CorMedix (CRMD) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	6-May-15
Document And Entity Information
Entity Registrant Name	CorMedix Inc.
Entity Central Index Key	1410098
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		31,052,608
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$8,799,328	$4,339,540
Restricted cash	131,994	0
Trade receivables	69,359	80,183
Inventories, net	461,405	463,029
Other prepaid expenses and current assets	224,313	155,210
Total current assets	9,686,399	5,037,962
Property and equipment, net	47,011	41,458
Security deposit	18,342	18,342
TOTAL ASSETS	9,751,752	5,097,762
Current liabilities
Accounts payable	1,428,717	893,385
Accrued expenses	682,155	521,525
Deferred revenue	9,026	10,477
Total current liabilities	2,119,898	1,425,387
Deferred revenue, long term	35,647	37,903
TOTAL LIABILITIES	2,155,545	1,463,290
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
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	950
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	22,461
Deferred stock issuances	-110	-110
Accumulated other comprehensive income	101,782	98,972
Additional paid-in capital	89,167,955	79,716,265
Accumulated deficit	-81,701,735	-76,204,066
TOTAL STOCKHOLDERS' EQUITY	7,596,207	3,634,472
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$9,751,752	$5,097,762

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	450,085	949,948
Preferred stock, shares outstanding	450,085	949,948
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	27,864,841	22,461,668
Common stock, shares outstanding	27,864,841	22,461,668

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE GAIN (LOSS) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue
Net sales	$31,264	$12,203
Cost of sales	-17,319	-81,026
Gross profit (loss)	13,945	-68,823
Operating Expenses
Research and development	-1,234,515	-353,018
Selling, general and administrative	-4,276,354	-2,512,709
Total Operating Expenses	-5,510,869	-2,865,727
Loss From Operations	-5,496,924	-2,934,550
Other Income (Expense)
Interest income	543	521
Foreign exchange transaction loss	-429	-7,638
Loss on issuance of preferred stock, convertible notes and warrants	0	-89,590
Change in fair value of derivative liabilities	0	-13,681,569
Interest expense	-859	-465
Net Loss	-5,497,669	-16,713,291
Other Comprehensive Income (Loss)
Foreign currency translation gain (loss)	2,810	-1,361
Comprehensive Loss	-5,494,859	-16,714,652
Net loss	-5,497,669	-16,713,291
Dividends, including beneficial conversion feature	-33,121	-27,150
Net Loss Attributable To Common Shareholders	($5,530,790)	($16,740,441)
Net Loss Per Common Share - Basic and Diluted	($0.23)	($0.87)
Weighted Average Common Shares Outstanding - Basic and Diluted	23,921,605	19,264,884

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Common Stock	Non-Voting Preferred Stock - Series B, Series C-2, Series C-3, Series D and Series E	Deferred Stock Issuances	Accumulated Other Comprehensive Income	Additional Paid-In Capital	Accumulated Defici	Total
Beginning balance at Dec. 31, 2014	$22,461	$950	($110)	$98,972	$79,716,265	($76,204,066)	$3,634,472
Beginning balance (in shares) at Dec. 31, 2014	22,461,668	949,948
Conversion of Series B non-voting preferred stock to common stock, Shares	454,546	-454,546
Conversion of Series B non-voting preferred stock to common stock, Amount	455	-455
Conversion of Series C-3 non-voting preferred stock to common stock, shares	425,000	-42,500
Conversion of Series C-3 non-voting preferred stock to common stock, amount	425	-42			-383
Conversion of Series E non-voting preferred stock to common stock, Shares	61,598	-2,817
Conversion of Series E non-voting preferred stock to common stock, Amount	62	-3			-59
Stock issued in connection with warrants exercised, Shares	2,248,858
Stock issued in connection with warrants exercised, Amount	2,249				6,699,919		6,702,168
Stock issued in connection with warrants cashless exercised, Shares	2,158,033
Stock issued in connection with warrants cashless exercised, Amount	2,158				-2,158
Stock issued in connection with stock options exercised, Shares	50,000
Stock issued in connection with stock options exercised, Amount	50				125,450		125,500
Stock issued in connection with conversion of wages, Shares	5,138
Stock issued in connection with conversion of wages, Amount	5				18,745		18,750
Warrants issued in connection with backstop agreement					1,583,252		1,583,252
Stock-based compensation					1,026,924		1,026,924
Other comprehensive income				2,810			2,810
Net loss						-5,497,669	-5,497,669
Ending balance at Mar. 31, 2015	$27,865	$450	($110)	$101,782	$89,167,955	($81,701,735)	$7,596,207
Ending balance (in shares) at Mar. 31, 2015	27,864,841	450,085

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($5,497,669)	($16,713,291)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,026,924	1,415,244
Warrants issued in connection with backstop agreement	1,583,252	0
Loss on foreign currency transactions	429	7,638
Loss on issuance of preferred stock, convertible notes and warrants	0	89,590
Revaluation of derivative liability	0	13,681,569
Depreciation	3,158	2,446
Changes in operating assets and liabilities:
Restricted cash	-131,994	-76
Trade receivables	2,304	-11,813
Inventory	1,624	16,288
Prepaid expenses and other current assets	-76,146	10,456
Accounts payable	546,379	117,511
Accrued expenses and accrued interest	197,150	-44,156
Deferred revenue	-3,708	-695
Net cash used in operating activities	-2,348,297	-1,429,289
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	-12,944	0
Net cash used in investing activities	-12,944	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Series C-3 preferred stock, net	0	743,884
Proceeds from Series C-3 preferred stock, related party	0	575,000
Proceeds from exercise of warrants	6,702,168	0
Proceeds from exercise of stock options	125,500	213,650
Payments for deferred financing costs	0	-2,366
Proceeds from sale of equity securities	0	6,723,248
Net cash provided by financing activities	6,827,668	8,253,416
Foreign exchange effect on cash	-6,639	-8,622
NET INCREASE IN CASH	4,459,788	6,815,505
CASH - BEGINNING OF PERIOD	4,339,540	2,373,893
CASH - END OF PERIOD	8,799,328	9,189,398
Cash paid for interest	859	465
Supplemental Disclosure of Non-Cash Financing Activities:
Conversion of preferred stock to common stock	500	2,447,384
Conversion of accounts payable and accrued expenses to preferred stock	0	645,458
Reclassification of derivative liability to equity	0	6,235,398
Conversion of wages and fees to common stock	18,750	0
Dividend, including beneficial conversion feature	$33,121	$27,150

