美國證券交易委員會 10-Q 季度報告

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 001-34673
CORMEDIX INC.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
20-5894890

(State or Other Jurisdiction of 
 Incorporation or Organization)
(I.R.S. Employer
 Identification No.)

389 Interpace Pkwy, Suite 450, Parsippany, NJ
07054

(Address of Principal Executive Offices)(Zip Code)

(908) 517-9500
(Registrant’s Telephone Number, Including Area Code)

300 Connell Drive, Suite 4200, Berkeley Heights, NJ07922
(Former Address of Principal Executive Offices)
(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.001 par valueCRMDNasdaq Global Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filer ☒Smaller reporting company ☐

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the issuer’s common stock, as of May 11, 2026 was 78,451,891.

Table of Contents

CORMEDIX INC. AND SUBSIDIARIES
INDEX

Page
PART I FINANCIAL INFORMATION
1

Item 1.
Unaudited Condensed Consolidated Financial Statements
1

Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025
2

 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2026 and 2025
3

 Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025
4

 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025
5

Notes to Unaudited Condensed Consolidated Financial Statements
6

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
23

Item 3.
Quantitative and Qualitative Disclosure About Market Risk
29

Item 4.
Controls and Procedures
29

PART II OTHER INFORMATION
31

Item 1. 
Legal Proceedings
31

Item 1A. 
Risk Factors
31

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
31

Item 3.
Defaults Upon Senior Securities
31

Item 4.
Mine Safety Disclosure
32

Item 5. 
Other Information
32

Item 6.
Exhibits
33

SIGNATURES
34

i

Table of Contents

PART I
FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements.
1

Table of Contents

CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Data)

March 31,
2026December 31,
2025
(Unaudited) 
ASSETS
Current assets
Cash and cash equivalents$178,087 $144,837 
Short-term investments-3,694 
Account receivables, net154,807 171,233 
Inventories30,731 29,716 
Prepaid expenses and other current assets (including restricted cash of $656 and $656 at March 31, 2026, and December 31, 2025)
19,488 17,571 
Total current assets383,113 367,051 
Property and equipment, net6,166 5,959 
Other long-term assets (including restricted cash of $332 and $332 at March 31, 2026, and December 31, 2025)
24,272 27,782 
Goodwill30,002 30,002 
Intangible asset, net368,772 379,072 
Deferred tax assets3,312 16,276 
TOTAL ASSETS$815,637 $826,142 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$12,827 $7,884 
Accrued expenses and other liabilities112,773 163,370 
Contingent Consideration, short-term3,176 3,015 
Total current liabilities128,776 174,269 
Convertible senior notes, net of deferred financing costs144,885 144,626 
Contingent Consideration, net of current portion102,397 99,101 
Other long-term liabilities2,530 2,839 
TOTAL LIABILITIES$378,588 $420,835 

COMMITMENTS AND CONTINGENCIES (Note 8)

STOCKHOLDERS’ EQUITY
Preferred stock - $0.001 par value: 2,000,000 shares authorized; 91,623 and 91,623 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
--
Common stock - $0.001 par value: 160,000,000 shares authorized; 78,395,299 and 79,260,667 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
78 79 
Accumulated other comprehensive income2 3 
Additional paid-in capital574,943 581,800 
Accumulated deficit(137,974)(176,575)
TOTAL STOCKHOLDERS’ EQUITY$437,049 $405,307 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$815,637 $826,142 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
2

Table of Contents

CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME 
(In Thousands, Except Per Share Data)
 (Unaudited)

For the Three Months Ended
March 31,
20262025
Revenue:
Product sales, net$121,916 $39,082 
Contract revenue5,511 - 
Total Revenue127,427 39,082 
Cost of sales (exclusive of amortization of intangibles)12,005 1,545 
Amortization of intangibles10,300 52 
Gross profit105,122 37,485 
Operating Expenses:
Research and development7,212 3,193 
Selling and marketing12,532 4,474 
General and administrative21,720 9,693 
Total Operating Expenses41,464 17,360 
Income From Operations63,658 20,125 
Other (Expense) Income:
Unrealized loss on marketable security(3,546)- 
Change in contingent consideration(4,199)- 
Other non-operating (expense) income, net(268)519 
Total Other (Expense) Income (8,013)519 
Income before income taxes55,645 20,644 
Tax expense17,044 — 
Net Income$38,601 $20,644 
Other Comprehensive Loss:
Unrealized loss from investments(1)(5)
Foreign currency translation loss- (1)
Total Other Comprehensive Loss(1)(6)
Comprehensive Income$38,600 $20,638 
Net Income Per Common Share – Basic$0.48$0.32
Net Income Per Common Share - Diluted$0.43$0.30
Weighted Average Common Shares Outstanding – Basic79,509 65,244 
Weighted Average Common Shares Outstanding – Diluted92,985 68,975 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
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CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
 STOCKHOLDERS’ EQUITY
(In Thousands)
(Unaudited)

