Nuwellis (NUWE) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-35312
Entity Registrant Name	NUWELLIS, INC.
Entity Central Index Key	0001506492
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0533453
Entity Address, Address Line One	12988 Valley View Road
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55344
City Area Code	952
Local Phone Number	345-4200
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NUWE
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		10,537,606

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 15,345	$ 24,205
Accounts receivable	1,313	750
Inventories	3,010	2,843
Other current assets	252	328
Total current assets	19,920	28,126
Property, plant and equipment, net	1,063	1,188
Operating lease right-of-use asset	994	1,082
Other assets	21	21
TOTAL ASSETS	21,998	30,417
Current liabilities
Accounts payable	1,550	1,414
Accrued compensation	1,633	1,664
Current portion of operating lease liability	186	167
Current portion of finance lease liability	27	26
Other current liabilities	63	36
Total current liabilities	3,459	3,307
Operating lease liability	860	956
Finance lease liability	15	28
Other long-term liability	0	179
Total liabilities	4,334	4,470
Commitments and contingencies
Stockholders' equity
Preferred stock	0	0
Common stock as of June 30, 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	279,350	278,873
Accumulated other comprehensive income:
Foreign currency translation adjustment	(12)	(11)
Accumulated deficit	(261,675)	(252,916)
Total stockholders' equity	17,664	25,947
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	21,998	30,417
Series A Junior Participating Preferred Stock [Member]
Stockholders' equity
Preferred stock	0	0
Series F Convertible Preferred Stock [Member]
Stockholders' equity
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	39,969,873	39,969,873
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	10,537,606	10,537,606
Common stock, shares outstanding (in shares)	10,537,606	10,537,606
Series A Junior Participating Preferred Stock [Member]
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	30,000	30,000
Preferred stock, shares outstanding (in shares)	0	0
Series F Convertible Preferred Stock [Member]
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	127	127
Preferred stock, shares issued (in shares)	127	127
Preferred stock, shares outstanding (in shares)	127	127

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Net sales	$ 2,213	$ 2,508	$ 4,139	$ 4,426
Cost of goods sold	1,150	997	1,974	1,949
Gross profit	1,063	1,511	2,165	2,477
Operating expenses:
Selling, general and administrative	4,257	5,063	8,669	10,300
Research and development	1,107	1,174	2,213	2,121
Total operating expenses	5,364	6,237	10,882	12,421
Loss from operations	(4,301)	(4,726)	(8,717)	(9,944)
Other income (expense), net	17	(2)	(38)	(3)
Loss before income taxes	(4,284)	(4,728)	(8,755)	(9,947)
Income tax expense	(2)	(3)	(4)	(5)
Net loss	$ (4,286)	$ (4,731)	$ (8,759)	$ (9,952)
Basic loss per share (in dollars per share)	$ (0.41)	$ (0.72)	$ (0.83)	$ (2.04)
Diluted loss per share (in dollars per share)	$ (0.41)	$ (0.72)	$ (0.83)	$ (2.04)
Weighted average shares outstanding - basic (in shares)	10,538	6,532	10,538	4,887
Weighted average shares outstanding - diluted (in shares)	10,538	6,532	10,538	4,887
Other comprehensive loss:
Foreign currency translation adjustments	$ 1	$ 0	$ (1)	$ (3)
Total comprehensive loss	$ (4,285)	$ (4,731)	$ (8,760)	$ (9,955)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2020	$ 0	$ 249,663	$ (7)	$ (233,338)	$ 16,318
Balance (in shares) at Dec. 31, 2020	2,736,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(5,221)	(5,221)
Unrealized foreign currency translation adjustments	0	0	(3)	0	(3)
Stock-based compensation, net	$ 0	355	0	0	355
Stock-based compensation, net (in shares)	0
Issuance of common, net	$ 0	18,902	0	0	18,902
Issuance of common, net (in shares)	3,795,816
Exercise of warrants	$ 0	1	0	0	1
Exercise of warrants (in shares)	66
Balance at Mar. 31, 2021	$ 0	268,921	(10)	(238,559)	30,352
Balance (in shares) at Mar. 31, 2021	6,531,942
Balance at Dec. 31, 2020	$ 0	249,663	(7)	(233,338)	16,318
Balance (in shares) at Dec. 31, 2020	2,736,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(9,952)
Unrealized foreign currency translation adjustments					(3)
Balance at Jun. 30, 2021	$ 0	269,296	(10)	(243,290)	25,996
Balance (in shares) at Jun. 30, 2021	6,532,018
Balance at Mar. 31, 2021	$ 0	268,921	(10)	(238,559)	30,352
Balance (in shares) at Mar. 31, 2021	6,531,942
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(4,731)	(4,731)
Unrealized foreign currency translation adjustments	0	0	0	0	0
Stock-based compensation, net	$ 0	381	0	0	381
Stock-based compensation, net (in shares)	0
Issuance costs related to common stock offerings	$ 0	(6)	0	0	(6)
Exercise of warrants	$ 0	0	0	0	0
Exercise of warrants (in shares)	76
Balance at Jun. 30, 2021	$ 0	269,296	(10)	(243,290)	25,996
Balance (in shares) at Jun. 30, 2021	6,532,018
Balance at Dec. 31, 2021	$ 1	278,873	(11)	(252,916)	25,947
Balance (in shares) at Dec. 31, 2021	10,537,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(4,473)	(4,473)
Unrealized foreign currency translation adjustments	0	0	(2)	0	(2)
Stock-based compensation, net	$ 0	241	0	0	241
Stock-based compensation, net (in shares)	0
Balance at Mar. 31, 2022	$ 1	279,114	(13)	(257,389)	21,713
Balance (in shares) at Mar. 31, 2022	10,537,606
Balance at Dec. 31, 2021	$ 1	278,873	(11)	(252,916)	25,947
Balance (in shares) at Dec. 31, 2021	10,537,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(8,759)
Unrealized foreign currency translation adjustments					(1)
Balance at Jun. 30, 2022	$ 1	279,350	(12)	(261,675)	17,664
Balance (in shares) at Jun. 30, 2022	10,537,606
Balance at Mar. 31, 2022	$ 1	279,114	(13)	(257,389)	21,713
Balance (in shares) at Mar. 31, 2022	10,537,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	0	(4,286)	(4,286)
Unrealized foreign currency translation adjustments	0	0	1	0	1
Stock-based compensation, net	$ 0	236	0	0	236
Stock-based compensation, net (in shares)	0
Balance at Jun. 30, 2022	$ 1	$ 279,350	$ (12)	$ (261,675)	$ 17,664
Balance (in shares) at Jun. 30, 2022	10,537,606