1_Organization_Business_and_Ba

1. Organization, Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Organization Business And Basis Of Presentation
Organization, Business and Basis of Presentation	Organization and Business
	CorMedix Inc. (“CorMedix” or the “Company”) was incorporated in the State of Delaware on July 28, 2006.  The Company seeks to in-license, develop and commercialize prophylactic and therapeutic products for the prevention and treatment of infectious diseases in cardiac, renal and oncology patients.  In 2013, the Company formed a wholly-owned subsidiary, CorMedix Europe GmbH.  The Company has in-licensed all of the product candidates in its pipeline.
	The Company’s primary activities since incorporation have been organizational activities, including recruiting personnel, establishing office facilities, acquiring licenses for its pharmaceutical product candidates, performing business and financial planning, performing research and development, seeking regulatory approval for its products, initial commercialization activities for its product Neutrolin® in certain markets, and raising funds through the issuance of debt and equity securities.
	The Company received CE Mark approval for Neutrolin in 2013 and began the commercial launch of Neutrolin in Germany for the prevention of catheter-related bloodstream infections, or CRBI, and maintenance of catheter patency in hemodialysis patients using a tunneled, cuffed central venous catheter for vascular access.
	In December 2014, the Company received approval from the Hessian District President in Germany to expand the label to include use in oncology patients receiving chemotherapy, IV hydration and IV medications via central venous catheters.  The expansion also adds patients receiving medication and IV fluids via central venous catheters in intensive or critical care units (cardiac care unit, surgical care unit, neonatal critical care unit, and urgent care centers). An indication for use in total parenteral, or IV, nutrition was also approved.  In September 2014, the TUV-SUD and The Medicinal Evaluation Board of the Netherlands (MEB) granted a label expansion for Neutrolin for these same expanded indications for the European Union (EU).
	To date, Neutrolin is registered and may be sold in Austria, Germany, Italy, Malta, Saudi Arabia, Kuwait and The Netherlands for such treatment.
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited condensed consolidated financial statements do not include all information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results. Interim operating results are not necessarily indicative of results that may be expected for the full year ending December 31, 2015 or for any subsequent period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2015. The accompanying condensed balance sheet as of December 31, 2014 has been derived from the audited financial statements included in such Form 10-K.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Liquidity, Risks and Uncertainties
	The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates, the ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital.
	The financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the Company as a going concern. As of March 31, 2015, the Company had an accumulated deficit of $81.7 million, had incurred operating losses of $5.5 million for the three months ended March 31, 2015 and $8.9 million for the year ended December 31, 2014.
	To date, the Company has not generated significant commercial revenues.  Based on the current 2015 revenue assumptions for Neutrolin in the approved markets, the current development plans for Neutrolin in both the United States (“U.S.”) and other markets (excluding the expected Phase III clinical trial in the U.S.) and the proceeds received from the exercise of warrants, stock options (see Notes 3 and 6) and capital raised  under the MLV Sales Agreement through April 30, 2015 (See Note 6), management believes that the  existing cash will be sufficient to fund its operations for at least the next twelve months following the balance sheet date.  However, should the Company commence the Phase III clinical trial for Neutrolin in hemodialysis patients in the U.S. in the fourth quarter of 2015, at present there is only sufficient funding to support operations and expected clinical trial expenditures into the first quarter of 2016.
	The Company’s continued operations, including the commencement and completion of its planned Phase III clinical trial for Neutrolin in hemodialysis patients in the U.S. will depend on its ability to generate substantial revenue from the sale of Neutrolin and on its ability raise additional capital through potential sources such as equity and/or debt financings, strategic relationships, or out-licensing of its products, until it achieves profitability, if ever.  However, the Company can provide no assurances on future sales of Neutrolin or that such financing or strategic relationships will be available on acceptable terms, or at all.  If the Company is unable to raise sufficient capital, find strategic partners or generate substantial revenue from the sale of Neutrolin, there would be a material adverse effect on its business. Further, the Company expects to incur increases in its cash used in operations as it continues to commercialize Neutrolin in Europe and other foreign markets, increases its business development activities, incurs additional legal costs to defend its intellectual property and seeks U.S. Food and Drug Administration (“FDA”) approval of Neutrolin in the U.S.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
	Basis of Consolidation
	The consolidated financial statements include the accounts of the Company and CorMedix Europe GmbH, a wholly owned subsidiary.  All significant intercompany accounts and transactions have been eliminated in consolidation.
	Cash and Cash Equivalents
	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposits and other interest bearing accounts, the balances of which exceed federally insured limits.
	Foreign Currency Translation and Transactions
	The consolidated financial statements are presented in U.S. Dollars (“USD”), the reporting currency of the Company.  For the financial statements of the Company’s foreign subsidiary, whose functional currency is the EURO, foreign currency asset and liability amounts, are translated into USD at end-of-period exchange rates.  Foreign currency income and expenses are translated at average exchange rates in effect during the year.  Translation gains and losses are included in other comprehensive income (loss).
	The Company has intercompany loans between the parent company based in New Jersey and its German subsidiary.  Effective October 1, 2014, the Company assessed and determined that the intercompany loans outstanding are not expected to be repaid in the foreseeable future and the nature of the funding advanced is of a long-term investment nature.  As such, beginning October 1, 2014, unrealized foreign exchange movements related to long-term intercompany loans are recognized in other comprehensive income (loss).
	Foreign currency exchange transaction gain (loss) is the result of re-measuring transactions denominated in a currency other than the functional currency of the entity recording the transaction.
	Geographic Information
	The Company reported revenues of $31,264 and $12,203 for the three months ended March 31, 2014 and 2014, respectively.  Of the Company’s first quarter 2015 revenue, $29,058 was attributable to its European and Mideast operations which are based in Germany.  All of the Company’s 2014 revenue was attributable to its European operations.  Total assets at March 31, 2015 were $9,751,752, of which $9,003,018 were located in the United States, with the remainder in Germany.  Net property and equipment at March 31, 2015 was $47,011, of which $13,523 was located in the United States, with the remainder located in Germany.
	Prepaid Expenses
	Prepaid expenses consist of payments made in advance to vendors relating to service contracts for clinical trial development, manufacturing, preclinical development and insurance policies. These advanced payments are amortized to expense either as services are performed or over the relevant service period using the straight-line method.
	Inventories, net
	Inventories are valued at the lower of cost or market on a first in, first out basis.  Inventories consist of raw materials (including labeling and packaging), work-in-process, and finished goods, if any, for the Neutrolin product.  Inventories consist of the following:
		March 31,		December 31,
		2015		2014
	Raw materials	$	293,756	$	293,976
	Work in process		166,807		166,807
	Finished goods		842		2,246
	Total	$	461,405	$	463,029
	The Company has an inventory reserve of $175,000 at March 31, 2015 and December 31, 2014.
	Accrued Expenses
	Accrued expenses consist of the following:
		March 31,		December 31,
		2015		2014
	Professional and consulting fees	$	325,942	$	225,726
	Accrued payroll and payroll taxes	$	130,751	$	13,393
	Market research		70,816		137,345
	Monitoring program fees		119,350		82,861
	Other		35,296		62,200
	Total	$	682,155	$	521,525
	Revenue Recognition
	The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 101, Revenue Recognition in Financial Statements (“SAB 101”), as amended by SAB No. 104, Revenue Recognition (“SAB 104”) and FASB Accounting Standards Codification (“ASC”) 605, Revenue Recognition (“ASC 605”).  This guidance requires that revenue is recognized from product sales when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collectability is reasonably assured.  The Company recognizes net sales upon shipment of product.
	Deferred Revenue
	In August 2014, the Company entered into an exclusive distribution agreement (the “Agreement”) with Wonik Corporation, a South Korean company, to market, sell and distribute Neutrolin for hemodialysis and oncolytic patients upon receipt of regulatory approval in Korea.  Upon execution of the Agreement, Wonik paid the Company a non-refundable $50,000 payment and will pay an additional $50,000 upon receipt of the product registration necessary to sell Neutrolin in the Republic of Korea (the “Territory”).  The term of the agreement commenced on August 8, 2014 and will continue for three years after the first commercial sale of Neutrolin in the Territory.  The non-refundable up-front payment has been recorded as deferred revenue and will be recognized as revenue on a straight-line basis over the contractual term of the Agreement.
	Loss per common share
	Basic loss per common share excludes any potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period.  Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.  However, since their effect is anti-dilutive, the Company has excluded potentially dilutive shares.  The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive.
		Three Months Ended
		31-Mar-15		31-Mar-14
	Series B non-voting convertible preferred stock		-		454,546
	Series C non-voting convertible preferred stock		2,865,000		3,500,000
	Series D non-voting convertible preferred stock		1,479,240		1,148,000
	Series E non-voting convertible preferred stock		1,959,759		1,104,280
	Shares underlying outstanding warrants		6,890,327		11,571,233
	Shares underlying outstanding stock options		4,014,500		3,804,000
	Total		17,208,826		21,582,059
	Stock-Based Compensation
	The Company accounts for stock options granted to employees, officers and directors according to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 718, “Compensation — Stock Compensation” (“ASC 718”).  Under ASC 718, share-based compensation cost is measured at grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model, and is recognized as expense net of expected forfeitures, over the employee’s requisite service period on a straight-line basis.
	The Company accounts for stock options granted to non-employees on a fair value basis using the Black-Scholes option pricing model in accordance with ASC 718 and ASC 505-50, “Equity-Based Payments to Non-Employees” (“ASC 505”).  The non-cash charge to operations for non-employee options with time based vesting provisions is based upon the change in the fair value of the options and amortized to expense over the related vesting period.
	Stock compensation expense is recognized by applying the expected forfeiture rate during the vesting period to the fair value of the award.  The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, compensation expense may need to be revised.  The Company considers many factors when estimating expected forfeitures for stock awards granted to employees, officers and directors, including types of awards, employee class, and an analysis of historical forfeitures.
	Research and Development
	Research and development costs are charged to expense as incurred. Research and development includes fees associated with operational consultants, contract clinical research organizations, contract manufacturing organizations, clinical site fees, contract laboratory research organizations, contract central testing laboratories, licensing activities, and allocated executive, human resources and facilities expenses. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial and the invoices received from its external service providers. Costs related to the acquisition of technology rights and patents for which development work is still in process are charged to operations as incurred and considered a component of research and development expense.

