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•	The Company currently has active or committed Evaluation Programs with independent dialysis clinics and small dialysis chains representing more than 2,250 patients and 36 clinics, a 260% increase from December 31, 2019.

•	Signed contracts with four additional clinics during the first quarter of 2020, and an additional eight clinics that are affiliated with MDO were trained and approved for adoption as of March 31, 2020.

•	Nearly 2,000 contracted patients on therapy as of March 31, 2020, representing over 300,000 annualized treatments.

•	Triferic net sales were $0.3 million in the first quarter of 2020.

•	Entered into exclusive license and supply agreements with Sun Pharma for the rights to commercialize Triferic Dialysate in India. Rockwell Medical received an upfront fee and will be eligible for milestone payments and royalties on net sales.

•

With respect to the COVID-19 pandemic, the Company has implemented precautions to reduce the risk of possible exposure by restricting employee travel, adopting new preventative safety measures within our manufacturing facilities, instituting a work-from-home policy for substantially all employees, excluding our essential manufacturing and distribution employees, and leveraging virtual technology for the sales force to use in its communications with customers. The Company has experienced no material impact on its supply chain to date, and has experienced a small increase in demand for its dialysis concentrates products, believed to be attributed to customers building safety stock and turning to Rockwell Medical in instances where other suppliers have not been able to meet demand.

•	On March 27, 2020, Rockwell Medical announced that the FDA approved its New Drug Application for Triferic AVNU, its intravenous formulation of Triferic.

•	With this approval, Triferic AVNU joins Triferic Dialysate as the only FDA-approved products indicated to replace iron and maintain hemoglobin in adult patients with hemodialysis-dependent chronic kidney disease.

•

The Company has initiated a commercial strategy to leverage the experience gained from the 2019 launch of Triferic Dialysate and lay the groundwork for the commercial introduction of Triferic AVNU. The Company expects to launch evaluation programs during the third quarter of 2020 to allow clinics to gain direct experience with Triferic AVNU, and expects Triferic AVNU to be available commercially during the fourth quarter of 2020, following the completion of the initial evaluation programs.

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•	A more than 23% reduction in ESAs utilized per patient, per week during the sixth quarter after Triferic Dialysate administration vs. baseline.

•	A 74% reduction in traditional IV iron (ferric gluconate) utilization per patient, per week, beginning at month 3 and continuing through the observation period vs. baseline.

•	Stable to increasing hemoglobin levels, with consistent hemoglobin control throughout the observation period.

•	A meaningful reduction in missed treatments of nearly one-fifth and one-half for the 5th and 6th quarters, respectively.

•	Improvements in key quality of life indicators as measured by KDQOLTM-36.

•	The Company announced the appointment of Russell H. Ellison, M.D., M.Sc., as President and Chief Executive Officer, effective April 20, 2020. Dr. Ellison, who will continue to serve as a member of the Board of Directors for Rockwell Medical, brings broad medical, clinical development and leadership experience to the role.

•	The Company announced the appointment of Robert S. Radie to its Board of Directors, effective March 31, 2020. Mr. Radie brings more than three decades of industry experience, working in senior executive roles with both public and private pharmaceutical and biotech companies across a range of therapeutic areas.

•

On March 17, 2020, the Company entered into a debt financing agreement with an affiliate of Innovatus Capital Partners, LLC ("Innovatus") to provide the Company with up to $35.0 million in term loans. The first $22.5 million tranche was funded on March 16, 2020. The Company will be eligible to draw on a second tranche of $5.0 million following the completion of certain milestones, which includes the FDA approval of Triferic AVNU, and

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•	The Company completed the pricing of an underwritten public offering of the Company’s common stock in February 2020 for gross proceeds of approximately $8.1 million, before deducting issuance costs.

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ROCKWELL MEDICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

	March 31, 2020				December 31, 2019
ASSETS
Cash and Cash Equivalents	$	37,399,801			$	11,794,526
Investments Available-for-Sale	11,456,285				14,250,176
Accounts Receivable, net	4,586,748				4,202,725
Inventory	4,292,768				3,646,906
Prepaid and Other Current Assets	1,758,002				2,979,504
Total Current Assets	59,493,604				36,873,837
Property and Equipment, net	2,430,113				2,433,405
Inventory, Non-Current	623,000				441,000
Right of Use Assets, net	2,797,759				3,212,530
Goodwill	920,745				920,745
Other Non-Current Assets	560,588				434,935
Total Assets	$	66,825,809			$	44,316,452
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts Payable	$	3,123,181			$	3,018,424
Accrued Liabilities	6,160,047				4,517,732
Settlement Payable	57,000				104,000
Lease Liability - Current	1,351,348				1,493,394
Deferred License Revenue - Current	2,179,383				2,233,640
Insurance Financing Note Payable	190,855				763,422
Customer Deposits	146,831				55,100
Other Current Liability - Related Party	148,523				187,849
Total Current Liabilities	13,357,168				12,373,561
Lease Liability - Long-Term	1,559,749				1,780,626
Term Loan, Net of Issuance Costs	20,683,704				—
Deferred License Revenue - Long-Term	9,450,983				9,842,762
Total Liabilities	45,051,604				23,996,949
Stockholders’ Equity:
Preferred Stock, $0.0001 par value, no shares issued and outstanding at March 31, 2020 and December 31, 2019	—				—
Common Stock, $0.0001 par value; 170,000,000 shares authorized; 69,049,102 and 65,378,890 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	6,905				6,538
Additional Paid-in Capital	336,216,422				326,777,250
Accumulated Deficit	(314,500,003		)		(306,516,265		)
Accumulated Other Comprehensive Income	50,881				51,980
Total Stockholders’ Equity	21,774,205				20,319,503
Total Liabilities And Stockholders’ Equity	$	66,825,809			$	44,316,452

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ROCKWELL MEDICAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
Net Sales	$	15,856,539			$	15,559,439
Cost of Sales	14,743,613				14,549,047
Gross Profit	1,112,926				1,010,392
Selling and Marketing	2,072,798				3,102,378
General and Administrative	5,273,433				6,220,499
Research and Product Development	1,821,488				497,276
Operating Loss	(8,054,793		)		(8,809,761		)
Other Income (Expense)
Realized Gain on Investments	1,929				13,888
Interest Expense	(101,951		)		—
Interest Income	171,077				117,526
Total Other Income	71,055				131,414
Net Loss	$	(7,983,738	)		$	(8,678,347	)
Basic and Diluted Net Loss per Share	$	(0.12	)		$	(0.15	)
Basic and Diluted Weighted Average Shares Outstanding	67,518,240				57,098,947