Full Press Release Details
Inc. Reports SECOND Quarter AND SIX MONTH 2024 Financial Results and Provides Business Update
Call Scheduled for Today at 8:30 a.m. Eastern Time
NJ - August 14, 2024 - CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing
therapeutic products for life-threatening diseases and conditions, today announced financial results for the second quarter and six months
ended June 30, 2024 and provided an update on its business.
Recent Corporate Highlights:
Joe Todisco, CorMedix
CEO, commented, "I am excited about the Company's recent progress as we have now launched DefenCath in both the inpatient
and outpatient settings. I'm very pleased with the early revenue trajectory from our outpatient launch, as well as the progress
we are making on the inpatient P&T formulary process. We have also set the stage for expanded indications for the DefenCath technology,
which we believe can have a meaningful impact on bloodstream infection rates in new patient populations beyond adult hemodialysis."
Second Quarter and Six Months 2024 Financial
For the second quarter of 2024, CorMedix recorded
a net loss of $14.2 million, or $0.25 per share, compared with a net loss of $11.3 million, or $0.25 per share, in the second quarter
of 2023, an increase of $2.9 million or 26%, driven primarily by an increase in operating expenses.
Operating expenses in the second quarter 2024
were $15.6 million, compared with $11.8 million in the second quarter of 2023, an increase of approximately 32%. The increase was
driven by higher S&M and G&A expenses which increased approximately $4.1 million or 127% and $3.8 million or 101%, respectively.
These increases were partially offset by a decrease in research and development expenses of approximately $4.1 million or 86%. The increases
in S&M and G&A were primarily driven by increased marketing efforts and the hiring of sales force, medical affairs and marketing
personnel in support of the commercial launch of DefenCath. Additionally, as a result of the post FDA approval commercial operations,
costs related to medical affairs and certain personnel expenses that supported R&D efforts prior to the FDA approval of DefenCath
have been recognized primarily in G&A expense during the three months ended June 30, 2024, as compared to the same period last year
during which these items were recognized in R&D, which drove the decrease in R&D expenses for this period compared to the same
For the six months ended June 30, 2024, CorMedix
recorded a net loss of $28.6 million, or $0.50 per share, compared with a net loss of $21.8 million, or $0.49 per share, in the same period
in 2023, an increase of $6.8 million or 31%, driven primarily by an increase in operating expenses, partially offset by the proceeds received
from the sale of our unused New Jersey net operating losses. Operating expenses in the first half of 2024 were $31.5 million, compared
to $22.8 million in the first half of 2023, an increase of approximately $8.7 million or 38%. This increase was primarily due to
costs related to marketing and commercial activities in support of the launch activities of DefenCath, offset by a decrease in R&D
expenses, driven by the marketing approval of DefenCath.
The Company reported cash and short-term investments
of $45.6 million at June 30, 2024, excluding restricted cash. The Company believes that it has sufficient resources to fund operations
for at least twelve months from the issuance of the Company's Quarterly Report on Form 10-Q.
Conference Call Information
The management team of
CorMedix will host a conference call and webcast today, August 14, 2024, at 8:30AM Eastern Time, to discuss recent corporate developments
and financial results. Call details and dial-in information are as follows:
Wednesday, August 14th @ 8:30am ET
Domestic: 1-877-270-2148
International: 1-412-902-6510
Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of
life-threatening conditions and diseases. The Company is focused on commercializing its lead product DefenCath , which
was approved by the FDA on November 15, 2023. CorMedix commercially launched DefenCath in inpatient settings in April 2024 and in outpatient
settings in July 2024. CorMedix also intends to develop DefenCath as a catheter lock solution for use in other patient populations. For
more information visit: www.cormedix.com.
Forward-Looking Statements
This press release 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, that are subject to risks and uncertainties. Forward-looking
statements are often identified by the use of words such as, but not limited to, "anticipate," "believe," "can,"
"continue," "could," "estimate," "expect," "intend," "may," "will,"
"plan," "project," "seek," "should," "target," "will," "would,"
and similar expressions or variations intended to identify forward-looking statements. All statements, other than statements of historical
facts, regarding management's expectations, beliefs, goals, plans or CorMedix's prospects should be considered forward-looking
statements. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important
factors, and readers are directed to the Risk Factors identified in CorMedix's filings with the SEC, including its Annual Report
on Form 10-K and its Quarterly Reports on Form 10-Q, copies of which are available free of charge at the SEC's website at www.sec.gov
or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and such
forward-looking statements speak only as of the date of this press release. Investors should not place undue reliance on these statements.
