Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-32288 | |
Entity Registrant Name | NEPHROS, INC. | |
Entity Central Index Key | 0001196298 | |
Entity Tax Identification Number | 13-3971809 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 380 Lackawanna Place | |
Entity Address, City or Town | South Orange | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07079 | |
City Area Code | (201) | |
Local Phone Number | 343-5202 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | NEPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,544,139 | |
Entity Listing, Par Value Per Share | $ 0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 3,080 | $ 4,307 |
Accounts receivable, net | 1,878 | 1,496 |
Inventory | 2,803 | 2,470 |
Prepaid expenses and other current assets | 165 | 132 |
Total current assets | 7,926 | 8,405 |
Property and equipment, net | 186 | 152 |
Lease right-of-use assets | 1,551 | 1,807 |
Intangible assets, net | 365 | 381 |
Goodwill | 759 | 759 |
License and supply agreement, net | 243 | 271 |
Other assets | 70 | 86 |
TOTAL ASSETS | 11,100 | 11,861 |
Current liabilities: | ||
Accounts payable | 1,159 | 873 |
Accrued expenses | 435 | 794 |
Current portion of lease liabilities | 358 | 446 |
Total current liabilities | 1,952 | 2,113 |
Lease liabilities, net of current portion | 1,222 | 1,390 |
TOTAL LIABILITIES | 3,174 | 3,503 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued and outstanding at June 30, 2024 and December 31, 2023. | ||
Common stock, $.001 par value; 40,000,000 shares authorized at June 30, 2024 and December 31, 2023; 10,544,139 and 10,543,675 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively. | 11 | 10 |
Additional paid-in capital | 152,779 | 152,754 |
Accumulated deficit | (144,864) | (144,406) |
TOTAL STOCKHOLDERS’ EQUITY | 7,926 | 8,358 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,100 | $ 11,861 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 10,544,139 | 10,543,675 |
Common stock, shares outstanding | 10,544,139 | 10,543,675 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net revenue: | ||||
Total net revenues | $ 3,252 | $ 3,545 | $ 6,774 | $ 7,242 |
Cost of goods sold | 1,340 | 1,466 | 2,675 | 3,052 |
Gross margin | 1,912 | 2,079 | 4,099 | 4,190 |
Operating expenses: | ||||
Selling, general and administrative | 1,941 | 2,239 | 4,083 | 4,363 |
Research and development | 254 | 221 | 466 | 460 |
Depreciation and amortization | 34 | 54 | 67 | 108 |
Total operating expenses | 2,229 | 2,514 | 4,616 | 4,931 |
Operating loss | (317) | (435) | (517) | (741) |
Other (expense) income: | ||||
Interest expense | (1) | (1) | ||
Interest income | 21 | 13 | 46 | 25 |
Other income (expense), net | 7 | (11) | 14 | (22) |
Total other expense: | 28 | 2 | 59 | 2 |
Net loss | $ (289) | $ (433) | $ (458) | $ (739) |
Net loss per common share, basic | $ (0.03) | $ (0.04) | $ (0.04) | $ (0.07) |
Net loss per common share, diluted | $ (0.03) | $ (0.04) | $ (0.04) | $ (0.07) |
Weighted average common shares outstanding, basic | 10,509,937 | 10,297,429 | 10,505,833 | 10,297,429 |
Weighted average common shares outstanding, diluted | 10,509,937 | 10,297,429 | 10,505,833 | 10,297,429 |
Product [Member] | ||||
Net revenue: | ||||
Total net revenues | $ 3,208 | $ 3,537 | $ 6,714 | $ 7,199 |
Royalty and Other Revenues [Member] | ||||
Net revenue: | ||||
Total net revenues | $ 44 | $ 8 | $ 60 | $ 43 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2022 | $ 10 | $ 148,413 | $ (142,831) | $ 5,592 | $ 3,289 | $ 8,881 |
Balance, shares at Dec. 31, 2022 | 10,297,429 | |||||
Net loss | (306) | (306) | (306) | |||
Stock-based compensation | 346 | 346 | (27) | 319 | ||
Change in non-controlling interest | 3,262 | 3,262 | (3,262) | |||
Balance at Mar. 31, 2023 | $ 10 | 152,021 | (143,137) | 8,894 | 8,894 | |
Balance, shares at Mar. 31, 2023 | 10,297,429 | |||||
Balance at Dec. 31, 2022 | $ 10 | 148,413 | (142,831) | 5,592 | 3,289 | 8,881 |
Balance, shares at Dec. 31, 2022 | 10,297,429 | |||||
Net loss | (739) | |||||
Balance at Jun. 30, 2023 | $ 10 | 152,215 | (143,570) | 8,655 | 8,655 | |
Balance, shares at Jun. 30, 2023 | 10,297,429 | |||||
Balance at Mar. 31, 2023 | $ 10 | 152,021 | (143,137) | 8,894 | 8,894 | |
Balance, shares at Mar. 31, 2023 | 10,297,429 | |||||
Net loss | (433) | (433) | (433) | |||
Stock-based compensation | 194 | 194 | 194 | |||
Balance at Jun. 30, 2023 | $ 10 | 152,215 | (143,570) | 8,655 | 8,655 | |
Balance, shares at Jun. 30, 2023 | 10,297,429 | |||||
Balance at Dec. 31, 2023 | $ 10 | 152,754 | (144,406) | 8,358 | 8,358 | |
Balance, shares at Dec. 31, 2023 | 10,501,508 | |||||
Net loss | (169) | (169) | (169) | |||
Stock option exercises | ||||||
Balance, shares | 464 | |||||
Stock-based compensation | (9) | (9) | (9) | |||
Balance at Mar. 31, 2024 | $ 10 | 152,745 | (144,575) | 8,180 | 8,180 | |
Balance, shares at Mar. 31, 2024 | 10,501,972 | |||||
Balance at Dec. 31, 2023 | $ 10 | 152,754 | (144,406) | 8,358 | 8,358 | |
Balance, shares at Dec. 31, 2023 | 10,501,508 | |||||
Net loss | (458) | |||||
Balance at Jun. 30, 2024 | $ 11 | 152,779 | (144,864) | 7,926 | 7,926 | |
Balance, shares at Jun. 30, 2024 | 10,544,139 | |||||
Balance at Mar. 31, 2024 | $ 10 | 152,745 | (144,575) | 8,180 | 8,180 | |
Balance, shares at Mar. 31, 2024 | 10,501,972 | |||||
Net loss | (289) | (289) | (289) | |||
Stock-based compensation | 35 | 35 | 35 | |||
Restricted stock vesting | $ 1 | (1) | ||||
Balance, shares | 42,167 | |||||
Balance at Jun. 30, 2024 | $ 11 | $ 152,779 | $ (144,864) | $ 7,926 | $ 7,926 | |
Balance, shares at Jun. 30, 2024 | 10,544,139 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
OPERATING ACTIVITIES: | |||||||
Net loss | $ (289) | $ (169) | $ (433) | $ (306) | $ (458) | $ (739) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation of property and equipment | 22 | 19 | |||||
