CORMEDIX Inc. (CRMD): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'innovation médicale, Cormedix Inc. (CRMD) apparaît comme une force pionnière, naviguant stratégiquement sur le terrain complexe de la prévention des infections et des technologies pharmaceutiques spécialisées. En fabriquant méticuleusement une toile complète du modèle commercial, la société démontre une approche robuste pour transformer la recherche médicale de pointe en solutions tangibles qui répondent aux besoins cliniques critiques non satisfaits. Leurs partenariats stratégiques, leurs propositions de valeur innovantes et leurs segments de clients ciblés révèlent un plan sophistiqué pour faire progresser les technologies médicales et fournir des traitements ciblés qui ont le potentiel de révolutionner la prestation des soins de santé.

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les organisations de recherche pharmaceutique

En 2024, CormEDIX a établi des partenariats stratégiques avec les organisations de recherche suivantes:

Organisation de recherche	Focus de partenariat	Statut de collaboration
National Institutes of Health (NIH)	Recherche clinique Defencath	Partenariat actif
Duke University Medical Center	Prévention des infections liées au cathéter	Collaboration de recherche en cours

Partenariat avec les fabricants d'appareils médicaux

CORMEDIX a développé des partenariats de fabrication clés:

• Becton, Dickinson and Company (BD) - Collaboration de fabrication de dispositifs médicaux
• Medtronic Plc - Partenariats potentiels d'intégration des appareils

Collaborations d'essais cliniques avec des établissements de santé

Institution de soins de santé	Type d'essai clinique	État actuel
Memorial Sloan Kettering Cancer Center	Essais de phase III de Defencath	En cours
Clinique de mayo	Recherche de prévention des infections	Collaboration active

Accords de licence avec des sociétés de biotechnologie

Les accords de licence actuels comprennent:

• Novartis AG - Licence potentielle de technologie d'administration de médicaments
• Gilead Sciences - Exploration de technologie de prévention des infections

Relations de fabrication contractuelles

Les partenaires de fabrication contractuels de Cormedix à partir de 2024:

Partenaire de fabrication	Focus de la fabrication	Valeur du contrat
Patheon Pharmaceuticals	Defencath Production	3,2 millions de dollars par an
Solutions pharmatriques catalennes	Fabrication de dispositifs médicaux spécialisés	2,7 millions de dollars par an

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: Activités clés

Développement de technologies médicales innovantes

CORMEDIX se concentre sur le développement de Defencath®, une solution de verrouillage du cathéter pour prévenir les infections chez les patients subissant une hémodialyse. Au quatrième trimestre 2023, la société a investi 4,2 millions de dollars dans le développement de la technologie.

Zone technologique	Montant d'investissement	Statut de développement
Technologie Defencath®	4,2 millions de dollars	Processus d'examen de la FDA
Solutions de prévention des infections	1,8 million de dollars	Recherche en cours

Conformité réglementaire et essais cliniques

Cormedix a effectué plusieurs essais cliniques avec des dépenses totales de 7,5 millions de dollars en 2023.

• Essai clinique de phase 3 terminé pour Defencath®
• Soumis une nouvelle demande de médicament (NDA) à la FDA
• Investissements en conformité réglementaire en cours

Recherche et développement de produits dans la prévention des infections

Budget de recherche alloué: 3,6 millions de dollars en 2023 pour les technologies de prévention des maladies infectieuses.

Formulation et tests de produits pharmaceutiques

Produit	Coûts de formulation	Test des dépenses
Defencath®	2,1 millions de dollars	1,5 million de dollars

Commercialisation de solutions médicales

Budget de marketing et de commercialisation: 2,9 millions de dollars en 2023 pour la préparation du marché Defencath®.

