The company's financial leverage has deteriorated significantly, with the debt-to-equity ratio surging to 8.64 in 2026Q1 from 0.79 in 2023Q4, signaling heightened solvency risks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 17.76M | 20.63M | 21.6M | 25.7M | 33.76M | 64.3M | 82.45M | 20.9M | 28.26M | 20.74M | 7.83M | 9.86M | 7.61M | 3.49M | 2.94M | 1.7M | 1.4M | 1.96M | 3.07M | 412.3K | 2.9M | 5.48K |
| Cash & Short-Term Investments | 4.81M | 6.25M | 3.28M | 14.13M | 22.14M | 52.14M | 71.42M | 12.23M | 22.37M | 17.32M | 5.25M | 7.51M | 5.55M | 2.18M | 1.73M | 1.19M | 1.06M | 1.6M | 2.95M | 211.61K | 2.87M | 4.22K |
| Cash Only | 4.81M | 6.25M | 3.28M | 14.13M | 22.14M | 52.14M | 71.42M | 12.23M | 22.37M | 17.32M | 5.25M | 5.32M | 3.6M | 2.18M | 1.73M | 1.19M | 1.06M | 1.6M | 2.75M | 211.61K | 2.87M | 4.22K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19M | 1.95M | 0 | 0 | 0 | 0 | 0 | 199.61K | 0 | 0 | 0 |
| Accounts Receivable | 7.15M | 7.55M | 7.32M | 6.06M | 5.66M | 4.52M | 5.16M | 4.47M | 3.94M | 2.21M | 1.43M | 648.87K | 819.15K | 453.02K | 51.78K | 36.08K | 0 | 0 | 0 | 0 | 0 | 1.26K |
| Days Sales Outstanding | 73.27 | 74.35 | 75.06 | 71.12 | 59.61 | 41.16 | 47.73 | 71.62 | 71.07 | 60.17 | 63.76 | 58.4 | 95.07 | 201.21 | 124.69 | 365 | - | - | - | - | - | 46.06 |
| Inventory | 4.48M | 5.28M | 2.73M | 3.68M | 3.46M | 4.77M | 2.67M | 2.11M | 833.13K | 795.66K | 833.98K | 1.19M | 538K | 245.61K | 682.37K | 431.02K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 147.83 | 182.33 | 93.16 | 147.1 | 90.53 | 157.47 | 88.3 | 104.78 | 40.6 | 52.63 | 76.99 | 196.42 | 92.02 | 46.9 | 780.04 | 13.38K | - | - | - | - | - | - |
| Other Current Assets | 1.31M | 1.55M | 8.27M | 1.83M | 2.49M | 2.87M | 0 | -214 | 0 | 0 | 0 | 0 | 0 | 0 | 476.09K | 43.73K | 0 | 0 | 117K | 0 | 0 | 0 |
| Total Non-Current Assets | 22.8M | 23.55M | 25.77M | 27.56M | 29.47M | 25.22M | 7.5M | 6.48M | 4.48M | 3.36M | 1.87M | 1.39M | 862K | 558.77K | 399.82K | 425.06K | 411.72K | 273.76K | 321.37K | 390.28K | 547.03K | 13.56K |
| Property, Plant & Equipment | 18.28M | 18.75M | 20.51M | 22.12M | 23.35M | 18.57M | 3.15M | 3M | 1.73M | 1.4M | 569.41K | 557.29K | 246K | 144.39K | 145.6K | 155.07K | 144.15K | 18.85K | 52.06K | 144.46K | 303.56K | 13.56K |
| Fixed Asset Turnover | 1.96x | 1.98x | 1.74x | 1.41x | 1.49x | 2.16x | 12.53x | 7.60x | 11.71x | 9.54x | 14.41x | 7.28x | 12.78x | 5.69x | 1.04x | 0.23x | - | - | - | - | - | 0.74x |
| Goodwill | 0 | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 3.75M | 3.91M | 4.39M | 4.7M | 4.22M | 3.36M | 2.63M | 1.84M | 1.19M | 771.79K | 557.53K | 360.48K | 207.27K | 269.99K | 211.18K | 198.51K | 202.68K | 191.93K | 0 | 0 |
| Long-Term Investments | 3.04M | 1.52M | 0 | 1.48M | 1.73M | 1.94M | 125.89K | 123.48K | 128.11K | 123.13K | 104.91K | 64.95K | 58.27K | 53.89K | 46.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.53M | 53K | 1.51M | -3.65M | 0 | 0 | 0 | 3.48M | 0 | 123.13K | 104.91K | 64.95K | 616K | 53.89K | 46.95K | 0 | 56.39K | 56.39K | 66.63K | 53.89K | 243.47K | 0 |
