	$7.0K	$7.0K

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Leadership

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

Chief executive

Chair

John L. Erb2021

President

Chief financial officer

201520202025

Chief executive officerMichael Kendrick McCormick Jul 1, 2026 to now¹¹
Chief executive officerNestor Jaramillo Jr. Jan 26, 2021 to Mar 16, 2023¹²
Chief executive officerJohn L. Erb Mar 16, 2016 to Jan 26, 2021¹³
Chief executive officerDavid A. Rosa Feb 14, 2012 to Aug 3, 2015¹⁴
ChairJohn L. Erb Jan 26, 2021 to Jan 26, 2021¹⁵
PresidentMichael Kendrick McCormick Jul 1, 2026 to now¹¹
PresidentNestor Jaramillo Jr. May 20, 2021 to Mar 16, 2023¹⁶
PresidentJohn L. Erb Mar 16, 2016 to May 20, 2021¹³
Chief financial officerCarisa Schultz Feb 12, 2026 to now¹⁷
Chief financial officerRobert Benjamin Scott Sep 6, 2023 to Sep 6, 2023¹⁸
Chief financial officerLynn Larson Blake Oct 28, 2022 to Jan 9, 2023¹⁹
Chief financial officerGeorge Montague Jun 29, 2021 to Mar 4, 2022²⁰
Chief financial officerClaudia Drayton Jan 6, 2015 to Jan 26, 2021²¹
Chief financial officerJeffrey S. Mathiesen Feb 14, 2012 to Jan 2, 2015²²

Board members and other officers (34)

Principal Accounting OfficerPaul Wotta Apr 16, 2021 to Apr 16, 2021²³
SVP, Secretary, GC & CCONeil P. Ayotte Jun 16, 2021 to Mar 7, 2023²⁴
Chief Commercial OfficerNestor Jaramillo Jr. May 17, 2019 to May 28, 2019²⁵
Chief Commercial OfficerJim Breidenstein May 2, 2017 to Jan 5, 2018²⁶
VP, Clinical AffairsEric Lovett Jan 13, 2016 to Jan 15, 2016²⁷
Vice PresidentMolly Wade Jan 13, 2015 to Jan 17, 2017²⁸
SVP, Clinical AffairsKimberly Oleson May 7, 2014 to Jun 3, 2015²⁹
SVP, Technology & OperationsBrian Brown Jul 14, 2014 to Aug 14, 2015³⁰
Chief Medical OfficerPatrick Verta Sep 5, 2013 to Oct 23, 2013³¹
VP Clinical ResearchDebra Kridner Feb 14, 2012 to Aug 11, 2015³²
VP of Marketing and SalesJim Yearick Feb 14, 2012 to May 9, 2014³³
VP Research, DevelopmentKevin Bassett Feb 14, 2012 to May 9, 2014³⁴
Chief Technical OfficerWilliam S. Peters Feb 14, 2012 to Jan 2, 2015³⁵
Board memberKatharyn Field Feb 11, 2026 to now³⁶
Board memberMika Grasso Feb 11, 2026 to now³⁷
Board memberMartin J. Emerson Mar 18, 2026 to now³⁸
Board memberMichael Kendrick McCormick Jun 5, 2023 to now³⁹
Board memberArchelle Georgiou Feldshon Nov 1, 2023 to now⁴⁰
Board memberNestor Jaramillo Jr. May 20, 2021 to Mar 16, 2023¹⁶
Board memberMaria Rosa Costanzo Sep 13, 2019 to Jan 8, 2020⁴¹
Board memberSteven Frank Brandt Feb 9, 2017 to May 26, 2022⁴²
Board memberMatthew E. Likens Mar 3, 2017 to May 28, 2019⁴³
Board memberWarren S. Watson Feb 8, 2013 to May 23, 2023⁴⁴
Board memberJon W. Salveson Mar 26, 2013 to May 23, 2023⁴⁵
Board memberDavid A. Rosa Feb 14, 2012 to Aug 3, 2015¹⁴
Board memberDonal O'Dwyer Feb 14, 2012 to Aug 23, 2012⁴⁶
Board memberGeoffrey Brooke Feb 14, 2012 to Jun 2, 2014⁴⁷
Board memberGregory D. Waller Feb 14, 2012 to now⁴⁸
Board memberMark Harvey Feb 14, 2012 to May 10, 2012⁴⁹
Board memberNicholas Callinan Feb 14, 2012 to Sep 18, 2012⁵⁰
Board memberWilliam S. Peters Feb 14, 2012 to Dec 17, 2012³⁵
Board memberPaul Buckman Feb 15, 2012 to May 31, 2016⁵¹
Board memberJohn L. Erb Sep 18, 2012 to now⁵²
General counselThomas P. Lynch Aug 10, 2020 to Jan 26, 2021⁵³

Former names

CHF Solutions, Inc.May 30, 2017 to Apr 16, 2021²
Sunshine Heart, Inc.Nov 24, 2010 to May 23, 2017²