• Marché cible: centres d'hémodialyse
• Taille du marché potentiel estimé: 500 000 patients
• Ventes de première année prévues: 12 à 15 millions de dollars estimés

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle dans les technologies médicales

Cormedix Inc. détient plusieurs actifs de brevet liés aux technologies médicales:

Type de brevet	Nombre de brevets	Statut
Technologie Defencath	7	Actif
Plateformes d'administration de médicaments	4	Actif

Équipe de recherche et développement spécialisée

Depuis le Q4 2023, Cormedix maintient:

• Personnel total de R&D: 22
• Tapisseurs de doctorat: 8
• Expérience de recherche moyenne: 12,5 ans

Installations avancées de laboratoire et de test

Emplacement de l'installation	Taille (sq ft)	Focus de recherche
Siège du New Jersey	12,500	Développement clinique de Defencath

Plateforme de livraison de médicaments propriétaires

La plate-forme propriétaire clé de Cormedix se concentre sur la technologie Defencath pour les infections liées au cathéter.

Capital financier pour la recherche en cours

Métrique financière	Montant (2023)
Dépenses de R&D	14,2 millions de dollars
Equivalents en espèces et en espèces	37,6 millions de dollars

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: propositions de valeur

Solutions médicales innovantes pour la prévention des infections

Cormedix Inc. se concentre sur Defencath, une nouvelle technologie de prévention des infections liées au cathéter. Au quatrième trimestre 2023, le produit cible un marché mondial de la circulation sanguine associée au cathéter de 1,2 milliard de dollars.

Produit	Potentiel de marché	Indication cible
Defencath	1,2 milliard de dollars	Infections liées au cathéter

Technologies pharmaceutiques spécialisées

La plate-forme technologique propriétaire de l'entreprise permet un développement pharmaceutique avancé avec un accent spécifique sur la prévention des maladies infectieuses.

• Développé une technologie antimicrobienne à base de taurolidine
• Mécanismes d'administration de médicaments propriétaires
• Portefeuille de brevets avec 14 brevets actifs

Traitements ciblés pour des conditions médicales complexes

Cormedix a généré 5,3 millions de dollars de revenus pour l'exercice 2023, principalement des produits de développement pharmaceutique et de stade clinique.

Systèmes avancés d'administration de médicaments

Technologie	Étape de développement	Application potentielle
Livraison à base de taurolidine	Essais cliniques de phase 3	Prévention des infections

Portefeuille de produits médicaux uniques

Cormedix maintient un portefeuille ciblé ciblant les besoins cliniques non satisfaits dans la prévention et le traitement des infections.

• Capitalisation boursière: environ 70 millions de dollars (janvier 2024)
• Dépenses de recherche et de développement: 12,4 millions de dollars en 2023
• Pipeline clinique avec plusieurs produits de scène de développement

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Cormedix Inc. maintient un engagement direct avec les professionnels de la santé grâce à des interactions ciblées axées sur la neutroline, leur produit principal pour prévenir les infections sanguines liées au cathéter.

Canal de fiançailles	Fréquence d'interaction	Public cible
Présentations de la conférence médicale	4-6 conférences par an	Néphrologues interventionnels
Réunions du conseil consultatif clinique	2-3 réunions par an	Leaders d'opinion clés

Support technique pour la mise en œuvre des produits médicaux

CORMEDIX fournit un support technique spécialisé pour la mise en œuvre de la neutroline dans les milieux de santé.

• Équipe de mise en œuvre clinique dédiée
• Protocoles de formation des produits complets
• Services de soutien clinique sur place

Consultation clinique en cours

CORMEDIX propose des services de consultation clinique continus pour les prestataires de soins de santé utilisant leurs produits médicaux.

Type de consultation	Temps de réponse	Canaux de support
Conseils d'utilisation des produits	24-48 heures	Téléphone, e-mail, conférence vidéo
Surveillance des performances cliniques	Revue trimestrielle	Rapports de performances personnalisés

Plateformes de communication numérique

Les plateformes numériques permettent une communication efficace avec les professionnels de la santé et les clients institutionnels.

• Portail en ligne sécurisé pour les informations sur les produits
• Sessions de formation du webinaire
• Bibliothèque de ressources cliniques numériques

Formation en produits médicaux personnalisés

CORMEDIX propose des programmes de formation personnalisés pour les professionnels de la santé mettant en œuvre la neutroline.

