United Health Products, Inc.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001477932-26-003228
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001477932-26-005070
Item 2. 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 66 previous paragraphs and 75 current paragraphs.
47 unchanged; 17 reworded; 4 added; 2 removed; 0 previous and 7 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 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 (4)
Current report
Six Months ended June 30, 2026 versus Six Months ended June 30, 2025
Current report
Operating Expenses
Current report
Total operating expenses for the six months ended June 30, 2026 and 2025 were $432,431 and $1,765,042, respectively.
Current report
Other income (expense)
Removed paragraphs (2)
Previous report
In October 2024, the Company and FDA conducted a virtual meeting to discuss the Deficiencies Letter and our follow-up questions. During the discussion, the Company noted the results of its 2019 clinical trial involving 232 patients (of whom 118 were treated with its hemostatic gauze) that showed statistically superior performance in time to hemostasis using CelluSTAT over Ethicon’s Surgicel Original, the standard of care. The study results also showed no evidence of heterogeneity of results across procedure categories, surgeons, or clinical sites, indicating both poolability and generalizability of study results. The Company also noted that none of the adverse events that occurred during the study were attributable to its hemostatic gauze product.
Previous report
Notwithstanding the safety record from the original clinical study, the FDA requested more data to confirm the safety and effectiveness of CelluSTAT in surgical procedures in the intestinal and thoracic organ space, where the FDA was concerned that organ movement could impact the post-operative stability of a hemostat and where observation of post operative rebleeding is more difficult. To address this concern, we have proposed conducting a supplemental study, with patients undergoing open surgical procedures within the intestinal and thoracic organ space.
Reworded paragraphs (17)
Previous wording
On January 5, 2026 we submitted to the FDA revised CAPAs and a proposal to conduct the recommended GCP Audit, and on February 16, 2026 submitted a report on our investigation of the 2018 IRB communications and a proposal for a third party monitor of our communications with the FDA and any IRB going forward to ensure the accuracy and regulatory compliance in these communications. On March 4, 2026 we held a Submission Issue Request (“SIR”) videoconference with the FDA to confirm their approval of our proposed collaboration with an established hemostatic device company wherein this company could serve as substitute Sponsor in a new pivotal IDE study of our CelluSTAT product, which the FDA did approve. On March 6, 2026, the FDA communicated their approval of the external audit firm that we had proposed on February 16 to conduct a GCP Audit of our procedures, process and personnel. This audit is expected to be completed by the end of July, 2026.
Current wording
On January 5, 2026 we submitted to the FDA revised CAPAs and a proposal to conduct the recommended GCP Audit, and on February 16, 2026 submitted a report on our investigation of the 2018 IRB communications and a proposal for a third party monitor of our communications with the FDA and any IRB going forward to ensure the accuracy and regulatory compliance in these communications. On March 4, 2026 we held a Submission Issue Request (“SIR”) videoconference with the FDA to confirm their approval of our proposed collaboration with an established hemostatic device company wherein this company could serve as substitute Sponsor in a new pivotal IDE study of our CelluSTAT product, which the FDA did approve.
Previous wording
The timing to resolve the FDA Warning Letter is uncertain and we may not proceed with the clinical study requested by the FDA until its resolution. However, following consultation with the FDA, we are in discussions with potential corporate partners regarding a collaboration that would allow a partner to serve as substitute Sponsor of a CelluSTAT study, with UHP having an exclusive Rights to Reference to the study data for inclusion in a future PMA application. This plan would allow the study to be conducted concurrently with our ongoing efforts to resolve the Warning Letter, including the above mentioned GCP Audit.
Current wording
The timing to resolve the FDA Warning Letter is uncertain and we may not proceed with a Premarket Approval application to the FDA until its resolution. However, following consultation with the FDA, NAMSA will serve as substitute Sponsor of a CelluSTAT study, with UHP having an exclusive Rights to Reference to the study data for inclusion in a future PMA application. This plan would allow the study to be conducted concurrently with our ongoing efforts to resolve the Warning Letter, including the above mentioned GCP Audit.
Previous wording
On December 16, 2025, the Company entered into a Securities Purchase Agreement with Alumni Capital LP (“Alumni”), pursuant to which Alumni provided a loan to the Company in the amount of $289,267 on a 15% original discount basis, evidenced by a senior convertible promissory note (the “Note”). The Company received net proceeds of $250,000. The Note bears no interest and matures on December 31, 2026. Subject to the terms of the Note, Alumni may convert the outstanding principal and accrued interest into shares of the Company’s common stock at a conversion price of $0.06039 per share. Alumni has agreed to limit its beneficial ownership of the Company’s common stock to less than 9.99% of the Company’s outstanding shares. In connection with the transaction, the Company entered into a registration rights agreement requiring the Company to register the resale of shares underlying the Note.