Timeline

Jul 1, 2026New chief executive Michael Kendrick McCormick becomes CEO¹¹
Jan 26, 2021New chief executive Nestor Jaramillo Jr. becomes CEO¹²
Mar 16, 2016New chief executive John L. Erb becomes CEO¹³
Feb 14, 2012New chief executive David A. Rosa becomes CEO¹⁴
Aug 22, 2002Founded Nuwellis, Inc. is founded⁵⁴

Filings

312 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 103 major events, 42 insider forms, 20 large holders, 4 private raises, 123 other. The latest 20:

The 312 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

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

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 20 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

Nov 6, 2024Raised $3.8 million in a private offering of securities Form D: 9 investors so far Form D
Aug 26, 2024Filed a private offering of securities Form D: 6 investors so far Form D
Jul 25, 2024Filed a private offering of securities Form D: 7 investors so far Form D
Jun 19, 2023Filed a private offering of securities Form D: 1 investor so far Form D

Held by these funds

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

Fund	Shares	Value	Share of the fund	Change
Sabby Management, LLC	16,372	$49.9K	0.4%	New
UBS Group AG	4,415	$13.5K	0.0%	New
Tower Research Capital LLC (TRC)	138	$421	0.0%	New
Morgan Stanley	35	$107	0.0%	New
SBI Securities Co., Ltd.	4	$12	0.0%	New

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

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARNuwellis, Inc. filings on SEC EDGAR
2
SEC EDGARNuwellis, Inc. filings on SEC EDGAR
3
SEC EDGARNuwellis, Inc. 10-K for fiscal 2025
4
SEC EDGARNuwellis, Inc. 10-K for fiscal 2019
5
SEC EDGARNuwellis, Inc. 10-K for fiscal 2020
6
SEC EDGARNuwellis, Inc. 10-K for fiscal 2021
7
SEC EDGARNuwellis, Inc. 10-K for fiscal 2022
8
SEC EDGARNuwellis, Inc. 10-K for fiscal 2023
9
SEC EDGARNuwellis, Inc. 10-Q for fiscal 2026
10
SEC EDGARNuwellis, Inc. 10-Q for fiscal 2026
11
SEC EDGARMichael Kendrick McCormick, Chief executive officer
12
SEC EDGARNestor Jaramillo Jr., Chief executive officer
13
SEC EDGARJohn L. Erb, Chief executive officer
14
SEC EDGARDavid A. Rosa, Chief executive officer
15
SEC EDGARJohn L. Erb, Chair
16
SEC EDGARNestor Jaramillo Jr., President
17
SEC EDGARCarisa Schultz, Chief financial officer
18
SEC EDGARRobert Benjamin Scott, Chief financial officer
19
SEC EDGARLynn Larson Blake, Chief financial officer
20
SEC EDGARGeorge Montague, Chief financial officer
21
SEC EDGARClaudia Drayton, Chief financial officer
22
SEC EDGARJeffrey S. Mathiesen, Chief financial officer
23
SEC EDGARPaul Wotta, Principal Accounting Officer
24
SEC EDGARNeil P. Ayotte, SVP, Secretary, GC & CCO
25
SEC EDGARNestor Jaramillo Jr., Chief Commercial Officer
26
SEC EDGARJim Breidenstein, Chief Commercial Officer
27
SEC EDGAREric Lovett, VP, Clinical Affairs
28
SEC EDGARMolly Wade, Vice President
29
SEC EDGARKimberly Oleson, SVP, Clinical Affairs
30
SEC EDGARBrian Brown, SVP, Technology & Operations
31
SEC EDGARPatrick Verta, Chief Medical Officer
32
SEC EDGARDebra Kridner, VP Clinical Research
33
SEC EDGARJim Yearick, VP of Marketing and Sales
34
SEC EDGARKevin Bassett, VP Research, Development
35
SEC EDGARWilliam S. Peters, Chief Technical Officer
36
SEC EDGARKatharyn Field, Board member
37
SEC EDGARMika Grasso, Board member
38
SEC EDGARMartin J. Emerson, Board member
39
SEC EDGARMichael Kendrick McCormick, Board member
40
SEC EDGARArchelle Georgiou Feldshon, Board member
41
SEC EDGARMaria Rosa Costanzo, Board member
42
SEC EDGARSteven Frank Brandt, Board member
43
SEC EDGARMatthew E. Likens, Board member
44
SEC EDGARWarren S. Watson, Board member
45
SEC EDGARJon W. Salveson, Board member
46
SEC EDGARDonal O'Dwyer, Board member
47
SEC EDGARGeoffrey Brooke, Board member
48
SEC EDGARGregory D. Waller, Board member
49
SEC EDGARMark Harvey, Board member
50
SEC EDGARNicholas Callinan, Board member
51
SEC EDGARPaul Buckman, Board member
52
SEC EDGARJohn L. Erb, Board member
53
SEC EDGARThomas P. Lynch, General counsel
54
gleifNuwellis, Inc. is founded