Home / Going-concern warnings / SANUWAVE Health, Inc.
Filed 2025-05-08 路 Form 10-Q 路 Accession 0001628280-25-023881 micro
Price before filing: $31.64 (2025-05-07 close, split/dividend-adjusted)
Market cap at flag: $270.1M (2025-05-08) 路 Latest: $42.7M (2026-10-16)
| Window | SNWV | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -4.7% | +6.9% | -11.5% | 2025-06-09 |
| 90 days | +11.3% | +13.1% | -1.8% | 2025-08-06 |
| 180 days | -13.1% | +21.0% | -34.1% | 2025-11-04 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider bought $204K (2 purchases)
30 days after: 2 insiders sold $167K (2 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-04-29 | Opaleye Management Inc. 10% owner | Purchase | 5,000 | $25.49 | $127K | no | Form 4 |
| 2025-04-29 | Opaleye Management Inc. 10% owner | Purchase | 2,998 | $25.49 | $76K | no | Form 4 |
| 2025-05-08: red flag filed | |||||||
| 2025-05-15 | Cioanta Iulian Chief Sci. and Tech. Officer | Sale | 3,639 | $31.60 | $115K | no | Form 4 |
| 2025-06-05 | Stegagno Peter Chief Operating Officer | Sale | 1,862 | $27.71 | $52K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-02-07 to 2025-06-07. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"The Company has incurred recurring operating losses in prior years, has negative working capital, and its Senior Secured Note becomes due in September 2025, which raises substantial doubt as to its ability to continue as a going concern for a period of 12 months from the filing of this Form 10-Q. During the three months ended March 31, 2025, and prior fiscal year ended December 31, 2024, the Company achieved..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-03-31)
Why this score: quarterly (unaudited) disclosure; also within 90 days: Auditor change
Read the original filing on SEC.gov →
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