For the three months ended March 31, 2026:

Common StockPreferred Stock-
Series C-3,
Series E and
Series G
Accumulated
Other
Comprehensive
IncomeAdditional
Paid-in
CapitalAccumulated
DeficitTotal
Stockholders’ 
Equity 
SharesAmountShares Amount 
Balance at January 1, 202679,261$79 92$- $3 $581,800 $(176,575)$405,307 
Stock issued in connection with options exercised308--- - 1,179 - 1,179 
Issuance of vested restricted stock, net of shares withheld for employee withholding taxes4151 ---(1,528)-(1,527)
Repurchase and retirement of common stock(1,589)(2)-- - (11,090)- (11,092)
Stock-based compensation-- -- - 4,582 - 4,582 
Other comprehensive loss-- -- (1)- - (1)
Net income-- -- - - 38,601 38,601 
Balance at March 31, 202678,395$78 92-$2 $574,943 $(137,974)$437,049 

For the three months ended March 31, 2025:

Common Stock Preferred Stock-
Series C-3,
Series E and
Series G
Accumulated
Other
Comprehensive
IncomeAdditional
Paid-in
CapitalAccumulated
DeficitTotal
Stockholders’ 
Equity
Shares Amount SharesAmount
Balance at January 1, 202564,411$64 137$- $91 $424,132 $(339,630)$84,657 
Stock issued in connection with ATM sale of common stock, net6211 -- - 6,761 - 6,762 
Stock issued in connection with options exercised84--- - 350 - 350 
Conversion of Series G preferred stock to common stock2,5023 (45)- - (3)- - 
Issuance of vested restricted stock, net of shares withheld for employee withholding taxes93----(1,019)-(1,019)
Stock-based compensation-----3,500-3,500
Other comprehensive loss----(6)--(6)
Net income- - - - - - 20,644 20,644 
Balance at March 31, 202567,711$68 92-$85 $433,721 $(318,986)$114,888 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements. 
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CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)

For the Three Months Ended
March 31,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $38,601 $20,644 
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation4,582 3,500 
Depreciation and amortization10,544 162 
Change in contingent consideration4,199 - 
Change in fair value of marketable securities3,546 - 
Deferred income taxes12,964 - 
Other672 46 
Changes in operating assets and liabilities:
Decrease (increase) in account receivables16,445 (2,965)
(Increase) decrease in inventory(1,015)112 
Increase in prepaid expenses and other assets(2,257)(2,267)
Increase in accounts payable4,943 213 
(Decrease) increase in accrued expenses and other liabilities(50,622)292 
Payment of contingent consideration liabilities(220)- 
Net cash provided by operating activities42,382 19,737 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments- (9,985)
Maturity of short-term investments3,694 9,800 
Purchase of equipment(729)(10)
Net cash provided by (used in) investing activities2,965 (195)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock from at-the-market program, net- 6,762 
Repurchase of common stock(11,092)- 
Payment of employee withholding taxes on vested restricted stock units(1,527)(1,019)
Proceeds from exercise of stock options1,179 350 
Payment of contingent consideration liabilities(522)- 
ROU financing lease fees(135)- 
Net cash (used in) provided by financing activities(12,097)6,093 
Foreign exchange effect on cash- - 
NET INCREASE IN CASH AND CASH EQUIVALENTS33,250 25,635 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD145,825 40,756 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD$179,075 $66,391 
Cash paid for interest$2,817 $10 
Supplemental Disclosure of Non-Cash investing and financing Activities:
Additional capital expenditures included in accrued expenses and other liabilities$97 $- 

