CTSO · Cytosorbents Corp
Cytosorbents Corporation engages in the research, development, and commercialization of medical devices with its blood purification technology platform in the United States, Germany, and internationally. Its flagship product, CytoSorb, is an extracorporeal blood purification cartridge to reduce cytokine storms in common critical illnesses, bilirubin in liver failure, myoglobin in trauma and critical illnesses, and inflammatory mediators and blood thinners in cardiac surgery applications, as well as to remove antithrombotic drugs and inflammatory mediators in cardiothoracic surgery applications. The company also develops DrugSorb-ATR antithrombotic removal system, an investigational device to reduce the severity of perioperative bleeding in high-risk surgery due to blood thinning drugs; ECOS-300CY to reduce cytokines and other inflammatory mediators when used in an ex vivo organ perfusion system; VetResQ, a broad-spectrum blood purification adsorber for the treatment of septic shock, toxic shock syndrome, toxin-mediated diseases, pancreatitis, trauma, liver failure, heat stroke, and lung injury in animals; and PuriFi, an advanced hemoperfusion pump for blood purification therapies. In addition, it develops HemoDefend-BGA, a blood purification technology platform to reduce anti-A and anti-B antibodies in plasma and whole blood. The company was formerly known as MedaSorb Technologies Corporation and changed its name to Cytosorbents Corporation in May 2010. Cytosorbents Corporation was founded in 1997 and is headquartered in Princeton, New Jersey.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.40 |
| SO | 62.8M |
| Options | 11.5M |
| Warrants | 5.8M |
| FD SO | 80.0M |
| MC | $31.9M |
| Cash | $4.8M |
| Total debt | $17.0M |
| EV | $44.1M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.2x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 26.4% |
| Insiders | 15.7% |
| # Institutions | 60 |
| Analysts | 2 |
| Consensus | — |
| Avg target | $2.88 |
| Short % float | 3.6% |
| Days to cover | 6.87 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-07. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 8.86 | 9.23 | 9.48 | 9.62 |
| Revenue YoY % | 1.6% | 41.6% | 1.0% | 8.8% |
| Cost of Revenue | 2.73 | 2.43 | 2.82 | 2.80 |
| Gross Profit | 6.13 | 6.80 | 6.67 | 6.81 |
| Gross Profit YoY % | (1.3%) | 4.3% | 26.2% | 4.8% |
| Gross Margin % | 69.2% | 73.7% | 70.3% | 70.9% |
| SG&A | 8.15 | 9.44 | 8.61 | 9.17 |
| R&D | 1.02 | — | — | — |
| Operating Expense | 9.17 | 11.19 | 9.53 | 10.43 |
| Operating Income | (3.04) | (4.38) | (2.86) | (3.62) |
| Operating Income YoY % | 21.7% | (8.4%) | 34.9% | (1.3%) |
| Operating Margin % | (34.3%) | (47.5%) | (30.2%) | (37.6%) |
| EBITDA | (2.75) | (4.29) | (2.50) | (3.21) |
| EBITDA Margin % | (31.1%) | (46.4%) | (26.3%) | (33.4%) |
| Other Income / (Expense) | (2.08) | (1.11) | (0.71) | 5.96 |
| Pretax Income | (5.13) | (5.50) | (3.57) | 2.35 |
| Tax Provision | 0.00 | 0.00 | (0.40) | 0.40 |
| Net Income | (5.13) | (5.50) | (3.17) | 1.95 |