Current wording
On December 16, 2025, the Company entered into a Securities Purchase Agreement with Alumni Capital LP (“Alumni”), pursuant to which Alumni provided a loan to the Company in the amount of $289,267, evidenced by a convertible promissory note (the “Note”). The Company received net proceeds of $250,000. The Note bears no interest and matures on December 31, 2026. Subject to the terms of the Note, Alumni may convert any portion of the outstanding principal into shares of the Company’s common stock at an initial conversion price of $0.06039 per share, subject to certain adjustments. Alumni has agreed to limit its beneficial ownership of the Company’s common stock to less than 9.99% of the Company’s outstanding shares. In connection with the transaction, the Company entered into a registration rights agreement requiring the Company to register the resale of shares underlying the Note.
Previous wording
Our CelluSTAT technology received an FDA 510(k) approval in 2012 for use in external or superficial bleeding situations and we believe there is an opportunity for CelluSTAT products to address unmet needs in several medical applications that represent attractive commercial opportunities. However, the Class III human surgical markets, both domestic and international, represent the most attractive market for our products due to the smaller number of competitors offering Class III approved hemostatic agents and the resulting premium pricing for products that can meet the demanding requirements of the human surgical environment. We believe that our extensive laboratory testing and our completed human trial indicate that the CelluSTAT technology could successfully compete against established Class III market participants, and could gain a significant market share. As described above, we are in the process of seeking FDA pre-market approval for our CelluSTAT product. There can be no assurance that an FDA PMA will be granted.
Current wording
Our CelluSTAT technology received an FDA 510(k) approval in 2012 for use in external or superficial bleeding situations. However, the Class III human surgical markets, both domestic and international, represent the most attractive market for our technology due to the smaller number of competitors offering Class III approved hemostatic agents and the resulting premium pricing for products that can meet the demanding safety and effectiveness requirements of the human surgical environment. We believe that our extensive laboratory testing and our completed human trial indicate that the CelluSTAT technology could successfully compete against established Class III market participants, and could gain a significant market share.
Previous wording
Total operating expenses for the three months ended March 31, 2026 and 2025 were $265,581 and $1,489,216, respectively.
Current wording
Total operating expenses for the three months ended June 30, 2026 and 2025 were $166,850 and $268,356, respectively.
Previous wording
Other income (expense) for the three months ended March 31, 2026 and 2025 was $(50,261) and $(42,443), respectively. The increase in other expense was due to an increase in interest expense of $30,222 from the outstanding convertible notes and loan balances, offset by an increase in gain on derivative liabilities of $22,404.
Current wording
Other income (expense) for the three months ended June 30, 2026 and 2025 was $(117,290) and $(46,831), respectively. The increase in other expense was due to an increase in interest expense of $36,561 from the outstanding convertible notes and loan balances that are interest bearing and an increase in loss on derivative liabilities of $33,898.
Previous wording
The decrease in operating expenses was primarily due to a decrease of $1,120,125 in stock-based compensation due to the vesting of 4,725,000 RSUs, a decrease in consulting expenses of $90,065, as the Company terminated the services of certain consultants, and a decrease in research and development expenses of $103,689, as the company purchased fewer external lab testing services, offset by an increase in legal services of $75,215 as the Company retained regulatory counsel to assist in correspondence with the FDA.
Current wording
The decrease in operating expenses was primarily due to a decrease of $1,120,125 in stock-based compensation due to the vesting of 4,725,000 RSUs, a decrease in consulting expenses of $123,215, as the Company terminated the services of certain consultants, and a decrease in research and development expenses of $188,290, as the company purchased fewer external lab testing services, offset by an increase in legal and professional services of $99,170 as the Company retained regulatory counsel to assist in correspondence with the FDA.
Previous wording
Our net loss for the three months ended March 31, 2026 was $315,842 as compared to net loss of $1,531,659 for the comparable period of the prior year. The decrease in the net loss is due to the Company having a decrease in operating expenses of $1,223,635 and an increase in other expense of $7,818, as explained above.
Current wording
Our net loss for the six months ended June 30, 2026 was $599,982 as compared to net loss of $1,854,316 for the comparable period of the prior year. The decrease in the net loss is due to the Company having a decrease in operating expenses of $1,332,611 and an increase in other expense of $78,277, as explained above.
Previous wording
As of March 31, 2026, the Company had a negative working capital of $4,143,918. The Company has not yet attained a level of operations which will allow it to meet its current overhead expenses. The report of our independent registered public accounting firm on our 2025 financial statements includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The Company has been focusing its capital and resources towards seeking a Class III PMA for its CelluSTAT technology, and has funded its initial operations with private placements and unsecured loans from related parties. 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, capital markets conditions, competing medical device product developments and the overall regulatory environment.
Current wording
As of June 30, 2026, the Company had a negative working capital of $4,123,570. The Company has not yet attained a level of operations which will allow it to meet its current overhead expenses. The report of our independent registered public accounting firm on our 2025 financial statements includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The Company has been focusing its capital and resources towards seeking a Class III PMA for its CelluSTAT technology, and has funded its initial operations with private placements and unsecured loans from related parties. 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, capital markets conditions, competing medical device product developments and the overall regulatory environment.
