10-K Filing

Nuwellis, Inc. CIK: 1506492 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001140361-23-010112`
Period End Date	20221231
Filing Date	20230303
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	brhc10049046_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 40 Cash Flow Statement 57 Stockholders Equity 18

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.74M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$569.00K	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$15.46M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.41M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$750.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.66M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.84M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$328.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$396.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$28.13M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	105,376.00	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	536,394.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$22.77M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	536,394.00	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.19M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$980.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	105,376.00	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.08M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$903.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.67M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$30.42M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.41M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.25M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.66M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$167.00K	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$196.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$28.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$26.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$36.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$58.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.69M	USD	Point-in-time
Common stock warrant liability	`CommonStockWarrantLiabilityNoncurrent`	-	USD	Point-in-time
Common stock warrant liability	`CommonStockWarrantLiabilityNoncurrent`	$6.87M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$956.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$760.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$28.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$179.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$4.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.32M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Common stock as of December 31, 2022 and December 31, 2021, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 536,394 and 105,376, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock as of December 31, 2022 and December 31, 2021, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 536,394 and 105,376, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$279.74M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$278.87M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-18.00K	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-11.00K	USD	Point-in-time
Unrealized gain (loss) on marketable securities	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-24.00K	USD	Point-in-time
Unrealized gain (loss) on marketable securities	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$56.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-267.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-252.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.36M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.67M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$30.42M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.54M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.92M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.79M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.43M	USD	Annual
Gross profit	`GrossProfit`	$4.75M	USD	Annual
Gross profit	`GrossProfit`	$4.49M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$17.58M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$19.04M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$4.34M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$4.98M	USD	Annual
Total operating expenses	`OperatingExpenses`	$21.93M	USD	Annual
Total operating expenses	`OperatingExpenses`	$24.02M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-17.17M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-19.53M	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$75.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-19.00K	USD	Annual
Financing expense	`AmortizationOfFinancingCosts`	-	USD	Annual
Financing expense	`AmortizationOfFinancingCosts`	$9.25M	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-11.83M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.52M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.55M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$9.00K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$9.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-14.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-19.55M	USD	Annual
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-285.36	USD	Annual
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-83.55	USD	Annual
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-83.55	USD	Annual
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-285.36	USD	Annual
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	69,000.00	shares	Annual
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	174,000.00	shares	Annual
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	69,000.00	shares	Annual
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	174,000.00	shares	Annual
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$80.00K	USD	Annual
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-24.00K	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-7.00K	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.00K	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.45M	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-19.58M	USD	Annual

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-19.55M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$372.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$488.00K	USD	Annual
Stock-based compensation expense, net	`ShareBasedCompensation`	$1.31M	USD	Annual
Stock-based compensation expense, net	`ShareBasedCompensation`	$862.00K	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-11.83M	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Financing expense	`AmortizationOfFinancingCosts`	-	USD	Annual
Financing expense	`AmortizationOfFinancingCosts`	$9.25M	USD	Annual
Net realized and unrealized gains on marketable securities	`MarketableSecuritiesGainLoss`	$-124.00K	USD	Annual
Net realized and unrealized gains on marketable securities	`MarketableSecuritiesGainLoss`	$-13.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$656.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-155.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$143.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-140.00K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$68.00K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$91.00K	USD	Annual
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-186.00K	USD	Annual
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$96.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-211.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.28M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.15M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.84M	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	-	USD	Annual
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$18.85M	USD	Annual
Proceeds from sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$14.85M	USD	Annual
Proceeds from sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$3.35M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$122.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$219.00K	USD	Annual
Net cash provided (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.72M	USD	Annual
Net cash provided (used) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$14.73M	USD	Annual
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$9.45M	USD	Annual
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$27.90M	USD	Annual
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$1.00K	USD	Annual
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$4.10M	USD	Annual
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$26.00K	USD	Annual
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$26.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.42M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$27.87M	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-4.00K	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-7.00K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.99M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.70M	USD	Annual
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.74M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.44M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.74M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.74M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.44M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.74M	USD	Point-in-time
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	$42.00K	USD	Annual
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	$257.00K	USD	Annual
Operating right-of-use asset recorded as an operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$901.00K	USD	Annual
Operating right-of-use asset recorded as an operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$11.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$9.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.36M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-14.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-19.55M	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-7.00K	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.00K	USD	Annual
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-24.00K	USD	Annual
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$80.00K	USD	Annual
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$862.00K	USD	Annual
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.31M	USD	Annual
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$27.90M	USD	Annual
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	-	USD	Annual
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.00K	USD	Annual
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.36M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.