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities:
Net loss	$ (8,759,000)	$ (9,952,000)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization	206,000	256,000
Stock-based compensation expense, net	477,000	736,000
Changes in operating assets and liabilities:
Accounts receivable	(563,000)	(272,000)
Inventory	(167,000)	122,000
Other current assets	76,000	(176,000)
Other assets and liabilities	(152,000)	9,000
Accounts payable and accrued expenses	117,000	75,000
Net cash used in operating activities	(8,765,000)	(9,202,000)
Investing Activities:
Purchases of property and equipment	(81,000)	(137,000)
Net cash used in investing activities	(81,000)	(137,000)
Financing Activities:
Proceeds from public stock offerings, net	0	18,896,000
Proceeds from warrant exercises	0	1,300
Payments on finance lease liability	(13,000)	(14,000)
Net cash provided (used in) by financing activities	(13,000)	18,883,000
Effect of exchange rate changes on cash	(1,000)	(3,000)
Net increase (decrease) in cash and cash equivalents	(8,860,000)	9,541,000
Cash and cash equivalents - beginning of period	24,205,000	14,437,000
Cash and cash equivalents - end of period	15,345,000	23,978,000
Supplemental cash flow information
Inventory transferred to property, plant and equipment	$ 0	$ 179,000

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Nature of Business and Basis of Presentation [Abstract]
Nature of Business and Basis of Presentation	Note 1 – Nature of Business and Basis of Presentation Nature of Business: In August 2016, the Company acquired the business associated with the Aquadex System (the “Aquadex Business”) from a subsidiary of Baxter International, Inc. (“Baxter”), and refocused its strategy to fully devote its resources to the Aquadex Business. On April 27, 2021, the Company announced that it was changing its name from CHF Solutions, Inc. to Nuwellis, Inc. to reflect Principles of Consolidation: These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Going Concern: These factors raise substantial doubt about the Company’s ability to continue as a going concern through the next twelve months. The Company became a revenue generating company after acquiring the Aquadex Business in August 2016. The Company expects to incur additional losses in the near-term as it grows the Aquadex Business, including investments in expanding its sales and marketing capabilities, purchasing inventory, manufacturing components, and complying with the requirements related to being a U.S. public company. To become and remain profitable, the Company must succeed in expanding the adoption and market acceptance of the Aquadex System. This will require the Company to succeed in training personnel at hospitals and in outpatient care settings, and effectively and efficiently manufacturing, marketing and distributing the Aquadex System and related components. There can be no assurance that the Company will succeed in these activities, and it may never generate revenues sufficient to achieve profitability. During 2021, the Company closed on underwritten public equity offerings for aggregate net proceeds of approximately $27.9 million after deducting the underwriting discounts and commissions and other costs associated with the offerings. In addition, during 2021 we received approximately $1,300 The Company believes that its existing capital resources will be sufficient to support its operating plan through June 30, 2023. However, the Company may seek to raise additional capital to support its growth or other strategic initiatives through debt, equity or a combination thereof. There can be no assurance the Company will be successful in raising additional capital. Revenue Recognition: Accounts Receivable Inventories : Inventories represent finished goods purchased from the Company’s suppliers and are recorded as the lower of cost or net realizable value using the first-in-first out method. Overhead is allocated to manufactured finished goods inventory based on the normal capacity of the Company’s production facilities. Abnormal amounts of overhead, if any, are expensed as incurred. Inventories consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Finished Goods $ 1,196 $ 1,409 Work in Process 172 276 Raw Materials 1,642 1,158 Total $ 3,010 $ 2,843 Loss per share: Diluted earnings per share is computed based on the net loss allocable to common stockholders for each period divided by the weighted average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued, and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include shares underlying outstanding convertible preferred stock, warrants, stock options and other stock-based awards granted under stock-based compensation plans. The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: June 30, 2022 2021 Stock options 1,197,892 812,561 Warrants to purchase common stock 1,630,627 1,631,806 Series F convertible preferred stock 50,800 23,114 Total 2,879,319 2,467,481 The following table reconciles reported net loss with reported net loss per share for each of the three and six months ended June 30: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Net loss $ (4,286 ) $ (4,731 ) $ (8,759 ) $ (9,952 ) Deemed dividend to preferred shareholders (see note 3) — — — (33 ) Net loss after deemed dividend (4,286 ) (4,731 ) (8,759 ) (9,985 ) Weighted average shares outstanding 10,538 6,532 10,538 4,887 Basic and diluted loss per share $ (0.41 ) $ (0.72 ) $ (0.83 ) $ (2.04 ) Subsequent events:

