Cytosorbents Corp Files Q3 2024 10-Q
Ticker: CTSO · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1175151
| Field | Detail |
|---|---|
| Company | Cytosorbents CORP (CTSO) |
| Form Type | 10-Q |
| Filed Date | Nov 7, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001, $250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, stock-grants
TL;DR
Cytosorbents Corp's Q3 2024 10-Q is in. Check financials.
AI Summary
Cytosorbents Corp filed a 10-Q for the period ending September 30, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details are disclosed in this quarterly report.
Why It Matters
This filing provides investors with the latest financial performance and operational status of Cytosorbents Corp, crucial for understanding the company's trajectory and investment potential.
Risk Assessment
Risk Level: medium — As a medical device company, Cytosorbents Corp faces inherent risks related to product development, regulatory approvals, market adoption, and competition, which are typical for the industry.
Key Numbers
- 11,600,000 — Common Stock Shares (Likely related to share count or outstanding shares as of a certain date.)
- 594,000 — Restricted Stock Units (Represents grants of restricted stock units to executives.)
Key Players & Entities
- Cytosorbents Corp (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-11-07 (date) — Filing date
- MedaSorb Technologies CORP (company) — Former company name
- GILDER ENTERPRISES INC (company) — Former company name
FAQ
What were Cytosorbents Corp's total revenues for the quarter ending September 30, 2024?
The filing does not explicitly state total revenues in the provided snippet, but it details financial reporting periods and stock-related information.
Did Cytosorbents Corp issue any new debt during this reporting period?
The provided text does not contain information about new debt issuance.
What is the company's current cash position as of September 30, 2024?
Specific cash and cash equivalents figures are not present in the provided excerpt.
How many common stock shares were outstanding at the end of the reporting period?
The filing mentions '11600000' in relation to common stock, which could represent outstanding shares or a related metric.
Were there any significant executive stock transactions reported in this 10-Q?
The filing notes Restricted Stock Units (RSUs) granted to the Chief Financial Officer and other executives on dates such as August 14, 2024, and July 7, 2023.
Filing Stats: 4,382 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-11-07 16:33:00
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share CTSO Nasdaq Cap
- $250,000 — swept daily in increments of less than $250,000 and deposited in a number of IntraFi's
Filing Documents
- ctso-20240930x10q.htm (10-Q) — 1626KB
- ctso-20240930xex10d1.htm (EX-10.1) — 11KB
- ctso-20240930xex31d1.htm (EX-31.1) — 13KB
- ctso-20240930xex31d2.htm (EX-31.2) — 13KB
- ctso-20240930xex32d1.htm (EX-32.1) — 8KB
- ctso-20240930xex32d2.htm (EX-32.2) — 8KB
- 0001410578-24-001795.txt ( ) — 7482KB
- ctso-20240930.xsd (EX-101.SCH) — 54KB
- ctso-20240930_cal.xml (EX-101.CAL) — 51KB
- ctso-20240930_def.xml (EX-101.DEF) — 214KB
- ctso-20240930_lab.xml (EX-101.LAB) — 457KB
- ctso-20240930_pre.xml (EX-101.PRE) — 363KB
- ctso-20240930x10q_htm.xml (XML) — 1307KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Notes to Condensed 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 24
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 32
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 32
Other Information
Item 5. Other Information 32
Exhibits
Item 6. Exhibits 33
Signatures
Signatures 34 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 CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, (Unaudited) 2023 ASSETS Current Assets: Cash and cash equivalents $ 5,685,328 $ 14,131,137 Grants and accounts receivable, net of allowance of $ 160,246 as of September 30, 2024 and $ 49,663 at December 31, 2023 6,632,590 6,057,072 Inventories 3,247,756 3,680,129 Prepaid expenses and other current assets 1,031,694 1,834,485 Total current assets 16,597,368 25,702,823 Property and equipment, net 9,269,899 10,056,354 Restricted cash 6,483,958 1,483,958 Right-of-use assets 11,651,563 12,058,896 Other assets 3,801,223 3,958,603 Total Assets $ 47,804,011 $ 53,260,634 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,338,143 $ 3,802,170 Current maturities of long-term debt — 2,500,000 Lease liability – current portion 431,997 373,636 Accrued expenses and other current liabilities 5,660,051 7,870,149 Total current liabilities 8,430,191 14,545,955 Lease liability, net of current portion 12,568,745 12,896,659 Long-term debt 13,805,985 2,542,857 Total Liabilities 34,804,921 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 September 30, 2024 and December 31, 2023 — — Common Stock, Par Value $ 0.001 , 100,000,000 shares authorized; 54,500,613 and 54,240,265 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 54,498 54,240 Additional paid-in capital 308,441,887 305,196,874 Accumulated other comprehensive income (loss) ( 156,925 ) 529,321 Accumulated deficit ( 295,340,370 ) ( 282,505,272 ) Total Stockholders' Equity 12,999,090 23,275,163 Total Liabilities and Stockholders' Equity $ 47,804,011 $ 53,260,634 See acc