ROCKWELL MEDICAL, INC., 10-Q filed on 8/14/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 06, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 000-23661  
Entity Registrant Name ROCKWELL MEDICAL, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 38-3317208  
Entity Address, Address Line One 30142 S. Wixom Road  
Entity Address, City or Town Wixom  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 48393  
City Area Code 248  
Local Phone Number 960-9009  
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  
Title of 12(b) Security Common Stock, par value $0.0001  
Trading Symbol RMTI  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding (in shares)   34,430,352
Entity Central Index Key 0001041024  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and Cash Equivalents $ 12,482 $ 15,662
Investments Available-for-Sale 5,940 5,940
Accounts Receivable, net 8,084 8,291
Inventory, net 4,160 5,778
Prepaid and Other Current Assets 943 1,359
Total Current Assets 31,609 37,030
Property and Equipment, net 5,129 5,785
Inventory, Non-Current 0 178
Right of Use Assets - Operating, net 3,408 3,215
Right of Use Assets - Financing, net 1,066 1,344
Intangible Assets, net 9,931 10,207
Goodwill 921 921
Other Non-Current Assets 561 528
Total Assets 52,625 59,208
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts Payable 1,502 2,869
Accrued Liabilities 4,096 6,275
Deferred Consideration - Current 2,500 2,371
Lease Liabilities - Operating - Current 1,455 1,566
Lease Liabilities - Financing - Current 622 599
Deferred License Revenue - Current 0 46
Insurance Financing Note Payable 660 268
Customer Deposits 111 97
Total Current Liabilities 10,946 14,091
Lease Liabilities - Operating - Long-Term 2,008 1,699
Lease Liabilities - Financing - Long-Term 614 931
Term Loan - Long-Term, net of Issuance Costs 8,648 8,472
Deferred License Revenue - Long-Term 0 429
Deferred Consideration - Long-Term 0 1,000
Total Liabilities 22,216 26,622
Commitments and Contingencies (see Note 13)
Stockholders' Equity:    
Preferred Stock, $0.0001 par value, 2,000,000 shares authorized; 15,000 shares issued and outstanding at June 30, 2025 and December 31, 2024 0 0
Common Stock, $0.0001 par value; 170,000,000 shares authorized; 34,430,352 and 34,056,920 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 3 3
Additional Paid-in Capital 431,034 430,207
Accumulated Deficit (400,685) (397,678)
Accumulated Other Comprehensive Income 57 54
Total Stockholders’ Equity 30,409 32,586
Total Liabilities and Stockholders’ Equity $ 52,625 $ 59,208
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred shares, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred shares, shares authorized (in shares) 2,000,000 2,000,000
Preferred shares, shares issued (in shares) 15,000 15,000
Preferred shares, shares outstanding (in shares) 15,000 15,000
Common shares, par value (in dollars per share) $ 0.0001 $ 0.0001
Common shares, shares authorized (in shares) 170,000,000 170,000,000
Common shares, shares issued (in shares) 34,430,352 34,056,920
Common shares, shares outstanding (in shares) 34,430,352 34,056,920
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net Sales $ 16,071 $ 25,832 $ 34,985 $ 48,508
Cost of Sales 13,568 21,282 29,440 40,894
Gross Profit 2,503 4,550 5,545 7,614
Research and Product Development 0 0 0 18
Selling and Marketing 572 586 1,283 1,180
General and Administrative 3,280 3,449 6,971 7,225
Operating (Loss) Income (1,349) 515 (2,709) (809)
Other Income (Expense):        
Realized Gain on Available-for-Sale Investments 64 51 120 51
Interest Expense (276) (232) (553) (663)
Interest Income 69 9 135 33
Total Other Expense, net (143) (172) (298) (579)
Net (Loss) Income $ (1,492) $ 343 $ (3,007) $ (1,388)
Basic Net (Loss) Income per Share (in dollars per share) $ (0.05) $ 0.01 $ (0.09) $ (0.05)
Diluted Net (Loss) Income per Share (in dollars per share) $ (0.05) $ 0.01 $ (0.09) $ (0.05)
Basic Weighted Average Shares Outstanding (in shares) 34,311,306 30,451,622 34,204,487 29,889,413
Diluted Weighted Average Shares Outstanding (in shares) 34,311,306 32,033,776 34,204,487 29,889,413
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net (Loss) Income $ (1,492) $ 343 $ (3,007) $ (1,388)
Reclassification of Realized Gain on Available-for-Sale Investments Included in Net (Loss) Income (64) (25) (120) (25)
Unrealized Gain on Available-for-Sale Investments 61 0 123 25
Foreign Currency Translation Adjustments 0 (4) 0 (4)
Comprehensive (Loss) Income $ (1,495) $ 314 $ (3,004) $ (1,392)
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
At-the-Market Offering
PREFERRED STOCK
COMMON STOCK
COMMON STOCK
At-the-Market Offering
ADDITIONAL PAID-IN CAPITAL
ADDITIONAL PAID-IN CAPITAL
At-the-Market Offering
ACCUMULATED DEFICIT
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Beginning balance (in shares) at Dec. 31, 2023     15,000            
Beginning balance at Dec. 31, 2023     $ 0            
Beginning balance (in shares) at Dec. 31, 2023       29,130,607          
Beginning balance at Dec. 31, 2023 $ 21,291     $ 3   $ 418,487   $ (397,198) $ (1)
Increase (Decrease) in Shareholders' Equity                  
Net (Loss) Income (1,731)             (1,731)  
Unrealized Gain on Available-for-Sale Investments 25               25
Issuance of common stock, net of offering costs/At-The-Market (in shares)         358,210        
Issuance of common stock, net of offering costs/At-The-Market   $ 560         $ 560    
Vesting of Restricted Stock Units Issued, net of Taxes Withheld (in shares)       67,657          
Fair value of warrant related to debt financing 247         247      
Stock-based Compensation 251         251      
Ending balance (in shares) at Mar. 31, 2024     15,000            
Ending balance at Mar. 31, 2024     $ 0            
Ending balance (in shares) at Mar. 31, 2024       29,556,474          
Ending balance at Mar. 31, 2024 20,643     $ 3   419,545   (398,929) 24
Beginning balance (in shares) at Dec. 31, 2023     15,000            
Beginning balance at Dec. 31, 2023     $ 0            
Beginning balance (in shares) at Dec. 31, 2023       29,130,607          
Beginning balance at Dec. 31, 2023 21,291     $ 3   418,487   (397,198) (1)
Increase (Decrease) in Shareholders' Equity                  
Net (Loss) Income (1,388)                
Reclassification of Realized Gains on Available-for-Sale Debt Investments/Instrument Investments Included in Net Income (25)                
Foreign Currency Translation Adjustments $ (4)                
Ending balance (in shares) at Jun. 30, 2024     15,000            
Ending balance at Jun. 30, 2024     $ 0            
Ending balance (in shares) at Jun. 30, 2024 31,030,218     31,030,218          
Ending balance at Jun. 30, 2024 $ 23,498     $ 3   422,086   (398,586) (5)
Beginning balance (in shares) at Mar. 31, 2024     15,000            
Beginning balance at Mar. 31, 2024     $ 0            
Beginning balance (in shares) at Mar. 31, 2024       29,556,474          
Beginning balance at Mar. 31, 2024 20,643     $ 3   419,545   (398,929) 24
Increase (Decrease) in Shareholders' Equity                  
Net (Loss) Income 343             343  
Reclassification of Realized Gains on Available-for-Sale Debt Investments/Instrument Investments Included in Net Income (25)               (25)
Foreign Currency Translation Adjustments (4)               (4)
Issuance of common stock, net of offering costs/At-The-Market (in shares)         1,350,169        
Issuance of common stock, net of offering costs/At-The-Market   $ 2,203         $ 2,203    
Vesting of Restricted Stock Units Issued, net of Taxes Withheld (in shares)       123,575          
Stock-based Compensation $ 338         338      
Ending balance (in shares) at Jun. 30, 2024     15,000            
Ending balance at Jun. 30, 2024     $ 0            
Ending balance (in shares) at Jun. 30, 2024 31,030,218     31,030,218          
Ending balance at Jun. 30, 2024 $ 23,498     $ 3   422,086   (398,586) (5)
Beginning balance (in shares) at Dec. 31, 2024 15,000   15,000            
Beginning balance at Dec. 31, 2024 $ 0   $ 0            
Beginning balance (in shares) at Dec. 31, 2024 34,056,920     34,056,920          
Beginning balance at Dec. 31, 2024 $ 32,586     $ 3   430,207   (397,678) 54
Increase (Decrease) in Shareholders' Equity                  
Net (Loss) Income (1,515)             (1,515)  
Reclassification of Realized Gains on Available-for-Sale Debt Investments/Instrument Investments Included in Net Income (56)               (56)
Unrealized Gain on Available-for-Sale Investments 62               62
Vesting of Restricted Stock Units Issued, net of Taxes Withheld (in shares)       200,983          
Stock-based Compensation 445         445      
Ending balance (in shares) at Mar. 31, 2025     15,000            
Ending balance at Mar. 31, 2025     $ 0            
Ending balance (in shares) at Mar. 31, 2025       34,257,903          
Ending balance at Mar. 31, 2025 $ 31,522     $ 3   430,652   (399,193) 60
Beginning balance (in shares) at Dec. 31, 2024 15,000   15,000            
Beginning balance at Dec. 31, 2024 $ 0   $ 0            
Beginning balance (in shares) at Dec. 31, 2024 34,056,920     34,056,920          
Beginning balance at Dec. 31, 2024 $ 32,586     $ 3   430,207   (397,678) 54
Increase (Decrease) in Shareholders' Equity                  
Net (Loss) Income (3,007)                
Reclassification of Realized Gains on Available-for-Sale Debt Investments/Instrument Investments Included in Net Income (120)                
Foreign Currency Translation Adjustments $ 0                
Issuance of common stock, net of offering costs/At-The-Market (in shares)         0        
Ending balance (in shares) at Jun. 30, 2025 15,000   15,000            
Ending balance at Jun. 30, 2025 $ 0   $ 0            
Ending balance (in shares) at Jun. 30, 2025 34,430,352     34,430,352          
Ending balance at Jun. 30, 2025 $ 30,409     $ 3   431,034   (400,685) 57
Beginning balance (in shares) at Mar. 31, 2025     15,000            
Beginning balance at Mar. 31, 2025     $ 0            
Beginning balance (in shares) at Mar. 31, 2025       34,257,903          
Beginning balance at Mar. 31, 2025 31,522     $ 3   430,652   (399,193) 60
Increase (Decrease) in Shareholders' Equity                  
Net (Loss) Income (1,492)             (1,492)  
Reclassification of Realized Gains on Available-for-Sale Debt Investments/Instrument Investments Included in Net Income (64)               (64)
Foreign Currency Translation Adjustments 0                
Unrealized Gain on Available-for-Sale Investments 61               61
Issuance of common stock, net of offering costs/At-The-Market (in shares)         0        
Vesting of Restricted Stock Units Issued, net of Taxes Withheld (in shares)       172,449          
Stock-based Compensation $ 382         382      
Ending balance (in shares) at Jun. 30, 2025 15,000   15,000            
Ending balance at Jun. 30, 2025 $ 0   $ 0            
Ending balance (in shares) at Jun. 30, 2025 34,430,352     34,430,352          
Ending balance at Jun. 30, 2025 $ 30,409     $ 3   $ 431,034   $ (400,685) $ 57
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net Loss $ (3,007) $ (1,388)
Adjustments To Reconcile Net Loss To Net Cash Used In Operating Activities:    
Depreciation and Amortization 1,102 1,094
Stock-based Compensation 827 589
Write-off of Inventory 178 0
Non-cash Lease Expense from Right of Use Assets 1,091 941
Amortization of Debt Financing Costs and Accretion of Debt Discount and Premium 176 249
Loss on Disposal of Assets 57 0
Realized Gain on Sale of Investments (120) (51)
Changes in Operating Assets and Liabilities:    
Accounts Receivable 207 61
Inventory 1,618 (12)
Prepaid and Other Assets 1,043 545
Accounts Payable (1,367) (1,169)
Lease Liabilities (808) (676)
Accrued and Other Liabilities (2,165) (1,098)
Deferred License Revenue (475) (23)
Net Cash Used In Operating Activities (1,643) (938)
Cash Flows From Investing Activities:    
Purchases of Investments Available-for-Sale (5,877) 0
Sale of Investments Available-for-Sale 6,000 2,003
Purchase of Equipment (227) (425)
Net Cash (Used In) Provided By Investing Activities (104) 1,578
Cash Flows From Financing Activities:    
Payments on Insurance Financing Note Payable (268) (244)
Payments on Financing Lease Liabilities (294) (276)
Proceeds from Issuance of Common Stock 0 2,763
Deferred Consideration Paid in Connection with Evoqua Asset Acquisition (871) 0
Net Cash (Used In) Provided By Financing Activities (1,433) 2,243
Effect of Exchange Rate Changes on Cash and Cash Equivalents 0 (3)
Net (Decrease) Increase in Cash and Cash Equivalents (3,180) 2,880
Cash and Cash Equivalents at Beginning of Period 15,662 8,983
Cash and Cash Equivalents at End of Period 12,482 11,863
Supplemental Disclosure of Cash Flow Information:    
Cash Paid for Interest 380 432
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Issuance of Warrant in Connection with the Third Amendment as Debt Issuance Costs 0 247
Right of Use Assets - Operating Obtained in Exchange for Lease Liabilities - Operating 1,006 1,549
Change in Unrealized Gain on Investments Available-for-Sale 3 0
Increase in Prepaid Assets from Insurance Financing Note Payable $ 660 $ 670
v3.25.2
Description of Business
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Rockwell Medical, Inc. (the "Company," "Rockwell," or "Rockwell Medical") is a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products for dialysis providers worldwide.

