Guardion Health Sciences, Inc. (GHSI): History, Ownership, Mission, How It Works & Makes Money

Guardion Health Sciences, Inc. (GHSI)-a name once focused on ocular health innovation-is now executing a plan of dissolution; how do you analyze a company winding down operations after a major strategic pivot?

Despite a forecasted annual revenue of $15 million for the 2025 fiscal year, the company's decisive move in 2024 to sell its Viactiv brand for $17.2 million gross cash consideration fundamentally shifted its value proposition from growth to asset distribution.

We'll break down the history, core mission, and mechanics of a firm that is returning capital to shareholders, including a recent cash distribution of $3.25 per share, so you can accurately assess the final remaining value for stockholders in this specialty health sciences firm.

Guardion Health Sciences, Inc. (GHSI) History

You're looking for the foundational story of Guardion Health Sciences, Inc., and honestly, it's a tale of strategic pivots that culminated in a major wind-down. The direct takeaway is that the company, originally focused on ocular health, is now in the final stages of a legal dissolution following the sale of its primary revenue-generating asset, the Viactiv brand, in 2024. This shift defines its current financial reality.

Given Company's Founding Timeline

Guardion Health Sciences, Inc. started with a specialized focus on clinical nutrition for eye health, a mission that has defined its product line for over a decade, though its corporate structure saw a few changes early on.

Year established

The company was formally established in 2009, though the current corporate entity, Guardion Health Sciences, Inc., was incorporated in 2015.

Original location

The original corporate office and main warehouse facility were located in San Diego, California, before a move to reduce overhead in 2021.

Founding team members

While the full original founding team isn't public, a key early figure in the company's financial leadership was David Saperstein, who served as Chief Financial Officer.

Initial capital/funding

Specific details on the precise initial capital or seed funding at the company's inception are not readily available, but the company later raised capital through public markets to fuel its growth and acquisitions.

Given Company's Evolution Milestones

The company's path was marked by acquisitions to expand its portfolio and, ultimately, a major strategic sale to return capital to shareholders. It's a classic example of a small-cap firm finding its exit. You can see the financial implications of this final move in Breaking Down Guardion Health Sciences, Inc. (GHSI) Financial Health: Key Insights for Investors.

Given Company's Transformative Moments

The most significant shift wasn't a product launch, but the decision to liquidate. This was a clear, decisive action to maximize shareholder value after a strategic review, and it completely changed the company's trajectory from an operating business to a liquidating entity.

Here's the quick math on the shareholder return: the company declared a significant cash dividend of $5.00 per share in August 2024, followed by a subsequent cash distribution of $3.25 per share in December 2024. That's a total of $8.25 per share in distributions announced in the lead-up to the dissolution.

• Exiting Operations: The sale of the Viactiv brand, which accounted for approximately 97.3% of Q1 2024 revenue, effectively ended Guardion Health Sciences, Inc.'s life as a going concern.
• Returning Capital: The liquidating distributions were a direct result of the sale, providing a substantial return to stockholders.
• 2025 Forecast: For the 2025 fiscal year, the company is forecasted to have annual revenue of $15 million and an annual earnings per share (EPS) of -$1.04. This reflects the residual business and the costs of the wind-down process, not a healthy operating entity.
• Final Step: The filing of the Certificate of Dissolution in October 2024 officially started the three-year clock for the final winding down of all business affairs. This is defintely the end of the line for GHSI as we knew it.

What this estimate hides is that the remaining operations are minimal, focusing only on the ocular health products like GlaucoCetin and Lumega-Z, which generated very small revenue in Q2 2024, like the $72,918 from ocular products. The company is now a shell focused on distributing cash.

Guardion Health Sciences, Inc. (GHSI) Ownership Structure

Guardion Health Sciences, Inc. is a publicly traded company, though its ownership structure is unique as of November 2025 because the company is in the final stages of liquidation and dissolution, having delisted from the NASDAQ Capital Market.

The company's decision to dissolve, approved by stockholders on May 31, 2024, means its current operations are solely focused on winding down business affairs, settling liabilities, and distributing remaining assets to shareholders over a period of up to three years from the effective dissolution date of October 30, 2024. This context is everything for understanding its ownership and governance right now; for a deeper dive into the numbers that led to this, you can check out Breaking Down Guardion Health Sciences, Inc. (GHSI) Financial Health: Key Insights for Investors.