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition Net Sales: The Company sells its products in the United States primarily through a direct sales force. Customers who purchase the Company’s products include hospitals and clinics throughout the United States. In countries outside the United States, the Company sells its products through a limited number of specialty healthcare distributors in Austria, Brazil, Columbia, The Czech Republic, Germany, Greece, Hong Kong, India, Israel, Italy, Panama, Romania, Singapore, Slovakia, Spain, Switzerland, Thailand, United Arab Emirates, and the United Kingdom. These distributors resell the Company’s products to hospitals and clinics in their respective geographies. Revenue from product sales is recognized when the customer or distributor obtains control of the product, which occurs at a point in time, most frequently upon shipment of the product or receipt of the product, depending on shipment terms. The Company’s standard shipping terms are FOB shipping point unless the customer requests that control and title to the inventory transfer upon delivery. Revenue is measured as the amount of consideration we expect to receive, adjusted for any applicable estimates of variable consideration and other factors affecting the transaction price, which is based on the invoiced price, in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. The majority of the Company’s contracts have a single performance obligation and are short term in nature. The Company has entered into extended service plans with customers whose related revenue is recognized over time. This revenue represents less than 1% of net sales for the three and six months ended June 30, 2022, and 2021. The unfulfilled performance obligations related to these extended service plans are included in deferred revenue, which is included in other current liabilities on the consolidated balance sheets. The majority of the deferred revenue is expected to be recognized within one year. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Revenue includes shipment and handling fees charged to customers. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of goods sold. Product Returns : The Company offers customers a limited right of return for its product in case of non-conformity or performance issues. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using available industry data and its own historical sales and returns information. The Company has not received any returns to date and believes that future returns of its products will be minimal. Therefore, revenue recognized is not currently impacted by variable consideration related to product returns.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 3 – Stockholders’ Equity Series F Convertible Preferred Stock : On November 27, 2017, the Company closed on an underwritten public offering Series F convertible preferred stock and warrants to purchase shares of common stock for gross proceeds of $18.0 million. Net proceeds totaled approximately $16.2 million after deducting the underwriting discounts and commissions and other costs associated with the offering. The offering was comprised of Series F convertible preferred stock, convertible into shares of the Company’s common stock at an initial conversion price of $1,890.00 per share. Each share of Series F convertible preferred stock was accompanied by a Series 1 warrant (which expired on the first anniversary of its issuance) to purchase 16 shares of the Company’s common stock at an exercise price of $1,890.00 per share, and a Series 2 warrant, which expires on the seventh anniversary of its issuance, to purchase 16 shares of the Company’s common stock at an exercise price of $1,890.00 per share. The Series F convertible preferred stock has full ratchet price based anti-dilution protection, subject to customary carve outs, in the event of a down-round financing at a price per share below the conversion price of the Series F convertible preferred stock (which protection will expire if, during any 20 of 30 consecutive trading days, the volume weighted average price of the Company’s common stock exceeds 300% of the then-effective conversion price of the Series F convertible preferred stock and the daily dollar trading volume for each trading day during such period exceeds $200,000). The exercise price of the warrants is fixed and does not contain any variable pricing features, nor any price-based anti-dilutive features, apart from customary adjustments for stock splits, combinations, reclassifications, stock dividends or fundamental transactions. A total of 18,000 shares of Series F