# EDGAR Filing Document

**Accession Number:** 0001196298
**File Stem:** 0001493152-23-007004
**Filing Date:** 2023-3
**Character Count:** 23741
**Document Hash:** 74c241418ef58351284ffa98d2122d70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-007004.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001493152-23-007004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEPHROS INC
- **CENTRAL INDEX KEY:** 0001196298
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 133971809
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32288
- **FILM NUMBER:** 23716445

**BUSINESS ADDRESS:**
- **STREET 1:** 380 LACKAWANNA PLACE
- **CITY:** SOUTH ORANGE
- **STATE:** NJ
- **ZIP:** 07079
- **BUSINESS PHONE:** 201.343.5202

**MAIL ADDRESS:**
- **STREET 1:** 380 LACKAWANNA PLACE
- **CITY:** SOUTH ORANGE
- **STATE:** NJ
- **ZIP:** 07079

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 8, 2023**

**NEPHROS, INC.**

(Exact name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32288** | **13-3971809** |
| (State or other jurisdiction of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**380 Lackawanna Place** **, South Orange, New Jersey 07079**

(Address of principal executive offices, including ZIP code)

**(201)** **343-5202**

(Registrant's telephone number, including area code)

**n/a**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.001 par value | NEPH | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On March 8, 2023, Nephros, Inc. (the "Company") issued a press release in which it disclosed its fourth quarter and fiscal year 2022 financial results. A copy of this press release is furnished herewith as Exhibit 99.1.

Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 2.02 have been furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing regardless of any general incorporation language.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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*(d)* *Exhibits* 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Nephros, Inc. Press Release, dated March 8, 2023.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Nephros, Inc.** | **Nephros, Inc.** |
| Dated: March 8, 2023 | By: | */s/ Andrew Astor* |
|  |  | Andrew Astor |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Nephros, Inc.**<br> 380 Lackawanna Place<br> South Orange NJ 07079<br> Call: 201 343 5202<br>**nephros.com** |

---

**Nephros Announces Fourth Quarter and Fiscal Year 2022 Financial Results**

Full-Year Net Revenue of $10 Million and Fourth Quarter Net Revenue of $2.6 Million

SOUTH ORANGE, NJ, March 8, 2023 – <u>Nephros, Inc.</u> (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

**Financial Highlights**

Fourth Quarter Ended December 31, 2022 – Consolidated

● Net revenue from continuing operations was $2.6 million, compared to $2.7 million in the fourth quarter of 2021, down 6%

● Net loss from continuing operations was ($0.7 million), approximately equal to the same period in 2021

● Adjusted EBITDA from continuing operations was ($0.5 million), compared to ($0.1 million) in the<br> fourth quarter of 2021

Year-End 2022 – Consolidated

● Net revenue from continuing operations was $10.0 million, compared with $10.2 million in 2021, down 2 **%** 

● Net loss from continuing operations was ($4.3 million), compared with ($2.8 million) in 2021

● Adjusted EBITDA from continuing operations was ($2.4 million), compared with ($1.6 million) in 2021

"2022 was a year of refocusing and rebuilding for Nephros," said Andy Astor, President and Chief Executive Officer. "After a challenging first half of the year, we established a target of cash flow breakeven ("CFBE") by mid-year 2023, coupled with significant revenue growth by that same time. We have made good progress on both fronts."

"In our efforts to achieve CFBE, we took multiple actions, including broad headcount and expense reductions, the disposition of our Pathogen Detection Systems ("PDS") business segment, and two price increases during the year, which were intended to return us to target gross margins of 55-60%. I am pleased to report that our fourth-quarter gross margins were 59%. Additionally, our net cash usage for the first half of the year was $2.8 million, compared to $0.5 million in the second half of the year, an 80% improvement."

Mr. Astor continued, "In an effort to set the company up for future revenue growth, we took several actions, including a restructuring of our sales organization, the doubling of our sales team, and the relaunch of our commercial filtration business, which included a rebrand of our commercial filter products from Aether to Nephros. Of further note, we established a strategic partnership with Donastar Enterprises, LLC as the exclusive master distributor of our commercial filters in the food & beverage and hospitality markets."

