Cormedix Inc. · NASDAQ:CRMD
Cormedix — CorMedix Therapeutics — Investor Day (February 2026)
50 slides from Cormedix's investor day presentation, Feb 10, 2026
Slide 1: Analyst Day
Click to edit Master text Analyst Day F e b r u a r y 1 0 th, 2 0 2 6 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 2: Disclaimer
Disclaimer This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are subj
Slide 3: Introduction To CorMedix Therapeutics
2026 Analyst Day Introduction To CorMedix Therapeutics Joe Todisco, Chairman & Chief Executive Officer 3 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 4: Agenda
2026 Analyst Day I Introduction Agenda Topic Speaker(s) Timing (est’d) Matt David, M.D. Welcome & Agenda 1:00 pm – 1:05 pm Chief Business Officer Joe Todisco, Introduction to CorMedix Therapeutics – Creating Long-Term Value 1:05 pm – 1:20 pm Chief Executive Officer Liz Hurlburt, REZZAYO® (rezafungin
Slide 5: CorMedix Therapeutics Leadership Team
2026 Analyst Day I Introduction CorMedix Therapeutics Leadership Team JOINED PRIOR EXPERIENCE • Chief Commercial Officer of Amneal Specialty Joe Todisco 2022 • Co-founder and Chief Executive of Gemini Laboratories Chairman & Chief Executive Officer • Commercial Strategy and business development at R
Slide 6: CorMedix Therapeutics 2025 Overview
2026 Analyst Day I Introduction CorMedix Therapeutics 2025 Overview DefenCath saw strong results during its peak TDAPA period full year on the market ~$260M in net sales CorMedix acquired Melinta Therapeutics to add a synergistic portfolio with proven performance in the acute care setting 2025 Pro F
Slide 7: CorMedix Therapeutics Has A Diverse Portfolio Of Complementary Assets
2026 Analyst Day I Introduction CorMedix Therapeutics Has A Diverse Portfolio Of Complementary Assets Shared Call Points Product Current Therapeutic Area Product Class Taurolidine and heparin catheter CRBSI lock solution Hospitals & IDNs Candidemia and invasive candidiasis Echinocandin antifungal Se
Slide 8: Development Stage Pipeline Has Potential To Drive Meaningful Value
2026 Analyst Day I Introduction CorMedix Therapeutics Development Stage Pipeline Has Potential To Drive Meaningful Value Over Coming Years Pipeline and Growth Opportunities Therapeutic Area Ph III / Product Pre-Clinical Ph I Ph II Commercial Expansion Registrational Prophylaxis* Ph III Pneumocystis
Slide 9: Financial Highlights
2026 Analyst Day I Introduction Financial Highlights Key Statistics at December 31, 2025 Balance Sheet at December 31, 2025 Exchange NASDAQ Global Market Cash and short-term investments** $148 million* Common Shares Outstanding 79.3 million Convertible Debt $150 million* Key Financials Guidance FY 2
Slide 10: Portfolio Trends & Future Additions
2026 Analyst Day I Introduction Portfolio Trends & Future Additions CorMedix Therapeutics Portfolio Net Sales Portfolio Highlights ~$407M* • Current portfolio has a stable revenue base with opportunities to grow • CorMedix Therapeutics is pursuing organic $310M** growth opportunities to increase rev
Slide 11: REZZAYO Treatment
2026 Analyst Day REZZAYO® Treatment Liz Hurlburt, Chief Operating Officer 11 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 12: REZZAYO - Introduction
2026 Analyst Day I REZZAYO Treatment REZZAYO - Introduction Rezafungin - A novel long-acting echinocandin with distinctive properties Rezafungin Changes in choline moiety leads to enhanced stability Properties Evidence Broad-spectrum activity Activity vs. Candida, Aspergillus, and Pneumocystis spp.1
Slide 13: REZZAYO - Clinical Development Studies
2026 Analyst Day I REZZAYO Treatment REZZAYO - Clinical Development Studies Treatment Prophylaxis PHASE 2 Dose-Finding PHASE 3 Treatment Trial PHASE 3 Prophylaxis Trial Study 2 1 3 STRIVE 1 ReSPECT 3 Prophylaxis against IFD caused by Aspergillus, Candida, and Potential Treatment of invasive Treatmen
Slide 14: REZZAYO Treatment - Opportunity
2026 Analyst Day I REZZAYO Treatment REZZAYO Treatment - Opportunity REZZAYO Treatment launched in 2023, but we believe there is untapped potential within Candidemia/Invasive Candidiasis that has yet to be fully captured Treatment Opportunity Treatment Upside An additional subset of invasive Approxi
Slide 15: REZZAYO Treatment – Expert Panel Introduction
2026 Analyst Day I REZZAYO Treatment REZZAYO Treatment – Expert Panel Introduction Please welcome…. Expert Panelists Moderator Cornelius Neil Clancy, MD Michael Mansour, MD, PhD Travis King, PharmD, Liz Hurlburt Chief, Infectious Disease Associate Professor of Medicine, Harvard BCPS-AQ ID Chief Oper
Slide 16: REZZAYO Prophylaxis – Potential Indication
2026 Analyst Day REZZAYO® Prophylaxis – Potential Indication Pete Sullivan, PharmD, BCOP SVP, Market Access 16 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 17: Why Prophy?