Amortization of intangible assets, license and supply agreement and finance lease right-of-use asset | 47 | 88 | |||||
Stock-based compensation | 26 | 513 | |||||
Inventory impairments and writeoffs | 180 | 106 | |||||
Gain on foreign currency transactions | (5) | ||||||
Gain on disposal of equipment | (5) | ||||||
Decrease (increase) in operating assets: | |||||||
Accounts receivable | (382) | (290) | |||||
Inventory | (513) | 920 | |||||
Prepaid expenses and other current assets | (33) | 35 | |||||
Right-of-use assets | 252 | 160 | |||||
Other assets | 17 | 2 | |||||
(Decrease) increase in operating liabilities: | |||||||
Accounts payable | 289 | (437) | |||||
Accrued expenses | (358) | 285 | |||||
Lease liabilities | (252) | (160) | |||||
Net cash (used in) provided by operating activities | (1,173) | 502 | $ 800 | ||||
INVESTING ACTIVITIES: | |||||||
Proceeds from sale of equipment | 5 | ||||||
Purchase of property and equipment | (55) | ||||||
Net cash used in investing activities | (50) | ||||||
FINANCING ACTIVITIES: | |||||||
Principal payments on finance lease liability | (4) | (4) | |||||
Principal payments on equipment financing | (1) | ||||||
Payments on secured note payable | (71) | ||||||
Net cash (used in) financing activities | (4) | (76) | |||||
Net (decrease) increase in cash and cash equivalents | (1,227) | 426 | |||||
Cash and cash equivalents, beginning of period | $ 4,307 | $ 3,634 | 4,307 | 3,634 | 3,634 | ||
Cash and cash equivalents, end of period | $ 3,080 | $ 4,060 | 3,080 | 4,060 | $ 4,307 | ||
Supplemental disclosure of cash flow information | |||||||
Cash paid for interest | $ 1 | $ 2 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||||
Net Income (Loss) | $ (289) | $ (169) | $ (433) | $ (306) | $ (458) | $ (739) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1 – Organization and Nature of Operations Nephros, Inc. (“Nephros” or the “Company”) was incorporated under the laws of the State of Delaware on April 3, 1997. The Company was founded by health professionals, scientists and engineers affiliated with Columbia University to develop advanced end stage renal disease (“ESRD”) therapy technology and products. Beginning in 2009, Nephros introduced high performance liquid purification filters to meet the demand for water purification in certain medical markets. The Company’s filters, generally classified as ultrafilters, are primarily used in hospitals for the prevention of infection from waterborne pathogens, such as legionella and pseudomonas, and in dialysis centers for the removal of biological contaminants from water and bicarbonate concentrate. The Company also develops and sells water filtration products for commercial applications, focusing on the hospitality and food service markets. In July 2018, the Company formed a subsidiary, Specialty Renal Products, Inc. (“SRP”), to drive the development of its second-generation hemodiafiltration system and other products focused on improving therapies for patients with renal disease. After SRP’s formation, the Company assigned to SRP all of the Company’s rights to three patents relating to the Company’s hemodiafiltration technology, which were carried at zero book value. On March 9, 2023, the SRP Stockholders approved a plan of dissolution to wind down SRP’s operations, liquidate SRP’s remaining assets and dissolve SRP, and SRP filed a certificate of dissolution with the State of Delaware on April 13, 2023. As a result of the SRP Stockholders’ approval of the plan of dissolution and provisions therein and after satisfying all of SRP’s liabilities, there are no assets available for distribution to the holders of any of SRP’s capital stock, including its Series A Preferred Stock. As such, the value recorded to non-controlling interest was written to zero and the impact reclassified to the Company’s additional paid-in capital as the Company retained control of SRP. The Company’s primary U.S. facility is located at 380 Lackawanna Place, South Orange, New Jersey 07079. This location along with our Whippany, NJ facility, houses the Company’s corporate headquarters, research, manufacturing, and distribution facilities. |
Basis of Presentation and Liqui
Basis of Presentation and Liquidity | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Liquidity | Note 2 – Basis of Presentation and Liquidity Interim Financial Information The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. Results as of and for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed consolidated interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Segment Reporting The Company operates in only one business segment from which the Company’s chief operating decision maker evaluates the financial performance of the Company. Consolidation The accompanying condensed consolidated financial statements include the accounts of Nephros, Inc. and its subsidiary, SRP, which was dissolved pursuant to a plan of dissolution adopted by its stockholders on March 9, 2023, and the subsequent filing of a certificate of dissolution with the State of Delaware on April 13, 2023. All intercompany accounts and transactions were eliminated in the preparation of the accompanying condensed consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amount of revenues and expenses, during the reporting period. Actual results could differ materially from those estimates. Included in these estimates are assumptions about the collection of accounts receivable, value of inventories, useful life of fixed assets and intangible assets, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets, the assessment of the ability to continue as a going concern and assumptions used in determining stock compensation such as expected volatility