# EDGAR Filing Document

**Accession Number:** 0001749836
**File Stem:** 0000914190-25-000040
**Filing Date:** 2025-11
**Character Count:** 6743
**Document Hash:** f1d5231077700b4dab47fd434050e29f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000914190-25-000040.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000914190-25-000040

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251110

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Spandow Oliver J.
- **CENTRAL INDEX KEY:** 0001749836

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32288
- **FILM NUMBER:** 251479519

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEPHROS INC
- **CENTRAL INDEX KEY:** 0001196298
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 133971809
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Spandow Oliver J.<br><sub>(Last) (First) (Middle)</sub><br>C/O NEPHROS, INC.<br>380 LACKAWANNA PLACE<br><sub>(Street)</sub><br>SOUTH ORANGE, NJ 07079<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-10 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NEPHROS INC [ NEPH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-10 |  | A |  | 8036 | A | $0 | 122881 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option (Right to Buy) | $5.5755 |  |  |  |  |  |  | <sup>(1)</sup> | 2028-08-10 | Common Stock | 9466 |  | 9466 | D |  |
| Stock Option (Right to Buy) | $5.8500 |  |  |  |  |  |  | <sup>(1)</sup> | 2028-12-19 | Common Stock | 5161 |  | 5161 | D |  |
| Stock Option (Right to Buy) | $8.5700 |  |  |  |  |  |  | <sup>(1)</sup> | 2029-12-16 | Common Stock | 5568 |  | 5568 | D |  |
| Stock Option (Right to Buy) | $8.0600 |  |  |  |  |  |  | <sup>(1)</sup> | 2031-01-06 | Common Stock | 6850 |  | 6850 | D |  |
| Stock Option (Right to Buy) | $6.82 |  |  |  |  |  |  | <sup>(1)</sup> | 2031-12-14 | Common Stock | 7062 |  | 7062 | D |  |
| Stock Option (Right to Buy) | $1.07 |  |  |  |  |  |  | <sup>(1)</sup> | 2033-01-05 | Common Stock | 7080 |  | 7080 | D |  |
| Stock Option (Right to Buy) | $2.14 |  |  |  |  |  |  | <sup>(2)</sup> | 2034-05-14 | Common Stock | 7323 |  | 7323 | D |  |
| Stock Option (Right to Buy) | $1.47 |  |  |  |  |  |  | <sup>(3)</sup> | 2035-01-01 | Common Stock | 7050 |  | 7050 | D |  |

---

### Footnotes:

(1) Fully exercisable.

(2) This option vests as to 2,441 shares on each of 5/14/24, 5/14/25 and 5/14/26.

(3) This option vests as to 2,350 shares on each of 1/1/25, 1/1/26 and 1/1/27.

**Signature:** /s/ Christopher Melsha as attorney-in-fact for Oliver Spandow pursuant to power of attorney previously filed.  
**Date:** 2025-11-13

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**