Rockwell is a leading supplier of liquid and dry, acid and bicarbonate concentrates for dialysis patients in the United States. Hemodialysis is the most common form of end-stage kidney disease treatment and is usually performed in freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, or a patient’s home.

Rockwell manufactures hemodialysis concentrates under current Good Manufacturing Practices ("cGMP") regulations at its three facilities in Michigan, South Carolina, and Texas, and manufactures dry acid concentrate mixers at its facility in Iowa.

Rockwell delivers the majority of its hemodialysis concentrates products and mixers to dialysis clinics throughout the United States and internationally utilizing its own delivery trucks and third-party carriers.

Rockwell was incorporated in the state of Michigan in 1996 and re-domiciled to the state of Delaware in 2019. Rockwell's headquarters is located at 30142 Wixom Road, Wixom, Michigan 48393.
v3.25.2
Liquidity and Capital Resources
 6 Months Ended
Jun. 30, 2025
Liquidity and Capital Resources [Abstract]  
Liquidity and Capital Resources Liquidity and Capital Resources
As of June 30, 2025, Rockwell had approximately $18.4 million of cash, cash equivalents and investments available-for-sale, and net working capital of $20.7 million. Net cash used in operating activities for the six months ended June 30, 2025 was approximately $1.6 million. Based on the currently available net working capital along with the expectation of management of its ability to execute on its operational plans as discussed below, management believes the Company currently has sufficient funds to meet its operating requirements for at least the next twelve months from the date of the filing of this report.

The Company continues to review its operational plans and execute on the acquisition of new customers, and has implemented cost containment activities. The Company may require additional capital to sustain its operations and make the investments it needs to execute its strategic plan. In addition, the Company's plans include raising capital, if needed, by using the $21.1 million available under its at-the-market ("ATM") facility or other methods or forms of financings, subject to existing limitations. If the Company attempts to obtain additional debt or equity financing, the Company cannot assume such financing will be available on favorable terms, if at all.

The Company is subject to certain covenants and cure provisions under its Loan Agreement (as defined below in Note 15) with Innovatus Life Sciences Lending Fund I, LP ("Innovatus"), which was amended on January 2, 2024 to include, among other things, an interest-only period for 30 months, or up to 36 months if certain conditions are met, and to extend the maturity date to January 1, 2029 (See Note 15 for further detail). The Company has satisfied those conditions and will now make interest-only payments for the full 36 months. As of June 30, 2025, the Company was in compliance with all covenants, except for the revenue covenant, which was remediated pursuant to the terms of the Loan Agreement by agreeing to an updated financial projection with Innovatus.

In addition, the global macroeconomic environment is uncertain, and could be negatively affected by, among other things, changes in U.S. trade policies, including tariffs and other trade restrictions or the threat of such actions, instability in the global capital and credit markets, recent bank failures in the United States, supply chain weaknesses, and instability in the geopolitical environment, including as a result of the Russian invasion of Ukraine, the Middle East conflict and other political tensions, and the occurrence of natural disasters and public health crises. Such challenges have caused, and may continue to cause, recession fears, rising interest rates, foreign exchange volatility and inflationary pressures. At this time, the Company is unable to quantify the potential effects, if any, of this economic and political instability on its future operations.

On July 4, 2025, the U.S. enacted P.L. 119-21, a U.S. federal statute passed by the 119th United States Congress that included tax and spending policies (the “Act”), which contains a broad range of tax reform provisions affecting businesses, including extending or reinstating certain provisions of the 2017 Tax Cuts and Jobs Act, tax relief measures, modifications of certain energy tax credits granted under the Inflation Reduction Act and limits on various tax deductions, among other key provisions. The Company is currently evaluating the full effects of the Act on its condensed consolidated financial statements. As the Act was signed into law after the close of the second quarter, the impacts are not included in the Company’s operating results for the six months ended June 30, 2025.

Rockwell has utilized a range of financing methods to fund its operations in the past; however, current conditions in the financial and credit markets may limit the availability of funding or refinancing or increase the cost of funding. Due to the rapidly evolving nature of the global situation, it is not possible to predict the extent to which these conditions could adversely affect the Company's liquidity and capital resources in the future.
v3.25.2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U. S. Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements.

The condensed consolidated balance sheet at June 30, 2025, and the condensed consolidated statements of operations, comprehensive loss, changes in stockholders' equity, and cash flows for the three and six months ended June 30, 2025 and 2024 are unaudited, but include all adjustments, consisting of normal recurring adjustments the Company considers necessary for a fair presentation of the financial position, operating results, and cash flows for the periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or for any future interim period. The condensed consolidated balance sheet at December 31, 2024 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2024 and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the SEC on March 20, 2025. The Company’s consolidated subsidiaries consist of its wholly-owned subsidiaries, Rockwell Transportation, Inc. and Rockwell Medical India Private Limited.

The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant accounting estimates inherent in the preparation of the financial statements include estimates associated with revenue recognition, and impairments of long-lived assets.

Income (Loss) Per Share
Basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 and 2024 was calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share amounts)2025202420252024
Numerator:
Net (Loss) Income$(1,492)$343 $(3,007)$(1,388)
Less: Accretion of Series X Preferred Stock(153)— (153)— 
Less: Undistributed Earnings to Participating Securities— (58)— — 
Net (Loss) Income Attributable to Common Stockholders$(1,645)$285 $(3,160)$(1,388)
Denominator:
Weighted Average Number of Shares of Common Stock Outstanding - Basic and Diluted34,311,306 30,451,622 34,204,487 29,889,413 
Incremental Shares Attributable to the Assumed Exercise of Outstanding Options to Purchase Common Stock— 35,185 — — 
Incremental Shares Attributable to the Assumed Vesting of Unvested Restricted Stock Units— 183,333 — — 
Incremental Shares Attributable to the Assumed Conversion of Preferred Stock— 1,363,636 — — 
Diluted Weighted Average Number of Shares of Common Stock Outstanding34,311,306 32,033,776 34,204,487 29,889,413 
Net (Loss) Income per Share Attributable to Common Stockholders - Basic and Diluted$(0.05)$0.01 $(0.09)$(0.05)
Diluted Net (Loss) Income per Share Attributable to Common Stockholders$(0.05)$0.01 $(0.09)$(0.05)
Basic income (loss) per share (“EPS”) is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two- class method and the if-converted method in the period of earnings. The two-class method is an earnings allocation method that determines income (loss) per share (when there are earnings) for common stock and participating securities. The if-converted method assumes all convertible securities are converted into common stock. Diluted EPS excludes all dilutive potential shares of common stock if their effect is anti-dilutive.
The Company’s potentially dilutive securities include stock options, restricted stock awards and units, convertible preferred stock and warrants. The following table includes the potential shares of common stock that were excluded from the
computation of diluted EPS attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Warrants to Purchase Common Stock3,984,484 3,984,484 3,984,484 3,984,484 
Options to Purchase Common Stock3,341,892 342,331 3,341,892 1,895,031 
Convertible Preferred Stock1,405,001 — 1,405,001 1,363,636 
Unvested Restricted Stock Units1,166,660 — 1,166,660 534,309 
Unvested Restricted Stock Units - Market Condition717,000 — 717,000 — 
Unvested Restricted Stock Awards891 891 891 891 
Total10,615,928 4,327,706 10,615,928 7,778,351 
Adoption of Recent Accounting Pronouncements
The Company continually assesses new accounting pronouncements to determine their applicability. When it is determined a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a review to determine the consequences of the change to its consolidated financial statements and assures there are sufficient controls in place to ascertain the Company’s consolidated financial statements properly reflect the change.
In December 2023, the Financial Accounting Standards Board ("FASB") issued the Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which updates income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact this ASU will have on the consolidated financial statements and footnote disclosures.
In November 2024, the FASB issued ASC 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statement of operations. This new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently assessing the impact this ASU will have on the consolidated financial statements and footnote disclosures.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers, issued by the FASB. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

•Step 1: Identify the contract with the customer
•Step 2: Identify the performance obligations in the contract
•Step 3: Determine the transaction price
•Step 4: Allocate the transaction price to the performance obligations in the contract
•Step 5: Recognize revenue when the company satisfies a performance obligation
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by Rockwell from a customer, are excluded from revenue.
Shipping and handling costs associated with outbound freight related to contracts with customers are accounted for as a fulfillment cost and are included in cost of sales when control of the goods transfers to the customer.
Nature of goods and services
Rockwell operates in one market segment, the hemodialysis market, which involves the manufacture, sale and distribution of hemodialysis products to hemodialysis clinics, including pharmaceutical, dialysis concentrates, dialysis kits and other ancillary products used in the dialysis process.
Rockwell's customer mix is diverse, with most customer sales concentrations under 10%. For the three months ended June 30, 2025, revenues from sales to three customers, DaVita, Inc. ("DaVita"), Fresenius Medical Care North America ("Fresenius") and Nipro Medical Corporation ("Nipro") were approximately 11%, 10% and 11% of total revenues for the period, respectively, and 20%, 10% and 9% of total revenues for the six months ended June 30, 2025, respectively. For the three months ended June 30, 2024, revenues from DaVita, Fresenius and Nipro were approximately 45%, 8% and 7% of total revenues for the period, respectively, and 44%, 7% and 6% of total revenues for the six months ended June 30, 2024, respectively. At June 30, 2025, DaVita, Nipro and Fresenius represented 5%, 15%, and 11% of the total net consolidated accounts receivable balance, respectively. At December 31, 2024, DaVita represented 20% of the total net consolidated accounts receivable balance. See below for additional information regarding the Company's contract with DaVita.
Product Sales
The Company accounts for individual products and services separately if they are distinct (i.e., if a product or service is separately identifiable from other items and if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration, including any discounts, is allocated between separate products and services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the cost plus margin approach.
Drug and dialysis concentrate products are sold directly to dialysis clinics and to wholesale distributors in both domestic and international markets. Distribution and license agreements for which upfront fees are received are evaluated upon execution or modification of the agreement to determine if the agreement creates a separate performance obligation from the underlying product sales.  For all existing distribution and license agreements, the distribution and license agreement is not a distinct performance obligation from the product sales.  In instances where regulatory approval of the product has not been established and the Company does not have sufficient experience with the foreign regulatory body to conclude that regulatory approval is probable, the revenue for the performance obligation is recognized over the term of the license agreement (over time recognition). Conversely, when regulatory approval already exists or is probable, revenue is recognized at the point in time that control of the product transfers to the customer.
For the majority of the Company's international customers, the Company recognizes revenue when the customer takes control at the shipping point, which is generally the Company's plant or warehouse. For other customers, the Company recognizes revenue based on when the customer takes control of the product upon delivery. The amount of revenue recognized is based on the purchase order less returns and adjusted for any rebates, discounts, chargebacks or other amounts paid to customers estimated at the time of sale. Customers typically pay for the product based on customary business practices with payment terms averaging 30 days, while a small subset of customers have payment terms averaging 60 days.
Deferred License Revenue
The Company received upfront fees under three distribution and license agreements, which were recognized as revenue over the estimated term of the applicable distribution and license agreement as regulatory approval was not received and the Company did not have sufficient experience in China, India, South Korea and Turkey to determine that regulatory approval was probable as of the execution of the agreement. During the six months ended June 30, 2025, all remaining deferred revenue relating to the distribution and license agreements was recognized, resulting in $0.3 million of revenue recorded. All license agreements have been terminated.
Product Purchase Agreement
On September 18, 2023, Rockwell and its long-time customer, DaVita, a leading provider of kidney care, entered into an Amended and Restated Products Purchase Agreement (the "Amended Agreement"), which amends and restates the Product Purchase Agreement, dated July 1, 2019, as amended, under which the Company supplies DaVita with certain dialysis concentrates. Under the Amended Agreement, the Company and DaVita agreed to an increase in product pricing, effective September 1, 2023. The term of the Amended Agreement was scheduled to expire on December 31, 2024. Prior to the
expiration, the Company received written notice from DaVita, notifying the Company that DaVita intended to extend the term of the Amended Agreement through December 31, 2025 (the "Extension Term"). However, DaVita subsequently indicated that it will completely transition to another supplier by mid-2025, subject to further discussion between Rockwell and DaVita. DaVita has agreed to quarterly, non-refundable payments totaling $1.3 million during the six months ended June 30, 2025 to ensure supply continuity during the transition period for products purchased. These quarterly, non-refundable payments of $0.3 million and $1.3 million were recorded as revenue during the three and six months ended June 30, 2025, respectively. Discussions between Rockwell and DaVita are ongoing and the Company continues to supply DaVita as of the filing date of this report.
Disaggregation of revenue
Revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition.
In thousandsThree Months Ended June 30, 2025Six Months Ended June 30, 2025
Products By Geographic AreaTotalU.S.Rest of WorldTotalU.S.Rest of World
Drug Revenues
License Fee – Over Time$— $— $— $325 $— $325 
Total Drug Products— — — 325 — 325 
Concentrate Products
Product Sales – Point-in-time16,071 14,189 1,882 34,660 30,625 4,035 
Total Concentrate Products16,071 14,189 1,882 34,660 30,625 4,035 
Net Revenue$16,071 $14,189 $1,882 $34,985 $30,625 $4,360 

