United Health Products, Inc.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Apr 15, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-28.
0001477932-25-002110
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-04-15.
0001477932-26-002286
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 41 previous paragraphs and 43 current paragraphs.
30 unchanged; 9 reworded; 3 added; 2 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The increase in operating expenses was primarily due to an increase of $745,125 in stock-based compensation offset by a decrease of approximately $494,750 in professional expenses. The increase in stock-based compensation is due to the vesting of 4,725,000 RSUs and recording $1,120,125 as stock-based compensation. The decrease in professional expenses is due to the Company terminating services with certain consultants.
Current report
Warrants
Current report
The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC 480Distinguishing Liabilities from Equity and ASC 815Derivatives and Hedging, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. The warrants classified within equity are indexed to the Company’s common stock, provide for settlement in a fixed number of registered or unregistered shares for a fixed exercise price, and are freestanding equity instruments. Accordingly, they meet the criteria for equity classification under ASC 815-40 and are not subject to remeasurement in future periods. For warrants classified as equity instruments the Company applies the Black Scholes model and expenses the fair value as financing costs. For warrants classified as derivative financial instruments, the Company applies the Black Scholes model to value the warrants.
Removed paragraphs (2)
Previous report
The decrease in operating expenses was primarily due to a decrease of $462,500 in litigation settlement expenses, a decrease of $126,407 in legal and professional expenses and a decrease of $242,874 in research and development expenses during the year ended December 31, 2024 offset by an increase of $375,000 in stock compensation expense related to the vesting of RSU’s and an increase of $33,598 for the write-down of obsolete inventory.
Previous report
The Company paid $2,850 related to a security deposit during the year ended December 31, 2023.
Reworded paragraphs (9)
Previous wording
Total operating expenses for the year ended December 31, 2024 and 2023 were $2,007,572 and $2,426,539, respectively.
Current wording
Total operating expenses for the year ended December 31, 2025 and 2024 were $2,255,474 and $2,007,572, respectively.
Previous wording
Other income (expense) for the year ended December 31, 2024 and 2023 was $5,839 and $(196,728), respectively. The change in other income (expense) was primarily due to the Company having a $115,085 gain on settlement of debt in the current year and having a loss on settlement of debt of $80,532 in the prior year.
Current wording
Other income (expense) for the year ended December 31, 2025 and 2024 was $(413,874) and $5,839, respectively. The change in other income (expense) was due to an increase in a loss on fraud of $242,000, an increase in interest expense of $90,962 from the outstanding convertible notes and loan balances, an increase in gain on derivative liabilities of $28,334 and a decrease in gain on settlement of debt of $115,085 from a settlement of accounts payable in the same period of the prior year vs no similar settlement in the current period.
Previous wording
The net loss for the year ended December 31, 2024 was $2,001,733 as compared to a net loss of $2,623,267 for the prior year. The decrease in the net loss was due to the Company having a decrease in operating expenses of $418,967 offset by an increase in other income (expense) of $202,567 during the year ended December 31, 2024 to $5,839, as explained above.
Current wording
The net loss for the year ended December 31, 2025 was $2,669,348 as compared to a net loss of $2,001,733 for the prior year. The increase in the net loss is due to the Company having an increase in operating expenses of $247,902 and an increase in other expense of $419,713 during the year ended December 31, 2025, as explained above.
Previous wording
As of December 31, 2024, the Company had a negative working capital of $1,449,469. The Company has not yet attained a level of operations, and for the foreseeable future will not achieve commercial operations, which will allow it to meet its current overhead expense obligations. The report of our independent registered public accounting firm on our 2024 and 2023 financial statements includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The Company generated no revenue during the years ended December 31, 2024 and 2023 due to focusing its capital and resources towards seeking a Class III PMA for its CelluSTAT technology. There can be no assurance that adequate financing will continue to be available to the Company and, if available, on terms that are favorable to the Company. Our ability to continue as a going concern is also dependent on many events outside of our direct control, including, among other things, our ability to achieve our business goals and objectives, as well as improvement in the economic climate.
Current wording
As of December 31, 2025, the Company had a negative working capital of $3,837,757. The Company has not yet attained a level of operations, and for the foreseeable future will not achieve commercial operations, which will allow it to meet its current overhead expense obligations. The report of our independent registered public accounting firm on our 2025 and 2024 financial statements includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The Company generated no revenue during the years ended December 31, 2025 and 2024 due to focusing its capital and resources towards seeking a Class III PMA for its CelluSTAT hemostatic technology. There can be no assurance that adequate financing will continue to be available to the Company and, if available, on terms that are favorable to the Company. Our ability to continue as a going concern is also dependent on many events outside of our direct control, including, among other things, our ability to achieve our business goals and objectives.
