CytoSorbents Corporation reported its financial results for the first quarter of 2026, revealing a total revenue of approximately $8.9 million, a slight increase of 1.6% compared to $8.7 million in the same period last year. The company experienced a decrease in gross profit, which fell to $6.1 million from $6.2 million, resulting in a gross margin of 69.2%, down from 71.1% in the prior year. The loss from operations improved by 21.7%, decreasing to approximately $3.0 million from $3.9 million year-over-year. However, the net loss widened to $5.1 million, compared to a net loss of $1.5 million in the first quarter of 2025, primarily due to significant foreign currency transaction losses.
In terms of operational metrics, CytoSorbents reported a reduction in research and development expenses, which decreased by 38.4% to approximately $1.0 million, attributed to the completion of the STAR-T clinical trial and a reduction in other clinical and product development costs. Selling, general, and administrative expenses also saw a decline, totaling approximately $8.1 million, down from $8.4 million, largely due to decreased stock-based compensation and a reduction in workforce as part of a strategic cost reduction plan initiated in late 2025. The company reduced its workforce by approximately 10% to optimize operations and accelerate a path to cash-flow profitability.
CytoSorbents continues to focus on expanding its market presence, particularly in the U.S. and Canada, where it is developing the DrugSorb™-ATR system for antithrombotic removal. The company is actively pursuing regulatory approval from the FDA and has received Breakthrough Device Designations for the device. Despite facing challenges, including geopolitical instability affecting distributor orders, the company remains optimistic about future growth and product adoption rates. The company has also reported a significant increase in direct sales outside of Germany, indicating a positive trend in customer engagement.
As of March 31, 2026, CytoSorbents had total assets of approximately $40.6 million, down from $44.2 million at the end of 2025. The company reported current liabilities of approximately $16.3 million, leading to a current ratio that raises concerns about its liquidity. The company had approximately $6.3 million in cash, including $4.8 million in unrestricted cash, which may not be sufficient to fund operations beyond the next twelve months. The company is exploring various financing options, including equity offerings and debt financing, to bolster its liquidity and support ongoing operations.
Looking ahead, CytoSorbents has expressed a commitment to achieving cash flow breakeven by the second half of 2026. The company is focused on optimizing its operations and expanding its customer base while navigating the challenges posed by market conditions and regulatory processes. The management remains cautious about the future, emphasizing the need for additional capital to sustain operations and support growth initiatives.
About Cytosorbents Corp
CytoSorbents Corporation specializes in blood purification technologies for critical care, cardiac surgery, and organ transplantation. Its flagship product, CytoSorb, removes inflammatory mediators, toxins, and blood thinners from blood using porous polymer beads. The company develops and markets extracorporeal cartridges and devices globally, targeting high-risk patients with conditions like sepsis, COVID-19, organ failure, and bleeding risks, with a focus on improving clinical outcomes and reducing healthcare costs.
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