CorMedix Therapeutics Posts Preliminary Fourth Quarter and Full Year 2025 Results
January 08, 2026 - Berkeley Heights, N.J. - CorMedix Therapeutics (Nasdaq: CRMD), a biopharmaceutical company dedicated to developing innovative therapeutic products, announced its preliminary financial results for the fourth quarter and full-year 2025, highlighting significant revenue and growth factors.
Key Financial Highlights for Q4 and FY 2025
CorMedix reported a preliminary, unaudited net revenue of approximately $127 million for the fourth quarter and $310 million for the full year 2025. The unaudited pro forma net revenue for FY 2025 reached $400 million.
In terms of earnings, the company expects an adjusted EBITDA between $77 million and $81 million for Q4 2025, while cash and short-term investments as of December 31, 2025, were approximately $148 million.
- Q4 2025 Net Revenue: ~$127 million
- FY 2025 Pro Forma Net Revenue: ~$400 million
- Expected Q4 Adjusted EBITDA: $77 million - $81 million
- Unaudited Cash and Short-term Investments: ~$148 million
Upcoming Clinical Developments
CorMedix plans to release clinical data from the Phase 3 ReSPECT study of REZZAYO® (rezafungin for injection), targeting invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplants, expected in Q2 2026.
The ongoing Phase 3 study for the tullurodine/heparin catheter lock solution in Total Parenteral Nutrition (TPN) patients continues to enroll participants, with a target completion date set for early 2027.
DefenCath Revenue Outlook and Changes in Reimbursement
DefenCath® (taurolidine and heparin) is seeing robust utilization and growth among its outpatient dialysis organization customers. However, starting July 1, 2026, the reimbursement for DefenCath will transition to a post-TDAPA Add-On Adjustment method set by CMS, which is expected to substantially lower net pricing.
CorMedix anticipates that the 2027 Add-On Adjustment could be 3x - 5x higher than the rates in H2 2026, potentially increasing DefenCath sales prices in 2027.
- FY 2026 Revenue Guidance: $300 million - $320 million
- DefenCath FY 2026 Revenue Estimate: $150 million - $170 million
- Expected DefenCath Sales in FY 2027: $100 million - $140 million
Operational Synergies and Future Outlook
The acquisition of Melinta Therapeutics has enabled CorMedix to operationalize synergies approximating $35 million annually. Anticipated operating expenses for FY 2026 are projected to be between $145 million and $160 million, depending on clinical outcomes.
Management estimates an Adjusted EBITDA of $100 million to $125 million for FY 2026. CorMedix will host an Analyst Day on February 10, 2026, which will provide further insights into its pipeline assets and strategic direction.
Management Insights
Joseph Todisco, CEO of CorMedix, stated, “I’m proud to announce our preliminary Q4 and FY 2025 results today, including surpassing our guidance for 2025. 2025 was a transformational year for CorMedix as we expanded our business model to include multiple growth drivers and pipeline assets.”
He further emphasized the company's healthy cash position, projecting that this will enhance its ability to create shareholder value in the coming year.