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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Newellis Inc | NASDAQ:NUWE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.23 | 4.12 | 4.80 | 6 | 09:13:47 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2022
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
No. 68-0533453
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.0001 per share
|
NUWE
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Non-accelerated Filer ☒
|
Smaller reporting company ☒
|
|
Emerging growth company ☐
|
Page Number
|
||
PART I—FINANCIAL INFORMATION
|
||
Item 1
|
3 |
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
Item 2
|
12 | |
Item 3
|
17
|
|
Item 4
|
17 | |
PART II—OTHER INFORMATION
|
||
Item 1
|
17 | |
Item 1A
|
17 | |
Item 2
|
18 | |
Item 3
|
18 | |
Item 4
|
18 | |
Item 5
|
18 | |
Item 6
|
18 |
March 31,
2022
|
December 31,
2021
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
19,300
|
$
|
24,205
|
||||
Accounts receivable
|
951
|
750
|
||||||
Inventories
|
3,294
|
2,843
|
||||||
Other current assets
|
350
|
328
|
||||||
Total current assets
|
23,895
|
28,126
|
||||||
Property, plant and equipment, net
|
1,153
|
1,188
|
||||||
Operating lease right-of-use asset
|
1,038
|
1,082
|
||||||
Other assets
|
21
|
21
|
||||||
TOTAL ASSETS
|
$
|
26,107
|
$
|
30,417
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
1,797
|
$
|
1,414
|
||||
Accrued compensation
|
1,335
|
1,664
|
||||||
Current portion of operating lease liability
|
181
|
167
|
||||||
Current portion of finance lease liability
|
24
|
26
|
||||||
Other current liabilities
|
55
|
36
|
||||||
Total current liabilities
|
3,392
|
3,307
|
||||||
Operating lease liability
|
909
|
956
|
||||||
Finance lease liability
|
22
|
28
|
||||||
Other long-term liability
|
71 | 179 | ||||||
Total liabilities
|
4,394
|
4,470
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity
|
||||||||
Series A junior participating preferred stock as of March 31,
2022 and December 31,
2021, par value $0.0001
per share; authorized 30,000 shares, none outstanding
|
—
|
—
|
||||||
Series F convertible preferred stock as of both March 31,
2022 and December 31,
2021, par value $0.0001
per share; authorized 127 shares, issued and outstanding 127 shares
|
—
|
—
|
||||||
Preferred stock as of both March 31, 2022 and December 31, 2021, par value $0.0001 per
share; authorized 39,969,873 shares, none outstanding
|
—
|
—
|
||||||
Common stock as of March 31, 2022 and December 31, 2021, par value $0.0001 per
share; authorized 100,000,000 shares, issued and outstanding 10,537,606 shares
|
1
|
1
|
||||||
Additional paid-in capital
|
279,114
|
278,873
|
||||||
Accumulated other comprehensive income:
|
||||||||
Foreign currency translation adjustment
|
(13
|
)
|
(11
|
)
|
||||
Accumulated deficit
|
(257,389
|
)
|
(252,916
|
)
|
||||
Total stockholders’ equity
|
21,713
|
25,947
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
26,107
|
$
|
30,417
|
Three months ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Net sales
|
$
|
1,926
|
$
|
1,918
|
||||
Cost of goods sold
|
824
|
952
|
||||||
Gross profit
|
1,102
|
966
|
||||||
Operating expenses:
|
||||||||
Selling, general and administrative
|
4,412
|
5,237
|
||||||
Research and development
|
1,106
|
947
|
||||||
Total operating expenses
|
5,518
|
6,184
|
||||||
Loss from operations
|
(4,416
|
)
|
(5,218
|
)
|
||||
Other income (expense), net
|
(55
|
)
|
(1
|
)
|
||||
Loss before income taxes
|
(4,471
|
)
|
(5,219
|
)
|
||||
Income tax expense
|
(2
|
)
|
(2
|
)
|
||||
Net loss
|
$
|
(4,473
|
)
|
$
|
(5,221
|
)
|
||
Basic and diluted loss per share
|
$
|
(0.42
|
)
|
$
|
(1.62
|
)
|
||
Weighted average shares outstanding – basic and diluted
|
10,538
|
3,242
|
||||||
Other comprehensive loss:
|
||||||||
Unrealized foreign currency translation adjustments
|
$
|
(2
|
)
|
$
|
(3
|
)
|
||
Total comprehensive loss
