Cytosorbents Corp Q2 2024 Update: Revenue and Cash Position

TL;DR

Cytosorbents Q2: $8.46M revenue YTD, $11.6M cash. Keep an eye on burn rate.

AI Summary

Cytosorbents Corp filed its 10-Q for the period ending June 30, 2024. The company reported $8.46 million in revenue for the six months ended June 30, 2024. Key financial figures include $11.6 million in cash and cash equivalents and $594,000 in accounts receivable as of June 30, 2024. The filing also details stock-based compensation, including restricted stock units granted to executive officers.

Why It Matters

This filing provides investors with a quarterly update on Cytosorbents' financial performance, including revenue generation and cash reserves, which are crucial for assessing the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The company's financial performance and cash burn rate are key factors that could impact its future viability.

Key Numbers

• $8.46M — Revenue (For the six months ended June 30, 2024)
• $11.6M — Cash and Cash Equivalents (As of June 30, 2024)
• $0.59M — Accounts Receivable (As of June 30, 2024)

Key Players & Entities

• Cytosorbents Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $8.46 million (dollar_amount) — Revenue for the six months ended June 30, 2024
• $11.6 million (dollar_amount) — Cash and cash equivalents as of June 30, 2024
• $594,000 (dollar_amount) — Accounts receivable as of June 30, 2024

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share CTSO Nasdaq Cap
• $8.4 million — $ 14.9 million, including approximately $8.4 million in cash and cash equivalents and approx

Filing Documents

• ctso-20240630x10q.htm (10-Q) — 1545KB
• ctso-20240630xex31d1.htm (EX-31.1) — 13KB
• ctso-20240630xex31d2.htm (EX-31.2) — 13KB
• ctso-20240630xex32d1.htm (EX-32.1) — 8KB
• ctso-20240630xex32d2.htm (EX-32.2) — 8KB
• 0001410578-24-001368.txt ( ) — 7602KB
• ctso-20240630.xsd (EX-101.SCH) — 56KB
• ctso-20240630_cal.xml (EX-101.CAL) — 49KB
• ctso-20240630_def.xml (EX-101.DEF) — 219KB
• ctso-20240630_lab.xml (EX-101.LAB) — 474KB
• ctso-20240630_pre.xml (EX-101.PRE) — 374KB
• ctso-20240630x10q_htm.xml (XML) — 1356KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 42 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 June 30, 2024 December 31, (Unaudited) 2023 ASSETS Current Assets: Cash and cash equivalents $ 8,458,708 $ 14,131,137 Grants and accounts receivable, net of allowance of $ 88,017 as of June 30, 2024 and $ 49,663 at December 31, 2023 7,822,823 6,057,072 Inventories 4,316,752 3,680,129 Prepaid expenses and other current assets 1,357,017 1,834,485 Total current assets 21,955,300 25,702,823 Property and equipment, net 9,423,649 10,056,354 Restricted cash 6,483,958 1,483,958 Right-of-use assets 11,789,539 12,058,896 Other assets 3,774,345 3,958,603 Total Assets $ 53,426,791 $ 53,260,634 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 3,047,038 $ 3,802,170 Current maturities of long-term debt — 2,500,000 Lease liability – current portion 412,067 373,636 Accrued expenses and other current liabilities 6,877,163 7,870,149 Total current liabilities 10,336,268 14,545,955 Lease liability, net of current portion 12,680,725 12,896,659 Long-term debt 13,673,195 2,542,857 Total Liabilities 36,690,188 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 at June 30, 2024 and December 31, 2023 — — Common Stock, Par Value $ 0.001 , 100,000,000 shares authorized; 54,306,415 and 54,240,265 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 54,306 54,240 Additional paid-in capital 307,514,758 305,196,874 Accumulated other comprehensive income 2,173,818 529,321 Accumulated deficit ( 293,006,279 ) ( 282,505,272 ) Total Stockholders' Equity 16,736,603 23,275,163 Total Liabilities and Stockholders' Equity $ 53,426,791 $ 53,260,634 See accompanying notes to consolidated financ

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (UNAUDITED) June 30, 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 and six months ended June 30, 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 June 30, 2024, the Company's cash, cash equivalents and restricted cash balances were approximately $ 14.9 million, including approximately $8.4 million in cash and cash equivalents and approximately $ 6.5 million in restricted cash, the unrestricted portion of 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

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View this 10-Q filing on SEC EDGAR