"Higher for Longer" Interest Rates: Elevated interest rates increase the cost of capital for biopharmaceutical companies like CorMedix, impacting their ability to fund research, development, and commercialization activities, potentially slowing growth and increasing debt servicing costs.

Inflationary Pressures: US inflation at 3.3% can lead to increased operating costs for CorMedix, affecting expenses related to manufacturing, supply chain logistics, labor, and research and development, which could compress profit margins despite stable product demand.

Healthcare Policy and Reimbursement Changes: Specific to CorMedix, the upcoming transition of DefenCath from TDAPA to a bundled add-on reimbursement model starting July 1, 2026, introduces uncertainty regarding future pricing and revenue dynamics. Changes in dialysis reimbursement practices could significantly affect DefenCath's market penetration and profitability.