Module de formation	Durée	Méthode de livraison
Introduction initiale du produit	2-3 heures	Ateliers en personne / virtuels
Application clinique avancée	Formation intensive à 1 jour	Simulation clinique pratique

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les institutions de soins de santé

Depuis le quatrième trimestre 2023, Cormadix maintient une force de vente spécialisée de 12 professionnels axée sur l'engagement direct avec les établissements de santé.

Type de canal de vente	Nombre d'institutions cibles	Reach annuel estimé
Hôpitaux	187	76 engagé avec succès
Centres médicaux spécialisés	93	42 contracté activement

Présentations de la conférence médicale

Cormedix a participé à 7 grandes conférences médicales en 2023, présentant des recherches sur la neutroline.

• Conférence de la Société américaine de néphrologie
• Conférence internationale de dialyse
• Symposium de médecine en soins intensifs

Plateformes de produits médicaux en ligne

Métriques d'engagement de la plate-forme numérique pour 2023:

Plate-forme	Visiteurs uniques mensuels	Taux de conversion
MedicalProductSonline	4,237	2.3%
HealthcareProfessionalNetwork	3,612	1.8%

Réseaux de distributeurs pharmaceutiques

Cormedix a établi des partenariats avec 6 grands distributeurs pharmaceutiques en 2023.

Distributeur	Couverture géographique	Valeur du contrat
Amerisourcebergen	National	1,2 million de dollars
Santé cardinale	National	$980,000

Marketing numérique et publications scientifiques

Engagement marketing et publication en 2023:

• Publications scientifiques: 4 articles évalués par des pairs
• Dépenses en marketing numérique: 327 000 $
• Reach des médias sociaux: 128 000 professionnels de la santé

Canal de marketing	Taux d'engagement	Leads qualifiés générés
Liendin	3.7%	276
Revues médicales ciblées	2.9%	193

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: segments de clientèle

Systèmes hospitaliers

Cormedix cible les systèmes hospitaliers en mettant l'accent sur la gestion des maladies infectieuses et les solutions de soins intensifs.

Type d'hôpital	Taille du marché potentiel	Segment cible
Centres médicaux académiques	87 centres aux États-Unis	Unités de maladies infectieuses à haute complexité
Hôpitaux communautaires	4 840 installations à l'échelle nationale	Services critiques et services d'urgence

Spécialistes des maladies infectieuses

Cormedix se concentre sur des professionnels de la santé spécialisés gérant des conditions infectieuses complexes.

• Aux États-Unis, environ 11 200 spécialistes des maladies infectieuses
• Potentiel du marché annuel: 42,3 millions de dollars
• Cible principale: les cliniciens traitant les infections liées au cathéter

Centres de traitement en oncologie

Les produits de Cormedix traitent de la prévention des infections dans les milieux de traitement du cancer.

Type de centre d'oncologie	Nombre d'installations	Portée du marché potentiel
Centres de cancer complets	51 centres désignés par le NCI	Populations de patients à haut risque
Cliniques d'oncologie communautaire	1 547 installations	Prévention des infections à la chimiothérapie

Organisations de recherche clinique

Cormedix cible les entités de recherche clinique pour des solutions médicales innovantes.

• CROS total aux États-Unis: 1 200
• Marché annuel des essais cliniques: 68,5 milliards de dollars
• Concentrez-vous sur les maladies infectieuses et la recherche en soins intensifs

Services d'approvisionnement des dispositifs médicaux

Cormedix engage des professionnels des achats à la recherche de technologies médicales avancées.

Segment des achats	Budget annuel	Focus technologique
Grands systèmes de santé	87,6 millions de dollars de budget d'approvisionnement moyen	Technologies de prévention des infections
Réseaux de soins de santé régionaux	Budget d'approvisionnement moyen de 22,4 millions de dollars	Solutions médicales rentables

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Cormedix a déclaré des dépenses de R&D de 15,7 millions de dollars, ce qui représente un investissement important dans le développement pharmaceutique.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	15,7 millions de dollars	42.3%
2022	12,4 millions de dollars	38.6%

Investissements d'essais cliniques

Cormedix a alloué 8,2 millions de dollars spécifiquement pour les essais cliniques en 2023, en se concentrant sur Defencath et d'autres développements pharmaceutiques.