convertible preferred stock initially convertible into 9,557 shares of common stock and warrants to purchase 19,122 shares of common stock were issued in the offering. Effective March 12, 2019, the conversion price of the Series F convertible preferred stock was reduced from $890.40 to $157.50, the per share price to the public of the Series G convertible preferred stock issued in the March 2019 Offering. Effective October 25, 2019, the conversion price of the Series F convertible preferred stock was reduced from $157.50 to $42.30, and further reduced on November 6, 2019, from $42.30 to $29.83, the per share price to the public in the October and November 2019 transactions, respectively. Effective January 28, 2020, the conversion price of the Series F convertible preferred stock was reduced from $29.83 to $16.50, the per share price to the public of the Series H convertible preferred stock which closed in an underwritten public offering on January 28, 2020, described below. Effective March 23, 2020, the conversion price of the Series F convertible preferred stock was reduced from $16.50 to $9.00, the per share price to the public in the March 2020 transaction, described below. In connection with the September 2021 offering, the conversion price of the Series F convertible preferred stock was reduced from $5.50 to $2.50, the per share price to the public in the September 2021 offering, described below. As of June 30, 2022, and December 31, 2021, 127 shares of the Series F convertible preferred stock remained outstanding. March 2021 Offering : On March 19, 2021, the Company closed on an underwritten public offering of 3,795,816 shares of common stock, for gross proceeds of approximately $20.9 million (the “March 2021 Offering”). Net proceeds totaled approximately $18.9 million after deducting the underwriting discounts and commissions and other costs associated with the offering and after giving effect to the underwriters’ full exercise of their overallotment option. In connection with the March 2021 Offering, the conversion price of the Series F convertible preferred stock was reduced from $9.00 to $5.50, the per share price to the public in the March 2021 Offering. In addition, the exercise price of the common stock warrants issued in connection with the January 2020 Offering was reduced from $9.00 to $5.50, the per share price to the public in the March 2021 Offering. September 2021 Offering : On September 17, 2021, the Company closed on an underwritten public offering of 4,005,588 shares of common stock, for gross proceeds of approximately $10.0 million (the “September 2021 Offering”). Net proceeds totaled approximately $9.0 million after deducting the underwriting discounts and commissions and other costs associated with the offering and after giving effect to the underwriters’ full exercise of their overallotment option. In connection with the September 2021 Offering, the conversion price of the Series F convertible preferred stock was reduced from $5.50 to $2.50, the per share price to the public in the September 2021 Offering. In addition, the exercise price of the common stock warrants issued in connection with the January 2020 Offering was reduced from $5.50 to $2.50, the per share price to the public in the September 2021 Offering. Placement Agent Fees : In connection with the offerings described above, the Company paid the placement agent an aggregate cash placement fee equal to 8% of the aggregate gross proceeds raised in each of the offerings. Market-Based Warrants : On May 30, 2019, the Company granted a market-based warrant to a consultant in exchange for investor relations services. The warrant represents the right to acquire up to 3,334 shares of the Company’s common stock at an exercise price of $95.40 per share, the closing stock price of the Company’s common shares on May 30, 2019. The warrant is subject to a vesting schedule based on the Company achieving certain market stock prices within a specified period of time. The warrant expires on May 30, 2024. The warrant was valued at $57.90 per share using the Monte Carlo valuation methodology and was expensed over the term of the consulting engagement which was twelve months. Significant inputs used for the Monte Carlo valuation were the expected stock price volatility of 136.21%, and management’s expectations regarding the timing of regulatory clearance for an expanded label in pediatrics. None of these warrants had vested as of June 30, 2022. Reverse Stock Split : On October 6, 2020, the Company’s stockholders approved a reverse split of its outstanding common stock at a ratio in the range of 1-for-5 1-for-30 1-for-30