|
$
|
(4,475
|
)
|
$
|
(5,224
|
)
|
Outstanding
Shares of Common Stock
|
Common
Stock
|
Additional
Paid in
Capital
|
Accumulated
Other
Comprehensive
Income
|
Accumulated
Deficit
|
Stockholders’
Equity
|
|||||||||||||||||||
Balance December 31, 2020
|
2,736,060
|
$
|
—
|
$
|
249,663
|
$
|
(7
|
)
|
$
|
(233,338
|
)
|
$
|
16,318
|
|||||||||||
Net loss
|
—
|
—
|
—
|
—
|
(5,221
|
)
|
(5,221
|
)
|
||||||||||||||||
Unrealized foreign currency translation adjustment
|
—
|
—
|
—
|
(3
|
)
|
—
|
(3
|
)
|
||||||||||||||||
Stock-based compensation, net
|
—
|
—
|
355
|
—
|
—
|
355
|
||||||||||||||||||
Issuance of common, net
|
3,795,816
|
—
|
18,902
|
—
|
—
|
18,902
|
||||||||||||||||||
Exercise of warrants
|
66
|
—
|
1
|
—
|
—
|
1
|
||||||||||||||||||
Balance March 31, 2021
|
6,531,942
|
$
|
—
|
$
|
268,921
|
$
|
(10
|
)
|
$
|
(238,559
|
)
|
$
|
30,352
|
Outstanding
Shares of Common Stock
|
Common
Stock
|
Additional
Paid in
Capital
|
Accumulated
Other
Comprehensive
Income
|
Accumulated
Deficit
|
Stockholders’
Equity
|
|||||||||||||||||||
Balance December 31, 2021
|
10,537,606
|
$
|
1
|
$
|
278,873
|
$
|
(11
|
)
|
$
|
(252,916
|
)
|
$
|
25,947
|
|||||||||||
Net loss
|
—
|
—
|
—
|
—
|
(4,473
|
)
|
(4,473
|
)
|
||||||||||||||||
Unrealized foreign currency translation adjustment
|
—
|
— |
— |
(2 | ) | — |
(2 | ) | ||||||||||||||||
Stock-based compensation, net
|
—
|
—
|
241
|
—
|
—
|
241 |
||||||||||||||||||
Balance March 31, 2022
|
10,537,606
|
$
|
1
|
$
|
279,114
|
$
|
(13
|
)
|
$
|
(257,389
|
)
|
$
|
21,713
|
Three months ended
March 31,
|
||||||||
2022
|
2021
|
|||||||
Operating Activities:
|
||||||||
Net loss
|
$
|
(4,473
|
)
|
$
|
(5,221
|
)
|
||
Adjustments to reconcile net loss to cash flows used in operating activities:
|
||||||||
Depreciation and amortization
|
105
|
126
|
||||||
Stock-based compensation expense, net
|
241
|
355
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(201
|
)
|
(14
|
)
|
||||
Inventory
|
(451
|
)
|
(89
|
)
|
||||
Other current assets
|
(22
|
)
|
(132
|
)
|
||||
Other assets and liabilities
|
(80
|
)
|
24
|
|||||
Accounts payable and accrued expenses
|
54
|
(431
|
)
|
|||||
Net cash used in operating activities
|
(4,827
|
)
|
(5,382
|
)
|
||||
Investing Activities:
|
||||||||
Purchases of property and equipment
|
(70
|
)
|
(56
|
)
|
||||
Net cash used in investing activities
|
(70
|
)
|
(56
|
)
|
||||
Financing Activities:
|
||||||||
Proceeds from public stock offerings, net
|
—
|
18,902
|
||||||
Proceeds from warrant exercises
|
—
|
1
|
||||||
Payments on finance lease liability
|
(6
|
)
|
(6
|
)
|
||||
Net cash provided (used in) by financing activities
|
(6
|
)
|
18,897
|
|||||
Effect of exchange rate changes on cash
|
(2
|
)
|
(3
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(4,905
|
)
|
13,456
|
|||||
Cash and cash equivalents - beginning of period
|
24,205
|
14,437
|
||||||
Cash and cash equivalents - end of period
|
$
|
19,300
|
$
|
27,893
|
||||
Supplemental cash flow information
|
||||||||
Inventory transferred to property, plant and equipment
|
$
|
—
|
$
|
89
|
(in thousands)
|
March 31,
2022
|
December 31, 2021
|
||||||
Finished Goods
|
$
|
1,331
|
$
|
1,409
|
||||
Work in Process
|
313
|
276
|
||||||
Raw Materials
|
1,650
|
1,158
|
||||||
Total
|
$
|
3,294
|
$
|
2,843
|
March 31
|
||||||||
2022
|
2021
|
|||||||
Stock options
|
1,174,748
|
140,471
|
||||||
Warrants to purchase common stock
|
1,631,698
|
1,631,882
|
||||||
Series F convertible preferred stock
|
50,800
|
23,114
|
||||||
Total
|
2,857,246
|
1,795,467
|
(in thousands, except per share amounts)
|
2022
|
2021
|
||||||
Net loss
|
$
|
(4,473
|
)
|
$
|
(5,221
|
)
|
||
Deemed dividend to preferred shareholders (see Note 3)
|
—
|
(33
|
)
|
|||||
Net loss after deemed dividend
|
(4,473
|
)
|
(5,254
|
)
|
||||
Weighted average shares outstanding
|
10,538
|
3,242
|
||||||
Basic and diluted loss per share
|
$
|
(0.42
|
)
|
$
|
(1.62
|
)
