Key Takeaways Theravance Biopharma is favored over CorMedix for its balanced risk-reward profile in 2026.TBPH benefits from Yupelri profit-sharing and a $225M Trelegy royalty sale, boosting cash runway.CorMedix expects to face slower 2026 DefenCath growth and pricing pressure amid rising competitive risks.CorMedix (CRMD) and Theravance Biopharma (TBPH) occupy a similar niche in the market as small-cap biopharmaceutical companies working to turn promising science into sustainable revenues. Both companies, ha ...

Key Takeaways CRMD's Q4 results are expected to reflect strong DefenCath sales and incremental Melinta contribution.CorMedix expects 2026 revenues of $300-$320M, with DefenCath sales weighted to early 2026.CRMD's preliminary Q4 sales of about $127M reflect DefenCath momentum and Melinta contributions.We expect investors to focus on the sales performance of CorMedix’s (CRMD) lead product, DefenCath (taurolidine plus heparin), when the company reports fourth-quarter and full-year 2025 results. The Zacks Conse ...

Key Takeaways CorMedix's shares fell 27% in 3 months after issuing a cautious 2026 outlook for DefenCath.CRMD expects 2026 revenues of $300-$320M, with DefenCath sales weighted to early 2026.CorMedix acquired Melinta, adding seven therapies to diversify its commercial portfolio beyond DefenCath.Shares of CorMedix (CRMD) have witnessed a sharp decline over the past three months. A key reason for the stocks’ decline during this time has been the company’s bearish 2026 financial outlook. In January, management ...

Core Insights - The session aims to provide an in-depth look at the company's strategy, portfolio, and long-term opportunities [2] - The leadership team will share updates on commercial execution, pipeline progress, and operational priorities [2] - External experts will offer insights into the evolving market landscape and unmet needs in the company's therapeutic focus areas [2] Company Operations - Transparency and disciplined execution are fundamental to the company's operations as a public entity [3] - The objective is to provide a clear view of the company's current status and approach to value creation [3] - The company is focused on positioning itself for sustainable growth [3]

Company Overview - CorMedix Inc. is a commercial-stage biopharmaceutical company founded on July 28, 2006, and headquartered in Berkeley Heights, New Jersey. The company focuses on developing and commercializing therapies to prevent and treat infections, particularly with its product DefenCath aimed at patients undergoing hemodialysis [4]. Share Repurchase Program - CorMedix announced a share repurchase program authorizing up to $75 million in common stock buybacks, effective through December 31, 2027. This decision reflects the company's confidence in its balance sheet strength, operating performance, and expected future cash flow generation [1]. - The company expects to begin share repurchases as early as the first quarter of 2026. As of December 31, 2025, CorMedix reported approximately $150 million in cash and cash equivalents and about 79.3 million shares outstanding, indicating capacity to execute the program alongside ongoing business and clinical development priorities [1]. Insider Activity - In January, CorMedix's Executive Vice President and General Manager of Healthcare, Janet Dillione, sold 10,000 shares for proceeds of $68,800. While this transaction is modest in absolute dollar terms, it represents a round-lot sale by a senior executive overseeing a core business segment, which is often monitored closely by investors in smaller-cap biotech companies [3].

Core Insights - CorMedix's primary revenue source is DefenCath, the first and only antimicrobial catheter lock solution approved in the U.S., aimed at reducing catheter-related bloodstream infections (CRBSIs) in adult patients undergoing chronic hemodialysis [1][3] - DefenCath recorded $167.6 million in net sales during the first nine months of 2025, with expectations for continued strong sales growth in the fourth quarter due to increased utilization by outpatient dialysis customers [2][5] - CorMedix reported preliminary net revenues of approximately $127 million for Q4 2025 and $310 million for the full year, with 2026 revenue guidance set at $300-$320 million, including $150-$170 million from DefenCath [3][5] Business Diversification - CorMedix acquired Melinta Therapeutics in August 2025, adding seven approved therapies to its portfolio and generating $12.8 million in revenues in Q3 2025, which helps reduce reliance on DefenCath [4][5] Competitive Landscape - CorMedix faces significant competition from established players in the heparin market, including Pfizer, Amphastar Pharmaceuticals, B. Braun, Baxter, and Fresenius Kabi USA, which could pose risks to its market position [6][7][8] - The potential entry of larger companies into the CRBSI prevention space could increase competitive pressure on CorMedix [8][9] Stock Performance and Valuation - CorMedix's stock has decreased by 33.1% over the past six months, underperforming the industry growth of 23.9% [11] - The company's shares are trading at a price/book ratio of 1.62, below the industry average of 3.73, indicating a discount relative to the sector [12] Earnings Estimates - Earnings estimates for CorMedix have been revised downwards, with 2025 estimates decreasing from $2.85 to $2.78 per share and 2026 estimates dropping from $2.37 to $1.30 [13]