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 4 - Stock-Based Compensation Under the fair value recognition provisions of U.S. GAAP for accounting for stock-based compensation, the Company measures stock-based compensation expense at the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The following table presents the classification of stock-based compensation expense recognized for the periods below: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Selling, general and administrative expense $ 211 $ 350 $ 425 $ 677 Research and development expense 25 31 52 59 Total stock-based compensation expense $ 236 $ 381 $ 477 $ 736

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes [Abstract]
Income Taxes	Note 5 – Income Taxes The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets. The Company has established a full valuation allowance for U.S. and foreign deferred tax assets due to the uncertainty that enough taxable income will be generated in those taxing jurisdictions to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred tax assets in the accompanying condensed consolidated financial statements. As of June 30, 2022, there were no material changes to what the Company disclosed regarding tax uncertainties or penalties in its Annual Report on Form 10-K for the year ended December 31, 2021.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2022
Operating Leases [Abstract]
Operating Leases	Note 6—Operating Leases The Company leases a 23,000 square foot facility located in Eden Prairie, Minnesota for

Finance Lease Liability

Finance Lease Liability	6 Months Ended
	Jun. 30, 2022
Finance Lease Liability [Abstract]
Finance Lease Liability	Note 7—Finance Lease Liability In 2020, the Company entered into lease agreements to finance equipment valued at $98,000. The equipment consisted of computer hardware and audio-visual equipment and is included in Property, Plant and Equipment

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 8—Commitments and Contingencies Employee Retirement Plan: Non-refundable Technology License Fee:

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Nature of Business and Basis of Presentation [Abstract]
Principles of Consolidation	Principles of Consolidation: These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Liquidity	Going Concern: These factors raise substantial doubt about the Company’s ability to continue as a going concern through the next twelve months. The Company became a revenue generating company after acquiring the Aquadex Business in August 2016. The Company expects to incur additional losses in the near-term as it grows the Aquadex Business, including investments in expanding its sales and marketing capabilities, purchasing inventory, manufacturing components, and complying with the requirements related to being a U.S. public company. To become and remain profitable, the Company must succeed in expanding the adoption and market acceptance of the Aquadex System. This will require the Company to succeed in training personnel at hospitals and in outpatient care settings, and effectively and efficiently manufacturing, marketing and distributing the Aquadex System and related components. There can be no assurance that the Company will succeed in these activities, and it may never generate revenues sufficient to achieve profitability. During 2021, the Company closed on underwritten public equity offerings for aggregate net proceeds of approximately $27.9 million after deducting the underwriting discounts and commissions and other costs associated with the offerings. In addition, during 2021 we received approximately $1,300 The Company believes that its existing capital resources will be sufficient to support its operating plan through June 30, 2023. However, the Company may seek to raise additional capital to support its growth or other strategic initiatives through debt, equity or a combination thereof. There can be no assurance the Company will be successful in raising additional capital.
Revenue Recognition	Revenue Recognition:
Accounts Receivable	Accounts Receivable
Inventories	Inventories : Inventories represent finished goods purchased from the Company’s suppliers and are recorded as the lower of cost or net realizable value using the first-in-first out method. Overhead is allocated to manufactured finished goods inventory based on the normal capacity of the Company’s production facilities. Abnormal amounts of overhead, if any, are expensed as incurred. Inventories consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Finished Goods $ 1,196 $ 1,409 Work in Process 172 276 Raw Materials 1,642 1,158 Total $ 3,010 $ 2,843
Loss per Share	Loss per share: Diluted earnings per share is computed based on the net loss allocable to common stockholders for each period divided by the weighted average number of common shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued, and reduced by the number of shares the Company could have repurchased from the proceeds from issuance of the potentially dilutive shares. Potentially dilutive shares of common stock include shares underlying outstanding convertible preferred stock, warrants, stock options and other stock-based awards granted under stock-based compensation plans. The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: June 30, 2022 2021 Stock options 1,197,892 812,561 Warrants to purchase common stock 1,630,627 1,631,806 Series F convertible preferred stock 50,800 23,114 Total 2,879,319 2,467,481 The following table reconciles reported net loss with reported net loss per share for each of the three and six months ended June 30: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Net loss $ (4,286 ) $ (4,731 ) $ (8,759 ) $ (9,952 ) Deemed dividend to preferred shareholders (see note 3) — — — (33 ) Net loss after deemed dividend (4,286 ) (4,731 ) (8,759 ) (9,985 ) Weighted average shares outstanding 10,538 6,532 10,538 4,887 Basic and diluted loss per share $ (0.41 ) $ (0.72 ) $ (0.83 ) $ (2.04 )
Subsequent events	Subsequent events:

