CorMedix Inc. (CRMD) Balance Sheet

NASDAQ: CRMDAssets, liabilities, debt and equity over 10 years.

CRMD balance sheet, 2025

December 31, 2025 · U.S. dollars

$826.1M assets = $420.8M liabilities + $405.3M equity

Both columns are drawn to the same scale: what CRMD owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CRMD financial health

Current ratio2.11

Comfortable · current assets cover current liabilities 2.11×

Debt / equity0.37

Low leverage · $0.37 of debt for each $1 of equity

Equity / assets49.1%

Equity-funded · of assets funded by shareholders

Cash / debt100.4%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles49.5%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CRMD balance sheet trends, 2016–2025

CorMedix Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$21.9M2016	$826.1M2025	+49.7%/yr
Total liabilities	$4.1M2016	$420.8M2025	+67.3%/yr
Shareholders’ equity	$17.8M2016	$405.3M2025	+41.5%/yr
Cash & short-term investments	$20.2M2016	$149.5M2025	+24.9%/yr
Total debt	$1,8332016	$148.9M2025	+251.2%/yr
Net cash (debt)	$20.2M2016	$605,0002025	−$19.6M
Working capital	$17.7M2016	$192.8M2025	+$175.0M
Book value per share	−$10.052018	$5.052025	—
Current ratio	5.342016	2.112025	−3.23
Debt / equity	0.002016	0.372025	+0.37
Shares outstanding	17.8M2018	80.3M2025	+24.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CRMD assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CRMD liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CRMD debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CRMD balance sheet

CorMedix Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$149.5M	$51.7M	$76.0M	$59.0M	$65.5M	$46.3M	$28.5M	$17.6M	$12.0M	$20.2M
Cash & equivalents	$145.8M	$40.7M	$43.6M	$43.4M	$53.3M	$41.9M	$16.5M	$17.6M	$10.4M	$8.1M
Short-term investments	$3.7M	$11.0M	$32.4M	$15.6M	$12.1M	$4.4M	$12.0M	$0	$1.6M	$12.1M
Receivables	$171.2M	$51.7M	$0	$0	$45,368	$3,357	$35	$10,904	$64,148	$12,014
Inventory	$29.7M	$7.6M	$2.1M	$0	$3,008	$143,564	$338,465	$428,515	$594,194	$166,733
Other current assets	$16.6M	$3.6M	$1.3M	$532,368	$954,045	$1.7M	$501,246	$601,865	$625,382	$1.5M
Total current assets	$367.1M	$114.6M	$79.5M	$59.6M	$66.5M	$48.2M	$29.3M	$18.7M	$13.3M	$21.8M
Property, plant & equipment (net)	$9.9M	$2.3M	$2.5M	$2.4M	$2.4M	$1.1M	$126,820	$160,860	$186,282	$69,695
Goodwill & intangible assets	$409.1M	$1.84B	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$10.4M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$29.7M	$0	$103,055	$102,320	$102,305	$0	$0	$0	$0	$5,000
Total assets	$826.1M	$118.8M	$82.1M	$62.0M	$68.9M	$49.3M	$29.5M	$18.8M	$13.5M	$21.9M
Liabilities
Accounts payable	$7.9M	$1.7M	$4.3M	$2.2M	$2.2M	$1.1M	$1.0M	$2.6M	$1.8M	$1.6M
Short-term debt	$1.4M	$167,922	$150,619	$134,801	$121,368	$109,128	$2,011	—	—	$1,833
Deferred revenue	—	—	—	—	—	—	$2,206	$11,029	$88,404	$104,210
Total current liabilities	$174.3M	$33.8M	$11.4M	$6.3M	$5.3M	$4.2M	$5.8M	$7.8M	$6.3M	$4.1M
Long-term debt	$144.6M	$0	$0	$0	$0	$0	$0	$6.1M	$0	$0
Lease obligations	$4.3M	$517,013	$667,632	$802,433	$923,801	$1.0M	$2,678	—	—	—
Other long-term liabilities	$101.9M	$349,091	$517,013	$667,632	$802,433	$923,708	$2,678	$0	$0	$0
Total liabilities	$420.8M	$34.2M	$11.9M	$7.0M	$6.1M	$5.1M	$5.8M	$13.9M	$6.3M	$4.1M
Shareholders' equity
Common stock & paid-in capital	$79,000	$64,411	$54,938	$42,815	$38,086	$33,558	$25,665	$108,876	$71,414	$40,433
Retained earnings (deficit)	−$176.6M	−$339.6M	−$321.7M	−$275.4M	−$245.7M	−$217.4M	−$195.4M	−$179.0M	−$152.2M	−$119.2M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	$3,000	$90,646	$94,108	$82,743	$87,130	$102,005	$97,257	$96,522	$98,433	$81,186
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$405.3M	$84.7M	$70.1M	$55.1M	$62.8M	$44.2M	−$195.4M	−$179.0M	−$152.2M	$17.8M
Key figures
Total debt	$148.9M	$517,013	$667,632	$802,433	$923,801	$1.0M	$4,689	$6.1M	—	$1,833
Net cash (debt)	$605,000	$51.2M	$75.4M	$58.2M	$64.5M	$45.3M	$28.5M	$11.5M	—	$20.2M
Working capital	$192.8M	$80.7M	$68.0M	$53.2M	$61.1M	$44.0M	$23.5M	$10.9M	$7.0M	$17.7M
Tangible book value	−$3.8M	−$1.76B	$70.1M	$55.1M	$62.8M	$44.2M	−$195.4M	−$179.0M	−$152.2M	$17.8M
Book value per share	$5.05	$1.44	$1.38	$1.37	$1.67	$1.55	−$8.09	−$10.05	—	—
Shares outstanding	80.3M	58.9M	50.9M	40.3M	37.7M	28.6M	24.2M	17.8M	—	—
Current ratio	2.11	3.39	6.97	9.44	12.44	11.58	5.04	2.40	2.12	5.34
Quick ratio	1.84	3.05	6.67	9.35	12.26	11.14	4.89	2.27	1.92	4.93
Debt / equity	0.37	0.01	0.01	0.01	0.01	0.02	—	—	—	0.00
Equity / assets	49.1%	71.2%	85.5%	88.8%	91.1%	89.7%	−663.0%	−950.8%	−1,131.1%	81.3%