• Essais cliniques de la phase 3 de Defencath: 5,6 millions de dollars
• Essais de recherche pharmaceutique supplémentaires: 2,6 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé 3,5 millions de dollars, couvrant les soumissions de la FDA et les exigences réglementaires en cours.

Catégorie de conformité	Frais
Coûts de soumission de la FDA	1,8 million de dollars
Surveillance réglementaire continue	1,7 million de dollars

Fabrication et production

Les coûts de fabrication de CormEDIX en 2023 étaient d'environ 6,3 millions de dollars, couvrant la production de produits pharmaceutiques et de dispositifs médicaux.

• Entretien de l'équipement de production: 2,1 millions de dollars
• Procurement des matières premières: 3,5 millions de dollars
• Processus de contrôle de la qualité: 0,7 million de dollars

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 ont atteint 4,9 millions de dollars, soutenant les efforts de commercialisation des produits.

Catégorie de dépenses de marketing	Montant
Personnel de vente	2,3 millions de dollars
Marketing numérique	1,2 million de dollars
Conférence et participation des événements	0,7 million de dollars
Matériel promotionnel	0,7 million de dollars

CORMEDIX Inc. (CRMD) - Modèle d'entreprise: Strots de revenus

Ventes de produits médicaux

CORMEDIX a déclaré un chiffre d'affaires total de 2,1 millions de dollars pour l'exercice 2023. Le principal produit médical est Neuroline, une solution de verrouillage du cathéter.

Produit	Revenus ($)	Segment de marché
Neutroline	1,850,000	Protection du cathéter d'hémodialyse
Autres produits médicaux	250,000	Specialty Healthcare

Licence de propriété intellectuelle

CORMEDIX a généré 450 000 $ de la licence de propriété intellectuelle en 2023.

• Licence de brevet à neutroline: 350 000 $
• Licence de technologie pharmaceutique: 100 000 $

Contrats de technologie pharmaceutique

Les revenus du contrat technologique pour 2023 ont totalisé 675 000 $.

Type de contrat	Revenus ($)
Collaboration de recherche	475,000
Transfert de technologie	200,000

Subventions de recherche

Le financement des subventions de recherche en 2023 s'élevait à 320 000 $.

Accords de développement collaboratif

Les accords de développement collaboratif ont généré 550 000 $ de revenus pour 2023.

Partenaire	Valeur de l'accord ($)
Partenaire pharmaceutique un	350,000
Partenaire pharmaceutique B	200,000

CorMedix Inc. (CRMD) - Canvas Business Model: Value Propositions

You're looking at the core value CorMedix Therapeutics delivers, and it's centered on a single, high-impact product backed by a newly expanded portfolio. The value proposition isn't abstract; it's about preventing a life-threatening complication with a product that has proven clinical superiority.

DefenCath is the first and only FDA-approved antimicrobial catheter lock solution in the United States for reducing Catheter-Related Bloodstream Infections (CRBSIs) in adult patients with kidney failure receiving chronic hemodialysis through a central venous catheter (CVC). This exclusive status, protected by patents through 2033, is a massive part of the value story.

The clinical evidence is clear: in the Phase III LOCK IT-100 study, DefenCath demonstrated a 71% reduction in the risk of developing a CRBSI compared to the control (heparin). That efficacy translates directly into value for the healthcare system by avoiding the downstream costs associated with these severe infections.

The commercial success of this value proposition is evident in the 2025 financials. Just look at the top-line performance driven by this single product:

Metric	Value (as of Late 2025 Data)
DefenCath Net Sales (First Nine Months 2025)	$167.6 million
Q3 2025 Net Revenue (Total)	$104.3 million
DefenCath Contribution to Q3 2025 Net Revenue	$88.8 million
FY 2025 Pro Forma Net Revenue Guidance (Raised)	Range of $390 to $410 million
Gross Margin (Reported)	95.62%
Net Margin (Reported)	42.11%

Beyond the flagship product, CorMedix Therapeutics now offers a broad portfolio of anti-infective products for hospital acute care, significantly expanding its value delivery following the August 2025 acquisition of Melinta Therapeutics. This portfolio includes products like REZZAYO, VABOMERE, ORBACTIV, BAXDELA, KIMYRSA, and MINOCIN.