In thousandsThree Months Ended June 30, 2024Six Months Ended June 30, 2024
Products By Geographic AreaTotalU.S.Rest of WorldTotalU.S.Rest of World
Drug Revenues
License Fee – Over Time$12 $— $12 $23 $— $23 
Total Drug Products12 — 12 23 — 23 
Concentrate Products
Product Sales – Point-in-time25,820 23,209 2,611 48,485 44,143 4,342 
Total Concentrate Products25,820 23,209 2,611 48,485 44,143 4,342 
Net Revenue$25,832 $23,209 $2,623 $48,508 $44,143 $4,365 
Contract balances
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
In thousandsJune 30, 2025December 31, 2024January 1, 2024
Accounts Receivable, net$8,084 $8,291 $10,901 
Contract Liabilities, which are included in deferred license revenue$— $475 $521 
There were no other material contract assets recorded on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. The Company does not generally accept returns of its concentrate products and no material reserve for returns of concentrates products was established as of June 30, 2025 or December 31, 2024. 
Transaction price allocated to remaining performance obligations
Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, was nil as of June 30, 2025. The Company applies the practical expedient in ASC 606, paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
v3.25.2
Intangible Assets and Deferred Consideration
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Deferred Consideration Intangible Assets and Deferred Consideration
Intangible Assets
Our customer relationship intangible asset relates to customer relationships acquired in connection with an acquisition executed on July 10, 2023 with Evoqua Water Technologies LLC ("Evoqua") (the "Evoqua Asset Acquisition").
The details of our intangible assets subject to amortization are set forth below (in thousands):
June 30, 2025
Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships20 years$11,035 $(1,104)$9,931 
December 31, 2024
Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships20 years$11,035 $(828)$10,207 
During each of the three months ended June 30, 2025 and 2024, the Company recorded amortization of its customer relationship intangible asset of $0.1 million. During each of the six months ended June 30, 2025 and 2024, the Company recorded amortization of its customer relationship intangible asset of $0.3 million.
Estimated future amortization expense on the Company's customer relationships intangible asset as of June 30, 2025 is as follows (table in thousands):
Year ending December 31:
2025 (remainder of year)$276 
2026552 
2027552 
2028552 
2029552 
Thereafter7,447 
Total$9,931 
Deferred Consideration
A portion of the purchase price of the Evoqua Asset Acquisition was deferred on the acquisition date, with payment terms extending through April 2026. During the three and six months ended June 30, 2025, we made payments of $0.4 million and $0.9 million, respectively. As of June 30, 2025, a deferred consideration liability of $2.5 million is presented in Deferred Consideration - Current on the accompanying condensed consolidated balance sheet.
v3.25.2
Investments - Available-for-Sale
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments - Available-for-Sale Investments - Available-for-Sale
Investments available-for-sale consisted of the following as of June 30, 2025 and December 31, 2024 (table in thousands):
June 30, 2025
Amortized CostUnrealized GainFair Value
Available-for-Sale Securities
Debt Securities$5,877 $63 $5,940 

December 31, 2024
Amortized CostUnrealized GainFair Value
Available-for-Sale Securities
Debt Securities$5,880 $60 $5,940 
The fair value of investments available-for-sale are determined using quoted market prices from daily exchange-traded markets based on the closing price as of the balance sheet date and are classified as a Level 1 measurement under ASC 820, Fair Value Measurements.
During the three and six months ended June 30, 2025, the Company sold the investments outstanding as of March 31, 2025 and December 31, 2024 for $0.1 million and $0.1 million, respectively, which is included in realized gain on available-for-sale investments on the condensed consolidated statements of operations.
As of June 30, 2025, the Company's remaining available-for-sale securities are U.S. Department of the Treasury bonds and are all due within one year.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity about which discrete financial information is evaluated regularly by the Company's Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and assess performance. Rockwell operates in one market segment, the hemodialysis market, which involves the manufacture, sale and distribution of hemodialysis products to hemodialysis clinics, including pharmaceutical, dialysis concentrates, dialysis kits and other ancillary products used in the dialysis process. Accordingly, the Company has one reportable segment. The Company has a single management team that reports to its Chief Executive Officer, the Company's CODM, who comprehensively manages the entire Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The CODM assesses performance for the segment and decides how to allocate resources based on net loss that also is reported on the statements of operations and comprehensive loss as net loss. The CODM uses net loss to monitor budget and forecast versus actual results in assessing segment performance, as well as cash forecast models, in order to evaluate operating results and performance in deciding how to allocate resources. The measure of segment assets is reported on the balance sheets as total assets.
The Company’s significant segment expenses for its one segment for the three and six months ended June 30, 2025 and 2024 consisted of the following (table in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net Sales$16,071 $25,832 $34,985 $48,508 
Cost of Sales13,568 21,282 29,440 40,894 
Gross Profit2,503 4,550 5,545 7,614 
Employee Compensation2,382 2,293 5,060 4,580 
Administrative Costs1,470 1,742 3,194 3,843 
Operating (Loss) Income(1,349)515 (2,709)(809)
Other Income (Expense):
Realized Gain on Investments64 51 120 51 
Interest Expense(276)(232)(553)(663)
Interest Income69 9 135 33 
Total Other Expense, net(143)(172)(298)(579)
Net (Loss) Income$(1,492)$343 $(3,007)$(1,388)
v3.25.2
Inventory
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventory Inventory
Components of inventory, net of reserves, as of June 30, 2025 and December 31, 2024 were as follows (table in thousands):
June 30,
2025		December 31,
2024
Inventory - Current Portion
Raw Materials$2,164 $3,010 
Work in Process242 367 
Finished Goods1,754 2,401 
Total Current Inventory4,160 5,778 
Inventory - Long Term (1)
— 178 
Total Inventory$4,160 $5,956 
__________
(1)Represents inventory related to Triferic raw materials, which was expected to be utilized for the Company's international partnerships. (See Note 4, Deferred License Revenue section). During the six months ended June 30, 2025, the Company wrote off this remaining inventory balance, resulting in an expense of $0.2 million recorded within cost of sales in the condensed consolidated statement of operations.
As of June 30, 2025 and December 31, 2024, Rockwell had total current concentrate inventory aggregating $4.7 million and $6.2 million, respectively, against which Rockwell had reserved $0.5 million at both June 30, 2025 and December 31, 2024.
v3.25.2
Property and Equipment
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
As of June 30, 2025 and December 31, 2024, the Company’s property and equipment consisted of the following (table in thousands):
June 30,
2025		December 31,
2024
Machinery and Equipment$12,035 $11,973 
Information Technology & Office Equipment1,845 1,845 
Leasehold Improvements1,577 1,562 
Laboratory Equipment807 807 
   Total Property and Equipment16,264 16,187 
Accumulated Depreciation and Amortization(11,135)(10,402)
Property and Equipment, net$5,129 $5,785 
Depreciation and amortization expense for each of the three months ended June 30, 2025 and 2024 was $0.4 million. Depreciation and amortization expense for each of the six months ended June 30, 2025 and 2024 was $0.8 million.
v3.25.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (table in thousands):
June 30,
2025		December 31,
2024
Accrued Compensation and Benefits$1,610 $2,744 
Accrued Unvouchered Receipts1,102 1,417 
Accrued Manufacturing Expense602 602 
Accrued Workers Compensation123 176 
Other Accrued Liabilities659 1,336 
Total Accrued Liabilities$4,096 $6,275 
v3.25.2
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
On April 6, 2022, the Company and DaVita entered into the Securities Purchase Agreement (the "SPA"), which provided for the issuance by the Company of up to $15 million of preferred stock to DaVita, which was issued to DaVita during 2022 as Series X Preferred Stock and, by virtue, made DaVita a related party.

The Series X Preferred Stock was issued for a price of $1,000 per share (the "Face Amount"), subject to accretion at a rate of 1% per annum, compounded annually. If the Company’s common stock trades above $22.00 for a period of 30 calendar days, the accretion will thereafter cease. As of June 30, 2025, the Series X Preferred Stock accreted a total of $0.5 million.

The Series X Convertible Preferred Stock is convertible to common stock at a rate equal to the Face Amount, divided by a conversion price of $11.00 per share (subject to adjustment for future stock splits, reverse stock splits and similar recapitalization events). As a result, each share of Series X Preferred Stock will initially convert into approximately 91 shares of common stock. DaVita’s right to convert to common stock is subject to a beneficial ownership limitation, which is initially set at 9.9% of the outstanding common stock, which limitation may be reset (not to exceed 19.9%) at DaVita’s option and upon providing prior written notice to the Company. In addition, any debt financing is limited by the terms of our SPA with DaVita. Specifically, until DaVita holds less than 50% of its original investment in the Company's Series X Convertible Preferred Stock, the Company may only incur additional debt in the form of a purchase money loan, a working capital line of up to $5 million or to refinance existing debt, unless DaVita consents.

Additionally, the Series X Preferred Stock has a deemed liquidation event and redemption clause which could be triggered if the sale of all or substantially all of the Company's assets relating to the Company's dialysis concentrates business line. Since the Series X Preferred Stock may be redeemed if certain assets are sold at the option of the holder, but is not mandatorily redeemable as the sale of the assets that would allow for redemption is within the control of the Company, the preferred stock has been classified as permanent equity and initially recognized at fair value of $15 million (the proceeds on the date of issuance) less issuance costs of $0.1 million, resulting in an initial value of $14.9 million. The Company will assess at each reporting period whether conditions have changed to now meet the mandatory redemption definition which could trigger liability classification.

As of each of June 30, 2025 and December 31, 2024, there were 2,000,000 shares of preferred stock, $0.0001 par value per share, authorized and 15,000 shares of preferred stock issued and outstanding.
Common Stock
As of June 30, 2025 and 2024, the Company reserved for issuance the following shares of common stock related to the potential exercise of employee stock options, unvested restricted stock and awards, convertible preferred stock, and warrants (collectively, "common stock equivalents"):
As of June 30,
Common Stock and Common Stock Equivalents:20252024
Common Stock34,430,352 31,030,218 
Options to Purchase Common Stock3,341,892 1,895,031 
Unvested Restricted Stock Awards891 891 
Unvested Restricted Stock Units1,166,660 534,309 
Convertible Preferred Stock1,405,001 1,363,636 
Unvested Restricted Stock Units - Market Condition717,000 — 
Warrants to Purchase Common Stock3,984,484 3,984,484 
Total45,046,280 38,808,569 
Controlled Equity Offering

On April 8, 2022, the Company entered into a Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. (the "Agent"), pursuant to which the Company may offer and sell from time to time shares of Company’s common stock through
the Agent pursuant to the Company’s shelf registration statement on Form S-3 (No. 333-259923) filed with the SEC on September 30, 2021 (the “Prior Registration Statement”).

