Cormedix Inc. has reported its financial results for the third quarter and nine months ending September 30, 2024, along with business updates. The company recorded net revenue of $11.5 million for the third quarter, largely driven by successful implementation by an initial anchor customer, a mid-sized dialysis operator. This marks the first full quarter of Defencath sales since its outpatient launch in July 2024.
The net loss for the third quarter of 2024 was $2.8 million, or $0.05 per share, compared with a net loss of $9.7 million, or $0.17 per share in the third quarter of 2023, representing a decrease of $6.9 million or 72%. Operating expenses in the third quarter of 2024 were $14.1 million, compared with $10.5 million in the third quarter of 2023, representing an increase of approximately 34%.
For the nine months ended September 30, 2024, Cormedix recorded a net loss of $31.4 million, or $0.54 per share, compared with a net loss of $31.6 million, or $0.65 per share, in the same period in 2023, a decrease of $0.2 million, or 0.6%. Operating expenses in the first nine months of 2024 were $45.5 million, compared to $33.3 million during the same period in 2023, reflecting an increase of approximately 37%.
The company reported cash and short-term investments of $46.0 million as of September 30, 2024, excluding restricted cash, and believes it has sufficient resources to fund operations for at least twelve months from the issuance of the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2024.
Cormedix's CEO, Joe Tocisco, expressed optimism about the company’s recent progress and the opportunity for Defencath as they shift focus toward 2025. He highlighted several important clinical initiatives commencing early next year aimed at expanding indications for Defencath beyond adult hemodialysis, providing an important catalyst for future growth.
The company also announced that it is in the final stages of amending the clinical study protocol for total parenteral nutrition (TPN) and anticipates FDA submission by mid-November to align with plans to operationalize the study in the first half of 2025. Additionally, Cormedix remains on track with a real-world evidence study, the pediatric hemodialysis study, and the expanded access program for Defencath. The market has reacted to these announcements by moving the company's shares -21.4% to a price of $10.2. If you want to know more, read the company's complete 8-K report here.