CorMedix assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Inc. and SubsidiarIES
CONDENSED CONSOLIDATED STATEMENTS
AND COMPREHENSIVE LOSS
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Revenue, net | $ | 806,119 | $ | - | $ | 806,119 | $ | - | ||||||||
| Cost of revenues | (509,839 | ) | - | (1,328,377 | ) | - | ||||||||||
| Gross profit (loss) | 296,280 | - | (522,258 | ) | - | |||||||||||
| Operating Expenses | ||||||||||||||||
| Research and development | (650,988 | ) | (4,794,758 | ) | (1,488,432 | ) | (8,202,260 | ) | ||||||||
| Selling and marketing | (7,386,841 | ) | (3,256,047 | ) | (13,724,061 | ) | (5,897,223 | ) | ||||||||
| General and administrative | (7,559,277 | ) | (3,753,777 | ) | (16,270,310 | ) | (8,722,278 | ) | ||||||||
| Total operating expenses | (15,597,106 | ) | (11,804,582 | ) | (31,482,803 | ) | (22,821,761 | ) | ||||||||
| Loss from Operations | (15,300,826 | ) | (11,804,582 | ) | (32,005,061 | ) | (22,821,761 | ) | ||||||||
| Other Income (Expense) | ||||||||||||||||
| Total other income | 1,149,337 | 530,964 | 1,992,679 | 980,917 | ||||||||||||
| Net Loss Before Income Taxes | (14,151,489 | ) | (11,273,618 | ) | (30,012,382 | ) | (21,840,844 | ) | ||||||||
| Tax benefit | - | - | 1,394,770 | - | ||||||||||||
| Net Loss | (14,151,489 | ) | (11,273,618 | ) | (28,617,612 | ) | (21,840,844 | ) | ||||||||
| Other Comprehensive Income (Loss) | ||||||||||||||||
| Total other comprehensive income (loss) | 2,270 | (10,535 | ) | (8,377 | ) | 7,954 | ||||||||||
| Other Comprehensive (Loss) Income | $ | (14,149,219 | ) | $ | (11,284,153 | ) | $ | (28,625,989 | ) | $ | (21,832,890 | ) | ||||
| Net Loss Per Common Share - Basic and Diluted | $ | (0.25 | ) | $ | (0.25 | ) | $ | (0.50 | ) | $ | (0.49 | ) | ||||
| Weighted Average Common Shares Outstanding - Basic and Diluted | 57,620,974 | 45,365,635 | 57,562,064 | 44,731,838 |
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
| June 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Cash, cash equivalents and restricted cash | $ | 28,645,059 | $ | 43,823,192 | ||||
| Short-term investments | $ | 17,069,660 | $ | 32,388,130 | ||||
| Total Assets | $ | 57,730,594 | $ | 82,059,957 | ||||
| Total Liabilities | $ | 11,546,663 | $ | 11,917,528 | ||||
| Accumulated deficit | $ | (350,317,625 | ) | $ | (321,700,013 | ) | ||
| Total Stockholders' Equity | $ | 46,183,931 | $ | 70,142,429 |
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | $ | (28,617,612 | ) | $ | (21,840,844 | ) | ||
| Net cash used in operating activities | (31,350,210 | ) | (18,966,316 | ) | ||||
| Cash Flows Used in Investing Activities: | ||||||||
| Net cash provided by (used in) investing activities | 15,213,503 | (17,072,611 | ) | |||||
| Cash Flows from Financing Activities: | ||||||||
| Net cash provided by financing activities | 959,467 | 12,550,623 | ||||||
| Net Decrease in Cash and Cash Equivalents | (15,178,133 | ) | (23,485,773 | ) | ||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 43,823,192 | 43,374,745 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 28,645,059 | $ | 19,888,972 |