Cytosorbents Corporation · NASDAQ:CTSO
Cytosorbents — Q2 2026 Earnings Presentation
42 slides from Cytosorbents's earnings presentation, Aug 6, 2026
Slide 1: CytoSorbents Q2 2026 Earnings Conference Call
CytoSorbents Corporation Nasdaq: CTSO Q2 2026 Earnings Conference Call August 6, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation include 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
Slide 3: Conference Call Participants
Conference Call Participants Phillip Chan, MD, PhD Peter J. Mariani, CPA Efthymios Deliargyris, MD Chief Executive Officer Chief Financial Officer Chief Medical Officer 3
Slide 4: Regulatory Disclaimer
Regulatory Disclaimer CytoSorb • CE Marked in Europe for the following APPROVED Indications for Use: • Cytokine Removal • Bilirubin and Myoglobin Removal • Ticagrelor and Rivaroxaban removal during cardiothoracic surgery • CytoSorb is NOT yet cleared/approved by the FDA or Health Canada DrugSorb-ATR
Slide 5: Operational Update
Operational Update Dr. Phillip Chan, MD, PhD Chief Executive Officer 5
Slide 6: CytoSorbents at a Glance
CytoSorbents at a Glance • Platform blood purification technology for removing toxins and harmful substances from the blood • High margin “razorblade” that is “plug and play” into existing hospital blood pumps • Two main products leveraging the underlying polymer technology CytoSorb • Treatment of l
Slide 7: A Quarter of Meaningful Progress
A Quarter of Meaningful Progress $9.6M ↑73% ~$200K Q2 2026 Revenue Gross Margins Operating Cash Burn* We believe CytoSorbents today is better positioned for success than a year ago • Strengthened financial metrics nearing operating cash flow breakeven • Continued manufacturing excellence with improv
Slide 8: Four Independent Key Drivers of Value Creation
Four Independent Key Drivers of Value Creation Return Operating to Core Cash Flow CytoSorb Breakeven Sales Growth Opening U.S. Unlocking Market with Value of DrugSorb-ATR HemoDefend BGA 8
Slide 9: Value Driver #1: Achieving Operating Cash Flow Breakeven
Value Driver #1: Achieving Operating Cash Flow Breakeven Peter J. Mariani, CPA Chief Financial Officer 9
Slide 10: Progress Towards Operating Cash Flow Breakeven
Progress Towards Operating Cash Flow Breakeven ↑73% Gross Margins $9.6M 27% ~$200K Q2 2026 Revenue Operating Loss Operating Cash Burn* Improvement 38% Adjusted EBITDA Improvement 10 * Excluding restructuring costs of ~$200K
Slide 11: Driving to Operating Cash Flow Breakeven in 2H 2026
Driving to Operating Cash Flow Breakeven in 2H 2026 Negative Free Cash Flow by Quarter (Q2 2023 - Q2 2026) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 ($1,000) ($2,000) Amount ($ thousands) ($3,000) ($4,000) ($5,000) ($6,000) ($7,000) *
Slide 12: Value Driver #2: Returning the CytoSorb Business Back to Growth
Value Driver #2: Returning the CytoSorb Business Back to Growth Dr. Phillip Chan, MD, PhD Chief Executive Officer 12
Slide 13: CytoSorb Commercialization Focus
CytoSorb Commercialization Focus • We sell CytoSorb in more than 70 countries worldwide with more than 300,000 treatments to date • Sell Direct in Germany and 9 other countries & through Distributors and Partners in the remainder • Business: 65% critical care and 35% cardiac surgery Germany restruct
Slide 14: Continue to Teach Core Messaging
Continue to Teach Core Messaging Cytokine storm/ Sepsis, Septic Shock, Liver Pancreatitis Cytokine release Other Shock failure syndrome Burn Post-surgical Infectious diseases Injury Right complications Neuroinflammation (flu, COVID-19, other) Patient Organ transplant Acute Respiratory Drug overdose
Slide 15: Value Driver #3: Opening the U.S. Market Through DrugSorb-ATR
Value Driver #3: Opening the U.S. Market Through DrugSorb-ATR Dr. Efthymios “Makis” Deliargyris, MD, FACC, FESC, FSCAI Chief Medical Officer 15 DrugSorb-ATR is an investigational device in the U.S. and Canada and not yet cleared/approved
