CorMedix Inc.
CRMD · Pharmaceutical Preparations · 78.5M shares · +16%/yr ↑ shares · EDGAR filings ↗
Reference price $6.88 · est. market cap ~$540M — last insider sale, 2026-01-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A80Catheter-infection drug (DefenCath) at commercial inflection — strongly profitable with elite margins and FCF.
Strengths
- Elite margins/FCF — operating margin 48% (98th), net margin 52% (95th), FCF margin 55% (98th)
- Strong returns and FCF — ROA 20% (96th), FCF $173M (91st)
- Successful launch ramp — per 10-K
Risks
- Single-product (DefenCath) concentration — per 10-K
- Reimbursement/adoption dependence — per 10-K
- Adequate-only liquidity — current ratio 2.1 (27th)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $149M cash & investments
- Pending mergerPursuant to the terms of the Merger Agreement, we acquired Melinta via a merger in which Merger Sub merged with and into Melinta, with Melinta surviving as a wholly-owned subsidiary of the Company
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 6→7 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
88.5%
Operating margin
48.2%
Net margin
52.3%
Return on equity
40.2%
Return on assets
19.7%
Revenue growth (QoQ)
-0.9%
Current ratio
2.1×
Free cash flow
$173M
Tangible book value
-$4M
Cash & investments
$149M
Stock comp / revenue
4.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-04 | Hurlburt Elizabeth | Grant | 36K | — |
| 2026-02-04 | Todisco Joseph | Grant | 77K | — |
| 2026-02-04 | Zelnick Kaufman Beth | Grant | 36K | — |
| 2026-01-26 | Dillione Janet | Grant | 30K | — |
| 2026-01-26 | DUNTON ALAN W | Grant | 30K | — |
| 2026-01-26 | Lefkowitz Steven W | Grant | 30K | — |
| 2026-01-26 | Kaplan Myron | Grant | 30K | — |
| 2026-01-26 | Duncan Gregory Scott | Grant | 30K | — |
| 2026-01-26 | Stewart Robert A | Grant | 30K | — |
| 2026-01-23 | Todisco Joseph | Tax withheld | 27K | $7.27 |
| 2026-01-23 | Blum Susan | Grant | 73K | — |
| 2026-01-23 | Blum Susan | Tax withheld | 9.8K | $7.27 |
| 2026-01-23 | Zelnick Kaufman Beth | Grant | 73K | — |
| 2026-01-23 | Zelnick Kaufman Beth | Tax withheld | 8.8K | $7.27 |
| 2026-01-23 | Hurlburt Elizabeth | Grant | 93K | — |
| 2026-01-23 | Hurlburt Elizabeth | Tax withheld | 11K | $7.27 |
| 2026-01-23 | Todisco Joseph | Grant | 226K | — |
| 2026-01-21 | Dillione Janet | Sell | 10K | $6.88 |
| 2026-01-17 | Todisco Joseph | Tax withheld | 23K | $6.78 |
| 2026-01-16 | Todisco Joseph | Option exercise | 30K | $3.38 |
| 2026-01-12 | Todisco Joseph | Tax withheld | 17K | $7.15 |
| 2026-01-12 | Hurlburt Elizabeth | Tax withheld | 5.8K | $7.15 |
| 2026-01-12 | Lefkowitz Steven W | Option exercise | 15K | $5.63 |
| 2026-01-08 | Seckler Michael David | Grant | 133K | — |
| 2026-01-02 | Hurlburt Elizabeth | Tax withheld | 11K | $12.16 |
| 2026-01-02 | Zelnick Kaufman Beth | Tax withheld | 11K | $12.16 |
| 2025-12-30 | DUNTON ALAN W | Option exercise | 20K | $4.03 |
| 2025-12-30 | DUNTON ALAN W | Sell | 20K | $13.00 |
| 2025-12-18 | Todisco Joseph | Option exercise | 30K | $4.43 |
| 2025-12-18 | Todisco Joseph | Sell | 30K | $12.00 |
| 2025-12-09 | Dillione Janet | Option exercise | 19K | $9.55 |
| 2025-12-09 | Dillione Janet | Option exercise | 15K | $5.63 |
| 2025-12-09 | Dillione Janet | Sell | 34K | $12.00 |
| 2025-12-09 | Lefkowitz Steven W | Sell | 40K | $11.88 |
| 2025-12-02 | Dillione Janet | Option exercise | 12K | $4.03 |
| 2025-12-02 | Dillione Janet | Option exercise | 15K | $4.43 |
| 2025-12-02 | Dillione Janet | Option exercise | 19K | $3.55 |
| 2025-12-02 | Dillione Janet | Sell | 47K | $10.00 |