2026 Analyst Day I Prophylaxis Why Prophy? NCCN Guidelines recommend antifungal prophylaxis in patients with intermediate or high risk Patients on... Patients with... Highly immunosuppressive Hematologic malignancies therapies High risk of opportunistic infection These patients require prophy for l
Slide 18: Prophy – Treatment Journey (BMT)
2026 Analyst Day I Prophylaxis Prophy – Treatment Journey Azoles are the standard anti-fungal prophylaxis agent for allogeneic BMT patients. Micafungin is reserved for patients with safety concerns due to more limited fungal activity Treatment Patient Indicated for BMT Journey ~45% ~55% Allogeneic B
Slide 19: Prophy – Treatment Journey (Hematologic Malignancies)
2026 Analyst Day I Prophylaxis Prophy – Treatment Journey A majority of patients with acute hematologic malignancies receive antifungal prophylaxis. AML patients are most likely to receive antifungal prophylaxis Treatment Hematologic Malignancies Journey ALL AML CLL Elevated liver enzymes or DDI con
Slide 20: Prophy – Market Opportunity
2026 Analyst Day I Prophylaxis Prophy – Market Opportunity Based on our market research there was a wide variety of anti-fungal agents used that represents a large opportunity. Data is based on number of transplants per respondent Share of Allo-BMT Patients Receiving Antifungal Prophylaxis Agents By
Slide 21: Prophy – Market Opportunity Continued
2026 Analyst Day I Prophylaxis Prophy – Market Opportunity Continued Adoption estimates ranged up to 63% amongst surveyed Transplant Specialists Share of Allo-BMT Patients To Whom Prophy Would Be Prescribed Transplant Specialists and Transplant ID Physicians, n=52 Transplant Specialist Transplant ID
Slide 22: Prophy – Commercial Opportunity
2026 Analyst Day I Prophylaxis Prophy – Commercial Opportunity REZZ Y ’s la el expansion into prophylaxis could unlock an opportunity of an additional addressa le market representing a >$2B TAM Prophylaxis ddressa le Patient Population Prophy Growth Opportunity llo uto T ther . Expands portfolio and
Slide 23: REZZAYO - Clinical Development Studies
2026 Analyst Day I Prophylaxis REZZAYO - Clinical Development Studies Treatment Prophylaxis PHASE 2 Dose-Finding PHASE 3 Treatment Trial PHASE 3 Prophylaxis Trial Study 2 1 3 STRIVE 1 ReSPECT 3 Prophylaxis against IFD caused by Aspergillus, Candida, and Potential Treatment of invasive Treatment of i
Slide 24: REZZAYO Prophy – ReSPECT Study
2026 Analyst Day I Prophylaxis REZZAYO Prophy – ReSPECT Study ReSPECT Ph III Global Multicenter Study (Data Expected Q2 2026) • Study for the prevention of invasive fungal diseases in subjects undergoing allogeneic blood and marrow transplantation (BMT) • Primary Endpoint • 13-week treatment of – No
Slide 25: Prophy – Expert Panel Introduction
2026 Analyst Day I Prophylaxis Prophy – Expert Panel Introduction Please welcome…. Expert Panelists Moderator Jayastu Senapati, MBBS Melinda Cook, PharmD, BCOP Doris Ponce, MD, MS Pete Sullivan, PharmD, Assistant Professor, Dept. of Leukemia BMT Clinical Pharmacy Specialist Bone Marrow Transplant Sp
Slide 26: DefenCath In Total Parenteral Nutrition (TPN)
2026 Analyst Day DefenCath In Total Parenteral Nutrition (TPN) Jared Crandon, PharmD Executive Director, Clinical Portfolio Management 26 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 27: CVCs Are Used In Various Acute And Long-Term Care Settings
2026 Analyst Day I DefenCath TPN CVCs Are Used In Various Acute And Long-Term Care Settings Condition or Setting Role in Patient Care Rate of CVC Use Kidney Disease or Used in hemodialysis where: End Stage Kidney • One port removes blood and transports it to the dialysis machine • One port returns c
Slide 28: Complications Of Total Parenteral Nutrition
