• Like Alexion Pharmaceuticals, but focused on preventing catheter-related infections.
• Like Vertex Pharmaceuticals, but developing specialized solutions for preventing infections in patients with medical catheters.

Major Products:

• DefenCath/Neutrolin: A novel anti-infective solution for the reduction and prevention of catheter-related infections and thrombosis in patients requiring central venous catheters.

CorMedix (CRMD), as a biopharmaceutical company, primarily sells its therapeutic products to other companies and healthcare institutions rather than directly to individuals.

Upon commercialization of its lead product, DefenCath, CorMedix would typically establish distribution channels through major pharmaceutical wholesalers and distributors. These distributors then supply the product to hospitals, dialysis centers, and oncology clinics where the product is ultimately administered to patients. While CorMedix has not publicly disclosed specific major customer companies by name, the primary "customer companies" for a biopharmaceutical manufacturer are generally the large pharmaceutical distributors that facilitate widespread access to the product across various healthcare settings.

The major pharmaceutical distributor companies that CorMedix would most likely engage with as its primary customers include:

• McKesson Corporation (MCK)
• AmerisourceBergen Corporation (ABC)
• Cardinal Health, Inc. (CAH)

• WuXi Biologics (Symbol: 2269.HK)
• Piramal Pharma Solutions (part of Piramal Enterprises Ltd, Symbol: PEL.NS)
• Fresenius Medical Care North America (part of Fresenius Medical Care AG & Co. KGaA, Symbol: FMS)

Joseph Todisco, Chief Executive Officer and Chairman of the Board of Directors

Prior to joining CorMedix, Mr. Todisco spent eleven years in various roles at Amneal Pharmaceuticals, including Chief Commercial Officer of Amneal Specialty and Senior Vice President Corporate Development & International Operations. He was also a co-founder and formerly chief executive of Gemini Laboratories LLC, a specialty pharmaceutical company that was subsequently acquired by Amneal. Before Amneal, he led Ranbaxy Pharmaceutical's North American Commercial Strategy and Business Development for over five years and held leadership roles at Par Pharmaceuticals.

Susan Blum, Executive Vice President and Chief Financial Officer

Ms. Blum joined CorMedix as CFO in August 2025, following the company's merger with Melinta Therapeutics. She served as CFO of Melinta Therapeutics from April 2021 until August 2025. At Melinta, she previously held roles as Controller and Vice President of Finance & Chief Accounting Officer. Before Melinta, she was Corporate Controller at Textura Corporation from 2013 to 2016, where she supported the company's IPO and transformation into a publicly-traded organization. Her prior experience also includes leadership roles at Orbitz Worldwide Inc., Facet Biotech Corporation, and PDL BioPharma Inc., and she began her career in public accounting at Ernst & Young.

Matt David, Executive Vice President and Chief Business Officer

Dr. David was appointed Executive Vice President and Chief Business Officer in August 2025. He previously served as CorMedix's Chief Financial Officer from May 2020 to August 2025 and as interim Chief Executive Officer from October 2021 to May 2022. Before joining CorMedix, Dr. David was Head of Strategy at Ovid Therapeutics. The majority of his career has been in healthcare investment banking, where he advised life sciences companies on a range of financing and strategic transactions. Earlier in his career, he worked as a research analyst covering the pharma sector.

Mike Seckler, Executive Vice President and Chief Commercial Officer

Mr. Seckler was appointed Executive Vice President and Chief Commercial Officer in January 2026, leading the company's commercial organization. Most recently, he served as Chief Executive Officer of Evome Medical Technologies Inc. Prior to Evome, he was Chief Operating Officer of FerGene, a gene therapy company backed by Blackstone Life Sciences and Ferring Pharmaceuticals, where he was responsible for commercial planning and corporate operations. He also held senior leadership roles at Ferring Pharmaceuticals, including Vice President, Global Marketing, and General Manager of Ferring Canada, and had sales and marketing leadership roles at Schering-Plough and Pfizer.