This Prior Registration Statement expired on October 8, 2024 and, upon the effectiveness of the new registration statement on October 21, 2024, was deemed terminated. On November 13, 2024, in connection with the new registration statement, the Company filed a prospectus supplement covering the offer and sale of an aggregate offering price of up to $25.0 million of shares of the Company's common stock through the Agent under the Sales Agreement (as amended, the "ATM facility"). The offering and sale of such shares has been registered under the Securities Act of 1933, as amended.

During the three and six months ended June 30, 2025, no shares were sold pursuant to the Sales Agreement. Approximately $21.1 million remains available for sale under the ATM facility.

Warrant Issuance
In connection with the execution of the Third Amendment, as defined and described in Note 15, on January 2, 2024, the Company issued to Innovatus a warrant to purchase 191,096 shares of the Company’s common stock with an exercise price of $1.83 per share. The warrant may be exercised on a cashless basis, and is immediately exercisable through January 2, 2029. The number of shares of common stock for which the warrant is exercisable and the exercise price are subject to certain proportional adjustments as set forth in the Third Amendment. The warrant is equity-classified with a fair value of approximately $0.2 million at issuance, which was treated as a debt issuance cost and is being amortized through interest expense over the remaining contractual term of the Term Loans, as defined and described in Note 15.
v3.25.2
Stock-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company recognized total stock-based compensation expense during the three and six months ended June 30, 2025 and 2024 as follows (table in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Service-based Awards:
Restricted Stock Units$187 $159 $481 $277 
Stock Option Awards195 179 346 312 
Total$382 $338 $827 $589 
Performance-based Restricted Stock Awards
A summary of the Company’s performance-based restricted stock awards during the six months ended June 30, 2025 is as follows:
Performance-based Restricted Stock AwardsNumber of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2025891 $62.70 
Unvested at June 30, 2025891 $62.70 
Performance-based restricted stock awards are measured based on their fair value on the date of grant and amortized over the vesting period of 20 months. As of June 30, 2025, there is no unrecognized stock-based compensation expense related to performance-based restricted stock awards.
Restricted Stock Units - Market Condition
During the three months ended June 30, 2025, the Company granted 717,000 restricted stock units with a market condition ("RSU-MC") under its Amended and Restated 2018 Long Term Incentive Plan. The RSU-MCs are subject to both service and market based vesting conditions.
The RSU-MCs will vest, subject to the recipient's continued employment through the vesting date, if the average closing price of the Company's common stock equals or exceeds $2.14 per share for any consecutive 60-day trading period occurring prior to the third anniversary of the grant date. Except in the event of a change in control or termination due to death or disability, no portion of the award will vest before the first anniversary of the grant date. The RSU-MCs qualify as equity instruments and are accounted for under ASC 718, Compensation, Stock Compensation ("ASU 718").
The fair value of RSU-MCs was measured on the date of grant using the Monte Carlo Simulation valuation model. The stock-based compensation expense recorded in connection with these restricted stock units during the six months ended June 30, 2025 was insignificant. The vesting periods range from one to three years.
Service-based Restricted Stock Units
A summary of the Company’s service-based restricted stock units during the six months ended June 30, 2025 is as follows:
Service-based Restricted Stock UnitsNumber of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2025584,309 $1.72 
Granted1,000,000 1.07 
Vested(417,649)1.85 
Unvested at June 30, 20251,166,660 $1.12 
The fair value of service-based restricted stock units is measured on the date of grant and amortized over the vesting period. The vesting periods range from one to three years. As of June 30, 2025, the unrecognized stock-based compensation expense was $1.1 million, which is expected to be recognized over the next 1.6 years.
Service-based Stock Option Awards
The fair value of the service-based stock option awards granted during the six months ended June 30, 2025 were based on the following assumptions:
Six Months Ended
June 30, 2025
Six Months Ended
June 30, 2024
Exercise price$1.07
$1.39 - $1.80
Expected stock price volatility90.4%81.8%
Risk-free interest rate4.1%
4.31% - 4.45%
Term (years)5.86
5.61 - 5.62
A summary of the Company’s service-based stock option activity for the six months ended June 30, 2025 is as follows:
Service-based Stock Option AwardsShares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic Value
(in thousands)
Outstanding at January 1, 20251,886,247 $3.98 
Granted1,501,500 1.07 
Forfeited(9,354)1.59 
Expired(36,501)1.73 
Outstanding at June 30, 2025
3,341,892 $2.71 8.6$— 
Exercisable at June 30, 2025
913,461 $6.41 7.0$— 
The aggregate intrinsic value is calculated as the difference between the closing price of the Company's common stock at the date indicated and the exercise price of the stock options that had strike prices below the closing price.
As of June 30, 2025, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $1.5 million, which is expected to be recognized over the next 2.8 years.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
From time to time, the Company has been or may become a party to various disputes, legal actions, proceedings and investigations involving claims incidental to the conduct of its business, including actions by customers, employees, government entities and third parties. Due to the contract-intensive nature of the Company's business, the Company has been or may in the
future become involved in disputes or legal actions with its contract counterparties, which could have a negative impact on the Company's business, results of operations or financial condition.
Product License Agreements
The Company is a party to a Licensing Agreement between the Company and Charak, LLC ("Charak") dated January 7, 2002 (the "2002 Agreement") that grants the Company exclusive worldwide rights to certain patents and information related to its Triferic product. On October 7, 2018, the Company entered into a Master Services and IP Agreement (the “Charak MSA”) with Charak and Dr. Ajay Gupta, a former Officer of the Company. Pursuant to the MSA, the parties entered into three additional agreements described below related to the license of certain soluble ferric pyrophosphate (“SFP”) intellectual property owned by Charak, as well as an employment agreement.
Pursuant to the Charak MSA, the aforementioned parties entered into an Amendment, dated as of October 7, 2018 (the “Charak Amendment”), to the 2002 Agreement, under which Charak granted the Company an exclusive, worldwide, non-transferable license to commercialize SFP for the treatment of patients with renal failure. The Charak Amendment amends the royalty payments due to Charak under the 2002 Agreement such that the Company is liable to pay Charak royalties on net sales by the Company of products developed under the license, which includes the Company’s Triferic product, at a specified rate until December 31, 2021 and thereafter at a reduced rate from January 1, 2022 until February 1, 2034. Additionally, the Company is required to pay Charak a percentage of any sublicense income during the term of the agreement, which cannot be less than a minimum specified percentage of net sales of the licensed products by the sublicensee in jurisdictions where there exists a valid claim, on a country-by-country basis, and can be no less than a lower rate of the net sales of the licensed products by the sublicensee in jurisdictions where there exists no valid claim, on a country-by-country basis.
Also pursuant to the Charak MSA, the Company and Charak entered into a Commercialization and Technology License Agreement IV Triferic dated as of October 7, 2018 (the “IV Agreement”), under which Charak granted the Company an exclusive, sub-licensable, royalty-bearing license to SFP for the purpose of commercializing certain intravenous-delivered products incorporating SFP for the treatment of iron disorders worldwide for a term that expires on the later of February 1, 2034 or upon the expiration or termination of a valid claim of a licensed patent. The Company was liable to pay Charak royalties on net sales by the Company of products developed under the license at a specified rate until December 31, 2021. From January 1, 2022 until February 1, 2034, the Company is liable to pay Charak a base royalty at a reduced rate on net sales and an additional royalty on net sales while there exists a valid claim of a licensed patent, on a country-by-country basis. The Company shall also pay to Charak a percentage of any sublicense income received during the term of the IV Agreement, which amount shall not be less than a minimum specified percentage of net sales of the licensed products by the sublicensee in jurisdictions where there exists a valid claim, on a country-by-country basis, and not be less than a lower rate of the net sales of the licensed products by the sublicensee in jurisdictions where there exists no valid claim, on a country-by-country basis.
Also pursuant to the Charak MSA, the Company and Charak entered into a Technology License Agreement TPN Triferic dated as of October 7, 2018 (the “TPN Agreement”), pursuant to which Charak granted the Company an exclusive, sub-licensable, royalty-bearing license to SFP for the purpose of commercializing worldwide certain TPN products incorporating SFP. The license grant under the TPN Agreement continues for a term that expires on the later of February 1, 2034 or upon the expiration or termination of a valid claim of a licensed patent. During the term of the TPN Agreement, the Company is liable to pay Charak a base royalty on net sales and an additional royalty on net sales while there exists a valid claim of a licensed patent, on a country-by-country basis. The Company shall also pay to Charak a percentage of any sublicense income received during the term of the TPN Agreement, which amount shall not be less than a minimum royalty on net sales of the licensed products by the sublicensee in jurisdictions where there exists a valid claim, on a country-by-country basis, and not be less than a lower rate of the net sales of the licensed products by the sublicensee in jurisdictions where there exists no valid claim, on a country-by-country basis.
The potential milestone payments are not considered probable, and no milestone payments have been accrued as of June 30, 2025 and December 31, 2024.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Rockwell leases its production facilities and administrative offices as well as certain equipment used in its operations including leases on transportation equipment used in the delivery of its products. The lease terms range from monthly to six years. Rockwell occupies a 51,000 square foot facility and a 17,500-square foot facility in Wixom, Michigan under a lease
expiring in August 2027. During March 2024, the lease for the Wixom facilities was extended by three years to August 2027, which was accounted for as a modification. Rockwell also occupies two other manufacturing facilities, a 51,000-square foot facility in Grapevine, Texas under a lease expiring in December 2025, and a 57,000-square foot facility in Greer, South Carolina under a lease expiring February 2026.
During the three months ended June 30, 2025, Rockwell entered into a lease for a 16,800-square foot storage facility in Allentown, Pennsylvania, that expires in April 2030, resulting in the recognition of a right-of-use asset and corresponding liability of approximately $1.0 million on the condensed consolidated balance sheets.
The following summarizes quantitative information about the Company’s operating and finance leases (table in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating Leases
Operating Lease Cost$488 $341 $914 $761 
Variable Lease Cost137 128 265 250 
Operating Lease Expense625 469 1,179 1,011 
Finance Leases
Amortization of Right-of-use Assets139 141 278 282 
Interest on Lease Obligations20 29 43 61 
Finance Lease Expense159 170 321 343 
Short-term Lease Rent Expense6 6 11 11 
Total Lease Expense$790 $645 $1,511 $1,365 
Other Information
Operating Cash Flows from Operating Leases$469 $426 $902 $863 
Operating Cash Flows from Finance Leases$20 $29 $43 $61 
Financing Cash Flows from Finance Leases$148 $138 $294 $276 
June 30,
2025		June 30,
2024
Weighted-average Remaining Lease Term – Operating Leases2.82.6
Weighted-average Remaining Lease Term – Finance Leases2.03.0
Weighted-average Discount Rate – Operating Leases7.8 %6.3 %
Weighted-average Discount Rate – Finance Leases6.5 %6.4 %
Future minimum rental payments under operating and finance lease agreements are as follows (table in thousands):
OperatingFinance
Year ending December 31, 2025 (remaining)$970 $339 
Year ending December 31, 20261,316 666 
Year ending December 31, 2027912 311 
Year ending December 31, 2028328 — 
Year ending December 31, 2029282 — 
Total3,808 1,316 
Less Present Value Discount(345)(80)
Operating and Finance Lease Liabilities$3,463 $1,236 
Leases Leases
Rockwell leases its production facilities and administrative offices as well as certain equipment used in its operations including leases on transportation equipment used in the delivery of its products. The lease terms range from monthly to six years. Rockwell occupies a 51,000 square foot facility and a 17,500-square foot facility in Wixom, Michigan under a lease
expiring in August 2027. During March 2024, the lease for the Wixom facilities was extended by three years to August 2027, which was accounted for as a modification. Rockwell also occupies two other manufacturing facilities, a 51,000-square foot facility in Grapevine, Texas under a lease expiring in December 2025, and a 57,000-square foot facility in Greer, South Carolina under a lease expiring February 2026.
During the three months ended June 30, 2025, Rockwell entered into a lease for a 16,800-square foot storage facility in Allentown, Pennsylvania, that expires in April 2030, resulting in the recognition of a right-of-use asset and corresponding liability of approximately $1.0 million on the condensed consolidated balance sheets.
The following summarizes quantitative information about the Company’s operating and finance leases (table in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating Leases
Operating Lease Cost$488 $341 $914 $761 
Variable Lease Cost137 128 265 250 
Operating Lease Expense625 469 1,179 1,011 
Finance Leases
Amortization of Right-of-use Assets139 141 278 282 
Interest on Lease Obligations20 29 43 61 
Finance Lease Expense159 170 321 343 
Short-term Lease Rent Expense6 6 11 11 
Total Lease Expense$790 $645 $1,511 $1,365 
Other Information
Operating Cash Flows from Operating Leases$469 $426 $902 $863 
Operating Cash Flows from Finance Leases$20 $29 $43 $61 
Financing Cash Flows from Finance Leases$148 $138 $294 $276 
June 30,
2025		June 30,
2024
Weighted-average Remaining Lease Term – Operating Leases2.82.6
Weighted-average Remaining Lease Term – Finance Leases2.03.0
Weighted-average Discount Rate – Operating Leases7.8 %6.3 %
Weighted-average Discount Rate – Finance Leases6.5 %6.4 %
Future minimum rental payments under operating and finance lease agreements are as follows (table in thousands):
OperatingFinance
Year ending December 31, 2025 (remaining)$970 $339 
Year ending December 31, 20261,316 666 
Year ending December 31, 2027912 311 
Year ending December 31, 2028328 — 
Year ending December 31, 2029282 — 
Total3,808 1,316 
Less Present Value Discount(345)(80)
Operating and Finance Lease Liabilities$3,463 $1,236 
v3.25.2
Loan and Security Agreement
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Loan and Security Agreement Loan and Security Agreement
On March 16, 2020, the Company and Rockwell Transportation, Inc., as Borrowers, entered into a Loan and Security Agreement (the "Loan Agreement") with Innovatus, as collateral agent and the lenders party thereto, pursuant to which Innovatus, as a lender, agreed to make certain term loans to the Company in the aggregate principal amount of up to $35.0 million (the "Term Loans"). Funding of the first $22.5 million tranche was completed on March 16, 2020. The Company is no longer eligible to draw on additional tranches, which were tied to the achievement of certain milestones. Net draw down proceeds were $21.2 million with closing costs of $1.3 million. The Company also owes an additional fee equal to 4.375% of the funded amount of the Term Loans, or $1.0 million (such additional fee, the "Final Fee") at maturity. The Company is accreting up to this Final Fee premium with a charge against interest expense on the accompanying condensed consolidated statements of operations.

