CorMedix Inc
(NASDAQ:CRMD)

CorMedix Inc., a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States and internationally. It primarily focuses on the development of its lead product candidate DefenCat...

Website: http://www.cormedix.com

Founded: 2006

Full Time Employees: 30

CEO: Khoso Baluch

Sector: Healthcare

Industry: Biotechnology

Healthcare

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31

revenue:
product sales	121,916,000	123,979,130	101,546,423
contract revenue	5,511,000	4,636,134	2,728,866
total revenue	127,427,000
yoy
qoq
cost of sales	12,005,000	33,010,333	-7,566,067	-1,862,448	-1,596,715	-1,175,559	-686,598	-509,839						-406	-1,469	-332	-1,527	-48,007	-25,166	-14,426	-61,339	-57,232	-79,913	-19,184	-48,517	-46,125	-79,026	-21,128	-226,955	-22,114	-312,434	-33,663	-28,575	63,312	-66,652	-18,052	-93,571	-85,331	-43,922	-187,192	-50,229	-164,204	-35,396	-101,798	-17,319	-273,619	-36,675	-54,479	-81,026
amortization of intangibles	10,300,000	17,604,445	-3,628,549
gross profit	105,122,000	107,308,042	93,080,673	37,874,342	37,484,942	30,034,377	10,769,517	296,280						29,296	5,348	20,921	6,109	8,390	12,922	-6,235	26,922	-1,518	13,107	-2,741	25,537	-21,347	-19,496	14,138		4,409	60,080	-26,112		155,838	-5,577	118,116	-54,012	-44,738	529	-170,681	-8,802	8,167.5	551	18,175	13,945	-16,951.75	15,766
yoy	180.44%	257.28%	764.30%	12683.29%										249.18%	-58.61%	-435.54%	-77.31%	-652.70%	-1.41%	127.47%	5.42%	-92.89%	-167.23%	-119.39%		-584.17%	-132.45%	-154.14%		-97.17%	-1177.28%	-122.11%		-448.33%	-1154.25%	-169.20%	513.63%	-647.76%	-3.99%	-1039.10%	-163.12%	-148.18%	-96.51%
qoq	-2.04%	15.28%	145.76%	1.04%	24.81%	178.88%	3534.91%							447.79%	-74.44%	242.46%	-27.19%	-35.07%	-307.25%	-123.16%	-1873.52%	-111.58%	-578.18%	-110.73%	-219.63%	9.49%	-237.90%			-92.66%	-330.09%			-2894.30%	-104.72%	-318.68%	20.73%	-8557.09%	-100.31%	1839.12%	-207.77%	1382.30%	-96.97%	30.33%	-182.26%	-207.52%
gross margin %	82.50%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	Infinity%	-Infinity%	NaN%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
operating expenses:
research and development	7,212,000	30,065,793	-5,097,644	-2,442,709	-3,192,440	-1,726,719	-727,119	-650,988	-837,445	-2,288,889	-2,663,976	-4,794,758	-3,407,502	-2,843,222	-2,339,268	-3,209,471	-2,287,587	-3,235,219	-4,741,228	-2,520,203	-2,636,332	-2,294,429	-2,925,355	-5,685,292	-2,472,117	-2,677,007	-2,520,992	-2,979,907	-2,874,996	4,347,262	-8,289,094	-6,600,215	-8,280,442	-8,457,971	-6,014,260	-5,089,624	-4,924,267	-4,032,335	-6,840,413	-2,772,959	-2,089,592	-1,485,252	-1,764,468	-1,797,588	-1,234,515	-501,099	-292,688	-171,929	-353,018	-189,109	760,774	390,174	265,035		255,738	248,190	374,855		1,724,797	1,582,348	1,175,542	1,076,413	760,533	560,690	3,096,661
selling and marketing	12,532,000	60,097,959	-11,186,046	-6,384,072	-4,473,840	-8,263,644	-6,748,900	-7,386,841
general and administrative	21,720,000	112,868,454	-25,451,017	-9,504,056	-9,693,382	-7,108,006	-6,580,834	-7,559,277																																										491,251.5	504,528	908,736	551,741		421,653	376,617	536,255		877,020	898,024	834,481	1,105,834	642,254	617,775	646,843
total operating expenses	41,464,000	203,032,206	-41,734,707	-18,330,837	-17,359,662	-17,098,369	-14,056,853	-15,597,106	-15,885,697	-15,668,744	-10,467,283	-11,804,582	-11,017,179	-8,418,524	-6,967,282	-8,261,366	-7,038,470	-7,788,311	-8,577,841	-5,875,993	-7,237,440	-6,083,121	-6,616,862	-8,917,868	-5,637,285	-5,354,477	-5,152,019	-5,551,494	-4,859,918	2,133,822	-10,301,533	-8,546,040	-10,183,458	-10,426,369	-8,006,394	-7,140,717	-7,564,993	-6,465,777	-9,158,504	-4,741,539	-4,252,528	-2,168,638	-4,713,111	-4,152,764	-5,510,869	-2,025,596	-1,879,302	-1,874,970	-2,865,727	1,334,802	1,265,302	1,298,910	816,776		677,391	624,807	911,110		2,601,817	2,480,372	2,010,023	2,182,247	1,402,787	1,178,465	3,743,504
income from operations	63,658,000	59,126,248	51,345,966	19,543,505	20,125,280	12,936,008	-3,287,336	-15,300,826	-16,704,236	-15,668,744	-10,467,283	-11,804,582	-11,017,179	-8,389,228	-6,961,934	-8,240,445	-7,032,361	-7,779,921	-8,564,919	-5,882,228	-7,210,518	-6,084,639	-6,603,755	-8,920,609	-5,611,748	-5,375,824	-5,171,515	-5,537,356	-4,923,181	2,138,231	-10,241,453	-8,572,152	-10,188,823	-10,270,531	-8,011,971	-7,022,601	-7,619,005	-6,429,393	-9,157,975	-4,912,220	-4,261,330	-2,309,896	-4,712,560	-4,134,589	-5,496,924	-2,214,314	-1,863,536	-1,889,720	-2,934,550	-1,534,406	-1,265,302	-1,298,910	-816,776		-677,391	-627,807	-911,110		-2,601,817	-2,480,372	-2,010,023	-2,182,247	-1,402,787	-1,178,465	-3,743,504
yoy	216.31%	357.07%	-1661.93%	-227.73%	-220.48%	-182.56%	-68.59%	29.62%	51.62%	86.77%	50.35%	43.25%	56.66%	7.83%	-18.72%	40.09%	-2.47%	27.86%	29.70%	-34.06%	28.49%	13.19%	27.69%	61.10%	13.99%	-351.41%	-49.50%	-35.40%	-51.68%	-120.82%	27.83%	22.07%	33.73%	59.74%	-12.51%	42.96%	78.79%	178.34%	94.33%	18.81%	-22.48%	4.32%	152.88%	118.79%	87.32%	44.31%	47.28%	45.49%	259.28%		86.79%	106.90%	-10.35%		-73.96%	-74.69%	-54.67%		85.47%	110.47%	-46.31%
qoq	7.66%	15.15%	162.73%	-2.89%	55.58%	-493.51%	-78.52%	-8.40%	6.61%	49.69%	-11.33%	7.15%	31.33%	20.50%	-15.52%	17.18%	-9.61%	-9.17%	45.61%	-18.42%	18.50%	-7.86%	-25.97%	58.96%	4.39%	3.95%	-6.61%	12.48%	-330.25%	-120.88%	19.47%	-15.87%	-0.80%	28.19%	14.09%	-7.83%	18.50%	-29.79%	86.43%	15.27%	84.48%	-50.98%	13.98%	-24.78%	148.25%	18.82%	-1.39%	-35.60%	91.25%	21.27%	-2.59%	59.03%			7.90%	-31.09%			4.90%	23.40%	-7.89%	55.57%	19.04%	-68.52%
operating margin %	49.96%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
other (expense) income:
unrealized loss on marketable security	-3,546,000
change in contingent consideration	-4,199,000	-4,101,000	-2,400,000
other non-operating income	-268,000
total other income	-8,013,000	-2,679,812	1,230,212	805,983	518,618	528,396	510,524	1,149,337	843,343	914,715	722,929	530,964	449,953	180,277	108,213	49,989		-11,066	-4,447	-893	-6,420	-2,306	3,008	-31,210	54,181	71,639	-93,332	-219,580		6,070	5,334	15,239		-11,453.75	-1,944,365	1,876,406		21,828.5	31,775	25,380
income before income taxes	55,645,000	23,392,391	52,576,178	20,349,488		-8,197,298.5	-2,776,812	-14,151,489		-7,896,299.5	-9,744,354	-11,273,618		-5,519,592.75	-6,853,721	-8,190,456		-5,417,356.25	-8,569,366	-5,883,121		-5,277,533.25	-6,600,747	-8,951,819		-4,047,416.75	-5,264,847	-5,756,936																					-16,713,291	-3,405,277	-2,509,899	-1,960,871	-1,257,051		-703,172	-624,215	-910,161		-2,599,618	-2,477,113	-1,975,038
tax expense	17,044,000
net income	38,601,000	14,020,141	108,562,980	19,827,981	20,643,898	13,464,404	-2,776,812	-14,151,489	-14,466,123	-14,754,029	-9,744,354	-11,273,618	-10,567,226	-8,208,951	-6,853,721	-7,604,839	-7,034,194	-7,790,987	-8,569,366	-4,632,935	-7,216,938	-6,086,945	-6,600,747	-3,782,424	-5,557,567	-5,304,185	-5,264,847	-696,158	-5,167,884	2,148,517	-10,236,119	-8,556,913	-10,185,118	-10,310,520	-9,956,336	-5,146,195	-7,596,860	-6,399,416	-9,126,200	-4,886,840	-4,231,173			-4,135,100	-5,497,669	-2,214,309	-5,035,117	3,509,290	-16,713,291	-3,405,277	-2,509,899	-1,960,871	-1,257,051		-703,172	-624,215	-910,161		-2,599,618	-2,477,113	-1,975,038	-1,502,803	-1,392,412	-1,172,782	-6,837,239
yoy	86.99%	4.13%	-4009.63%	-240.11%	-242.71%	-191.26%	-71.50%	25.53%	36.90%	79.73%	42.18%	48.24%	50.23%	5.36%	-20.02%	64.15%	-2.53%	28.00%	29.82%	22.49%	29.86%	14.76%	25.37%	443.33%	7.54%	-346.88%	-48.57%	-91.86%	-49.26%	-120.84%	2.81%	66.28%	34.07%	61.12%	9.10%	5.31%	79.55%			18.18%	-23.04%			-217.83%	-67.11%	-34.97%	100.61%	-278.97%	1229.56%		256.94%	214.13%	38.11%		-72.95%	-74.80%	-53.92%		86.70%	111.22%	-71.11%
qoq	175.33%	-87.09%	447.52%	-3.95%	53.32%	-584.89%	-80.38%	-2.17%	-1.95%	51.41%	-13.56%	6.68%	28.73%	19.77%	-9.88%	8.11%	-9.71%	-9.08%	84.97%	-35.80%	18.56%	-7.78%	74.51%	-31.94%	4.78%	0.75%	656.27%	-86.53%	-340.53%	-120.99%	19.62%	-15.99%	-1.22%	3.56%	93.47%	-32.26%	18.71%	-29.88%	86.75%	15.50%				-24.78%	148.28%	-56.02%	-243.48%	-121.00%	390.81%	35.67%	28.00%	55.99%			12.65%	-31.42%			4.95%	25.42%	31.42%	7.93%	18.73%	-82.85%
net income margin %	30.29%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
other comprehensive loss:
unrealized loss from investments	-1,000															-1,316																										-24,587	5,852	-5,504
foreign currency translation loss														12,239	-9,558		-3,038				-3,527				-888				-305				-1,425																-1,361
total other comprehensive loss	-1,000				-6,090												-37,209				-3,180				-6,521
comprehensive income	38,600,000	13,935,147	108,571,185	19,822,860																																								-4,144,178				3,518,634
net income per common share – basic	480	2,247.88	1.42	0.29																																								-0.13				0.12
net income per common share - diluted	430	0.493	1.26	0.28	0.3
weighted-average common shares outstanding – basic	79,509,000	72,034,000	75,930,243	67,927,710																																								31,623,100				21,993,384
weighted-average common shares outstanding – diluted	92,985,000	80,308,000	86,214,170	71,918,624																																								31,623,100				25,439,799
total revenues		128,615,264	104,275,289
other income:
interest income		889,981	1,560,272	828,949	566,797	510,385	553,856	657,366	857,186	920,043	765,241	550,183	446,384	183,505	93,417	35,342	13,751	4,367	3,022	3,340	3,675	2,940	10,843	38,603	63,678	75,788	92,094	95,964	58,822	6,235	5,411	10,196	14,775	21,550	37,156	28,578	23,431	32,846	32,866	29,426	31,636	29,576	25,019	8,778	543	561	645	987	521	373	61	105	128		274	592	949		2,199	3,259	5,166	7,356	10,375	5,683	28