| Net Margin % | (57.9%) | (59.5%) | (33.4%) | 20.3% |
| Diluted EPS | -$0.08 | -$0.09 | -$0.05 | $0.03 |
| Basic EPS | -$0.08 | -$0.09 | -$0.05 | $0.03 |
| Diluted Avg Shares | 62.7 | — | 62.8 | 67.2 |
| Basic Avg Shares | 62.7 | — | 62.8 | 62.6 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 37.20 | 37.06 | 35.59 | 31.08 | 34.69 |
| Revenue YoY % | 0.4% | 4.1% | 14.5% | (10.4%) | — |
| Cost of Revenue | 10.79 | 10.57 | 10.47 | 9.13 | 13.96 |
| Gross Profit | 26.41 | 26.49 | 25.13 | 21.95 | 20.73 |
| Gross Profit YoY % | (0.3%) | 5.4% | 14.5% | 5.9% | — |
| Gross Margin % | 71.0% | 71.5% | 70.6% | 70.6% | 59.8% |
| SG&A | 35.36 | 35.65 | 35.00 | 38.31 | 34.29 |
| R&D | — | — | — | 15.73 | 15.12 |
| Operating Expense | 40.32 | 41.24 | 41.91 | 53.90 | 52.25 |
| Operating Income | (13.91) | (14.75) | (16.79) | (31.95) | (31.52) |
| Operating Income YoY % | 5.7% | 12.1% | 47.5% | (1.4%) | — |
| Operating Margin % | (37.4%) | (39.8%) | (47.2%) | (102.8%) | (90.9%) |
| EBITDA | (12.75) | (13.52) | (15.22) | (30.49) | (30.64) |
| EBITDA Margin % | (34.3%) | (36.5%) | (42.7%) | (98.1%) | (88.3%) |
| Other Income / (Expense) | 2.06 | 6.15 | (5.62) | 1.89 | (2.38) |
| Pretax Income | (11.85) | (8.60) | (22.41) | (30.06) | (33.91) |
| Tax Provision | 0.00 | (0.40) | (1.69) | (0.81) | (1.09) |
| Net Income | (11.85) | (8.20) | (20.72) | (29.25) | (32.81) |
| Net Margin % | (31.8%) | (22.1%) | (58.2%) | (94.1%) | (94.6%) |
| Diluted EPS | -$0.19 | -$0.13 | -$0.38 | -$0.65 | -$0.75 |
| Basic EPS | -$0.19 | -$0.13 | -$0.38 | -$0.65 | -$0.75 |
| Diluted Avg Shares | 62.7 | 62.2 | 54.4 | 44.7 | 43.6 |
| Basic Avg Shares | 62.7 | 62.2 | 54.4 | 44.7 | 43.6 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 4.81 | 6.25 | 7.54 | 10.20 |
| Receivables | 7.15 | 7.55 | 7.43 | 7.74 |
| Inventory | 4.48 | 5.28 | 4.00 | 3.71 |
| Other Current Assets | 1.31 | 1.55 | 2.35 | 1.33 |
| Total Current Assets | 17.76 | 20.63 | 21.31 | 22.99 |
| Net PPE | 7.51 | 7.82 | 8.19 | 8.47 |
| Operating Lease ROU | 10.77 | 10.92 | 11.07 | 11.22 |
| Intangible Assets | 2.95 | 3.23 | 3.59 | 3.74 |
| Other Assets | 1.57 | 1.57 | 1.58 | 1.57 |
| Total Assets | 40.56 | 44.18 | 45.75 | 47.99 |
| Accounts Payable | 3.13 | 2.87 | 3.04 | 3.39 |
| Current Debt | 6.65 | — | — | — |
| Current Lease Liabilities | 0.56 | 0.54 | 0.52 | 0.49 |
| Other Current Liabilities | 5.96 | 6.30 | 6.56 | 5.95 |
| Total Current Liabilities | 16.30 | 9.71 | 10.11 | 9.84 |
| Long-term Debt | 10.31 | 16.67 | 14.57 | 14.38 |
| Long-term Lease Liabilities | 11.75 | 11.90 | 12.05 | 12.19 |
| Total Liabilities | 38.37 | 38.28 | 36.73 | 36.40 |
| Retained Earnings | (317.34) | (312.21) | (306.71) | (303.54) |
| Total Equity | 2.19 | 5.90 | 9.02 | 11.59 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 4.81 | 6.25 | 3.28 | 14.13 | 22.14 |
| Receivables | 7.15 | 7.55 | 7.32 | 6.06 | 5.66 |
| Inventory | 4.48 | 5.28 | 2.73 | 3.38 | 3.46 |
| Other Current Assets | 1.31 | 1.55 | 8.27 | 1.83 | 2.49 |
| Total Current Assets | 17.76 | 20.63 | 21.60 | 25.40 | 33.76 |