| Total Assets | 40.56M | 44.18M | 47.37M | 53.26M | 63.23M | 89.52M | 89.95M | 27.38M | 32.75M | 24.1M | 9.69M | 11.25M | 8.47M | 4.05M | 3.34M | 2.12M | 1.81M | 2.24M | 3.39M | 802.57K | 3.45M | 19.04K |
| Asset Turnover | 0.83x | 0.84x | 0.75x | 0.58x | 0.55x | 0.45x | 0.44x | 0.83x | 0.62x | 0.56x | 0.85x | 0.36x | 0.37x | 0.20x | 0.05x | 0.02x | - | - | - | - | - | 0.53x |
| Asset Growth % | -41.33% | -6.73% | -11.06% | -15.77% | -29.37% | -0.48% | 228.49% | -16.38% | 35.86% | 148.65% | -13.87% | 32.89% | 109.33% | 21.15% | 57.33% | 17.14% | -19.06% | -33.91% | 322.04% | -76.7% | 17991.84% | - |
| Total Current Liabilities | 16.3M | 9.71M | 9.82M | 14.55M | 9.71M | 13.69M | 10.15M | 9.94M | 6.54M | 7.85M | 6.09M | 3.04M | 4.51M | 3.06M | 2.08M | 1.53M | 1.22M | 970.76K | 977.7K | 906.87K | 1.08M | 91.97K |
| Accounts Payable | 3.13M | 2.87M | 3.34M | 3.8M | 1.66M | 2.81M | 2.47M | 2.04M | 1.49M | 1.24M | 1.33M | 684.63K | 698.31K | 786.52K | 800.67K | 675.16K | 817.7K | 852.17K | 885.47K | 775.34K | 942.26K | 35.83K |
| Days Payables Outstanding | 105.16 | 99.05 | 113.85 | 151.97 | 43.29 | 92.68 | 81.46 | 101.08 | 72.41 | 82.31 | 122.79 | 112.94 | 119.44 | 150.18 | 915.27 | 20.96K | - | - | - | - | - | 1.31K |
| Short-Term Debt | 7.21M | 541K | 0 | 2.5M | 108.94K | 570.57K | 0 | 2.09M | 666.67K | 4M | 833.33K | 0 | 0 | 1.64M | 926.23K | 294.32K | 0 | 0 | 0 | 0 | 0 | 56.14K |
| Deferred Revenue (Current) | 561K | 0 | 419.33K | 1.38M | 1.52M | 1.95M | 1.03M | 157.66K | 0 | 14.75K | 2.07M | 30K | 1K | 272.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.96M | 6.3M | 865.51K | 3.15M | 3.55M | 4.31M | 0 | 200.84K | 479.78K | 1.58M | 44.88K | 2.19M | 3.6M | 9.14K | 0 | 0 | 0 | 0 | 0 | 0 | 136.93K | 0 |
| Current Ratio | 1.09x | 2.13x | 2.20x | 1.77x | 3.48x | 4.70x | 8.12x | 2.10x | 4.32x | 2.64x | 1.29x | 3.24x | 1.69x | 1.14x | 1.42x | 1.11x | 1.15x | 2.02x | 3.14x | 0.45x | 2.68x | 0.06x |
| Quick Ratio | 0.81x | 1.58x | 1.92x | 1.51x | 3.12x | 4.35x | 7.86x | 1.89x | 4.20x | 2.54x | 1.15x | 2.85x | 1.57x | 1.06x | 1.09x | 0.83x | 1.15x | 2.02x | 3.14x | 0.45x | 2.68x | 0.06x |
| Cash Conversion Cycle | 115.95 | 157.63 | 54.37 | 66.24 | 106.85 | 105.95 | 54.57 | 75.33 | 39.26 | 30.48 | 17.96 | 141.88 | 67.65 | 97.93 | -10.54 | -7.21K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 22.07M | 28.57M | 26.44M | 15.44M | 18.14M | 13.25M | 581.64K | 14.03M | 9.27M | 5.99M | 4.08M | 714.63K | 729.14K | 15.25M | 12.89M | 276.25K | 1.08M | 852.17K | 50K | 775.34K | 942.26K | 10K |
| Long-Term Debt | 11.75M | 16.67M | 14M | 2.54M | 5M | 0 | 0 | 13.39M | 9.27M | 5.99M | 4.08M | 0 | 0 | 0 | 0 | 276.25K | 1.08M | 0 | 50K | 0 | 0 | 10K |