foreign exchange transaction loss		75,195	-72,727	-16,295		8,018	-33,325	-1,473									-10,206	-10,055	-2,088	-4,233	-4,911	76	-35	-55,985	-3,221	2,127	-12,997		-1,477				-9,197	-2,243	-4,692		-1,286				-487			-5,597	-429
unrealized gain on marketable security		2,273,091	3,090,909
other income						20,000		500,000																																								-20,520	-7,638												29,819
interest expense		-1,817,079	-948,242	-6,671	-10,007	-10,007	-10,007	-6,556	-9,835	-6,556	-13,113	-5,851	-8,776	-8,775	-8,776		-5,378				-5,184				-6,276				-302,048				-1,873	-2,809	-2,810			-319		-41	-992	-1,329	-1,609	-3,692	-859
tax benefit		13,866,323.75	55,986,802	-521,507					1,394,770							585,617				1,250,186				5,169,395				5,060,778
other comprehensive income:
unrealized income from investments		425	8,181	-1,971				2,030		272.5	-4,571	-10,732
foreign currency translation gain		-81,294	24	-3,150	-1,579	2,524	-1,651	240	256	1,116	-1,727	197	2,096			-9,086		-3,730	-3,981	1,017		3,425	2,483	1,001		191.25	786	285		5,524	-6,405	394		3,632	-4,573	6,077	-992	4,094	-82	-27,627	31,645	-13,069	1,230	-3,574	2,810	-18,007	118,319	9,344
total other comprehensive income		-751.5	8,205	-5,121		-1,247	3,389	2,270	-10,647	414	-6,298	-10,535	18,489	-10,339.5	6,253	-10,402		-8,372	-3,679	355		2,347	-5,931	14,854		1,369.75	-2,339	9,131		5,524	-6,405	394		3,722	-1,973	6,377		5,292	-6,847	-2,836		203.5	7,082
net sales				39,736,790	39,081,657	31,209,936	11,456,115	806,119						29,702	6,817	21,253	7,636	56,397	38,088	8,191	88,261	55,714	93,020	16,443	74,054	24,778	59,530	35,266	163,692	26,523	372,514	7,551	23,210	92,526	61,075	136,168	39,559	121,715	44,451	16,511	41,427	22,946	35,947	119,973	31,264	84,901	52,441	39,729	12,203
operating expenses
foreign exchange transaction gain					-38,172				-4,008	-7,555.5	-29,199	-13,368	12,345	7,899.5	23,572	18,232												-8,808														-1,338	674				-122,645
net income before income taxes					20,643,898
other comprehensive income					20,637,808
unrealized loss from investment					-4,511																				-5,633				-1,008
net income per common share - basic					0.32
weighted-average common shares outstanding - basic					65,244,341
weighted-average common shares outstanding - diluted					68,975,418
unrealized gain from investments						-998	5,040							24,732	15,811			-3.25	302	-662		-1,078	-8,414	13,853		-4,446	-3,125	8,846						90	2,600	300		-6,206	-6,765	24,791
comprehensive loss						13,465,930	-2,773,423	-14,149,219		-14,744,320	-9,750,652	-11,284,153		-8,171,980	-6,847,468	-7,615,241	-7,071,403	-7,799,359	-8,573,045	-4,632,580	-7,220,118	-6,084,598	-6,606,678	-3,767,570	-5,564,088	-5,308,929	-5,267,186	-687,027	-5,169,197	2,154,041	-10,242,524	-8,556,519	-10,186,543	-10,306,798	-9,958,309	-5,139,818	-7,587,739	-6,401,528	-9,133,047	-4,889,676	-4,200,321				-5,494,859	-2,232,316	-4,916,798		-16,714,652
net loss per common share – basic and diluted						0.24	-0.05	-0.25		-0.26	-0.17	-0.25	-0.24	-0.2	-0.17	-0.19	-0.18	-0.21	-0.22	-0.12	-0.2	-0.19	-0.22	-0.14	-0.21	-0.18	-1.35	-0.03	-0.22	0.05	-0.11	-0.1	-0.14	-0.16	-0.17	-0.1	-0.19	-0.16	-0.23	-0.13	-0.12				-0.23	-0.09	-0.23
weighted-average common shares outstanding – basic and diluted						58,871,582	58,825,221	57,620,974		50,902,931	56,553,174	45,365,635	44,090,998	40,274,273	41,183,585	39,761,754		37,666,081	38,113,514	38,083,842	36,328,928	28,561,963	29,601,412	26,143,360	26,059,625	24,152,088	24,015,927	23,825,773	23,074,049	89,083,119	94,156,581	82,354,273	75,356,388	55,141,133	60,290,988	52,583,177	40,624,920	37,967,373	39,053,956	36,447,467	36,012,756	31,343,545	34,585,543		23,921,605	21,441,906	22,080,673							11,408,274
revenues
cost of revenues									-818,539
gross loss									-818,539																				-63,263				-5,365															-14,750	-68,823
selling, general and administrative									-15,048,252	-13,379,855	-7,803,307	-7,009,824	-7,609,677	-5,575,302	-4,628,014	-5,051,895	-4,750,883	-4,553,092	-3,836,613	-3,355,790	-4,601,108	-3,788,692	-3,691,507	-3,232,576	-3,165,168	-2,677,470	-2,631,027	-2,571,587	-1,984,922	-2,213,440	-2,012,439	-1,945,825	-1,903,016	-1,968,398	-1,992,134	-2,051,093	-2,640,726	-2,433,442	-2,318,091	-1,968,580	-2,162,936	-683,386	-2,948,643	-2,355,176	-4,276,354	-1,524,497	-1,586,614	-1,703,041	-2,512,709
net loss before income taxes									-15,860,893
unrealized gain from investment									-10,903				16,393				-34,171				347																10,113				-793
other comprehensive loss									-14,476,770				-10,548,737
net loss per common share - basic and diluted									-0.25
weighted-average common shares outstanding - basic and diluted									57,503,154
revenue
interest expense, including amortization of debt discount																-3,585		-2,641.25	-5,381			-6,976	-7,800	-13,828		-195,303	-172,429	-306,736
total other expense																	-1,833
other comprehensive gain
weighted average common shares outstanding – basic and diluted																	38,247,059
deemed dividend as a result of warrant modification																											-369,500
deemed dividend as a result of exchange of convertible note and series c-2, d and f preferred stock, related party																										-6,683,274.5	-26,733,098
net loss attributable to common shareholders																						-6,086,945	-6,600,747			-5,304,185	-32,367,445											-6,399,416	-9,126,200	-4,886,840	-4,231,173				-5,530,790	-2,215,481	-5,062,242			-3,426,394	-2,563,145	-1,960,871	-1,437,553
total income																													-244,703				3,705				22,145				30,157	-1,556,388	24,084
total comprehensive loss																													-1,313
foreign exchange transactions loss																														-1,057.5	-77					-5,537				-4,005
change in fair value of derivative liability																																		-30,163.5	-1,974,019	1,853,365
foreign exchange transactions gain																																5,043						-1,405.5	-1,091
total comprehensive income																																	-1,425				9,121				30,852
other comprehensive income gain
value of warrants issued in connection with backstop financing
dividends, including deemed dividends
loss on issuance of preferred stock, convertible notes and warrants
change in fair value of derivative liabilities																																															-586,440	5,419,056	-13,681,569
loss on modification of equity instruments and extinguishment of derivative liabilities																																															-2,462,588
net																																										-3,580,311.25	-4,688,476
comprehensive																																										-3,580,107.75	-4,681,394
dividends, including beneficial conversion feature																																										-8,280.25			-33,121	-1,172	-27,125	-27,453	-27,150
net (loss) attributable to common shareholders																																										-3,588,591.5	-4,688,476
net (loss) per common share – basic and diluted																																										-0.12	-0.14
net income attributable to common shareholders																																												-4,135,100				3,481,537
net loss per common share – diluted																																												-0.13				-0.05
interest expense, including amortization of deferred financing costs and debt discounts																																														-382.75	-553
loss on issuance of warrants and preferred stock
interest expense, including amortization and write-off of deferred financing costs and debt discounts																																																-513		-30,453	-312,368	-661,162	-440,403		-26,055										-3,093,763
loss on issuance of convertible notes, warrants and preferred stock																																																	-89,590
loss on extinguishment of convertible notes																																																		-1,426,035	-33,626
iinterest expense, including amortization and write-off of deferred financing costs and debt discounts																																																	-465
state income tax benefit
o other comprehensive loss
n net loss attributable to common shareholders																																																	-16,740,441
net income per share																																																	-0.87	-0.118	-0.18	-0.15	-0.12		-0.06	-0.05	-0.08		-0.23	-0.22	-0.17	-0.05	-0.12	-0.1	-6.4
weighted-average shares outstanding – basic and diluted																																																	19,264,884		14,430,374	13,048,815	11,603,184		11,408,274	11,408,274	11,408,274	11,408,274	11,408,274	11,408,274	11,408,274	9,473,259
foreign currency gain																																																		97.5	1,294
loss on issuance of convertible notes and warrants																																																			-945,892
change in fair value of convertible notes and warrants																																																		-409,853	45,934
deemed dividend – beneficial conversion feature																																																		-90,797.5	-53,246		-180,502
foreign currency loss																																																				-904
weighted average shares outstanding – basic and diluted																																																															11,408,288	11,408,288	1,067,937

