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PRINCETON, N.J. - CytoSorbents Corporation (NASDAQ: CTSO), a $54 million market cap company known for its blood purification technologies in critical care and cardiac surgery, has announced an extension to the expiration date of its Series B Right Warrants. According to InvestingPro data, the company maintains a healthy gross margin of 71% despite current profitability challenges. These warrants, part of the company’s January 2025 Rights Offering, were initially set to expire on April 10, 2025, but will now be valid until June 10, 2025. With a current ratio of 2.2, the company maintains sufficient liquid assets to meet its short-term obligations, though InvestingPro analysis indicates the company is rapidly utilizing its cash reserves. Get access to 12 additional exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports.
The Series B Right Warrants are exercisable at a price pegged to 90% of the 5-day volume-weighted average price of CytoSorbents’ common stock, calculated over the last five trading days before June 10, 2025. The exercise price will be rounded down to the nearest whole cent, with a minimum of $2.00 and a cap at $4.00. To exercise these warrants, holders must invest an amount separate from their original subscription rights in the Rights Offering. There are approximately 4.8 million shares of common stock reserved for the exercise of these warrants. Once the reserved shares are depleted, any remaining unexercised Series B Right Warrants will become void.
Holders of the Series B Right Warrants must provide the maximum price of $4.00 to exercise their warrant and will receive a refund for the difference based on the final exercise price.
CytoSorbents has developed proprietary technologies for blood purification, which are used to treat life-threatening conditions. Their flagship product, CytoSorb®, is approved in the European Union and available in over 70 countries. The company generates annual revenue of $35.6 million, and based on InvestingPro’s Fair Value analysis, the stock appears to be trading near its fair value. Discover detailed valuation metrics and growth potential in InvestingPro’s comprehensive research report, available for over 1,400 US stocks. It has also been granted FDA Emergency Use Authorization in the United States for adult critically ill COVID-19 patients with respiratory failure. The company has multiple products in its pipeline, including the DrugSorb™-ATR antithrombotic removal system, which is currently seeking marketing approval in the U.S. and Canada.
This information is based on a press release statement issued by CytoSorbents Corporation.
In other recent news, CytoSorbents Corp. reported its fourth-quarter 2024 earnings, beating expectations with a smaller-than-anticipated loss of $0.03 per share compared to the forecasted $0.05 loss. However, the company reported revenue of $9.15 million, falling short of the projected $10.25 million. Despite this, CytoSorbents experienced a 25% year-over-year increase in product revenue for the quarter. The company is also preparing for the controlled market release of its DrugZorb ATR device, with regulatory decisions anticipated from the FDA and Health Canada in 2025. Analysts from Jefferies and H.C. Wainwright have shown interest in the company’s strategic initiatives and regulatory progress. Notably, CytoSorbents aims to reach near cash flow breakeven by the end of 2025, supported by strategic sales force expansions. The company has also been working on optimizing its sales approach in Germany, which has faced growth challenges post-COVID.
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