Company registration number 13992244 (England and Wales)
CYTOSORBENTS MEDICAL UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CYTOSORBENTS MEDICAL UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CYTOSORBENTS MEDICAL UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,750
10,750
Current assets
Stocks
79,611
51,570
Debtors
4
147,221
115,827
Cash at bank and in hand
27,234
38,707
254,066
206,104
Creditors: amounts falling due within one year
5
(959,499)
(706,091)
Net current liabilities
(705,433)
(499,987)
Net liabilities
(697,683)
(489,237)
Capital and reserves
Called up share capital
1
1
Share based payment reserve
81,308
66,006
Profit and loss reserves
7
(778,992)
(555,244)
Total equity
(697,683)
(489,237)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 December 2025 and are signed on its behalf by:
Dr Christian Steiner
Director
Company registration number 13992244 (England and Wales)
CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Cytosorbents Medical UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, 69 High Street, Ascot SL5 7HP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, notwithstanding that the company is dependent on income from CytoSorbents Europe GmbH. The ultimate parent company of the group, CytoSorbents Corporation, has raised a going concern risk in its quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act 1934 for the period ended 30 June 2025. This is related to the Group requiring further capital in order to continue trading for a period of 12 months from 30 June 2025. true

The directors have concluded that the circumstances of the mentioned above represent a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern. Nevertheless, after considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources available, following successful fund raising, to continue to meet their obligations as they fall due and continue in operational existence for a period of at least 12 months from the date of signing these financial statements. For these reasons the directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.

CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company

and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration

received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following

criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- The company has transferred the significant risks and rewards of ownership to the buyer;

- The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- The amount of revenue can be measured reliably;

- It is probable that the company will receive the consideration due under the transaction; and

- The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- It is probable that the company will receive the consideration due under the contract;

- The stage of completion of the contract at the end of the reporting period can be measured reliably; and

- The costs incurred and the costs to complete the contract can be measured reliably.

1.4
Intangible fixed assets - Sales data

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life.

Sales data is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
4
CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Intangible fixed assets
Sales data
£
Cost
At 1 January 2024 and 31 December 2024
15,000
Amortisation and impairment
At 1 January 2024
4,250
Amortisation charged for the year
3,000
At 31 December 2024
7,250
Carrying amount
At 31 December 2024
7,750
At 31 December 2023
10,750
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
87,892
57,702
Other debtors
59,329
58,125
147,221
115,827
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,525
3,712
Amounts owed to group undertakings
878,351
594,613
Taxation and social security
20,756
5,211
Other creditors
49,867
102,555
959,499
706,091
CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
94,465
91,965
4.51
4.35
Granted
8,900
13,300
0.96
3.53
Forfeited
-
0
(10,800)
0
-
0
1.95
Outstanding at 31 December 2024
103,365
94,465
4.20
4.51
Exercisable at 31 December 2024
57,628
65,252
4.20
4.51
Inputs were as follows:
2024
2023
Weighted average share price
0.96
3.53
Weighted average exercise price
4.20
4.51
Expected volatility
81.70
71.80
Expected life
5.75
5.75
Risk free rate
3.79
3.78
7
Profit and loss reserves
2024
2023
as restated
£
£
At the beginning of the year
(555,244)
(182,342)
Loss for the year
(223,748)
(372,902)
At the end of the year
(778,992)
(555,244)
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Audit report information
(Continued)
- 7 -

Qualified opinion on financial statements

We have audited the financial statements of Cytosorbents Medical UK Limited (the 'company') for the year ended 31 December 2024 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We have audited the financial statements of Cytosorbents Medical UK Limited for the year ended 31 December 2024 which compromise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102. The Financial Reporting applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £51,570 held on 31 December 2023 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Senior Statutory Auditor:
Andrew Beet
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
6 January 2026
9
Related party transactions

The company’s ultimate parent undertaking and controlling party is CytoSorbents Corporation, a company incorporated in the United States of America. The consolidated financial statements of CytoSorbents Corporation are available from its registered office at 305 College Road East, Princeton, NJ 08540, USA. The company's results are included in the consolidated financial statements of Cytosorbents Corporation.

CYTOSORBENTS MEDICAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Prior period adjustment

A reclassification of income in the prior year was made to give a better representation of the company's revenue. Intercompany recharges of £344,176 were transferred to other operating income from Sales. This did not impact the operating profit for the year.

Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
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