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-12-31	2013-09-30	2013-06-30	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30

assets
current assets
cash and cash equivalents	178,087,000	144,837,000	48,493,076	159,308,966	66,285,901	40,650,770	35,286,138	28,540,633	35,180,529	43,642,684	53,313,811	19,699,565	25,268,225	43,148,323	43,254,116	48,929,895	45,389,081	53,317,405	66,316,229	73,093,132	76,214,620	41,905,469	34,364,560	16,493,967	12,204,569	16,350,237	20,145,052	14,561,830	18,256,999	17,623,770	6,443,868	4,701,978	8,162,034	10,379,729	5,212,579	7,937,388	6,818,668	8,064,490	9,826,947	12,020,980	13,184,776	11,817,418	14,246,979	24,110,836	8,799,328	4,339,540	5,920,020				2,889,923	4,738,233	6,564,212	8,283,684	9,522,241	10,585,717
short-term investments		3,694,000	7,223,735	31,402,850	11,216,989	11,036,857	10,743,562	17,069,660	23,370,989	32,388,130	33,273,259	32,701,210	30,332,493	15,644,062	15,746,224	15,692,548	16,298,169	12,149,003	5,653,202	5,159,353	4,957,357	4,444,072	2,674,770	5,948,034	10,983,190	11,984,157	12,294,290	11,824,642	7,944,549					1,604,198	6,796,313	10,884,175	6,950,960	12,100,920	16,826,712	16,590,844	17,043,990	23,568,386	23,604,615	13,377,077
account receivables	154,807,000	171,233,000
inventories	30,731,000	29,716,000	28,916,616	9,634,438	7,487,708	7,599,535	6,649,495	4,011,560	2,320,396	2,106,345					269	1,720	2,614	3,008	48,918	72,727	85,071	143,564	200,706	277,835	294,908	338,465	381,065	402,714	419,598	428,515	341,177	672,937	578,912	594,194	299,485	313,134	94,867	166,733	118,207	157,500	333,873	376,569	699,148	715,049	461,405	463,029	677,417	80,021	270,506
prepaid expenses and other current assets	19,488,000	17,571,000																																									327,276
total current assets	383,113,000	367,051,000	259,535,273	248,056,889	144,861,576	114,575,436	73,154,269	53,194,379	63,409,566	79,450,400	89,062,377	54,624,714	56,781,229	59,551,175	59,664,234	65,358,969	62,503,036	66,468,829	72,990,670	79,690,607	83,057,176	48,182,169	38,865,467	24,134,403	27,281,050	29,349,090	33,582,948	27,412,605	27,142,347	18,665,054	7,870,214	5,740,747	9,403,666	13,267,651	13,852,668	21,093,526	14,865,001	21,831,691	28,759,588	31,175,903	33,569,806	37,058,863	39,260,507	38,746,374	9,686,399	5,037,962	6,784,818	2,916,031	1,020,375	378,161	3,002,958	4,918,340	6,786,319	8,812,148	9,693,763	10,952,228
property and equipment	6,166,000	5,959,000	4,347,360	1,641,152	1,728,199	1,828,016	1,899,875	1,915,569	1,905,704	1,866,224	1,588,963	1,596,511	1,607,582	1,609,679	1,503,439	1,448,305	1,459,009	1,474,937	1,367,045	105,919	112,583	111,499	115,092	102,836	118,639	126,820	134,515	146,601	165,873	160,860	178,461	185,802	205,303	186,282	71,036	56,976	63,151	69,695	75,843	31,935	34,777	37,866	41,075	44,652	47,011	41,458	46,875	36,061	3,039	3,582	14,647	17,770	19,268	22,310	25,708	25,188
other long-term assets	24,272,000	23,816,000	22,913,753
goodwill	30,002,000	30,002,000	17,515,265
intangible asset	368,772,000	379,072,000
deferred tax assets	3,312,000	16,276,000	52,500,000
total assets	815,637,000	826,142,000	750,861,478	252,599,103	149,582,766	118,845,673	77,586,194	57,730,594	68,023,742	82,059,957	91,429,120	57,032,780	59,233,659	62,038,259	62,076,932	67,747,703	64,933,500	68,945,576	75,389,223	80,857,111	84,258,811	49,308,303	40,022,550	24,237,239	27,399,689	29,475,910	33,717,463	27,559,206	27,308,220	18,825,914	8,048,675	5,926,549	9,608,969	13,453,933	13,928,704	21,155,502	14,933,152	21,906,386	28,840,431	31,212,838	33,609,583	37,101,729	39,306,582	38,796,026	9,751,752	5,097,762	6,845,035	2,967,800	1,036,756	395,085	3,030,947	4,949,452	6,818,929	8,847,800	9,732,813	10,990,758
liabilities and stockholders’ equity
current liabilities
accounts payable	12,827,000	7,884,000	20,454,367	5,815,366	1,933,136	1,720,177	1,343,833	3,344,803	2,826,322	4,279,679	2,386,108	2,900,547	1,446,592	2,202,149	1,767,407	2,496,074	1,740,041	2,209,552	1,106,922	943,344	1,500,392	1,128,104	1,986,100	1,385,909	1,333,086	1,024,280	1,054,971	906,084	1,462,247	2,588,977	7,882,346	7,308,823	3,659,744	1,808,311	1,408,206	1,765,758	1,726,483	1,645,298	1,758,180	1,108,509	1,581,417	1,709,397	1,424,668	1,141,629	1,428,717	893,385	740,318	939,785	969,840	1,489,143	990,054	1,436,817	1,293,550	1,139,276	517,122	803,606
accrued expenses and other liabilities	112,773,000
contingent consideration, short-term	3,176,000	3,015,000	2,673,933
total current liabilities	128,776,000	174,269,000	133,643,797	31,710,843	34,390,626	33,839,632	18,480,959	11,111,417	9,534,434	11,400,515	7,670,882	7,387,349	4,674,517	6,310,891	5,061,899	5,272,108	4,294,309	5,345,076	5,211,032	3,123,303	3,049,425	4,161,583	4,601,013	5,713,942	5,803,981	5,826,972	5,006,600	4,346,456	4,334,900	7,766,230	17,546,249	12,404,566	8,768,277	6,260,582	4,252,412	5,789,729	3,889,963	4,091,860	5,038,972	3,117,791	3,063,749	3,061,363	2,881,594	1,911,775	2,119,898	1,425,387	1,227,249	1,674,081	3,936,870	2,579,107	2,278,059	1,699,502	1,442,891	1,575,643	937,930	1,151,733
convertible senior notes, net of deferred financing costs	144,885,000	144,626,000	144,528,552
contingent consideration, net of current portion	102,397,000	99,101,000	95,591,067
other long-term liabilities	2,530,000
total liabilities	378,588,000	420,835,000	376,732,072	31,968,916	34,694,718	34,188,723	18,873,926	11,546,663	10,011,022	11,917,528	8,227,298	7,981,671	5,305,905	6,978,523	5,764,846	6,008,963	5,064,321	6,147,509	6,045,042	3,987,566	3,943,744	5,085,291	5,553,331	5,715,769	5,806,239	5,829,650	5,009,688	11,084,155	10,766,255	13,891,658	17,546,249	12,404,566	8,768,277	6,260,582	4,252,412	5,789,729	3,889,963	4,091,860	5,061,065	3,142,140	3,090,371	3,090,241	2,914,985	1,945,166	2,155,545	1,463,290	1,267,409	6,990,143	3,945,360	2,588,828	2,293,103	1,715,118	1,459,079	1,592,402	956,031	1,171,175
commitments and contingencies
stockholders’ equity
preferred stock - 0.001 par value: 2,000,000 shares authorized; 91,623 and 91,623 shares issued and outstanding at march 31, 2026 and december 31, 2025, respectively
common stock - 0.001 par value: 160,000,000 shares authorized; 78,395,299 and 79,260,667 shares issued and outstanding at march 31, 2026 and december 31, 2025, respectively	78,000
accumulated other comprehensive income	2,000																						99,659	105,590	90,736		102,001	104,340	95,209		90,998	97,403	97,008		94,711	96,684	90,307		83,298	90,145	92,982		99,786	92,704	101,782
additional paid-in capital	574,943,000	581,800,000	564,558,498	519,634,193	433,721,824	424,131,789	411,659,517	396,360,369	394,040,254	391,693,214	390,008,412	346,116,054	339,709,852	330,294,782	323,376,759	321,956,046	312,473,623	308,331,750	307,078,505	306,030,824	304,843,806	261,536,061	245,699,880	223,150,674	222,455,084	218,944,268	218,696,866	201,198,660	200,578,556	183,716,536	171,448,570	164,239,299	163,003,806	159,197,950	151,383,530	147,117,314	137,673,530	136,857,409	136,291,018	131,452,413	129,012,409	128,304,649	126,781,405	122,560,439	89,167,955	79,716,265	79,427,270	51,720,302	49,539,373	47,564,257	44,014,630	43,911,502	43,559,905	43,480,415	43,498,877	43,149,266
accumulated deficit	-137,974,000	-176,575,000	-190,595,174	-299,158,154	-318,986,135	-339,630,033	-353,094,437	-350,317,625	-336,166,136	-321,700,013	-306,945,984	-297,201,630	-285,928,012	-275,360,786	-267,151,835	-260,298,114	-252,693,275	-245,659,081	-237,868,094	-229,298,728	-224,665,793	-217,448,855	-211,361,910	-204,761,163	-200,978,739	-195,421,172	-190,116,987	-184,852,140	-184,155,982	-178,988,098	-181,136,389	-170,900,158	-162,342,329	-152,174,866	-141,864,346	-131,908,008	-126,761,812	-119,164,952	-112,635,806	-103,509,607	-98,622,768	-94,391,595	-90,525,311	-85,836,835	-81,701,735	-76,204,066	-73,989,757
total stockholders’ equity	437,049,000	405,307,000	374,129,406	220,630,187	114,888,048	84,656,950	58,712,268	46,183,931	58,012,720	70,142,429	83,201,822	49,051,109	53,927,754	55,059,736	56,312,086	61,738,740	59,869,179	62,798,067	69,344,181	76,869,545	80,315,067	44,223,012	34,469,219	18,521,470	21,593,450	23,646,260	28,707,775	16,475,051	16,541,965	4,934,256	-9,497,574	-6,478,017	840,692	7,193,351	9,676,292	15,365,773	11,043,189	17,814,526	23,779,366	28,070,698	30,519,212	34,011,488	36,391,597	36,850,860	7,596,207	3,634,472	5,577,626				737,844	3,234,334	5,359,850	7,255,398	8,776,782	9,819,583
total liabilities and stockholders’ equity	815,637,000	826,142,000	750,861,478	252,599,103	149,582,766	118,845,673	77,586,194	57,730,594	68,023,742	82,059,957	91,429,120	57,032,780	59,233,659	62,038,259	62,076,932	67,747,703	64,933,500	68,945,576	75,389,223	80,857,111	84,258,811	49,308,303	40,022,550	24,237,239	27,399,689	29,475,910	33,717,463	27,559,206	27,308,220	18,825,914	8,048,675	5,926,549	9,608,969	13,453,933	13,928,704	21,155,502	14,933,152	21,906,386	28,840,431	31,212,838	33,609,583	37,101,729	39,306,582	38,796,026	9,751,752	5,097,762	6,845,035				3,030,947	4,949,452	6,818,929	8,847,800	9,732,813	10,990,758
operating lease right-of-use assets		3,020,000				492,697				640,278	675,116	709,185	742,503	775,085	806,946	838,121	869,147	899,505	929,206	958,285	986,757	1,014,635	1,041,991
finance lease- right-of-use assets		946,000	864,549
accrued expenses		161,921,000	109,091,898	25,718,305	32,284,995	31,951,533	16,973,677	7,607,537	6,553,311	6,970,217	5,138,243	4,344,269	3,089,302	3,973,941	3,163,429	2,648,626	2,429,914	3,014,156	3,985,663	2,064,369	1,436,710	2,924,351	2,516,841	4,328,033	4,470,895	4,800,486	3,947,218	3,433,754	2,863,829	5,166,224	9,650,668	5,080,302	5,090,886	4,363,867	2,757,564	2,041,908	2,062,969	2,342,352	3,149,726	1,876,671	1,346,925	1,221,557	1,450,157	761,121	682,155	521,525	475,003	713,179	830,083	378,501	1,288,005	262,685	149,341	436,367	420,808	348,127
operating lease liabilities, short-term		853,000				167,922				150,619				134,801				121,368	118,447	115,590	112,323	109,128	98,072
financing lease liability, short-term		596,000	579,168
operating lease liabilities, net of current		2,253,000	2,411,243
finance lease liabilities, net of current		586,000	557,413
preferred stock - 0.001 par value: 2,000,000 shares authorized; 91,623 and 136,623 shares issued and outstanding at december 31, 2025 and 2024, respectively
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2025 and 2024; 79,260,667 and 64,411,295 shares issued and outstanding at december 31, 2025 and 2024, respectively		79,000
accumulated other comprehensive gain		3,000	87,640	79,435	84,556	90,646	89,120	85,731	83,461	94,108	84,399	90,697	101,232	82,743	45,772	39,519	49,921	87,130	95,502	99,181	98,826	102,006				97,257				96,522				98,433				81,186				62,130				98,972	116,979
trade receivables			158,574,116	42,911,634	54,611,147	51,653,583	17,387,446	206,337									2,975	45,368		3,180	43,606	3,357	6,118	11,030	7,311	35	3,956		34,381	10,904	302,384	3,478	8,651	64,148	89,449	153,507	75,879	12,014	22,035	6,077	344,727	315,771	124,745	112,872	69,359	80,183	46,453	2,339
prepaid expenses and current assets			16,327,730
intangible assets			390,011,711
operating lease- right-of-use assets			3,173,567
operating lease liability, short-term			844,431	177,172	172,495		163,449	159,077	154,801
preferred stock - 0.001 par value: 2,000,000 shares authorized; 91,623 and 136,623 shares issued and outstanding at september 30, 2025 and december 31, 2024, respectively			92
common stock - 0.001 par value: 160,000,000 shares authorized; 78,349,057 and 64,411,295 shares issued and outstanding at september 30, 2025 and december 31, 2024, respectively			78,350
prepaid research and development expenses				123,116	134,907	152,823	170,739	227,167	295,845	353,574	1,255,105	1,255,105	2,910	11,016	19,123	28,451	40,222	51,993	63,764	36,480	69,673	62,210	76,182	79,622	37,507	34,831	61,607	248,711	2,280	8,113	15,363	22,613	80,613	86,652	890,704	1,281,487	529,735	943,924	1,323,743	2,059,486	2,171,689	430,162						6,205	2,800	700	13,977	30,175	77,928	205,404	77,421	230,402
other prepaid expenses and current assets				4,675,885	5,124,924	3,481,868	2,916,889	3,139,022	2,166,267	882,214	1,135,656	881,797	1,051,427	623,672	530,852	585,141	641,053	770,485	774,127	1,187,952	1,550,815	1,412,183	1,340,239	1,128,755	3,561,972	446,415	526,684	203,155	312,987	422,199	595,869	168,188	401,903	367,177	392,585	352,282	223,339	372,057	470,391	169,463	319,198	379,004		298,546	224,313	155,210	140,928	232,987	29,788	15,000	99,058	149,932	144,179	323,060	94,101	136,109