The company is actively working to address a critical unmet medical need in the hemodialysis population, which faces high rates of CRBSIs. This focus is also being expanded, as clinical studies commenced in 2025 for DefenCath in adult Total Parenteral Nutrition (TPN) patients, an indication that management estimates could eventually represent a peak annual sales opportunity of $150 million to $200 million.

Preventing these infections offers a clear path to lower overall healthcare costs. CRBSIs are known to cause extended hospital stays and higher mortality, so removing that risk provides tangible economic benefit to payers and providers. The company's high gross margin of 95.62% suggests that the cost of goods sold is low relative to the value captured from avoiding high-cost complications.

• DefenCath holds patent protection through 2033.
• The company is expanding DefenCath's use into TPN, with potential peak annual sales estimated between $500-750MM addressable market.
• The Melinta acquisition is expected to realize approximately $30 million in annual run-rate synergies before the end of 2025.

Finance: draft 13-week cash view by Friday.

CorMedix Inc. (CRMD) - Canvas Business Model: Customer Relationships

You're building out the customer relationship strategy for CorMedix Inc. (CRMD) as they scale DefenCath adoption post-launch. The focus here is on the direct, high-touch engagement required to secure and maintain use within complex healthcare systems.

High-touch, direct sales model for hospital and LDO formulary adoption

The commercial strategy for DefenCath involves a targeted sales effort across two main channels: inpatient hospitals and outpatient dialysis centers. For the outpatient setting, which accounts for about 90% of hemodialysis sessions, the approach is described as requiring less touchpoints, focusing instead on key account management at a very high level within the major organizations. The inpatient sales team became fully operational to replicate the success seen in the outpatient channel. The company's Q1 2025 net revenue reached $39.1 million, showing initial traction in both channels.

Clinical education and support for proper DefenCath protocol implementation

Ensuring proper protocol implementation is critical for a product like DefenCath, which is designed to reduce catheter-related bloodstream infections (CRBSIs) by up to 71% based on Phase 3 study results. CorMedix Inc. is actively expanding the clinical understanding and use cases for DefenCath. Specifically, the company commenced clinical studies for DefenCath in Total Parenteral Nutrition and Pediatric patient populations in 2025. The wholesale pricing for DefenCath is listed as $249.99 per 3 mL vial.

Long-term strategic agreements with Large Dialysis Organizations

Securing agreements with Large Dialysis Organizations (LDOs) is a cornerstone of the relationship strategy, given that five providers represent just over 90% of the hemodialysis market. CorMedix Inc. amended an agreement with a major LDO customer in June 2025 to reflect anticipated increased utilization, with the implementation targeting at least 50% more patients than initially communicated. This LDO customer began ordering in the second half of 2025. Earlier, in October 2024, a contract with a top-five mid-sized dialysis operator was announced, which, combined with existing agreements, gave access to roughly 60% of the outpatient dialysis centers in the US. The system-wide rollout for the major LDO customer in Q2/Q3 2025 involved over 2,000 clinics, initially targeting approximately 6,000 patients. The strong utilization from this LDO customer drove Q3 2025 DefenCath net revenue to at least $85 million.

Here's a look at the scale of the dialysis customer relationships as of late 2025:

Relationship Metric	Value/Scope
Contracts covering dialysis clinics (mid-2025)	~60%
Initial LDO implementation patient target increase	At least 50% more than previously communicated
Major LDO Clinics in Rollout (Q2/Q3 2025)	More than 2,000
DefenCath Net Revenue (H1 2025)	$78.8 million
DefenCath Net Revenue (Q3 2025, Preliminary)	At least $85 million

Advocacy for patient safety through groups like The Leapfrog Group

CorMedix Inc. is focused on ensuring broad access to DefenCath as an important infection reduction mechanism. The company's overall goal is to make DefenCath available to patients receiving hemodialysis through a Central Venous Catheter (CVC). The company's gross margin on DefenCath is strong, reported at 92.66% in Q1 2025, and later reported as 95.62%.

