NEPHROS INC

Nephros, Inc. (NASDAQ: NEPH) develops and markets high-performance water filtration solutions for medical and commercial applications. The company's website is www.nephros.com.

The company operates through two primary business segments: medical-grade water filtration and commercial water filtration. The medical segment includes infection control products featuring both microfilters with 0.1-micron pore sizes and ultrafilters with 0.005-micron pore sizes that retain bacteria, viruses, and endotoxins. These products are designed for use in hospitals, dialysis clinics, and other healthcare facilities where water purity is critical to patient safety and regulatory compliance. All medical-grade filters are FDA 510(k)-cleared as Class II medical devices. The dialysis segment consists exclusively of ultrafilters used in water and bicarbonate concentrate purification for hemodialysis treatment. The commercial segment offers filters that improve taste and odor, reduce biofilm formation and scale buildup, and remove cysts, particulates, lead, and Total PFAS from water systems.

Nephros manufactures some commercial filtration products at its facility in South Orange, New Jersey but does not manufacture medical device products in-house. Instead, the company relies on Medica S.p.A., an Italy-based manufacturer, as its exclusive supplier of proprietary filter materials and technology under a license and supply agreement extending through December 2030. The company distributes its products through a combination of direct sales teams and value-added resellers serving healthcare, dialysis, foodservice, hospitality, laboratory, manufacturing, aviation, and government sectors.

As of December 31, 2025, Nephros employed 36 full-time employees across sales and marketing, logistics, quality and administrative functions, research and development, and manufacturing. The company serves approximately 6,093 hospitals in the United States and over 7,500 dialysis clinics. Major customers accounted for 44 percent of revenues in 2025, with customer A representing 22 percent of sales. The company holds trademarks including ENDOPUR, HYDRAGUARD, NANOGUARD, and NEPHROS, and maintains five U.S. patents and one Canadian patent protecting its filtration technologies and designs.