2026 Analyst Day I DefenCath TPN Complications Of Total Parenteral Nutrition Catheter-related Metabolic Abnormalities4 Central line-associated thromboembolic/mechanical bloodstream infections1,4 complications1,2,3 • Caused by intra- or extraluminal • Refeeding Syndrome sources • Clotting within the
Slide 29: Current CLABSI Prevention Methods
2026 Analyst Day I DefenCath TPN Current CLABSI Prevention Methods Outside Catheter Inside Catheter Hand hygiene Frequent dressing changes Preventative antimicrobial lock therapy in select patients* with long-term CVCs Disinfection hubs, connectors, Chlorhexidine dressings and ports *Including those
Slide 30: DefenCath Is A Catheter Lock Solution Containing Taurolidine And Heparin
2026 Analyst Day I DefenCath TPN DefenCath Is A Catheter Lock Solution Containing Taurolidine And Heparin Taurolidine Is A Broad-Spectrum Antimicrobial Agent • Taurolidine is non-antibiotic antimicrobial derived from the amino acid taurine1,2 • The mechanism of action of taurolidine is non-specific1
Slide 31: DefenCath In Total Parenteral Nutrition
2026 Analyst Day I DefenCath TPN DefenCath In Total Parenteral Nutrition TPN represents an opportunity of ~4.7MM infusions per year across outpatient and inpatient settings, an addressable market of ~$500-750MM US Total Parenteral Nutrition Total Addressable Market Patient Characterization (2024E) 4
Slide 32: TPN Reimbursement
2026 Analyst Day I DefenCath TPN TPN Reimbursement DefenCath to have multiple routes to reimbursement in TPN, and coverage should not be an issue Payor Mix for TPN Patients1 Commercial and Medicare claims data 49% 14% 23% 10% 4% Commercial insurance accounts for the majority of the TPN patients Comm
Slide 33: DefenCath TPN – NUTRI-GUARD Study
2026 Analyst Day I DefenCath TPN DefenCath TPN – NUTRI-GUARD Study Program Overview: A Ph 3, randomized, double-blind, adaptive, 2-arm, study assessing the safety and efficacy of DefenCath in reducing central line-associated bloodstream infections (CLABSIs) in adult patients receiving total parenter
Slide 34: TPN – Expert Panel Introduction
2026 Analyst Day I DefenCath TPN TPN – Expert Panel Introduction Please welcome…. Expert Panelists Moderator Michael Owen-Michaane, Elise M Brett, MD, FACE Jason Pogue, PharmD, Jared Crandon, PharmD MD, MA, PNS, CNSC Associate Clinical Professor FIDP, FCCP Executive Director, Clinical Portfolio Assi
Slide 35: Setting The Stage To Deliver Shareholder Value
2026 Analyst Day Setting The Stage To Deliver Shareholder Value Joe Todisco, Chairman & Chief Executive Officer 35 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 36: Well Positioned To Continue To Create Value As A Diversified Specialty Pharma Business
2026 Analyst Day I Closing CorMedix Therapeutics Is Well Positioned To Continue To Create Value As A Diversified Specialty Pharma Business With A Compelling Growth Path Diversified Commercial Leader High-Growth, Cash Flow Generating Operating at Scale Business Inflecting Commercial-Stage Platform fo
Slide 37: Q&A
Click to edit Master text Q&A 37 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 38: Thank you all for attending the CorMedix Therapeutics Analyst & Investor Day
Thank you all for attending the CorMedix Therapeutics Analyst & Investor Day! 38 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 39: Appendix
2026 Analyst Day Appendix 39 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS
Slide 40: REZZAYO – PK Parameters
2026 Analyst Day I REZZAYO Treatment REZZAYO – PK Parameters In patients with candidemia and invasive candidiasis Parameter Valuea (Mean ± SD) Exposure Day 1 Day 15 Cmax= maximum plasma Cmax (mcg/mL)b 19.2 ± 5.9 11.8 ± 3.5 concentration; AUC0-168 (mcg∙h/mL) 827 ± 252 667 ± 224 Cmin= trough plasma 2.