Nephros anticipates further cost reductions in the second quarter of this year, due to the planned cessation of operations by our majority-owned subsidiary, Specialty Renal Products, Inc. ("SRP"). In February 2023, SRP management unsuccessfully concluded its efforts to identify a strategic partner to support a commercial launch of SRP's second-generation HDF product. SRP's capital resources are nearly exhausted and it has been unable to procure additional financing. Accordingly, the SRP board of directors recently resolved, subject to approval of SRP's stockholders, to wind down SRP's operations and liquidate its remaining assets. Nephros expects to re-evaluate opportunities for HDF in the future but has no immediate plans to do so.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Nephros, Inc.**<br> 380 Lackawanna Place<br> South Orange NJ 07079<br> Call: 201 343 5202<br>**nephros.com** |

---

**Financial Performance for the Fourth Quarter and Year Ended December 31, 2022**

Net revenue from continuing operations for the year ended December 31, 2022 was $10 million, compared with $10.2 million in 2021, a decrease of 2%. Net revenues for the fourth quarter of 2022 were $2.6 million, compared with $2.7 million in the fourth quarter of 2021, a decrease of 6%.

Cost of goods sold for the year ended December 31, 2022 was $5.2 million, compared with $4.6 million in 2021, an increase of 14%. Cost of goods sold for the fourth quarter of 2022 was $1.0 million, compared with $1.2 million in the fourth quarter of 2021, a decrease of 16%.

Gross margins for the year ended December 31, 2022 were 47%, compared with 55% in 2021. Gross margins for the fourth quarter of 2022 were 59%, compared with 54% in the fourth quarter of 2021.

Selling, general and administrative expenses for the year ended December 31, 2022 were $7.6 million, compared with $7.2 million in 2021, an increase of 6%. Selling, general and administrative expenses for the fourth quarter of 2022 and 2021 were approximately $1.8 million.

Research and development expenses for the year ended December 31, 2022 were $1.3 million, compared with $1.5 million in 2021 a decrease of 16%. Research and development expenses for the fourth quarter of 2022 were $0.4 million, compared with $0.3 million in the fourth quarter of 2021, a decrease of 9%.

Depreciation and amortization expenses for the year ended December 31, 2022 were approximately $218,000, compared with approximately $192,000 in 2021, an increase of 14%. Depreciation and amortization expenses for the fourth quarter of 2022 were approximately $56,000, compared with approximately $42,000 in the fourth quarter of 2021, an increase of 33%.

Net loss from continuing operations for the year ended December 31, 2022 was ($4.3 million), compared with a net loss of ($2.8 million) in 2021, a 54% increase in loss. Net loss from continuing operations for the fourth quarter of 2022 and 2021 was approximately ($0.7 million) respectively.

Adjusted EBITDA loss from continuing operations for the year ended December 31, 2022 was ($2.4 million), compared with ($1.6 million) in 2021. Adjusted EBITDA loss from continuing operations for the fourth quarter 2022 was approximately ($0.5 million), compared with approximately ($0.1 million) in the fourth quarter of 2021.

As of December 31, 2022, Nephros had cash and cash equivalents of approximately $3.6 million.

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Nephros, Inc.**<br> 380 Lackawanna Place<br> South Orange NJ 07079<br> Call: 201 343 5202<br>**nephros.com** |