In connection with each funding of the Term Loans, the Company was required to issue to Innovatus a warrant (each a “Warrant”, and together the “Warrants”) to purchase a number of shares of the Company’s common stock equal to 3.5% of the principal amount of the relevant Term Loan funded divided by the exercise price. In connection with the first tranche of the Term Loans, the Company issued a Warrant to Innovatus, exercisable for an aggregate of 43,388 shares of the Company’s common stock at an exercise price of $18.15 per share. The Warrant may be exercised on a cashless basis and is immediately exercisable through the seventh anniversary of the applicable funding date. The number of shares of common stock for which the Warrant is exercisable and the associated exercise price are subject to certain proportional adjustments as set forth in such Warrant. The Company evaluated the warrant under ASC 470, Debt, and recognized an additional debt discount of approximately $0.5 million based on the relative fair value of the base instruments and warrants. The Company calculated the fair value of the Warrant using the Black-Scholes model.

The Term Loans were scheduled to mature on March 16, 2025, and bore interest at the greater of (i) Prime Rate (as defined in the Loan Agreement) and (ii) 4.75%, plus 4.00%, with an initial interest rate of 8.75% per annum. The Company had the option, under certain circumstances, to add 1.00% of such interest rate amount to the then outstanding principal balance in lieu of paying such amount in cash.
On January 2, 2024, the Company entered into the Third Amendment to and Restatement of the Loan and Security Agreement (the "Third Amendment") with Innovatus, dated January 1, 2024 (the "Effective Date"). The Third Amendment provides for the continuation of term loans initially borrowed under the Loan Agreement amounting to $8.0 million as of January 1, 2024. The Company will make interest-only payments on the Term Loans for 36 months as certain conditions in the Third Amendment were met. The Company will make equal monthly payments of principal, together with applicable interest, in arrears, starting February 1, 2027. The Term Loans will mature on January 1, 2029. Effective on January 1, 2024, the Term Loans bear interest equal to the sum of (i) the greater of (a) Prime Rate (as defined in the Third Amendment) and (b) 7.50% plus (ii) 3.50%. At the Company's option, 2.00% of the interest due on any applicable interest payment date during the interest-only period may be paid in-kind by adding such amount to the then outstanding principal balance of the Term Loans. The Term Loans may be voluntarily prepaid in full (but not partially) at any time, upon at least seven business days’ prior notice. In connection with any voluntary prepayment or satisfaction of the Term Loans prior to the maturity date (including any acceleration), the Company will pay all accrued and unpaid interest and all other amounts due in connection with the Term Loans, together with (x) a prepayment fee (the “Prepayment Fee”) equal to: (i) 6.0% of the principal amount of the Term Loans prepaid if the payment is made before January 1, 2025; (ii) 2.0% of the principal amount of the Term Loans prepaid if the payment is made after January 1, 2025 but on or before January 1, 2026; (iii) 1.0% of the principal amount of the Term Loans prepaid if the payment is made after January 1, 2026 but on or before January 1, 2027; or (iv) 0% of the principal amount of the Term Loans prepaid if the payment is made after January 1, 2027 through maturity, and (y) the Final Fee. The Term Loans will be mandatorily prepaid upon a change in control of the Company, or upon any early termination/acceleration of the Term Loans. In the event of a mandatory prepayment of the Term Loans, the Company shall be required to pay the Prepayment Fee (if applicable), as well as the Final Fee. The Third Amendment Final Fee shall be due and payable at maturity if it has not previously been paid in full in connection with a prepayment of the Term Loans. The Third Amendment was treated as a modification for accounting purposes.
The Third Amendment contains various financial covenants and customary representations and warranties and affirmative and negative covenants, subject to exceptions as described in the Third Amendment. The Company's ability to comply with the covenants under the Third Amendment may be adversely affected by events beyond its control. If the Company is unable to comply with the covenants under the Third Amendment, it would pursue all available cure options in order to regain compliance. However, the Company may not be able to mutually agree with Innovatus on appropriate remedies to cure a future breach of a covenant, which could give rise to an event of default. The Loan Agreement includes a financial covenant that requires actual consolidated revenue from the sale and supply of hemodialysis products for the trailing six-month period (ended
on the date when tested), to be not less than 80.0% of the projections for the same period beginning with the quarter ending September 30, 2024. Because those projections were submitted prior to the loss of a substantial amount of business from DaVita, we did not satisfy this covenant in the second quarter of 2025. We subsequently resolved the noncompliance by submitting an updated financial projection to Innovatus, which Innovatus accepted. As of June 30, 2025, the Company was in compliance with all covenants under the Third Amendment, other than as described above.
In connection with the execution of the Third Amendment, on January 2, 2024, the Company issued a warrant to purchase shares of the Company’s common stock. The warrant is equity-classified with a fair value of $0.2 million at issuance, which was treated as a debt issuance cost and is being amortized through interest expense over the remaining contractual term of the Term Loan. For additional information, see Note 11.

The effective interest rate used to amortize the debt issuance cost relating to these warrants is 11.0% as of June 30, 2025. For each of the three months ended June 30, 2025 and 2024, interest expense amounted to $0.2 million. For each of the six months ended June 30, 2025 and 2024, interest expense amounted to $0.5 million. As of June 30, 2025, the outstanding balance of the Term Loans was $8.6 million, net of unamortized issuance costs and discount of $0.6 million, and including $0.8 million of premium accretion, and paid-in-kind interest of $0.2 million.

The Loan Agreement is secured by all assets of the Company and Rockwell Transportation, Inc. and contains customary representations and warranties and covenants, subject to customary carve outs, and initially included financial covenants related to liquidity and sales of Triferic.

The following table reflects the schedule of principal payments on the Term Loans as of June 30, 2025 (table in thousands):
June 30, 2025
2025 (remaining)$— 
2026— 
20273,814 
20284,160 
2029 (inclusive of Final Fee)1,331 
Total Debt Maturities9,305 
Unamortized Issuance Costs and Discount, net(657)
Term Loan - Long-Term, net$8,648 
v3.25.2
Insurance Financing Note Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Insurance Financing Note Payable Insurance Financing Note Payable
On June 3, 2025, the Company entered into a short-term note payable with a principal amount of $0.7 million, bearing interest at a rate of 7.14% per annum to finance various insurance policies, which required an upfront payment of $0.2 million. Principal and interest payments related to this note began on July 3, 2025 and are being paid in 10 equal monthly payments of $0.1 million, with the final payment due on April 3, 2026. As of June 30, 2025, the Company's insurance financing note payable balance was $0.7 million.
On June 4, 2024, the Company entered into a short-term note payable with a principal amount of $0.7 million, bearing interest at a rate of 7.89% per annum to finance various insurance policies, which required an upfront payment of $0.2 million. Principal and interest payments related to this note began on July 3, 2024 and were paid in 10 equal monthly payments of $0.1 million, with the final payment due on April 3, 2025. During the six months ended June 30, 2025, the Company's insurance financing note payable balance was paid in full.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
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
v3.25.2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U. S. Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements.

The condensed consolidated balance sheet at June 30, 2025, and the condensed consolidated statements of operations, comprehensive loss, changes in stockholders' equity, and cash flows for the three and six months ended June 30, 2025 and 2024 are unaudited, but include all adjustments, consisting of normal recurring adjustments the Company considers necessary for a fair presentation of the financial position, operating results, and cash flows for the periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or for any future interim period. The condensed consolidated balance sheet at December 31, 2024 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2024 and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the SEC on March 20, 2025. The Company’s consolidated subsidiaries consist of its wholly-owned subsidiaries, Rockwell Transportation, Inc. and Rockwell Medical India Private Limited.

The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant accounting estimates inherent in the preparation of the financial statements include estimates associated with revenue recognition, and impairments of long-lived assets.
Income (Loss) Per Share
Basic income (loss) per share (“EPS”) is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two- class method and the if-converted method in the period of earnings. The two-class method is an earnings allocation method that determines income (loss) per share (when there are earnings) for common stock and participating securities. The if-converted method assumes all convertible securities are converted into common stock. Diluted EPS excludes all dilutive potential shares of common stock if their effect is anti-dilutive.
The Company’s potentially dilutive securities include stock options, restricted stock awards and units, convertible preferred stock and warrants.
Adoption of Recent Accounting Pronouncements
Adoption of Recent Accounting Pronouncements
The Company continually assesses new accounting pronouncements to determine their applicability. When it is determined a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a review to determine the consequences of the change to its consolidated financial statements and assures there are sufficient controls in place to ascertain the Company’s consolidated financial statements properly reflect the change.
In December 2023, the Financial Accounting Standards Board ("FASB") issued the Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures, which updates income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact this ASU will have on the consolidated financial statements and footnote disclosures.
In November 2024, the FASB issued ASC 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statement of operations. This new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently assessing the impact this ASU will have on the consolidated financial statements and footnote disclosures.
Revenue Recognition
The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers, issued by the FASB. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