Slide 16: Blood Thinners and Cardiac Surgery
Blood Thinners and Cardiac Surgery • Tens of millions of patients globally take Direct Oral Anticoagulants (e.g, DOACs like Eliquis® and Xarelto®) and antiplatelet agents (e.g, Brilinta®) either chronically or acutely to reduce risk of heart attack, stroke, and other serious thrombotic complications
Slide 17: The Pivotal STAR-T RCT Paper Is Now Published
The Pivotal STAR-T RCT Paper Is Now Published 17 | Mack, M, et al. J Thorac Cardiovasc Surg. 2026. Online ahead of print DrugSorb-ATR is an investigational device in the U.S. and Canada and not yet cleared/approved
Slide 18: STAR-T: Study Design
STAR-T: Study Design Intraoperative period Postoperative period DrugSorb -ATR SOC DOUBLE BLIND STAR-T (n=140) Surgery within 2 days of Follow-up is through 30 days post-index 1:1 CPB Duration ticagrelor discontinuation operation (last treatment day = day 0) Sham SOC 29 Investigative Sites Prespecifi
Slide 19: STAR-T: Prespecified Study Populations
STAR-T: Prespecified Study Populations Imbalances within the mITT Population 80 70 70 70 4 4 Major PD (6 ANH) 3 Major PD (2 ANH) 8 3 60 “Other” surgeries “Other” surgeries 7 - 1 Aortic surgery - 2 Aortic surgery 50 - 3 CABG + valve - 1 CABG + valve - 1 Isolated valve - 1 Isolated valve 40 - 1 VSD Su
Slide 20: STAR-T: Study Meets Primary Safety Endpoint
STAR-T: Study Meets Primary Safety Endpoint • Independent DSMB: No safety concerns 20 DrugSorb-ATR is an investigational device in the U.S. and Canada and not yet cleared/approved
Slide 21: STAR-T: Efficacy Analyses
STAR-T: Efficacy Analyses Efficacy assessed with the hierarchical WIN Ratio on 2 composite endpoints of: A) Fatal Bleeding, B) UDPB Bleeding, and C) 24-hour chest tube drainage (CTD) Prespecified analysis after accounting for imbalances (type of surgery & ANH) UDPB = Universal Definition of Perioper
Slide 22: 24-hr Chest Tube Drainage after CABG: Cumulative & Quartile Analysis
24-hr Chest Tube Drainage after CABG: Cumulative & Quartile Analysis For context, the average total blood volume of a 165 pound person is approximately 4,000-5,000 mL of blood. So, >945 mL is equivalent to approximately 20-25% of a patient’s total blood volume 22 CTD = Chest Tube Drainage DrugSorb-A
Slide 23: Significant Reduction in Major Bleeding Equates to NNT = 6
Significant Reduction in Major Bleeding Equates to NNT = 6 • 58% risk reduction for major bleeding • 16.3% absolute reduction (13.7% treatment vs 30.0% control, p= 0.041) translates to NNT of 6 • Means that 1 major bleed is prevented for every 6 patients treated UDPB = Universal Definition of Periop
Slide 24: Even Transfusion in Moderate Bleeding Is Different
Even Transfusion in Moderate Bleeding Is Different pRBC = packed red blood cells; PLT = platelets; 24 FFP = fresh frozen plasma; Cryo = Cryoprecipitate 24 DrugSorb-ATR is an investigational device in the U.S. and Canada and not yet cleared/approved
Slide 25: FDA Regulatory Path for DrugSorb-ATR and Brilinta®
FDA Regulatory Path for DrugSorb-ATR and Brilinta® • Because the primary endpoint of STAR-T was missed, FDA denied our De Novo 510(k) application (approval standard requires that “probable benefit” outweighs “probable risk”) and subsequently upheld that denial in appeal • However, there were three i
Slide 26: Potential Second Shot on Goal: DOAC Removal
Potential Second Shot on Goal: DOAC Removal • Tens of millions of patients are on Direct Oral Anticoagulants (DOAC) for atrial fibrillation, VTE, etc. Eliquis® is the #7 pharmaceutical in the world ($14B global 2025 sales); Xarelto® ($5B global 2025 sales) are the market leaders • DrugSorb-ATR has r
Slide 27: Meanwhile, Evidence Base for ATR Continues to Grow