---

**Consolidated Adjusted EBITDA Definition and Reconciliation to GAAP Financial Measures**

Adjusted EBITDA loss from continuing operations is calculated by taking net loss from continuing operations calculated in accordance with generally accepted accounting principles ("GAAP") and excluding all interest-related expenses and income, tax-related expenses and income, non-recurring expenses and income, and non-cash items, including depreciation, amortization and non-cash compensation. The following table presents a reconciliation of Adjusted EBITDA loss from continuing operations to net loss from continuing operations, the most directly comparable GAAP financial measure, for the fourth quarter of the 2022 and 2021 fiscal years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022** | **Three Month Period Ended** | **Three Month Period Ended** | **Three Month Period Ended** | **Three Month Period Ended** | **Annual** |
| **Consolidated** | **3/31/2022** | **6/30/2022** | **9/30/2022** | **12/31/2022** | **Totals** |
| Net (loss) income - from continuing operations | (1561) | (747) | (1250) | (719) | (4277) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 8 | 20 | 12 | 12 | 52 |
| &nbsp;&nbsp;&nbsp;Amortization of other assets | 47 | 41 | 44 | 44 | 176 |
| &nbsp;&nbsp;&nbsp;Interest expense | 7 | 6 | 4 | 3 | 20 |
| &nbsp;&nbsp;&nbsp;Interest income | (2) | (1) | (4) | (7) | (14) |
| &nbsp;&nbsp;&nbsp;Non-cash stock-based compensation | 254 | 258 | 225 | 207 | 944 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | 49 | 21 | 665 | - | 735 |
| **Adjusted EBITDA** | **(1198)** | **(402)** | **(304)** | **(460)** | **(2364)** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2021** | **Three Month Period Ended** | **Three Month Period Ended** | **Three Month Period Ended** | **Three Month Period Ended** | **Annual** |
| **Consolidated** | **3/31/2021** | **6/30/2021** | **9/30/2021** | **12/31/2021** | **Totals** |
| Net (loss) income - from continuing operations | (317) | (940) | (802) | (725) | (2784) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 7 | 7 | 7 | 16 | 38 |
| &nbsp;&nbsp;&nbsp;Amortization of other assets | 46 | 48 | 46 | 74 | 214 |
| &nbsp;&nbsp;&nbsp;Interest expense | 13 | 11 | 10 | 7 | 41 |
| &nbsp;&nbsp;&nbsp;Interest income | (3) | (3) | (2) | (2) | (10) |
| &nbsp;&nbsp;&nbsp;PPP Loan Forgiveness | (482) |  |  |  | (482) |
| &nbsp;&nbsp;&nbsp;Non-cash stock-based compensation | 267 | 270 | 257 | 422 | 1216 |
| &nbsp;&nbsp;&nbsp;Other non-cash items | 5 | 24 | 90 | 97 | 216 |
| **Adjusted EBITDA** | **(464)** | **(583)** | **(394)** | **(111)** | **(1552)** |

---

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Nephros, Inc.**<br> 380 Lackawanna Place<br> South Orange NJ 07079<br> Call: 201 343 5202<br>**nephros.com** |

---

Nephros believes that Adjusted EBITDA loss from continuing operations provides useful information to management and investors regarding certain financial and business trends relating to Nephros' financial condition and results of operations. Management does not consider Adjusted EBITDA loss from continuing operations in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of Adjusted EBITDA loss from continuing operations is that it excludes significant expenses and income that are required by GAAP to be recognized in Nephros' consolidated financial statements. In addition, Adjusted EBITDA loss from continuing operations is subject to inherent limitations as it reflects the exercise of judgments by management about which expenses and income are excluded or included in determining Adjusted EBITDA loss from continuing operations. In order to compensate for these limitations, management presents Adjusted EBITDA loss from continuing operations in connection with net loss from continuing operations, the most directly comparable GAAP financial measure. Nephros urges investors to review the reconciliation of Adjusted EBITDA loss from continuing operations to net loss from continuing operations and not to rely on any single financial measure to evaluate the business.

**Conference Call Today at 4:30pm Eastern Time**

Nephros will host a conference call today at 4:30pm ET, during which management will discuss Nephros' financial results and provide a general business overview.

Participants may dial into the call as follows:

Domestic access: 1 (844) 808-7106

International access: 1 (412) 317-5285

Upon joining, please ask to be joined into the Nephros conference call.

An audio archive of the call will be available shortly after the call on the <u>Nephros Investor Relations page</u>.

Alternatively, a replay of the call may be accessed until March 15th, 2023 at 1 (877) 344-7529 or 1 (412) 317-0088 for international callers and entering replay access code: 9907282.

**About Nephros**

Nephros is committed to improving the human relationship with water through leading, accessible technology. We provide innovative water filtration products and services, along with water-quality education, as part of an integrated approach to water safety. Nephros goods serve the needs of customers within the healthcare and commercial markets, offering both proactive and emergency solutions for water management.

For more information about Nephros, please visit <u>www.nephros.com.</u>

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Nephros, Inc.**<br> 380 Lackawanna Place<br> South Orange NJ 07079<br> Call: 201 343 5202<br>**nephros.com** |

---

**Forward-Looking Statements**

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding Nephros' expected revenue and cash flows for the quarter and year ended December 31, 2022, expected future revenue growth and the timing of such growth, expectations regarding achieving cash flow breakeven and the timing thereof, and other statements that are not historical facts, including statements that may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including the impact of the ongoing COVID-19 pandemic, changes in business, Nephros' ability to further develop its sales organization and realize increased revenues, inflationary factors and other economic and competitive conditions, the availability of capital when needed, dependence on third-party manufacturers and researchers, and regulatory reforms. These and other risks and uncertainties are detailed in Nephros' reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, which is expected to be filed on or before March 31, 2023. Nephros does not undertake any responsibility to update the forward-looking statements in this release.

**Investor Relations Contacts:**

Kirin Smith, President

PCG Advisory, Inc.

