Cytosorbents Management

Management criteria checks 2/4

Cytosorbents' CEO is Phil Chan, appointed in Jan 2009, has a tenure of 15.83 years. total yearly compensation is $1.33M, comprised of 36.2% salary and 63.8% bonuses, including company stock and options. directly owns 1.35% of the company’s shares, worth €656.33K. The average tenure of the management team and the board of directors is 4.5 years and 10.2 years respectively.

Key information

Phil Chan

Chief executive officer

US$1.3m

Total compensation

CEO salary percentage	36.2%
CEO tenure	15.8yrs
CEO ownership	1.4%
Management average tenure	4.5yrs
Board average tenure	10.2yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Phil Chan's remuneration changed compared to Cytosorbents's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-US$19m
Jun 30 2024	n/a	n/a	-US$26m
Mar 31 2024	n/a	n/a	-US$28m
Dec 31 2023	US$1m	US$483k	-US$29m
Sep 30 2023	n/a	n/a	-US$23m
Jun 30 2023	n/a	n/a	-US$26m
Mar 31 2023	n/a	n/a	-US$31m
Dec 31 2022	US$1m	US$483k	-US$33m
Sep 30 2022	n/a	n/a	-US$41m
Jun 30 2022	n/a	n/a	-US$36m
Mar 31 2022	n/a	n/a	-US$29m
Dec 31 2021	US$2m	US$483k	-US$25m
Sep 30 2021	n/a	n/a	-US$16m
Jun 30 2021	n/a	n/a	-US$10m
Mar 31 2021	n/a	n/a	-US$9m
Dec 31 2020	US$1m	US$456k	-US$8m
Sep 30 2020	n/a	n/a	-US$11m
Jun 30 2020	n/a	n/a	-US$17m
Mar 31 2020	n/a	n/a	-US$18m
Dec 31 2019	US$1m	US$438k	-US$19m
Sep 30 2019	n/a	n/a	-US$21m
Jun 30 2019	n/a	n/a	-US$17m
Mar 31 2019	n/a	n/a	-US$19m
Dec 31 2018	US$1m	US$400k	-US$17m
Sep 30 2018	n/a	n/a	-US$15m
Jun 30 2018	n/a	n/a	-US$14m
Mar 31 2018	n/a	n/a	-US$10m
Dec 31 2017	US$828k	US$378k	-US$9m

Compensation vs Market: Phil's total compensation ($USD1.33M) is above average for companies of similar size in the German market ($USD472.15K).

Compensation vs Earnings: Phil's compensation has increased whilst the company is unprofitable.

CEO

Phil Chan (54 yo)

15.8yrs

Tenure

US$1,333,402

Compensation

Dr. Phillip P. Chan, M.D., Ph D., is known as Phil has been the Chief Executive Officer at Cytosorbents Corporation since January 2009 and served as its President until May 2020. Dr. Chan serves as a Partn...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Phillip Chan	CEO & Director	15.8yrs	US$1.33m	1.35% € 656.3k
Vincent Capponi	President & COO	19.3yrs	US$1.11m	0.51% € 249.6k
Kathleen Bloch	Advisor	less than a year	US$816.08k	0.54% € 261.8k
Efthymios Deliargyris	Chief Medical Officer	4.5yrs	US$1.06m	0.17% € 83.4k
Peter Mariani	Chief Financial Officer	less than a year	no data	no data
Terri Powers	Vice President of Investor Relations & Corporate Communications	3.4yrs	no data	no data
Christian Steiner	Executive Vice President of Sales & Marketing	12.4yrs	no data	no data
Christopher Cramer	Senior Vice President of Business Development	1.8yrs	no data	no data
Jodi Hoover	Executive	no data	no data	no data
Robert Bartlett	Co-Chairman of Cardiac Surgery Advisory Board & Consultant	7.4yrs	US$97.32k	no data

