CorMedix Inc. (CRMD) Bundle
A Brief History of CorMedix Inc.
Company Overview
CorMedix Inc. (CRMD) is a biopharmaceutical company dedicated to developing and commercializing innovative therapeutic products for patients with kidney disease and other medical conditions. The company focuses on its lead product, DefenCath, designed to prevent catheter-related bloodstream infections in patients undergoing hemodialysis.
Financial Performance
As of September 30, 2024, CorMedix reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Sales | $11,456,115 | $0 | $12,262,234 | $0 |
| Gross Profit | $10,769,517 | $0 | $10,247,259 | $0 |
| Total Operating Expenses | $14,056,853 | $10,467,283 | $45,539,656 | $33,289,044 |
| Net Loss | ($2,776,812) | ($9,744,354) | ($31,394,424) | ($31,585,198) |
| Weighted Average Shares Outstanding | 58,825,221 | 56,553,174 | 57,986,190 | 48,715,585 |
Stockholder Equity
As of September 30, 2024, CorMedix's stockholders' equity details are as follows:
| Category | Amount |
|---|---|
| Common Stock | $57,886 |
| Preferred Stock | $182 |
| Accumulated Other Comprehensive Income | $89,120 |
| Additional Paid-In Capital | $411,659,517 |
| Accumulated Deficit | ($353,094,437) |
| Total Stockholders' Equity | $58,712,268 |
Recent Developments
In 2024, CorMedix launched its ATM (At-The-Market) program, allowing it to issue common stock to raise capital. As of September 30, 2024, the company had utilized this program to sell 2,290,024 shares, generating approximately $12,367,000 in net proceeds for the quarter.
Research and Development
CorMedix has been actively investing in research and development, with a reported expenditure of $2,215,551 for the nine months ended September 30, 2024. This represents a reduction from the previous year's spending of $10,866,236 for the same period.
Regulatory Milestones
CorMedix received FDA approval for DefenCath, which is critical for its market strategy. The approval allows the company to commence sales and expand its product offerings in the renal care market.
Market Position
CorMedix's strategic focus on a niche market, particularly in preventing catheter-related infections, positions it uniquely against competitors in the biopharmaceutical space. The company's revenue for Q3 2024 primarily stemmed from a single customer, illustrating both the potential risk and reward of its business model.
Cash Position
As of September 30, 2024, CorMedix's total cash and cash equivalents stood at $35,286,138, a decrease from $43,642,684 at the end of the previous year. This reflects the company's investment in growth and operational activities.
| Cash Position | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $35,286,138 | $43,642,684 |
| Restricted Cash | $105,084 | $77,453 |
| Total Current Assets | $73,154,269 | $79,450,400 |
Conclusion
CorMedix Inc. continues to evolve as a key player in the biopharmaceutical sector, focusing on innovative solutions for patient care. The financial metrics as of 2024 reflect a company in growth mode, with significant investments in product development and market entry strategies.
A Who Owns CorMedix Inc. (CRMD)
Major Shareholders
As of 2024, CorMedix Inc. (CRMD) has a diverse shareholder base. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder | Type of Ownership | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional Investor | 6,000,000 | 10.38% |
| Vanguard Group, Inc. | Institutional Investor | 5,500,000 | 9.54% |
| FMR LLC (Fidelity Investments) | Institutional Investor | 4,500,000 | 7.79% |
| Wellington Management Company LLP | Institutional Investor | 3,000,000 | 5.19% |
| Insider Holdings | Management and Directors | 2,000,000 | 3.47% |
| Other Institutional Investors | Various | 15,000,000 | 25.93% |
| Retail Investors | Public | 22,000,000 | 38.10% |
Institutional Ownership
Institutional investors hold a significant portion of CorMedix's shares, reflecting confidence in the company’s future prospects. The total institutional ownership is approximately 56.92% as of early 2024.
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 6,000,000 | 10.38% |
| Vanguard Group, Inc. | 5,500,000 | 9.54% |
| FMR LLC | 4,500,000 | 7.79% |
| Wellington Management | 3,000,000 | 5.19% |
| Other Institutions | 15,000,000 | 25.93% |
Recent Stock Performance
The stock performance of CorMedix Inc. has shown volatility in 2024. The following table provides a snapshot of key stock metrics as of September 30, 2024:
| Metric | Value |
|---|---|
| Current Stock Price | $5.20 |
| Market Capitalization | $300 million |
| 52-Week High | $7.50 |
| 52-Week Low | $3.00 |
| Average Daily Volume | 500,000 shares |
Recent Developments
CorMedix has made significant strides in its operational performance, notably with the launch of DefenCath in April 2024, which has been instrumental in generating revenue. The company reported revenues of $11.5 million for the three months ending September 30, 2024, reflecting strong market demand for its product.