| Net PPE | 7.51 | 7.82 | 9.00 | 10.06 | 10.74 |
| Operating Lease ROU | 10.77 | 10.92 | 11.51 | 12.06 | 12.60 |
| Intangible Assets | 2.95 | 3.23 | 3.75 | 3.91 | 4.39 |
| Other Assets | 1.57 | 1.57 | 1.51 | 1.54 | 1.73 |
| Total Assets | 40.56 | 44.18 | 47.37 | 52.96 | 63.23 |
| Accounts Payable | 3.13 | 2.87 | 3.34 | 3.80 | 1.66 |
| Current Debt | 6.65 | — | — | 2.50 | — |
| Current Lease Liabilities | 0.56 | 0.54 | 0.45 | 0.37 | 0.11 |
| Other Current Liabilities | 5.96 | 6.30 | 6.03 | 7.36 | 7.95 |
| Total Current Liabilities | 16.30 | 9.71 | 9.82 | 14.04 | 9.71 |
| Long-term Debt | 10.31 | 16.67 | 14.00 | 2.54 | 5.00 |
| Long-term Lease Liabilities | 11.75 | 11.90 | 12.44 | 12.90 | 13.14 |
| Total Liabilities | 38.37 | 38.28 | 36.27 | 29.48 | 27.86 |
| Retained Earnings | (317.34) | (312.21) | (304.01) | (283.29) | (254.00) |
| Total Equity | 2.19 | 5.90 | 11.11 | 23.48 | 35.37 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (5.13) | (5.50) | (3.17) | 1.95 |
| D&A | 0.29 | 0.10 | 0.36 | 0.40 |
| Stock-Based Comp | 0.54 | 0.89 | 0.49 | 0.57 |
| Δ Working Cap & Other | 3.13 | (0.31) | (0.26) | (4.43) |
| Operating Cash Flow | (1.16) | (4.83) | (2.58) | (1.51) |
| CapEx | (0.01) | (0.11) | (0.02) | (0.04) |
| Investing Cash Flow | (0.05) | (0.29) | 0.06 | (0.13) |
| Other Financing | — | 2.48 | — | — |
| Financing Cash Flow | — | 2.48 | 0.00 | (0.00) |
| Free Cash Flow | (1.17) | (4.93) | (2.59) | (1.55) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (11.85) | (8.20) | (20.72) | (29.25) | (32.81) |
| D&A | 1.15 | 1.23 | 1.57 | 1.46 | 0.88 |
| Stock-Based Comp | 2.49 | 2.77 | 3.76 | 4.16 | 3.42 |
| Δ Working Cap & Other | (1.87) | (8.18) | 0.96 | 1.98 | 0.27 |
| Operating Cash Flow | (10.07) | (12.38) | (14.43) | (21.66) | (28.23) |
| CapEx | (0.17) | (0.16) | (0.28) | (0.54) | (6.09) |
| Investing Cash Flow | (0.41) | (0.41) | (0.67) | (0.94) | (6.46) |
| Debt Issuance | — | 2.48 | 15.00 | — | 5.00 |
| Debt Repayment | — | — | (5.00) | — | — |
| Other Financing | — | 6.83 | (0.67) | 14.47 | — |
| Financing Cash Flow | — | 9.31 | 9.33 | 14.47 | 4.96 |
| Free Cash Flow | (10.25) | (12.54) | (14.71) | (22.19) | (34.32) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.09 | 2.13 | 2.11 | 2.34 |
| Quick Ratio | 0.81 | 1.58 | 1.71 | 1.96 |
| Debt / Equity | 17.49 | 6.48 | 4.07 | 3.14 |
| EBITDA Margin % | (31.1%) | (46.4%) | (26.3%) | (33.4%) |
| Working Capital | 1.45 | 10.93 | 11.20 | 13.14 |
| Net Debt | 5.50 | 10.42 | 7.03 | 4.17 |
| ROE % | (233.8%) | (93.1%) | (35.1%) | 16.8% |
| ROA % | (12.6%) | (12.4%) | (6.9%) | 4.1% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.09 | 2.13 | 2.20 | 1.81 | 3.48 |
| Quick Ratio | 0.81 | 1.58 | 1.92 | 1.57 | 3.12 |
| Debt / Equity | 17.49 | 6.48 | 3.27 | 1.26 | 0.79 |
| EBITDA Margin % | (34.3%) | (36.5%) | (42.7%) | (98.1%) | (88.3%) |
| Working Capital | 1.45 | 10.93 | 11.78 | 11.36 | 24.05 |
| Net Debt | 5.50 | 10.42 | 10.72 | (11.59) | (17.14) |
| ROE % | (540.0%) | (138.9%) | (186.5%) | (124.6%) | (92.8%) |
