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Sep 30, 2020
CorMedix Q3 2020 Earnings Report
Announced financial results for the third quarter and nine months ended September 30, 2020 and provided an update on recent developments.
Key Takeaways
CorMedix reported a net loss attributable to common shareholders of $6.6 million, or $0.22 per share, for the third quarter of 2020. The company is preparing for the potential launch of Defencath in the U.S. hemodialysis market, pending FDA approval.
Net loss attributable to common shareholders was $6.6 million, or $0.22 per share, compared to a net loss of $5.3 million, or $0.22 per share, in Q3 2019.
Operating expenses increased by approximately 28% to $6.6 million, driven by increases in R&D and SG&A expenses.
Completed an underwritten public offering in July 2020, yielding net proceeds of approximately $21.3 million.
Total cash on hand and short-term investments as of September 30, 2020, amounted to $37.0 million.
Forward Guidance
CorMedix believes it has sufficient resources to fund operations for at least the coming 12 months, including costs related to the initial preparations for the commercial launch of Defencath.
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