4.5yrs

Average Tenure

63yo

Average Age

Experienced Management: HQE1's management team is considered experienced (4.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Phillip Chan	CEO & Director	16.3yrs	US$1.33m	1.35% € 656.3k
Robert Bartlett	Co-Chairman of Cardiac Surgery Advisory Board & Consultant	10.2yrs	US$97.32k	no data
Claudio Ronco	Member of Critical Care Advisory Board	no data	no data	no data
Alan Sobel	Independent Director	10yrs	US$118.47k	0.063% € 30.7k
Edward Jones	Independent Director	17.6yrs	US$101.93k	0.036% € 17.3k
Joseph Parrillo	Member of Critical Care Advisory Board	no data	no data	no data
Ronald Maier	Chairman of the Trauma Advisory Board	11.6yrs	no data	no data
Mitchell Cohen	Member of Trauma Advisory Board	no data	no data	no data
Ernest Moore	Member of Trauma Advisory Board	11.6yrs	no data	no data
Joseph Zwischenberger	Chairman of Cardiac Surgery Advisory Board	10.2yrs	no data	no data
Jonathan Haft	Member of Cardiac Surgery Advisory Board	10.2yrs	no data	no data
Michael Bator	Independent Chairman of the Board	9.3yrs	US$161.70k	0.10% € 49.8k

10.2yrs

Average Tenure

63yo

Average Age

Experienced Board: HQE1's board of directors are seasoned and experienced ( 10.2 years average tenure).

Cytosorbents Management

Management criteria checks 2/4

Key information

Recent management updates

Cytosorbents Corporation Announces Chief Financial Officer Changes

Cytosorbents Corporation, Annual General Meeting, Jun 06, 2024

Cytosorbents Corporation Announces Appointment of Kathleen Bloch as Full-Time CFO

Cytosorbents Corporation Announces Resignation of Alexander D’Amico as Chief Financial Officer, Effective August 28, 2023

CytoSorbents Corporation Appoints Alexander D'Amico as Chief Financial Officer

CytoSorbents Completes Enrollment of the STAR-T Pivotal Trial

Recent updates

New minor risk - Profitability

Third quarter 2024 earnings released: US$0.043 loss per share (vs US$0.21 loss in 3Q 2023)

Forecast to breakeven in 2026

Cytosorbents Corporation Submits Health Canada Medical Device License Application for DrugSorb-ATR Following MDSAP Certification

Cytosorbents Corporation to Report Q3, 2024 Results on Nov 07, 2024

Cytosorbents Corporation Submits Drugsorb-Atr Marketing Application to U.S. FDA to Reduce the Severity of Bleeding in Heart Bypass Surgery Patients on the Blood Thinner Ticagrelor

Second quarter 2024 earnings released: US$0.076 loss per share (vs US$0.14 loss in 2Q 2023)

Cytosorbents Corporation Announces Chief Financial Officer Changes

Cytosorbents Corporation to Report Q2, 2024 Results on Aug 13, 2024

CytoSorbents Announces Compliance with Nasdaq Minimum Bid Price Requirement

CytoSorbents Corporation Announces Regulatory Approval of CytoSorb® in Taiwan

New major risk - Share price stability

Cytosorbents Corporation Announces the Launch and Immediate Availability of the PuriFi Blood Pump in the European Union

Cytosorbents Corporation Receives Notice Regarding Nasdaq Minimum Bid Price Requirement

First quarter 2024 earnings released: US$0.12 loss per share (vs US$0.17 loss in 1Q 2023)

No longer forecast to breakeven

Cytosorbents Corporation to Report Q1, 2024 Results on May 09, 2024

Cytosorbents Corporation, Annual General Meeting, Jun 06, 2024

No longer forecast to breakeven

New major risk - Financial position

Full year 2023 earnings released: US$0.64 loss per share (vs US$0.75 loss in FY 2022)

No longer forecast to breakeven

Cytosorbents Corporation to Report Fiscal Year 2023 Results on Mar 14, 2024

Cytosorbents Corporation Reports Excellent Outcomes from A Groundbreaking Randomized Controlled Trial (Rct) Using Cytosorb® Blood Purification During Heart Transplant, Recently Published in the European Society of Cardiology Journal, Esc Heart Failure

New minor risk - Profitability

Cytosorbents Corporation Provides Update on the Star-T Trial and Reports Final Independent Data and Safety Monitoring Board Recommendation

