Form 8-K

8-K — Cytosorbents Corp

Accession: 0000929638-26-001834

Filed: 2026-05-13

Period: 2026-05-13

CIK: 0001175151

SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — a8k.htm (Primary)

EX-99.1 — PRESS RELEASE OF THE COMPANY, DATED MAY 13, 2026 (exhibit99-1.htm)

GRAPHIC (cytosorbents_logo.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: a8k.htm · Sequence: 1

false0001175151true00011751512026-05-132026-05-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 13, 2026

Cytosorbents Corporation

(Exact name of registrant as specified in its charter)

Delaware

001-36792

98-0373793

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

305 College Road East

Princeton, New Jersey

08540

(Address of principal executive offices)

(Zip code)

Registrant's telephone number, including area code (973) 329-8885

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

CTSO

The NASDAQ Stock Market LLC (Nasdaq Capital

Market)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following

provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

(17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act

of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 13, 2026, CytoSorbents Corporation issued a press release announcing its financial results for the quarter ended March 31,

2026. A copy of the press release is furnished herewith as Exhibit 99.1.*

Item 9.01

Exhibits

(d) Exhibits

Exhibit

No.

Description

99.1

Press Release of the Company, dated

May 13, 2026

104

Cover Page Interactive Data File (embedded with the Inline XBRL document)

* The information in Items 2.02 of this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as

amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific

reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Dated: May 13, 2026

CYTOSORBENTS CORPORATION

By:

/s/ Dr. Phillip P. Chan

Name:

Dr. Phillip P. Chan

Title:

Chief Executive Officer

EX-99.1 — PRESS RELEASE OF THE COMPANY, DATED MAY 13, 2026

EX-99.1

Filename: exhibit99-1.htm · Sequence: 2

Exhibit 99.1

CytoSorbents Reports First Quarter 2026 Financial Results, Recent Business Highlights, and Regulatory Update

PRINCETON, N.J., May 13, 2026 — CytoSorbents Corporation

(NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification, today reported financial results for the first quarter ended March 31, 2026, recent business highlights, and provides a regulatory update.

First Quarter 2026 Financial Results

•

Revenue was $8.9 million, an increase of 2% over the prior year, from $8.7 million

•

Gross margin was 69% in the quarter compared to 71% in Q1 2025

•

Operating loss was $3.0 million, compared to $3.9 million in Q1 2025

•

Net loss was $5.1 million or $0.08 per share, compared to a net loss of $1.5 million or $0.02 per share in Q1 2025. The increase was

due primarily to the non-cash impact of changes in foreign currency transactions year-over-year

•

Adjusted net loss, which excludes the impact of non-cash changes in foreign currency transactions and non-cash stock compensation, was $3.4 million or $0.05 per share, compared

to an adjusted net loss of $3.7 million or $0.06 per share in Q1 2025

•

Adjusted EBITDA loss, which also excludes the impact of non-cash changes in foreign currency transactions and non-cash stock compensation was

$2.2 million compared to a loss of $2.7 million in Q1 2025

•

Total cash, cash equivalents, and restricted cash was approximately $6.4 million, compared to $7.8 million as of December 31, 2025

•

Total cash burn in the quarter, excluding $0.3 million in restructuring-related payments, was approximately $1.1 million

“First quarter sales were $8.9 million, driven by 13% growth in our direct sales territories outside of Germany,” stated Dr. Phillip Chan, Chief Executive

Officer of CytoSorbents Corporation. “Our Germany sales team also performed well, achieving sales slightly below last year, but with a smaller and more focused team – reflecting new leadership, sales execution, account targeting, productivity, and

customer engagement. Given the importance of the German market, we plan to selectively expand our commercial team to improve account coverage and drive growth opportunities in both critical care and cardiac surgery.

Distributor sales were flat year-over-year, as progress across several territories was offset by delayed distributor orders of approximately $500,000 in

parts of the Middle East and neighboring regions due to geopolitical and economic instability related to the U.S.-Iran war. This unexpected disruption has slowed the anticipated growth of our recently established subsidiary in Dubai, UAE, although

we expect conditions to improve as the conflict stabilizes.

Gross margin declined marginally to 69% in the first quarter, primarily due to intentionally reduced production volumes aimed at lowering inventory levels

and improving working capital.

In the fourth quarter of 2025, we implemented a strategic workforce and cost reduction initiative, reducing headcount by approximately 10% while lowering

operating and production expenses. The initial benefits of this program were reflected in lower expenses and improved operating margins in the first quarter. Meanwhile, we have continued to make operational improvements and cost reductions and

believe these actions will continue to drive improvements in the coming quarters to support our goal of achieving operating cash flow breakeven in the second half of this year.”