Meanwhile, Evidence Base for ATR Continues to Grow • At EuroPCR 2026 (Paris; May 19-22), the world-leading course in interventional cardiovascular medicine, two key presentations were made on antithrombotic removal: • Urgent CABG in ACS: Impact of P2Y12 Choice and Intraoperative Hemoadsorption on Pe
Slide 28: DrugSorb-ATR is a Win for All Stakeholders
DrugSorb-ATR is a Win for All Stakeholders Patients ✓ Minimize delays to definitive surgery ✓ Reduce serious bleeding risk, which is associated with longer hospital stays and increased morbidity and mortality Surgeons ✓ No change in workflow, seamless integration into CPB machine ✓ Reduce serious pe
Slide 29: Value Driver #4: Unlocking the Strategic Value of HemoDefend-BGA
Value Driver #4: Unlocking the Strategic Value of HemoDefend-BGA Dr. Phillip Chan, MD, PhD Chief Executive Officer 29 |
Slide 30: The Importance of Universal Plasma
The Importance of Universal Plasma • Plasma is the life-saving acellular portion of blood that contains coagulation factors, antibodies, etc. that are vital for blood clotting, immunity, and other functions - used widely in trauma and critical care, but is blood-type specific due to the present of a
Slide 31: HemoDefend-BGA: Enabling Universal Plasma and Blood Products
HemoDefend-BGA: Enabling Universal Plasma and Blood Products • Simple, gravity-driven filter that removes anti-A and anti-B blood group antibodies (BGA) to enable universal blood products • Same filter for plasma, platelets, and whole blood • Addresses critical needs in trauma, emergency, military,
Slide 32: Universal Plasma in Minutes — No Equipment Needed
Universal Plasma in 15 Minutes — No Equipment Needed Filter with Universal Plasma Collect Plasma HemoDefend-BGA Ready • Plasma flows by gravity through a small filter • Beads inside remove antibodies • Safe, universal plasma collected in a new bag • Fast — Universal plasma under 15 minutes • Safe —
Slide 33: HemoDefend-BGA: Unlocking Value
HemoDefend-BGA: Unlocking Value Current Status: • HemoDefend-BGA development is completed and has been tested and validated by multiple blood centers and government and industry players. Currently undergoing device validation for human clinical studies • In July 2026, received constructive FDA feedb
Slide 34: Financial Highlights
Financial Highlights Peter J. Mariani Chief Financial Officer 34 |
Slide 35: Q2 2026 Revenue
Q2 2026 Revenue • Revenue performance was led by increases in our Q2 2026 YoY Change distributor and strategic partner territories and direct sales outside Germany Revenue: $9.6m 0% • Sales decline in Germany attributed to a smaller but more focused sales force. Distributors and $4.6m +16% • We are
Slide 36: Q2 2026 Performance
Q2 2026 Performance Strategic workforce and cost reduction program drives improved operating margins 2026 2025 YoY Change Product revenue $9.6m $9.6m +0% Improvement due to manufacturing Gross margin 73% 71% optimization, improved sourcing, and production efficiencies 7% improvement Total operating
Slide 37: Driving to Operating Cash Flow Breakeven in 2H 2026
Driving to Operating Cash Flow Breakeven in 2H 2026 Negative Free Cash Flow by Quarter (Q2 2023 - Q2 2026) Driving improved cash burn through Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 efficiencies and cost reductions • $5.9 million in
Slide 38: Closing Remarks
Closing Remarks Phillip Chan, MD, PhD Chief Executive Officer 38 |
Slide 39: Four Independent Value Drivers. One Uncommon Value
Four Independent Value Drivers. One Uncommon Value Return Operating to Core Cash Flow CytoSorb Breakeven Sales Growth Opening U.S. Unlocking Market with Value of DrugSorb-ATR HemoDefend BGA 39 |
Slide 40: Q&A Session
Q&A Session NASDAQ: CTSO Company Contacts: Dr. Phillip Chan - CEO pchan@cytosorbents.com Peter Mariani – CFO pmariani@cytosorbents.com 40
Slide 41: Appendix
Appendix Reconciliation of non-GAAP Financial Measures 41 |
Slide 42: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 42 |