CorMedix Inc. CRMD
with our wholly owned subsidiaries, referred to herein as "we," "us," "our" or the "Company")
is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions.
Our primary focus has been commercializing DefenCath® (taurolidine and heparin), in the U.S., which we launched in 2024 in the hemodialysis
setting. The name DefenCath is the U.S. proprietary name approved by the U.S. Food and Drug Administration ("FDA").
Last close
8.43
2026-09-04
Market cap
$657.1M
2026-06-30 share count
52-week range
6.12 - 13.83
Valuation FY2025 figures against the last close
P/S2.1x
P/E4.1x
P/FCF3.8x
EV/EBITDA4.4x
Dividend yield—
Diluted EPS2.04
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $311.7M | $43.5M | — | $65.4K | $190.9K | $239.2K | $283.3K | $429.8K | $329.3K | $224.1K |
| Cost of revenue | $22.1M | $3.0M | — | $3.7K | $148.9K | $204.8K | $373.2K | $396.8K | $115.0K | $366.7K |
| Gross profit | $275.7M | $40.3M | — | $61.7K | $42.0K | $34.4K | -$90.0K | $33.0K | $214.4K | -$142.6K |
| R&D | $19.3M | $3.9M | $13.2M | $10.7M | $13.1M | $13.4M | $11.1M | $18.8M | $24.5M | $15.7M |
| SG&A | $68.2M | $30.0M | $17.7M | $20.0M | $16.3M | $13.9M | $9.9M | $8.1M | $8.7M | $8.9M |
| Total operating expenses | $125.6M | $62.6M | $49.0M | $30.7M | $29.5M | $27.3M | $20.9M | $26.9M | $33.1M | $24.6M |
| Operating income | $150.1M | -$22.4M | -$49.0M | -$30.6M | -$29.4M | -$27.2M | -$21.0M | -$26.9M | -$32.9M | -$24.8M |
| Interest expense | $2.8M | $36.0K | $34.3K | $26.5K | $15.9K | $33.2K | $787.5K | $1.9K | $5.6K | $1.3K |
| Pre-tax income | $150.0M | -$19.3M | -$46.3M | -$30.3M | -$29.5M | -$27.2M | -$21.5M | -$26.8M | -$33.0M | -$24.6M |
| Income tax | $13.0M | $1.4M | — | $585.6K | $1.3M | $5.2M | $5.1M | — | — | — |
| Net income | $163.1M | -$17.9M | -$46.3M | -$29.7M | -$28.2M | -$22.0M | -$16.4M | -$26.8M | -$33.0M | -$24.6M |
| EPS, basic | 2.25 | -0.30 | -0.91 | -0.74 | -0.75 | — | — | — | — | — |
| EPS, diluted | 2.04 | -0.30 | -0.91 | -0.74 | -0.75 | -0.77 | -1.80 | -1.51 | -0.60 | -0.65 |
| Shares, diluted (wtd. avg.) | $80.3K | $58.9K | $50.9M | $40.3M | $37.7M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $144.8M | $40.7M | $43.8M | $43.4M | $53.6M | $42.1M | $16.5M | $17.8M | $10.6M | $8.2M |
| Short-term investments | $3.7M | $11.0M | $32.4M | $15.6M | $12.1M | $4.4M | $12.0M | $0 | $1.6M | $12.1M |
| Receivables | $171.2M | $51.7M | — | — | — | — | — | $10.9K | $64.1K | $12.0K |
| Inventory | $29.7M | $7.6M | $2.1M | — | $3.0K | $143.6K | $338.5K | $428.5K | $594.2K | $166.7K |
| Total current assets | $367.1M | $114.6M | $79.5M | $59.6M | $66.5M | $48.2M | $29.3M | $18.7M | $13.3M | $21.8M |
| Property, plant and equipment | $6.0M | $1.8M | $1.9M | $1.6M | $1.5M | $111.5K | $122.1K | $160.9K | $186.3K | $69.7K |
| Goodwill | $30.0M | — | — | — | — | — | — | — | — | — |
| Other intangibles | $379.1M | $1.8M | — | — | — | — | — | — | — | — |
| Total assets | $826.1M | $118.8M | $82.1M | $62.0M | $68.9M | $49.3M | $29.5M | $18.8M | $13.5M | $21.9M |
| Accounts payable | $7.9M | $1.7M | $4.3M | $2.2M | $2.2M | $1.1M | $1.0M | $2.6M | $1.8M | $1.6M |
| Total current liabilities | $174.3M | $33.8M | $11.4M | $6.3M | $5.3M | $4.2M | $5.8M | $7.8M | $6.3M | $4.1M |
| Total liabilities | $420.8M | $34.2M | $11.9M | $7.0M | $6.1M | $5.1M | $5.8M | $13.9M | $6.3M | $4.1M |
| Retained earnings | -$176.6M | -$339.6M | -$321.7M | -$275.4M | -$245.7M | -$217.4M | -$195.4M | -$179.0M | -$152.2M | -$119.2M |
| Total equity | $405.3M | $84.7M | $70.1M | $55.1M | $62.8M | $44.2M | $23.6M | $4.9M | $7.2M | $17.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $175.0M | -$50.6M | -$38.4M | -$24.4M | -$21.2M | -$22.0M | -$15.1M | -$23.7M | -$28.6M | -$22.3M |
| Depreciation and amortisation | $677.0K | $154.0K | $70.8K | $84.6K | $61.9K | $128.0K | $73.3K | $74.2K | $36.9K | $25.6K |
| Stock-based compensation | $13.8M | $6.1M | $5.5M | $4.1M | $5.0M | $2.5M | $2.4M | $1.1M | $1.7M | $1.3M |
| Capital expenditure | $2.3M | $116.0K | $327.3K | $219.4K | $1.4M | $112.6K | $36.6K | $48.9K | $152.0K | $58.7K |
| Investing cash flow | -$308.4M | $21.2M | -$17.1M | -$3.7M | -$9.1M | $7.4M | -$12.0M | $1.6M | $10.4M | $11.4M |
| Financing cash flow | $238.5M | $26.3M | $55.9M | $17.9M | $41.8M | $40.1M | $25.8M | $29.4M | $20.5M | $7.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-049311.
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