3_Stockholders_Equity

3. Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
STOCKHOLDERS' EQUITY
Stockholders' Equity	Common Stock
	During the quarter ended March 31, 2015, the Company issued the following shares of its common stock upon exercise of warrants resulting in gross proceeds of $6,702,168 to the Company:
		·	125,000 shares of common stock with an exercise price of $0.90 per share;
		·	125,000 shares of common stock with an exercise price of $0.40 per share;
		·	353,500 shares of common stock with an exercise price of $2.50 per share; and
		·	1,645,358 shares of common stock with an exercise price of $3.4375 per share.
	During the quarter ended March 31, 2015, the Company issued 50,000 shares of its common stock upon exercise of an aggregate of 50,000 stock options resulting in gross proceeds of $125,500 to the Company.
	During the quarter ended March 31, 2015, the Company issued 2,158,033 shares of its common stock upon a cashless exercise of 2,597,591 warrants.
	During the quarter ended March 31, 2015, the Company issued an aggregate of 425,000 shares of its common stock upon conversion of an aggregate of 42,500 shares of the Series C-3non-voting preferred stock.
	In March 2015, the Company issued 454,546 shares of its common stock upon conversion of 454,546 shares of the Series B non-voting preferred stock.
	In March 2015, the Company issued 61,598 shares of its common stock upon conversion of 2,817 shares of the Series E non-voting preferred stock.
	Preferred Stock and Warrants
	Under the terms of our Amended and Restated Certificate of Incorporation, as amended, our board of directors is authorized to issue up to 2,000,000 shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. Of the 2,000,000 shares of preferred stock authorized, our board of directors has designated (all with par value of $0.001 per share) the following:
		As of March 31, 2015				As of December 31, 2014
		Preferred Shares	Liquidation Preference	Total Liquidation		Preferred Shares	Liquidation Preference	Total Liquidation
		Outstanding	(Per Share)	Preference		Outstanding	(Per Share)	Preference
	Series B	-	-	$               -		454,546	$     0.001	$           455
	Series C-2	150,000	10	1,500,000		150,000	10	1,500,000
	Series C-3	136,500	10	1,365,000		179,000	10	1,790,000
	Series D	73,962	21	1,553,202		73,962	21	1,553,202
	Series E	89,623	49.2	4,409,452		92,440	49.2	4,548,048
	Total	450,085		$8,827,654		949,948		$9,391,705
	Stock Options
	During the three months ended March 31, 2015, the Company granted to its officers, directors and consultant, ten-year non-qualifiedstock options under the 2013 Plan, covering an aggregate of 420,000 shares of the Company’s common stock. Of these options, 150,000 vested on the date of grant and had an exercise price of $5.00 per share, 250,000 will vest one year after the grant date and had an exercise price of $5.62 per share and the remaining 20,000 options had an exercise price of $3.62 per share will vest upon achievement of various performance milestones.
	During the three months ended March 31, 2015 and 2014, totalcompensation expense for stock options issued to employees, directors, officers and consultants was $1,026,924 and $1,415,244, respectively.
	The fair value of the grants are determined using the Black-Scholes optionpricing model with the following assumptions:
		Three Months Ended March 31,
		2015	2014
	Expected Term	5 – 10 years	5 – 9.75 years
	Volatility	94%	96% - 113%
	Dividend yield	0.00%	0.00%
	Risk-free interest rate	1.47% - 2.11%	1.51% - 2.88%
	The Company estimated the expected term of the stock options granted based on anticipated exercises in future periods. The expected term of the stock options granted to consultants is based upon the full term of the respective option agreements. Prior to 2015, the expected volatility used in the valuation of the Company’s stock options was based on the historical volatility of publicly traded peer group companies due to the limited trading history of the Company’s common stock. Beginning in the first quarter of 2015, the expected stock price volatility for the Company’s stock options is calculated based on the historical volatility since the initial public offering of the Company’s common stock in March 2010. The expected dividend yield of 0.0% reflects the Company’s current and expected future policy for dividends on the Company’s common stock. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of the Company’s awards. The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, compensation expense may need to be revised.  The Company considers many factors when estimating expected forfeitures for stock awards granted to employees, officers and directors, including types of awards, employee class, and an analysis of the Company’s historical forfeitures.
	A summary of the Company’s stock option activity and related information is as follows:
		Three Months Ended March 31,
		2015		2014
		Shares	WeightedAverage	Shares	WeightedAverage
			ExercisePrice		ExercisePrice
	Outstanding at beginning of period	3,664,500	$       1.25	3,453,630	$       1.06
	Exercised	-50,000	$       2.51	-275,000	$       0.78
	Forfeited	-20,000	-	-	-
	Expired	-	-	-274,630	$3.16
	Granted	420,000	$5.30	900,000	$2.05
	Outstanding at end of period	4,014,500	$1.65	3,804,000	$1.16
	Options exercisable	3,384,000	$1.34	2,765,000	$1.19
	Expected to vest	530,881	$3.31	706,520	$1.08
	Weighted-average fair value of options granted during the period		$3.84		$1.49
	The weighted average remaining contractual life of stock options outstanding at March 31, 2015 is 8.2 years. The weighted average remaining contractual life of stock options exercisable at March 31, 2015 is 8.0 years.
	The aggregate intrinsic value is calculated as the difference between the exercise prices of the underlying options and the quoted closing price of the common stock of the Company at the end of the reporting period for those options that have an exercise price below the quoted closing price. The aggregate intrinsic value of all stock options exercised during the three months ended March 31, 2015 was $134,600. The aggregate intrinsic value of outstanding stock options at March 31, 2015was $30,542,180.
	As of March 31, 2015, the total compensation expense related to non-vested options not yet recognized totaled $1,674,298. The weighted-average vesting period over which the total compensation expense related to non-vested options not yet recognized at March 31, 2015 was approximately 0.7 years.
	Warrants
	On March 2, 2015, the Company’s board of directors approved an extension to April 30, 2015 of the expiration date of the Company’s publicly traded warrants.
	In March 2015, the Company issued two warrants exercisable into for an aggregate of up to 283,400 common shares with an exercise price of $7.00 per share and a term of five years as a result of entering into the Backstop Agreement with Manchester Securities Corp. (See Note 4). Additionally, the expiration date of March 24, 2015 of warrants to purchase 390,720 shares of common stock issued to Manchester Securities Corp. in connection with the Company’s IPO was extendedby one year to March 24, 2016.The Company recorded non-cash general and administrative expense of $1,583,252 for these warrants using the Black-Scholes option pricing model with the following assumptions:
	Expected Term	5 years
	Volatility	75.81% - 104.08%
	Dividend yield	0.00%
	Risk-free interest rate	0.01% - 1.61%
	During the quarter ended March 31, 2015, the Company issued 774 warrants upon the exercise of a unit warrant related to the IPO. These warrants were subsequently exercised resulting in the issuance of 774 shares of common stock and gross proceeds of $2,661 to the Company.
	The following table is the summary of warrant activity for the three months ended March 31, 2015:
		Shares		Weighted		Weighted Average Remaining Contractual Life
				Average
				Exercise
				Price
	Outstanding at beginning of period	11,520,762		$       1.99		2.57
Granted	284,174		$       6.99		4.93
Expired	-68,160		$       3.44		-
Exercised	-4,846,449		$       1.72		-
Outstanding at end of period	6,890,327		$       2.38		2.5