and risk-free interest rate. Liquidity In connection with SRP’s plan of dissolution and pursuant to an agreement between the Company and SRP entered into on May 24, 2023, SRP assigned substantially all of its remaining assets to the Company in satisfaction of the entire loan balance. See “Note 11 – Stockholders’ Equity – Noncontrolling Interest” Accordingly, as of June 30, 2024, there was no outstanding balance of this loan. The Company has sustained operating losses every quarter through June 30, 2024, generating an accumulated deficit of $ 144.9 0.8 Recent Accounting Pronouncements, Not Yet Effective In March 2024, the FASB issued ASU 2024-01, “ASC 718-Scope Application of Profits Interest and Similar Awards,” which provides guidance to assist entities in determining whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The guidance is effective for the Company’s fiscal year 2025, including interim periods. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which enhances the transparency and decision usefulness of income tax disclosures. The guidance is effective for the Company’s annual reporting period ending December 31, 2025. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for the Company beginning in the annual reporting period ending December 31, 2024 and interim periods beginning in fiscal year 2025. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its consolidated financial statements. Concentration of Credit Risk The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. To date, the Company has not experienced any impairment losses on its cash. The Company also limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. Major Customers For the three months ended June 30, 2024, and 2023, the following customers accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Accounts Receivable Percentage of Major Customers Customer 2024 2023 A 22 % 18 % B 8 % 11 % D 3 % 11 % Total 33 % 40 % For the six months ended June 30, 2024, and 2023, the following customers accounted for the following percentages of the Company’s revenues, respectively: Customer 2024 2023 A 27 % 19 % B 7 % 10 % C 2 % 13 % Total 36 % 42 % As of June 30, 2024, and December 31, 2023, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2024 2023 A 16 % 12 % E 12 % - Total 28 % 12 % Accounts Receivable The Company recognizes an allowance that reflects a current estimate of credit losses expected to be incurred over the life of a financial asset, including trade receivables. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the expected condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible. The allowance for credit losses was approximately $ 11,000 June 30, 2024, and December 31, 2023. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition The Company recognizes revenue related to product sales when product is shipped via external logistics providers and the other criteria of ASC 606 are met. Product revenue is recorded net of returns and allowances. There was no allowance for sales returns for the three and six months ended June 30, 2024, or 2023. In addition to product revenue, the Company recognizes revenue related to services to customers, royalties, and other agreements in accordance with the five-step model in ASC 606. Other revenues recognized for the three and six months ended June 30, 2024, were approximately $ 44,000 60,000 8,000 43,000 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 Level 2 – Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. At June 30, 2024 the Company’s cash equivalents consisted of money market funds. At December 31,2023 the Company’s cash equivalents consisted of money market funds and a certificate of deposit. The Company values its cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that use these inputs as Level 1. At June 30, 2024 and December 31, 2023, the fair value measurements of the Company’s assets and liabilities measured on a recurring basis were as follows: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2024 Cash $ 1,403 $ - $ - Money market funds 1,677 - - - Cash and cash equivalents $ 3,080 $ - $ - December 31, 2023 Cash $ 274 $ - $ - Money market funds 2,515 - - Certificate of deposit 1,518 - - Cash and cash equivalents $ 4,307 $ - $ - Assets and Liabilities Not Measured at Fair Value on a Recurring Basis The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature. The carrying amounts of the lease liabilities and equipment financing approximate fair value as of June 30, 2024 and December 31, 2023 because those financial instruments bear interest at rates that approximate current market rates for similar agreements with similar maturities and quality. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5 – Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out method and consists of raw materials and finished goods. The Company’s inventory components as of June 30, 2024 and December 31, 2023, were as follows: Schedule of Inventory, Net June 30, 2024 December 31, 2023 (in thousands) Finished goods $ 2,413 $ 2,144 Raw materials 390 326 Total inventory $ 2,803 $ 2,470 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 6 – Intangible Assets and Goodwill Intangible Assets Intangible assets as of June 30, 2024 and December 31, 2023 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows: Schedule of Intangible Assets June 30, 2024 December 31, 2023 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Customer relationships $ 540 (175 ) $ 365 $ 540 (159 ) 381 Total intangible assets $ 540 $ (175 ) $ 365 $ 540 $ (159 ) $ 381 The Company recognized amortization expense of approximately $ 8,000 11,000 As of June 30, 2024, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2024 (excluding the six months ended June 30, 2024) $ 16 2025 32 2026 32 2027 32 2028 32 2029 32 Goodwill Goodwill has a carrying value on the Company’s condensed consolidated balance sheets of approximately $ 0.8 |
