CytoSorbents Reports First Quarter 2026 Financial Results, Recent Business Highlights, and Regulatory Update
Rhea-AI Summary
CytoSorbents (NASDAQ: CTSO) reported Q1 2026 revenue of $8.9 million, up 2% year-over-year, with a 69% gross margin. Operating loss improved to $3.0 million, while net loss increased to $5.1 million, mainly from non-cash foreign currency effects. Cash stood at $6.4 million, with approximately $1.1 million quarterly cash burn excluding restructuring.
The company cited 13% growth in direct sales territories outside Germany, benefits from a 10% prior headcount reduction, and continued progress toward operating cash flow breakeven in 2H 2026. It is preparing a new De Novo submission for DrugSorb-ATR for Brilinta, targeting late 2026 or early 2027, and assessing a parallel De Novo path for DOAC removal. New clinical and health-economic data support safety, bleeding reduction in CABG subpopulations, and cost-effectiveness in septic shock.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Q1 2026 revenue increased 2% year-over-year to $8.9 million
- Operating loss narrowed to $3.0 million from $3.9 million in Q1 2025
- Adjusted net loss improved to $3.4 million from $3.7 million year-over-year
- Adjusted EBITDA loss improved to $2.2 million from $2.7 million in Q1 2025
- Quarterly cash burn about $1.1 million excluding $0.3 million restructuring payments
- Direct sales territories outside Germany grew approximately 13% year-over-year
- Germany sales were slightly below prior year with a smaller, more focused team
- Headcount cut of about 10% in late 2025 reduced operating and production expenses
- Company reiterates goal of operating cash flow breakeven in the second half of 2026
- FDA provided clearer direction for a new DrugSorb-ATR De Novo submission for Brilinta
- Targeted timing for new Brilinta De Novo filing is late 2026 or early 2027
- Planned FDA pre-submission within 30 days for DrugSorb-ATR DOAC indication
- Estimated U.S. cardiac surgery TAM for DrugSorb-ATR between $500 million and $1 billion annually
- STAR-T trial publication reports intraoperative DrugSorb-ATR use is safe within 2 days of ticagrelor discontinuation
- STAR-T CABG subpopulation showed reduced severe bleeding events with DrugSorb-ATR use
- Swiss septic shock study found CytoSorb therapy reduced ICU and hospital length of stay
- Septic shock analysis showed higher net case profitability versus standard of care alone
Negative
- Gross margin declined to 69% from 71% in Q1 2025
- Net loss increased to $5.1 million from $1.5 million year-over-year
- Cash, cash equivalents, and restricted cash fell to $6.4 million from $7.8 million at year-end 2025
- Distributor sales were flat year-over-year in Q1 2026
- Approximately $500,000 in distributor orders were delayed in parts of the Middle East and neighboring regions
- Geopolitical and economic instability related to the U.S.-Iran war disrupted growth of the Dubai subsidiary
- FDA requested additional mechanistic data for the new DrugSorb-ATR Brilinta De Novo submission
- New De Novo submission timing for Brilinta is later than previously expected
News Market Reaction – CTSO
On the day this news was published, CTSO declined 5.05%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.6% during that session. Argus tracked a trough of -15.6% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $2M from the company's valuation, bringing the market cap to $38.31M at that time. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Full-year 2025 earnings | Positive | -10.6% | Revenue growth to $37.1M and sharply reduced annual net loss in 2025. |
| Nov 13 | Q3 2025 earnings | Positive | -0.8% | Q3 2025 revenue up 10% to $9.5M with improved operating loss and restructuring. |
| Aug 07 | Q2 2025 earnings | Positive | +12.0% | Q2 2025 revenue up 9% to $9.6M and swing to $1.9M net income. |
| May 14 | Q1 2025 earnings | Mixed | +3.3% | Q1 2025 product revenue down 3% but significantly improved net loss and cash raise. |
| Mar 31 | Full-year 2024 earnings | Positive | +0.0% | Strong Q4 2024 and 15% full-year product revenue growth with 71% margins. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced mixed reactions, including both double-digit gains and losses, with a slight positive average but frequent downside moves on recent reports.
Over the past year, CytoSorbents’ earnings updates have highlighted modest revenue growth and ongoing efforts to narrow losses. Prior quarters showed revenue rising to $37.1M in 2025 with 71%–72% gross margins and improving operating losses, alongside cost-cutting and credit facility support. Earlier quarters featured double-digit revenue growth and periods of net profitability. Today’s Q1 2026 report, with $8.9M revenue, slightly lower gross margin, and a larger reported net loss, continues the theme of incremental commercial progress offset by profitability and cash runway pressures.