4_Related_Party_Transactions

4. Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	On March 3, 2015, the Company entered into a backstop agreement with an existing institutional investor, Manchester Securities Corp., an affiliate of Elliott Associates, L.P., pursuant to which Manchester agreed to lend the Company, at its request, up to $4,500,000 less the dollar amount of gross proceeds received by the Company upon the exercise of warrants to purchase common stock issued in connection with itsIPO on or before April 30, 2015, provided that the loan may not exceed $3,000,000.  The Companywas able to access this financing until April 30, 2015.  However, because the Company had received approximately $5.7 million through March 31, 2015 from the exercise of warrants issued in connection with its IPO, the Company cannot and did not access the loan and the loan expired.
	On April 7, 2015 the Company entered into a one year agreement with a consultant to advise management with their investment banking relationships and assist in the negotiations with potential external parties, if applicable. The consultant is a member of the board of directors of Sterling HSA which was founded by Cora Tellez, the Chairman of the Board of Directors of the Company. The arrangement calls for a $30,000 retainer, a monthly fee of $6,000, and a multiple of the price per share upon a merger or acquisition or a percentage of any strategic partnership. Either party can terminate the agreement with a 30 day advanced notice, upon termination the Company is liable for any services rendered through the termination date.

5_Commitments_and_Contingencie

5. Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Contingency Matters
	In February 2007, Geistlich Söhne AG für Chemische Industrie, Switzerland, or Geistlich, brought an action against the European Sodemann Patent covering the Company’s Neutrolin® product candidate which is owned by ND Partners, LLC and licensed to the Company pursuant to the License and Assignment Agreement between the Company and ND Partners LLC. The action that was brought against the counterpart of the Sodemann Patent in Germany at the Board of the European Patent Office opposition division was for lack of inventiveness in the use of citric acid and a pH value in the range of 4.5 to 6.5 with having the aim to provide an alternative lock solution through having improved anticoagulant characteristics compared to the lock solutions of the prior art. The Board of the European Patent Office opposition division rejected the opposition by Geistlich. On August 27, 2008, Geistlich appealed the court's ruling, alleging the same arguments as presented during the opposition proceedings. The Company filed a response to the appeal of Geistlich on March 25, 2009 where the Company requested a dismissal of the appeal and to maintain the patent as granted. As of March 27, 2014, no further petitions have been filed by ND Partners or Geistlich. On October 10, 2012, the Company became aware that the Board of Appeals of the European Patent Office issued, on September 4, 2012, a summons for oral proceedings. On November 28, 2012, the Board of Appeals of the European Patent Office held oral proceedings and verbally upheld the counterpart of the Sodemann Patent covering Neutrolin®, but remanded the proceeding to the lower court to consider restricting certain of the counterpart of the Sodemann Patent claims. The Company received the Appeals Board final written decision on March 28, 2013 which was consistent with the oral proceedings. In a letter dated September 30, 2013, the Company was notified that the opposition division of the European Patent Office reopened the proceedings before the first instance again, and has given their preliminary non-binding opinion that the patent as amended during the appeal proceedings fulfils the requirements of Clarity, Novelty, and Inventive Step, and invited the parties to provide their comments and/or requests by February 10, 2014.  The Company filed its response on February 3, 2014 to request that the patent be maintained as amended during the appeal proceedings.  Geistlich did not provide any filing by February 10, 2014; however, the Board of the European Patent Office opposition division has granted Geistlich an extension to respond by the end of July 2014 because its representative did not receive the September 30, 2013 letter due to a change of address.  Geistlich did not file a further statement within the required timeline.  On November 5, 2014, the Opposition Division at the EPO issued the interlocutory decision to maintain the patent on the basis of the claims as amended during the appeal proceedings. This decision becomes final if no further appeal is lodged by Geistlich by January 15, 2015. As of the date of this report, the Company had not received a communication from the European Patent Office that Geistlich has filed such an appeal.
	On September 9, 2014, the Company filed in the Mannheim, Germany District Court a patent infringement action against TauroPharm GmbH and Tauro-Implant GmbH as well as their respective CEOs (the "Defendants") claiming infringement of the Company’s European Patent EP 1 814 562 B1, which was granted by the European Patent Office on January 8, 2014 (the “Prosl European Patent”).  The Prosl European Patent covers a low heparin catheter lock solution for maintaining patency and preventing infection in a hemodialysis catheter.  In this action, the Company claim that the Defendants infringe on the Prosl European Patent by manufacturing and distributing catheter locking solutions to the extent they are covered by the claims of the Prosl European Patent.  The Company believes that its patent is sound, and is seeking injunctive relief and raising claims for information, rendering of accounts, calling back, destruction and damages. Separately, TauroPharm has filed an opposition with the European Patent Office against the Prosl European Patent alleging that it lacks novelty and inventive step.  The Company cannot predict what other defenses the Defendants may raise, or the ultimate outcome of either of these related matters.
	In the same complaint against the same Defendants, the Company also alleged an infringement (requesting the same remedies) of ND Partners’ utility model DE 20 2005 022 124 U1 (the “Utility Model”) which is basically identical to the Prosl European Patent in its main aspects and claims. The Mannheim court separated the two proceedings so that the Prosl European Patent and the Utility Model proceeding are now tried separately and independently from each other due to the slightly differing requirements for both IP rights. TauroPharm has filed a cancellation action against the Utility Model before the German Patent and Trademark Office based on the same arguments as the opposition against the Prosl European Patent.  The Company cannot predict what other defenses the Defendants may raise, or the ultimate outcome of this matter.
	On March 27, 2015, the Mannheim District Court held a hearing to evaluate whether the Utility Model has been infringed by TauroPharm in connection with the manufacture, sale and distribution of its TauroLock-HEP100 and HEP500 products. A hearing before the same court was held on January 30, 2015 on the separate, but related, question of infringement of the Prosl European Patent by TauroPharm based upon the same circumstances. While the Court had indicated that it might render a decision in the patent infringement matter, it has now informed the Company that decisions in each of these related matters likely will be issued on May 8, 2015, although the Company cannot assure that any decision will be rendered on that date. The Court’s decisions will be subject to appeal.