License and Supply Agreement, n
License and Supply Agreement, net | 6 Months Ended |
Jun. 30, 2024 | |
License And Supply Agreement Net | |
License and Supply Agreement, net | Note 7 – License and Supply Agreement, net On April 23, 2012, the Company entered into a License and Supply Agreement (as thereafter amended, the “License and Supply Agreement”) with Medica S.p.A. (“Medica”), an Italy-based medical product manufacturing company, for the marketing and sale of certain filtration products based upon Medica’s proprietary Medisulfone ultrafiltration technology in conjunction with the Company’s filtration products, and for an exclusive supply arrangement for the filtration products. Under the License and Supply Agreement, Medica granted to the Company an exclusive license, with right of sublicense, to market, promote, distribute, offer for sale and sell the filtration products worldwide, with certain limitations on territory, during the term of the License and Supply Agreement. In addition, the Company granted to Medica an exclusive license under the Company’s intellectual property to make the filtration products during the term of the License and Supply Agreement. The filtration products covered under the License and Supply Agreement includes both certain products based on Medica’s proprietary Versatile microfiber technology and certain filtration products based on Medica’s proprietary Medisulfone ultrafiltration technology. In December 2023, the Company signed a new agreement with Medica which extends the term until December 31, 2028, unless earlier terminated by either party in accordance with the terms of the License and Supply Agreement. In exchange for the license, the gross value of the intangible asset capitalized was $ 2.3 0.2 0.3 2.0 1.9 14,000 33,000 As of December 11, 2023, the Company has agreed with Medica to pay interest per month at the EURIBOR 360-day rate plus 500 basis points calculated on the principal amount of any outstanding invoices that are overdue by more than 15 days beyond the original payment terms In addition, for the period beginning April 23, 2014 through December 31, 2023, the Company paid Medica a royalty rate of 3 95,000 191,000 95,000 |
Secured Note Payable
Secured Note Payable | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Secured Note Payable | Note 8 – Secured Note Payable On March 27, 2018, the Company entered into a Secured Promissory Note Agreement (the “Secured Note”) with Tech Capital for a principal amount of $ 1.2 The Secured Note had a maturity date of April 1, 2023 8 Principal and interest payments were due on the first day of each month commencing on May 1, 2018 During the three months ended June 30, 2023, no payments were made under the Secured Note, as the Note was repaid in full at March 31, 2023. During the six months ended June 30, 2023, the Company made payments under the Secured Note of approximately $ 71,000 1,000 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Leases | Note 9 – Leases The Company has operating leases for corporate offices and office equipment. The leases have remaining lease terms of 1 5 Lease cost, as presented below, includes costs associated with leases for which right-of-use (“ROU”) assets have been recognized as well as short-term leases. The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended June 30, 2024 Three months ended June 30, 2023 (in thousands) Operating lease cost $ 127 $ 90 Finance lease cost: Amortization of right-of-use assets 2 2 Interest on lease liabilities 1 1 Total finance lease cost 3 3 Variable lease cost 14 3 Total lease cost $ 144 $ 96 Six months ended June 30, 2024 Six months ended June 30, 2023 (in thousands) Operating lease cost $ 252 $ 182 Finance lease cost: Amortization of right-of-use assets 4 4 Interest on lease liabilities 2 2 Total finance lease cost 6 6 Variable lease cost 25 7 Total lease cost $ 283 $ 195 Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Six months ended June 30, 2024 Six months ended June 30, 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 316 $ 160 Financing cash flows from finance leases $ 4 $ 4 Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases June 30, 2024 December 31, 2023 (in thousands) Operating lease right-of-use assets $ 1,550 $ 1,803 Finance lease right-of-use assets $ 1 $ 4 Current portion of operating lease liabilities $ 357 $ 442 Operating lease liabilities, net of current portion 1,222 1,390 Total operating lease liabilities $ 1,579 $ 1,832 Current portion of finance lease liabilities $ 1 $ 4 Finance lease liabilities, net of current portion - - Total finance lease liabilities $ 1 $ 4 Weighted average remaining lease term Operating leases 4.0 4.3 Finance leases 0.1 0.6 Weighted average discount rate Operating leases 8.0 % 8.0 % Finance leases 8.0 % 8.0 % As of June 30, 2024, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2024 (excluding the six months ended June 30, 2024) $ 246 $ 1 2025 435 - 2026 450 - 2027 450 - 2028 251 - Total future minimum lease payments 1,832 1 Less imputed interest (253 ) - Total $ 1,579 $ 1 |
Stock Plans and Share-Based Pay