other assets				642,066	642,066																																	5,000
license intangible asset				1,740,260	1,792,208	1,844,156	1,896,104	1,948,052	2,000,000
restricted cash, long-term				105,084	105,084		105,084	104,426	103,838		102,664	102,370	102,345		102,313	102,308	102,308		102,302	102,300	102,295
operating lease right-of-use asset				413,652	453,633		530,862	568,168	604,634
operating lease liability, net of current portion				258,073	304,092		392,967	435,246	476,588
preferred stock - 0.001 par value: 2,000,000 shares authorized; 91,623 and 136,623 shares issued and outstanding at june 30, 2025 and december 31, 2024, respectively				92
common stock - 0.001 par value: 160,000,000 shares authorized; 74,620,742 and 64,411,295 shares issued and outstanding at june 30, 2025 and december 31, 2024, respectively				74,621
preferred stock - 0.001 par value: 2,000,000 shares authorized; 91,623 and 136,623 shares issued and outstanding at march 31, 2025 and december 31, 2024, respectively					92
common stock - 0.001 par value: 160,000,000 shares authorized; 67,711,098 and 64,411,295 shares issued and outstanding at march 31, 2025 and december 31, 2024, respectively					67,711
restricted cash									75,540	77,453	84,546	87,037	126,174	124,102	113,650	121,214	128,922	131,567	134,430	137,783	136,034	191,314	182,892	175,160	171,593	174,950	170,294	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	171,553	131,994	131,994			220,586	220,500
restricted cash, long term						105,368				103,055				102,320				102,305
operating lease liabilities, net of current portion						349,091				517,013	556,416	594,322	631,388	667,632	702,947	736,855	770,012	802,433	834,010	864,263	894,319	923,708	952,318	1,827	2,258	2,678	3,088	3,487	3,879
preferred stock - 0.001 par value: 2,000,000 shares authorized; 136,623 and 181,622 shares issued and outstanding at december 31, 2024 and 2023, respectively						137
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2024 and 2023; 64,411,295 and 54,938,258 shares issued and outstanding at december 31, 2024 and 2023, respectively						64,411
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at september 30, 2024 and december 31, 2023							182
common stock - 0.001 par value: 160,000,000 shares authorized; 57,887,149 and 54,938,258 shares issued and outstanding at september 30, 2024 and december 31, 2023, respectively							57,886
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at june 30, 2024 and december 31, 2023								182
common stock - 0.001 par value: 160,000,000 shares authorized; 55,274,791 and 54,938,258 shares issued and outstanding at june 30, 2024 and december 31, 2023, respectively								55,274
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at march 31, 2024 and december 31, 2023									182
common stock - 0.001 par value: 160,000,000 shares authorized; 54,959,270 and 54,938,258 shares issued and outstanding at march 31, 2024 and december 31, 2023, respectively									54,959
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at december 31, 2023 and 2022										182
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2023 and 2022; 54,938,258 and 42,815,196 shares issued and outstanding at december 31, 2023 and 2022, respectively										54,938
current portion of operating lease liabilities											146,531	142,533	138,623		131,063	127,408	124,354
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at september 30, 2023 and december 31, 2022											182
common stock - 0.001 par value: 160,000,000 shares authorized; 54,812,042 and 42,815,196 shares issued and outstanding at september 30, 2023 and december 31, 2022, respectively											54,813
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at june 30, 2023 and december 31, 2022												182
common stock - 0.001 par value: 160,000,000 shares authorized; 45,805,283 and 42,815,196 shares issued and outstanding at june 30, 2023 and december 31, 2022, respectively												45,806
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at march 31, 2023 and december 31, 2022													182
common stock - 0.001 par value: 160,000,000 shares authorized; 44,499,788 and 42,815,196 shares issued and outstanding at march 31, 2023 and december 31, 2022, respectively													44,500
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at december 31, 2022 and 2021														182
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2022 and 2021; 42,815,196 and 38,086,437 shares issued and outstanding at december 31, 2022 and 2021, respectively														42,815
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at september 30, 2022 and december 31, 2021															182
common stock - 0.001 par value: 160,000,000 shares authorized; 41,208,210 and 38,086,437 shares issued and outstanding at september 30, 2022 and december 31, 2021, respectively															41,208
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at june 30, 2022 and december 31, 2021																182
common stock - 0.001 par value: 160,000,000 shares authorized; 41,106,777 and 38,086,437 shares issued and outstanding at june 30, 2022 and december 31, 2021, respectively																41,107
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 shares issued and outstanding at march 31, 2022 and december 31, 2021																	182
common stock - 0.001 par value: 160,000,000 shares authorized; 38,727,979 and 38,086,437 shares issued and outstanding at march 31, 2022 and december 31, 2021, respectively																	38,728
security deposit																						20,000	20,000	20,000	20,000	20,000									5,000	5,000	5,000		5,000	5,000	5,000	5,000	5,000	5,000	18,342	18,342	13,342	13,342	13,342	13,342	13,342	13,342	13,342	13,342	13,342	13,342
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 and 241,623 shares issued and outstanding at december 31, 2021 and 2020, respectively																		182
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2021 and 2020; 38,086,437 and 33,558,096 shares issued and outstanding at december 31, 2021 and 2020, respectively																		38,086
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 and 241,623 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively																			182
common stock - 0.001 par value: 160,000,000 shares authorized; 38,086,437 and 33,558,096 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively																			38,086
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 and 241,623 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively																				182
common stock - 0.001 par value: 160,000,000 shares authorized; 38,086,437 and 33,558,096 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively																				38,086
preferred stock - 0.001 par value: 2,000,000 shares authorized; 181,622 and 241,623 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively																					182
common stock - 0.001 par value: 160,000,000 shares authorized; 38,046,092 and 33,558,096 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively																					38,046
deferred revenue																										2,206	4,411	6,618	8,824	11,029	13,235	15,441	17,647	88,404	86,642	101,886	100,511	104,210	131,066	132,611	135,407	130,409	6,769	9,025	9,026	8,823	8,823
preferred stock - 0.001 par value: 2,000,000 shares authorized; 241,623 shares issued and outstanding at december 31, 2020 and 2019																						242
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2020 and 2019; 33,558,096 and 25,665,350 shares issued and outstanding at december 31, 2020 and 2019, respectively																						33,558
preferred stock - 0.001 par value: 2,000,000 shares authorized; 241,623 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively																							242
common stock - 0.001 par value: 160,000,000 shares authorized; 31,348,171 and 25,665,350 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively																							31,348
preferred stock - 0.001 par value: 2,000,000 shares authorized; 241,623 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively																								242
common stock - 0.001 par value: 160,000,000 shares authorized; 26,127,379 and 25,665,350 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively																								26,127
preferred stock - 0.001 par value: 2,000,000 shares authorized; 241,623 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively																									242
common stock - 0.001 par value: 160,000,000 shares authorized; 26,127,067 and 25,665,350 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively																									26,127
convertible note, related party																												6,734,212	6,427,476	6,125,428
preferred stock - 0.001 par value: 2,000,000 shares authorized; 241,623 and 419,585 shares issued and outstanding at december 31, 2019 and 2018																										242
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2019; 25,665,350 and 21,775,173 shares issued and outstanding at december 31, 2019 and 2018, respectively																										25,665
preferred stock - 0.001 par value: 2,000,000 shares authorized; 243,623 and 419,585 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively																											244
common stock - 0.001 par value: 160,000,000 shares authorized; 25,650,429 and 21,775,173 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively																											25,651
preferred stock - 0.001 par value: 2,000,000 shares authorized; 369,585 and 419,585 shares issued and outstanding at june 30, 2019 and december 31, 2018, respectively																												370
common stock - 0.001 par value: 160,000,000 shares authorized; 23,820,334 and 21,775,173 shares issued and outstanding at june 30, 2019 and december 31, 2018, respectively																												23,821
preferred stock - 0.001 par value: 2,000,000 shares authorized; 369,585 and 419,585 shares issued and outstanding at march 31, 2019 and december 31, 2018, respectively																													370
common stock - 0.001 par value: 160,000,000 shares authorized; 23,811,634 and 21,775,173 shares issued and outstanding at march 31, 2019 and december 31, 2018, respectively																													23,812
preferred stock - 0.001 par value: 2,000,000 shares authorized; 419,585 shares issued and outstanding at december 31, 2018 and 2017																														420
common stock - 0.001 par value: 160,000,000 shares authorized at december 31, 2018; 108,875,866 and 71,413,790 shares issued and outstanding at december 31, 2018 and 2017, respectively																														108,876
preferred stock - 0.001 par value: 2,000,000 shares authorized; 419,585 shares issued and outstanding at september 30, 2018 and december 31, 2017																															420
common stock - 0.001 par value: 160,000,000 shares authorized; 98,827,058 and 71,413,790 shares issued and outstanding at september 30, 2018 and december 31, 2017, respectively																															98,827
preferred stock - 0.001 par value: 2,000,000 shares authorized; 419,585 shares issued and outstanding at june 30, 2018 and december 31, 2017																																420
common stock - 0.001 par value: 160,000,000 shares authorized; 85,019,240 and 71,413,790 shares issued and outstanding at june 30, 2018 and december 31, 2017, respectively																																85,019
preferred stock - 0.001 par value: 2,000,000 shares authorized; 419,585 shares issued and outstanding at march 31, 2018 and december 31, 2017																																	420
common stock - 0.001 par value: 160,000,000 shares authorized; 81,786,902 and 71,413,790 shares issued and outstanding at march 31, 2018 and december 31, 2017, respectively																																	81,787
preferred stock - 0.001 par value: 2,000,000 shares authorized; 419,585 and 450,085 shares issued and outstanding at december 31, 2017 and 2016, respectively																																		420