DrugSorb-ATR® for Brilinta®

“In August 2025, we received the FDA’s decision on our appeal of the original DrugSorb-ATR application. Importantly, the Agency identified no concerns

regarding device safety but upheld the prior denial of the application and requested additional information to support the proposed indication for reducing the severity of perioperative bleeding in patients undergoing CABG surgery while on

Brilinta® (ticagrelor, AstraZeneca).

Following the appeal decision and based on feedback from FDA, we announced our intention to submit a new De Novo application incorporating additional

supporting information, primarily based on real-world evidence and clinical outcomes generated through routine clinical use of the device. As part of this process, we held a formal pre-submission meeting with the FDA in late January 2026 and have

continued to engage with the Agency to clarify the requirements for the new De Novo submission, including whether all information would be required within the submission or as a post-marketing requirement. Based on these interactions, the FDA has

requested additional mechanistic data to be included alongside the real-world evidence within the new De Novo submission.

We are currently evaluating options to generate the additional mechanistic data on an expedited basis and expect to schedule an additional pre-submission

meeting with the FDA, if needed, to discuss and align on the proposed approach. Once alignment is achieved, we anticipate

completing the required work and submitting a new De Novo application in late 2026 or early 2027. Though delayed from our timeline, we now have clearer

direction and are committed to obtaining the new information and filing a new De Novo submission as soon as possible. Following submission, a regulatory decision would generally be expected within the FDA’s targeted 150-day MDUFA review timeline,

although the actual review period may be shorter or longer depending on the nature and extent of interactive review questions from the Agency.

Meanwhile, the U.S. and Canadian pivotal STAR-T randomized, controlled trial results are now

available in PDF form from the Journal of Thoracic and Cardiovascular Surgery (2026) - the leading peer-reviewed

cardiothoracic surgery journal in the U.S., highlighting “Intraoperative use of DrugSorb-ATR is safe in patients operated within 2 days of ticagrelor

discontinuation [with] significant reductions in severe bleeding events in the prespecified CABG subpopulation”

DrugSorb-ATR for DOACs: Eliquis® and Xarelto®

“We have previously discussed our intention, following anticipated FDA marketing approval of DrugSorb-ATR for Brilinta®, to pursue an expanded indication

for the removal of direct oral anticoagulants (DOACs), such as Eliquis® (apixaban, Pfizer/BMS) and Xarelto® (rivaroxaban, Bayer/Janssen). At the same time, we continue to observe increasing real-world adoption, clinical use, and published evidence

supporting the use of our technology for DOAC removal in cardiac surgery, reinforcing the significant unmet medical need globally.

Within the next 30 days, we plan to submit a separate pre-submission request to the Agency to review the data currently available for the DOAC indication that include drug removal data from benchtop testing and data from real-world use and to determine what, if any, additional information may be required to support a parallel De Novo submission for DOAC removal.

Having this potential second shot on goal is aligned with our other FDA Breakthrough Device Designation for DrugSorb-ATR, to remove DOACs during cardiac

surgery. Globally, tens of millions of patients are on chronic or life-long DOAC therapy due to atrial fibrillation, deep vein thrombosis, pulmonary embolism, peripheral vascular disease, or post-surgical prophylaxis. An estimated 5-10% of

emergent cardiac surgery cases involve patients who are currently therapeutic on a DOAC and risk serious or life-threatening perioperative bleeding.

In 2025, Eliquis ranked #7 among the top-selling pharmaceuticals globally, generating approximately $14.4 billion in worldwide sales and accounting for a

majority share of new oral anticoagulant prescriptions. Xarelto generated approximately $5.1 billion in global sales. We estimate that the combined U.S. total addressable market for DrugSorb-ATR in cardiac surgery across Brilinta® and the DOACs is

between $500 million and $1 billion annually.”

New Health Economic Analysis in Septic Shock

“Finally, in our last earnings call update, we highlighted many key

publications across critical care and cardiac surgery. Recently, an important study entitled ‘Impact of CytoSorb

Hemoadsorption Therapy on Cost-Effectiveness and Length of Stay in Critical Care Patients: A Preliminary Study from a Swiss High-Volume Center”, was published in the peer-reviewed journal Healthcare. This study provides

compelling real-world evidence for the cost-effectiveness of CytoSorb hemoadsorption in a comparative analysis of 246 ICU patients with septic shock. Compared to patients treated with standard of care alone, those additionally treated with

CytoSorb showed significant reductions in ICU and hospital length of stay, duration of mechanical ventilation among survivors, and nursing workload, while total hospital treatment costs were not significantly increased. CytoSorb therapy showed a

clear advantage in net case profitability (revenue minus costs), with significantly higher earnings per case compared to standard of care. These results highlight the cost-effectiveness of CytoSorb therapy and the ability to achieve clinical,

operational, and economic benefits in a resource-intensive critical care setting.”