New minor risk - Shareholder dilution

Cytosorbents Corporation announced that it expects to receive $10.28501 million in funding

Cytosorbents Corporation announced that it expects to receive $10.28501 million in funding

Third quarter 2023 earnings released: US$0.21 loss per share (vs US$0.28 loss in 3Q 2022)

New major risk - Share price stability

Cytosorbents Corporation Announces Appointment of Kathleen Bloch as Full-Time CFO

Cytosorbents Corporation Announces Resignation of Alexander D’Amico as Chief Financial Officer, Effective August 28, 2023

CytoSorbents Corporation Completes U.S. and Canadian Star-T Pivotal Trial

Second quarter 2023 earnings released: US$0.14 loss per share (vs US$0.25 loss in 2Q 2022)

Cytosorbents Corporation to Report Q2, 2023 Results on Aug 01, 2023

CytoSorbents Corporation Appoints Alexander D'Amico as Chief Financial Officer

CytoSorbents Completes Enrollment of the STAR-T Pivotal Trial

First quarter 2023 earnings released: US$0.17 loss per share (vs US$0.21 loss in 1Q 2022)

Full year 2022 earnings released: US$0.75 loss per share (vs US$0.57 loss in FY 2021)

Forecast breakeven date pushed back to 2025

Cytosorbents Corporation to Report Q4, 2022 Results on Mar 09, 2023

CytoSorbents Announces Health Canada Regulatory Approval For Pivotal STAR-T Trial

Cytosorbents Corporation Appoints Irina B. Kulinets as Senior Vice President of Global Regulatory Affairs

Cytosorbents Receives Recommendation from Independent Data and Safety Monitoring Board to Continue Pivotal Star-T Trial as Planned Without Modifications

Insufficient new directors

Cytosorbents Announces Pivotal Star-T Trial Reaches First Milestone with 40 Patients Enrolled

Third quarter 2022 earnings released: US$0.28 loss per share (vs US$0.15 loss in 3Q 2021)

CytoSorbents Corporation Announces Presentation of Final Key Results from the U.S. Multicenter Cytosorb Therapy

Cytosorbents Corporation to Report Q3, 2022 Results on Nov 03, 2022

CytoSorbents Corporation Announces Retirement of Kathleen P. Bloch, Chief Financial Officer

CytoSorbents Achieves ISO 13485 Certification of Princeton Manufacturing Facility in New Jersey

CEO & Director recently bought €60k worth of stock

U.S. Army Medical Research Acquisition Activity Awards CytoSorbents an Approximately $2.0 Million Contract to Support Hemodefend-Bga(Tm) Development for Life-Saving Universal Plasma

Cytosorbents Corporation Announces Turkish Ministry of Health Grants National Reimbursement to CytoSorb(R)

CytoSorbents Corporation Announces Israeli Ministry of Health Approve National Reimbursement for CytoSorb(R)

Second quarter 2022 earnings released: US$0.25 loss per share (vs US$0.11 loss in 2Q 2021)

Cytosorbents Corporation to Report Q2, 2022 Results on Aug 02, 2022

Cytosorbents Corporation(NasdaqCM:CTSO) dropped from Russell 2000 Dynamic Index

First quarter 2022 earnings released: US$0.21 loss per share (vs US$0.096 loss in 1Q 2021)

First Patient Enrolled in Cytosorbents Corporation's U.S. STAR-D Pivotal Trial Evaluating the DrugSorb™-ATR Antithrombotic Removal System to Remove Apixaban and Rivaroxaban During Cardiothoracic Surgery

Insufficient new directors

Cytosorbents Corporation to Report Q1, 2022 Results on May 03, 2022

Cytosorbents Corporation Hires Shaun Whittemore as Country Manager - UK & Ireland

Cytosorbents Corporation Appoints Jiny Kim to its Board of Directors

Cytosorbents Corporation Provides Revenue Guidance for the Full Year 2022

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

CytoSorbents Corporation Announces First Patient Enrolled in the PROCYSS Multicenter Randomized Controlled Trial Evaluating CytoSorb® to Restore Hemodynamic Stability in Patients with Refractory Septic Shock

Forecast breakeven date pushed back to 2024