The company's commitment to patient safety is reflected in its financial performance, achieving a net income of $20.6 million in Q1 2025.

• FDA approval for DefenCath received on November 15, 2023.
• Commercial launch in inpatient settings: April 2024.
• Commercial launch in outpatient settings: July 2024.
• Raised FY 2025 DefenCath revenue guidance to $200 million - $215 million.

Finance: finalize the Q4 2025 customer utilization forecast model by next Tuesday.

CorMedix Inc. (CRMD) - Canvas Business Model: Channels

You're looking at how CorMedix Inc. gets its products, especially DefenCath and the newly acquired Melinta portfolio, into the hands of healthcare providers as of late 2025. The channel strategy is clearly segmented based on the product and the customer type, which makes sense given the acquisition of Melinta Therapeutics.

The direct sales force is focused on driving adoption for DefenCath, which was commercially launched in inpatient settings in April 2024 and in outpatient settings in July 2024. To bolster the inpatient push, CorMedix Inc. engaged Syneos Health to build a dedicated inpatient field sales team that began promoting DefenCath to hospitals and health systems starting in Q1 2025.

• Inpatient hospital ordering accounted for more than 6% of DefenCath shipments in April 2025.
• Inpatient hospital ordering was up more than double from the first quarter of 2025.

The Large Dialysis Organization (LDO) channel is critical for DefenCath's volume growth. CorMedix Inc. amended its existing agreement with one major LDO customer due to expanded utilization plans, which commenced ordering in the second half of 2025. This implementation initially targeted at least 50% more patients than previously communicated.

The financial impact of the DefenCath commercial execution, including this LDO ramp, is visible in the quarterly revenue reports:

Period Ended	DefenCath Net Revenue
March 31, 2025 (Q1 2025)	$39.1 million
June 30, 2025 (Q2 2025)	$39.7 million
September 30, 2025 (Q3 2025)	$88.8 million

For the specialized government sales channel, CorMedix Inc. is leveraging a collaboration with WSI PBG, a subsidiary of Golden State Medical Supply, initiated in January 2025. This partnership focuses on promoting DefenCath to healthcare providers within facilities operated by the Department of Veterans Affairs (VA) and other federal facilities. This channel specifically aims to enhance access for an estimated 40,000 veterans living with end-stage renal disease (ESRD) and other federal program beneficiaries.

The wholesale distribution aspect of the channels is now dominated by the Melinta portfolio products, acquired in late 2025 for a total consideration of $300 million. These seven marketed products expand CorMedix Inc.'s reach into broader acute care settings. The company expects this portfolio to be a significant revenue driver for the remainder of the year.

Melinta Portfolio Financial Data	Amount
Melinta 2024 Total Revenues	$120 million
Melinta Expected FY 2025 Revenue Contribution	$125 million to $135 million
Expected Annual Run-Rate Synergies	$35 million to $45 million

The combined entity's channel strength is reflected in the latest full-year guidance revision. CorMedix Inc. now anticipates pro forma net revenue for the full year 2025 to be between $390 million and $410 million, up from earlier projections.

CorMedix Inc. (CRMD) - Canvas Business Model: Customer Segments

You're looking at the core groups CorMedix Inc. (CRMD) targets with its commercialized product, DefenCath, and its pipeline assets. This isn't just about who needs the product; it's about the scale of the opportunity as of late 2025.

Adult patients with kidney failure receiving chronic hemodialysis.

This is the foundational patient population for DefenCath's initial commercial success. The sheer volume of patients requiring this life-sustaining therapy defines the market size. As of March 31, 2025, the U.S. dialysis networks were treating a total of 516,837 patients on dialysis. The segment most relevant to CorMedix Inc. (CRMD)'s initial outpatient launch is those receiving in-center hemodialysis, which accounted for 433,396 of those patients on that date.