Dr. Chan concluded, “While we continue to navigate what we believe to be temporary headwinds in the Middle East, we remain focused on executing on our key priorities including: strengthening commercial performance, reducing

operating expenses, and progressing toward our goal of achieving operating cash flow breakeven in the second half of this year. At the same time, we are advancing the substantial long-term U.S. opportunity for DrugSorb-ATR. We now have clearer

regulatory direction from the FDA for our ticagrelor application and are actively evaluating a potential parallel path focused on DOACs that could significantly expand the U.S. market opportunity. We believe the actions we are taking today are

building a stronger, more resilient company and positioning us to deliver meaningful long-term value for patients, clinicians, and shareholders.”

First Quarter 2026 Earnings Conference Call

CytoSorbents’ management will host a live conference call, presentation webcast, and a question-and-answer session with the following information:

Date: Wednesday

May 13, 2026

Time:

4:30 PM ET

Live

webcast link: https://app.webinar.net/KbgRLmJk8ow

It is recommended that participants join approximately 10 minutes prior to the start of the call.

An archived recording of the conference call will be available under the Investor Relations section of the Company’s website at

https://ir.cytosorbents.com/

About DrugSorb-ATR

In the U.S. and Canada, CytoSorbents is developing the DrugSorb™-ATR antithrombotic removal system, an investigational device based on an equivalent

polymer technology to CytoSorb, to reduce the severity of perioperative bleeding in high-risk surgery due to blood thinning drugs. It has received two U.S. Food and Drug Administration (“FDA”) Breakthrough Device Designations: one for the removal

of ticagrelor and another for the removal of the direct oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures.

The Company continues to actively pursue regulatory approval of DrugSorb-ATR with the FDA and expects to pursue regulatory approval in Canada with better

visibility from the FDA. DrugSorb-ATR is not yet granted or approved in the United States and Canada, respectively.

About Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA,

which measures earnings before interest, income taxes, depreciation and amortization, and Adjusted EBITDA which further excludes non-cash stock compensation expense, and gain or loss of foreign exchange translation. We

also use the non-GAAP financial measures of Adjusted Net Income or Loss and Adjusted Net Income or Loss Per Share which excludes non-cash stock compensation expense and gain or loss of foreign exchange translation from Net Loss and Net Loss Per

Share, respectively. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be

different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most

directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate

period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures

in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by

management in its financial and operational decision-making and (2) they are used by investors and the analyst

community to help them analyze the performance of our business, the Company’s cash available for operations, and the

Company’s ability to meet future capital expenditure and working capital requirements. For a reconciliation of non-GAAP financial measures to the most comparable GAAP measure,

see the reconciliation included in the financial tables. All non-GAAP adjustments are presented pre-tax.

About CytoSorbents Corporation (NASDAQ: CTSO)

CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification. CytoSorbents’ proprietary blood

purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Cartridges filled with these beads can be used

with standard blood pumps already in the hospital (e.g. dialysis, continuous renal replacement therapy or CRRT, extracorporeal membrane oxygenation or ECMO, and heart-lung machines), where blood is repeatedly recirculated outside the body,

through our cartridges where toxic substances are removed, and then back into the body. CytoSorbents’ technologies are used in a number of broad applications. Specifically, two important applications are 1) the removal of blood thinners during

and after cardiothoracic surgery to reduce the risk of severe bleeding, and 2) the removal of inflammatory agents and toxins in common critical illnesses that can lead to massive inflammation, organ failure and patient death. The breadth of these

critical illnesses includes, for example, sepsis, burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis as well as the removal of liver toxins that accumulate in acute liver dysfunction or failure, and the

removal of myoglobin in severe rhabdomyolysis that can otherwise lead to renal failure. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments.

CytoSorbents’ lead product, CytoSorb®, is

approved in the European Union and distributed in over 70 countries worldwide, with more than 300,000 devices used cumulatively to date. CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber.

Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the

United States for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure. CytoSorb is not yet approved or cleared in the United States.