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. The Company received approximately $3.3 million in proceeds 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.
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 received approximately $3.3 million in proceeds 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 gives the Company the right, but not the obligation to require 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 at March 31, 2026 and December 31, 2025 was $1,029 and $65,249, respectively.
Current wording
The Company’s cash on hand at June 30, 2026 and December 31, 2025 was $24,495 and $65,249, respectively.
Previous wording
The following table summarizes selected items from our statements of cash flows for the three months ended March 31, 2026 and 2025:
Current wording
The following table summarizes selected items from our statements of cash flows for the six months ended June 30, 2026 and 2025:
Previous wording
Net cash used in operating activities for the three months ended March 31, 2026 was $84,339. The Company had a net loss of $315,842, amortization of right-of-use asset of $350, gain on derivative liabilities of $22,404, and an increase in prepaid and other current assets of $6,028 offset by amortization expense of $1,013, amortization of debt discount $9,276, and, an increase in accounts payable and accrued expenses of $179,240, an increase in accrued liabilities - related party of $24,556 and an increase in accrued compensation of $46,200.
Current wording
Net cash used in operating activities for the six months ended June 30, 2026 was $222,352. The Company had a net loss of $599,982, amortization of right-of-use asset of $583 and an increase in prepaid and other current assets of $26, offset by loss on derivative liabilities of $11,494, amortization expense of $2,025, amortization of debt discount $21,222, security deposit used for rent $2,850, an increase in accounts payable and accrued expenses of $194,423, an increase in accrued liabilities - related party of $54,925 and an increase in accrued compensation of $91,300.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2025 was $273,969. The Company had a net loss of $1,531,659 offset by stock for services and compensation of $1,120,125, amortization expense of $1,013, amortization of right-of-use asset of $4, an increase in accounts payable and accrued expenses of $39,197, an increase in accrued liabilities - related party of $21,731 and an increase in accrued compensation of $82,988. The Company also had an increase prepaid and other current assets of $7,368.
Current wording
Net cash used in operating activities for the six months ended June 30, 2025 was $458,658. The Company had a net loss of $1,854,316 and amortization of right-of-use asset of $110, offset by stock for services and compensation of $1,120,125, amortization expense of $2,025, an increase in accounts payable and accrued expenses of $133,004, an increase in accrued liabilities - related party of $43,462 and an increase in accrued compensation of $95,238. The Company also had a decrease in prepaid and other current assets of $1,914.
Previous wording
The Company did not have any investing activities during the three months ended March 31, 2026 and March 31, 2025.
Current wording
The Company did not have any investing activities during the six months ended June 30, 2026 and June 30, 2025.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2026 was $20,119. This was due to the result of the Company receiving proceeds of $26,250 from notes payable offset by repayments of notes payable of $6,131.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2026 was $181,598. This was due to the result of the Company receiving proceeds of $96,250 from notes payable and $100,674 in proceeds from the sale of stock offset by repayments of notes payable of $15,326.
Previous wording
Net cash provided by financing activities for the three months ended March 31, 2025 was $110,000. This was due to the result of the Company receiving proceeds of $90,000 from convertible notes and a $20,000 advance from a related party.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2025 was $290,000. This was due to the result of the Company receiving proceeds of $290,000 from convertible notes, receiving advances from related party of $20,000 offset by repayment of advances from related party of $20,000.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
On March 6, 2026, the FDA communicated their approval of the external audit firm that we had proposed on February 16 to conduct a GCP Audit of our procedures, process and personnel. This audit is expected to be completed by the end of October 2026. On July 6, 2026, we approved a proposal by NAMSA, a global CRO specializing in medical devices, to serve as Sponsor in our planned clinical study. We are currently working with NAMSA to complete their diligence and assist in developing an Investigational Device Exemption (IDE) application that NAMSA will submit to the FDA.
Current report — wording carried from elsewhere
The decrease in operating expenses was primarily due to a decrease of $77,131 in research and development expenses as the Company purchased fewer external lab testing services and a decrease in professional expenses of $23,751, as the Company terminated the services of certain consultants.
Current report — wording carried from elsewhere
Our net loss for the three months ended June 30, 2026 was $284,140 as compared to net loss of $315,187 for the comparable period of the prior year. The decrease in the net loss is due to the Company having a decrease in operating expenses of $101,506 offset by an increase in other expense of $70,459, as explained above.
Current report — wording carried from elsewhere
Results of Operations for the six months ending June 30, 2026 and 2025
Current report — wording carried from elsewhere
The following table sets forth a summary of certain key financial information for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Company had $0 of revenues during the six months ended June 30, 2026 and 2025. The Company did not generate any revenues in the current quarter due to the continued focus of the Company’s capital and resources towards obtaining a PMA.
Current report — wording carried from elsewhere
Other income (expense) for the six months ended June 30, 2026 and 2025 was $(167,551) and $(89,274), respectively. The increase in other expense was due to an increase in interest expense of $66,783 from the outstanding convertible notes and loan balances that are interest bearing and an increase in loss on derivative liabilities of $11,494.