Disposal of ROU assets and liabilities for finance lease$(53)- 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
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CORMEDIX INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Organization, Business and Basis of Presentation
Organization and Business
CorMedix Inc. ( “CorMedix” or the “Company”) was incorporated in the State of Delaware on July 28, 2006. The Company is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions. Prior to the acquisition of Melinta Therapeutics, LLC ("Melinta") in August 2025 (the "merger"), the Company had focused on commercialization of its product, DefenCath® (taurolidine and heparin) in the United States. CorMedix launched the product commercially in 2024 in both the hospital inpatient and outpatient hemodialysis settings of care.
The merger with Melinta expanded the Company’s team and commercial platform and increased the commercial portfolio with six marketed, hospital- and clinic-focused infectious disease products, comprised of REZZAYO® (rezafungin for injection), MINOCIN® (minocycline) for Injection, VABOMERE® (meropenem and vaborbactam), KIMYRSA® (oritavancin), ORBACTIV® (oritavancin), BAXDELA® (delafloxacin), and an additional well-established cardiovascular product, TOPROL-XL® (metoprolol succinate) (together, the “Melinta Portfolio”, and, together with DefenCath, “our Products”). REZZAYO is currently approved for the treatment of candidemia and invasive candidiasis in adults. On April 27, 2026, CorMedix announced positive Phase III topline results from the global ReSPECT clinical trial evaluating REZZAYO (rezafungin for injection) for prophylaxis of invasive fungal diseases in adult patients undergoing allogeneic hematopoietic stem cell transplantation, and if approved by the U.S. Food and Drug Administration (the "FDA"), it is targeting commercialization of REZZAYO in this second indication beginning in 2027.
Given the closing of the merger during the third quarter of 2025, the financial results of Melinta are included in the Company’s unaudited condensed consolidated financial statements for the quarter ended March 31, 2026, but not for the quarter ended March 31, 2025. 
Basis of Presentation
The preparation of these unaudited condensed consolidated financial statements and accompanying notes are in conformity with U.S. generally accepted accounting principles (“GAAP”) which requires the use of management estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary to fairly state the interim results. Interim operating results are not necessarily indicative of results that may be expected for the full year ending December 31, 2026, or for any subsequent period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 5, 2026. The accompanying condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements included in such Annual Report on Form 10-K.
Reclassifications
Certain reclassifications were made to the prior year’s amounts to conform to the 2026 presentation.

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Note 2 - Revenue and Accounts Receivable
Concentrations
The following table summarizes net revenue from each of the Company’s customers, who individually represent at least 10% of total revenue.

Three Months Ended
March 31,
20262025
Customer A24%78%
Customer B23%14%
Customer C30%0%

The following table summarizes accounts receivable concentrations for each of the Company’s customers, who individually represent at least 10% of gross total accounts receivable.

March 31,
2026December 31,
2025
Customer A18%20%
Customer B31%23%
Customer C37%41%

For DefenCath, the Company currently has one FDA-approved source (contract manufacturing organization, or “CMO”) for each of its two key active pharmaceutical ingredients (“APIs”), taurolidine and heparin sodium, respectively. With regards to taurolidine, the Company has a drug master file (“DMF”) filed with the FDA. There is a master commercial supply agreement between a third-party manufacturer that has been in place since August 2018. With respect to heparin sodium API, the Company has identified an alternate third-party supplier and may qualify such supplier under the DefenCath NDA over the next twelve months.
The Company received FDA approval of DefenCath with finished dosage production from its European based CMO, Rovi Pharma Industrial Services. The Company believes this CMO has adequate capacity to produce the volumes needed to meet near-term projected demand for DefenCath. In addition, the Company also qualified Siegfried Hameln as an alternate finished dosage manufacturing site and is in the process of scaling up production at the facility.
Each of the products in the Melinta Portfolio has one FDA-approved CMO, primarily in Europe or in the United States. The Company has ongoing technology transfers intended to reduce costs of goods sold as well as to onshore the manufacture of several of its products, which it expects to complete over the next two to three years.
Accounts Receivable and Sales Allowances 
Allowances recorded for credit losses as of March 31, 2026 and December 31, 2025 were approximately $0.6 million with no write-offs or recoveries during the three months ended March 31, 2026.
Variable consideration associated with net product sales, or "Sales Allowances," totaled $189.0 million and $19.3 million for the three months ended March 31, 2026, and March 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, total accrued reserves and allowances to accounts receivable on the balance sheet were $98.2 million and $132.4 million, respectively.
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A roll forward of the significant categories of Sales Allowances and the related accrual balances on the Condensed Consolidated Balance Sheet for the three months ended March 31, 2026 is as follows:

Volume
Incentive
RebatesMedicaidDistribution
Service FeesAccrued
Shelf-
stock
LiabilityAccrued
Returns
AllowanceChargebacks 
Balance at December 31, 202586,001 12,418 5,780 2,255 18,291 4,304 
Provisions related to sales recorded in the period45,778 2,348 17,878 4,983 1,699 26,535 
Credits/payments issued during the period(86,193)(735)(15,549)(2,175)(924)(19,389)
Effect of change in estimate- (3,187)- - (5,796)- 
Balance at March 31, 202645,586 10,844 8,109 5,063 13,270 11,450 