•Step 1: Identify the contract with the customer
•Step 2: Identify the performance obligations in the contract
•Step 3: Determine the transaction price
•Step 4: Allocate the transaction price to the performance obligations in the contract
•Step 5: Recognize revenue when the company satisfies a performance obligation
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by Rockwell from a customer, are excluded from revenue.
Shipping and handling costs associated with outbound freight related to contracts with customers are accounted for as a fulfillment cost and are included in cost of sales when control of the goods transfers to the customer.
v3.25.2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share
Basic and diluted net income (loss) per share for the three and six months ended June 30, 2025 and 2024 was calculated as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share amounts)2025202420252024
Numerator:
Net (Loss) Income$(1,492)$343 $(3,007)$(1,388)
Less: Accretion of Series X Preferred Stock(153)— (153)— 
Less: Undistributed Earnings to Participating Securities— (58)— — 
Net (Loss) Income Attributable to Common Stockholders$(1,645)$285 $(3,160)$(1,388)
Denominator:
Weighted Average Number of Shares of Common Stock Outstanding - Basic and Diluted34,311,306 30,451,622 34,204,487 29,889,413 
Incremental Shares Attributable to the Assumed Exercise of Outstanding Options to Purchase Common Stock— 35,185 — — 
Incremental Shares Attributable to the Assumed Vesting of Unvested Restricted Stock Units— 183,333 — — 
Incremental Shares Attributable to the Assumed Conversion of Preferred Stock— 1,363,636 — — 
Diluted Weighted Average Number of Shares of Common Stock Outstanding34,311,306 32,033,776 34,204,487 29,889,413 
Net (Loss) Income per Share Attributable to Common Stockholders - Basic and Diluted$(0.05)$0.01 $(0.09)$(0.05)
Diluted Net (Loss) Income per Share Attributable to Common Stockholders$(0.05)$0.01 $(0.09)$(0.05)
Schedule of Potentially Dilutive Securities The following table includes the potential shares of common stock that were excluded from the
computation of diluted EPS attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Warrants to Purchase Common Stock3,984,484 3,984,484 3,984,484 3,984,484 
Options to Purchase Common Stock3,341,892 342,331 3,341,892 1,895,031 
Convertible Preferred Stock1,405,001 — 1,405,001 1,363,636 
Unvested Restricted Stock Units1,166,660 — 1,166,660 534,309 
Unvested Restricted Stock Units - Market Condition717,000 — 717,000 — 
Unvested Restricted Stock Awards891 891 891 891 
Total10,615,928 4,327,706 10,615,928 7,778,351 
v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue is disaggregated by primary geographical market, major product line, and timing of revenue recognition.
In thousandsThree Months Ended June 30, 2025Six Months Ended June 30, 2025
Products By Geographic AreaTotalU.S.Rest of WorldTotalU.S.Rest of World
Drug Revenues
License Fee – Over Time$— $— $— $325 $— $325 
Total Drug Products— — — 325 — 325 
Concentrate Products
Product Sales – Point-in-time16,071 14,189 1,882 34,660 30,625 4,035 
Total Concentrate Products16,071 14,189 1,882 34,660 30,625 4,035 
Net Revenue$16,071 $14,189 $1,882 $34,985 $30,625 $4,360 

In thousandsThree Months Ended June 30, 2024Six Months Ended June 30, 2024
Products By Geographic AreaTotalU.S.Rest of WorldTotalU.S.Rest of World
Drug Revenues
License Fee – Over Time$12 $— $12 $23 $— $23 
Total Drug Products12 — 12 23 — 23 
Concentrate Products
Product Sales – Point-in-time25,820 23,209 2,611 48,485 44,143 4,342 
Total Concentrate Products25,820 23,209 2,611 48,485 44,143 4,342 
Net Revenue$25,832 $23,209 $2,623 $48,508 $44,143 $4,365 
Schedule of Contract Balance
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
In thousandsJune 30, 2025December 31, 2024January 1, 2024
Accounts Receivable, net$8,084 $8,291 $10,901 
Contract Liabilities, which are included in deferred license revenue$— $475 $521 
v3.25.2
Intangible Assets and Deferred Consideration (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
The details of our intangible assets subject to amortization are set forth below (in thousands):
June 30, 2025
Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships20 years$11,035 $(1,104)$9,931 
December 31, 2024
Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships20 years$11,035 $(828)$10,207 
Schedule of Future Amortization Expense
Estimated future amortization expense on the Company's customer relationships intangible asset as of June 30, 2025 is as follows (table in thousands):
Year ending December 31:
2025 (remainder of year)$276 
2026552 
2027552 
2028552 
2029552 
Thereafter7,447 
Total$9,931 
v3.25.2
Investments - Available-for-Sale (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments Available-for-Sale
Investments available-for-sale consisted of the following as of June 30, 2025 and December 31, 2024 (table in thousands):
June 30, 2025
Amortized CostUnrealized GainFair Value
Available-for-Sale Securities
Debt Securities$5,877 $63 $5,940 