Beth Zelnick Kaufman, Executive Vice President, Chief Legal and Compliance Officer, and Corporate Secretary

Ms. Zelnick Kaufman was appointed EVP, Chief Legal and Compliance Officer, and Corporate Secretary in December 2023, where she leads the company's legal and compliance activities. Prior to CorMedix, she served as Chief Legal and Administrative Officer and Corporate Secretary of Akorn Pharmaceuticals, a specialty and generic pharmaceuticals company. She also held several roles at Amneal Pharmaceuticals, a publicly traded global generics, biosimilars, and branded pharmaceuticals company, including Assistant General Counsel, Vice President, Legal Affairs, and Head of Government Affairs. Her earlier career involved roles at Actavis, Alpharma, Topcon America, and as an Associate at the law firm Brown, Rudnick.

CorMedix Inc. (CRMD) faces several key risks, primarily centered around its lead product, DefenCath/Neutrolin, and the challenges inherent in the biopharmaceutical industry. The most significant risks include:

1. Reimbursement and Pricing Pressure for DefenCath

CorMedix's revenue and profitability are heavily influenced by the reimbursement landscape for DefenCath. The product has benefited from special reimbursements like the Transitional Drug Add-On Payment (TDAPA), but these benefits are expiring. Starting in the second half of 2026, DefenCath's reimbursement is expected to transition to a less advantageous post-TDAPA add-on adjustment determined by the Centers for Medicare & Medicaid Services (CMS). This change is projected to lead to a significant reduction in the net selling price per unit of DefenCath, potentially eroding future revenues and margins. The company's 2026 revenue guidance reflects this anticipated decline, falling short of analyst expectations, which has dampened investor sentiment. There is also uncertainty regarding the level of the post-TDAPA add-on adjustment in subsequent years, which could lead to continued pricing volatility.

2. Competition for DefenCath

While DefenCath currently enjoys a first-mover advantage as the only FDA-approved antimicrobial catheter lock solution in the United States, it faces a significant competitive threat. Larger pharmaceutical companies such as Pfizer, Amphastar Pharmaceuticals, B. Braun, Baxter, and Fresenius Kabi USA already market heparin for various uses. These companies possess broader pipelines, larger manufacturing capacities, and stronger financial resources. If these larger players decide to target catheter-related bloodstream infections, they could quickly emerge as formidable rivals, potentially weakening CorMedix's market position and long-term growth prospects.

3. High Reliance on DefenCath and Limited Pipeline

CorMedix has historically been highly dependent on the success of DefenCath for its revenue generation. While the company recently acquired Melinta Therapeutics, which diversified its portfolio with additional approved therapies, the business remains significantly reliant on DefenCath's performance. This heavy reliance means that any issues impacting DefenCath, such as reimbursement changes, pricing pressure, or increased competition, could disproportionately affect CorMedix's overall financial health. Furthermore, while the Melinta acquisition aims to broaden the revenue base, the integration of these new assets also presents its own set of execution and regulatory risks. The company's pipeline beyond DefenCath and the acquired Melinta products is considered less robust compared to some larger biopharma players.

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CorMedix Inc. (CRMD) focuses on developing and commercializing therapeutic products, with its lead product being DefenCath/Neutrolin, an anti-infective solution for preventing catheter-related infections and thrombosis.

The addressable markets for DefenCath/Neutrolin are:

• For DefenCath in the hemodialysis setting, the addressable market in the U.S. is estimated to involve approximately 80 million catheter lumen locks per year.
• The total addressable market for DefenCath, including its current hemodialysis indication and future expanded uses, is estimated to exceed $2 billion. Alternatively, with a 25% market share, peak sales are estimated at $910 million in 2034.
• For DefenCath in the expanded indication of Total Parenteral Nutrition (TPN), the addressable market in the U.S. is driven by approximately 5 million infusions per year, representing an estimated market opportunity of approximately $500 million to $750 million. CorMedix estimates annual peak sales potential in this TPN indication to be in the range of $150 million to $200 million.
• The combined market for oncology and TPN in the U.S. for catheter-lock solutions is estimated at approximately 150 million catheter lumen locks per year.
• Historically, the market opportunity for Neutrolin (the European commercial name for DefenCath) was estimated at $500 million, split evenly between the U.S. and Europe.
• In 2015, a "multi-billion dollar global market opportunity" was cited for Neutrolin, considering expansion into new geographic markets and additional therapeutic indications.