| 2025-11-24 | Dillione Janet | Sell | 26K | $9.93 |
| 2025-11-24 | Dillione Janet | Option exercise | 8.0K | $2.85 |
| 2025-11-24 | Dillione Janet | Option exercise | 7.8K | $4.03 |
| 2025-11-24 | Dillione Janet | Option exercise | 4.9K | $4.43 |
| 2025-11-24 | Dillione Janet | Option exercise | 5.7K | $3.55 |
| 2025-11-14 | Dillione Janet | Sell | 30K | $11.42 |
| 2025-10-23 | Kaplan Myron | Buy | 25K | $11.02 |
| 2025-09-16 | Duncan Gregory Scott | Option exercise | 13K | $8.32 |
| 2025-09-12 | DUNTON ALAN W | Sell | 10K | $13.13 |
| 2025-09-12 | Todisco Joseph | Option exercise | 50K | $3.47 |
| 2025-09-12 | Todisco Joseph | Sell | 50K | $13.00 |
| 2025-09-12 | DUNTON ALAN W | Option exercise | 10K | $3.55 |
| 2025-09-11 | Hurlburt Elizabeth | Option exercise | 41K | $1.45 |
| 2025-09-11 | Hurlburt Elizabeth | Sell | 41K | $13.08 |
| 2025-09-09 | Zelnick Kaufman Beth | Sell | 400 | $12.82 |
| 2025-09-09 | Zelnick Kaufman Beth | Option exercise | 50K | $3.30 |
| 2025-09-09 | Zelnick Kaufman Beth | Sell | 50K | $13.41 |
| 2025-09-09 | Hurlburt Elizabeth | Option exercise | 13K | $1.45 |
| 2025-09-09 | Hurlburt Elizabeth | Sell | 13K | $13.51 |
| 2025-08-29 | Hurlburt Elizabeth | Grant | 70K | — |
| 2025-08-29 | Hurlburt Elizabeth | Tax withheld | 8.4K | $14.83 |
| 2025-08-29 | Zelnick Kaufman Beth | Tax withheld | 8.9K | $14.83 |
| 2025-08-29 | Zelnick Kaufman Beth | Grant | 70K | — |
| 2025-08-29 | Blum Susan | Grant | 70K | — |
| 2025-05-10 | Todisco Joseph | Tax withheld | 21K | $11.66 |
| 2025-04-02 | Lefkowitz Steven W | Option exercise | 20K | $4.03 |
| 2025-04-01 | Todisco Joseph | Option exercise | 59K | $3.38 |
| 2025-01-17 | Todisco Joseph | Grant | 188K | — |
| 2025-01-17 | Todisco Joseph | Tax withheld | 24K | $12.17 |
| 2025-01-17 | DUNTON ALAN W | Grant | 25K | — |
| 2025-01-17 | Stewart Robert A | Grant | 25K | — |
| 2025-01-17 | Dillione Janet | Grant | 25K | — |
| 2025-01-17 | Kaplan Myron | Grant | 25K | — |
| 2025-01-17 | Lefkowitz Steven W | Grant | 25K | — |
| 2025-01-17 | Duncan Gregory Scott | Grant | 25K | — |
| 2025-01-10 | David Matthew T | Tax withheld | 6.5K | $11.19 |
| 2025-01-10 | Todisco Joseph | Tax withheld | 18K | $11.19 |
| 2025-01-10 | Mistry Erin | Tax withheld | 5.7K | $11.19 |
| 2025-01-10 | Hurlburt Elizabeth | Tax withheld | 5.8K | $11.19 |
| 2025-01-02 | Mistry Erin | Grant | 62K | — |
| 2025-01-02 | Mistry Erin | Tax withheld | 7.8K | $8.22 |
| 2025-01-02 | Hurlburt Elizabeth | Grant | 88K | — |
| 2025-01-02 | Hurlburt Elizabeth | Tax withheld | 11K | $8.22 |
| 2025-01-02 | David Matthew T | Grant | 62K | — |
| 2025-01-02 | David Matthew T | Tax withheld | 8.6K | $8.22 |
| 2025-01-02 | Zelnick Kaufman Beth | Grant | 88K | — |
| 2025-01-02 | Zelnick Kaufman Beth | Tax withheld | 12K | $8.22 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-23 | 0001410098-26-000028 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0001213900-26-066061 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001410098-26-000021 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001410098-26-000020 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001213900-26-047748 ↗ |
| 8-K | 2026-03-06 | 2026-03-06 | 0001213900-26-024777 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001213900-26-023889 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001213900-26-023881 ↗ |
| 8-K | 2026-01-08 | 2026-01-05 | 0001213900-26-002350 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001213900-25-108716 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001213900-25-108777 ↗ |
| 8-K | 2025-10-20 | 2025-10-20 | 0001213900-25-100156 ↗ |