December 31, 2024
Amortized CostUnrealized GainFair Value
Available-for-Sale Securities
Debt Securities$5,880 $60 $5,940 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The Company’s significant segment expenses for its one segment for the three and six months ended June 30, 2025 and 2024 consisted of the following (table in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net Sales$16,071 $25,832 $34,985 $48,508 
Cost of Sales13,568 21,282 29,440 40,894 
Gross Profit2,503 4,550 5,545 7,614 
Employee Compensation2,382 2,293 5,060 4,580 
Administrative Costs1,470 1,742 3,194 3,843 
Operating (Loss) Income(1,349)515 (2,709)(809)
Other Income (Expense):
Realized Gain on Investments64 51 120 51 
Interest Expense(276)(232)(553)(663)
Interest Income69 9 135 33 
Total Other Expense, net(143)(172)(298)(579)
Net (Loss) Income$(1,492)$343 $(3,007)$(1,388)
v3.25.2
Inventory (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Components of Inventory
Components of inventory, net of reserves, as of June 30, 2025 and December 31, 2024 were as follows (table in thousands):
June 30,
2025		December 31,
2024
Inventory - Current Portion
Raw Materials$2,164 $3,010 
Work in Process242 367 
Finished Goods1,754 2,401 
Total Current Inventory4,160 5,778 
Inventory - Long Term (1)
— 178 
Total Inventory$4,160 $5,956 
__________
(1)Represents inventory related to Triferic raw materials, which was expected to be utilized for the Company's international partnerships. (See Note 4, Deferred License Revenue section). During the six months ended June 30, 2025, the Company wrote off this remaining inventory balance, resulting in an expense of $0.2 million recorded within cost of sales in the condensed consolidated statement of operations.
v3.25.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Major Classes of Property and Equipment
As of June 30, 2025 and December 31, 2024, the Company’s property and equipment consisted of the following (table in thousands):
June 30,
2025		December 31,
2024
Machinery and Equipment$12,035 $11,973 
Information Technology & Office Equipment1,845 1,845 
Leasehold Improvements1,577 1,562 
Laboratory Equipment807 807 
   Total Property and Equipment16,264 16,187 
Accumulated Depreciation and Amortization(11,135)(10,402)
Property and Equipment, net$5,129 $5,785 
v3.25.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities as of June 30, 2025 and December 31, 2024 consisted of the following (table in thousands):
June 30,
2025		December 31,
2024
Accrued Compensation and Benefits$1,610 $2,744 
Accrued Unvouchered Receipts1,102 1,417 
Accrued Manufacturing Expense602 602 
Accrued Workers Compensation123 176 
Other Accrued Liabilities659 1,336 
Total Accrued Liabilities$4,096 $6,275 
v3.25.2
Stockholder's Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved for Issuance
As of June 30, 2025 and 2024, the Company reserved for issuance the following shares of common stock related to the potential exercise of employee stock options, unvested restricted stock and awards, convertible preferred stock, and warrants (collectively, "common stock equivalents"):
As of June 30,
Common Stock and Common Stock Equivalents:20252024
Common Stock34,430,352 31,030,218 
Options to Purchase Common Stock3,341,892 1,895,031 
Unvested Restricted Stock Awards891 891 
Unvested Restricted Stock Units1,166,660 534,309 
Convertible Preferred Stock1,405,001 1,363,636 
Unvested Restricted Stock Units - Market Condition717,000 — 
Warrants to Purchase Common Stock3,984,484 3,984,484 
Total45,046,280 38,808,569 
v3.25.2
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation Expense
The Company recognized total stock-based compensation expense during the three and six months ended June 30, 2025 and 2024 as follows (table in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Service-based Awards:
Restricted Stock Units$187 $159 $481 $277 
Stock Option Awards195 179 346 312 
Total$382 $338 $827 $589 
Schedule of Restricted Stock Awards
A summary of the Company’s performance-based restricted stock awards during the six months ended June 30, 2025 is as follows:
Performance-based Restricted Stock AwardsNumber of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2025891 $62.70 
Unvested at June 30, 2025891 $62.70 
Schedule of Restricted Stock Units
A summary of the Company’s service-based restricted stock units during the six months ended June 30, 2025 is as follows:
Service-based Restricted Stock UnitsNumber of SharesWeighted Average
Grant-Date
Fair Value
Unvested at January 1, 2025584,309 $1.72 
Granted1,000,000 1.07 
Vested(417,649)1.85 
Unvested at June 30, 20251,166,660 $1.12 
Schedule of Stock Option Assumptions
The fair value of the service-based stock option awards granted during the six months ended June 30, 2025 were based on the following assumptions:
Six Months Ended
June 30, 2025
Six Months Ended
June 30, 2024
Exercise price$1.07
$1.39 - $1.80
Expected stock price volatility90.4%81.8%
Risk-free interest rate4.1%
4.31% - 4.45%
Term (years)5.86
5.61 - 5.62
Schedule of Stock Options Activity
A summary of the Company’s service-based stock option activity for the six months ended June 30, 2025 is as follows:
Service-based Stock Option AwardsShares
Underlying
Options		Weighted
Average Exercise
Price		Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic Value
(in thousands)
Outstanding at January 1, 20251,886,247 $3.98 
Granted1,501,500 1.07 
Forfeited(9,354)1.59 
Expired(36,501)1.73 
Outstanding at June 30, 2025
3,341,892 $2.71 8.6$— 
Exercisable at June 30, 2025
913,461 $6.41 7.0$— 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease Costs
The following summarizes quantitative information about the Company’s operating and finance leases (table in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating Leases
Operating Lease Cost$488 $341 $914 $761 
Variable Lease Cost137 128 265 250 
Operating Lease Expense625 469 1,179 1,011 
Finance Leases
Amortization of Right-of-use Assets139 141 278 282 
Interest on Lease Obligations20 29 43 61 
Finance Lease Expense159 170 321 343 
Short-term Lease Rent Expense6 6 11 11 
Total Lease Expense$790 $645 $1,511 $1,365 
Other Information
Operating Cash Flows from Operating Leases$469 $426 $902 $863 
Operating Cash Flows from Finance Leases$20 $29 $43 $61 
Financing Cash Flows from Finance Leases$148 $138 $294 $276 
June 30,
2025		June 30,
2024
Weighted-average Remaining Lease Term – Operating Leases2.82.6
Weighted-average Remaining Lease Term – Finance Leases2.03.0
Weighted-average Discount Rate – Operating Leases7.8 %6.3 %
Weighted-average Discount Rate – Finance Leases6.5 %6.4 %
Schedule of Operating Lease Maturities
Future minimum rental payments under operating and finance lease agreements are as follows (table in thousands):
OperatingFinance
Year ending December 31, 2025 (remaining)$970 $339 
Year ending December 31, 20261,316 666 
Year ending December 31, 2027912 311 
Year ending December 31, 2028328 — 
Year ending December 31, 2029282 — 
Total3,808 1,316 
Less Present Value Discount(345)(80)
Operating and Finance Lease Liabilities$3,463 $1,236 
Schedule of Finance Lease Maturities
Future minimum rental payments under operating and finance lease agreements are as follows (table in thousands):
OperatingFinance
Year ending December 31, 2025 (remaining)$970 $339 
Year ending December 31, 20261,316 666 
Year ending December 31, 2027912 311 
Year ending December 31, 2028328 — 
Year ending December 31, 2029282 — 
Total3,808 1,316 
Less Present Value Discount(345)(80)
Operating and Finance Lease Liabilities$3,463 $1,236 
v3.25.2
Loan and Security Agreement (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Principal Payments on Term Loan
The following table reflects the schedule of principal payments on the Term Loans as of June 30, 2025 (table in thousands):
June 30, 2025
2025 (remaining)$— 
2026— 
20273,814 
20284,160 
2029 (inclusive of Final Fee)1,331 
Total Debt Maturities9,305 
Unamortized Issuance Costs and Discount, net(657)
Term Loan - Long-Term, net$8,648 
v3.25.2
Liquidity and Capital Resources (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 02, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]      
Cash and cash equivalents and investments available-for-sale   $ 18,400  
Working capital   20,700  
Net cash used in operating activities   (1,643) $ (938)
Loan and Security Agreement, Term loan | Term loan      
Debt Instrument [Line Items]      
Period for which company is entitled to make interest-only payments 30 months    
Loan and Security Agreement, Term loan | Term loan | Maximum      
Debt Instrument [Line Items]      
Period for which company is entitled to make interest-only payments 36 months    
Cantor Fitzgerald & Co | At-the-Market Offering      
Debt Instrument [Line Items]      
Remaining consideration on ATM facility   $ 21,100  
v3.25.2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Schedule of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:            
Net (Loss) Income $ (1,492) $ (1,515) $ 343 $ (1,731) $ (3,007) $ (1,388)
Less: Accretion of Series X Preferred Stock (153)   0   (153) 0
Less: Undistributed Earnings to Participating Securities 0   (58)   0 0
Net Loss (Income) Attributable to Common Stockholders basic (1,645)   285   (3,160) (1,388)
Net Loss (Income) Attributable to Common Stockholders diluted $ (1,645)   $ 285   $ (3,160) $ (1,388)
Denominator:            
Weighted Average Number of Shares of Common Stock Outstanding - Basic (in shares) 34,311,306   30,451,622   34,204,487 29,889,413
Incremental Shares Attributable to the Assumed Conversion of Preferred Stock (in shares) 0   1,363,636   0 0
Diluted Weighted Average Number of Shares of Common Stock Outstanding (in shares) 34,311,306   32,033,776   34,204,487 29,889,413
Net (Loss) Income per Share Attributable to Common Stockholders - Basic and Diluted (in dollars per share) $ (0.05)   $ 0.01   $ (0.09) $ (0.05)
Diluted Net (Loss) per Share Attributable to Common Stockholders (in dollars per share) $ (0.05)   $ 0.01   $ (0.09) $ (0.05)
Options to Purchase Common Stock            
Denominator:            
Incremental Shares Attributable to the Assumed Exercise of Outstanding Options to Purchase Common Stock/Assumed Vesting of Unvested Restricted Stock Units (in shares) 0   35,185   0 0
Unvested Restricted Stock Units            
Denominator:            
Incremental Shares Attributable to the Assumed Exercise of Outstanding Options to Purchase Common Stock/Assumed Vesting of Unvested Restricted Stock Units (in shares) 0   183,333   0 0
v3.25.2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Schedule of Potentially Dilutive Securities (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 10,615,928 4,327,706 10,615,928 7,778,351
Warrants to Purchase Common Stock        
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 3,984,484 3,984,484 3,984,484 3,984,484
Options to Purchase Common Stock        
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 3,341,892 342,331 3,341,892 1,895,031
Convertible Preferred Stock        
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 1,405,001 0 1,405,001 1,363,636
Unvested Restricted Stock Units        
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 1,166,660 0 1,166,660 534,309
Unvested Restricted Stock Units - Market Condition        
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 717,000 0 717,000 0
Unvested Restricted Stock Units - Market Condition        
Net Earnings per Share        
Securities excluded from diluted loss per share calculation (in shares) 891 891 891 891
v3.25.2
Revenue Recognition - Nature of Goods and Services (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
agreement
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
Revenue Recognition [Line Items]          
Number of operating segments | segment     1    
Customers average payment term     30 days    
Distributors average payment term     60 days    
Number of distribution and license agreements | agreement     3    
Net revenue $ 16,071 $ 25,832 $ 34,985 $ 48,508  
Concentrate Products          
Revenue Recognition [Line Items]          
Net revenue 16,071 $ 25,820 34,660 $ 48,485  
Da Vita Healthcare Partners Inc | Concentrate Products          
Revenue Recognition [Line Items]          
Net revenue $ 300   1,300    
Sun Pharma, Jeil Pharma, and Drogsan Pharma          
Revenue Recognition [Line Items]          
Deferred revenue     $ 300    
Da Vita Healthcare Partners Inc | Revenue Benchmark | Customer Concentration Risk          
Revenue Recognition [Line Items]          
Customer concentration, percentage 11.00% 45.00% 20.00% 44.00%  
Da Vita Healthcare Partners Inc | Accounts Receivable | Customer Concentration Risk          
Revenue Recognition [Line Items]          
Customer concentration, percentage     5.00%   20.00%
Nipro Medical Corporation | Revenue Benchmark | Customer Concentration Risk          
Revenue Recognition [Line Items]          
Customer concentration, percentage 11.00% 7.00% 9.00% 6.00%  
Nipro Medical Corporation | Accounts Receivable | Customer Concentration Risk          
Revenue Recognition [Line Items]          
Customer concentration, percentage     15.00%    
Fresenius Medical Care North America | Revenue Benchmark | Customer Concentration Risk          
Revenue Recognition [Line Items]          
Customer concentration, percentage 10.00% 8.00% 10.00% 7.00%  
Fresenius Medical Care North America | Accounts Receivable | Customer Concentration Risk          
Revenue Recognition [Line Items]          
Customer concentration, percentage     11.00%    
v3.25.2
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Net Revenue $ 16,071 $ 25,832 $ 34,985 $ 48,508
Drug Revenues        
Disaggregation of Revenue [Line Items]        
Net Revenue 0 12 325 23
Concentrate Products        
Disaggregation of Revenue [Line Items]        
Net Revenue 16,071 25,820 34,660 48,485
U.S.        
Disaggregation of Revenue [Line Items]        
Net Revenue 14,189 23,209 30,625 44,143
U.S. | Drug Revenues        
Disaggregation of Revenue [Line Items]        
Net Revenue 0 0 0 0
U.S. | Concentrate Products        
Disaggregation of Revenue [Line Items]        
Net Revenue 14,189 23,209 30,625 44,143
Rest of World        
Disaggregation of Revenue [Line Items]        
Net Revenue 1,882 2,623 4,360 4,365
Rest of World | Drug Revenues        
Disaggregation of Revenue [Line Items]        
Net Revenue 0 12 325 23
Rest of World | Concentrate Products        
Disaggregation of Revenue [Line Items]        
Net Revenue 1,882 2,611 4,035 4,342
License Fee – Over Time | Drug Revenues        
Disaggregation of Revenue [Line Items]        
Net Revenue 0 12 325 23
License Fee – Over Time | U.S. | Drug Revenues        
Disaggregation of Revenue [Line Items]        
Net Revenue 0 0 0 0
License Fee – Over Time | Rest of World | Drug Revenues        
Disaggregation of Revenue [Line Items]        
Net Revenue 0 12 325 23
Product Sales – Point-in-time | Concentrate Products        
Disaggregation of Revenue [Line Items]        
Net Revenue 16,071 25,820 34,660 48,485
Product Sales – Point-in-time | U.S. | Concentrate Products        
Disaggregation of Revenue [Line Items]        
Net Revenue 14,189 23,209 30,625 44,143
Product Sales – Point-in-time | Rest of World | Concentrate Products        
Disaggregation of Revenue [Line Items]        
Net Revenue $ 1,882 $ 2,611 $ 4,035 $ 4,342
v3.25.2
Revenue Recognition - Schedule of Contract Balances (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Jan. 01, 2024
Revenue from Contract with Customer [Abstract]      
Accounts Receivable, net $ 8,084,000 $ 8,291,000 $ 10,901,000
Contract Liabilities, which are included in deferred license revenue 0 475,000 $ 521,000
Revenue Recognition [Line Items]      
Contract assets 0 0  
Concentrate Products      
Revenue Recognition [Line Items]      
Reserve for returns $ 0 $ 0  
v3.25.2
Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue performance obligation $ 0.0
v3.25.2
Intangible Assets and Deferred Consideration - Schedule of Intangible Assets (Details) - Customer Relationships - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Useful Life 20 years 20 years
Gross Carrying Amount $ 11,035 $ 11,035
Accumulated Amortization (1,104) (828)
Total $ 9,931 $ 10,207
v3.25.2
Intangible Assets and Deferred Consideration - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]          
Share-based payment arrangement $ 400   $ 871 $ 0  
Deferred consideration liability, current 2,500   2,500   $ 2,371
Customer Relationships          
Finite-Lived Intangible Assets [Line Items]          
Amortization of intangible assets $ 100 $ 100 $ 300 $ 300  
v3.25.2
Intangible Assets and Deferred Consideration - Schedule of Future Amortization Expense (Details) - Customer Relationships - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Asset Acquisition [Line Items]    
2025 (remainder of year) $ 276  
2026 552  
2027 552  
2028 552  
2029 552  
Thereafter 7,447  
Total $ 9,931 $ 10,207
v3.25.2
Investments - Available-for-Sale - Schedule of Investments Available-for-Sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Amortized Cost $ 5,877 $ 5,880
Unrealized Gain 63 60
Fair Value $ 5,940 $ 5,940
v3.25.2
Investments - Available-for-Sale - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Realized gain on available-for-sale investments $ 64 $ 51 $ 120 $ 51
v3.25.2
Segment Reporting (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
segment
Jun. 30, 2025
tradingDay
Jun. 30, 2024
USD ($)
tradingDay
Segment Reporting [Abstract]                
Number of reportable segment           1 1 1
Segment Reporting Information [Line Items]                
Net Sales $ 16,071   $ 25,832   $ 34,985     $ 48,508
Cost of Sales 13,568   21,282   29,440     40,894
Gross Profit 2,503   4,550   5,545     7,614