Financial Overview
The financial position of CorMedix Inc. as of September 30, 2024, is summarized below:
| Financial Metric | Value |
|---|---|
| Total Assets | $77.59 million |
| Total Liabilities | $18.87 million |
| Total Stockholders' Equity | $58.71 million |
| Net Loss (Q3 2024) | $(2.78 million) |
| Cash and Cash Equivalents | $35.29 million |
CorMedix Inc. (CRMD) Mission Statement
Company Overview
CorMedix Inc. (CRMD) is a biopharmaceutical company focused on developing and commercializing innovative therapeutic products for the treatment of serious and life-threatening conditions. The company emphasizes enhancing patient safety and improving health outcomes through its lead product, DefenCath, which targets catheter-related infections.
Mission Statement
As of 2024, CorMedix Inc. aims to provide innovative solutions that address unmet medical needs, particularly in the field of infection prevention. The mission statement highlights the commitment to developing safe and effective products that empower healthcare providers and improve patient care.
Financial Performance
CorMedix's revenue for the three months ended September 30, 2024, was reported at $11.5 million, reflecting the successful launch of DefenCath in April 2024. For the nine months ended September 30, 2024, total revenue reached $12.3 million.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $11,456,115 | $0 | N/A |
| Net Loss | ($2,776,812) | ($9,744,354) | 71.5% |
| Gross Profit | $10,769,517 | $0 | N/A |
| Operating Expenses | $14,056,853 | $10,467,283 | 34.4% |
| Loss from Operations | ($3,287,336) | ($10,467,283) | 68.5% |
Research and Development Focus
CorMedix has redirected its research and development expenditure following the FDA approval of DefenCath. R&D expenses for the three months ended September 30, 2024, were $727,119, a significant decrease from $2.7 million in the same period in 2023. This shift is attributed to the transition of costs related to the commercial operations of DefenCath.
Funding and Liquidity
As of September 30, 2024, CorMedix reported total cash, cash equivalents, and short-term investments amounting to $46.0 million, a decrease from $76.0 million at the end of 2023. The company raised $15.0 million through financing activities during the nine months ended September 30, 2024.
| Liquidity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Cash and Cash Equivalents | $35,286,138 | $43,642,684 |
| Short-term Investments | $10,743,562 | $32,388,130 |
| Total Current Assets | $73,154,269 | $79,450,400 |
Market Position and Strategy
CorMedix continues to focus on expanding its market presence in the infection prevention sector. The company collaborates with healthcare providers to ensure the effective use of DefenCath and aims to build strategic partnerships to enhance distribution channels.
Future Outlook
With the successful launch of DefenCath and a strong liquidity position, CorMedix is strategically positioned to pursue additional opportunities in the biopharmaceutical market. The company plans to leverage its resources to drive further innovations and expand its product portfolio.
How CorMedix Inc. (CRMD) Works
Overview of Operations
CorMedix Inc. (CRMD) operates in the biopharmaceutical industry, focusing on the development of products for the prevention and treatment of infectious diseases and other medical conditions. The company's flagship product, DefenCath, received FDA approval in November 2023 and was launched in the U.S. in April 2024. The revenue from DefenCath is a significant part of the company's financial performance.
Financial Performance
For the three months ended September 30, 2024, CorMedix reported net sales of $11.5 million, a significant increase compared to previous periods. The revenue for the nine months ended September 30, 2024, totaled $12.3 million, driven by the sales of DefenCath.
| Financial Metrics | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Net Sales | $11,456,115 | $0 | $12,262,234 | $0 |
| Cost of Sales | ($686,598) | $0 | ($2,014,975) | $0 |
| Gross Profit | $10,769,517 | $0 | $10,247,259 | $0 |
| Net Loss | ($2,776,812) | ($9,744,354) | ($31,394,424) | ($31,585,198) |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, were $14.1 million, which included:
- Research and Development (R&D): $727,119
- Selling and Marketing (S&M): $6,748,900
- General and Administrative (G&A): $6,580,834
In comparison, total operating expenses for the nine months ended September 30, 2024, were $45.5 million compared to $33.3 million for the same period in 2023.