CorMedix Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$256.7M	$178.1M	$149.5M	$55.7M	$190.7M	$77.5M	$51.7M	$46.0M	$45.6M	$58.6M	$76.0M	$86.6M
Cash & equivalents	$256.7M	$178.1M	$145.8M	$48.5M	$159.3M	$66.3M	$40.7M	$35.3M	$28.5M	$35.2M	$43.6M	$53.3M
Short-term investments	$0	$0	$3.7M	$7.2M	$31.4M	$11.2M	$11.0M	$10.7M	$17.1M	$23.4M	$32.4M	$33.3M
Receivables	$161.3M	$154.8M	$171.2M	$160.1M	$42.9M	$54.6M	$51.7M	$17.4M	$206,337	$1	$0	$0
Inventory	$38.6M	$30.7M	$29.7M	$28.9M	$9.6M	$7.5M	$7.6M	$6.6M	$4.0M	$2.3M	$2.1M	$0
Other current assets	$24.0M	$19.5M	$16.6M	$14.8M	$4.8M	$5.3M	$3.6M	$3.1M	$3.4M	$2.5M	$1.3M	$2.5M
Total current assets	$480.6M	$383.1M	$367.1M	$259.5M	$248.1M	$144.9M	$114.6M	$73.2M	$53.2M	$63.4M	$79.5M	$89.1M
Property, plant & equipment (net)	$7.9M	$6.2M	$9.0M	$7.5M	$2.1M	$2.2M	$2.3M	$2.4M	$2.5M	$2.5M	$2.5M	$2.3M
Goodwill & intangible assets	$388.5M	$398.8M	$409.1M	$407.5M	$1.7M	$1.8M	$1.8M	$1.9M	$1.9M	$2.0M	$0	$0
Long-term investments	$0	$0	$10.4M	$8.1M	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$27.2M	$27.6M	$30.7M	$68.2M	$747,150	$747,150	$105,368	$105,084	$104,426	$103,838	$103,055	$102,664
Total assets	$904.1M	$815.6M	$826.1M	$750.9M	$252.6M	$149.6M	$118.8M	$77.6M	$57.7M	$68.0M	$82.1M	$91.4M
Liabilities
Accounts payable	$10.2M	$12.8M	$7.9M	$20.5M	$5.8M	$1.9M	$1.7M	$1.3M	$3.3M	$2.8M	$4.3M	$2.4M
Short-term debt	—	—	$1.4M	$1.4M	$177,172	$172,495	$167,922	$163,449	$159,077	$154,801	$150,619	$146,531
Total current liabilities	$187.4M	$128.8M	$174.3M	$133.6M	$31.7M	$34.4M	$33.8M	$18.5M	$11.1M	$9.5M	$11.4M	$7.7M
Long-term debt	$145.2M	$144.9M	$144.6M	$144.5M	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	—	—	$4.3M	$4.4M	$435,245	$476,587	$517,013	$556,416	$594,323	$631,389	$667,632	$702,947
Other long-term liabilities	$110.7M	$104.9M	$101.9M	$98.6M	$258,073	$304,092	$349,091	$392,967	$435,246	$476,588	$517,013	$556,416
Total liabilities	$443.2M	$378.6M	$420.8M	$376.7M	$32.0M	$34.7M	$34.2M	$18.9M	$11.5M	$10.0M	$11.9M	$8.2M
Shareholders' equity
Common stock & paid-in capital	$78,000	$78,000	$79,000	$78,350	$74,621	$67,711	$64,411	$57,886	$55,274	$54,959	$54,938	$54,813
Retained earnings (deficit)	−$112.0M	−$138.0M	−$176.6M	−$190.6M	−$299.2M	−$319.0M	−$339.6M	−$353.1M	−$350.3M	−$336.2M	−$321.7M	−$306.9M
Accumulated other comprehensive income	$2,000	$2,000	$3,000	$87,640	$79,435	$84,556	$90,646	$89,120	$85,731	$83,461	$94,108	$84,399
Total shareholders' equity	$460.8M	$437.0M	$405.3M	$374.1M	$220.6M	$114.9M	$84.7M	$58.7M	$46.2M	$58.0M	$70.1M	$83.2M
Key figures
Total debt	$145.2M	$144.9M	$148.9M	$148.9M	$435,245	$476,587	$517,013	$556,416	$594,323	$631,389	$667,632	$702,947
Net cash (debt)	$111.5M	$33.2M	$605,000	−$93.2M	$190.3M	$77.0M	$51.2M	$45.5M	$45.0M	$57.9M	$75.4M	$85.9M
Working capital	$293.2M	$254.3M	$192.8M	$125.9M	$216.3M	$110.5M	$80.7M	$54.7M	$42.1M	$53.9M	$68.0M	$81.4M
Tangible book value	$72.4M	$38.3M	−$3.8M	−$33.4M	$218.9M	$113.1M	$82.8M	$56.8M	$44.2M	$56.0M	$70.1M	$83.2M
Book value per share	$4.98	$4.70	$4.32	$4.34	$3.07	$1.67	$1.38	$1.00	$0.80	$1.01	$1.22	$1.47
Shares outstanding	92.5M	93.0M	93.9M	86.2M	71.9M	69.0M	61.5M	58.8M	57.6M	57.5M	57.4M	56.6M
Current ratio	2.56	2.98	2.11	1.94	7.82	4.21	3.39	3.96	4.79	6.65	6.97	11.61
Quick ratio	2.23	2.59	1.84	1.61	7.37	3.84	3.05	3.43	4.12	6.14	6.67	11.29
Debt / equity	0.31	0.33	0.37	0.40	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01
Equity / assets	51.0%	53.6%	49.1%	49.8%	87.3%	76.8%	71.2%	75.7%	80.0%	85.3%	85.5%	91.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.