common stock - 0.001 par value: 160,000,000 and 80,000,000 shares authorized at december 31, 2017 and 2016, respectively; 71,413,790 and 40,432,339 shares issued and outstanding at december 31, 2017 and 2016, respectively																																		71,414
preferred stock - 0.001 par value: 2,000,000 shares authorized; 417,585 and 450,085 shares issued and outstanding at september 30, 2017 and december 31, 2016, respectively																																			418
common stock - 0.001 par value: 160,000,000 and 80,000,000 shares authorized at september 30, 2017 and december 31, 2016, respectively; 61,978,609 and 40,432,339 shares issued and outstanding at september 30, 2017 and december 31, 2016, respectively																																			61,979
derivative liability																																				1,880,177												5,308,804
preferred stock - 0.001 par value: 2,000,000 shares authorized; 442,585 and 450,085 shares issued and outstanding at june 30, 2017 and december 31, 2016, respectively																																				443
common stock - 0.001 par value: 80,000,000 shares authorized; 59,340,139 and 40,432,339 shares issued and outstanding at june 30, 2017 and december 31, 2016, respectively																																				59,340
preferred stock - 0.001 par value: 2,000,000 shares authorized;442,585 and 450,085 shares issued and outstanding at march 31, 2017 and december 31, 2016, respectively																																					443
common stock - 0.001 par value: 80,000,000 shares authorized;40,720,838 and 40,432,339 shares issued and outstanding at march 31, 2017 and december 31, 2016, respectively																																					40,721
deferred revenue, long term																																											33,391	33,391	35,647	37,500
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 shares issued and outstanding at december 31, 2016 and 2015, respectively																																						450
common stock - 0.001 par value: 80,000,000 shares authorized; 40,432,339 and 35,963,348 shares issued and outstanding at december 31, 2016 and 2015, respectively																																						40,433
deferred revenue, long-term																																							22,093	24,349	26,622						39,706
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 shares issued and outstanding at september 30, 2016 and december 31, 2015																																							450
common stock - 0.001 par value: 80,000,000 shares authorized; 40,405,739 and 35,963,348 shares issued and outstanding at september 30, 2016 and december 31, 2015, respectively																																							40,406
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 shares issued and outstanding at june 30, 2016 and december 31, 2015																																								450
common stock - 0.001 par value: 80,000,000 shares authorized; 37,296,523, and 35,963,348 shares issued and outstanding at june 30, 2016 and december 31, 2015, respectively																																								37,297
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 shares issued and outstanding at march 31, 2016 and december 31, 2015																																									450
common stock - 0.001 par value: 80,000,000 shares authorized; 36,138,323, and 35,963,348 shares issued and outstanding at march 31, 2016 and december 31, 2015, respectively																																									36,139
deferred revenue and rent, long term																																										28,878
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 and 949,948 shares issued and outstanding at december 31, 2015 and 2014, respectively																																										450
common stock - 0.001 par value: 80,000,000 shares authorized; 35,963,348 and 22,461,668 shares issued and outstanding at december 31, 2015 and 2014, respectively																																										35,964
deferred stock issuances																																										-110	-110	-110	-110	-110	-146	-146	-146	-146	-146	-146	-146	-146	-27	-27
prepaid expense, clinical																																											86,191
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 and 949,948 shares issued and outstanding at september 30, 2015 and december 31, 2014, respectively																																											450
common stock - 0.001 par value: 80,000,000 shares authorized; 35,376,502 and 22,461,668 shares issued and outstanding at september 30, 2015 and december 31, 2014, respectively																																											35,377
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 and 949,948 shares issued and outstanding at june 30, 2015 and december 31, 2014, respectively																																												450
common stock - 0.001 par value: 80,000,000 shares authorized; 34,212,044 and 22,461,668 shares issued and outstanding at june 30, 2015 and december 31, 2014, respectively																																												34,212
preferred stock - 0.001 par value: 2,000,000 shares authorized; 450,085 and 949,948 shares issued and outstanding at march 31, 2015 and december 31, 2014, respectively																																													450
common stock - 0.001 par value: 80,000,000 shares authorized; 27,864,841 and 22,461,668 shares issued and outstanding at march 31, 2015 and december 31, 2014, respectively																																													27,865
deferred financing costs																																																2,366	13,729	204,056
deferred rent																																														1,654	3,105	7,258	8,490	9,721	15,044	15,616	16,188	16,759	18,101	19,442
dividend payable																																																21,117
deferred rent, long term																																														403
preferred stock - 0.001 par value: 2,000,000 shares authorized; 949,948 and 857,160 shares issued and outstanding at december 31, 2014 and 2013, respectively																																														950
common stock - 0.001 par value: 80,000,000 shares authorized; 22,461,668 and 16,606,695 shares issued and outstanding at december 31, 2014 and 2013, respectively																																														22,461
derivative liabilities
deferred rent, long-term																																															454
preferred stock - 0.001 par value: 2,000,000 shares authorized; 954,948 and 857,160 shares issued and outstanding at september 30, 2014 and december 31, 2013, respectively																																															955
common stock - 0.001 par value: 80,000,000 shares authorized; 22,325,609 and 16,606,695 shares issued and outstanding at september 30, 2014 and december 31, 2013, respectively																																															22,325
cash																																																2,373,893	483,052	158,405
accrued interest, related parties																																																	19,262	15,077
senior convertible notes, net of debt discount of 647,939 in 2012
senior convertible notes – related parties, net of debt discount of 406,316 in 2012
stockholders’ deficiency
preferred stock - 0.001 par value: 2,000,000 shares authorized; 857,160 and 0 shares issued and outstanding at december 31, 2013 and 2012, respectively																																																857
common stock - 0.001 par value: 80,000,000 shares authorized; 16,606,695 and 11,408,274 shares issued and outstanding at december 31, 2013 and 2012, respectively																																																16,606
accumulated other comprehensive loss																																																-9,323
deficit accumulated during the development stage																																																-55,750,639	-52,464,245	-49,771,659	-43,288,048	-40,688,430	-38,211,317	-36,236,279	-34,733,476	-33,341,064
total stockholders’ deficiency																																																-4,022,343
total liabilities and stockholders’ deficiency																																																2,967,800
liabilities and stockholders’ deficit
senior convertible notes, net of debt discount of 647,939 at december 31, 2012
senior convertible notes - related parties, net of debt discount of 4,015 at september 30, 2013 and 406,316 at december 31, 2012																																																	420,985
8% senior convertible notes at fair value																																																	311,900
8% senior convertible notes at fair value, related party																																																	802,000
warrant liability																																																	582,800
stockholders’ deficit
preferred stock - 0.001 par value: 2,000,000 shares authorized, 454,546 and 0 shares issued and outstanding at september 30, 2013 and december 31, 2012, respectively																																																	455
common stock - 0.001 par value: 80,000,000 shares authorized, 15,959,088 and 11,408,274 shares issued and outstanding at september 30, 2013 and december 31, 2012, respectively																																																	15,959
total stockholders’ deficit																																																	-2,908,604	-2,193,743
total liabilities and stockholders’ deficit																																																	1,036,756	395,085
senior convertible notes, net of debt discount of 40,534 at june 30, 2013 and 647,939 at december 31, 2012																																																		166,466
senior convertible notes - related parties, net of debt discount of 130,080 at june 30, 2013 and 406,316 at december 31, 2012																																																		529,920
preferred stock - 0.001 par value: 2,000,000 shares authorized, 287,324 and 0 shares issued and outstanding at june 30, 2013 and december 31, 2012, respectively																																																		287
common stock - 0.001 par value: 80,000,000 shares authorized, 13,518,186 and 11,408,274 shares issued and outstanding at june 30, 2013 and december 31, 2012, respectively																																																		13,518
commitments
common stock - 0.001 par value: 40,000,000 shares authorized, 11,408,274 shares issued and outstanding at september 30, 2011 and december 31, 2010																																																			11,408
common stock - 0.001 par value: 40,000,000 shares authorized, 11,408,274 shares issued and outstanding at june 30, 2011 and december 31, 2010																																																				11,408
common stock - 0.001 par value: 40,000,000 shares authorized, 11,408,274 shares issued and outstanding at march 31, 2011 and december 31, 2010																																																					11,408
deferred financing fees
senior convertible notes, net of discount
interest payable – senior convertible notes
notes payable – related parties
interest payable – related parties
notes payable – galenica, ltd.
interest payable – galenica, ltd.
common stock - 0.001 par value: 40,000,000 shares authorized, 11,408,274 shares issued and outstanding at december 31, 2010; 33,000,000 shares authorized, 787,010 shares issued and outstanding at december 31, 2009																																																						11,408
common stock – non-voting subordinated class a, 0.001 par value: none authorized, issued or outstanding at december 31, 2010; 5,000,000 shares authorized, 193,936 shares issued and outstanding at december 31, 2009
common stock - 0.001 par value: 40,000,000 shares authorized, 11,408,288 shares issued and outstanding at september 30, 2010; 33,000,000 shares authorized, 787,010 shares issued and outstanding at december 31, 2009																																																							11,408
common stock – non-voting subordinated class a, 0.001 par value: none authorized, issued or outstanding at september 30, 2010; 5,000,000 shares authorized, 193,936 shares issued and outstanding at december 31, 2009
common stock - 0.001 par value: 40,000,000 shares authorized, 11,408,288 shares issued and outstanding at june 30, 2010; 33,000,000 shares authorized, 787,010 shares issued and outstanding at december 31, 2009																																																								11,408
common stock – non-voting subordinated class a, 0.001 par value: none authorized, issued or outstanding at june 30, 2010; 5,000,000 shares authorized, 193,936 shares issued and outstanding at december 31, 2009