Nature of Business and Basis _3

Nature of Business and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2022
Nature of Business and Basis of Presentation [Abstract]
Inventories	Inventories consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Finished Goods $ 1,196 $ 1,409 Work in Process 172 276 Raw Materials 1,642 1,158 Total $ 3,010 $ 2,843
Potential Shares of Common Stock not Included in Diluted Net Loss Per Share	The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: June 30, 2022 2021 Stock options 1,197,892 812,561 Warrants to purchase common stock 1,630,627 1,631,806 Series F convertible preferred stock 50,800 23,114 Total 2,879,319 2,467,481
Reconciliation of Reported Net Loss with Reported Net Loss Per Share	The following table reconciles reported net loss with reported net loss per share for each of the three and six months ended June 30: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Net loss $ (4,286 ) $ (4,731 ) $ (8,759 ) $ (9,952 ) Deemed dividend to preferred shareholders (see note 3) — — — (33 ) Net loss after deemed dividend (4,286 ) (4,731 ) (8,759 ) (9,985 ) Weighted average shares outstanding 10,538 6,532 10,538 4,887 Basic and diluted loss per share $ (0.41 ) $ (0.72 ) $ (0.83 ) $ (2.04 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation [Abstract]
Classification of Stock-Based Compensation Expense	The following table presents the classification of stock-based compensation expense recognized for the periods below: Three months ended June 30, Six months ended June 30, (in thousands) 2022 2021 2022 2021 Selling, general and administrative expense $ 211 $ 350 $ 425 $ 677 Research and development expense 25 31 52 59 Total stock-based compensation expense $ 236 $ 381 $ 477 $ 736

Nature of Business and Basis _4

Nature of Business and Basis of Presentation, Nature of Business, Going Concern, Accounts Receivable and Inventories (Details)		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 17, 2021 USD ($)	Jun. 30, 2022 USD ($) Customer	Jun. 30, 2021 Customer	Jun. 30, 2022 USD ($) Customer	Jun. 30, 2021 USD ($) Customer	Dec. 31, 2021 USD ($) Customer
Going Concern [Abstract]
Accumulated deficit		$ (261,675,000)		$ (261,675,000)		$ (252,916,000)
Net proceeds from issuance of convertible preferred stock	$ 27,900,000
Proceeds from exercise of investor warrants				$ 0	$ 1,300
Revenue Recognition and Accounts Receivable [Abstract]
Accounts receivables maximum credit period from invoice date				30 days
Allowance for doubtful accounts		0		$ 0		0
Inventories [Abstract]
Finished Goods		1,196,000		1,196,000		1,409,000
Work in Process		172,000		172,000		276,000
Raw Materials		1,642,000		1,642,000		1,158,000
Total		$ 3,010,000		$ 3,010,000		$ 2,843,000
Accounts Receivable [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Number of major customers | Customer				2		2
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Concentration risk percentage				19%		12%
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Concentration risk percentage				16%		11%
ASC 606 [Member] | Net Sales [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Number of major customers | Customer		3	0	2	2
ASC 606 [Member] | Customer One [Member] | Net Sales [Member] | Customer Concentration Risk [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Concentration risk percentage		14%		14%	11%
ASC 606 [Member] | Customer Two [Member] | Net Sales [Member] | Customer Concentration Risk [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Concentration risk percentage		13%		12%	11%
ASC 606 [Member] | Customer Three [Member] | Net Sales [Member] | Customer Concentration Risk [Member]
Revenue Recognition and Accounts Receivable [Abstract]
Concentration risk percentage		10%

