Cytosorbents Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cytosorbents Corp filed its 2023 10-K, detailing executive compensation and financial structure.</b>

AI Summary

Cytosorbents Corp (CTSO) filed a Annual Report (10-K) with the SEC on March 15, 2024. Cytosorbents Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing details executive compensation, including stock options and restricted stock units for various senior management roles. Key dates for performance-based awards granted to executives are noted, such as September 18, 2023, and August 10, 2022. The report includes information on the company's financial structure as of December 31, 2023, such as retained earnings and additional paid-in capital. The company was formerly known as MedaSorb Technologies CORP and GILDER ENTERPRISES INC.

Why It Matters

For investors and stakeholders tracking Cytosorbents Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cytosorbents Corp's financial performance and executive compensation structure for the fiscal year 2023, which is crucial for investors to assess management's incentives and the company's financial health. Understanding the details of stock options and performance-based awards can offer insights into management's confidence in future growth and their alignment with shareholder interests.

Risk Assessment

Risk Level: medium — Cytosorbents Corp shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's operations and financials, but lacks specific forward-looking guidance or significant new developments that would strongly indicate a bullish or bearish outlook.

Analyst Insight

Investors should review the detailed executive compensation and financial statements within the 10-K to understand management's incentives and the company's financial position.

Executive Compensation

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-15 — Filing Date (Date the 10-K was filed)
• 001-36792 — SEC File Number (Cytosorbents Corp's SEC file number)

Key Players & Entities

• Cytosorbents Corp (company) — Filer of the 10-K report
• MedaSorb Technologies CORP (company) — Former name of Cytosorbents Corp
• GILDER ENTERPRISES INC (company) — Former name of Cytosorbents Corp
• 2023-12-31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date

FAQ

Risk Factors

• Financial Condition [medium — financial]: The company's financial condition, including its ability to fund operations and future growth, is a key consideration.
• Market Acceptance [medium — market]: The success of the company's products depends on market acceptance and adoption by healthcare providers.
• Regulatory Approvals [high — regulatory]: Obtaining and maintaining necessary regulatory approvals for its medical devices is critical.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC

Key Financial Figures

• $0.001 — nge on which registered: Common Stock, $0.001 par value CTSO The Nasdaq Stock Mar
• $400 million — signed to support annual sales of up to $400 million while improving product gross margins a

Filing Documents

• ctso-20231231x10k.htm (10-K) — 2641KB
• ctso-20231231xex21d1.htm (EX-21.1) — 7KB
• ctso-20231231xex23d1.htm (EX-23.1) — 2KB
• ctso-20231231xex31d1.htm (EX-31.1) — 12KB
• ctso-20231231xex31d2.htm (EX-31.2) — 13KB
• ctso-20231231xex32d1.htm (EX-32.1) — 7KB
• ctso-20231231xex32d2.htm (EX-32.2) — 7KB
• ctso-20231231xex97d1.htm (EX-97.1) — 38KB
• 0001410578-24-000201.txt (&nbsp;) — 11327KB
• ctso-20231231.xsd (EX-101.SCH) — 67KB
• ctso-20231231_cal.xml (EX-101.CAL) — 68KB
• ctso-20231231_def.xml (EX-101.DEF) — 242KB
• ctso-20231231_lab.xml (EX-101.LAB) — 587KB
• ctso-20231231_pre.xml (EX-101.PRE) — 469KB
• ctso-20231231x10k_htm.xml (XML) — 2170KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 48

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 62

Cybersecurity

Item 1C. Cybersecurity 62

Properties

Item 2. Properties. 63

Legal Proceedings

Item 3. Legal Proceedings. 63

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 63 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 64

Reserved

Item 6. Reserved 64

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 64

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 73

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 73

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 73

Controls and Procedures

Item 9A. Controls and Procedures. 73

Other Information

Item 9B. Other Information. 73

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection. 73 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 74

Executive Compensation

Item 11. Executive Compensation. 75

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 75

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 75

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 75 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 76

Form 10-K Summary

Item 16. Form 10-K Summary 79 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, or this Report, contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "predict," "project," "forecast," "potential," "continue," negatives thereof or similar expressions. These forward-looking statements are found at various places throughout this Report and include information concerning possible or assumed future results of our operations; business strategies; future cash flows; financing plans; plans and objectives of management; any other statements regarding future operations, future cash needs, business plans and future financial results, and any other statements that are not historical facts. Unless otherwise indicated, the terms "CytoSorbents," "Company," "we," "us" and "our" refer to CytoSorbents Corporation. From time to time, forward-looking statements also are included in our other periodic reports on Forms 10-Q and 8-K, in our press releases, in our presentations, on our website and in other materials released to the public. Any or all of the forward-looking statements included in this Report and in any other reports or public statements made by us are not guarantees of future performance and may turn out to be inaccurate. These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and cou

Business

Item 1. Business. Overview We are a leader in the treatment of life-threatening conditions in intensive care ("ICU") and cardiac surgery using blood purification via our proprietary polymer adsorption technology. We have a number of products commercialized and in development based on this technology platform. Our flagship product, CytoSorb, is already commercialized, and is being used to reduce deadly uncontrolled inflammation and dangerous substances in hospitalized patients around the world, with the goal of preventing or treating multiple organ failure, bleeding, and other potentially fatal complications. Organ failure is the cause of nearly half of all deaths in the ICU, with little to improve clinical outcome. CytoSorb, is approved in the European Union ("EU") as an effective extracorporeal cytokine absorber, designed to reduce the "cytokine storm" or "cytokine release syndrome" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, cytokine release syndrome due to cancer immunotherapy, and pancreatitis. These are conditions where the mortality is extremely high, yet few to no effective treatments exist. In May 2018, we received a label expansion for CytoSorb covering use of the device for the removal of bilirubin and myoglobin in the treatment of liver disease and trauma, respectively. In January 2020, we received CE-Mark label expansion for CytoSorb covering the use of the device for the removal of the anti-platelet agent, ticagrelor, in patients undergoing surgery requiring cardiopulmonary bypass. In April 2020, the United States Food and Drug Administration (the "FDA") granted Breakthrough Device Designation to CytoSorb for the removal of ticagrelor in a cardiopulmonary bypass circuit during emergent and urgent cardiothoracic surgery. In April 2020, we announced that the U.S. FDA has granted U.S. Emergency Use Authorization ("EUA") of CytoSorb for use in criti

View Full Filing

View this 10-K filing on SEC EDGAR