Stock Plans and Share-Based Payments | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Plans and Share-Based Payments | Note 10 – Stock Plans and Share-Based Payments The fair value of stock options and restricted stock is recognized as stock-based compensation expense in the Company’s condensed consolidated statement of operations. The Company calculates stock-based compensation expense in accordance with ASC 718. The fair value of stock-based awards is amortized over the vesting period of the award. Stock Options The Company granted stock options to purchase 85,198 0.1 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The below assumptions for the risk-free interest rates, expected dividend yield, expected lives and expected stock price volatility were utilized for the stock options granted during the six months ended June 30, 2024. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 70.34 % Risk-Free Interest Rate 4.45 % Expected Life (in years) 6.08 Expected Dividend Yield - % Stock-based compensation expense related to stock options was approximately $ 28,000 169,000 27,000 2,000 62,000 33,000 156,000 13,000 Stock-based compensation expense related to stock options was $ 11,000 349,000 8,000 3,000 120,000 109,000 315,000 34,000 There was no 625,000 2.7 Restricted Stock Total stock-based compensation expense for restricted stock on the Company’s condensed consolidated statement of operations was approximately $ 7,000 25,000 Total stock-based compensation expense for restricted stock was approximately $ 15,000 38,000 23,781 133,722 30,000 As of June 30, 2024, there was no SRP Equity Incentive Plan SRP’s 2019 Equity Incentive Plan was approved on May 7, 2019 under which 150,000 Due to the Company’s acquisition of the non-controlling interest in SRP during the six months ended June 30, 2023, all remaining equity-based awards have been forfeited and no further expense will be incurred related to these awards. There were no SRP stock options or other equity awards granted during the six months ended June 30, 2023. For the six months ended June 30, 2023, a credit of approximately ($ 27,000 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 – Stockholders’ Equity Noncontrolling Interest In separate transactions in September 2018 and February 2022, SRP issued and sold an aggregate of 700,003 3.5 62,500 62.5 188,000 1.3 1.0 In March 2023, the board of directors of SRP adopted, and the stockholders of SRP approved, a plan to wind down SRP’s operations and dissolve, and in April 2023, SRP filed a certificate of dissolution with the State of Delaware. In accordance with its plan of dissolution, after SRP satisfied its other outstanding liabilities, SRP assigned to the Company all of its remaining assets, including its intellectual property rights, in satisfaction of outstanding indebtedness owed to the Company in the approximate amount of $ 1.5 24,000 |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Note 12 – Net Loss per Common Share Basic loss per common share is calculated by dividing net loss available to common shareholders by the number of weighted average common shares issued and outstanding. Diluted loss per common share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares issued and outstanding for the period, plus amounts representing the dilutive effect from the exercise of stock options and warrants and unvested restricted stock, as applicable. The Company calculates dilutive potential common shares using the treasury stock method, which assumes the Company will use the proceeds from the exercise of stock options and warrants to repurchase shares of common stock to hold in its treasury stock reserves. The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share June 30, 2024 2023 Shares underlying options outstanding 1,249,354 1,765,853 Unvested restricted stock - 187,503 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies Purchase Commitments In exchange for the rights granted under the License and Supply Agreement with Medica (see Note 7 – License and Supply Agreement, net), the Company agreed to make certain minimum annual aggregate purchases from Medica over the term of the License and Supply Agreement. For the year ended December 31, 2024, the Company has agreed to make minimum annual aggregate purchases from Medica of € 4.2 4.5 3.6 3.9 Contractual Obligations See Note 9 – Leases for a discussion of the Company’s contractual obligations. |
Basis of Presentation and Liq_2
Basis of Presentation and Liquidity (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. Results as of and for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed consolidated interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. |
Segment Reporting | Segment Reporting The Company operates in only one business segment from which the Company’s chief operating decision maker evaluates the financial performance of the Company. |
Consolidation | Consolidation The accompanying condensed consolidated financial statements include the accounts of Nephros, Inc. and its subsidiary, SRP, which was dissolved pursuant to a plan of dissolution adopted by its stockholders on March 9, 2023, and the subsequent filing of a certificate of dissolution with the State of Delaware on April 13, 2023. All intercompany accounts and transactions were eliminated in the preparation of the accompanying condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amount of revenues and expenses, during the reporting period. Actual results could differ materially from those estimates. Included in these estimates are assumptions about the collection of accounts receivable, value of inventories, useful life of fixed assets and intangible assets, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets, the assessment of the ability to continue as a going concern and assumptions used in determining stock compensation such as expected volatility and risk-free interest rate. |
Liquidity | Liquidity In connection with SRP’s plan of dissolution and pursuant to an agreement between the Company and SRP entered into on May 24, 2023, SRP assigned substantially all of its remaining assets to the Company in satisfaction of the entire loan balance. See “Note 11 – Stockholders’ Equity – Noncontrolling Interest” Accordingly, as of June 30, 2024, there was no outstanding balance of this loan. The Company has sustained operating losses every quarter through June 30, 2024, generating an accumulated deficit of $ 144.9 0.8 |