| ROA % | (29.2%) | (18.6%) | (43.7%) | (55.2%) | (51.9%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-06-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2026-06-15 | P | 100,000 | $0.44 | $44,000 |
| 2026-06-15 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2026-06-15 | P | 10,333 | $0.43 | $4,443 |
| 2026-06-15 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2026-06-12 | P | 251,136 | $0.40 | $100,454 |
| 2025-11-20 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-11-18 | A | 100,000 | $0.64 | $64,000 |
| 2025-08-08 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-08-08 | A | 105,600 | — | $0 |
| 2025-08-08 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-08-08 | A | 136,400 | — | $0 |
| 2025-08-08 | Jones Edward Raymond | Director | 2025-08-08 | A | 22,000 | — | $0 |
| 2025-08-08 | BATOR MICHAEL G. | Director | 2025-08-08 | A | 44,000 | — | $0 |
| 2025-08-08 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-08-08 | A | 71,500 | — | $0 |
| 2025-08-08 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-08-08 | A | 90,000 | — | $0 |
| 2025-08-08 | Kim Jiny | Director | 2025-08-08 | A | 22,000 | — | $0 |
| 2025-08-08 | Capponi Vincent | Officer (President and COO) | 2025-08-08 | A | 89,100 | — | $0 |
| 2025-08-08 | Capponi Vincent | Officer (President and COO) | 2025-08-08 | A | 111,100 | — | $0 |
| 2025-08-08 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2025-08-08 | A | 70,000 | — | $0 |
| 2025-08-08 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2025-08-08 | A | 95,000 | — | $0 |
| 2025-08-08 | Sobel Alan D. | Director | 2025-08-08 | A | 22,000 | — | $0 |
| 2025-03-04 | BATOR MICHAEL G. | Director | 2025-02-24 | O | 10,000 | $1.13 | $11,300 |
| 2025-03-04 | BATOR MICHAEL G. | Director | 2025-02-24 | O | (15,879) | $1.13 | -$17,943 |
| 2025-02-26 | Capponi Vincent | Officer (President and COO) | 2025-02-24 | O | 12,000 | $1.13 | $13,560 |
| 2025-02-26 | Capponi Vincent | Officer (President and COO) | 2025-02-24 | O | (12,000) | $1.13 | -$13,560 |
| 2025-02-26 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-02-24 | O | 32,625 | $1.13 | $36,866 |
| 2025-02-26 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-02-24 | O | (32,625) | $1.13 | -$36,866 |
| 2025-02-26 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-02-24 | O | 34,168 | $1.13 | $38,610 |
| 2025-02-26 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-02-24 | O | (34,168) | $1.13 | -$38,610 |
| 2025-02-26 | Sobel Alan D. | Director | 2025-02-24 | O | 21,950 | $1.13 | $24,803 |
| 2025-02-26 | Sobel Alan D. | Director | 2025-02-24 | O | (21,950) | $1.13 | -$24,803 |
| 2025-01-22 | BATOR MICHAEL G. | Director | 2025-01-17 | X | 15,879 | $1.00 | $15,879 |
| 2025-01-22 | BATOR MICHAEL G. | Director | 2025-01-17 | X | (15,879) | — | $-0 |
| 2025-01-22 | BATOR MICHAEL G. | Director | 2025-01-17 | J | 15,879 | — | $0 |
| 2025-01-22 | BATOR MICHAEL G. | Director | 2025-01-17 | J | 15,879 | — | $0 |
| 2025-01-22 | Capponi Vincent | Officer (President and COO) | 2025-01-17 | X | 31,760 | $1.00 | $31,760 |