CorMedix Analyst Day Summary Company Overview - **Company**: CorMedix - **Event**: 2026 Analyst and Investor Day - **Key Leadership**: Joe Todisco (Chairman and CEO), Liz Hurlburt (COO), Susan Blum (CFO), Mike Seckler (CCO), Matt David (Chief Business Officer), Beth Levine (Chief Legal and Compliance Officer) [3][5][6] Financial Performance - **2025 Performance**: Achieved nearly $260 million in net sales, strong cash flow, and completed the acquisition of Melinta Therapeutics, adding approximately $140 million in pro forma revenue [6][9] - **2026 Guidance**: Projected EBITDA in the range of $100-$125 million, with a market cap approximately five times that guidance [9] Product Portfolio and Strategy - **Focus**: Transition year for promoting existing commercial assets while preparing for future pipeline launches [6] - **Acquisition Impact**: Transformation into a diversified specialty pharmaceutical company with a focus on injectable drugs in institutional settings [7] - **Key Products**: - **Rezzayo (Rezafungin)**: Next-generation echinocandin antifungal approved for candidemia and invasive candidiasis, with ongoing studies for prophylaxis in immunocompromised patients [12][13] - **DefenCath**: Focus on preventing CLABSI in patients undergoing total parenteral nutrition, with expectations for a rebound in 2027 [9][10] Market Opportunities - **Rezzayo**: - Total addressable market estimated at $250 million-$350 million for current indications, with significant growth potential in outpatient infusion centers [13][14] - Ongoing phase III study for prophylaxis in immunocompromised patients, with results expected in Q2 2026 [65] - Expansion potential into a broader patient population at risk for invasive opportunistic infections, with a total addressable market exceeding $2 billion [64] Clinical Insights and Challenges - **Clinical Advantages of Rezzayo**: - Once-weekly dosing, favorable pharmacokinetics, and reduced drug-drug interactions compared to azoles [12][62] - Addresses challenges of azole resistance, particularly with Candida auris and other resistant species [59][62] - **Prophylaxis Needs**: High-risk populations, including those undergoing stem cell transplants and treatments for hematologic malignancies, require effective antifungal prophylaxis [62][63] - **Current Limitations**: Existing antifungal options face challenges with hepatotoxicity and drug interactions, complicating treatment regimens for immunocompromised patients [71][72] Key Takeaways from Expert Panels - **Panel Insights**: Experts emphasized the importance of understanding local epidemiology and the need for timely diagnostics and treatment strategies for candidiasis [18][22] - **Social Determinants**: Accessibility to care and support structures for patients are critical factors influencing treatment adherence and outcomes [54][56] - **Emerging Resistance**: The increasing prevalence of drug-resistant Candida species highlights the urgent need for effective treatment options like Rezafungin [59][62] Conclusion CorMedix is positioned for sustainable growth through its diversified portfolio and strategic focus on addressing unmet clinical needs in antifungal therapies. The company aims to leverage its innovative products to capture significant market opportunities while navigating the complexities of the healthcare landscape.

Analyst Day F e b r u a r y 1 0 t h , 2 0 2 6 NOT FOR DISTRIBUTION WITHOUT THE PRIOR WRITTEN PERMISSION OF CORMEDIX THERAPEUTICS Click to edit Master text 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 subject to risks and uncertainties. Forward-looking statement ...

Core Viewpoint - CorMedix Therapeutics has announced a share repurchase program authorizing the repurchase of up to $75 million of its outstanding common stock, effective through December 31, 2027 [1] Financial Position - The company has a strong balance sheet with approximately $150 million in cash and cash equivalents as of December 31, 2025, and 79.3 million common shares outstanding [2] - The share repurchase program is seen as a disciplined way to return value to shareholders while maintaining financial flexibility for business investments [2] Share Repurchase Program Details - Repurchases may occur at management's discretion through various methods, including privately negotiated transactions, block trades, and open market purchases [3] - The program is subject to market conditions, liquidity, cash flow considerations, and applicable securities laws [3] - There is no obligation for CorMedix to repurchase any specific amount of shares, and the program may be suspended or discontinued at any time [3] Company Overview - CorMedix is focused on developing and commercializing therapeutic products for life-threatening conditions, including the commercialization of DefenCath for preventing catheter-related bloodstream infections [4] - Following the acquisition of Melinta Therapeutics LLC in August 2025, CorMedix is also commercializing a portfolio of anti-infective products [4] Clinical Development - CorMedix has ongoing clinical studies for DefenCath in Total Parenteral Nutrition and Pediatric Hemodialysis populations, with plans to develop it as a catheter lock solution for other patient populations [5] - REZZAYO is approved for treating candidemia and invasive candidiasis in adults, with a Phase III study ongoing for prophylaxis of invasive fungal disease in adult patients undergoing allogeneic bone marrow transplantation, with topline results expected in Q2 2026 [5]

Core Insights - CorMedix Inc. (CRMD) is recognized as a high growth small-cap stock, particularly noted for its potential in the biopharmaceutical sector [1] Company Overview - CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products aimed at preventing and treating serious diseases. Its primary product, DefenCath, is an FDA-approved catheter lock solution designed to reduce bloodstream infections in hemodialysis patients [4] Analyst Ratings and Price Targets - H.C. Wainwright has lowered its price target for CRMD from $18 to $13 while maintaining a Buy rating, indicating a shift in focus towards clinical results over commercial performance for the company's future [2] - RBC Capital has also reduced its price target for CRMD from $22 to $13, while keeping an Outperform rating, following updates to their models based on discussions with management [3]