| Capital Lease Obligations | 24.09M | 11.9M | 12.44M | 12.9M | 13.14M | 13.25M | 581.64K | 642.68K | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 3.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 10.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 38.37M | 38.28M | 36.26M | 29.99M | 27.86M | 26.94M | 10.73M | 23.96M | 15.81M | 13.84M | 10.17M | 3.04M | 4.51M | 18.31M | 14.96M | 1.8M | 2.3M | 970.76K | 1.03M | 906.87K | 1.08M | 101.97K |
| Total Debt | 18.96M | 29.11M | 26.89M | 18.31M | 18.25M | 13.82M | 1.03M | 16.55M | 9.94M | 9.99M | 4.91M | 0 | 0 | 1.64M | 926.23K | 570.57K | 1.08M | 0 | 50K | 0 | 0 | 66.14K |
| Net Debt | 14.15M | 22.86M | 23.61M | 4.18M | -3.89M | -38.32M | -70.39M | 4.32M | -12.43M | -7.33M | -333.53K | -5.32M | -3.6M | -538.67K | -803.12K | -616.08K | 21.72K | -1.6M | -2.7M | -211.61K | -2.87M | 61.92K |
| Debt / Equity | 8.64x | 4.93x | 2.42x | 0.79x | 0.52x | 0.22x | 0.01x | 4.84x | 0.59x | 0.97x | - | - | - | - | - | 1.79x | - | - | 0.02x | - | - | - |
| Debt / EBITDA | -1.56x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.16x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -7.09x | -2.29x | -15.02x | -189.39x | - | - | -8.63x | -18.70x | -11.20x | -11.20x | -51.12x | -1000.29x | -22.23x | -11.15x | -6.18x | -4.25x | -33.27x | -371.82x | -146.09x | -1.00x | -0.62x | - |
| Total Equity | 2.19M | 5.9M | 11.11M | 23.28M | 35.37M | 62.58M | 79.22M | 3.42M | 16.93M | 10.26M | -474.09K | 8.21M | 3.96M | -14.27M | -11.63M | 318.34K | -484.58K | 1.27M | 2.36M | -104.3K | 2.36M | -82.93K |
| Equity Growth % | -193.15% | -46.85% | -52.28% | -34.2% | -43.47% | -21% | 2217.6% | -79.82% | 65.01% | 2264.75% | -105.77% | 107.18% | 127.78% | -22.71% | -3751.77% | 165.69% | -138.22% | -46.27% | 2362.29% | -104.41% | 2949.43% | - |
| Book Value per Share | 0.03 | 0.09 | 0.20 | 0.52 | 0.81 | 1.44 | 2.04 | 0.11 | 0.55 | 0.37 | -0.02 | 0.33 | 0.28 | -1.51 | -1.47 | 0.05 | -0.12 | 0.76 | 2.35 | -0.10 | 2.42 | -0.27 |
| Total Shareholders' Equity | 2.19M | 5.9M | 11.11M | 23.28M | 35.37M | 62.58M | 79.22M | 3.42M | 16.93M | 10.26M | -474.09K | 8.21M | 3.96M | -14.27M | -11.63M | 318.34K | -484.58K | 1.27M | 2.36M | -104.3K | 2.36M | -82.93K |
| Common Stock | 63K | 63K | 54.83K | 54.24K | 43.63K | 43.48K | 43.22K | 32.62K | 31.77K | 28.97K | 25.48K | 25.4K | 23.3K | 251.32K | 214.97K | 177.63K | 122.84K | 66.38K | 25.26K | 25.05K | 24.63K | 7.86K |
| Retained Earnings | -317.34M | -312.21M | -304.01M | -282.51M | -254M | -221.19M | -196.63M | -188.79M | -169.52M | -152.31M | -144.46M | -132.53M | -124.39M | -105.81M | -98.73M | -92.56M | -83.99M | -78.9M | -75.46M | -71.54M | -67.43M | -188.18K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.1M | -2.98M | 4.25M | 529.32K | 2.33M | 525.59K | -1.73M | 525.98K | 288.18K | -360.99K | 898.68K | 584.32K | 227.7K | -55.99K | -12.66K | -2.34M | -2.32M | -2.31M | -2.27M | -2.18M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent quarterly filings, CTSO's total equity has contracted significantly from $23.3M in 2023Q4 to $2.2M in 2026Q1, reflecting a persistent erosion of the capital base as the company continues to fund its clinical development and regulatory activities through accumulated losses.