CorMedix (CRMD) is poised for future revenue growth over the next 2-3 years, primarily driven by the continued commercialization and market expansion of its lead product, DefenCath, the potential label expansion of DefenCath into new indications, and the strategic contributions from the recently acquired Melinta Therapeutics portfolio, particularly REZZAYO. Here are the key drivers of future revenue growth for CorMedix: * Continued Commercialization and Market Expansion of DefenCath: DefenCath, the company's FDA-approved antimicrobial catheter lock solution, is expected to be a significant revenue driver. Launched in 2024, it holds a unique market position with patent protection through 2033. CorMedix aims to expand its commercial footprint and marketing infrastructure, specifically targeting growth within the Medicare Advantage segment. While there may be short-term price erosion due to reimbursement transitions in the latter half of 2026, management anticipates a potential price increase for DefenCath in 2027. * DefenCath Label Expansion into Total Parenteral Nutrition (TPN): CorMedix is actively pursuing a label expansion for DefenCath for use in patients receiving Total Parenteral Nutrition (TPN). A Phase 3 clinical study for this indication is underway, with completion expected by early 2027 and clinical data anticipated in the first half of 2027. This potential TPN indication could significantly broaden DefenCath's addressable market, with an estimated 5 million annual infusions representing a market opportunity of $500–$750 million. * Revenue Contribution and Pipeline Growth from Melinta Therapeutics Acquisition: The acquisition of Melinta Therapeutics has diversified CorMedix's revenue streams and expanded its presence in the hospital acute care and infectious disease markets. The Melinta portfolio includes six anti-infectives and a mature branded product. This acquisition is expected to provide stability and growth opportunities, contributing to overall revenue. * Launch and Market Penetration of REZZAYO for Prophylaxis: As part of the Melinta acquisition, REZZAYO (rezafungin) represents a significant growth asset. A Phase 3 study (ReSPECT) evaluating REZZAYO for the prophylaxis of invasive fungal infections is expected to yield data in Q2 2026. A successful outcome could lead to a commercial launch in the first quarter of 2027 and potentially expand its addressable market eightfold to over $2 billion. * Strategic Bolt-on Acquisitions: CorMedix plans to continue pursuing smaller, synergistic "tuck-in" acquisitions that complement its existing product lineup and infrastructure, further enhancing its diversified portfolio and driving organic growth.

Share Repurchases

• CorMedix's board approved a share repurchase program, authorizing the company to repurchase up to $75 million of its outstanding common stock.
• This program is authorized through December 31, 2027, with repurchases expected to begin as early as the first quarter of 2026.
• As of December 31, 2025, the company had approximately $150 million in cash and cash equivalents, providing capacity for the program.

Share Issuance

• Based on the financial report for September 30, 2025, CorMedix Inc.'s Net Issuance of Common Stock amounted to $103.3 million.
• The average annual growth rate for Net Issuance of Common Stock was 106% over the past three years and 33% over the past five years.
• As of March 23, 2025, the number of outstanding shares of common stock was 65,181,771.

Outbound Investments

• In August 2025, CorMedix acquired Melinta Therapeutics.
• This acquisition expanded CorMedix's portfolio by adding six marketed hospital anti-infectives and the cardiovascular drug TOPROL-XL.

Capital Expenditures

• Capital expenditures in the most recent quarter totaled -$0.506 million.
• Over the last 12 months (as of March 10, 2026), capital expenditures were -$2.26 million.
• Annual capital expenditures were $0.00 in 2025, -$115,730.00 in 2024, and -$327,300.00 in 2023.