Recent Accounting Pronouncements, Not Yet Effective | Recent Accounting Pronouncements, Not Yet Effective In March 2024, the FASB issued ASU 2024-01, “ASC 718-Scope Application of Profits Interest and Similar Awards,” which provides guidance to assist entities in determining whether profits interest and similar awards should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The guidance is effective for the Company’s fiscal year 2025, including interim periods. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which enhances the transparency and decision usefulness of income tax disclosures. The guidance is effective for the Company’s annual reporting period ending December 31, 2025. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for the Company beginning in the annual reporting period ending December 31, 2024 and interim periods beginning in fiscal year 2025. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its consolidated financial statements. |
Concentration of Credit Risk | Concentration of Credit Risk The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. To date, the Company has not experienced any impairment losses on its cash. The Company also limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. |
Major Customers | Major Customers For the three months ended June 30, 2024, and 2023, the following customers accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Accounts Receivable Percentage of Major Customers Customer 2024 2023 A 22 % 18 % B 8 % 11 % D 3 % 11 % Total 33 % 40 % For the six months ended June 30, 2024, and 2023, the following customers accounted for the following percentages of the Company’s revenues, respectively: Customer 2024 2023 A 27 % 19 % B 7 % 10 % C 2 % 13 % Total 36 % 42 % As of June 30, 2024, and December 31, 2023, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2024 2023 A 16 % 12 % E 12 % - Total 28 % 12 % |
Accounts Receivable | Accounts Receivable The Company recognizes an allowance that reflects a current estimate of credit losses expected to be incurred over the life of a financial asset, including trade receivables. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time balances are past due, the Company’s previous loss history, the customer’s current ability to pay its obligations to the Company and the expected condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they are determined to be uncollectible. The allowance for credit losses was approximately $ 11,000 June 30, 2024, and December 31, 2023. |
Basis of Presentation and Liq_3
Basis of Presentation and Liquidity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Revenues and Accounts Receivable Percentage of Major Customers | For the three months ended June 30, 2024, and 2023, the following customers accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Accounts Receivable Percentage of Major Customers Customer 2024 2023 A 22 % 18 % B 8 % 11 % D 3 % 11 % Total 33 % 40 % For the six months ended June 30, 2024, and 2023, the following customers accounted for the following percentages of the Company’s revenues, respectively: Customer 2024 2023 A 27 % 19 % B 7 % 10 % C 2 % 13 % Total 36 % 42 % As of June 30, 2024, and December 31, 2023, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2024 2023 A 16 % 12 % E 12 % - Total 28 % 12 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At June 30, 2024 and December 31, 2023, the fair value measurements of the Company’s assets and liabilities measured on a recurring basis were as follows: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2024 Cash $ 1,403 $ - $ - Money market funds 1,677 - - - Cash and cash equivalents $ 3,080 $ - $ - December 31, 2023 Cash $ 274 $ - $ - Money market funds 2,515 - - Certificate of deposit 1,518 - - Cash and cash equivalents $ 4,307 $ - $ - |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net | Schedule of Inventory, Net June 30, 2024 December 31, 2023 (in thousands) Finished goods $ 2,413 $ 2,144 Raw materials 390 326 Total inventory $ 2,803 $ 2,470 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets as of June 30, 2024 and December 31, 2023 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows: Schedule of Intangible Assets June 30, 2024 December 31, 2023 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Customer relationships $ 540 (175 ) $ 365 $ 540 (159 ) 381 Total intangible assets $ 540 $ (175 ) $ 365 $ 540 $ (159 ) $ 381 |
Schedule of Future Amortization Expense | As of June 30, 2024, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2024 (excluding the six months ended June 30, 2024) $ 16 2025 32 2026 32 2027 32 2028 32 2029 32 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Schedule of Components of Lease Cost | The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended June 30, 2024 Three months ended June 30, 2023 (in thousands) Operating lease cost $ 127 $ 90 Finance lease cost: Amortization of right-of-use assets 2 2 Interest on lease liabilities 1 1 Total finance lease cost 3 3 Variable lease cost 14 3 Total lease cost $ 144 $ 96 Six months ended June 30, 2024 Six months ended June 30, 2023 (in thousands) Operating lease cost $ 252 $ 182 Finance lease cost: Amortization of right-of-use assets 4 4 Interest on lease liabilities 2 2 Total finance lease cost 6 6 Variable lease cost 25 7 Total lease cost $ 283 $ 195 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Six months ended June 30, 2024 Six months ended June 30, 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 316 $ 160 Financing cash flows from finance leases $ 4 $ 4 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases June 30, 2024 December 31, 2023 (in thousands) Operating lease right-of-use assets $ 1,550 $ 1,803 Finance lease right-of-use assets $ 1 $ 4 Current portion of operating lease liabilities $ 357 $ 442 Operating lease liabilities, net of current portion 1,222 1,390 Total operating lease liabilities $ 1,579 $ 1,832 Current portion of finance lease liabilities $ 1 $ 4 Finance lease liabilities, net of current portion - - Total finance lease liabilities $ 1 $ 4 Weighted average remaining lease term Operating leases 4.0 4.3 Finance leases 0.1 0.6 Weighted average discount rate Operating leases 8.0 % 8.0 % Finance leases 8.0 % 8.0 % |