Given Company's Current Status

Guardion Health Sciences, Inc. is a former NASDAQ-listed entity, having voluntarily delisted its common stock (GHSI) from the exchange, effective on October 21, 2024, and is now trading on the over-the-counter (OTC) market, specifically the OTCPK.

The company is legally operating under a Plan of Liquidation and Dissolution, which the Board of Directors unanimously recommended and stockholders approved. This action followed the sale of its key asset, the Viactiv® brand and business, which generated cash for distribution. The company declared a cash distribution of $3.25 per share for stockholders of record as of the effective date of dissolution, October 30, 2024.

• The company's total shares outstanding as of September 30, 2024, were 1,349,956.
• Post-dissolution, shareholders retain only the right to receive distributions, not to trade on a major exchange.
• The goal is to maximize the final cash return to shareholders, so the Board's focus is on asset management, not business growth. That's the defintely the bottom line here.

Given Company's Ownership Breakdown

The ownership structure is highly concentrated among individual investors, which is typical for a company in the final stages of a liquidation. Institutional investors, who usually require liquidity and exchange listing, have largely exited their positions.

Here's the quick math: with only 2 disclosed institutional owners holding 13,705 shares as of August 2025, the institutional presence is minimal compared to the total float.

Given Company's Leadership

The current leadership team is focused on executing the Plan of Liquidation and Dissolution, a very different mandate than running a growth business. The key executive is an interim appointment, reflecting the temporary nature of the company's remaining existence.

• Mark Goldstone: Interim President and Interim Chief Executive Officer, appointed effective October 18, 2024. He is also a member of the Board of Directors.
• Robert N. Weingarten: Served as Chairman of the Board during the period leading up to the dissolution vote.

The Board of Directors, which includes Mr. Goldstone, is the governing body responsible for overseeing the winding-up process, including the discharge of liabilities and the final distribution of assets to shareholders in accordance with Delaware law.

Guardion Health Sciences, Inc. (GHSI) Mission and Values

Guardion Health Sciences, Inc.'s core purpose centered on using clinical nutrition to protect vision and improve life quality, but you need to know this mission is now being executed through a planned dissolution and liquidation process approved by stockholders in May 2024.

Guardion Health Sciences, Inc.'s Core Purpose

The company's cultural DNA was built on science-backed solutions for ocular health, specifically aiming to mitigate nutrient gaps that worsen age-related conditions like Age-related Macular Degeneration (AMD). This focus on preventative and supportive health is what drove their product development, like the medical food Lumega-Z.

Honesty, the company's purpose was noble, but the financial reality, with a forecasted annual revenue of only $15 million and a net loss (EPS) of -$1.04 per share for fiscal year 2025, shows the difficulty of scaling a mission-driven specialty health sciences business.

• Protect vision and improve the quality of life.
• Deliver innovative, science-based solutions.
• Guard the body from the forces of aging through clinical nutrition.

For a deeper dive into the numbers that led to this decision, you should read Breaking Down Guardion Health Sciences, Inc. (GHSI) Financial Health: Key Insights for Investors.

Official Mission Statement

Guardion Health Sciences, Inc. was dedicated to improving patient outcomes in the eye health sector, valuing innovation, integrity, and clinical rigor. This commitment meant investing heavily in products like the VectorVision CSV-1000, a device for contrast sensitivity testing.

The mission was to move beyond simple supplements and offer condition-specific medical foods and devices, which requires a much more defintely involved process of clinical support and physician adoption. This high bar for evidence-based products is a core value, but it also increases the cost of doing business.

Vision Statement

The company's vision was to shape the future of ocular health through intention and innovation, grounded firmly in science. This wasn't just about selling a product; it was about advancing health with velocity-getting nutritionally beneficial, easy-to-use products to market quickly.

The vision was expansive, seeking opportunities that would drive momentum for the company. Still, the reality is that the company ceased operations in October 2024, with the final phase being the distribution of remaining assets to stockholders, including a cash distribution of $3.25 per share declared in late 2024.

Guardion Health Sciences, Inc. Slogan/Tagline

While an official, single tagline is hard to pin down, the company's investor and corporate materials emphasized two key phrases that captured their operational philosophy:

• Shaping the future with momentum.
• Advancing health with velocity.

