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, 2022, there were approximately 13,000 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, 2016 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. 58 Table of Contents 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, 2016 ​ Issuer Purchases of Securities There were no repurchases of the Company’s securities during the year ended December 31, 2021. Recent Sales of Unregistered Securities We had no sales of unregistered securities in 2021 that have not been previously disclosed in a Current Report on Form 8-K or Quarterly Report on Form 10-Q. 59 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 2018 2017 Revenue: ​ ​ ​ ​ ​ Sales ​ $ 40,108,567 ​ $ 39,452,502 ​ $ 22,765,854 ​ $ 20,252,383 ​ $ 13,38 Grant income ​ 3,056,960 ​ 1,552,099 ​ 2,183,619 ​ 2,251,525 ​ 1,768,901 Total revenue ​ 43,165,527 ​ 41,004,601 ​ 24,949,473 ​ 22,503,908 ​ 15,150,754 Cost of revenue ​ 11,047,350 ​ 11,052,409 ​ 7,363,919 ​ 7,489,400 ​ 5,518,360 Gross margin ​ 32,118,177 ​ 29,952,192 ​ 17,585,554 ​ 15,014,508 ​ 9,632,394 Operating expenses: ​ ​ ​ ​ ​ ​ ​ Research and development ​ 16,380,930 ​ 8,810,561 ​ 12,091,797 ​ 7,723,028 ​ 3,221,233 Legal, financial and other consulting ​ 2,731,515 ​ 3,048,242 ​ 2,462,151 ​ 2,002,032 ​ 1,339,493 Selling general and administrative ​ 35,750,477 ​ 28,463,723 ​ 22,005,670 ​ 20,874,376 ​ 14,914,266 Total operating expenses ​ 54,862,922 ​ 40,322,526 ​ 36,559,618 ​ 30,599,436 ​ 19,474,992 Loss from operations ​ (22,744,745) ​ (10,370,334) ​ (18,974,064) ​ (15,584,928) ​ (9,842,598) Other income (expense): ​ ​ ​ ​ ​ ​ ​ Interest income (expense), net ​ 28,007 ​ (1,201,067) ​ (1,033,661) ​ (1,461,045) ​ (749,076) Foreign currency transaction gain (loss) ​ (2,577,913) ​ 2,607,139 ​ (350,365) ​ (784,752) ​ 1,454,136 Total other income (expense), net ​ (2,549,906) ​ 1,406,072 ​ (1,384,026) ​ (2,245,797) ​ 705,060 Loss before benefit from income taxes ​ (25,294,651) ​ (8,964,262) ​ (20,358,090) ​ (17,830,725) ​ (9,137,538) Benefit from income taxes ​ 736,003 ​ 1,127,074 ​ 1,092,446 ​ 619,546 ​ 676,739 Net loss ​ (24,558,648) ​ (7,837,188) ​ (19,265,644) ​ (17,211,179) ​ (8,460,799) Dividends ​ — ​ — ​ — ​ — ​ 335,731 Net loss available to common stockholders, basic and diluted ​ $ (24,588,648) ​ $ (7,837,188) ​ $ (19,265,644) ​ $ (17,211,179) ​ $ (8,796,530) Weighted average common shares outstanding, basic and diluted ​ 43,359,186 ​ 38,818,990 ​ 32,255,253 ​ 30,719,176 ​ 27,613,911 Net loss per share, basic and diluted ​ $ (0.57) ​ $ (0.20) ​ $ (0.60) ​ $ (0.56) ​ $ (0.32) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 2019 2018 2017 Consolidated Balance Sheet Data: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 52,137,707 ​ $ 71,421,601 ​ $ 12,232,418 ​ $ 22,368,837 ​ $ 17,321,862 Working capital ​ 50,608,748 ​ 72,299,881 ​ 10,965,262 ​ 21,725,888 ​ 12,891,009 Total assets ​ 89,519,282 ​ 89,950,471 ​ 27,382,510 ​ 34,196,763 ​ 24,103,307 Preferred stock ​ — ​ — ​ — ​ — ​ — Accumulated deficit ​ (221,185,295) ​ (196,626,647) ​ (188,789,459) ​ (169,523,815) ​ (152,312,636) Total stockholders’ equity ​ 62,578,197 ​ 79,215,579 ​ 3,418,042 ​ 16,934,600 ​ 10,262,835 ​ ​ ​ 60 Table of Contents