Schedule of Maturities of Lease Liabilities | As of June 30, 2024, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2024 (excluding the six months ended June 30, 2024) $ 246 $ 1 2025 435 - 2026 450 - 2027 450 - 2028 251 - Total future minimum lease payments 1,832 1 Less imputed interest (253 ) - Total $ 1,579 $ 1 |
Stock Plans and Share-Based P_2
Stock Plans and Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The below assumptions for the risk-free interest rates, expected dividend yield, expected lives and expected stock price volatility were utilized for the stock options granted during the six months ended June 30, 2024. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 70.34 % Risk-Free Interest Rate 4.45 % Expected Life (in years) 6.08 Expected Dividend Yield - % |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share June 30, 2024 2023 Shares underlying options outstanding 1,249,354 1,765,853 Unvested restricted stock - 187,503 |
Schedule of Revenues and Accoun
Schedule of Revenues and Accounts Receivable Percentage of Major Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Customer A [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 22% | 18% | 27% | 19% | |
Customer A [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 16% | 12% | |||
Customer B [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 8% | 11% | 7% | 10% | |
Customer D [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 3% | 11% | |||
Customer Total [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 33% | 40% | 36% | 42% | |
Customer Total [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 28% | 12% | |||
Customer C [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Total | 2% | 13% | |||
Customer E [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Total | 12% |
Basis of Presentation and Liq_4
Basis of Presentation and Liquidity (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | |||
Accumulated deficit | $ 144,864,000 | $ 144,406,000 | |
Net cash (used in) provided by operating activities | (1,173,000) | $ 502,000 | 800,000 |
Allowance for doubtful accounts receivable | $ 11,000 | $ 11,000 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 3,252 | $ 3,545 | $ 6,774 | $ 7,242 |
Royalty and Other Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net revenues | $ 44 | $ 8 | $ 60 | $ 43 |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | $ 1,403 | $ 274 |
Money market funds | 1,677 | 2,515 |
Certificate of deposit | 1,518 | |
Cash and cash equivalents | 3,080 | 4,307 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents |
Schedule of Inventory, Net (Det
Schedule of Inventory, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 2,413 | $ 2,144 |
Raw materials | 390 | 326 |
Total inventory | $ 2,803 | $ 2,470 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, Cost | $ 540 | $ 540 |
Accumulated Amortization | (175) | (159) |
Total intangible assets, Net | 365 | 381 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, Cost | 540 | 540 |
Accumulated Amortization | (175) | (159) |
Total intangible assets, Net | $ 365 | $ 381 |
Schedule of Future Amortization
Schedule of Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 (excluding the six months ended June 30, 2024) | $ 16 |
2025 | 32 |
2026 | 32 |
2027 | 32 |
2028 | 32 |
2029 | $ 32 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 8 | $ 11 | |
Goodwill | $ 759 | $ 759 |
License and Supply Agreement,_2
License and Supply Agreement, net (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 11, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Capitalized intangible assets, gross | $ 2,300,000 | $ 2,300,000 | ||||
Capitalized intangible assets, net | 243,000 | 243,000 | $ 271,000 | |||
Accumulated amortization | (175,000) | (175,000) | (159,000) | |||
Amortization expense | 8,000 | $ 11,000 | ||||
Interest rate, description | EURIBOR 360-day rate plus 500 basis points calculated on the principal amount of any outstanding invoices that are overdue by more than 15 days beyond the original payment terms | |||||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Royalty expense | $ 95,000 | |||||
Cost of Sales [Member] | ||||||
Royalty expense | 95,000 | $ 191,000 | ||||
License and Supply Agreement [Member] | ||||||
Capitalized intangible assets, net | 200,000 | 200,000 | 300,000 | |||
Accumulated amortization | 2,000,000 | $ 2,000,000 | $ 1,900,000 | |||
Amortization expense | $ 14,000 | $ 33,000 | ||||
License and Supply Agreement [Member] | April 23, 2014 through December 31, 2023 [Member] | Medica [Member] | ||||||
Royalty rate | 3% |
Secured Note Payable (Details N
Secured Note Payable (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Mar. 27, 2018 | |
Secured Note [Member] | |||
Short-Term Debt [Line Items] | |||
Repayments of notes payable | $ 71,000 | ||
Interest expense | $ 1,000 | ||
Secured Promissory Note Agreement [Member] | Tech Capital, LLC [Member] | |||
Short-Term Debt [Line Items] | |||
Principal amount of secured note payable | $ 1,200,000 | ||
Debt maturity date | Apr. 01, 2023 | ||
Debt interest rate | 8% | ||
Maturity date, description | Principal and interest payments were due on the first day of each month commencing on May 1, 2018 |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||||
