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Here are 1-2 brief analogies for CytoSorbents:

• Imagine a company like Fresenius Medical Care or DaVita, but instead of routine kidney dialysis, their device 'cleans' the blood of critically ill patients by specifically removing inflammatory toxins that cause severe conditions like sepsis.

• Think of a company like Terumo or LivaNova that provides extracorporeal life support, but CytoSorbents offers a device specifically designed to filter harmful inflammatory mediators from the blood of patients in critical care.

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• CytoSorb®: A blood purification adsorber designed to reduce cytokines and other inflammatory mediators in critically ill patients.
• DrugSorb™-ATR: A blood purification cartridge specifically engineered to remove certain drugs and toxins from the bloodstream in cases of intoxication and overdose.
• ContiGuard®: An adsorber designed to enhance the continuous removal of inflammatory mediators and other harmful substances from the blood.

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CytoSorbents (CTSO) sells primarily to other companies (B2B).

Its major customers fall into the following categories:

• Hospitals: CytoSorbents sells its products directly to hospitals, primarily in Germany, for use in critical care settings. These are individual healthcare facilities, and no single hospital or hospital system is identified as a major customer representing a significant concentration of revenue in their public filings.
• Third-Party Distributors: In over 75 countries worldwide outside of Germany, CytoSorbents relies on a network of third-party distributors for the marketing, sale, and distribution of its products. Due to the diversified nature of these relationships, no specific distributor company is identified as a major customer representing a significant concentration of revenue in their public filings.

As of its latest public filings, CytoSorbents does not disclose specific major customer companies (either individual hospital systems or named distributors) that individually account for 10% or more of its total revenue. Its sales are diversified across a broad base of hospitals and numerous distribution partners globally.

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• Fresenius Medical Care AG & Co. KGaA (NYSE: FMS)
• Argon Medical Devices, Inc.

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Dr. Phillip P. Chan, Chief Executive Officer

Dr. Chan has led CytoSorbents for over 16 years, guiding the company through the EU approval and commercialization of its flagship product, CytoSorb. Prior to joining CytoSorbents, Dr. Chan was a Partner for the $80 million NJTC Venture Fund, where he focused on healthcare and life science investments, including therapeutics, medical devices, and diagnostics. The NJTC Venture Fund was noted as one of the largest seed and Series A early-stage venture investors in the greater New York region and a top 1% performing fund for its vintage. He is also a co-founder and Vice Chairman of Medality Medical (formerly Andrew Technologies), a privately-held medical device company. Dr. Chan received his MD/PhD from Yale University School of Medicine and his BSc from Cornell University. He completed his residency at Harvard Medical School at the Beth Israel Deaconess Medical Center and is board-certified in internal medicine.

Peter J. Mariani, Chief Financial Officer

Mr. Mariani was appointed Chief Financial Officer of CytoSorbents effective August 14, 2024, bringing over 25 years of experience as a strategic financial leader in high-growth medical technology companies. Before joining CytoSorbents, he served as Executive Vice President and CFO of Axogen, Inc., a medical technology company specializing in peripheral nerve repair, from March 2016 to December 2023. At Axogen, Mr. Mariani oversaw all finance and accounting functions, investor relations, information technology, security, and Global Quality. During his tenure, Axogen's annual revenue grew significantly from $27 million to nearly $160 million, and the company raised approximately $250 million in capital. His career also includes time as Chief Financial Officer at Hansen Medical, Inc., a publicly traded medical robotics company, and 12 years with Guidant Corporation, a global leader in cardiovascular medical devices, where he held senior financial positions including Vice President of Finance and Administration for Guidant Japan and Corporate Vice President, Controller, and Chief Accounting Officer. He began his career as a Certified Public Accountant at Ernst and Young, LLP.

Vincent J. Capponi, President and Chief Operating Officer

Mr. Capponi has over 20 years of management experience in medical devices, pharmaceuticals, and imaging equipment, having worked at companies such as Upjohn, Sims Deltec, and Sabratek. He joined CytoSorbents as VP of Operations in 2002, was promoted to Chief Operating Officer in 2005, and became President in 2020. His prior experience includes several senior management roles at Sabratek and its diagnostics division, GDS, where he was also responsible for integrating the Baxter-Sabratek acquisition.

Efthymios N. Deliargyris, MD, Chief Medical Officer

Dr. Deliargyris earned his Medical Degree from the Kapodistrian University School of Medicine in Athens. He completed his residency in internal medicine at Tufts University School of Medicine, serving as Chief Resident, and his fellowship in cardiology and interventional cardiology at the University of North Carolina at Chapel Hill, where he also served as Chief Fellow. He is an elected Fellow of the American College of Cardiology (FACC), European Society of Cardiology (FESC), and the Society for Cardiac Angiography and Interventions (FSCAI).

Christian Steiner, MD, Executive Vice President of Sales and Marketing

Dr. Steiner is responsible for managing all direct sales and marketing efforts for CytoSorb in Germany, as well as distributor relationships outside the European Union. He joined CytoSorbents in 2012 from Critical Care Competence, a critical-care focused outsourced sales and marketing company in Germany, where he held the position of Managing Director.