Operating (Loss) Income (1,349)   515   (2,709)     (809)
Other Income (Expense):                
Realized Gain on Investments 64   51   120     51
Interest Expense (276)   (232)   (553)     (663)
Interest Income 69   9   135     33
Total Other Expense, net (143)   (172)   (298)     (579)
Net (Loss) Income (1,492) $ (1,515) 343 $ (1,731) (3,007)     (1,388)
Reportable Segment                
Segment Reporting Information [Line Items]                
Net Sales 16,071   25,832   34,985     48,508
Cost of Sales 13,568   21,282   29,440     40,894
Gross Profit 2,503   4,550   5,545     7,614
Employee Compensation 2,382   2,293   5,060     4,580
Administrative Costs 1,470   1,742   3,194     3,843
Operating (Loss) Income (1,349)   515   (2,709)     (809)
Other Income (Expense):                
Realized Gain on Investments 64   51   120     51
Interest Expense (276)   (232)   (553)     (663)
Interest Income 69   9   135     33
Total Other Expense, net (143)   (172)   (298)     (579)
Net (Loss) Income $ (1,492)   $ 343   $ (3,007)     $ (1,388)
v3.25.2
Inventory - Schedule of Components of Inventory (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Inventory - Current Portion      
Raw Materials $ 2,164   $ 3,010
Work in Process 242   367
Finished Goods 1,754   2,401
Total Current Inventory 4,160   5,778
Inventory - Long Term 0   178
Total Inventory 4,160   $ 5,956
Write-off of Inventory 178 $ 0  
Triferic Inventory      
Inventory - Current Portion      
Write-off of Inventory $ 200    
v3.25.2
Inventory - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Inventory $ 4.7 $ 6.2
Inventory, reserve $ 0.5 $ 0.5
v3.25.2
Property and Equipment - Schedule of Major Classes of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property and equipment    
Total Property and Equipment $ 16,264 $ 16,187
Accumulated Depreciation and Amortization (11,135) (10,402)
Property and Equipment, net 5,129 5,785
Machinery and Equipment    
Property and equipment    
Total Property and Equipment 12,035 11,973
Information Technology & Office Equipment    
Property and equipment    
Total Property and Equipment 1,845 1,845
Leasehold Improvements    
Property and equipment    
Total Property and Equipment 1,577 1,562
Laboratory Equipment    
Property and equipment    
Total Property and Equipment $ 807 $ 807
v3.25.2
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expenses $ 0.4 $ 0.4 $ 0.8 $ 0.8
v3.25.2
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued Compensation and Benefits $ 1,610 $ 2,744
Accrued Unvouchered Receipts 1,102 1,417
Accrued Manufacturing Expense 602 602
Accrued Workers Compensation 123 176
Other Accrued Liabilities 659 1,336
Total Accrued Liabilities $ 4,096 $ 6,275
v3.25.2
Stockholders’ Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 06, 2022
USD ($)
$ / shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
shares
Mar. 31, 2024
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Nov. 13, 2024
USD ($)
Jan. 02, 2024
USD ($)
$ / shares
shares
Class of Stock [Line Items]                
Preferred shares, shares authorized (in shares) | shares   2,000,000     2,000,000 2,000,000    
Preferred shares, par value (in dollars per share) | $ / shares   $ 0.0001     $ 0.0001 $ 0.0001    
Preferred shares, shares issued (in shares) | shares   15,000     15,000 15,000    
Preferred shares, shares outstanding (in shares) | shares   15,000     15,000 15,000    
Loan and Security Agreement, Term loan | Term loan                
Class of Stock [Line Items]                
Common stock issuable upon exercise of pre-funded warrants (in shares) | shares               191,096
Exercise price of warrant (in dollars per share) | $ / shares               $ 1.83
Fair value of warrant               $ 0.2
At-the-Market Offering | COMMON STOCK                
Class of Stock [Line Items]                
Issuance of common stock (in shares) | shares   0 1,350,169 358,210 0      
Series X Convertible Preferred Stock                
Class of Stock [Line Items]                
Interest rate percentage 1.00%              
Common stock trading price (in dollars per share) | $ / shares $ 22.00              
Common stock trading period 30 days              
Accreted amount   $ 0.5     $ 0.5      
Conversion price (in dollars per share) | $ / shares $ 11.00              
Convertible preferred stock (in shares) 91              
Outstanding common stock, percentage 9.90%              
Outstanding common stock, not to exceed, percentage 19.90%              
Percentage of investment owned 50.00%              
Maximum working capital line $ 5.0              
Consideration received 15.0              
Stock issuance costs 0.1              
Proceeds from sale of equity, net 14.9              
Da Vita Healthcare Partners Inc | Series X Convertible Preferred Stock | Private Placement                
Class of Stock [Line Items]                
Sale of stock, aggregate consideration authorized $ 15.0              
Common stock trading price (in dollars per share) | $ / shares $ 1,000              
Cantor Fitzgerald & Co | At-the-Market Offering                
Class of Stock [Line Items]                
Sale of stock, aggregate consideration authorized             $ 25.0  
Remaining consideration on ATM facility   $ 21.1     $ 21.1      
v3.25.2
Stockholder's Equity - Schedule of Common Stock Reserved for Issuance (Details) - shares
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Common Stock and Common Stock Equivalents:      
Common Stock (in shares) 34,430,352 34,056,920 31,030,218
Options to Purchase Common Stock (in shares) 3,341,892   1,895,031
Convertible Preferred Stock (in shares) 1,405,001   1,363,636
Total (in shares) 45,046,280   38,808,569
Unvested Restricted Stock Awards      
Common Stock and Common Stock Equivalents:      
Unvested restricted stock awards/units (in shares) 891   891
Unvested Restricted Stock Units      
Common Stock and Common Stock Equivalents:      
Unvested restricted stock awards/units (in shares) 1,166,660 584,309 534,309
Unvested Restricted Stock Units - Market Condition      
Common Stock and Common Stock Equivalents:      
Convertible Preferred Stock (in shares) 717,000   0
Warrants to Purchase Common Stock      
Common Stock and Common Stock Equivalents:      
Warrants to Purchase Common Stock (in shares) 3,984,484   3,984,484
v3.25.2
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 382 $ 338 $ 827 $ 589
Restricted Stock Units        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 187 159 481 277
Stock Option Awards        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 195 $ 179 $ 346 $ 312
v3.25.2
Stock-based Compensation - Schedule of Performance based Restricted Stock Awards (Details) - Restricted stock awards - performance based awards - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Number of Shares    
Unvested, beginning (in shares) 891 891
Unvested, ending (in shares) 891 891
Weighted Average Grant-Date Fair Value    
Unvested, beginning (in dollars per share) $ 62.70 $ 62.70
Unvested, ending (in dollars per share) $ 62.70 $ 62.70
v3.25.2
Stock-based Compensation - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
tradingDay
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Restricted stock awards - performance based awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   20 months
Unrecognized stock-based compensation expense $ 0 $ 0
Unvested Restricted Stock Units - Market Condition    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) | shares 717,000  
Share Price | $ / shares $ 2.14 $ 2.14
Consecutive trading days | tradingDay 60  
Unvested Restricted Stock Units - Market Condition | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   1 year
Unvested Restricted Stock Units - Market Condition | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period   3 years
Unvested Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized stock-based compensation expense $ 1,100,000 $ 1,100,000
Unrecognized stock-based compensation expense, weighted average remaining term   1 year 7 months 6 days
Stock Option Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) | shares   1,501,500
Unrecognized stock-based compensation expense, weighted average remaining term   2 years 9 months 18 days
Unrecognized stock-based compensation expenses $ 1,500,000 $ 1,500,000
v3.25.2
Stock-based Compensation - Schedule of Service based Restricted Stock Units (Details) - Service-based Restricted Stock Units
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Shares  
Outstanding beginning (in shares) | shares 584,309
Granted (in shares) | shares 1,000,000
Vested (in shares) | shares (417,649)
Outstanding ending (in shares) | shares 1,166,660
Weighted Average Grant-Date Fair Value  
Outstanding beginning (in dollars per share) | $ / shares $ 1.72
Granted (in dollars per share) | $ / shares 1.07
Vested (in dollars per share) | $ / shares 1.85
Outstanding ending (in dollars per share) | $ / shares $ 1.12
v3.25.2
Stock-Based Compensation - Schedule of Service Based Stock Options - Fair Value Assumptions (Details) - Stock Option Awards - $ / shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise Price (in dollars per share) $ 1.07  
Expected stock price volatility 90.40% 81.80%
Risk-free interest rate 4.10%  
Risk-free Interest Rate - minimum   4.31%
Risk-free Interest Rate - maximum   4.45%
Term (years) 5 years 10 months 9 days  
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise Price (in dollars per share)   $ 1.39
Term (years)   5 years 7 months 9 days
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise Price (in dollars per share)   $ 1.80
Term (years)   5 years 7 months 13 days
v3.25.2
Stock-based Compensation - Schedule of Service based Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Shares Underlying Options  
Outstanding at the end of the period (in shares) 3,341,892
Stock Option Awards  
Shares Underlying Options  
Outstanding at the beginning of the period (in shares) 1,886,247
Granted (in shares) 1,501,500
Forfeited (in shares) (9,354)
Expired (in shares) (36,501)
Outstanding at the end of the period (in shares) 3,341,892
Exercisable at end of period (in shares) 913,461
Weighted Average Exercise Price  
Outstanding at the beginning of the period (in dollars per share) $ 3.98
Granted (in dollars per share) 1.07
Forfeited (in dollars per share) 1.59
Expired (in dollar per share) 1.73
Outstanding at the end of the period (in dollars per share) 2.71
Exercisable at end of the period (in dollars per share) $ 6.41
Weighted Average Remaining Contractual Term  
Outstanding 8 years 7 months 6 days
Exercisable at end of the period 7 years
Aggregate intrinsic Value  
Outstanding $ 0
Exercisable at end of the period $ 0
v3.25.2
Commitments and Contingencies (Details)
Oct. 07, 2018
agreement
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]      
Number of additional agreements | agreement 3    
Master Services and IP Agreement      
Loss Contingencies [Line Items]      
Milestone payments | $   $ 0 $ 0
v3.25.2
Leases - Narrative (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
ft²
Dec. 31, 2024
USD ($)
Jun. 30, 2024
ft²
facility
Lessee, Lease, Description [Line Items]      
Right-of-use asset | $ $ 3,408 $ 3,215  
Corresponding liability | $ $ 3,463    
Michigan      
Lessee, Lease, Description [Line Items]      
Lessee, operating lease, modification, extension, term     3 years
Michigan | Wixom, Michigan Property One      
Lessee, Lease, Description [Line Items]      
Facility square footage 51,000    
Michigan | Wixom, Michigan Property Two      
Lessee, Lease, Description [Line Items]      
Facility square footage 17,500    
Texas and South Carolina      
Lessee, Lease, Description [Line Items]      
Number of manufacturing facilities | facility     2
Texas      
Lessee, Lease, Description [Line Items]      
Facility square footage     51,000
South Carolina      
Lessee, Lease, Description [Line Items]      
Facility square footage     57,000
PENNSYLVANIA      
Lessee, Lease, Description [Line Items]      
Facility square footage 16,800    
Right-of-use asset | $ $ 1,000    
Corresponding liability | $ $ 1,000    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease term 6 years    
v3.25.2
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Leases        
Operating Lease Cost $ 488 $ 341 $ 914 $ 761
Variable Lease Cost 137 128 265 250
Operating Lease Expense 625 469 1,179 1,011
Finance Leases        
Amortization of Right-of-use Assets 139 141 278 282
Interest on Lease Obligations 20 29 43 61
Finance Lease Expense 159 170 321 343
Short-term Lease Rent Expense 6 6 11 11
Total Lease Expense 790 645 1,511 1,365
Other Information        
Operating Cash Flows from Operating Leases 469 426 902 863
Operating Cash Flows from Finance Leases 20 29 43 61
Financing Cash Flows from Finance Leases $ 148 $ 138 $ 294 $ 276
Weighted-average Remaining Lease Term – Operating Leases 2 years 9 months 18 days 2 years 7 months 6 days 2 years 9 months 18 days 2 years 7 months 6 days
Weighted-average Remaining Lease Term – Finance Leases 2 years 3 years 2 years 3 years
Weighted-average Discount Rate – Operating Leases 7.80% 6.30% 7.80% 6.30%
Weighted-average Discount Rate – Finance Leases 6.50% 6.40% 6.50% 6.40%
v3.25.2
Leases - Schedule of Finance Lease and Operating Lease Maturities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Operating  
Year ending December 31, 2025 (remaining) $ 970
Year ending December 31, 2026 1,316
Year ending December 31, 2027 912
Year ending December 31, 2028 328
Year ending December 31, 2029 282
Total 3,808
Less Present Value Discount (345)
Operating Lease Liabilities 3,463
Finance  
Year ending December 31, 2025 (remaining) 339
Year ending December 31, 2026 666
Year ending December 31, 2027 311
Year ending December 31, 2028 0
Year ending December 31, 2029 0
Total 1,316
Less Present Value Discount (80)
Finance Lease Liabilities $ 1,236
v3.25.2
Loan and Security Agreement - Narrative (Details) - Term loan - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 02, 2024
Mar. 16, 2020
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loan and Security Agreement, Term loan            
Debt Instrument [Line Items]            
Aggregate principal amount $ 8,000 $ 35,000        
Calculation for number of shares of common stock able to be purchased by warrant, percentage of principal amount of relevant term loan funded   3.50%        
Common stock issuable upon exercise of pre-funded warrants (in shares) 191,096          
Exercise price of warrant (in dollars per share) $ 1.83          
Debt discount recognized     $ 600   $ 600  
Interest rate, base percentage 7.50% 4.75%        
Interest rate, additional percentage added to base percentage 3.50% 4.00%        
Initial interest rate percentage   8.75%        
Option to add interest rate amount to outstanding principal balance in lieu of paying such amount in cash, percentage 2.00% 1.00%        
Period for which company is entitled to make interest-only payments 30 months          
Debt instrument, notice period (at least) 7 days          
Debt instrument prepayment before first anniversary of loan agreement date 6.00%          
Debt instrument, prepayment after first anniversary of loan agreement date but on or before second anniversary, percentage 2.00%          
Debt instrument, prepayment after second anniversary of loan agreement date but on or before third anniversary, percentage 1.00%          
Debt instrument, prepayment after third anniversary of loan agreement date through maturity, percentage 0.00%          
Fair value of warrant $ 200          
Effective interest rate     11.00%   11.00%  
Interest expense     $ 200 $ 200 $ 500 $ 500
Outstanding balance     8,648   8,648  
Premium accretion     800   800  
Paid-in-kind interest     $ 200   $ 200  
Loan and Security Agreement, Term loan | Debt Covenant, Period One            
Debt Instrument [Line Items]            
Debt instrument, covenant terms, trailing period 6 months          
Debt instrument, covenant terms, percentage of projected revenue to actual consolidated revenue (not less than)         80.00%  
Loan and Security Agreement, Term loan | Maximum            
Debt Instrument [Line Items]            
Period for which company is entitled to make interest-only payments 36 months          
Term loan, first tranche            
Debt Instrument [Line Items]            
Aggregate principal amount   $ 22,500        
Net draw down proceeds   21,200        
Closing costs   $ 1,300        
Debt instrument, additional fee at maturity, percentage   4.375%        
Debt instrument, additional fee at maturity, amount   $ 1,000        
Common stock issuable upon exercise of pre-funded warrants (in shares)   43,388        
Exercise price of warrant (in dollars per share)   $ 18.15        
Debt discount recognized   $ 500        
v3.25.2
Loan and Security Agreement - Schedule of Principal Payments on Term Loan (Details) - Term loan - Loan and Security Agreement, Term loan
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]  
2025 (remaining) $ 0
2026 0
2027 3,814
2028 4,160
2029 (inclusive of Final Fee) 1,331
Total Debt Maturities 9,305
Unamortized Issuance Costs and Discount, net (657)
Term Loan - Long-Term, net $ 8,648
v3.25.2
Insurance Financing Note Payable (Details)
$ in Thousands
Jun. 03, 2025
USD ($)
payment
Jun. 04, 2024
USD ($)
payment
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Short-term Debt [Line Items]        
Insurance financing note payable     $ 660 $ 268
7.89% Note Payable | Notes Payable to Banks        
Short-term Debt [Line Items]        
Short-term note payable $ 700 $ 700    
Interest rate, base percentage 7.14% 7.89%    
Debt instrument, fee amount $ 200 $ 200    
Number of installment payments | payment 10 10    
Note payable, final payment $ 100 $ 100    
Insurance financing note payable     $ 700