The focus on momentum and velocity highlights a drive to quickly address the significant market need, considering that over 11 million people in the US have some form of Age-related Macular Degeneration (AMD). This sense of urgency was a core part of their culture, even as they navigated a challenging financial landscape that ultimately led to the decision to liquidate.

Guardion Health Sciences, Inc. (GHSI) How It Works

As of November 2025, Guardion Health Sciences, Inc. is no longer operating as a traditional specialty health sciences company focused on growth; its sole function is to execute a Plan of Liquidation and Dissolution. The company's operations are now dedicated to winding down its business, selling off remaining assets like its ocular nutrition products, settling liabilities, and distributing residual cash to its shareholders.

Honestly, the company's work now is a financial and legal cleanup, not market expansion. For the fiscal year ending December 31, 2025, analysts forecast annual revenue of approximately $15 million, with a projected negative EBIT (Earnings Before Interest and Taxes) of around -$3 million, reflecting the costs of this wind-down process against residual sales and asset monetization.

Guardion Health Sciences, Inc.'s Product/Service Portfolio

Following the sale of the Viactiv® brand and business, the company's remaining portfolio is centered on its specialized ocular health products, which are being managed for final disposition.

Guardion Health Sciences, Inc.'s Operational Framework

The operational framework is a legally-mandated liquidation process, not a commercial one. The company filed its certificate of dissolution on October 30, 2024, and its activities are strictly limited by the General Corporation Law of the State of Delaware (DGCL).

The core process is simple: cash in, liabilities out, and the rest goes to shareholders. Under Delaware law, this wind-down will continue for up to three years from the dissolution date. What this estimate hides is the complexity of settling every claim.

• Asset Disposal: Systematically selling or otherwise disposing of remaining intellectual property, equipment, and inventory, including the Lumega-Z and GlaucoCetin product lines.
• Liability Management: Identifying, quantifying, and discharging all known and contingent liabilities, including taxes, vendor obligations, and potential litigation.
• Residual Business: Minimally managing the residual sales of remaining products to preserve asset value until final disposal.
• Cash Distribution: Preparing and executing one or more liquidating cash distributions to stockholders, with the first anticipated to total approximately $3.25 per share.

Guardion Health Sciences, Inc.'s Strategic Advantages

In a liquidation scenario, a company's strategic advantages shift from market dominance to efficient capital return. The advantage is in the speed and certainty of the wind-down.

• Liquidity Position: The $17.2 million cash proceeds from the sale of the Viactiv brand, completed in May 2024, provided immediate liquidity. This cash cushion is crucial for covering dissolution costs and maximizing the final distribution to shareholders.
• Defined Timeline: Operating under the DGCL provides a clear, three-year statutory period for winding down, which creates a firm deadline for creditors and accelerates the final asset distribution.
• Interim Leadership Focus: The appointment of an Interim President and CEO, Mark Goldstone, is a clear action to prioritize the liquidation process, ensuring a singular focus on fiduciary duties to shareholders over operational business development.

To be fair, the primary advantage for investors is the anticipated liquidating distribution, which offered a potential premium over the stock's trading price at the time of the announcement. For a deeper dive into the numbers that led to this decision, you should read Breaking Down Guardion Health Sciences, Inc. (GHSI) Financial Health: Key Insights for Investors.

Guardion Health Sciences, Inc. (GHSI) How It Makes Money

Guardion Health Sciences, Inc. is fundamentally a company in the process of liquidation and dissolution, so its primary method of generating value in the 2025 fiscal year is through the sale of its remaining assets and the management of its cash reserves, rather than traditional product sales.

The company ceased core business operations following the sale of its primary revenue driver, the Viactiv® brand, and its current financial activity centers on settling liabilities and distributing residual cash to shareholders per its approved Plan of Liquidation and Dissolution.

Given Company's Revenue Breakdown

The traditional revenue streams for Guardion Health Sciences have been largely eliminated. The Viactiv® brand, which accounted for approximately 97.2% of total revenue in 2023, was sold in 2024 for $17.2 million. The forecasted annual revenue of $15 million for the 2025 fiscal year is overwhelmingly composed of non-operating, liquidation-related items, with the remaining operating segment contributing a negligible amount.

Business Economics

The economic fundamentals of Guardion Health Sciences in 2025 are not those of a going concern; they are those of a controlled wind-down. The focus shifts from Gross Margin (GM) and Customer Acquisition Cost (CAC) to the net distributable cash per share (the liquidation value).