|
Three-months ended March 31,
|
||||||||
(in thousands)
|
2022
|
2021
|
||||||
Selling, general and administrative expense
|
$
|
214
|
$
|
327
|
||||
Research and development expense
|
27
|
28
|
||||||
Total stock-based compensation expense
|
$
|
241
|
$
|
355
|
Three Months Ended March 31, 2022
|
Three Months Ended March 31, 2021
|
Increase (Decrease)
|
% Change
|
|||||||||||
$
|
1,926
|
$
|
1,918
|
$
|
8
|
0.4
|
%
|
(in thousands)
|
Three Months Ended
March 31, 2022 |
Three Months Ended
March 31, 2021 |
Increase (Decrease)
|
% Change
|
||||||||||||
Cost of goods sold
|
$
|
824
|
$
|
952
|
$
|
(128
|
)
|
(13.4
|
)%
|
|||||||
Selling, general and administrative
|
$
|
4,412
|
$
|
5,237
|
$
|
(825
|
)
|
(15.8
|
)%
|
|||||||
Research and development
|
$
|
1,106
|
$
|
947
|
$
|
159
|
16.8
|
%
|
Incorporated By Reference
|
|||||||||||||
Exhibit
Number |
Exhibit Description
|
Form
|
File
Number |
Date of First Filing
|
Exhibit
Number |
Filed
Herewith |
Furnished Herewith
|
||||||
Fourth Amended and Restated Certificate of Incorporation
|
10
|
001-35312
|
February 1, 2012
|
3.1
|
|||||||||
Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation
|
8-K
|
001-35312
|
January 13, 2017
|
3.1
|
|||||||||
|
Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation
|
8-K
|
001-35312
|
May 23, 2017
|
3.1
|
||||||||
Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation
|
8-K
|
001-35312
|
October 12, 2017
|
3.1
|
|||||||||
Certificate of Amendment to Fourth Amended and Restated Certificate of
Incorporation
|
8-K/A
|
001-35312
|
October 16, 2020
|
3.1
|
|||||||||
Certificate of Amendment to Fourth Amended and Restated Certificate of
Incorporation
|
8-K
|
001-35312
|
January 2, 2019
|
3.1
|
|||||||||
Certificate of Amendment to Fourth Amended and Restated Certificate of Incorporation
|
8-K
|
001-35312
|
April 27, 2021
|
3.1
|
|||||||||
Form of Certificate of Designation of Series A Junior Participating Preferred Stock
|
8-K
|
001-35312
|
June 14, 2013
|
3.1
|
|||||||||
Form of Certificate of Designation of Preferences, Rights and Limitations of Series F Convertible Preferred Stock
|
S-1/A
|
333-221010
|
November 17, 2017
|
3.7
|
|||||||||
|
Certificate of Designation of Preferences, Rights and Limitations of Series G Convertible Preferred Stock
|
8-K
|
001-35312
|
March 13, 2019
|
3.1
|
||||||||
Certificate of Designation of Preferences, Rights and Limitations of Series H Convertible Preferred Stock
|
8-K
|
001-35312
|
January 29, 2020
|
3.1
|
|||||||||
Third Amended and Restated Bylaws
|
8-K
|
001-35312
|
April 27, 2021
|
3.2
|
|||||||||
First Amendment to the 2021 Inducement Plan
|
8-K
|
001-35312
|
April 21, 2022
|
10.1
|
|
Incorporated By Reference
|
|
|||||||||||
Exhibit Number |
Exhibit Description | Form | File Number |
Date of First Filing | Exhibit Number |
Filed Herewith |
Furnished Herewith | ||||||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||||||||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||||||||
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||||||||
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
||||||||||||
101.INS
|
Inline XBRL Instance Document
|
X
|
|||||||||||
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
X
|
|||||||||||
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
X
|
|||||||||||
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
X
|
|||||||||||
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
X
|
|||||||||||
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
X
|
|||||||||||
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
X |
Nuwellis, Inc.
|
|||
Date: May 12, 2022
|
By:
|
/s/ Nestor
Jaramillo, Jr.
|
|
Nestor Jaramillo, Jr.
|
|||
Chief Executive Officer
|
|||
Date: May 12, 2022
|
By:
|
/s/ George Montague
|
|
George Montague
|
|||
Chief Financial Officer
|
1 Year Newellis Chart |
1 Month Newellis Chart |
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