Cytosorbents Corp (CTSO): auditor change — CytoSorbents restates 2023/2024 financials due to inventory and RSU errors

Cytosorbents Corp

Overstated inventory from clerical error; understated non-cash RSU expense due to using vesting-date fair value instead of grant-date.
Non-reliance applies to audited FY2023 10-K and unaudited Q1-Q3 2023 and Q1-Q3 2024 quarterly reports.
Restated financials will be included in the 2024 Annual Report on Form 10-K; prior reports should not be relied upon until then.
Audit committee and management discussed the errors with the independent registered public accounting firm.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Cytosorbents Corp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On March 25, 2025, CytoSorbents Corporation (the “Company”), after consultation with the Audit Committee of the Company's Board of Directors determined that the following previously issued consolidated financial statements should no longer be relied upon, due to misstatements in inventory and stock-based compensation for restricted stock units contained in the consolidated financial statements for the year ended December 31, 2023, and should be restated

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Source: SEC EDGAR

accession 0001104659-25-029887

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