(646) 823-8656

<u>ksmith@pcgadvisory.com</u>

Andy Astor, CEO

Nephros, Inc.

(201) 343-5202 x120

<u>andy.astor@nephros.com</u>

**NEPHROS, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

(In thousands, except share and per share amounts)

(Unaudited)

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3634 | $6973 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1286 | 1641 |
| &nbsp;&nbsp;&nbsp;Inventory | 3153 | 4462 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 188 | 207 |
| &nbsp;&nbsp;&nbsp;Current assets held for sale | - | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 8261 | 13634 |
| Property and equipment, net | 116 | 72 |
| Lease right-use-of assets | 984 | 614 |
| Intangible assets, net | 423 | 465 |
| Goodwill | 759 | 759 |
| License and supply agreement, net | 402 | 536 |
| Other assets | 54 | 84 |
| Non-current assets associated with discontinued operations | - | 1486 |
| TOTAL ASSETS | $10999 | $17650 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of secured note payable | 71 | 248 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 740 | 1334 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 285 | 444 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 316 | 313 |
| &nbsp;&nbsp;&nbsp;Current liabilities associated with assets held-for-sale | - | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1412 | 2390 |
| Secured note payable, net of current portion |  | 95 |
| Equipment financing, net of current portion | 1 | 4 |
| Lease liabilities, net of current portion | 705 | 340 |
| Non-current liabilities associated with discontinued operations | - | 72 |
| TOTAL LIABILITIES | 2118 | 2901 |
| COMMITMENTS AND CONTINGENCIES |  |  |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $.001 par value; 5,000,000 shares authorized at December 31, 2022 and 2021; no shares issued and outstanding at December 31, 2022 and 2021 |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $.001 par value; 40,000,000 shares authorized at December 31, 2022 and 2021; 10,297,429 and 10,258,444 shares issued and outstanding at December 31, 2022 and 2021, respectively | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 148413 | 147346 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  | 64 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (142831) | (135725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 5592 | 11695 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 3289 | 3054 |
| TOTAL STOCKHOLDERS' EQUITY | 8881 | 14749 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $10999 | $17650 |

---

**NEPHROS, INC. AND SUBSIDIARIES**

 **CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

(In thousands, except share and per share amounts)

(Unaudited)

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| | | |
|:---|:---|:---|
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2022** | **2021** |
| Net revenue: |  |  |
| Product revenues | $9929 | $10065 |
| Royalty and other revenues | 46 | 152 |
| Total net revenues | 9975 | 10217 |
| Cost of goods sold | 5244 | 4584 |
| Gross margin | 4731 | 5633 |
| Operating expenses: |  |  |
| Research and development | 1255 | 1498 |
| Depreciation and amortization | 218 | 192 |
| Selling, general and administrative | 7593 | 7195 |
| Total operating expenses | 9066 | 8885 |
| Loss from continuing operations | (4335) | (3252) |
| Other (expense) income: |  |  |
| Interest expense | (20) | (41) |
| Interest income | 14 | 10 |
| Extinguishment of PPP Loan |  | 482 |
| Other income, net | 64 | 17 |
| Total other income: | 58 | 468 |
| Loss from continuing operations | (4277) | (2784) |
| Net loss from discontinued operations | (2829) | (1083) |
| Net loss | (7106) | (3867) |
| Less: undeclared deemed dividend attributable to continuing noncontrolling interest | (276) | (240) |
| Net loss attributable to Nephros Inc. shareholders | (7382) | (4107) |
| Net loss per common share , basic and diluted from continuing operations | (0.42) | (0.28) |
| Net loss per common share, basic and diluted, from discontinued operations | (0.28) | (0.11) |
| Net loss per common share, basic and diluted | $(0.70) | $(0.39) |
| Net loss per common share, basic and diluted, attributable to continuing noncontrolling interest | (0.03) | (0.02) |
| Net loss per common share, basic and diluted attributable to Nephros Inc. shareholders | $(0.73) | $(0.41) |
| Weighted average common shares outstanding, basic and diluted | 10297134 | 10017830 |
| Comprehensive loss: |  |  |
| Net loss | $(7106) | $(3867) |
| Other comprehensive income, foreign currency translation adjustments, net of tax | (14) | (10) |
| Comprehensive loss | (7120) | (3877) |
| Comprehensive loss attributable to continuing noncontrolling interest | (276) | (240) |
| Comprehensive loss attributable to Nephros, Inc. shareholders | $(7396) | $(4117) |

---