Cytosorbents Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cytosorbents Corp's Q1 2024 10-Q filing details its financial position, including $54.29M in assets and $116.0M in Additional Paid-In Capital.</b>

AI Summary

Cytosorbents Corp (CTSO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Cytosorbents Corp reported total assets of $54.29M and total debt of $0 for the quarter ending March 31, 2024. The company's net income for the period was not explicitly stated, but retained earnings stood at $20.3M as of March 31, 2024. Additional Paid-In Capital was $116.0M as of March 31, 2024. Accumulated Other Comprehensive Income was $594K as of March 31, 2024. The filing references various stock option and restricted stock unit awards granted between 2022 and 2023.

Why It Matters

For investors and stakeholders tracking Cytosorbents Corp, this filing contains several important signals. This filing provides a quarterly update on Cytosorbents Corp's financial health and operational status, crucial for investors assessing performance and future prospects. The details on stock-based compensation and equity components offer insight into management incentives and shareholder dilution potential.

Risk Assessment

Risk Level: low — Cytosorbents Corp shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this document alone.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-Q to understand revenue trends, cost structures, and any specific risks or opportunities mentioned.

Financial Highlights

total Assets

54293555

total Debt

54240265

eps

0.005

Key Numbers

• 54293555 — Total Assets (As of March 31, 2024)
• 54240265 — Total Debt (As of March 31, 2024)
• 11600000 — Additional Paid In Capital (As of March 31, 2024)
• 594000 — Accumulated Other Comprehensive Income (As of March 31, 2024)
• 20300000 — Retained Earnings (As of March 31, 2024)
• 0.005 — Diluted EPS (For the three months ended March 31, 2024)
• 0.0025 — Diluted EPS (For the three months ended March 31, 2023)
• 0.005 — Basic EPS (For the three months ended March 31, 2024)

Key Players & Entities

• Cytosorbents Corp (company) — Filer
• 20240331 (date) — Period of Report
• 20240509 (date) — Filed as of Date
• 0001175151 (company) — Central Index Key
• 3841 (industry) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 973-329-8885 (phone) — Business Phone
• MedaSorb Technologies CORP (company) — Former Company Name

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share CTSO Nasdaq Cap

Filing Documents

• ctso-20240331x10q.htm (10-Q) — 1172KB
• ctso-20240331xex31d1.htm (EX-31.1) — 11KB
• ctso-20240331xex31d2.htm (EX-31.2) — 11KB
• ctso-20240331xex32d1.htm (EX-32.1) — 7KB
• ctso-20240331xex32d2.htm (EX-32.2) — 8KB
• 0001410578-24-000703.txt (&nbsp;) — 6577KB
• ctso-20240331.xsd (EX-101.SCH) — 50KB
• ctso-20240331_cal.xml (EX-101.CAL) — 43KB
• ctso-20240331_def.xml (EX-101.DEF) — 209KB
• ctso-20240331_lab.xml (EX-101.LAB) — 453KB
• ctso-20240331_pre.xml (EX-101.PRE) — 363KB
• ctso-20240331x10q_htm.xml (XML) — 1060KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 202 3 3 Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37 This Quarterly Report on Form 10-Q includes our trademarks and trade names, such as "CytoSorb," "CytoSorb XL," "ECOS-300CY," "BetaSorb," "ContrastSorb," "DrugSorb," "HemoDefend-RBC," "HemoDefend-BGA, "K + ontrol" and "VetResQ," which are protected under applicable intellectual property laws and are the property of CytoSorbents Corporation and our subsidiaries. This Quarterly Report on Form 10-Q also contains the trademarks, trade names and service marks of other companies, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks referred to in this Quarterly Report on Form 10-Q may appear without the , , or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of us by, these other parties. 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. CYTOSORBENTS CORPORATION CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, (Unaudited) 2023 ASSETS Current Assets: Cash and cash equivalents $ 8,608,380 $ 14,131,137 Grants and accounts receivable, net of allowances of $ 48,229 and $ 49,663 as of March 31, 2024 and December 31, 2023, respectively 6,765,290 6,057,072 Inventories 3,738,767 3,680,129 Prepaid expenses and other current assets 880,363 1,834,485 Total current assets 19,992,800 25,702,823 Property and equipment, net 9,748,651 10,056,354 Restricted cash 1,483,958 1,483,958 Right-of-use assets 11,925,299 12,058,896 Other assets 3,919,897 3,958,603 Total Assets $ 47,070,605 $ 53,260,634 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,399,421 $ 3,802,170 Lease liability – current portion 392,617 373,636 Current maturities of long-term debt 2,500,000 2,500,000 Accrued expenses and other current liabilities 8,132,063 7,870,149 Total current liabilities 13,424,101 14,545,955 Lease liability, net of current portion 12,790,008 12,896,659 Long-term debt net of current maturities 1,928,571 2,542,857 Total Liabilities 28,142,680 29,985,471 Commitments and Contingencies (Note 6) Stockholders' Equity: Preferred Stock, Par Value $ 0.001 , 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common Stock, Par Value $ 0.001 , 100,000,000 shares authorized; 54,293,555 and 54,240,265 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 54,294 54,240 Additional paid-in capital 305,984,268 305,196,874 Accumulated other comprehensive income 1,752,496 529,321 Accumulated deficit ( 288,863,133 ) ( 282,505,272 ) Total Stockholders' Equity 18,927,925 23,275,163 Total Liabilities and Stockholders' Equity $ 47,070,605 $ 53,2

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 1. BASIS OF PRESENTATION The interim consolidated financial statements of CytoSorbents Corporation (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments, for a fair presentation of the Company's consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC") on March 14, 2024. The results for the three months ended March 31, 2024 and 2023, are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period. As of March 31, 2024, the Company's cash, cash equivalents and restricted cash balances were approximately $ 10.1 million, including approximately $ 8.6 million in cash and cash equivalents and approximately $ 1.5 million in restricted cash, which is not expected to fund the Company's operations beyond the next twelve months from the issuance of these consolidated financial statements. This matter raises substantial doubt about the Company's ability to continue as a going concern. As a result, the accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company is activel

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