Nature of Business and Basis _5

Nature of Business and Basis of Presentation, Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Loss per share [Abstract]
Net deemed dividends resulting from subsequent reduction in exercise price of warrants						$ 33
Potential shares of common stock that are not included in the calculation of diluted net loss per share [Abstract]
Potential shares of common stock that are not included in the calculation of diluted net loss per share (in shares)					2,879,319	2,467,481
Reported net loss with reported net loss per share [Abstract]
Net loss	$ (4,286)	$ (4,473)	$ (4,731)	$ (5,221)	$ (8,759)	$ (9,952)
Deemed dividend to preferred shareholders (see note 3)	0		0		0	(33)
Net loss after deemed dividend	$ (4,286)		$ (4,731)		$ (8,759)	$ (9,985)
Weighted average shares outstanding - basic (in shares)	10,538,000		6,532,000		10,538,000	4,887,000
Weighted average shares outstanding - diluted (in shares)	10,538,000		6,532,000		10,538,000	4,887,000
Basic loss per share (in dollars per share)	$ (0.41)		$ (0.72)		$ (0.83)	$ (2.04)
Diluted loss per share (in dollars per share)	$ (0.41)		$ (0.72)		$ (0.83)	$ (2.04)
Stock Options [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share [Abstract]
Potential shares of common stock that are not included in the calculation of diluted net loss per share (in shares)					1,197,892	812,561
Warrants to Purchase Common Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share [Abstract]
Potential shares of common stock that are not included in the calculation of diluted net loss per share (in shares)					1,630,627	1,631,806
Series F Convertible Preferred Stock [Member]
Potential shares of common stock that are not included in the calculation of diluted net loss per share [Abstract]
Potential shares of common stock that are not included in the calculation of diluted net loss per share (in shares)					50,800	23,114

Revenue Recognition (Details)

Revenue Recognition (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Abstract]
Expected timing of satisfaction, period	1 year		1 year
Sales Revenue [Member] | Customer Concentration Risk [Member] | ASC 606 [Member] | Maximum [Member]
Revenue, Performance Obligation [Abstract]
Percentage of net sales	1%	1%	1%	1%

Stockholders' Equity (Details)

Stockholders' Equity (Details)

6 Months Ended

Sep. 17, 2021 USD ($) $ / shares shares

Mar. 19, 2021 USD ($) $ / shares shares

Oct. 09, 2020

Oct. 06, 2020

Mar. 12, 2019 $ / shares

Nov. 27, 2017 USD ($) $ / shares shares

Jun. 30, 2022 $ / shares shares

Dec. 31, 2021 shares

Mar. 23, 2020 $ / shares

Jan. 28, 2020 $ / shares

Nov. 06, 2019 $ / shares

Oct. 25, 2019 $ / shares

May 30, 2019 $ / shares shares

Jul. 03, 2018 $ / shares

Class of Stock Disclosures [Abstract]

Net proceeds from issuance of convertible preferred stock | $

$ 27,900,000

Preferred stock, shares outstanding (in shares) | shares

0

0

Reverse stock split

0.03

Minimum [Member]

Class of Stock Disclosures [Abstract]

Reverse stock split

0.2

Maximum [Member]

Class of Stock Disclosures [Abstract]

Reverse stock split

0.03

Expected Stock Price Volatility [Member]

Class of Stock Disclosures [Abstract]

Warrants measurement input

1.3621

March 2021 Offering [Member]

Class of Stock Disclosures [Abstract]

Issuance of common stock, net (in shares) | shares

3,795,816

Gross proceeds from public stock offering | $

$ 20,900,000

Net proceeds from public stock offering | $

$ 18,900,000

September 2021 Offering [Member]

Class of Stock Disclosures [Abstract]

Issuance of common stock, net (in shares) | shares

4,005,588

Gross proceeds from public stock offering | $

$ 10,000,000

Net proceeds from public stock offering | $

$ 9,000,000

Warrants to Purchase Common Stock [Member]

Class of Stock Disclosures [Abstract]

Number of warrants vested (in shares) | shares

0

Warrants to Purchase Common Stock [Member] | Consultant [Member]

Class of Stock Disclosures [Abstract]