During the quarter ended March 31, 2026, the Company recorded a change in estimate related to variable consideration for Medicaid rebates and product returns. During the three months ended March 31, 2026, the Company obtained new information regarding Medicaid utilization and updated its assumptions based on substantially completed historical claims data. Such estimates are subject to uncertainty due to the timing and completeness of claims processing. In addition, the Company updated its estimate of product returns as initial rate of return history for DefenCath recently became available, which was lower than previously estimated. For the quarter ended March 31, 2026, the resulting changes in accounting estimates positively impacted net sales by $9.0 million and positively impacted income from continuing operations and net income by $6.2 million, net of taxes, and increased basic and diluted earnings per share by $0.08 and $0.07 per share, respectively.

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Note 3 - Income Per Common Share
The following table shows the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:

Three Months Ended
March 31,
20262025
Basic EPS numerator
Net income$38,601 $20,644 
Less: Allocation of undistributed income of Series E securities(241)(125)
Undistributed income available to common stockholders$38,360 $20,519 

Basic EPS Denominator:
Basic weighted average common shares outstanding79,509 65,244 

Diluted EPS numerator
Net Income38,601 20,644 
Convertible debt interest expense1,785 - 
Less tax effect of interest expense(547)- 
Adjusted Net Income39,839 20,644 

Diluted EPS Denominator:
Basic weighted average common shares outstanding79,509 65,244 
Effect of Series E dilutive securities500 392 
Effect of stock Options and restricted stock dilutive securities1,838 3,339 
Effect of Convertible Senior Notes dilutive securities11,138 - 
Diluted weighted average common shares outstanding92,985 68,975 

The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive:

Three Months Ended
March 31,
20262025
(Number of Shares of
Common Stock Issuable)

Shares underlying outstanding stock options505 123 
Shares underlying restricted stock units2,475 906 
Total potentially dilutive shares2,980 1,029 

Note 4 - Financial Instruments
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts, the balances of which often exceed federally insured limits.
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The following table is the reconciliation of the accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s consolidated statement of cash flows:

March 31,
20262025
Cash and cash equivalents$178,087 $66,286 
Restricted cash (included in prepaid and other assets)656 - 
Restricted cash (included in other long-term assets)332 105 
Total cash, cash equivalents and restricted cash179,075 66,391 

The Company’s marketable securities are highly liquid and consist of U.S. government agency securities, high-grade corporate obligations and commercial paper with original maturities of more than 90 days. In addition, the Company holds marketable equity securities in Talphera, Inc., (“Talphera”) a publicly traded biotechnology company, and has elected the fair value option for accounting for this investment. The related unrealized loss pertaining to Talphera is recorded in Other Expense. During the fourth quarter of 2025, the Company’s CEO was appointed to the Board of Directors of Talphera, and as such, Talphera is considered a related party for any subsequent transactions. The Company has no related party transactions with Talphera to date.
As of March 31, 2026 and December 31, 2025, all of the Company’s investments had contractual maturities of less than one year. The following table summarizes the amortized cost, unrealized gains and losses and the fair value at March 31, 2026 and December 31, 2025.

Amortized
CostGross
Unrealized
LossesGross
Unrealized
GainsFair Value
March 31, 2026:
Money Market Funds included in Cash Equivalents$8,573 $- $- $8,573 

December 31, 2025:
Money Market Funds included in Cash Equivalents$4,805 $- $- $4,805 
Commercial Paper3,694 - - 3,694 
Total December 31, 2025 short-term assets$8,499 $- $- $8,499 

Fair Value Measurements
The following table provides the carrying value and fair value of the Company’s financial assets measured at fair value on a reoccurring basis as of March 31, 2026 and December 31, 2025:

Carrying
ValueLevel 1Level 2Level 3
March 31, 2026:
Money Market Funds and Cash Equivalents$8,573 $8,573 $- $- 

Marketable Equity Securities6,818 6,818 - - 
Contingent Consideration liability105,573 - - 105,573 
December 31, 2025:
Money Market Funds and Cash Equivalents$4,805 $4,805 $- $- 
Commercial Paper3,694 - 3,694 - 
Total December 31, 2025 short-term assets$8,499 $4,805 $3,694 $- 
Marketable Equity Securities10,364 10,364 - - 
Contingent Consideration liability102,116 - - 102,116 