| 2025-01-22 | Capponi Vincent | Officer (President and COO) | 2025-01-17 | X | (31,760) | — | $-0 |
| 2025-01-22 | Capponi Vincent | Officer (President and COO) | 2025-01-17 | J | 31,760 | — | $0 |
| 2025-01-22 | Capponi Vincent | Officer (President and COO) | 2025-01-17 | J | 31,760 | — | $0 |
| 2025-01-22 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2025-01-17 | X | 16,233 | $1.00 | $16,233 |
| 2025-01-22 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2025-01-17 | X | (16,233) | — | $-0 |
| 2025-01-22 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2025-01-17 | J | 16,233 | — | $0 |
| 2025-01-22 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2025-01-17 | J | 16,233 | — | $0 |
| 2025-01-22 | Sobel Alan D. | Director | 2025-01-17 | X | 21,950 | $1.00 | $21,950 |
| 2025-01-22 | Sobel Alan D. | Director | 2025-01-17 | X | (21,950) | — | $-0 |
| 2025-01-22 | Sobel Alan D. | Director | 2025-01-17 | J | 21,950 | — | $0 |
| 2025-01-22 | Sobel Alan D. | Director | 2025-01-17 | J | 21,950 | — | $0 |
| 2025-01-22 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-01-17 | X | 90,832 | $1.00 | $90,832 |
| 2025-01-22 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-01-17 | X | (90,832) | — | $-0 |
| 2025-01-22 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-01-17 | J | 90,832 | — | $0 |
| 2025-01-22 | Chan Phillip P. | Director, Officer (Chief Executive Officer) | 2025-01-17 | J | 90,832 | — | $0 |
| 2025-01-22 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-01-17 | X | 32,625 | $1.00 | $32,625 |
| 2025-01-22 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-01-17 | X | (32,625) | — | $-0 |
| 2025-01-22 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-01-17 | J | 32,625 | — | $0 |
| 2025-01-22 | MARIANI PETER J | Officer (Chief Financial Officer) | 2025-01-17 | J | 32,625 | — | $0 |
| 2024-12-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-12-13 | P | 20,000 | $0.96 | $19,294 |
| 2024-12-13 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-12-12 | P | 20,000 | $0.89 | $17,872 |
| 2024-12-13 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-12-11 | P | 11,363 | $0.89 | $10,103 |
| 2024-10-08 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2024-10-04 | A | 100,000 | — | $0 |
| 2024-10-08 | Deliargyris Efthymios | Officer (Chief Medical Officer) | 2024-10-04 | A | 50,000 | — | $0 |
| 2024-10-08 | Capponi Vincent | Officer (President and COO) | 2024-10-04 | A | 100,000 | — | $0 |
| 2024-10-08 | Capponi Vincent | Officer (President and COO) | 2024-10-04 | A | 50,000 | — | $0 |
| 2024-08-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-08-14 | A | 110,000 | — | $0 |
| 2024-08-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-08-14 | A | 65,000 | — | $0 |
| 2024-08-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-08-14 | A | 175,000 | — | $0 |
| 2024-08-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-08-14 | A | 80,000 | — | $0 |
| 2024-08-16 | MARIANI PETER J | Officer (Chief Financial Officer) | 2024-08-14 | A | 215,000 | — | $0 |