Product revenue was $37.1 million for 2025, up 4.1% year over year (down 0.4% on a constant currency basis). Gross margin improved to 71.5% (from 69.9% in 2024); gross profit rose to $26.5 million. Net loss narrowed to $8.2 million (from $20.7 million in 2024); operating loss improved to $14.7 million (from $16.5 million). Research & development expense fell 33.2% to $5.1 million; SG&A increased 5% to $35.6 million. Recorded a $0.5 million restructuring charge tied to a ~10% workforce reduction and cost actions. Foreign currency transaction gain of $9.3 million (vs. a $4.2 million loss in 2024) materially aided the bottom line; interest expense was $2.6 million. Cash and cash equivalents were $6.3 million at 12/31/2025 (total cash including restricted: $7.8 million); current assets $20.6 million vs. current liabilities $9.7 million. Auditor included a going concern emphasis; management cites potential need for additional capital despite cost reductions. Long‑term debt (net) was $16.7 million; Avenue Capital facility amended on Nov 13, 2025, adding $2.5 million and extending interest‑only to Dec 31, 2026; potential further $2.5 million tranche upon FDA approval by Dec 31, 2026. Raised $6.25 million gross via a Jan 10, 2025 rights offering; ~1.42 million Series A warrants were exercised on Feb 24, 2025 for ~$1.6 million gross; Series B warrants expired worthless on Jun 10, 2025. FDA denied the DrugSorb‑ATR De Novo on Apr 25, 2025; appeal upheld denial on Aug 14, 2025 (no safety issues cited). Company will file a new De Novo after a Jan 2026 pre‑submission meeting; 150‑day review expected after resubmission. Health Canada issued a Notice of Refusal on Jun 26, 2025; reconsideration was withdrawn pending clearer FDA visibility. Nasdaq minimum bid deficiency notice received Oct 2, 2025; initial cure period to Mar 31, 2026, with an extension request filed (reverse split contemplated if needed). CytoSorb remains CE‑marked in the EU and distributed in 70+ countries; cumulative devices used exceed 300,000.