CorMedix(US:CRMD)2024-05-09 11:40Financial Performance - For Q1 2024, the company recorded a net loss of $14.5 million, or $0.25 per share, compared to a net loss of $10.6 million, or $0.24 per share, in Q1 2023, representing an increase of approximately 37%[27] - Operating expenses for Q1 2024 were $15.9 million, a 44% increase from $11.0 million in Q1 2023, primarily driven by a 98% increase in selling, general, and administrative expenses[28] - The accumulated deficit increased to $(336.2) million as of March 31, 2024, compared to $(321.7) million at the end of 2023[14] - The company received $1.4 million from the sale of New Jersey NOLs, partially offsetting the increase in net loss[27] Cash and Liabilities - As of March 31, 2024, the company reported cash and short-term investments of $58.6 million, excluding restricted cash[3] - Total liabilities as of March 31, 2024, were $10.0 million, down from $11.9 million as of December 31, 2023[14] Product Development and Launch - The company entered into a 5-year commercial supply contract with ARC Dialysis, LLC for the supply of DefenCath[9] - The FDA granted the company's Type C meeting request to discuss an updated development plan for DefenCath in Total Parenteral Nutrition and pediatric study requirements, with feedback expected by the end of Q2 2024[17] - The company launched DefenCath in inpatient settings on April 15, 2024, and plans to launch in outpatient settings in July 2024[18] - The company anticipates approval of a supplement to the NDA adding Siegfried Hameln as an alternate manufacturing site for DefenCath by the end of 2024[26]