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Nephros(NEPH) - 2024 Q4 - Annual Report
NEPHNephros(NEPH)2025-03-24 15:13

Financial Performance - Total net revenues for the year ended December 31, 2024, decreased by 1% to 14,162,000comparedto14,162,000 compared to 14,238,000 in 2023, primarily due to reduced emergency response orders [152]. - Net income for the year ended December 31, 2024, was 74,000,asignificantimprovementfromanetlossof74,000, a significant improvement from a net loss of 1,575,000 in 2023 [152]. - The accumulated deficit as of December 31, 2024, was 144.3million,indicatingongoingchallengesinachievingprofitability[163].Expenses−Researchanddevelopmentexpensesroseby4144.3 million, indicating ongoing challenges in achieving profitability [163]. Expenses - Research and development expenses rose by 4% to 906,000 in 2024, mainly due to an increase in headcount [155]. - Selling, general and administrative expenses decreased by 1,235,000or141,235,000 or 14% to 7,676,000, primarily due to lower stock compensation and bonus expenses [157]. Cash Flow - Cash and cash equivalents decreased to 3,760,000asofDecember31,2024,from3,760,000 as of December 31, 2024, from 4,307,000 in 2023 [161]. - Net cash used in operating activities was 500,000fortheyearendedDecember31,2024,comparedtonetcashprovidedofapproximately500,000 for the year ended December 31, 2024, compared to net cash provided of approximately 800,000 in 2023 [165]. Gross Margin and Income - Gross margin increased to 62% for the year ended December 31, 2024, up from 59% in 2023, reflecting more favorable terms with the largest supplier [154]. - Interest income increased to approximately 94,000in2024,upfrom94,000 in 2024, up from 64,000 in 2023, due to higher interest rates on invested cash balances [158]. Future Plans - The company plans to allocate current capital resources toward the development, marketing, and sales of water filtration products [164].