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Note 5 - Inventories
Inventories consist of raw materials (including labeling and packaging), work-in-process, and finished goods. Inventories consist of the following:

March 31,
2026December 31,
2025
Raw materials$6,218 $3,635 
Work in progress9,225 11,691 
Finished goods15,288 14,390 
Total$30,731 $29,716 

Note 6 - Acquisition of Melinta:
On August 29, 2025 (the “Closing Date”), the Company completed the acquisition of Melinta for total consideration of $453.7 million (net of cash acquired), including contingent consideration of $95.9 million to which the former Melinta equity holders are eligible to receive pursuant to the terms of the underlying agreements. The merger is accounted for using the acquisition method of accounting for business combinations under FASB Accounting Standard Codification Topic No. 805, Business Combinations (“ASC 805”), with CorMedix representing the accounting acquirer under this guidance. The estimates relating to the allocation of the purchase price are preliminary through the conclusion of the measurement period, which will be no longer than one year from the Closing Date.
The preliminary allocation of the purchase price to acquired assets and liabilities assumed based on their estimated fair values as of Closing Date resulted in goodwill of $30.0 million and intangible assets associated with marketed product values and in-process research and development, the fair value of which was $248.1 million, and $143.0 million, respectively. The in-process research and development relates to the future cash flows associated with the REZZAYO Second Indication if and when approved by the FDA, the fair value of which was determined using probability-weighted, discounted cash flows.
The contingent consideration is comprised of milestone and net sales-based payments. Upon the issuance of the FDA marketing approval of REZZAYO (or any product that contains the active ingredient rezafungin), for the prevention or prophylaxis of invasive fungal infections in adult patients undergoing allogeneic stem cell blood and marrow transplant or the regulatory equivalent (the “REZZAYO Second Indication”) on or prior to June 30, 2029, the Company shall pay, in cash or common shares, par value $0.001 per share, of the Company at the Company’s election, to the former Melinta equity holders the following payments (the “REZZAYO Milestone”):
(i)if the FDA-approved labeling includes candida, $20 million;
(ii)if the FDA-approved labeling includes aspergillus, $2.5 million; and
(iii)if the FDA-approved labeling includes pneumocystis, $2.5 million.
Further, the Company is obligated to pay to the former Melinta equity holders tiered royalties on REZZAYO U.S. net sales and low-single-digit royalties on MINOCIN U.S. net sales (each the “REZZAYO Royalties” and “MINOCIN Royalties”).
The fair value of the contingent payments of $95.9 million included the REZZAYO Milestone and the REZZAYO and MINOCIN Royalties (together, the “Royalties”). The Company estimated the fair value of the REZZAYO Milestone by probability-weighting each outcome and discounting the estimated payment back to the Closing Date. Key assumptions used in the valuation included probability of milestone achievement, the estimated timing of approval, an estimated weighted-average cost of capital, and the estimated timing of the REZZAYO Milestone payment occurring in 2027.
The Company estimated the fair value of the REZZAYO Royalties using a Monte Carlo simulation framework. Specifically, the Company simulated future net sales assuming a Geometric Brownian Motion framework, and these simulated metrics were used to determine the applicable percentage of REZZAYO Royalties. The fair value of the MINOCIN Royalties is linear with no thresholds, caps, tiers, or carry forwards, and was estimated using the Scenario-Based Method. For each method, the Royalties were calculated based on the contractual terms and then discounted from each payment date back to Closing Date. Key assumptions used in the valuation included projected net sales, the estimated 
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duration of the related cash flows, and an estimated weighted-average cost of capital. Royalties payments are expected to occur until the expiration of patent or regulatory exclusivity in the late 2030s.
Fair value measurement of contingent consideration liability
Contingent consideration liabilities are measured at their estimated fair value as of the date of acquisition, with subsequent changes in fair value recorded as Other income in the consolidated statements of operations on a quarterly basis. Changes in these estimates and assumptions could have a significant impact on the amounts recognized.
 The following table summarizes the change in fair value, as determined by Level 3 inputs, for the contingent consideration liability using unobservable Level 3 inputs for the three months ended March 31, 2026:

Contingent
Consideration
(Unaudited)
Balance as of December 31, 2025$102,116 
Payments against contingent consideration(742)
Change in fair value of contingent consideration liability4,199 
Balance as of March 31, 2026$105,573 

