Cytosorbents Corporation

Good afternoon, ladies and gentlemen, and welcome to Cytosorbents' second quarter earnings call conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call, you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 6, 2026. I would now like to turn the conference over to Pete Mariani. Please go ahead.

Thank you, Matthew, and good afternoon, everyone. Welcome to Cytosorbents' second quarter 2026 conference call. Joining me today is Dr. Phillip Chan, our chief executive officer, Dr. Micah Deliargyris, our chief medical officer. During today's call, we will have an overview presentation covering the operating and financial highlights for the second quarter of 2026. and a review of our four key drivers of value creation, including a regulatory update on our process to obtain U.S. marketing approval for DrugSorb ATR. Following the presentation, we will open the lines to analysts for questions. Before I turn the call over to Phil, I'd like to remind listeners that during the call, management's prepared remarks may contain forward-looking statements, which are subject to risks and uncertainty. Management may make additional forward-looking statements in response to your questions. Therefore, the company claims protection under the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from results discussed today. The forward-looking statements we make today may reflect our reviews and estimates as of today, August 6, 2026, and we assume no obligation to update these obligations in the future as market conditions change. We encourage investors to review the risks discussed in our annual report on Form 10-K filed with the SEC on March 30, 2026 and as updated by risks reported in our quarterly reports on Form 10-Q and in press releases and other communications to shareholders issued from time to time. In addition, for a reconciliation of non-GAAP measures, please refer to today's press release and the corporate presentation on the investor section of the company's website. And now I'll turn the call over to Phil. Phil?

Thank you very much, Peter, and thank you very much, everyone, for joining today. Turning to our operational update, when I think about the second quarter, one word comes to mind, progress. While we recognize that our share price continues to reflect skepticism regarding our ability to execute, we believe the company today is materially stronger than it was just one year ago. Over the past year, we have fundamentally reshaped our organization. We've significantly reduced our operating cost structure, improved manufacturing efficiency, strengthened our commercial organization, advanced our regulatory programs, and substantially reduced our operating cash burn. Importantly, these improvements are not theoretical. They are now being reflected in our financial performance. Before discussing the quarter, I'd like to remind investors what Thetasorbents has become. We've built a proprietary blood purification platform based on our highly engineered polymer technology. Today, this platform supports two major franchises. First is our commercial cytosorb business, which has now generated over 300,000 treatments in more than 70 countries and continues to produce high margin recurring revenue. Second is DrugServe ATR, our investigational cardiovascular device, which we believe has the potential to open an entirely new U.S. growth engine. Together, these businesses provide us with both a growing commercial presence around the world. I believe this slide summarizes the quarter very well. Revenue remains stable at approximately $9.6 million. Gross margins improved to 73%, representing continued manufacturing excellence. Most importantly, operating cash burns declined to approximately $200,000, excluding restructuring costs, bringing us substantially closer to our objective of achieving operating cash flow break-even. These improvements did not occur by chance. They reflect disciplined execution across manufacturing, commercial operations, expense management, and cash management. Collectively, they position the company significantly better than we were 12 months ago. Although we're pleased with our operational progress, we recognize that investors ultimately care about value creation. We believe Cytosorbents now has four largely independent opportunities to create meaningful shareholder value over the next six to 18 months. The first is to achieve operating tax low break-even. Second is to return our core Cytosorb business to sustainable revenue growth. Third is opening the US market through DrugSorb ATR. And finally, unlocking the strategic value of our ChemoDefend BGA franchise. Each of these initiatives can independently create value, but together they represent a compelling pathway to fundamentally strengthening our company. I'd like to now turn the call over to Pete Mariani to discuss our progress towards operating cash flow breakeven. Pete?