The consistent decline in equity highlights the company's struggle to reach a self-sustaining commercial scale. Investors should monitor whether the current trajectory necessitates further dilutive financing to maintain operations, as the depletion of retained earnings suggests a business model that remains heavily reliant on external capital.
As reported in financial statements, the company's debt-to-equity ratio has surged from 0.79 in 2023Q4 to 8.64 in 2026Q1, indicating that the firm is increasingly utilizing debt to bridge the gap between its operational cash burn and its long-term clinical trial objectives.
This rapid increase in leverage, coupled with a shrinking equity base, suggests a heightened risk profile for creditors and shareholders alike. The reliance on debt in a pre-profit stage warrants further investigation into the terms of these obligations and the potential for future covenant pressure.
Based on the most recent 2026Q1 figures, the company's cash position has dwindled to $4.8M, resulting in a current ratio of 1.09, which indicates a narrowing margin of safety for meeting short-term obligations as the company navigates its ongoing regulatory and commercialization efforts.
The sharp decline in cash reserves from $14.1M in 2023Q4 suggests that the company's liquidity runway is becoming increasingly constrained. This trend implies that the firm may face significant challenges in funding its near-term operational requirements without immediate access to additional capital or improved sales velocity.
Data from recent balance sheets reveals that the company's asset base is heavily weighted toward PPE, which accounted for $18.3M of the $40.6M total assets in 2026Q1, potentially masking the lack of liquid, high-quality assets available to support the firm during periods of financial stress.
The concentration in specialized manufacturing equipment may limit the company's financial flexibility, as these assets are not easily liquidated to cover operating deficits. Investors should consider whether the carrying value of these assets remains appropriate given the company's persistent inability to generate positive operating cash flow.
Quick answers to the most common questions about buying CTSO stock.
As of 2025, Cytosorbents Corporation (CTSO) had total assets of $44.2M including $20.6M in current assets.
Cytosorbents Corporation (CTSO) carries total debt of $29.1M, offset by $6.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cytosorbents Corporation (CTSO) has total shareholders' equity (book value) of $5.9M ($0.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cytosorbents Corporation (CTSO) reported a current ratio of 2.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.