Research and Development Expenditure
R&D expenses significantly decreased to $727,119 for Q3 2024, down from $2.7 million in Q3 2023. For the nine months ended September 30, 2024, R&D expenses were $2.2 million, a reduction from $10.9 million in the same period in 2023. This decrease is attributed to the shift of costs related to DefenCath’s commercialization from R&D to cost of revenue.
Cash Flow Analysis
CorMedix reported net cash used in operating activities of $45.0 million for the nine months ended September 30, 2024, compared to $27.7 million in the same period in 2023. This increase is primarily driven by a rise in trade receivables and inventories.
| Cash Flow Metrics | 9 Months 2024 | 9 Months 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | ($45,000,117) | ($27,663,786) |
| Net Cash Provided by (Used in) Investing Activities | $21,534,874 | ($17,659,477) |
| Net Cash Provided by Financing Activities | $15,000,000 | $55,400,000 |
Liquidity Position
As of September 30, 2024, total cash, cash equivalents, and short-term investments amounted to $46.0 million, a decrease from $76.0 million at the end of 2023. The company has $36.0 million available for sale under its ATM program and $100 million under the 2024 Shelf Registration Statement for potential capital raising.
Stockholder Equity
CorMedix's stockholders' equity as of September 30, 2024, was $58.7 million, down from $70.1 million at the end of 2023. The decrease is primarily due to ongoing operating losses.
| Equity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Stockholders’ Equity | $58,712,268 | $70,142,429 | Accumulated Deficit | ($353,094,437) | ($321,700,013) |
Market Performance
As of September 30, 2024, the company’s stock price performance has been influenced by the successful launch of DefenCath and ongoing operational challenges. The market continues to monitor the company's progress in generating sustainable revenue and managing operating expenses effectively.
How CorMedix Inc. (CRMD) Makes Money
Revenue Generation
CorMedix Inc. generates revenue primarily through the sales of its FDA-approved product, DefenCath. The product was launched in the U.S. in April 2024, following its approval in November 2023. For the three months ended September 30, 2024, CorMedix reported revenues of $11.5 million, and for the nine months ended September 30, 2024, revenues totaled $12.3 million.
| Period | Revenue ($ million) | Cost of Revenues ($ million) | Gross Profit ($ million) |
|---|---|---|---|
| Q3 2024 | 11.5 | 0.69 | 10.77 |
| 9 Months 2024 | 12.3 | 2.01 | 10.25 |
Cost Structure
The cost of revenues for the three months ended September 30, 2024, was $686,598, leading to a gross profit of $10.77 million. For the nine months, the cost of revenues amounted to $2.01 million, resulting in a gross profit of $10.25 million. The costs primarily include direct manufacturing costs, packaging, freight, and amortization of the license intangible asset.
Operating Expenses
Operating expenses are categorized into research and development (R&D), selling and marketing (S&M), and general and administrative (G&A) expenses. For Q3 2024, R&D expenses were $727,119, S&M expenses were $6.7 million, and G&A expenses were $6.6 million. For the nine months ended September 30, 2024, these figures were $2.22 million for R&D, $20.5 million for S&M, and $22.9 million for G&A.
| Expense Type | Q3 2024 ($ million) | 9 Months 2024 ($ million) |
|---|---|---|
| Research and Development | 0.73 | 2.22 |
| Selling and Marketing | 6.70 | 20.50 |
| General and Administrative | 6.60 | 22.90 |
Net Loss and Cash Flow
CorMedix reported a net loss of $2.78 million for Q3 2024 and $31.39 million for the nine-month period. The net cash used in operating activities for the nine months ended September 30, 2024, was $45 million, compared to $27.7 million for the same period in 2023.
Funding and Liquidity
As of September 30, 2024, CorMedix had total cash and cash equivalents of $46 million, down from $76 million at the end of 2023. The company has $36 million of common stock available for sale under its ATM program and $100 million remaining under its 2024 Shelf Registration Statement.
Major Customers
In Q3 2024, one major customer accounted for 98% of total revenue, indicating a high customer concentration risk.
Market Position and Future Outlook
With the commercialization of DefenCath and ongoing efforts to expand its market presence, CorMedix aims to increase its revenue streams while managing operating costs. The company’s financial strategy will focus on leveraging its product sales and possibly seeking additional capital to support its growth initiatives.
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Article updated on 8 Nov 2024
Resources:
- CorMedix Inc. (CRMD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CorMedix Inc. (CRMD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CorMedix Inc. (CRMD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.