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31

cash flows from operating activities:
net income	38,601,000	14,020,141	108,562,980	19,827,981	20,643,898
adjustments to reconcile net income to net cash from operating activities:
stock-based compensation	4,582,000	3,589,024	4,065,541	2,677,080	3,500,355	1,193,908	1,227,476	1,263,845	2,444,179	1,217,277	1,002,834	1,057,291	2,216,349	874,051	983,524	1,073,646	1,138,299	1,253,245	1,047,681	1,010,066	1,731,614	516,176	611,440	695,590	676,614	453,344	570,612	606,331	809,331	1,091,613	358,175	373,293	1,264,277	397,620	452,023	414,293	728,180	442,069	316,804	921,153	960,778	1,026,924	226,111	166,439	360,509	1,415,244	591,660	321,627	449,772	-17,923	91,181	28,812	57,703	96,662	158,188	103,128	351,597	79,490	351,071	349,611	343,582	122,817
depreciation and amortization	10,544,000
change in contingent consideration	4,199,000	4,101,000
change in fair value of marketable securities	3,546,000
deferred income taxes	12,964,000	33,889,802
other	672,000
changes in operating assets and liabilities:
decrease in account receivables	16,445,000
decrease in inventory	-1,015,000				111,827									269	1,451	894	394	45,910	22,581	13,572	63,393	38,708	61,357	2,374	47,158	14,275	19,209	16,884	8,917	253,017	-94,025	15,282	67,248
increase in prepaid expenses and other assets	-2,257,000		1,108,444	461,299	-2,266,986
increase in accounts payable	4,943,000	-7,265,271	6,499,113	3,882,208	212,950	376,360	-2,000,981				-514,450							1,103,197	163,613	-559,652	374,971	-858,308	600,133	52,483	309,025	-30,732	149,103	-556,187	-1,126,565	6,074,905	3,648,681	1,849,784	-241,509
increase in accrued expenses and other liabilities	-50,622,000
payment of contingent consideration liabilities	-220,000
net cash from operating activities	42,382,000	94,461,181	30,856,502	29,991,814	19,736,503	-5,614,536	-13,649,907	-14,039,916	-17,310,294	-10,745,694	-8,697,470	-8,572,430	-10,393,886	-6,154,839	-5,995,436	-5,462,115	-6,744,342	-5,869,360	-5,503,537	-3,091,514	-6,690,812	-5,933,486	-7,312,857	-754,369	-7,966,926	-3,884,706	-3,964,303	164,455	-7,367,470	-16,500,414	-4,335,481	-7,054,303	-21,310,019	-7,751,185	-6,758,726	-6,498,028	-9,218,167	-5,450,588	-3,635,057	-2,944,663	-3,598,881	-2,348,297	-1,574,143	-1,811,255	-1,506,132	-1,429,289	-923,237	-1,518,229	-559,315	-617,751	-528,267	-671,595	-946,257	-130,141	-904,589	-1,848,310	-1,824,354	-1,719,472	-1,238,557	-1,059,914	-1,138,996	-230,937
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	42,382,000	94,461,181	30,856,502	29,991,814	19,736,503	-5,614,536	-13,649,907	-14,039,916	-17,310,294	-10,745,694	-8,697,470	-8,572,430	-10,393,886	-6,154,839	-5,995,436	-5,462,115	-6,744,342	-5,869,360	-5,503,537	-3,091,514	-6,690,812	-5,933,486	-7,312,857	-754,369	-7,966,926	-3,884,706	-3,964,303	164,455	-7,367,470	-16,500,414	-4,335,481	-7,054,303	-21,310,019	-7,751,185	-6,758,726	-6,498,028	-9,218,167	-5,450,588	-3,635,057	-2,944,663	-3,598,881	-2,348,297	-1,574,143	-1,811,255	-1,506,132	-1,429,289	-923,237	-1,518,229	-559,315	-617,751	-528,267	-671,595	-946,257	-130,141	-904,589	-1,848,310	-1,824,354	-1,719,472	-1,238,557	-1,059,914	-1,138,996	-230,937
cash flows from investing activities:
purchase of short-term investments		-73,935	-9,605,591	-28,287,831	-9,984,643	-5,294,292	-1,668,863	-12,112,832	-7,693,762	-16,106,277	-18,076,621	-17,479,448	-25,422,039	-8,773,106	-8,087,865	-5,795,696	-8,483,337	-6,500,456	-1,193,850	-4,451,995	-3,143,285	-2,679,302	-2,051,736	-19,687	-3,799,033	-389,866	-469,648	-5,280,034	-7,966,821				-13,074,169						11,642	-10,221,686
maturity of short-term investments	3,694,000	3,600,113	33,792,887	8,100,000	9,800,000	5,000,000	8,000,000	18,416,192	16,700,000	17,000,000	17,500,000	15,100,000	10,750,000	8,900,000	8,050,000	6,400,000	4,300,000	13	700,302	4,249,338	2,630,347	908,923	5,316,585	5,068,695	4,794,369		-3,125
purchase of equipment	-729,000	-1,720,104	-505,774	-23,945	-10,177	-9,869	-9,766	-34,789	-61,306	-295,931	-10,245	-6,358	-14,766	-128,755	-76,418	-9,863	-4,324	-628,761	-777,870	-5,618	-13,080	-77,085	-21,598	-4,037	-9,918	-9,429	-4,417	-3,506	-19,219	-48,893	1	-38,226	-26,632	-1,924	-1,998	-3,616	-1,943		-1,650	1	-853	-12,944	496	-6,285											0	0			0	-3,562	0	-6,799
net cash from investing activities	2,965,000	3,297,039	-291,320,443	-20,211,776	-194,820	-304,161	6,321,371	6,268,571	8,944,932	597,792	-586,866	-2,385,806	-14,686,805	-1,861	-114,283	594,441	-4,187,661	-7,129,204	-1,271,418	-208,275	-526,018	-1,847,464	3,243,251	5,044,971	985,418		-477,190	-3,874,751	-7,964,777	1,555,305	1	1,565,972	5,290,988	-3,936,859	5,158,075	4,715,971	6,999,597	6,547,842	9,992	-10,221,685	-13,383,434	-12,944	496	-6,285											0	0			0	-3,562	0	-6,799
cash flows from financing activities:
proceeds from sale of common stock from at-the-market program		1,026,427	0	0	6,761,573	5,505,506	12,366,481			433,901	0	5,314,803	7,200,406	6,045,579	308,665	8,411,156	3,004,216	0	0	0	41,455,630	15,387,215	575,793	0	2,469,937	0	0	0	15,234,529	11,012,647	880,550	3,269,163	347,362	0	347,361			149,276
repurchase of common stock	-11,092,000
payment of employee withholding taxes on vested restricted stock units	-1,527,000	-257,440	-464,088	-247,484	-1,018,988	-53,007	0	-139,497	-97,118	-1	0
proceeds from exercise of stock options	1,179,000	3,592,986	1,322,690	1,122,974	350,350	5,829,844	1,707,803			33,750	20,132							0	0							5,175	4,763	0	112,766				6,800	0	6,800	13,600	410,700	116,700	0	40,500	326,960	125,500	8,700	95,800	0	213,650
rou financing lease fees	-135,000	-138,808
net cash from financing activities	-12,097,000	-1,413,058	150,530,924	83,242,199	6,092,935	11,284,844	14,074,284	1,056,585	-97,118	467,650	42,898,531	5,350,217	7,200,406	6,045,579	437,290	8,411,156	3,004,216	0	0	176,992	41,580,559	15,322,215	21,942,987	0	2,834,664	-205,929	10,028,934	13,782	15,967,575	11,012,647	880,550	3,269,163	13,152,487	12,798,325	354,161	22,395	2,421,027	265,976	1,207,027	3,300,978	32,293,821	6,827,668	8,700	95,800	0	8,253,416	2,861,206	1,842,876	25,000	475,000	371,397	770,000							0	0	0	10,457,270
foreign exchange effect on cash			276	828	229		415	-88	-805		-2,146	247	2,284		-10,909	-10,376	-3,179		-5,299	3,063	-7,563		4,944	2,363	-2,181		-5,478	1,345	-2,099	-3,399	-5,126	1,473	14,633	8,439	668		1,105	4,128	-11,523	1,513	2	-6,639	-15,533	-10,084	-11,809	-8,622
net increase in cash and cash equivalents	33,250,000	96,343,829	-109,932,741	93,023,065	25,634,847	5,364,916				-9,677,829				-95,334	-5,683,338	3,533,106	-7,930,966	-13,001,684	-6,780,254	-3,119,734	34,356,166			4,292,965	-4,149,025																										-156,870	98,405	-961,257	-130,141	-904,589	-1,848,310	-1,825,979	-1,719,472	-1,238,557	-1,063,476	-1,138,996	10,219,534
cash, cash equivalents and restricted cash - beginning of period	145,825,000		0	0	40,756,138		0	0	43,823,192
cash, cash equivalents and restricted cash - end of period	179,075,000		-109,932,741	93,023,065	66,390,985		6,746,163	-6,714,848	35,359,907
cash paid for interest	2,817,000	321	0	6,672	10,007	10,007	10,007	6,556	9,835	6,557	13,112	5,851	8,776	8,776	8,776	3,586	5,378	5,378	5,381	0	5,184	5,322	7,800	13,828	6,276	6,276				1,873	0	1,873	2,810				1,033	992		1,609	167	859		561	505	465	24,613	36,723	29,790	26,938
supplemental disclosure of non-cash investing and financing activities:
additional capital expenditures included in accrued expenses and other liabilities	97,000
disposal of rou assets and liabilities for finance lease	-53,000
adjustments to reconcile net loss to net cash from operating activities:
change in right-of-use assets		255,616	103,339	39,981	39,064	38,165	37,306	36,466	35,644	34,837	34,069	33,319	32,582	31,861	31,176	31,025	30,358
depreciation		294,096	161,917	110,993	109,994	81,727	25,460	24,924	21,826	18,670	17,793	17,429	16,863	22,516	21,283	20,567	20,252	20,047	17,566	12,283	11,994	80,680	10,197	19,410	17,677	16,718	16,098	20,377	20,093	56,791	19,353	19,381	26,694	8,898	8,773	8,673	8,369	4,072	3,989	3,972	3,957	3,158	3,607	10,355	-1,334	2,446	3,533	542	543	543	1,756	1,755	1,756	1,755	2,958	3,123	3,123	3,042	3,397	3,043	2,863	2,864
amortization of intangible		10,139,555	3,628,549	51,948	51,948	51,948	51,948
change in fair value of equity securities		-2,273,091
amortization of debt finance costs
provision for current expected credit losses					7,000
gain on liquidation of foreign entity
increase in account receivables
increase in inventory		-800,120	-642,977			-950,040	-2,637,935	-1,691,164	-214,051