	Parallel to the Court proceedings, both the opposition proceedings against the Prosl European Patent before the European Patent Office, or EPO, and the cancellation action against the Utility Model before the German Patent and Trademark Office, or German PTO, are ongoing. The Company does not expect a decision from the EPO  before the middle of 2016 (in the case of the Prosl European Patent) or late 2015 from the German PTO (in the case of the Utility Model), with each such decision being subject to appeal.
	On January 16, 2015, the Company filed a complaint against TauroPharm GmbH and its managing directors in the District Court of Cologne, Germany.  In the complaint, the Company alleges violation of the German Unfair Competition Act by TauroPharm for the unauthorized use of its proprietary information obtained in confidence by TauroPharm.  The Company alleges that TauroPharm is improperly and unfairly using its proprietary information relating to the composition and manufacture of its product Neutrolin®, which is approved for sale in Germany, in its manufacture and sale of TauroPharm’s products TauroLockTM, TauroLock-HEP100TM and TauroLock-HEP500TM.   The Company seeks a cease and desist order against TauroPharm from continuing to manufacture and sell any product containing taurolidine as well as citric acid in addition to possible other components, damages for any sales in the past and the removal of all such products from the market. A hearing in this matter has been scheduled in the District Court of Cologne for July 2, 2015.
	In connection with the aforementioned proceedings against Tauropharm, the Company was required by the District Court Mannheim to provide a security deposit of approximately $132,000 to cover legal fees in the event Tauropharm is entitled to reimbursement of these costs.  The Company recorded the deposit as restricted cash for the quarter ended March 31, 2015.
	Commitments
	Navinta LLC, a U.S.-based Active Pharmaceutical Ingredient (“API”) developer, provides API manufacturing (manufactured in India at an FDA-compliant facility) and a Drug Master File for CRMD003, pursuant to a supply agreement dated December 7, 2009 (the “Navinta Agreement”). The Navinta Agreement provides that Navinta supply taurolidine (the API for CRMD003) to the Company on an exclusive worldwide basis in the field of the prevention and treatment of human infection and/or dialysis so long as the Company purchased a minimum of $350,000 of product from Navinta by December 30, 2010, which the Company achieved, and following the Company’s first commercial sale of a product incorporating taurolidine, purchases a minimum of $2,250,000 of product on an annual basis for five years. The Company did not purchase the required amount in 2014 and as a result, lost its exclusive manufacturing rights.  The Company is also required to make certain cash payments to Navinta upon the achievement of certain sales-based milestones. The maximum aggregate amount of such payments, assuming achievement of all milestones, is $1,975,000 over five years.
	On March 24, 2015, the Company and Navinta LLC entered into an amendment to the Taurolidine Supply Agreement to extend the term of the Agreement to March 31, 2016 and to lower the price per kilogram of API that the Company purchases from Navinta LLC under the Navinta Agreement. The Company also agreed to purchase a minimum amount of product from Navinta LLC during 2015, which replaces the prior minimum purchase requirement.
	In 2008, the Company entered into a License and Assignment Agreement (the “NDP License Agreement”) with ND Partners LLC, a Delaware limited liability company (“NDP”). Pursuant to the NDP License Agreement, NDP granted the Company exclusive, worldwide licenses for certain antimicrobial catheter lock solutions, processes for treating and inhibiting infections, a biocidal lock system and a taurolidine delivery apparatus, and the corresponding United States and foreign patents and applications (the “NDP Technology”). The Company acquired such licenses and patents through its assignment and assumption of NDP’s rights under certain separate license agreements by and between NDP and Dr. Hans-Dietrich Polaschegg, Dr. Klaus Sodemann and Dr. Johannes Reinmueller.  As consideration in part for the rights to the NDP Technology, the Company paid NDP an initial licensing fee of $325,000 and granted NDP a 5% equity interest in the Company, consisting of 39,980 shares of the Company’s Common Stock.
	In addition, the Company is required to make payments to NDP upon the achievement of certain regulatory and sales-based milestones. Certain of the milestone payments are to be made in the form of shares of common stock currently held in escrow for NDP, and other milestone payments are to be paid in cash. The maximum aggregate number of shares issuable upon achievement of milestones is 145,543 shares.  During the year ended December 31, 2014, a certain milestone was achieved resulting in the release of 35,886 shares held in escrow.  The number of shares held in escrow as of March 31, 2014 is 109,657 shares of common stock.  The maximum aggregate amount of cash payments upon achievement of milestones is $3,000,000 with $2,500,000 remaining at March 31, 2015. Events that trigger milestone payments include but are not limited to the reaching of various stages of regulatory approval processes and certain worldwide net sales amounts.
	On April 11, 2013, the Company entered into an amendment to the NDP License Agreement. Under Article 6 of the NDP License Agreement, the Company was obligated to make a milestone payment of $500,000 to ND Partners upon the first issuance of a CE Marking for a licensed product, which payment was payable to ND Partners within 30 days after such issuance. Pursuant to the terms of the amendment, the Company and ND Partners agreed to delay such milestone payment to a time, to be chosen by the Company, anytime within 12 months after the achievement of such issuance.  As consideration for the amendment, the Company issued ND Partners a warrant to purchase 125,000 shares of the Company’s common stock at an exercise price of $1.50 per share. The warrant is exercisable immediately upon issuance and has a term of five years.  In January 2014, the Company settled this milestone payment which resulted in the issuance of 50,000 shares of the Company’s Series C-3 non-voting convertible preferred and 250,000 shares issuable upon exercise of warrants at an exercise price of $1.25 per share which was decreased to $0.90 per share. Through March 31, 2015, no other milestone payments have been earned by or paid to Navinta.
	The NDP License Agreement may be terminated by the Company on a country-by-country basis upon 60 days prior written notice. If the NDP License Agreement is terminated by either party, the Company’s rights to the NDP Technology will revert back to NDP.
	The Company entered into sublease for 4,700 square feet of office space in Bedminster, New Jersey, which sublease runs from April 1, 2015 until March 31, 2018.   Rent is $5,000 per month plus occupancy costs such as utilities, maintenance and taxes.  In accordance with the lease agreement, the Company has deposited $5,000 with the landlord, the equivalent of one month rent.
	The Company’s subsidiary entered into a lease agreement for its offices in Fulda, Germany with ITZ GmbH.  The lease has a term of 36 months which commenced on September 1, 2013 for a base monthly payment of €498.  The total 36 month lease obligation is approximately €17,900. Additionally, its subsidiary leases its copier pursuant to a lease agreement dated October 10, 2013 with Frima Buromaschinen Schafer GmbH & Co. KG.  The lease has a term of 48 months which commenced on November 1, 2013 for a monthly payment of €59.  The total 48 month lease obligation is approximately €2,800.
	Under the Company’s current lease agreements, the total remaining lease obligation as of March 31, 2015 is set forth below:
	2015	$	51,662
	2016		66,236
	2017		60,784
	2018		15,000
	Total	$	193,682

