Cytosorbents Corp 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information Beginning on December 23, 2014, our common stock began trading on Nasdaq under the symbol “CTSO.” Previously, the Company’s common stock traded in the over-the counter-market on the OTC Bulletin Board. Approximate Number of Equity Security Holders As of February 15, 2021, there were approximately 12,300 stockholders of record. Because shares of our common stock are held by depositaries, brokers and other nominees, the number of beneficial holders of our shares is larger than the number of stockholders of record. Stock Performance Graph The following graph shows the value of an investment of $100 on December 31, 2015 in each of CytoSorbents Corporation common stock, the Russell 2000 Index and the Nasdaq Biotech Index. All values assume reinvestment of the pretax value of dividends and are calculated as of December 31 st of each year. The historical stock price performance of the Company’s common stock shown in the performance graph is not necessarily indicative of future stock price performance. CytoSorbents Corporation vs. Russell 2000 Index and Nasdaq Biotech Index Comparison of 5 Year Total Cumulative Return Value of a $100 Investment on December 31, 2015 ​ Issuer Purchases of Securities There were no repurchases of the Company’s securities during the year ended December 31, 2020. Recent Sales of Unregistered Securities We had no sales of unregistered securities in 2020 that have not been previously disclosed in a Current Report on Form 8-K or Quarterly Report on Form 10-Q. 60 Table of Contents Item 6. Selected Financial Data. The following table summarizes our selected financial data for the periods and as of the dates indicated, which have been derived from our audited financial statements and related notes and should be read together with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and with our consolidated financial statements and related notes, which are included elsewhere in this Annual Report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 2017 2016 Revenue: ​ ​ ​ ​ ​ Sales ​ $ 39,452,502 ​ $ 22,765,854 ​ $ 20,252,383 ​ $ 13,381,853 ​ $ 8,206,036 Grant income ​ 1,552,099 ​ 2,183,619 ​ 2,251,525 ​ 1,768,901 ​ 1,321,807 Other revenue ​ — ​ — ​ — ​ — ​ — Total revenue ​ 41,004,601 ​ 24,949,473 ​ 22,503,908 ​ 15,150,754 ​ 9,527,843 Cost of revenue ​ 11,052,409 ​ 7,363,919 ​ 7,489,400 ​ 5,518,360 ​ 3,953,725 Gross margin ​ 29,952,192 ​ 17,585,554 ​ 15,014,508 ​ 9,632,394 ​ 5,574,118 Operating expenses: ​ ​ ​ ​ ​ ​ Research and development ​ 8,810,561 ​ 12,091,797 ​ 7,723,028 ​ 3,221,233 ​ 4,073,093 Legal, financial and other consulting ​ 3,048,242 ​ 2,462,151 ​ 2,002,032 ​ 1,339,493 ​ 1,184,788 Selling general and administrative ​ 28,463,723 ​ 22,005,670 ​ 20,874,376 ​ 14,914,266 ​ 11,808,362 Total operating expenses ​ 40,322,526 ​ 36,559,618 ​ 30,599,436 ​ 19,474,992 ​ 17,066,243 Loss from operations ​ (10,370,334) ​ (18,974,064) ​ (15,584,928) ​ (9,842,598) ​ (11,492,125) Other income (expense): ​ ​ ​ ​ ​ ​ Interest expense, net ​ (1,201,067) ​ (1,033,661) ​ (1,461,045) ​ (749,076) ​ (231,804) Foreign currency transaction gain (loss) ​ 2,607,139 ​ (350,365) ​ (784,752) ​ 1,454,136 ​ (358,077) Total other income (expense), net ​ 1,406,072 ​ (1,384,026) ​ (2,245,797) ​ 705,060 ​ (589,881) Loss before benefit from income taxes ​ (8,964,262) ​ (20,358,090) ​ (17,830,725) ​ (9,137,538) ​ (12,082,006) Benefit from income taxes ​ 1,127,074 ​ 1,092,446 ​ 619,546 ​ 676,739 ​ 318,550 Net loss ​ (7,837,188) ​ (19,265,644) ​ (17,211,179) ​ (8,460,799) ​ (11,763,456) Dividends ​ — ​ — ​ — ​ 335,731 ​ — Net loss available to common stockholders, basic and diluted ​ $ (7,837,188) ​ $ (19,265,644) ​ $ (17,211,179) ​ $ (8,796,530) ​ $ (11,763,456) Weighted average common shares outstanding, basic and diluted ​ 38,818,990 ​ 32,255,253 ​ 30,719,176 ​ 27,613,911 ​ 25,433,719 Net loss per share, basic and diluted ​ $ (0.20) ​ $ (0.60) ​ $ (0.56) ​ $ (0.32) ​ $ (0.46) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2019 2018 2017 2016 Consolidated Balance Sheet Data: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 71,421,601 ​ $ 12,232,418 ​ $ 22,368,837 ​ $ 17,321,862 ​ $ 5,245,178 Working capital ​ 72,299,881 ​ 10,965,262 ​ 21,725,888 ​ 12,891,009 ​ 3,550,353 Total assets ​ 89,950,471 ​ 27,382,510 ​ 34,196,763 ​ 24,103,307 ​ 9,693,844 Preferred stock ​ — ​ — ​ — ​ — ​ — Accumulated deficit ​ (196,626,647) ​ (188,789,459) ​ (169,523,815) ​ (152,312,636) ​ (143,516,106) Total stockholders’ equity ​ 79,215,579 ​ 3,418,042 ​ 16,934,600 ​ 10,262,835 ​ 1,337,459 ​ ​ ​ 61 Table of Contents