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.