6_Subsequent_Events

6. Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	From April 1, 2015 to April 30, 2015, the following were exercised resulting in aggregate gross proceeds of approximately $8.0 million.
	●	stock options to purchase 230,000 shares of common stock with a weighted average exercise price of $0.86 per share;
	●	warrants to purchase 25,000 shares of common stock with an exercise price of $0.90 per share by a director of the Company and;
	●	warrants to purchase 2,268,117 shares of common stock with an exercise price of $3.4375 per share.
	On April 8, 2015, the Company entered into an At-the-Market Issuance Sales Agreement (the “Sales Agreement”) with MLV & Co. LLC (“MLV”) under which the Company may issue and sell up to $40.0 million of shares of its common stock from time to time through MLV acting as agent, subject to limitations imposed by the Company, such as the number or dollar amount of shares registered under the registration statement to which the offering relates.  When the Company wishes to issue and sell common stock under the Sales Agreement, it will notify MLV of the number of shares to be issued, the dates on which such sales are anticipated to be made, any minimum price below which sales may not be made and other sales parameters as the Company deems appropriate. MLV will be entitled to a commission of up to 3% of the gross proceeds from the sale of common stock sold under the Sales Agreement. The shares of common stock to be sold under the Sales Agreement are registered under an effective registration statement filed with the SEC.  Through April 30, 2015, the Company issued 472,412 shares of common stock and realized net proceeds of approximately $3.9 million.
	On April 9, 2015, the Company announced a new program aimed at reducing the cost of goods of Neutrolin through a more efficient, custom synthesis of the active ingredient taurolidine. As part of that program, on April 8, 2015, the Company entered into a Preliminary Services Agreement with [RC]2 Pharma Connect LLC (“RC2”), pursuant to which RC2 will coordinate certain manufacturing services related to taurolidine, which is a key ingredient in Neutrolin. Specifically, RC2 will undertake a critical parameters evaluation for the Company’s manufacturing needs and coordinate the cGMP processes set forth in the agreement that the Company believe are necessary for the submission of its planned new drug application for Neutrolin to the FDA, as well as any foreign regulatory applications. The total cost for RC2’s services under the preliminary services agreement is approximately $1.7 million which is expected to be incurred under the terms of this agreement during the remainder of 2015.  To date, the Company has not paid RC2 for their services related to this agreement.  The Company and RC2 are to negotiate a manufacturing services agreement within 60 days of the preliminary services agreement. RC2 also agreed to an expected price per kilogram for taurolidine for any future commercial supply agreement the Company may negotiate with RC2.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Liquidity, Risks and Uncertainties
	The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates, the ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital.
	The financial statements have been prepared in conformity with generally accepted accounting principles which contemplate continuation of the Company as a going concern. As of March 31, 2015, the Company had an accumulated deficit of $81.7 million, had incurred operating losses of $5.5 million for the three months ended March 31, 2015 and $8.9 million for the year ended December 31, 2014.
	To date, the Company has not generated significant commercial revenues.  Based on the current 2015 revenue assumptions for Neutrolin in the approved markets, the current development plans for Neutrolin in both the United States (“U.S.”) and other markets (excluding the expected Phase III clinical trial in the U.S.) and the proceeds received from the exercise of warrants, stock options (see Notes 3 and 6) and capital raised  under the MLV Sales Agreement through April 30, 2015 (See Note 6), management believes that the  existing cash will be sufficient to fund its operations for at least the next twelve months following the balance sheet date.  However, should the Company commence the Phase III clinical trial for Neutrolin in hemodialysis patients in the U.S. in the fourth quarter of 2015, at present there is only sufficient funding to support operations and expected clinical trial expenditures into the first quarter of 2016.
	The Company’s continued operations, including the commencement and completion of its planned Phase III clinical trial for Neutrolin in hemodialysis patients in the U.S. will depend on its ability to generate substantial revenue from the sale of Neutrolin and on its ability raise additional capital through potential sources such as equity and/or debt financings, strategic relationships, or out-licensing of its products, until it achieves profitability, if ever.  However, the Company can provide no assurances on future sales of Neutrolin or that such financing or strategic relationships will be available on acceptable terms, or at all.  If the Company is unable to raise sufficient capital, find strategic partners or generate substantial revenue from the sale of Neutrolin, there would be a material adverse effect on its business. Further, the Company expects to incur increases in its cash used in operations as it continues to commercialize Neutrolin in Europe and other foreign markets, increases its business development activities, incurs additional legal costs to defend its intellectual property and seeks U.S. Food and Drug Administration (“FDA”) approval of Neutrolin in the U.S.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Basis of Consolidation	The consolidated financial statements include the accounts of the Company and CorMedix Europe GmbH, a wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposits and other interest bearing accounts, the balances of which exceed federally insured limits.
Foreign Currency Translation and Transactions	The consolidated financial statements are presented in U.S. Dollars (“USD”), the reporting currency of the Company. For the financial statements of the Company’s foreign subsidiary, whose functional currency is the EURO, foreign currency asset and liability amounts, are translated into USD at end-of-period exchange rates. Foreign currency income and expenses are translated at average exchange rates in effect during the year. Translation gains and losses are included in other comprehensive income (loss).
	The Company has intercompany loans between the parent company based in New Jersey and its German subsidiary. Effective October 1, 2014, the Company assessed and determined that the intercompany loans outstanding are not expected to be repaid in the foreseeable future and the nature of the funding advanced is of a long-term investment nature. As such, beginning October 1, 2014, unrealized foreign exchange movements related to long-term intercompany loans are recognized in other comprehensive income (loss).
	Foreign currency exchange transaction gain (loss) is the result of re-measuring transactions denominated in a currency other than the Company’s functional currency.