In the U.S. and Canada, CytoSorbents is developing the DrugSorb™-ATR antithrombotic removal system, an investigational device based on an equivalent

polymer technology to CytoSorb, to

reduce the severity of perioperative bleeding in high-risk surgery due to blood thinning drugs. It has received two FDA Breakthrough Device Designations: one for the removal of ticagrelor and another for the removal of the direct oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic surgery. The Company is actively pursuing regulatory approval of DrugSorb-ATR with the

U.S. FDA and will pursue regulatory approval with Health Canada with better visibility from the FDA. DrugSorb-ATR is not yet granted or approved in either the U.S. or Canada.

The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many

issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ontrol™, DrugSorb™, ContrastSorb, PuriFi®, HotSwap®, and

others. For more information, please visit the Company’s website at https://ir.cytosorbents.com/ or follow us on Facebook and X.

Forward-Looking Statements

This press release includes forward-looking statements intended to

qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks

for our business, representations and contentions, and the outcome of our regulatory submissions, and are not historical facts and typically are identified by use of terms such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,”

“believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management’s

current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to,

our restructuring of our direct sales team and strategy in Germany, the impact of geopolitical events including the recent war in Iran, our ability to successfully obtain U.S. FDA and Health Canada regulatory approval and marketing authorization,

our ability to complete our strategic workforce and cost reduction plan to reduce costs, optimize operations, and achieve operating cash-flow break-even in the second half of

2026, our ability to appropriately finance the Company, including our ability to meet our financial obligations and comply with the covenants under our existing debt agreement, and the risks

discussed in our Annual Report on Form 10-K, to be filed with the SEC by March 30, 2026, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us

from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,

future events, or otherwise, other than as required under the Federal securities laws.

Please Click to Follow Us on Facebook and X

U.S. Company Contact:

Peter J. Mariani, Chief Financial Officer

305 College Road East

Princeton, NJ 08540

ir@cytosorbents.com

CYTOSORBENTS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

March 31,

December 31,

2026

2025

(unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

4,813

6,249

Accounts receivable, net of allowances of $164 as of March 31, 2026 and December 31, 2025

7,152

7,550

Inventories - net

4,481

5,281

Prepaid expenses and other current assets

1,311

1,554

Total current assets

17,757

20,634

Property and equipment - net

7,510

7,823

Restricted cash

1,522

Right-of-use asset

10,769

10,924

Patents - net

2,952

3,226

Other assets

Total assets

40,562

44,182

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

3,132

2,869

Accrued expenses and other current liabilities

5,960

6,299

Lease liability – current portion

565

541

Current maturities of long-term debt, net of debt discount

6,646

—

Total current liabilities

16,303

9,709

Lease liability, net of current portion

11,752

11,903

Long-term debt, net of current portion and debt discount

10,313

16,667

Total liabilities

38,368

38,279

Commitments and Contingencies

Stockholders’ equity

Preferred Stock, par value $0.001, 5,000,000 shares authorized; no shares issued and outstanding

as of March 31, 2026 and December 31, 2025

—

Common Stock, par value $0.001, 100,000,000 shares authorized as of March 31, 2026 and

December 31, 2025; 62,733,305 and 62,804,305 shares issued and outstanding as of March 31, 2026 and December 31, 2025 respectively

Additional paid-in capital

321,568

321,024

Accumulated other comprehensive loss

(2,101

)

(2,977

)

Accumulated deficit

(317,336

)

(312,207

)

Total stockholders’ equity

2,194

5,903

Total liabilities and stockholders’ equity

40,562

44,182

CYTOSORBENTS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

(in thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Revenue, net

8,864

8,727

Cost of goods sold

2,734

2,520

Gross profit

6,130

6,207

Operating expenses

Research and development, net of grant income

1,025

1,663

Selling, general and administrative

8,149

8,432

Total operating expenses

9,174

10,095

Loss from operations

(3,044

)

(3,888

)

Other income (expense)

Interest expense, net

(857

)

(605

)

Gain (loss) on foreign currency transactions

(1,228

)

3,014

Total other income (expense), net

(2,085

)

2,409

Net loss

(5,129

)

(1,479

)

Basic and diluted net loss per

common share

(0.08

)

(0.02

)

Weighted Average Shares of Common Stock Outstanding

Basic and diluted

62,738,827

60,731,929

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax

876

(2,736

)

Comprehensive loss

(4,253

)

(4,215

)

CYTOSORBENTS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except share data)

Accumulated

Additional

Other

Common Stock

Paid-In

Comprehensive

Accumulated

Stockholders’

Par Value

Capital

Income (Loss)

