Nephros (NEPH) CFO exercises stock options to acquire 68,861 common shares

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Nephros Inc. Chief Financial Officer Judy Krandel exercised stock options to acquire 68,861 shares of common stock at an exercise price of $1.71 per share. The options were previously granted compensation awards. Following the transaction, she directly holds 68,861 common shares.

She also continues to hold stock options over 54,359 shares at an exercise price of $1.68 per share, expiring on March 27, 2035, and options over 4,000 shares at an exercise price of $2.92 per share, expiring on March 16, 2036. Footnotes describe future vesting schedules for these remaining option grants. No open-market purchases or sales were reported in this filing.

Insider Trade Summary

68,861 shares exercised/converted

Mixed 4 txns

Insider Krandel Judy

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	68,861	$0.00	--
Exercise	Common Stock	68,861	$1.71	$118K
holding	Stock Option (right to buy)	--	--	--
holding	Stock Option (right to buy)	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 53,663 shares (Direct); Common Stock — 68,861 shares (Direct)

Footnotes (1)

Options to purchase 30,631 shares vest on 11/1/2024 and options to purchase the remaining 91,893 shares vest quarterly in 12 equal amounts commencing on 2/1/2025. Options to purchase 13,589 shares vest on 3/27/2026 and options to purchase the remaining 40,770 shares vest quarterly in 12 equal amounts commencing on 6/27/2026. Options to purchase 1,000 shares vest on 3/16/2027 and options to purchase the remaining 3,000 shares vest quarterly in 12 equal amounts commencing on 6/16/2027.

Form 4 Insider Transactions: What Each Field Means →

03/25/2026 - 04:53 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Krandel Judy

(Last)

(First)

(Middle)

380 LACKAWANNA PLACE

(Street)

SOUTH ORANGE

NEW JERSEY

07079

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NEPHROS INC [ NEPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/23/2026		M		68,861	A	$1.71	68,861	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$1.71	03/23/2026		M			68,861	⁽¹⁾	11/01/2033	Common Stock	68,861	$0	53,663	D
Stock Option (right to buy)	$1.68							⁽²⁾	03/27/2035	Common Stock	54,359		54,359	D
Stock Option (right to buy)	$2.92							⁽³⁾	03/16/2036	Common Stock	4,000		4,000	D

Explanation of Responses:

1. Options to purchase 30,631 shares vest on 11/1/2024 and options to purchase the remaining 91,893 shares vest quarterly in 12 equal amounts commencing on 2/1/2025.

2. Options to purchase 13,589 shares vest on 3/27/2026 and options to purchase the remaining 40,770 shares vest quarterly in 12 equal amounts commencing on 6/27/2026.

3. Options to purchase 1,000 shares vest on 3/16/2027 and options to purchase the remaining 3,000 shares vest quarterly in 12 equal amounts commencing on 6/16/2027.

	/s/ Christopher Melsha as attorney-in-fact for Judy Krandel pursuant to power of attorney previously filed.	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Nephros (NEPH) CFO Judy Krandel report in this Form 4 filing?

Judy Krandel reported exercising stock options to acquire 68,861 Nephros common shares at an exercise price of $1.71 per share. The filing reflects a derivative option exercise, not an open-market purchase or sale, and updates her direct share and option holdings.

How many Nephros (NEPH) shares did the CFO acquire through option exercise?

The CFO acquired 68,861 Nephros common shares by exercising stock options at an exercise price of $1.71 per share. This converts a previously granted option award into directly held stock, with no corresponding open-market sale disclosed in the reported transactions.

What Nephros (NEPH) stock options does the CFO still hold after this Form 4?

After the reported exercise, the CFO continues to hold options over 54,359 shares at a $1.68 exercise price expiring March 27, 2035, and options over 4,000 shares at a $2.92 exercise price expiring March 16, 2036. These remaining options represent potential future share acquisitions.

Did the Nephros (NEPH) CFO sell any shares in the reported Form 4 transactions?

No share sales were reported. The Form 4 shows a stock option exercise converting 68,861 options into common shares, with no disposition or open-market sale code. The transaction direction fields classify the activity as an acquisition via derivative exercise only.

What do the vesting footnotes mean in the Nephros (NEPH) Form 4 for the CFO?

The footnotes explain when remaining options become exercisable. They state that specified blocks of options vest on single dates, with the balance vesting quarterly in 12 equal installments starting in 2025, 2026, and 2027, defining the schedule for potential future share exercises.

How many Nephros (NEPH) common shares does the CFO hold after the Form 4 transactions?

The filing shows the CFO directly holding 68,861 Nephros common shares after exercising options. This figure comes from the total shares following the non-derivative transaction entry and represents her updated direct stock position at the time of the reported activity.