Geographic Information	The Company reported revenues of $31,264 and $12,203 for the three months ended March 31, 2014 and 2014, respectively. Of the Company’s first quarter 2015 revenue, $29,058 was attributable to its European and Mideast operations which are based in Germany. All of the Company’s 2014 revenue was attributable to its European operations.  Total assets at March 31, 2015 were $9,751,752, of which $9,003,018 were located in the United States, with the remainder in Germany. Net property and equipment at March 31, 2015 was $47,011, of which $13,523 was located in the United States, with the remainder located in Germany.
Prepaid Expenses	Prepaid expenses consist of payments made in advance to vendors relating to service contracts for clinical trial development, manufacturing, preclinical development and insurance policies. These advanced payments are amortized to expense either as services are performed or over the relevant service period using the straight-line method.
Inventories, net	Inventories are valued at the lower of cost or market on a first in, first out basis. Inventories consist of raw materials (including labeling and packaging), work-in-process, and finished goods, if any, for the Neutrolin product. Inventories consist of the following:
			31-Mar-15		31-Dec-14
	Raw materials	$	293,756	$	293,976
	Work in process		166,807		166,807
	Finished goods		842		2,246
	Total	$	461,405	$	463,029
	The Company has an inventory reserve of $175,000 at March 31, 2015 and December 31, 2014.
Accrued Expenses	Accrued expenses consist of the following:
			31-Mar-15		31-Dec-14
	Professional and consulting fees	$	325,942	$	225,726
	Accrued payroll and payroll taxes	$	130,751	$	13,393
	Market research		70,816		137,345
	Monitoring program fees		119,350		82,861
	Other		35,296		62,200
	Total	$	682,155	$	521,525
Revenue Recognition	The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 101, Revenue Recognition in Financial Statements (“SAB 101”), as amended by SAB No. 104, Revenue Recognition (“SAB 104”) and FASB Accounting Standards Codification (“ASC”) 605, Revenue Recognition (“ASC 605”).This guidance requires that revenue is recognized from product sales when the following four revenue recognition criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed or determinable, and collectability is reasonably assured.The Company recognizes net sales upon shipment of product.
Deferred Revenue	In August 2014, the Company entered into an exclusive distribution agreement (the “Agreement”) with Wonik Corporation, a South Korean company, to market, sell and distribute Neutrolin for hemodialysis and oncolytic patients upon receipt of regulatory approval in Korea. Upon execution of the Agreement, Wonik paid the Company a non-refundable $50,000 payment and will pay an additional $50,000 upon receipt of the product registration necessary to sell Neutrolin in the Republic of Korea (the “Territory”). The term of the agreement commenced on August 8, 2014 and will continue for three years after the first commercial sale of Neutrolin in the Territory. The non-refundable up-front payment has been recorded as deferred revenue and will be recognized as revenue on a straight-line basis over the contractual term of the Agreement.
Loss per common share	Basic loss per common share excludes any potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted netloss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. However, since their effect is anti-dilutive, the Company has excluded potentially dilutive shares. The following potentially dilutive shares have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive.
		Three Months Ended
		31-Mar-15		31-Mar-14
	Series B non-voting convertible preferred stock	-		454,546
	Series C non-voting convertible preferred stock	2,865,000		3,500,000
	Series D non-voting convertible preferred stock	1,479,240		1,148,000
	Series E non-voting convertible preferred stock	1,959,759		1,104,280
	Shares underlying outstanding warrants	6,890,327		11,571,233
	Shares underlying outstanding stock options	4,014,500		3,804,000
	Total	17,208,826		21,582,059
Stock-Based Compensation	The Company accounts for stock options granted to employees, officers and directors according to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 718, “Compensation — Stock Compensation” (“ASC 718”).  Under ASC 718, share-based compensation cost is measured at grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model, and is recognized as expense net of expected forfeitures, over the employee’s requisite service period on a straight-line basis.
	The Company accounts for stock options granted to non-employees on a fair value basis using the Black-Scholes option pricing model in accordance with ASC 718 and ASC 505-50, “Equity-Based Payments to Non-Employees”(“ASC 505”).  The non-cash charge to operations for non-employee options with time based vesting provisions is based upon the change in the fair value of the options and amortized to expense over the related vesting period.
	Stock compensation expense is recognized by applying the expected forfeiture rate during the vesting period to the fair value of the award.  The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, compensation expense may need to be revised.  The Company considers many factors when estimating expected forfeitures for stock awards granted to employees, officers and directors, including types of awards, employee class, and an analysis of historical forfeitures.
Research and Development	Research and development costs are charged to expense as incurred. Research and development includes fees associated with operational consultants, contract clinical research organizations, contract manufacturing organizations, clinical site fees, contract laboratory research organizations, contract central testing laboratories, licensing activities, and allocated executive, human resources and facilities expenses. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial and the invoices received from its external service providers. Costs related to the acquisition of technology rights and patents for which development work is still in process are charged to operations as incurred and considered a component of research and development expense.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of inventories			31-Mar-15		31-Dec-14
	Raw materials	$	293,756	$	293,976
	Work in process		166,807		166,807
	Finished goods		842		2,246
	Total	$	461,405	$	463,029
Schedule of accrued expenses			31-Mar-15		31-Dec-14
	Professional and consulting fees	$	325,942	$	225,726
	Accrued payroll and payroll taxes	$	130,751	$	13,393
	Market research		70,816		137,345
	Monitoring program fees		119,350		82,861
	Other		35,296		62,200
	Total	$	682,155	$	521,525
Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share		Three Months Ended
		31-Mar-15		31-Mar-14
	Series B non-voting convertible preferred stock	-		454,546
	Series C non-voting convertible preferred stock	2,865,000		3,500,000
	Series D non-voting convertible preferred stock	1,479,240		1,148,000
	Series E non-voting convertible preferred stock	1,959,759		1,104,280
	Shares underlying outstanding warrants	6,890,327		11,571,233
	Shares underlying outstanding stock options	4,014,500		3,804,000
	Total	17,208,826		21,582,059