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Key Risks to CytoSorbents (CTSO)

1. Regulatory Setbacks for Key Products: CytoSorbents faces significant risk related to its ability to obtain and maintain regulatory approvals for its devices, particularly DrugSorb-ATR. The company has experienced regulatory rejections for DrugSorb-ATR from both the U.S. FDA and Health Canada, leading to a substantial drop in stock value. While CytoSorbents plans to appeal these decisions and remains optimistic about eventual approval, the uncertainty and delays in market authorization pose a critical challenge to the business.
2. History of Losses and Need for Financing: CytoSorbents has a history of losses, which is a recurring risk factor highlighted in its investor communications. The company's ability to achieve profitability and secure adequate financing as needed is crucial for its ongoing operations, product development, and commercialization efforts.

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CytoSorbents (CTSO) has several key products and services with identifiable addressable markets:

• CytoSorb
• For the treatment of sepsis: Approximately $6 billion to $8 billion (U.S. and EU).
• For critical care and cardiac surgery applications: In excess of $20 billion (worldwide).
• For the treatment of cancer cachexia and cancer: In excess of $4 billion (U.S. and EU).
• For severe Acute Respiratory Distress Syndrome (ARDS) and Acute Lung Injury (ALI): Approximately $2 billion (U.S. and EU combined).
• DrugSorb-ATR
• Initial addressable market for ticagrelor removal in patients undergoing coronary artery bypass graft (CABG) surgery: Approximately $300 million to $350 million (U.S. and Canada).
• Potential addressable market if approved for broader indications and as ticagrelor becomes generic: Over $650 million to more than $1 billion (U.S. and Canada), particularly if it includes direct oral anticoagulants (DOACs) removal.
• HemoDefend-BGA
• For transfusion medicine to create universal plasma: Estimated $400 million to $600 million (westernized countries). This represents a fraction of the global market.
• VetResQ
• Addressable market size: null
• Other Products (e.g., HemoDefend-RBC, ECOS-300CY, CytoSorb-XL, K+ontrol, ContrastSorb)
• Addressable market size: null

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Here are 3-5 expected drivers of future revenue growth for CytoSorbents (CTSO) over the next 2-3 years:

1. Commercialization of DrugSorb-ATR in North America: CytoSorbents is actively pursuing regulatory approval for its DrugSorb-ATR antithrombotic removal system in the U.S. and Canada, with submissions made to the U.S. FDA and Health Canada. This investigational device is designed to reduce perioperative bleeding in high-risk cardiac surgery patients on blood thinners like ticagrelor, representing a significant addressable market estimated at over $0.5 billion in these regions. The company anticipates regulatory decisions in 2025 and is undertaking pre-launch activities.
2. Expanded Utilization and Market Penetration of CytoSorb in International Markets: The company continues to focus on driving growth of its flagship product, CytoSorb, in its existing international markets. CytoSorb is approved in the European Union and distributed in 76 countries worldwide, with over a quarter-million devices used cumulatively. Initiatives include reorganizing commercial teams in key regions like Germany to renew sales growth and expanding clinical evidence to support broader adoption across its approved applications.
3. Geographic Expansion of CytoSorb: CytoSorbents is expanding its global footprint by securing regulatory approvals in new countries. For instance, CytoSorb obtained regulatory approval in Taiwan in Q2 2024. Continued penetration into new territories will contribute to top-line growth.
4. Increased Adoption of the PuriFi Hemoperfusion Pump in the EU: CytoSorbents launched its PuriFi hemoperfusion pump in the European Union in June 2024. This new pump is designed for ease of use and rapid treatment, which is expected to increase the demand and sales of the CytoSorb blood purification cartridge for critically ill patients in the European Union.

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Share Issuance

• CytoSorbents completed a Rights Offering on January 10, 2025, generating aggregate gross proceeds of $6.25 million from the sale of 6.25 million units, each comprising one common stock share and two transferable Right Warrants.
• In February 2025, the company received $1.6 million in aggregate gross proceeds from the exercise of 1,417,208 Series A Right Warrants at $1.13 per warrant.
• As of June 30, 2025, CytoSorbents had an effective shelf registration statement from September 30, 2024, enabling it to raise up to $150 million through various securities, with approximately $149.7 million of this amount available.

Inbound Investments

• On June 28, 2024, CytoSorbents secured a new $20 million credit facility with Avenue Capital Group, providing an initial tranche of $15 million, with $10 million immediately available. An additional $5 million is contingent on U.S. FDA acceptance of the DrugSorb-ATR De Novo application, and a second $5 million tranche would be available in the second half of 2025 upon FDA marketing clearance.
• The company's purification technologies have historically received approximately $50 million in non-dilutive grant, contract, and other funding from U.S. government agencies such as DARPA, HHS, NIH, and the U.S. Army.
• In the first quarter of 2025, CytoSorbents generated $1.7 million from the sale of its 2023 and amended 2022 Net Operating Loss and R&D tax credits.

Capital Expenditures

• Capital expenditures totaled $0.1 million for the six months ended June 30, 2025.
• Net cash used in investing activities was $0.179 million for the second quarter ended June 30, 2025, which included purchases of property and equipment, and payments for patent costs.
• Net cash used in investing activities was $0.246 million for the second quarter ended June 30, 2024, including purchases of property and equipment, and payments for patent costs.