Previous wording
As discussed in Note 6 of the financial statements, the Company entered into a common stock purchase agreement (“CSPA”) with White Lion, which gives the Company the right, but not the obligation, to require White Lion to purchase up to $10,000,000 of the Company’s common stock, subject to certain limitations and conditions set forth in the CSPA. As of the date of this filing, the Company has received approximately $3.2 million in proceeds from White Lion which the Company has used to pay for its operations and finalization of its Class III PMA application. The sale of additional equity or convertible debt securities would be dilutive to our shareholders. In addition, economic conditions and actions by policymaking bodies are contributing to rising interest rates and significant capital market volatility, which, along with increases in our borrowing levels, could increase our future borrowing costs.
Current wording
As discussed in Note 6 of the financial statements, the Company entered into a common stock purchase agreement (“CSPA”) with White Lion, which gives the Company the right, but not the obligation, to require White Lion to purchase up to $10,000,000 of the Company’s common stock, subject to certain limitations and conditions set forth in the CSPA. The Company has received approximately $3.3 million in proceeds from White Lion from the sale of shares under the CSPA which the Company used to pay for its operations and advance its Class III PMA application. White Lion’s commitment under the CSPA expired in October 2025. On December 16, 2025 we entered into an Any Markets Purchase Agreement (“AMPA”) with Alumni Capital, LP, which requires Alumni Capital to purchase up to $4,000,000 of the Company’s common stock, subject to certain limitations and conditions set forth in the AMPA. The sale of additional equity or convertible debt securities would be dilutive to our shareholders.
Previous wording
The Company’s cash on hand as of December 31, 2024 and 2023 was $168,883 and $95,420, respectively.
Current wording
The Company’s cash on hand as of December 31, 2025 and 2024 was $65,249 and $168,883, respectively.
Previous wording
Net cash used in operating activities for the year ended December 31, 2023 was $2,200,645. The Company had net loss of $2,623,267 offset by amortization expense of $4,050, amortization of right-of-use asset of $807, amortization of debt discount of $32,992, stock issued for litigation settlement of $462,500, a loss on debt settlement of $80,532, a decrease in inventory of $1,132, a decrease in prepaid and other current assets of $128 and an increase in accrued liabilities - related party of $53,569 and an increase in accrued compensation of $246,577. The Company also had a decrease in accounts payable and accrued expenses of $159,665 and a decrease in accrued litigation settlement of $300,000.
Current wording
Net cash used in operating activities for the year ended December 31, 2025 was $1,186,942. The Company had a net loss of $2,669,348, amortization of right-of-use asset of $810, gain on derivative liabilities of $28,334, and an increase in prepaid and other current assets of $17,343 offset by stock for services and compensation of $1,120,125, amortization of debt discount $1,649, amortization expense of $4,050, an increase in accounts payable and accrued expenses of $224,878, an increase in accrued liabilities - related party of $86,924 and an increase in accrued compensation of $91,267.
Previous wording
Net cash provided by financing activities for the year ended December 31, 2023 was $2,285,538. This was due to the result of the Company receiving net proceeds of $2,326,674 from the sale of stock offset by making payments of offering costs of $17,400, repayments of $19,136 on a loan payable, and repayments of $4,000 on a loan payable – related party.
Current wording
Net cash provided by financing activities for the year ended December 31, 2025 was $1,083,308. This was due to the result of the Company receiving proceeds of $770,000 from convertible notes, receiving proceeds of $250,000 from notes payable – related party, receiving proceeds of $65,708 from the sale of common stock offset by making payments of $2,400, receiving advances from related party of $145,000 offset by repayment of advances from related party of $145,000.
Previous wording
Net cash provided by financing activities for the year ended December 31, 2024 was $1,268,179. This was due to the result of the Company receiving net proceeds of $863,579 from the sale of common stock offset by making payments of $11,400, proceeds of $66,000 from the sale of units, $200,000 in proceeds from a convertible note payable, and $150,000 in proceeds from a promissory note payable.
Current wording
Net cash provided by financing activities for the year ended December 31, 2024 was $1,268,179. This was due to the result of the Company receiving proceeds of $863,579 from the sale of common stock offset by making payments of $11,400, proceeds of $66,000 from the sale of units, $200,000 in proceeds from a convertible note payable, and $150,000 in proceeds from a promissory note payable.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Company did not have any investing activities during the year ended December 31, 2024.