Warrants to purchase shares of common stock (in shares) | shares

3,334

Exercise price of warrants (in dollars per share)

$ 57.90

$ 95.40

Series F Convertible Preferred Stock [Member]

Class of Stock Disclosures [Abstract]

Gross proceeds from issuance of convertible preferred stock | $

$ 18,000,000

Net proceeds from issuance of convertible preferred stock | $

$ 16,200,000

Conversion price (in dollars per share)

$ 1,890

$ 890.40

Number of consecutive trading days considered for expiration

20 days

Number of consecutive trading days

30 days

Preferred stock issued (in shares) | shares

18,000

127

127

Number of shares issuable on conversion of preferred stock (in shares) | shares

9,557

Preferred stock, shares outstanding (in shares) | shares

127

127

Aggregate cash placement fee

8%

Series F Convertible Preferred Stock [Member] | Minimum [Member]

Class of Stock Disclosures [Abstract]

Percentage of volume weighted average price of common stock

300%

Trading volume for each trading day | $

$ 200,000

Series F Convertible Preferred Stock [Member] | March 2019 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 157.50

Series F Convertible Preferred Stock [Member] | October 2019 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 42.30

Series F Convertible Preferred Stock [Member] | November 2019 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 29.83

Series F Convertible Preferred Stock [Member] | January 2020 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 16.50

Exercise price of warrants (in dollars per share)

$ 9

Series F Convertible Preferred Stock [Member] | March 2020 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 9

Series F Convertible Preferred Stock [Member] | March 2021 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 5.50

Exercise price of warrants (in dollars per share)

$ 5.50

Series F Convertible Preferred Stock [Member] | September 2021 Offering [Member]

Class of Stock Disclosures [Abstract]

Conversion price (in dollars per share)

$ 2.50

Exercise price of warrants (in dollars per share)

$ 2.50

Series F Convertible Preferred Stock [Member] | Warrants to Purchase Common Stock [Member]

Class of Stock Disclosures [Abstract]

Warrants to purchase shares of common stock (in shares) | shares

19,122

Series F Convertible Preferred Stock [Member] | Warrant Series 1 [Member]

Class of Stock Disclosures [Abstract]

Warrants to purchase shares of common stock (in shares) | shares

16

Exercise price of warrants (in dollars per share)

$ 1,890

Series F Convertible Preferred Stock [Member] | Warrant Series 2 [Member]

Class of Stock Disclosures [Abstract]

Warrants to purchase shares of common stock (in shares) | shares

16

Exercise price of warrants (in dollars per share)

$ 1,890

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation Expense Items [Abstract]
Stock-based compensation expense	$ 236	$ 381	$ 477	$ 736
Selling, General and Administrative Expense [Member]
Stock-Based Compensation Expense Items [Abstract]
Stock-based compensation expense	211	350	425	677
Research and Development Expense [Member]
Stock-Based Compensation Expense Items [Abstract]
Stock-based compensation expense	$ 25	$ 31	$ 52	$ 59

Operating Leases (Details)

Operating Leases (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / ft² ft²
Operating Lease s [Abstract]
Area of property leased under operating lease | ft²	23,000
Monthly rent and common area maintenance charges | $	$ 29,000
Annual base rent (per square foot)	10.50
Minimum [Member]
Operating Lease s [Abstract]
Annual increase per square foot (in dollars per square foot)	0.32
Maximum [Member]
Operating Lease s [Abstract]
Annual increase per square foot (in dollars per square foot)	0.34

Finance Lease Liability (Detail

Finance Lease Liability (Details)	Dec. 31, 2020 USD ($)
Finance Lease Liability [Abstract]
Value of finance lease equipment	$ 98,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Principal amount under lease agreement	$ 93,000
Implied interest rate	7.50%
Finance lease term	39 months

Commitments and Contingencies (

Commitments and Contingencies (Details) - Koronis Biomedical Corporation [Member]		12 Months Ended
	Aug. 05, 2021 USD ($) Installment	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Commitments and Contingencies [Abstract]
Amount of grant approval received	$ 1,700,000
Non-refundable technology license fee	$ 428,160
Number of equal monthly installments | Installment	12
Research and Development Expense [Member]
Commitments and Contingencies [Abstract]
Non-refundable technology license fee expenses		$ 428,160
Current Accounts Payable [Member]
Commitments and Contingencies [Abstract]
Non-refundable technology license fee			$ 392,480