Business
CorMedix Therapeutics Announces Preliminary Fourth Quarter and Full Year 2025 Results and Provides Business Updates
‒ Q4 2025 Unaudited Net Revenue of Approximately $127 million ‒ ‒ FY 2025 Unaudited Pro Forma Net Revenue of Approximately $400 million ‒ ‒ Expects Q4
About this update from Cormedix Inc.
[{"type":"text","content":"‒ Q4 2025 Unaudited Net Revenue of Approximately $127 million ‒ ‒ FY 2025 Unaudited Pro Forma Net Revenue of Approximately $400 million ‒ ‒ Expects Q4 Adjusted EBITDA of Between $77 million and $81 million ‒ ‒ Unaudited Cash and Short-term Investments of Approximately $148 million ‒ BERKELEY HEIGHTS, N.J., Jan. 08, 2026 (GLOBE NEWSWIRE) -- CorMedix Therapeutics (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, today announces its preliminary unaudited fourth quarter 2025 and full-year 2025 results, and provides guidance and an update on its business. These include the following key updates: CorMedix announces preliminary, unaudited financial results for Q4 and FY 2025, including net revenue of approximately $127 million and $310 million, for Q4 2025 and FY 2025, respectively, FY 2025 Pro Forma net revenue(1) of approximately $400 million, and Q4 2025 adjusted EBITDA(2) in the range of $77 million to $81 million. The Company reports preliminary unaudited cash and short-term investments, as of December 31, 2025, of approximately $148 million.CorMedix expects clinical data from the Phase 3 ReSPECT study of REZZAYO® (rezafungin for injection) in the prophylaxis of invasive fungal infection in adult patients undergoing allogeneic blood and marrow transplant in Q2 2026. In addition, the ongoing Phase 3 study of taurolidine/heparin catheter lock solution in TPN patients continues to enroll patients with targeted completion in early 2027.The Company continues to see strong utilization and patient growth for DefenCath® (taurolidine and heparin) by its outpatient dialysis organization customers. On July 1, 2026, DefenCath’s TDAPA reimbursement transitions into a post-TDAPA Add-On Adjustment, the calculation of which is determined by CMS. As a result of the methodology utilized by CMS, the level of reimbursement provided to institutions treating dialysis patients will significantly decline, and as a result, CorMedix expects a corresponding reduction to its net pricing for DefenCath in Q3 and Q4 of 2026. If CMS utilizes the same methodology to calculate the 2027 post-TDAPA Add-On Adjustment, which will be effective on January 1, 2027, CorMedix estimates the value of the Add-On Adjustment will be 3x – 5x higher than that granted for Q3 and ...