10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001140361-23-023594`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	brhc20052568_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 38 Cash Flow Statement 44 Stockholders Equity 20

Balance Sheet 72 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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.52M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.74M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$575.00K	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$569.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	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
Accounts receivable	`AccountsReceivableNetCurrent`	$1.30M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.74M	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
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
Other current assets	`OtherAssetsCurrent`	$477.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$396.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	1.21M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	536,394.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$16.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.77M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$907.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	1.21M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$980.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	536,394.00	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$856.00K	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$903.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$106.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$18.48M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.67M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.52M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.25M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.31M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$201.00K	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$196.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$21.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$28.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$49.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$58.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.11M	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`	$760.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$708.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.82M	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 March 31, 2023 and December 31, 2022, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,206,932 and 536,394 shares, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock as of March 31, 2023 and December 31, 2022, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,206,932 and 536,394 shares, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$279.74M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$287.53M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-18.00K	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-25.00K	USD	Point-in-time
Unrealized gain on marketable securities	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$62.00K	USD	Point-in-time
Unrealized gain on marketable securities	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$56.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-267.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-273.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.66M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.95M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.67M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$18.48M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.93M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.83M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$759.00K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$824.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.07M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.41M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.49M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.43M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.11M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.92M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.52M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.42M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.85M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-55.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$123.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$755.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.48M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.47M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.49M	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-42.45	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-5.76	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-42.45	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-5.76	USD	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.13M	shares	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	105,000.00	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.13M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105,000.00	shares	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$6.00K	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Unrealized foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-7.00K	USD	1 Quarter
Unrealized foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.49M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.47M	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.49M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$105.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$86.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$181.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$241.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$755.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-105.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$201.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$81.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$451.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$81.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$22.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$16.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$80.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$54.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-570.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.83M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.11M	USD	1 Quarter
Additions to intangible assets	`PaymentsToAcquireIntangibleAssets`	$85.00K	USD	1 Quarter
Additions to intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$70.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-98.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-70.00K	USD	1 Quarter
Issuance costs related to 2022 common stock offering	`ProceedsFromIssuanceInitialPublicOffering`	$-11.00K	USD	1 Quarter
Issuance costs related to 2022 common stock offering	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	1 Quarter
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$6.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-7.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.91M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.22M	USD	1 Quarter
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.74M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.20M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.30M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.52M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.20M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.30M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.74M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.52M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$21.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.49M	USD	1 Quarter
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-7.00K	USD	1 Quarter
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-2.00K	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$6.00K	USD	1 Quarter
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$241.00K	USD	1 Quarter
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$181.00K	USD	1 Quarter
Issuance costs related to 2022 common stock offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$11.00K	USD	1 Quarter
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Reclassification of warrants to equity	`AdjustmentsToAdditionalPaidInCapitalReclassificationOfWarrantsToEquity`	$7.62M	USD	1 Quarter
Conversion of warrants into common stock	`StockIssuedDuringPeriodValueConversionOfWarrants`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$12.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$21.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time

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