Operating lease cost | $ 127 | $ 90 | $ 252 | $ 182 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 2 | 2 | 4 | 4 |
Interest on lease liabilities | 1 | 1 | 2 | 2 |
Total finance lease cost | 3 | 3 | 6 | 6 |
Variable lease cost | 14 | 3 | 25 | 7 |
Total lease cost | $ 144 | $ 96 | $ 283 | $ 195 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 316 | $ 160 |
Financing cash flows from finance leases | $ 4 | $ 4 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases | ||
Operating lease right-of-use assets | $ 1,550 | $ 1,803 |
Finance lease right-of-use assets | 1 | 4 |
Current portion of operating lease liabilities | 357 | 442 |
Operating lease liabilities, net of current portion | 1,222 | 1,390 |
Total operating lease liabilities | 1,579 | 1,832 |
Current portion of finance lease liabilities | 1 | 4 |
Finance lease liabilities, net of current portion | ||
Total finance lease liabilities | $ 1 | $ 4 |
Weighted average remaining lease term, Operating leases | 4 years | 4 years 3 months 18 days |
Weighted average remaining lease term, Finance leases | 1 month 6 days | 7 months 6 days |
Operating leases | 8% | 8% |
Finance leases | 8% | 8% |
Schedule of Maturities of Lease
Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Operating Leases, 2024 | $ 246 | |
Operating Leases, 2025 | 435 | |
Operating Leases, 2026 | 450 | |
Operating Leases, 2027 | 450 | |
Operating Leases, 2028 | 251 | |
Operating Leases, Total future minimum lease payments | 1,832 | |
Operating Leases, Less imputed interest | (253) | |
Operating Leases, Total | 1,579 | $ 1,832 |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Finance Leases, 2024 | 1 | |
Finance Leases, 2025 | ||
Finance Leases, 2026 | ||
Finance Leases, 2027 | ||
Finance Leases, 2028 | ||
Finance Leases, Total future minimum lease payments | 1 | |
Finance Leases, Less imputed interest | ||
Finance Leases, Total | $ 1 | $ 4 |
Leases (Details Narrative)
Leases (Details Narrative) | Jun. 30, 2024 |
Minimum [Member] | |
Remaining lease term | 1 year |
Maximum [Member] | |
Remaining lease term | 5 years |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions (Details) - Employee Stock [Member] | 6 Months Ended |
Jun. 30, 2024 | |
Subsidiary, Sale of Stock [Line Items] | |
Stock Price Volatility | 70.34% |
Risk-Free Interest Rates | 4.45% |
Expected Life (in years) | 6 years 29 days |
Expected Dividend Yield |
Stock Plans and Share-Based P_3
Stock Plans and Share-Based Payments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | May 07, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 26,000 | $ 513,000 | |||
Income tax benefit | $ 0 | $ 0 | 0 | 0 | |
Unrecognized compensation expense | 625,000 | $ 625,000 | |||
Unrecognized compensation expense, period for recognition | 2 years 8 months 12 days | ||||
SRP Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Allocated share based compensation expense | 27,000 | ||||
Number of shares reserved and authorized for awards | 150,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Allocated share based compensation expense | 28,000 | 169,000 | $ 11,000 | 349,000 | |
Share based compensation expense | 62,000 | 120,000 | |||
Unvested stock options employee termination expense | 33,000 | 109,000 | |||
Share-Based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Allocated share based compensation expense | 27,000 | 156,000 | 8,000 | 315,000 | |
Share-Based Payment Arrangement, Option [Member] | Research and Development Expense [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Allocated share based compensation expense | 2,000 | 13,000 | 3,000 | 34,000 | |
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Allocated share based compensation expense | 7,000 | $ 25,000 | 15,000 | $ 38,000 | |
Unvested Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 0 | $ 0 | |||
Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options, granted | 85,198 | 85,198 | |||
Fair value of stock options, granted | $ 100,000 | $ 100,000 | |||
Employees [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued | 23,781 | ||||
Board [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued | 133,722 | ||||
Contractors [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued | 30,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Feb. 28, 2022 | Sep. 30, 2018 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||||
Inventory write down | $ 180,000 | $ 106,000 | |||||
Specialty Renal Products, Inc. [Member] | |||||||
Class of Stock [Line Items] | |||||||
Outstanding indebtness | $ 1,500,000 | ||||||
Inventory write down | $ 24,000,000 | ||||||
SRP Purchase Agreement Closing [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock | $ 188,000 | ||||||
Loan Agreement [Member] | Specialty Renal Products, Inc. [Member] | |||||||
Class of Stock [Line Items] | |||||||
Principal amount | $ 1,300,000 | ||||||
Proceeds from Loans | $ 1,000,000 | ||||||
Specialty Renal Products, Inc. [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares purchase | 62,500 | ||||||
Ownership percentage | 62.50% | ||||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Issuance of shares | 700,003 | 700,003 | |||||
Proceeds from sale of preferred stock | $ 3,500,000 | $ 3,500,000 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,249,354 | 1,765,853 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 187,503 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - License and Supply Agreement [Member] - Medica Spa [Member] € in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2024 USD ($) | Dec. 31, 2024 EUR (€) | |
Long-term purchase commitment, amount | $ 3.9 | € 3.6 | ||
Forecast [Member] | ||||
Long-term purchase commitment, amount | $ 4.5 | € 4.2 |