$CTSO

Cytosorbents Corp

CIK:0001175151|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenue, net	$ 9,633	$ 9,617	$ 18,497	$ 18,344
Cost of goods sold	2,584	2,803	5,318	5,323
Gross profit	7,049	6,814	13,179	13,021
Operating expenses
Research and development, net of grant income	1,453	1,262	2,478	2,924
Selling, general and administrative	7,964	9,167	16,073	17,599
Restructuring	270	0	310	0
Total operating expenses	9,687	10,429	18,861	20,523
Loss from operations	(2,638)	(3,615)	(5,682)	(7,502)
Other income (expense)
Interest expense, net	(868)	(616)	(1,726)	(1,221)
Gain (loss) on foreign currency transactions	(911)	6,178	(2,139)	9,192
Total other income (expense), net	(1,779)	5,562	(3,865)	7,971
Net income (loss)	$ (4,417)	$ 1,947	$ (9,547)	$ 469
Basic net income (loss) per common share (in dollars per share)	$ (0.07)	$ 0.03	$ (0.15)	$ 0.01
Diluted net income (loss) per common share (in dollars per share)	$ (0.07)	$ 0.03	$ (0.15)	$ 0.01
Weighted Average Shares of Common Stock Outstanding, basic (in shares)	62,806,694	62,608,598	62,772,761	61,675,447
Weighted Average Shares of Common Stock Outstanding, diluted (in shares)	62,806,694	67,166,377	62,772,761	66,255,298
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	$ 1,105	$ (5,476)	$ 1,981	$ (8,212)
Comprehensive loss	$ (3,312)	$ (3,529)	$ (7,566)	$ (7,743)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (9,547)	$ 469
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of debt discount	573	381
Amortization of patents	123	124
Depreciation and amortization	576	649
Amortization of right-of-use asset	53	72
Loss on abandoned patents	338
Write-off of inventory		253
Bad debt expense (recovery)	240	9
Stock-based compensation	912	1,391
Foreign currency transaction (gains) losses	2,139	(9,192)
Changes in operating assets and liabilities
Accounts receivable	377	257
Inventories	1,512	(925)
Prepaid expenses and other current assets	645	1,897
Other assets	1
Accounts payable and accrued expenses	313	(360)
Net cash used in operating activities	(1,745)	(4,975)
Cash flows from investing activities
Purchases of property and equipment	(25)	(39)
Disposals of property and equipment	85
Payments for patent costs	(99)	(140)
Net cash used in investing activities	(39)	(179)
Cash flows from financing activities
Cash for exercise of warrants, net		1,439
Proceeds from rights offering, net		5,392
Net cash provided by financing activities		6,831
Effect of exchange rates on cash	(52)	285
Net change in cash, cash equivalents, and restricted cash	(1,836)	1,962
Cash, cash equivalents, and restricted cash as of beginning of period	7,771	9,764
Cash, cash equivalents, and restricted cash as of end of period	5,935	11,726
Supplemental disclosure of cash flow information
Cash paid for interest	$ 1,215	1,018
Supplemental disclosure of non-cash financing activities
Fair value of common stock warrants issued in connection with the rights offering		$ 556

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 4,413	$ 6,249
Accounts receivable, net of allowances of $421 and $164 as of June 30, 2026 and December 31, 2025	6,786	7,550
Inventories - net	3,686	5,281
Prepaid expenses and other current assets	852	1,554
Total current assets	15,737	20,634
Property and equipment - net	7,172	7,823
Restricted cash	1,522	1,522
Right-of-use asset	10,612	10,924
Patents - net	2,864	3,226
Other assets	53	53
Total assets	37,960	44,182
Current Liabilities:
Accounts payable	2,002	2,869
Accrued expenses and other current liabilities	7,283	6,299
Lease liability - current portion	589	541
Current maturities of long-term debt, net of debt discount	14,149
Total current liabilities	24,023	9,709
Lease liability, net of current portion	11,596	11,903
Long-term debt, net of current portion and debt discount	3,092	16,667
Total liabilities	38,711	38,279
Commitments and Contingencies
Stockholders' equity (deficit)
Preferred Stock, par value $0.001, 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common Stock, par value $0.001, 100,000,000 shares authorized; 62,842,748 and 62,804,305 shares issued and outstanding as of June 30, 2026 and December 31, 2025 respectively	63	63
Additional paid-in capital	321,936	321,024
Accumulated other comprehensive loss	(996)	(2,977)
Accumulated deficit	(321,754)	(312,207)
Total stockholders' equity (deficit)	(751)	5,903
Total liabilities and stockholders' equity (deficit)	$ 37,960	$ 44,182