Revenue Performance - Cumberland Pharmaceuticals reported net revenues of $8 million for Talicia in 2024, following a joint commercialization agreement with RedHill Biopharma[98]. - Net revenues for Q3 2025 were $8.3 million, a decrease of 8.7% from $9.1 million in Q3 2024[119]. - Kristalose revenue dropped to $1.2 million in Q3 2025 from $3.6 million in Q3 2024, primarily due to lower sales volume and increased generic substitution[120]. - Vibativ revenue increased to $2.6 million in Q3 2025 from $1.0 million in Q3 2024, attributed to higher sales volumes[123]. - Sancuso revenue rose to $3.2 million in Q3 2025, up from $2.6 million in Q3 2024, reflecting increased shipments and lower sales deductions[124]. - Net revenues for the nine months ended September 30, 2025, were $30.8 million, an increase of $3.4 million (12.4%) compared to $27.4 million in the same period of 2024[133]. - Kristalose revenue decreased to $7.4 million from $10.9 million, a decline of $3.5 million (32.2%), primarily due to lower sales volume and increased generic substitution[134]. - Sancuso revenue increased to $8.6 million, up $1.99 million (30.1%) from $6.6 million, driven by increased shipments and lower sales deductions[136]. - Vibativ revenue rose to $6.7 million, an increase of $1.59 million (31.3%) compared to $5.1 million, attributed to higher sales volumes[137]. Expenses and Financial Management - Total costs and expenses decreased to $10.3 million in Q3 2025 from $10.8 million in Q3 2024, resulting in an operating loss of $2.0 million[119]. - Research and development expenses for Q3 2025 were $1.3 million, slightly down from $1.3 million in Q3 2024[126]. - General and administrative expenses decreased to $2.6 million in Q3 2025 from $2.7 million in Q3 2024, due to lower corporate life insurance expenses[127]. - Research and development expenses increased to $4.0 million, up $0.5 million (14.1%) from $3.5 million, reflecting ongoing clinical initiatives[141]. - General and administrative expenses slightly increased to $7.9 million from $7.8 million, primarily due to higher salary expenses[142]. - The company reported an operating loss of $1.4 million, an improvement of $3.17 million (69.0%) compared to a loss of $4.6 million in the prior year[132]. - Cash provided by operating activities totaled $4.9 million, a significant turnaround from a cash used of $2.5 million in the same period last year[150]. Strategic Initiatives - The company is pursuing a growth strategy that includes acquiring additional marketed brands and late-stage development products to enhance its portfolio[95]. - The company is focused on capitalizing on growth opportunities from approved brands, international partnerships, and potential acquisitions[114]. - Cumberland has secured pediatric approval for Acetadote and Caldolor, expanding their labeling to include newborns and pre-surgery dosing[97]. - The company aims to leverage its commercial infrastructure through co-promotion partnerships to drive prescription volume and product sales[97]. - Cumberland's partnership with RedHill for Talicia includes a $4 million investment over two years, with Cumberland retaining 30% ownership in the new joint venture[98]. - The company has established international partnerships to expand the availability of its products, including the launch of Vibativ in Saudi Arabia and regulatory approval for ibuprofen injection in Mexico[101]. - Cumberland's ifetroban clinical trial for Duchenne muscular dystrophy (DMD) showed a 3.3% overall improvement in left ventricular ejection fraction (LVEF) with high-dose treatment[110]. - The company is actively developing a pipeline of new product candidates, including ongoing Phase II clinical programs for ifetroban in systemic sclerosis and idiopathic pulmonary fibrosis[108]. Financial Position and Liquidity - As of September 30, 2025, the company held approximately $52.6 million in federal net operating loss carryforwards, expected to offset future income tax obligations[145]. - The company had a working capital of $5.6 million as of September 30, 2025, compared to $4.8 million at the end of 2024, indicating improved liquidity[149]. - The Company entered into a new Revolving Credit Loan Agreement with Pinnacle Bank for up to $25 million, with an initial line of credit of $20 million and a three-year term expiring on October 1, 2026[153]. - The