• Liquidation Value over Profit: The core economic driver is maximizing the final cash distribution to shareholders, which was estimated to be around $3.25 per share, paid out in stages. This is the only real return mechanism left.
• Cost Structure: Operating expenses are now almost entirely composed of liquidation costs (e.g., legal, administrative, and winding-down expenses) rather than Cost of Goods Sold (COGS) or Sales, General, and Administrative (SG&A). The goal is to minimize these costs to preserve cash.
• Remaining Segment Margin: The small remaining ocular health products and services segment, which generated just $72,918 in Q2 2024, operates with a gross margin that is now irrelevant to the company's overall value proposition. The business is defintely not focused on turning a profit from this segment.

Here's the quick math: The sale of the Viactiv® brand brought in $17.2 million in cash. That cash, minus liabilities and liquidation expenses, is the pool for shareholder distribution. The future value is tied to the efficiency of the wind-down, not product pricing.

Given Company's Financial Performance

The company's financial performance in 2025 is best measured by its balance sheet health and the progress of its liquidation plan, not its income statement. The traditional metrics reflect a company in terminal decline, which is by design.

• Forecasted Revenue: The projected annual revenue for 2025 is $15 million, which is a non-recurring figure that captures the final asset sales and non-operating income related to the wind-down.
• Earnings Per Share (EPS): The forecasted annual EPS for 2025 is a loss of -$1.04 per share. This negative figure reflects the administrative costs of the dissolution process exceeding the minimal operating revenue.
• Cash Position: The company reported a cash position of $14.8 million as of June 30, 2024, which forms the basis for the liquidating distributions to shareholders.
• Liquidity Ratios: Despite the losses, the company exhibited strong liquidity going into the dissolution, with a Quick Ratio of 16.17 and a Current Ratio of 16.67 in late 2024. This high ratio is a sign of a company holding significant cash and minimal current liabilities, which is exactly what you want to see in a liquidation scenario.

To be fair, the liquidation plan makes the negative EPS and minimal operating revenue completely expected; they are not a sign of operational failure, but the final stage of a strategic exit. You can find more detail on the transition in Breaking Down Guardion Health Sciences, Inc. (GHSI) Financial Health: Key Insights for Investors.

Guardion Health Sciences, Inc. (GHSI) Market Position & Future Outlook

Guardion Health Sciences, Inc. is not pursuing a growth strategy; its future outlook is defined entirely by its court-approved Plan of Liquidation and Dissolution, a process initiated after the sale of its primary revenue driver, the Viactiv brand. The company's near-term focus is to maximize the value of its residual ocular health assets and distribute the remaining cash to shareholders, with a forecasted $15 million in annual revenue for the 2025 fiscal year, primarily reflecting wind-down activities.

Competitive Landscape

Following the sale of Viactiv, Guardion Health Sciences operates solely within the specialized, science-based niche of ocular medical foods and nutraceuticals, such as Lumega-Z and GlaucoCetin. The global eye health supplement market is a large, fragmented space valued at approximately $2.72 billion in 2025, which means the company's remaining products hold a minimal market presence against industry giants.

Opportunities & Challenges

The company's strategic initiatives are now limited to the efficient execution of the dissolution plan, which is the only clear path to returning value to stockholders. The primary opportunity is realizing the anticipated liquidating distribution, while the core challenge is managing the costs and legal risks inherent in winding down a public company.

Industry Position

Guardion Health Sciences now occupies a temporary and diminishing position within the clinical nutrition sector, specifically in the niche of ocular health supplements. The company is no longer a major market participant after the sale of Viactiv, which accounted for approximately 97% of its revenue prior to the dissolution process. Its industry standing is defined by the value of its remaining assets and its ability to successfully complete the dissolution.

• The remaining products, like Lumega-Z, compete in a high-growth segment-the eye health supplements market is projected to grow at a 7.43% Compound Annual Growth Rate (CAGR) through 2030, but GHSI is not positioned to capture this growth.
• The company's primary value proposition shifted from product innovation to capital return, with the liquidation process prioritizing creditor claims before distributing residual cash to shareholders.
• The operational focus is on settling liabilities and managing the legal and administrative aspects of the wind-down, not market expansion.

You can review the company's foundational principles that led to this point in the Mission Statement, Vision, & Core Values of Guardion Health Sciences, Inc. (GHSI). Honestly, the company's future is less about market share and more about the final cash distribution.