CorMedix Q2 2022 Earnings Report
Key Takeaways
CorMedix reported a net loss of $7.6 million, or $0.19 per share, for the second quarter of 2022, compared to a net loss of $4.6 million, or $0.12 per share, in the second quarter of 2021. The company's operating expenses increased by approximately 41% to $8.3 million, driven by increases in both SG&A and R&D expenses.
Net loss for the second quarter of 2022 was $7.6 million, or $0.19 per share.
Operating expenses increased approximately 41% to $8.3 million compared to Q2 2021.
R&D expense increased approximately 28% to $3.2 million compared to Q2 2021.
SG&A expense increased approximately 50% to $5.1 million compared to Q2 2021.
CorMedix
CorMedix
Forward Guidance
CorMedix anticipates having sufficient cash to fund operations through at least the next four quarters and is focused on obtaining FDA approval of the DefenCath NDA as quickly as possible.
Positive Outlook
- Sufficient cash on hand to fund operations through at least the next four quarters.
- Team is focused on obtaining FDA approval of the DefenCath NDA as quickly as possible.
- Confident in the pathway forward to an FDA approval.
- Aiming to deliver on commitment to patients.
- Working to obtain regulatory approval for manufacturing with Alcami.
Challenges Ahead
- Disappointed that they will not receive FDA approval on the PDUFA date.
- FDA approval is contingent on either existing CMO and API supplier obtaining compliance clearance.
- Approval is also dependent on obtaining regulatory approval for manufacturing with Alcami.
- Uncertainty surrounding the Coronavirus pandemic may impact business and operations.
- Ability of the CMO to address the deficiencies identified by the FDA.