HIGHOutside partyCustomer
79%
top three customers
“10-K Item 1A: 'Sales to our top three customers accounted for 79% of our total revenue for the year ended December 31, 2025'”
CRMD · Concentration risk · 10-K extracted
CorMedix (CRMD) concentration risks
Updated
The most significant concentration CorMedix discloses is top three customers at 79%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: CorMedix’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inProduct / Revenue mix
DefenCath
“10-K Item 1A: 'We are highly dependent on the continued successful commercialization of our lead product, DefenCath.'”
MEDIUMOutside partyCounterparty
Mundipharma
“10-K Item 1: 'our licensor Napp Pharmaceutical Group Limited, a member of Mundipharma independent associated companies (“Mundipharma”), currently holds the product NDA and intellectual property rights'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06CorMedix's concentration risk centers on a narrow customer base layered on top of a single-product commercial dependency. Sales to its top three customers accounted for 79% of total revenue for the year ended December 31, 2025 — a high-share reliance on just a few counterparties. That customer concentration sits alongside the company's dependence on the continued successful commercialization of its lead product, DefenCath, a moderate-scale structural exposure tied to the business having effectively one product to sell rather than a diversified portfolio. A further, related dependency comes through licensing: Mundipharma, via Napp Pharmaceutical Group, currently holds the product NDA and intellectual property rights underlying part of the business. Together, these exposures compound rather than diversify each other — the top-three customer concentration is a direct dependency risk, the single-product reliance is more structural to a commercial-stage biopharma at this stage, and the Mundipharma relationship adds counterparty risk around the underlying intellectual property. The customer concentration, being both the highest-share and most directly dependency-driven, is the exposure most likely to move the verdict.
For the engine’s reasoning on CRMD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Biotechnology
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| CRMD● | CorMedix Inc. | 1 | 2 | 0 | 3 |
| ABUS | Arbutus Biopharma Corporation | 1 | 1 | 0 | 2 |
| ABSI | Absci Corporation | 1 | 0 | 0 | 1 |
| ABCL | AbCellera Biologics Inc. | 0 | 0 | 0 | 0 |
| ACHV | Achieve Life Sciences, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.