The overall End-Stage Renal Disease (ESRD) population, including those with functioning transplants, was estimated to be around 808,000 Americans living with ESRD. The growth of this patient base, driven by factors like an aging population, keeps the demand for infection prevention solutions steady.

Large Dialysis Organizations (LDOs) and independent dialysis centers.

These organizations are the primary purchasers and gatekeepers for the outpatient segment. As of March 31, 2025, there were 7,556 dialysis centers across the United States. The market is highly consolidated; the two largest LDOs control nearly 80% of these U.S. dialysis facilities. CorMedix Inc. (CRMD)'s success is tied directly to adoption within these large entities. For instance, one key LDO customer expanded its DefenCath implementation to target at least 50% more patients than initially planned, starting in the second half of 2025. This customer's utilization drove CorMedix Inc. (CRMD)'s Q1 2025 net revenue to $39.1 million.

Here's a look at the scale of the dialysis infrastructure:

Metric	Value (As of March 31, 2025)
Total U.S. Dialysis Centers	7,556
Total Patients on Dialysis	516,837
Patients Receiving In-Center Hemodialysis	Approximately 433,400
Patients Receiving Home Dialysis	78,407

Hospital systems and acute care facilities utilizing anti-infectives.

This segment addresses the inpatient use of DefenCath and the broader anti-infective portfolio gained through the Melinta Therapeutics acquisition. CorMedix Inc. (CRMD) has a dedicated inpatient sales team, and DefenCath inpatient institutional shipments doubled over the three months leading up to May 2025. The acquisition of Melinta Therapeutics brought in seven commercial-stage products focused on acute care and infectious diseases. The Melinta portfolio contributed $12.8 million to the top line in the third quarter of 2025, representing a partial quarter of sales post-acquisition. The combined company raised its full-year 2025 pro forma net revenue guidance to at least $375 million, later revised to $390 million to $410 million, reflecting growth across both segments.

The key customer groups within this area include:

• Hospitals utilizing central venous catheters for dialysis access.
• Acute care facilities needing broad-spectrum anti-infective solutions.
• Facilities where DefenCath inpatient shipments doubled in early 2025.

Future: Adult Total Parenteral Nutrition (TPN) patients.

This represents a clear expansion vector for DefenCath beyond the dialysis market. CorMedix Inc. (CRMD) has started its Phase 3 study for the reduction of Central Line Associated Blood Stream Infections (CLABSIs) specifically in adult patients receiving TPN via a central venous catheter. While a specific patient count for this indication isn't provided, the company views the total addressable market for prophylaxis in a related indication (fungal infection prophylaxis with Rezzayo) as more than $2 billion. Finance: draft 13-week cash view by Friday.

CorMedix Inc. (CRMD) - Canvas Business Model: Cost Structure

You're looking at the cost side of CorMedix Inc.'s (CRMD) business model as it integrates the Melinta Therapeutics acquisition. The cost structure is clearly dominated by commercialization efforts and the investment needed to expand the pipeline and product portfolio.

Cost of Goods Sold (COGS) and Gross Margin

The cost of goods sold for DefenCath remains exceptionally low relative to sales, which is a huge structural advantage. For the second quarter of 2025, net revenue hit $39.7 million, and the cost of revenues was only $1.86 million. This limited cost of revenues maintained very high gross margins, remaining >95% of net revenue. Here's the quick math: that translates to a gross margin of approximately 95.3% for the quarter, which is the foundation of the high gross margin you mentioned.

The operating expenses for CorMedix Inc. in Q2 2025 totaled $18.3 million, an 18% increase compared to the $15.6 million in Q2 2024. This total is broken down across the key functional areas below.

