PARSIPPANY, N.J. — March 5, 2026 — Leads & Copy — CorMedix Inc. (Nasdaq: CRMD) has announced its financial results for the fourth quarter and full year ended December 31, 2025. The biopharmaceutical company, which focuses on developing and commercializing therapeutics for life-threatening diseases and conditions, also provided a business update.
The company reported $128.6 million in net revenue for the fourth quarter of 2025, driven by continued utilization of DefenCath by its outpatient dialysis customers. DefenCath sales contributed $91.2 million to that figure.
For the full year 2025, CorMedix achieved total revenue of $311.7 million and pro forma total revenue of $401.3 million.
In the fourth quarter of 2025, the company recognized net income of $14.0 million and adjusted EBITDA of $77.2 million. Basic and fully diluted EPS were $0.18 and $0.16 per share, respectively.
CorMedix has reiterated its previously established guidance for 2026, including net revenue of between $300 and $320 million and adjusted EBITDA of between $100 and $125 million.
In early February, CorMedix announced that its Board of Directors approved a share repurchase program, authorizing the company to repurchase up to $75 million of its outstanding common stock.
The company expects clinical data from the Phase 3 ReSPECT study of REZZAYO (rezafungin for injection) in the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplant in Q2 2026. The ongoing Phase 3 study of taurolidine/heparin catheter lock solution in TPN patients continues to enroll patients, with targeted completion in the first half of 2027.
Cash and short-term investments, excluding restricted cash, at December 31, 2025, amounted to $148.5 million.
Joe Todisco, CorMedix Chairman and CEO, expressed pride in the company’s progress over the past year, citing the expansion of patient access for DefenCath, the acquisition and integration of Melinta, and progress in its two ongoing Phase 3 clinical programs for Rezzayo prophylaxis and DefenCath in TPN. Todisco said that with the announcement of the share repurchase program and multiple near-term milestones on the horizon, CorMedix is focused on driving business growth and shareholder value over the year ahead.
For the fourth quarter of 2025, CorMedix recorded $128.6 million in net revenue, including $91.2 million in sales of DefenCath and $37.4 million in revenue associated with the Melinta portfolio, an increase from $31.2 million in net revenue in the comparable period of 2024. The fourth quarter of 2025 was the first full quarter of Melinta portfolio revenue after the closing of the acquisition in August 2025.
Total operating expenses in the fourth quarter of 2025 were $48.2 million, compared with $17.1 million in the fourth quarter of 2024, an increase of approximately 182%. The $31.1 million increase was driven primarily by the contribution of operating expenses from the Melinta acquisition for the full quarter. Fourth-quarter 2025 operating expenses also included $4.1 million of non-recurring costs, including severance and other integration-related costs associated with the Melinta acquisition. Other drivers of increases year-over-year include stock-based compensation and investment in research and development programs associated with expanded indications for DefenCath, including the Phase III clinical study for prevention of CLABSI in TPN.
The company recorded $14.0 million in net income for the fourth quarter of 2025, or $0.16 per diluted share, compared with net income of $13.5 million, or $0.20 per diluted share, in the fourth quarter of 2024. Net income for the fourth quarter of 2025 included tax expense, primarily associated with the utilization of the company’s deferred tax assets, of $42.4 million. These deferred tax assets were established in the third quarter of 2025 and are associated with the anticipated future use of CorMedix Net Operating Loss (NOL) carryforwards due to projected future sustained profitability of the company. CorMedix reported adjusted EBITDA of $77.2 million for the fourth quarter of 2025, compared to adjusted EBITDA of $15.3 million in the fourth quarter of 2024.
For the year ended December 31, 2025, CorMedix recorded $311.7 million in total revenue, including $258.8 million in net sales of DefenCath and $52.9 million in net revenue from the legacy Melinta portfolio. Pro forma 2025 revenue, which reflects full-year revenue from the Melinta portfolio in addition to full-year net sales of DefenCath, was $401.3 million. The company reported net income of $163.0 million, or $2.04 per diluted share, compared with a net loss of $17.9 million, or ($0.30) per share, in 2024. Net income was driven primarily by an increase in sales of DefenCath, and, to a lesser extent, net revenue from the acquisition of Melinta, partially offset by higher operating expenses.
Operating expenses during the year ended December 31, 2025, totaled $125.6 million, compared with $62.6 million for 2024, an increase of $63.0 million, or 101%. The increase was driven primarily by the acquisition of Melinta, including the contribution of operating expenses from Melinta’s business for the period from August 29, 2025, through the end of the year, as well as transaction, integration, and severance costs. Other drivers of the year-over-year increase include stock-based compensation and investment in research and development programs associated with expanded indications for DefenCath, including the Phase III clinical study for prevention of CLABSI in TPN.
The company reported cash, cash equivalents, and short-term investments of $148.5 million at December 31, 2025, excluding restricted cash.
CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases. CorMedix is commercializing DefenCath® (taurolidine and heparin) for the prevention of catheter-related bloodstream infections in adult patients undergoing hemodialysis via a central venous catheter. Following its August 2025 acquisition of Melinta Therapeutics LLC, CorMedix is also commercializing a portfolio of anti-infective products, including MINOCIN® (minocycline) for Injection, REZZAYO® (rezafungin), VABOMERE® (meropenem and vaborbactam), ORBACTIV™ (oritavancin), BAXDELA® (delafloxacin), and KIMYRSA® (oritavancin), as well as TOPROL-XL® (metoprolol succinate).
CorMedix has ongoing clinical studies for DefenCath in Total Parenteral Nutrition and Pediatric patient populations and also intends to develop DefenCath as a catheter lock solution for use in other patient populations. REZZAYO is currently approved for the treatment of candidemia and invasive candidiasis in adults, with an ongoing Phase III study for the prophylaxis of IFD in adult patients undergoing allogeneic BMT. Topline results of the Phase III study for REZZAYO are expected in Q2 2026.
Source: CorMedix Inc.