increase in prepaid expenses and other current assets						-547,473	278,839	-904,133	-1,226,454												-131,054	-62,966	-213,162							-157,694			-84,004
increase in accrued expenses		52,279,697			331,443	14,982,005	9,363,807			1,830,513				807,375												848,820	519,630	570,382	-2,302,112	5,481,382	-4,942	916,578	533,342
decrease in operating lease liabilities		-149,567	-76,666	-41,342	-40,425	-39,403	-37,906	-37,066	-36,244	-35,315	-33,908	-33,156	-32,422	-31,576	-30,253
payment of contingent liability
acquisitions of businesses, net of cash acquired		1,490,965
investment in equity securities		0
proceeds from sale of common stock from public offering		-600	3,891
proceeds from senior convertible notes		0																																													0				383,865
proceeds from exercise of pre-funded warrants
payment of debt issuance costs associated with the convertible notes		-5,446,623
foreign exchange effects on cash
cash and cash equivalents and restricted cash – beginning of year
cash and cash equivalents and restricted cash – end of year
supplemental disclosure of non-cash, investing, and financing activities:
liability related to license agreement						0	0	0	2,000,000
unpaid debt issuance costs associated with the convertible notes		-5,278,513
issuance of common stock for melinta acquisition		9,292,000
fair value of contingent payments		0
rou assets and liabilities for finance lease		183,307
fair value of assets acquired from melinta
liabilities assumed from melinta
goodwill recognized on melinta
increase in trade receivables					-2,964,565	-34,403,137	-17,181,109														-41,519				-7,296					-247,317
receivable from escrow from melinta acquisition
decrease in trade receivables														-440	-1,155				3,202			2,744	4,956			3,997	-4,094	34,711	-23,983		4,038	57,182	-71,611
decrease in accrued expenses									-2,415,719				-884,872							627,032	-1,484,956	403,290	-1,813,425	-144,521	-328,493
supplemental disclosure of non-cash investing activities:
unrealized loss from investments															15,811										5,633				1,009						-10,113			-793
unrealized (loss) from investments					-4,511
net loss						13,464,404	-2,776,812	-14,151,489	-14,466,123	-14,754,029	-9,744,354	-11,273,618	-10,567,226	-8,208,951	-6,853,721	-7,604,839	-7,034,194	-7,790,987	-8,569,366	-4,632,935	-7,216,938	-6,086,945	-6,600,747	-3,782,424	-5,557,567	-5,304,185	-5,264,847	-696,158	-5,167,884	-28,978,147	-8,556,911	-10,185,118	-22,699,394	2,450,665	-7,596,860	-6,399,416	-9,118,012	-4,231,173	-3,866,284	-4,688,476	-4,135,100	-5,497,669	-2,214,309	-5,035,117	3,509,290	-16,713,291	-3,405,277	-2,509,898	-1,960,872	-1,257,051	-1,188,134	-703,172	-624,215	-910,161	340,496	-2,599,618	-2,477,113	-1,975,038	-1,502,803	-1,392,412	-1,172,782	-6,837,239
proceeds from public offering of common stock and pre-funded warrants										0
supplemental disclosure of non-cash and investing activities:
unrealized gain from investments						-8,662	12,704	-19,775	10,903				-16,393				34,171		302	-662	347	-1,077	-8,414										13,013				23,997
net decrease in cash and cash equivalents								-6,714,848	-8,463,285			-5,607,772	-17,878,001
decrease in accounts payable									-1,453,352				-755,582
decrease (increase) in trade receivables																	41,874
(increase) decrease in inventory
(increase) decrease in prepaid expenses and other current assets
increase (decrease) in accounts payable
proceeds from exercise of warrants														0				0	0	39,957	124,929	0	0	0	411,751	15,751	8,024,171	13,782	620,280										0	1	7,955,992	6,702,168					0	0
decrease in prepaid expenses and other current assets													-419,578	-84,697	63,397			515,918	-114,309						-3,121,838			-136,414	114,891		291,302	-28,151
cash, cash equivalents and restricted cash – beginning of period											0	0	43,374,745		0	0	53,551,277		0	0	42,096,783		0	0	16,525,187		0	0	17,795,323			10,551,282
cash, cash equivalents and restricted cash – end of period											33,612,049	-5,607,772	25,496,744		-5,683,338	3,533,106	45,620,311		-6,780,254	-3,119,734	76,452,949		17,878,325	4,292,965	12,376,162		5,581,963	-3,695,169	18,428,552			8,333,587
increase (decrease) in accrued expenses
unrealized income from investments
supplemental disclosure of non-cash financing and investing activities:
conversion of series g preferred stock to common stock																		0	0	0	10
conversion of series c-3 preferred stock to common stock																		0	0	0	50
deposit on equipment reclassified from prepaid expenses and current assets to property and equipment
right-of-use assets obtained in exchange for lease liability																											-1,000
supplemental disclosure of non-cash financing activities:
decrease (increase) in prepaid expenses and other current assets																	141,105
(decrease) increase in accounts payable																	-469,362
(decrease) in accrued expenses																	-583,633
(decrease) in operating lease liabilities																	-29,435
inventory reserve																						23,333														-36,000	166,000	22,428
change in operating lease liabilities
decrease in deferred revenue																						0	0	0	-2,206	-2,205	-2,206	-2,206	-2,206	-74,964	-1,152	-72,534	-25,716
proceeds from the public offering																						-65,000
issuance of common stock for vested restricted stock units																						0	0	0	2	6	6	6	7		0	43
non-cash lease expense																			1,683	1,684	1,683
deposit on equipment reclassified from other prepaid expenses and current assets to property and equipment
payments of financing fees																									-47,024
amortization of debt discount																										0	84,002	114,547	114,548																		4,015	166,599	554,880	328,761	259,846								0	0	0	1,135,076
non-cash interest expense																										0	82,151	192,188	187,500																		12,258												1	0	1	462,429
proceeds from exchange agreement, related party																										0
payment of financing fees
deemed dividend as a result of warrant modification																										0
deemed dividend as a result of exchange of convertible note, series c-2, series d and series f convertible preferred shares, related party
right-of-use asset and lease liability recognized under asc 842
conversion of preferred stock to common stock																										2	0	0	50				32	0	7							500				2,447,384	69,105
write-off of fully depreciated computer equipment
non-cash operating lease expense
net increase in cash																													633,229					1,118,720	-1,245,822		203,562	1,367,358		-9,863,857	15,311,508	4,459,788		-1,731,824	-1,537,554	6,815,505		324,647	-534,315	-142,751
deemed dividend as a result of exchange of convertible note, series c-2, series d and series f convertible preferred stock, related party
sale of short-term investments																													21,263	1,604,198	0	1,604,198	18,391,789	5,344,282	5,160,073	4,719,587	7,001,540	6,547,842
net cash from (provided by) investing activities
proceeds from senior convertible note
payment of debt issuance costs in connection with senior convertible note
non-cash portion of debt discount on senior convertible notes
issuance of common stock for payment of deferred fees																														173,773	0	173,773	10,218	0	10,218
net decrease in cash																														-3,935,861	-3,460,056	-2,217,695	-2,851,911
change in fair value of derivative liabilities
proceeds from the public offering of common stock and warrants																																	12,798,325
proceeds from sale of series f non-voting preferred stock
proceeds from sale of common stock
supplemental disclosure of non cash financing activities:
reclassification of derivative liabilities to equity
change in fair value of derivative liability																																	120,654
inventory reserve decrease
cash – beginning of period																														10,551,282			8,064,490	0	8,064,490		11,817,418	11,817,418		0	0	4,339,540		0	0	2,373,893		0	0	835,471
cash – end of period																														6,615,421			5,212,579	1,118,720	6,818,668		12,020,980	13,184,776		-9,863,857	15,311,508	8,799,328		-1,731,824	-1,537,554	9,189,398		324,647	-534,315	692,720
reclassification of warrant liability to equity																																	3,854,195
loss on foreign currency transactions																																			210							429		122,645	20,520	7,638