Historical Comparison
In the last five earnings reports, CTSO’s average move was about 0.77%, with both sharp gains and losses. Today’s -7% reaction skews more negative than the typical earnings-day response.
Earnings releases show a shift from strong double-digit revenue growth and occasional profitability in 2024–Q2 2025 toward modest 2025 growth, cost-cutting, and a focus on reaching cash flow breakeven while advancing DrugSorb‑ATR regulatory plans.
Regulatory & Risk Context
Key Terms
de novo application regulatory
mdufa regulatory
breakthrough device designation regulatory
direct oral anticoagulants medical
cabg medical
hemoadsorption medical
septic shock medical
pre-submission meeting regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter 2026 Financial Results
- Revenue was
$8.9 million 2% over the prior year, from$8.7 million - Gross margin was
69% in the quarter compared to71% in Q1 2025 - Operating loss was
$3.0 million $3.9 million - Net loss was
$5.1 million $0.08 $1.5 million $0.02 - Adjusted net loss, which excludes the impact of non-cash changes in foreign currency transactions and non-cash stock compensation, was
$3.4 million $0.05 $3.7 million $0.06 - 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 $2.7 million - Total cash, cash equivalents, and restricted cash was approximately
$6.4 million $7.8 million - Total cash burn in the quarter, excluding
$0.3 million $1.1 million
"First quarter sales were
Distributor sales were flat year-over-year, as progress across several territories was offset by delayed distributor orders of approximately
Gross margin declined marginally to
In the fourth quarter of 2025, we implemented a strategic workforce and cost reduction initiative, reducing headcount by approximately
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
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
In 2025, Eliquis ranked #7 among the top-selling pharmaceuticals globally, generating approximately
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
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
The Company continues to actively pursue regulatory approval of DrugSorb-ATR with the FDA and expects to pursue regulatory approval in
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
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
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Peter J. Mariani, Chief Financial Officer
305 College Road East
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 | 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 | 1,522 | ||||
Right-of-use asset | 10,769 | 10,924 | ||||
Patents - net | 2,952 | 3,226 | ||||
Other assets | 52 | 53 | ||||
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 | — | — | ||||
Common Stock, par value | 63 | 63 | ||||
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' | |||||||||||||
Shares | Par Value | Capital | Income (Loss) | Deficit | Equity | ||||||||||||
Balance at December 31, 2025 | 62,804,305 | $ | 63 | $ | 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 | $ | 63 | $ | 321,568 | $ | (2,101) | $ | (317,336) | $ | 2,194 | ||||||
Accumulated | |||||||||||||||||
Additional | Other | ||||||||||||||||
Common Stock | Paid-In | Comprehensive | Accumulated | Stockholders' | |||||||||||||
Shares | Par Value | Capital | Income | Deficit | Equity | ||||||||||||
Balance at December 31, 2024 | 54,830,146 | $ | 55 | $ | 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 | 2 | 1,437 | — | — | 1,439 | |||||||||||
Issuance of common stock and warrants from rights | 6,249,791 | 6 | 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 | $ | 63 | $ | 318,450 | $ | 1,516 | $ | (305,488) | $ | 14,541 | ||||||
CYTOSORBENTS CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||
(in thousands) | ||||||
Three | Three | |||||
Months Ended | Months Ended | |||||
March 31, | 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 | 61 | 63 | ||||
Depreciation | 289 | 306 | ||||
Amortization of right-of-use asset | 26 | 36 | ||||
Loss on abandoned patents | 274 | 8 | ||||
Bad debt expense (recovery) | (1) | 2 | ||||
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 | 1 | — | ||||
Accounts payable and accrued expenses | 92 | (367) | ||||
Net cash used in operating activities | (1,162) | (3,466) | ||||
Cash flows from investing activities | ||||||
Purchases of property and equipment | (11) | (2) | ||||
Disposals of property and equipment | 26 | — | ||||
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) | 28 | ||||
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 | $ | 0.01 | ||
Non-cash stock-based compensation expense - diluted | $ | 0.01 | $ | 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- | $ | (0.05) | $ | (0.06) | ||
Adjusted net income (loss) per common share – diluted – | $ | (0.05) | $ | (0.06) | ||
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SOURCE Cytosorbents Corp