interest rate for the revolving credit facility is based on Term SOFR plus 2.75%, with the applicable interest rate at 7.0% as of September 30, 2025[158]. - As of September 30, 2025, the Company had $5.2 million in borrowings outstanding under the revolving credit facility[158]. - The Company does not engage in off-balance sheet arrangements during the nine months ended September 30, 2025 and 2024[155]. - The Company believes its interest rate risk related to cash and cash equivalents is not material, with minimal exposure to significant downside risk[157]. - Foreign currency exchange gains and losses were immaterial for the nine months ended September 30, 2025 and 2024, with a maximum exposure of 90 days based on invoice terms[159]. - The Company does not utilize financial instruments to hedge exposure to foreign currency fluctuations, believing the exposure is minimal[159]. - The interest rate risk related to borrowings under the line of credit has a minimum Term SOFR of 0.90%[158]. - The Company has an alternative financial covenant that allows for a maximum revolver amount based on cash balances and eligible accounts receivable[154]. - The Company aims to preserve principal while maximizing interest income through low-risk investments[156]. Management and Governance - Cumberland's management team consists of industry veterans with expertise in various areas, including business development and regulatory affairs[92]. - The company emphasizes financial discipline, aiming to maintain favorable gross margins and a strong balance sheet while managing expenses in line with revenues[97].

Financial Data and Key Metrics Changes - For Q3 2025, net revenue from continuing operations was $8.3 million, with year-to-date revenues totaling $30.9 million, reflecting a 12% growth compared to the same period last year [10][23] - The adjusted loss for Q3 was $0.8 million, or $0.06 per share, while year-to-date adjusted earnings were $1.9 million, or $0.13 per share [10][23] - Cash flow from operations increased to nearly $5 million through September 2025 [10][23] Business Line Data and Key Metrics Changes - Revenue breakdown for Q3 2025 included $1.2 million for Kristalose, $3.2 million for Sancuso, $2.6 million for Vibativ, and $0.9 million for Caldolor [23] - Year-to-date product revenues were $7.4 million for Kristalose, $8.6 million for Sancuso, $6.7 million for Vibativ, and $3.8 million for Caldolor [23] Market Data and Key Metrics Changes - The company launched Vibativ in Saudi Arabia and received regulatory approval for ibuprofen injection in Mexico, expanding its international presence [8][9] - Vibativ was added to a national purchasing agreement with Premier Inc., enhancing its market accessibility [15] Company Strategy and Development Direction - The company entered a joint commercialization agreement with RedHill Biopharma for Talicia, a treatment for H. pylori infections, which is expected to contribute significantly to revenue [5][6] - The company is focused on expanding its portfolio of FDA-approved brands and enhancing its clinical pipeline, particularly with the Ifetroban product candidate [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, highlighting the addition of new products and the expected momentum across approved brands [28] - The company anticipates increased international contributions and further progress in its clinical pipeline [28] Other Important Information - The company reported total assets of $66 million, including $15 million in cash, and total liabilities of $40 million at the end of Q3 [11][25] - The company continues to hold over $53 million in tax net operating loss carryforwards [26] Q&A Session Summary - There were no questions during the Q&A session, and management encouraged shareholders to reach out for private discussions if desired [31][32]