cash and cash equivalents – beginning of year
cash and cash equivalents – end of year
inventory reserve increase																																	-200,000
revenue:
net sales
cost of sales
gross profit
operating expenses:
research and development
selling, general and administrative
total operating expenses
loss from operations
other income:
interest income
foreign exchange transactions loss
interest expense
total other income
other comprehensive income:
foreign currency translation gain
total other comprehensive income
comprehensive loss
net loss per common share – basic and diluted
weighted-average common shares outstanding – basic and diluted
balance at january 1, 2017
stock issued in connection with atm sale of common stock
conversion of series c-3 non-voting preferred stock to common stock
stock issued in connection with stock options exercised
stock issued in connection with public offering
warrants issued in connection with public offering
stock issued for payment of deferred fees
other comprehensive income
balance at june 30, 2017
increase in accrued expenses and accrued interest
trade receivables																																			-63,509	6,605	317,033	-15,498	-198,008	-10,218	-42,264	2,304	-38,059	5,588	-41,128	-11,813
inventory																																			71,866	-12,525	53,068	20,268	197,580	15,901	-253,645	1,624			-214,316	16,288
prepaid expenses and other current assets																																			563,180	476,471	-1,417,861	-1,679,728	-484,116	-27,765	-57,329	-76,146	-22,653	59,632	25,523	10,456	-202,660	-16,888	40,272	-14,074	46,871	17,108	51,014	388,749	-432,605	67,072	42,000	306,357	-356,942	194,989	-74,764	-113,633
accounts payable																																			80,764	-110,819	-602,134	-130,207	286,572	282,235	-290,081	546,379	178,953	-108,238	-180,171	117,511	132,345	-509,215	124,504	262,926	130,336	-131,353	-430,831	416,105	18,439	-446,763	143,267	154,274	622,154	-286,484	-242,140	496,108
accrued expenses																																			-270,292			119,437														90,624	-1,112	-122,679	-991,493	1,025,320	113,344	-287,026	15,559	72,680	-26,931	300,059
deferred revenue																																			-4,881	-46,130	-4,530	-2,256			-2,256	-3,708	-2,205
value of warrants issued in connection with backstop financing																																							0	0
modification of warrant agreement																																							0	0
loss on foreign exchange transactions
loss on issuance of preferred stock, convertible notes and warrants																																											0
loss on modification of equity instruments and extinguishment of derivative liabilities																																											0
revaluation of derivative liabilities																																											0	586,440
restricted cash																																							0	-39,559	0	-131,994	0	0	220,662	-76	-86
proceeds from series c-3 preferred stock																																											0	0	0	743,884
proceeds from series c-3 preferred stock, related party																																											0	0	0	575,000
payment of deferred financing costs
proceeds from sale of equity securities																																											0	0	0	6,723,248	0	500,000	0	533,000
proceeds from short swing profit recovery																																							-2,069	0
value of warrants issued in connection with backstop agreement
accrued expenses and accrued interest																																					651,720				104,506	197,150	81,526	270,754	214,871	-44,156	-74,355	452,682	71,517	-1,097
proceeds from sale of common stock from an at-the-market program																																					2,010,327			3,260,477
conversion of wages to common stock
dividends, including deemed dividends
conversion of wages and fees to common stock																																										18,750
dividend, including beneficial conversion feature																																										33,121				27,150
loss on issuance of warrants and preferred stock
prepaid expenses, clinical
deferred revenue and rent
payments for deferred financing costs																																													0	-2,366			-35,000	-25,000
warrants issued in connection with backstop agreement																																										1,583,252
revaluation of derivative liability																																														13,681,569
conversion of accounts payable and accrued expenses to preferred stock																																														645,458
reclassification of derivative liability to equity																																														6,235,398
warrants issued in connection with license agreements
amortization of deferred financing costs																																															13,730	103,034	84,726	81,396	72,222								0	0	0	358,495
accrued interest, related party
deferred rent																																											-1,502	-1,502	-1,502	-695	-1,232	-1,232	-1,231	-1,232	-571	-572	-572	-572	-572	-572	-572	-571	-1,342	-1,341
proceeds from senior convertible notes, related party																																															0
proceeds from series c-1 preferred stock
proceeds from series c-2 preferred stock, related party
repurchase of outstanding warrants																																															0	0	0	-33,000
inventories
accrued interest, related parties
payments for deferred financing costs and private placement expenses
stock issued in connection with license agreements																																																											-369,652	0	0	2,587,576
stock issued in connection with consulting agreement																																																											0	0	0	130,091
loss on issuance of convertible notes, warrants and preferred stock																																														89,590
loss on extinguishment of convertible notes
non-cash charge for beneficial conversion feature																																																											0	0	0	1,137,762
expenses paid on behalf of the company satisfied through the issuance of notes
security deposits																																																											0	0	11,733	-13,342
proceeds from notes payable to related parties
proceeds from galenica, ltd. promissory note
repayment of amounts loaned under related party notes
proceeds from receipt of stock subscriptions and issuances of common stock
conversion of notes payable and accrued interest to common stock, fair value
exchange of convertible notes to preferred stock
reclassification of deferred financing fees to additional paid-in capital																																																											1	0	0	148,014
stock issued to technology finders and licensors
warrants issued to placement agent
debt discount on senior convertible notes																																																			632,286
accrued deferred financing cost
accrued private placement expenses																																																	0	25,867
loss on issuance of convertible notes and warrants																																															0
revaluation of convertible notes and warrants
accrued deferred financing costs
warrants issued in connection with license agreement																																																0
non-cash loss on extinguishment of convertible notes
change in fair value of convertible notes and warrants
security deposit
conversion of notes payable and accrued interest to common stock																																																959,321											0	0	0	18,897,167
deemed dividend – beneficial conversion feature																																																182,688	0	180,502
accrued and unpaid deferred financing costs																																																-3,758
accrued and unpaid private placement expenses
proceeds from sale of equity securities, net of issuance costs																																																											0	0	0	10,457,270
cash and cash equivalents – beginning of period																																																			0	0	0	1,985,334	0	0	0	8,283,684	0	0	0	1,505,179
cash and cash equivalents – end of period																																																			-156,870	98,405	-961,257	1,855,193	-904,589	-1,848,310	-1,825,979	6,564,212	-1,238,557	-1,063,476	-1,138,996	11,724,713
deferred financing costs																																																				-80,000
reclassification of deferred financing costs to additional paid-in capital

CorMedix Inc(NASDAQ:CRMD)

CorMedix Inc
(NASDAQ:CRMD)