Slide 41: Significant & Sustained Rezafungin Tissue Distribution In Vivo
2026 Analyst Day I REZZAYO Treatment Significant & Sustained Rezafungin Tissue Distribution In Vivo Rat PK models Extensive tissue penetration across • Concerns exist regarding the ability of current liver, kidney, lungs, and spleen6 echinocandins to reach deep-tissue infections and achieve concentr
Slide 42: Drug Penetration And Accumulation At The Site Of Infection
2026 Analyst Day I REZZAYO Treatment Drug Penetration And Accumulation At The Site Of Infection Intra-abdominal candidiasis mouse model Superior tissue penetration and accumulation within liver fungal lesions vs. micafungin Single dose rezafungin (20 mg/kg) 60 * * At 72 hours, rezafungin drug Tissue
Slide 43: Echinocandin MIC Breakpoints
2026 Analyst Day I REZZAYO Treatment Azole resistant organisms – C. glabrata, C. parapsilosis, C. krusei, C. auris Echinocandin MIC Breakpoints Breakpoints were defined based primarily on clinical and mycological data, and were more conservative than CLSI values Breakpoint MIC, µg/mL US FDA CLSI bre
Slide 44: Rezafungin: No Clinically Relevant Drug-Drug Interactions
2026 Analyst Day I REZZAYO Treatment Rezafungin: No Clinically Relevant Drug-Drug Interactions Study 1: Drug Interaction Study in Healthy Adults (Phase 1 Data)1 Drug Possible Mechanism Observations Suggested Action Tacrolimus CYP3A4, P-gp Cmax ↓ AUC ~15% No change in dose Repaglinide CYP2C8, OATP Cm
Slide 45: REZZAYO Treatment – ReSTORE (Ph III) Study
2026 Analyst Day I REZZAYO Treatment REZZAYO Treatment – ReSTORE (Ph III) Study ReSTORE was a prospective, double-blind, randomized noninferiority phase 3 study of once-weekly intravenous REZZAYO® vs daily caspofungin for the treatment of candidemia and invasive candidiasis in patients age 18 and ol
Slide 46: Beyond Candidiasis: Rezafungin Activity Against Aspergillus Species
2026 Analyst Day I REZZAYO Prophylaxis Beyond Candidiasis: Rezafungin Activity Against Aspergillus Species Rezafungin Demonstrates Potent In Vitro Activity Against Aspergillus Species MEC90/MIC90 (µg/mL)* MEC90/MIC90 (µg/mL)* A. fumigatus A. flavus Azole-resistant A. lentulus A. calidoustus (n=183)1
Slide 47: REZZAYO Prophy – ReSPECT Study
2026 Analyst Day I REZZAYO Prophylaxis REZZAYO Prophy – ReSPECT Study Study design1 A Phase 3, prospective, randomized, double-blind, international, multicenter trial Study aims1 To evaluate the efficacy and safety of once-weekly IV rezafungin compared with standard of care (fluconazole or posaconaz
Slide 48: REZZAYO Prophy – ReSPECT Study
2026 Analyst Day I REZZAYO Prophylaxis REZZAYO Prophy – ReSPECT Study (N≅300) Rezafungin 400/200 mg once weekly Azole placebo Bactrim® placebo Standard Antimicrobial Regimen (SAR) Arm (N≅300) 400 mg fluconazole or 300mg Rezafungin Placebo posaconazole once daily* Azole* 80 mg TMP/400 mg SMX once Bac
Slide 49: REZZAYO Prophy – ReSPECT Study
2026 Analyst Day I REZZAYO Prophylaxis REZZAYO Prophy – ReSPECT Study Enrollment criteria (not inclusive) Selected Inclusion Criteria Selected Exclusion Criteria • Age ≥18 years • Patients with suspected or diagnosed • HLA-matched allogeneic BMT from a IFD within 4 weeks of screening family or unrel
Slide 50: Anticipated Company Milestones
2026 Analyst Day I Closing Anticipated Company Milestones 1H 2026 2H 2026 / 1H 2027 Clinical/Commercial Events Clinical/Commercial Events • REZZAYO prophylaxis study clinical data • Talphera Niyad study clinical data • Medicare Advantage updates • TPN study updates and clinical data • REZZAYO prophy