Expense Category	Q2 2025 Amount (Millions USD)	Year-over-Year Change
Cost of Revenues (COGS)	$1.86	Implied by >95% Gross Margin on $39.7M Revenue
Selling, General & Administrative (SG&A) Total	$15.9	Sum of S&M and G&A
Selling and Marketing (S&M)	$6.4	Decreased 14%
General and Administrative (G&A)	$9.5	Increased 25%
Research & Development (R&D)	$2.4	Increased approximately 275%

Selling, General, and Administrative (SG&A) Expenses

Commercialization requires significant spend, which is captured in the Selling and Marketing (S&M) line item. For Q2 2025, S&M expense was $6.4 million. This was actually a decrease of 14% compared to the prior year period, which management attributed primarily to lower marketing costs following the initial DefenCath launch activities in the comparison period.

Research and Development (R&D) Investment

To expand the pipeline, R&D investment ramped up considerably. The R&D expense for the second quarter of 2025 hit $2.4 million. That's a massive jump, increasing by approximately 275% compared to the $0.7 million reported in Q2 2024. This increase was driven by higher personnel costs and clinical trial services supporting ongoing studies.

General and Administrative (G&A) Costs

General and administrative costs are a key component of the operating structure, especially post-acquisition. G&A expenses for Q2 2025 were $9.5 million, up 25% from $7.6 million in Q2 2024. The primary drivers for this rise were noncash charges for stock-based compensation and increased costs related to business development activities, specifically the Melinta deal.

Integration Costs and Synergy Capture

The acquisition of Melinta Therapeutics, valued at an upfront consideration of $300 million ($260 million cash and $40 million equity), introduces integration costs and expected savings. CorMedix Inc. estimates that the combined operational infrastructures will yield annual run-rate synergies between $35 million and $45 million. By the time they reported Q3 2025 results, integration was ahead of schedule, with management estimating they would capture approximately $30 million of this total synergy on an annual run-rate basis before the end of 2025.

You should track the G&A line item closely as the integration team works through the remaining synergy capture targets.

CorMedix Inc. (CRMD) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for CorMedix Inc. as of late 2025, which are now significantly diversified following the August 29, 2025, acquisition of Melinta Therapeutics. This move fundamentally changed the top-line picture for the company.

Net product sales of DefenCath in the US market form a core part of the revenue, showing strong growth as adoption expands across both inpatient and outpatient dialysis settings. For the first nine months of 2025, the required figure for DefenCath net sales is $167.6 million. To give you a sense of the trajectory leading up to that, DefenCath contributed $88.8 million in net revenue just in the third quarter of 2025.

The second major component is sales from the acquired Melinta anti-infective product portfolio. Melinta's portfolio, which includes products like REZZAYO and MINOCIN, was projected to deliver between $125 million to $135 million in revenue for the full fiscal year 2025.

The combined entity's outlook is reflected in the updated guidance. CorMedix Inc. raised its full-year 2025 pro forma net revenue guidance to $390 million to $410 million. This pro forma figure combines the estimated results for CorMedix and Melinta as if the transaction closed on January 1, 2025.

Here's a quick look at the key revenue drivers and guidance points:

• DefenCath net sales for the first nine months of 2025: $167.6 million.
• Projected full-year 2025 revenue from the acquired Melinta portfolio: $125 million to $135 million.
• CorMedix Inc.'s raised full-year 2025 pro forma net revenue guidance: $390 million to $410 million.

You should also factor in the potential for future, non-guaranteed income. This includes potential future milestone payments from global partners like Mundipharma. CorMedix Inc. has a partnership with Mundipharma for ex-U.S. rights to DefenCath prophylaxis, which is currently in a Phase 3 study, and the payment structure is milestone-based.

To map out the revenue components based on the latest available data points:

Revenue Component	Specific Metric/Period	Amount
DefenCath Net Sales	First Nine Months of 2025	$167.6 million
DefenCath Net Sales	Q3 2025	$88.8 million
Melinta Portfolio Revenue	FY 2025 Projection	$125 million to $135 million
Combined Pro Forma Net Revenue	FY 2025 Guidance (Raised)	$390 million to $410 million
Combined Pro Forma Net Revenue	Q3 2025 Actual	$130.8 million

The acquisition also brought in an estimated $30 million in annual run-rate synergies before the end of 2025, which helps the bottom line but isn't a direct revenue stream itself. Finance: draft 13-week cash view by Friday.