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CRMD

CorMedix Inc.

CRMD

CorMedix Inc. • NASDAQ
$9.81 ▲ 1.66% (+0.16)
Market Cap $772.92 M
52w High $17.43
52w Low $5.60
Dividend Yield 0%
P/E 4.44
Volume 988.16K
Outstanding Shares 78.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $104.275M ▲ $41.735M ▲ $108.563M ▲ 104.112% ▲ $1.42 ▲ $57.315M ▲
Q2-2025 $39.737M ▲ $18.331M ▲ $19.828M ▼ 49.898% ▼ $0.29 ▼ $20.519M ▼
Q1-2025 $39.082M ▲ $17.36M ▲ $20.644M ▲ 52.822% ▲ $0.32 ▲ $20.816M ▲
Q4-2024 $31.21M ▲ $17.098M ▲ $13.464M ▲ 43.141% ▲ $0.22 ▲ $13.608M ▲
Q3-2024 $11.456M $14.057M $-2.777M -24.239% $-0.047 $-2.689M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $55.717M ▼ $750.861M ▲ $376.732M ▲ $374.129M ▲
Q2-2025 $190.712M ▲ $252.599M ▲ $31.969M ▼ $220.63M ▲
Q1-2025 $77.503M ▲ $149.583M ▲ $34.695M ▲ $114.888M ▲
Q4-2024 $51.688M ▲ $118.846M ▲ $34.189M ▲ $84.657M ▲
Q3-2024 $46.03M $77.586M $18.874M $58.712M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $108.563M ▲ $30.857M ▲ $-291.32M ▼ $150.531M ▲ $-109.933M ▼ $30.351M ▲
Q2-2025 $19.828M ▼ $29.992M ▲ $-20.212M ▼ $83.242M ▲ $93.023M ▲ $29.968M ▲
Q1-2025 $20.644M ▲ $19.737M ▲ $-194.82K ▲ $6.093M ▼ $25.635M ▲ $19.726M ▲
Q4-2024 $13.464M ▲ $-5.615M ▲ $-304.161K ▼ $11.285M ▼ $5.365M ▼ $-5.624M ▲
Q3-2024 $-2.777M $-13.65M $6.321M $14.074M $6.746M $-13.66M

Five-Year Company Overview

Income Statement

Income Statement CorMedix is still in the transition phase from being a research-focused biotech to a commercial company. For several years it generated essentially no product revenue and consistently reported losses. That only began to change recently, with a small but important first step into positive revenue. The business is still loss‑making, but the size of the losses has been narrowing over time. This suggests some discipline on operating costs and a move toward a more scalable model as products ramp. However, profitability still depends on successfully commercializing DefenCath and the newly acquired portfolio; the current income statement reflects an early-stage commercial story rather than a mature, stable earnings profile.

Balance Sheet

Balance Sheet The balance sheet is relatively simple and light. Total assets are small, and a large share of those assets is held in cash or cash-like instruments, which provides some short-term flexibility but not a deep financial cushion. The company carries no financial debt, which reduces balance sheet risk and interest burden. Equity has been gradually building, consistent with a company funded primarily through equity issuance rather than borrowing. Overall, the balance sheet looks clean but lean, and the business still relies on external capital and future cash generation to support growth plans.

Cash Flow

Cash Flow CorMedix has been using more cash than it generates, mainly to fund operations, clinical development, and the early stages of commercialization. Operating cash flow has been consistently negative, which is typical for a biotech in transition but still an important risk point. Free cash flow is essentially the same as operating cash flow because capital spending needs have been minimal. That keeps the cash burn relatively straightforward to track, but it also means that ongoing development and commercialization efforts will likely need to be financed through existing cash, future profits, or additional capital raises until the product portfolio can fully support itself.

Competitive Edge

Competitive Edge The company’s main competitive strength is DefenCath, a first‑in‑class catheter lock solution that tackles both infection and clotting. Strong clinical results and regulatory approval in a clearly defined high‑risk patient group give it a real edge over traditional heparin-only approaches. Regulatory exclusivity and special infectious-disease designations provide a period of protection from generic competition, effectively reinforcing its moat for many years. On top of that, the Melinta acquisition transforms CorMedix from a single‑product story into a broader anti‑infective and hospital-focused portfolio. This expands its reach and helps diversify revenue sources. The flip side is that it now competes across more crowded infectious-disease markets where large pharma and established hospital players operate, and it must execute well on integration, pricing, and market access to fully realize this competitive potential.

Innovation and R&D

Innovation and R&D Innovation is at the core of CorMedix’s strategy. DefenCath itself is a differentiated product, using a non‑antibiotic antimicrobial combined with an anticoagulant to address a serious, persistent complication in dialysis care. The clinical data supporting a large reduction in catheter‑related infections underpins its medical relevance and sets a high bar for would‑be competitors. The pipeline is focused on expanding DefenCath into additional high‑risk groups, such as patients on long-term intravenous nutrition and pediatric dialysis patients. These programs, if successful, could materially broaden the addressable market. The acquired Melinta products also bring their own development paths, including further studies for Rezzayo in transplant-related fungal prevention. Together, this creates a multi‑layered R&D story, but also raises execution risk as the company juggles multiple trials, regulatory interactions, and lifecycle management efforts at once.

Summary

CorMedix is evolving from a small, clinical‑stage biotech into a commercial infectious‑disease company anchored by DefenCath and reinforced by the Melinta portfolio. Financially, it remains in investment mode: revenues are only beginning to appear, losses are still present but have been shrinking, and cash is being consumed to fund growth. The absence of debt and a straightforward balance sheet are positives, but ongoing cash burn remains a central risk. Strategically, the company benefits from a first‑in‑class product, meaningful regulatory protection, and strong clinical evidence in an area of clear medical need. The Melinta acquisition broadens its base and adds immediate commercial scale, but also introduces integration, competitive, and execution challenges. Looking ahead, the key swing factors are uptake of DefenCath in its current indication, successful expansion into new patient populations, the performance of the acquired anti‑infective products, and the company’s ability to manage costs and cash while scaling. Outcomes around these areas will likely drive both the financial trajectory and the risk profile over the next several years.

NEWS

November 12, 2025 · 4:05 PM UTC

Talphera Announces Third Quarter 2025 Financial Results and Provides Corporate Update

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November 12, 2025 · 7:30 AM UTC

CorMedix Inc. Reports Third Quarter 2025 Financial Results and Updates FY 2025 Guidance

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October 31, 2025 · 8:30 AM UTC

CorMedix Inc. to Report Third Quarter 2025 Financial Results and Provide a Corporate Update on November 12, 2025

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October 23, 2025 · 8:30 AM UTC

CorMedix Inc. Receives Innovative Technology Designation From Vizient for DefenCath

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October 22, 2025 · 4:05 PM UTC

Halper Sadeh LLC Encourages CorMedix Inc. Shareholders to Contact the Firm to Discuss Their Rights

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