CorMedix COO Exercises Options and Reports Open-Market Sales in Sept 2025

Rhea-AI Filing Summary

Elizabeth Hurlburt, Chief Operating Officer of CorMedix Inc. (CRMD), reported option exercises and subsequent open-market sales in September 2025. On 09/09/2025 she exercised 12,876 stock options at an exercise price of $1.45 and sold 12,876 shares at a weighted average price of $13.51. On 09/11/2025 she exercised 41,121 options at $1.45 and sold 41,121 shares at a weighted average price of $13.08. Following these transactions her beneficial ownership is reported as 176,990 shares. The exercised options were originally granted 03/19/2018 with scheduled vesting and milestone-based vesting for remaining amounts.

Positive

• Retained substantial ownership: reporting person holds 176,990 shares after transactions
• Exercised options at low cost: exercise price was $1.45 versus sale prices above $13

Negative

• Significant insider sales: 54,097 shares sold in open market on 09/09/2025 and 09/11/2025
• Reduction of option holdings: derivative holdings reported reduced to zero following reported exercises

Insights

Financial Analyst

TL;DR: Insider exercised low-cost options and sold shares at >$13, realizing gains while retaining a sizable stake of 176,990 shares.

The transactions show standard option exercise and disposition activity: exercise price was $1.45 versus sale prices of $13.51 and $13.08, generating meaningful per-share gains. The reporting person exercised a total of 54,0

Corporate Governance Expert

TL;DR: Insider sales were disclosed promptly and include vesting details from the 2018 grant; disclosures appear complete.

The Form 4 documents both non-derivative and derivative entries and explains weighted-average sale prices. Vesting terms from the March 19, 2018 grant are noted, and the filing reports the post-transaction beneficial ownership. From a governance perspective, the filing satisfies Section 16 reporting requirements by showing execution, sale and remaining holdings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hurlburt Elizabeth

(Last) (First) (Middle)

C/O CORMEDIX INC.

300 CONNELL DRIVE, SUITE 4200

(Street)

BERKELEY HEIGHTS NJ 07922

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CorMedix Inc. [ CRMD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/09/2025		M		12,876	A	$1.45	189,866	D
Common Stock	09/09/2025		S		12,876	D	$13.51(1)	176,990	D
Common Stock	09/11/2025		M		41,121	A	$1.45	218,111	D
Common Stock	09/11/2025		S		41,121	D	$13.08(2)	176,990	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy Common Stock)	$1.45	09/09/2025		M			12,876	(3)	03/19/2028	Common Stock	12,876	$0	41,121	D
Stock Option (Right to Buy Common Stock)	$1.45	09/11/2025		M			41,121	(3)	03/19/2028	Common Stock	41,121	$0	0	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $13.50 to $13.61. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.

2. This transaction was executed in multiple trades at prices ranging from $12.98 to $13.17. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.

3. These options were granted 3/19/2018 and vested as follows: 37,200 vested over four years in four (4) equal installments on the first four anniversaries of 3/19/2018. The remaining options vested on the achievement of certain milestones.

	/s/ Elizabeth Hurlburt	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What transactions did Elizabeth Hurlburt report on Form 4 for CRMD?

She exercised 12,876 options on 09/09/2025 and sold those shares at a weighted average of $13.51; she exercised 41,121 options on 09/11/2025 and sold those shares at a weighted average of $13.08.

How many shares does the reporting person own after these transactions?

The Form 4 reports a beneficial ownership of 176,990 shares following the reported transactions.

What was the exercise price of the options exercised by the reporting person?

The exercised options had an exercise price of $1.45 per share.

When were the reported options originally granted and how did they vest?

The options were granted on 03/19/2018; 37,200 vested over four years in equal installments and remaining options vested upon achievement of certain milestones.

Are the sale prices reported exact or weighted averages?

The filing notes the sale prices are weighted average prices reported for multiple trades: $13.51 (09/09/2025) and $13.08 (09/11/2025).