3_Stockholders_Equity_Tables

3. Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Preferred Stock and Warrants		As of March 31, 2015				As of December 31, 2014
		Preferred Shares	Liquidation Preference	Total Liquidation		Preferred Shares	Liquidation Preference	Total Liquidation
		Outstanding	(Per Share)	Preference		Outstanding	(Per Share)	Preference
	Series B	-	-	$               -		454,546	$     0.001	$           455
	Series C-2	150,000	10	1,500,000		150,000	10	1,500,000
	Series C-3	136,500	10	1,365,000		179,000	10	1,790,000
	Series D	73,962	21	1,553,202		73,962	21	1,553,202
	Series E	89,623	49.2	4,409,452		92,440	49.2	4,548,048
	Total	450,085		$8,827,654		949,948		$9,391,705
Summary of Option Activity under Plan and Related Information		Three Months Ended March 31,
		2015		2014
		Shares	WeightedAverage	Shares	WeightedAverage
			ExercisePrice		ExercisePrice
	Outstanding at beginning of period	3,664,500	$       1.25	3,453,630	$       1.06
	Exercised	-50,000	$       2.51	-275,000	$       0.78
	Forfeited	-20,000	-	-	-
	Expired	-	-	-274,630	$3.16
	Granted	420,000	$5.30	900,000	$2.05
	Outstanding at end of period	4,014,500	$1.65	3,804,000	$1.16
	Options exercisable	3,384,000	$1.34	2,765,000	$1.19
	Expected to vest	530,881	$3.31	706,520	$1.08
	Weighted-average fair value of options granted during the period		$3.84		$1.49
Summary of Warrant Activity		Shares		Weighted		Weighted Average Remaining Contractual Life
				Average
				Exercise
				Price
	Outstanding at beginning of period	11,520,762		$       1.99		2.57
	Granted	284,174		$       6.99		4.93
	Expired	-68,160		$       3.44		-
	Exercised	-4,846,449		$       1.72		-
	Outstanding at end of period	6,890,327		$       2.38		2.5
Stock options
Fair value assumptions for Black Sholes		Three Months Ended March 31,
		2015	2014
	Expected Term	5 – 10 years	5 – 9.75 years
	Volatility	94%	96% - 113%
	Dividend yield	0.00%	0.00%
	Risk-free interest rate	1.47% - 2.11%	1.51% - 2.88%
Warrants
Fair value assumptions for Black Sholes	Expected Term	5 years
	Volatility	75.81% - 104.08%
	Dividend yield	0.00%
	Risk-free interest rate	0.01% - 1.61%

5_Commitments_and_Contingencie1

5. Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	2015	$   51,662
	2016	66,236
	2017	60,784
	2018	15,000
	Total	$193,682

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details
Raw materials	$293,756	$293,976
Work in process	166,807	166,807
Finished goods	842	2,246
Total	$461,405	$463,029

2_Summary_of_Significant_Accou4

2. Summary of Significant Accounting Policies (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Professional and consulting fees	$325,942	$225,726
Accrued payroll and payroll taxes	130,751	13,393
Market research	70,816	137,345
Monitoring program fees	119,350	82,861
Other	35,296	62,200
Total	$682,155	$521,525

2_Summary_of_Significant_Accou5

2. Summary of Significant Accounting Policies (Details 2)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Shares	17,208,826	21,582,059
Series B non-voting convertible preferred stock
Antidilutive Shares	0	454,546
Series C non-voting convertible preferred stock
Antidilutive Shares	2,865,000	3,500,000
Series D non-voting convertible preferred stock
Antidilutive Shares	1,479,240	1,148,000
Series E non-voting convertible preferred stock
Antidilutive Shares	1,959,759	1,104,280
Warrants
Antidilutive Shares	6,890,327	11,571,233
Shares underlying outstanding stock options
Antidilutive Shares	4,014,500	3,804,000

2_Summary_of_Significant_Accou6

2. Summary of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accumulated deficit	($81,701,735)		($76,204,066)
Operating losses	5,496,924	2,934,550	8,902,120
Revenues	31,264	12,203
Total assets	9,751,752		5,097,762
Net property and equipment	47,011		41,458
United States [Member]
Total assets	9,003,018
Net property and equipment	$13,523

3_Stockholders_Equity_Details

3. Stockholders' Equity (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred Shares Outstanding	450,085	949,948
Total liquidation preference	$8,827,654	$9,391,705
Series B
Preferred Shares Outstanding	0	454,546
Liquidation Preference (Per Share)	$0	$0.00
Total liquidation preference	0	455
Series C-2
Preferred Shares Outstanding	150,000	150,000
Liquidation Preference (Per Share)	$10	$10
Total liquidation preference	1,500,000	1,500,000
Series C-3
Preferred Shares Outstanding	136,500	179,000
Liquidation Preference (Per Share)	$10	$10
Total liquidation preference	1,365,000	1,790,000
Series D non-voting convertible preferred stock
Preferred Shares Outstanding	73,962	73,962
Liquidation Preference (Per Share)	$21	$21
Total liquidation preference	1,553,202	1,533,202
Series E non-voting convertible preferred stock
Preferred Shares Outstanding	89,623	92,440
Liquidation Preference (Per Share)	$49.20	$49.20
Total liquidation preference	$4,409,452	$4,548,048

3_Stockholders_Equity_Details_

3. Stockholders' Equity (Details 1) (Stock options)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Volatility	94.00%
Volatility, minimum		96.00%
Volatility, maximum		113.00%
Dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.47%	1.51%
Risk-free interest rate, maximum	2.11%	2.88%
Minimum
Expected Term	5 years	5 years
Maximum
Expected Term	10 years	9 years 9 months

3_Stockholders_Equity_Details_1

3. Stockholders' Equity (Details 2) (Stock options, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock options
Number of Options
Outstanding at beginning of period	3,664,500	3,453,630
Number of Options Exercised	-50,000	-275,000
Number of Options Forfeited	-20,000	0
Number of Options Expired	0	-274,630
Number of Options Granted	420,000	900,000
Outstanding at end of period	4,014,500	3,804,000
Options exercisable	3,384,000	2,765,000
Expected to vest	530,881	706,520
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$1.25	$1.06
Weighted Average Exercise Price Exercised	$2.51	$0.78
Weighted Average Exercise Price Forfeited	$0	$0
Weighted Average Exercise Price Expired	$0	$3.16
Weighted Average Exercise Price Granted	$5.30	$2.05
Weighted Average Exercise Price Outstanding, Ending	$1.65	$1.16
Weighted Average Exercise Price Exercisable	$1.34	$1.19
Weighted Average Exercise Price expected to vest	$3.31	$1.08
Weighted-average fair value of options granted during the period	$3.84	$1.49

3_Stockholders_Equity_Details_2

3. Stockholders' Equity (Details 3) (Warrants)	3 Months Ended
	Mar. 31, 2015
Warrants
Expected Term	5 years
Volatility, minimum	75.81%
Volatility, maximum	104.08%
Dividend yield	0.00%
Risk-free interest rate, minimum	0.01%
Risk-free interest rate, maximum	1.61%

3_Stockholders_Equity_Details_3

3. Stockholders' Equity (Details 4) (Warrants, USD $)	3 Months Ended
	Mar. 31, 2015
Warrants
Outstanding at beginning of period	11,520,762
Number of Warrants Granted	284,174
Number of Warrants Expired	-68,160
Number of Warrants Exercised	-4,846,449
Outstanding at end of period	6,890,327
Weighted Average Exercise Price Outstanding, Beginning	$1.99
Weighted Average Exercise Price Granted	$6.99
Weighted Average Exercise Price Expired	$3.44
Weighted Average Exercise Price Exercised	$1.72
Weighted Average Exercise Price Outstanding, Ending	$2.38
Weighted Average Remaining Contractual Life (in years) Outstanding, Beginning	2 years 6 months 26 days
Weighted Average Remaining Contractual Life (in years) warrants granted	4 years 11 months 5 days
Weighted Average Remaining Contractual Life (in years) Outstanding, Ending	2 years 6 months

5_Commitments_and_Contingencie2

5. Commitments and Contingencies (Details) (USD $)	Mar. 31, 2015
Commitments And Contingencies Details
2015	$51,662
2016	66,236
2017	60,784
2018	15,000
Total	$193,682