CorMedix to buy Melinta Therapeutics, closing targeted as early as September 1

The announcement

CorMedix Inc. (Nasdaq: CRMD) announced on August 7, 2025, alongside its second quarter results, that it will acquire Melinta Therapeutics LLC, a deal with a target closing date as early as September 1, 2025. The release is short on deal detail. It does not state a purchase price, the form of payment, how CorMedix will pay for it, any conditions to closing, or the names of any financial advisers, lenders or law firms.

Melinta is described only as a private company. The release says nothing about its products, sales or profit.

The quarter

For the second quarter of 2025, CorMedix recorded $39.7 million in net revenue from sales of DefenCath, compared with $0.8 million for the same period last year. It recorded net income of $19.8 million, or $0.29 per share, against a net loss of $14.2 million, or $0.25 per share, in the second quarter of 2024. The company said the swing was driven primarily by net sales of DefenCath. The release also headlines adjusted EBITDA of $22.4mm, a non-GAAP measure.

Operating expenses were $18.3 million, compared with $15.6 million a year earlier, an increase of approximately 18%. Research and development expense rose to $2.4 million from $0.7 million, which the company tied to more personnel and clinical trial services. Selling and marketing expense fell to $6.4 million from $7.4 million, a decrease of 14%, because the prior period carried launch marketing costs. General and administrative expense rose 25% to $9.5 million, which the company attributed to non-cash stock-based compensation and costs related to business development.

For the six months ended June 30, 2025, net revenue from DefenCath was $78.8 million, again against $0.8 million a year earlier. Net income was $40.5 million, or $0.60 per share, against a net loss of $28.6 million, or $0.50 per share. Operating expenses were $35.7 million, up from $31.5 million, an increase of approximately $4.2 million or 13%.

Cash and balance sheet

CorMedix reported cash and short-term investments of $190.7 million as of June 30, 2025, excluding restricted cash. The balance sheet shows cash, cash equivalents and restricted cash of $159,414,050 and short-term investments of $31,402,850, against $40,756,138 and $11,036,857 at December 31, 2024. Net cash provided by operating activities in the first half was $49,728,317, compared with $31,350,210 used a year earlier.

Total liabilities were $31,968,916 and the accumulated deficit was still $299,158,154. The company said it believes it has sufficient resources to fund operations for at least twelve months from the issuance of its quarterly report. The release does not say how much of that cash the Melinta purchase would use.

The business being extended

CorMedix's annual report, filed March 25, 2025, says its primary focus is commercializing DefenCath, a taurolidine and heparin catheter lock solution that the FDA approved on November 15, 2023. It is indicated to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure receiving chronic hemodialysis through a central venous catheter, and the company calls it a limited and specific population. The company says the product was shown to reduce the risk of those infections by up to 71% in a Phase 3 clinical study. It launched in the inpatient setting in April 2024 and in outpatient hemodialysis in July 2024.

The annual report says the Centers for Medicare and Medicaid Services approved a transitional drug add-on payment adjustment, or TDAPA, for a July 1, 2024 start. It describes TDAPA as temporary, additional payments for new drugs, applying for five years, so the outpatient revenue base depends on a payment arrangement with an end date. The company also says its contracted customers represent roughly 60% of outpatient dialysis centers in the U.S., which is the company's own estimate.

The filing lists new chemical entity exclusivity expiring on November 15, 2028, with an extension to November 15, 2033.

What comes next

The next dated step is the targeted closing as early as September 1, 2025. The release notes that CorMedix commenced clinical studies in adult total parenteral nutrition patients and pediatric hemodialysis patients in 2025, and that it intends to develop DefenCath for other therapeutic areas. The release gives no timetable for any of it.

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