On August 14, 2024, Cormedix Inc (CRMD, Financial) released its 8-K filing detailing the financial results for the second quarter and six months ended June 30, 2024. Cormedix Inc is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The Company's primary focus is on the commercialization of its product, DefenCath, in the United States and other key markets.
Quarterly Financial Highlights
For the second quarter of 2024, Cormedix Inc reported a net loss of $14.2 million, or $0.25 per share, compared to a net loss of $11.3 million, or $0.25 per share, in the same period last year. This represents a 26% increase in net loss, primarily driven by higher operating expenses.
Operating expenses for Q2 2024 were $15.6 million, up from $11.8 million in Q2 2023, marking a 32% increase. The rise in expenses was mainly due to increased selling and marketing (S&M) and general and administrative (G&A) costs, which surged by 127% and 101%, respectively. These increases were partially offset by a significant reduction in research and development (R&D) expenses, which decreased by 86%.
Six-Month Financial Highlights
For the six months ended June 30, 2024, Cormedix Inc recorded a net loss of $28.6 million, or $0.50 per share, compared to a net loss of $21.8 million, or $0.49 per share, in the same period in 2023. This 31% increase in net loss was primarily due to higher operating expenses, partially offset by proceeds from the sale of unused New Jersey net operating losses.
Operating expenses for the first half of 2024 were $31.5 million, up from $22.8 million in the first half of 2023, representing a 38% increase. This rise was mainly attributed to costs related to marketing and commercial activities supporting the launch of DefenCath.
Revenue and Cash Position
For Q2 2024, Cormedix Inc reported net revenue of $806,119, with a gross profit of $296,280. The company’s cash and short-term investments stood at $45.6 million as of June 30, 2024, excluding restricted cash. Cormedix Inc believes it has sufficient resources to fund operations for at least twelve months from the issuance of the Quarterly Report on Form 10-Q.
Commentary and Outlook
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.”
Income Statement Summary
| Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
|---|---|---|---|---|
| Revenue | $806,119 | $0 | $806,119 | $0 |
| Net Loss | ($14,151,489) | ($11,273,618) | ($28,617,612) | ($21,840,844) |
| Net Loss Per Share | ($0.25) | ($0.25) | ($0.50) | ($0.49) |
Balance Sheet Summary
| Metric | June 30, 2024 | December 31, 2023 |
|---|---|---|
| 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 |
| Total Stockholders' Equity | $46,183,931 | $70,142,429 |
Cash Flow Summary
| Metric | H1 2024 | H1 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | ($31,350,210) | ($18,966,316) |
| Net Cash Provided by (Used in) Investing Activities | $15,213,503 | ($17 |
Explore the complete 8-K earnings release (here) from Cormedix Inc for further details.
