CRMDHIGH SIGNALFINANCIAL10-K

CRMD experienced a dramatic transformation from significant losses to strong profitability, with revenue surging 617% to $311.7M and net income swinging from -$17.9M to +$163.1M.

This represents a fundamental business inflection point, likely driven by the successful commercialization of DefenCath and the integration of the Melinta Portfolio acquisition. The company has evolved from a single-product focus to a multi-channel anti-infectives platform with clear expansion opportunities in CLABSI prevention and fungal infection prophylaxis.

Comparing 2026-03-05 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

The financials show explosive growth across all key metrics, with revenue increasing 617% to $311.7M and the company swinging from a $17.9M net loss to $163.1M profit, while operating cash flow turned dramatically positive at $175M. Total assets expanded 595% to $826.1M and liabilities increased 1131% to $420.8M, indicating a major acquisition or business combination that significantly scaled the operations. The substantial increase in R&D spending (+390%) and capital expenditures (+1853%) signals aggressive investment in growth and infrastructure to support the expanded product portfolio.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+1852.8%
$116K→$2.3M

Capital expenditure jumped 1852.8% — major investment cycle underway; assess returns on deployment.

Total Liabilities
Balance Sheet
+1130.9%
$34.2M→$420.8M

Liabilities grew 1130.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+1009.4%
-$17.9M→$163.1M

Net income grew 1009.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+771.6%
-$22.4M→$150.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+617%
$43.5M→$311.7M

Strong top-line growth of 617% — accelerating demand or successful expansion into new markets.

Total Assets
Balance Sheet
+595.1%
$118.8M→$826.1M

Asset base grew 595.1% — expansion through organic growth, acquisitions, or capital deployment.

Gross Profit
P&L
+584.6%
$40.3M→$275.7M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Cash Flow
Cash Flow
+445.8%
-$50.6M→$175.0M

Operating cash flow surged 445.8% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+415%
$33.8M→$174.3M

Current liabilities surged 415% — significant near-term obligations; verify ability to meet short-term debt.

R&D Expense
P&L
+390.4%
$3.9M→$19.3M

R&D investment increased 390.4% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-25
ADDED
The number of outstanding shares of the registrant s common stock was 79,050,395 as of March 2, 2026.
Our primary focus has been commercializing DefenCath (taurolidine and heparin), in the U.S., which we launched in 2024 in the hemodialysis setting.
The Melinta Portfolio supports a multi-channel strategy of delivering anti-infectives for serious gram-positive, gram-negative and fungal infections within hospitals and the hospital ecosystem, including emergency departments, outpatient clinics and home infusion care, and provides synergy opportunities to drive growth for DefenCath.
Business Strategy Our corporate strategy is focused on increasing stockholder value by maximizing the value of our current portfolio, with promotional efforts focused on DefenCath, REZZAYO, MINOCIN IV and VABOMERE.
In addition, we seek to create additional value through the pursuit of expanded indications for both DefenCath, for the reduction of central line associated bloodstream infection ( CLABSI ) in adult patients receiving total parental nutrition ( TPN ), and REZZAYO in the prophylaxis of invasive fungal infections in adult patients that are immune compromised.
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REMOVED
The number of outstanding shares of the registrant s common stock was 65,181,771 as of March 23, 2025.
Our primary focus is commercializing our lead product, DefenCath (taurolidine and heparin), in the U.S.
CorMedix launched the product commercially in April 2024 in the inpatient setting and July 2024 in the outpatient hemodialysis setting.
DefenCath is an FDA approved antimicrobial catheter lock solution ( CLS ) (a formulation of taurolidine 13.5 mg/mL, and heparin 1000 USP Units/mL) indicated to reduce the incidence of catheter-related bloodstream infections ( CRBSI ) in adult patients with kidney failure receiving chronic hemodialysis through a central venous catheter ( CVC ).
It is indicated for use in a limited and specific population of patients.
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