During the three months ended March 31, 2026, a change in fair value of contingent consideration of approximately $4.2 million was recorded primarily due to a lower discount rate and accretion due to the passage of time as of March 31, 2026 compared to December 31, 2025. The following table summarizes key assumptions and inputs used in the fair value simulation as of the valuation dates:

Valuation DatesMarch 31,
2026December 31,
2025
Risk-free rate over simulated period4.38%4.30%
Net sales of REZZAYO product volatility70.00%75.00%
Net sales REZZAYO product discount rate (continuous)13.15%13.15%
Net sales MINOCIN product discount rate (continuous)9.95%8.75%
Earnout payment discount rate (continuous)6.60%7.13%
REZZAYO Milestone payment discount rate5.86%6.25%

The amount of revenue attributable to the Melinta business included in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2026 is $29.9 million.
Unaudited Pro Forma Financial Information
The following unaudited pro forma financial information presents the combined results of operations of CorMedix and Melinta as if the merger occurred at the beginning of the year ended December 31, 2024. The unaudited pro forma financial information includes impact of certain adjustment related to changes from the purchase of TOPROL-XL product which was previously licensed to Melinta, amortization of intangibles, transaction related cost incurred, stock compensation expenses, interest expense on related borrowings, and related income tax effects. The unaudited pro forma financial information presented does not include any impact of transaction synergies. The unaudited pro forma financial 
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information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on the date indicated or of results that may occur in the future.

Three Months
Ended
March 31,
2026Three Months Ended March 31, 2025
Total Revenue$127,427 $68,839 
Net Income$38,601 $12,917 
Net Income Per Common Share – Basic$0.48 $0.20 
Net Income Per Common Share – Diluted$0.43 $0.18 

The unaudited pro forma financial information presented above includes the following adjustments:
Three Months Ended March 31, 2025:
•Elimination of $0.6 million of licensing fees and profit sharing costs associated with the TOPROL-XL brand 
•Elimination of historical stock compensation expense of $0.1 million
•Inclusion of intangible asset amortization of $9.7 million
•Net impact of new convertible notes payable of $0.1 million
•$2.6 million tax benefit on proforma adjustments

Note 7 - Accrued Expenses and other current liabilities
Accrued expenses consist of the following: 

March 31,
2026December 31,
2025
Accrued sales allowances$76,586 $120,071 
Payroll related liabilities (including severance)5,772 16,853 
Professional and consulting fees5,853 6,264 
Income tax payable16,839 12,758 
Manufacturing related2,079 546 
Accrued interest1,013 2,332 
Other4,631 4,546 
Total$112,773 $163,370 

Note 8 - Commitments and Contingencies:
Contingency Matters 
In re CorMedix Inc. Securities Litigation, Case No. 2:21-cv-14020 (D.N.J.)
On October 13, 2021, the United States District Court for the District of New Jersey consolidated into In re CorMedix Inc. Securities Litigation, Case No. 2:21-cv 14020-JXN-CLW, two putative class action lawsuits filed on or about July 22, 2021 and September 13, 2021, respectively, and appointed lead counsel and lead plaintiff, a purported stockholder of the Company. The lead plaintiff filed a consolidated amended class action complaint on December 14, 2021, alleging violations of Sections 10(b) and 20(a) of the Exchange Act, along with Rule 10b-5 promulgated thereunder, and Sections 11 and 15 of the Securities Act of 1933.
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On October 10, 2022, the lead plaintiff filed a second amended consolidated complaint that superseded the original complaints in In re CorMedix Securities Litigation. On March 21, 2024, the Court denied Defendants’ motion to dismiss without prejudice and granted lead plaintiff leave to amend the complaint.
On April 22, 2024, the lead plaintiff filed a third amended consolidated complaint that superseded the second amended consolidated complaint. In the third amended complaint, the lead plaintiff seeks to represent a class of shareholders who purchased or otherwise acquired CorMedix securities between October 16, 2019 and August 8, 2022, inclusive. The third amended complaint names as defendants the Company and six (6) current and former officers of CorMedix, namely Khoso Baluch, Robert Cook, Matthew David, Phoebe Mounts, John L. Armstrong, and Joseph Todisco (the “Officer Defendants” and collectively with CorMedix, the “CorMedix Defendants”). The third amended complaint alleges that the CorMedix Defendants violated Section 10(b) of the Exchange Act (and Rule 10b-5) and that the Officer Defendants violated Section 20(a). In general, the purported bases for these claims are allegedly false and misleading statements and omissions related to the NDA submissions to the FDA for DefenCath, subsequent complete response letters, as well as communications from the FDA related and directed to the Co