Deficit

Equity

Balance at December 31, 2025

62,804,305

321,024

(2,977

)

(312,207

)

5,903

Stock-based compensation

—

544

—

544

Reversal of excess RSU shares issued

(71,000

)

—

Foreign currency translation adjustment, net of tax

—

876

—

876

Net loss

—

(5,129

)

(5,129

)

Balance at March 31, 2026

62,733,305

321,568

(2,101

)

(317,336

)

2,194

Accumulated

Additional

Other

Common Stock

Paid-In

Comprehensive

Accumulated

Stockholders’

Par Value

Capital

Income

Deficit

Equity

Balance at December 31, 2024

54,830,146

310,809

4,252

(304,009

)

11,107

Stock-based compensation

32,321

—

818

—

818

Issuance of common stock from exercise of warrants

1,417,208

1,437

—

1,439

Issuance of common stock and warrants from rights offerings, net of fees incurred

6,249,791

5,386

—

5,392

Foreign currency translation adjustment, net of tax

—

(2,736

)

—

(2,736

)

Net loss

—

(1,479

)

(1,479

)

Balance at March 31, 2025

62,529,466

318,450

1,516

(305,488

)

14,541

CYTOSORBENTS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Three

Months Ended

March 31,

2026

2025

Cash flows from operating activities

Net loss

(5,129

)

(1,479

)

Adjustments to reconcile net loss to net cash used in operating activities:

Amortization of debt discount

291

190

Amortization of patents

Depreciation

289

306

Amortization of right-of-use asset

Loss on abandoned patents

274

Bad debt expense (recovery)

)

Stock-based compensation

544

818

Foreign currency transaction (gains) losses

1,228

(3,014

)

Changes in operating assets and liabilities

Accounts receivable

310

(80

)

Inventories

723

(199

)

Prepaid expenses and other current assets

129

250

Other assets

—

Accounts payable and accrued expenses

(367

)

Net cash used in operating activities

(1,162

)

(3,466

)

Cash flows from investing activities

Purchases of property and equipment

(11

)

Disposals of property and equipment

—

Payments for patent costs

(61

)

(45

)

Net cash used in investing activities

(46

)

(47

)

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

(228

)

Net change in cash, cash equivalents, and restricted cash

(1,436

)

3,346

Cash, cash equivalents, and restricted cash at beginning of year

7,771

9,764

Cash, cash equivalents, and restricted cash – end of period

6,335

13,110

Supplemental disclosure of cash flow information

Cash paid for interest

591

506

Supplemental disclosure of non-cash financing activities

Fair value of common stock warrants issued in connection with the rights offering

—

556

Offering fees included in accounts payable

—

253

RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

Three Months Ended

March 31,

2026

2025

(amounts, in thousands)

Net income (loss)

(5,129

)

(1,479

)

Depreciation and amortization expense

350

369

Income tax expense (benefit)

Interest expense (income)

857

605

EBITDA – non-GAAP measure

(3,922

)

(505

)

Non-cash stock-based compensation expense

544

818

(Gain)/Loss on foreign currency transactions

1,228

(3,014

)

Adjusted EBITDA – non-GAAP measure

(2,150

)

(2,701

)

Net income (loss)

(5,129

)

(1,479

)

Non-cash stock-based compensation expense

544

818

(Gain)/Loss on foreign currency transactions

1,228

(3,014

)

Adjusted net loss – non-GAAP measure

(3,357

)

(3,675

)

Weighted average common shares outstanding

Basic

62,738,827

60,731,929

Diluted

62,738,827

60,731,929

Basic net income (loss) per common share

(0.08

)

(0.02

)

Diluted net income (loss) per common share

(0.08

)

(0.02

)

Non-cash stock-based compensation expense - basic

0.01

Non-cash stock-based compensation expense - diluted

0.01

(Gain)/Loss on foreign currency transactions - basic

0.02

(0.05

)

(Gain)/Loss on foreign currency transactions - diluted

0.02

(0.05

)

Adjusted net income (loss) per common share – basic – non-GAAP measure

(0.05

)

(0.06

)

Adjusted net income (loss) per common share – diluted – non-GAAP measure

(0.05

)

(0.06

)

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Document and Entity Information

May 13, 2026

Cover [Abstract]

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May 13, 2026

Entity File Number

001-36792

Entity Registrant Name

Cytosorbents Corporation

Entity Central Index Key

0001175151

Entity Incorporation, State or Country Code

Entity Tax Identification Number

98-0373793

Entity Address, Address Line One

305 College Road East

Entity Address, City or Town

Princeton

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08540

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973

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329-8885

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