CRMD financial position

At the end of fiscal 2025 (December 31, 2025), CorMedix had total assets of $826.1 million (up 595.1% from a year earlier), total liabilities of $420.8 million and shareholders' equity of $405.3 million. It held $149.5 million in cash and short-term investments against $148.9 million of debt, a net cash position of $0.6 million. Its current ratio was 2.11. In the latest quarter (ended June 30, 2026) total assets were $904.1 million and equity $460.8 million.

Related: CRMD income statement, CRMD cash flow statement, CRMD key metrics. See the CRMD stock overview for the latest quote and news.

CRMD balance sheet FAQ

What are CorMedix's total assets?

CorMedix reported total assets of $826.1 million at the end of fiscal 2025 (December 31, 2025), compared with $118.8 million a year earlier.

How much debt does CorMedix have?

CorMedix had $148.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.37.

How much cash does CorMedix have?

CorMedix held $149.5 million in cash and short-term investments at the end of fiscal 2025; with $148.9 million of debt that is net cash of $0.6 million.

What is CorMedix's book value?

CorMedix's shareholders' equity (book value) was $405.3 million at the end of fiscal 2025, or $5.05 per share.

What is CorMedix's current ratio?

CorMedix had current assets of $367.1 million and current liabilities of $174.3 million, a current ratio of 2.11 (it can cover its short-term obligations).

How much goodwill does CorMedix have?

CorMedix carried $409.1 million of goodwill and intangible assets, 49.5% of total assets, at the end of fiscal 2025.