Financial Performance - Year-to-date revenues for Cumberland Pharmaceuticals in 2025 totaled $30.8 million, representing a 12% increase compared to the first nine months of 2024[2] - For Q3 2025, net revenues were $8.3 million, including $1.2 million from Kristalose, $3.2 million from Sancuso, $2.6 million from Vibativ, and $0.9 million from Caldolor[17] - The company reported a year-to-date net loss of approximately $1.4 million and a Q3 net loss of approximately $1.9 million[18] - Net revenues for Q3 2025 were $8.29 million, a decrease of 8.7% compared to $9.09 million in Q3 2024[39] - The net loss attributable to common shareholders for Q3 2025 was $1.94 million, compared to a loss of $1.54 million in Q3 2024, reflecting an increase in losses of 25.7%[39] - For the nine months ended September 30, 2025, the net loss attributable to common shareholders was $1,424,436, or $0.09 per share, compared to a net loss of $4,575,956, or $0.32 per share for the same period in 2024[45] - Adjusted diluted earnings for the nine months ended September 30, 2025, were $1,918,675, or $0.13 per share, compared to an adjusted loss of $720,032, or $0.05 per share for the same period in 2024[45] Assets and Liabilities - Cumberland ended Q3 2025 with approximately $66 million in total assets, $40 million in liabilities, and $26 million in shareholders' equity[3] - Total assets decreased to $65.90 million as of September 30, 2025, down from $75.58 million at the end of 2024, representing a decline of 13.0%[37] - Total liabilities decreased to $40.10 million as of September 30, 2025, down from $53.04 million at the end of 2024, a reduction of 24.4%[37] - Cash and cash equivalents at the end of Q3 2025 were $15.20 million, down from $17.96 million at the beginning of the period, indicating a decrease of 15.5%[41] Clinical Developments - The Phase II FIGHT DMD trial for ifetroban showed a 5.4% improvement in cardiac function in patients with Duchenne muscular dystrophy[13] - Cumberland has ongoing clinical studies for ifetroban in patients with Systemic Sclerosis and Idiopathic Pulmonary Fibrosis[15][16] Partnerships and Product Launches - Cumberland announced a partnership with RedHill Biopharma to jointly commercialize Talicia, with Cumberland investing $4 million for a 30% ownership stake in the new company, Talicia Holdings, Inc.[5] - Vibativ was launched in Saudi Arabia through an agreement with Tabuk Pharmaceutical Manufacturing Company, which has exclusive distribution rights in Saudi Arabia and Jordan[8] - Cumberland's ibuprofen injection product received regulatory approval in Mexico, with PiSA Farmaceutica responsible for its registration and commercialization[8] Financial Adjustments and Management Insights - The adjusted loss for Q3 2025 was $0.8 million, or $0.06 per share, while adjusted earnings for the first nine months were $1.9 million, or $0.13 per diluted share[18] - Management emphasizes the importance of adjusted financial measures as they provide insight into the company's operating performance excluding non-core items[48] - The company utilizes net operating loss carryforwards to minimize income tax expenses, reflecting a strategic approach to financial management[48] - Adjusted earnings are defined as net income (loss) adjusted for income taxes, depreciation, amortization, share-based compensation, interest income, and interest expense[49] - The company believes that presenting supplemental financial measures offers greater transparency and consistency in evaluating operating performance across reporting periods[48] - Management encourages investors to review the complete consolidated financial statements for a comprehensive understanding of the company's financial position[47]

Core Insights - Cumberland Pharmaceuticals Inc. reported combined net revenues of $8.3 million for Q3 2025, with year-to-date revenues reaching $30.8 million, a 12% increase compared to the same period in 2024 [1][17][18] Financial Performance - Total operating expenses for Q3 2025 were $10.3 million, leading to a net loss of approximately $1.9 million for the quarter and a year-to-date net loss of about $1.4 million [18][19] - The company ended Q3 2025 with total assets of approximately $66 million, liabilities of $40 million, and shareholders' equity of $26 million [2][19] Product Portfolio and Developments - Cumberland added Talicia, an FDA-approved product for treating H. pylori infection, to its commercial portfolio through a partnership with RedHill Biopharma [4][5] - The company has formed Talicia Holdings, Inc., with RedHill holding a 70% ownership stake, while Cumberland invests $4 million over two years for a 30% stake [5][6] - Talicia is now recommended as a first-line therapy in clinical guidelines and is patent protected until 2042 [7] International Expansion - Cumberland launched Vibativ in Saudi Arabia through an agreement with Tabuk Pharmaceutical, which has exclusive distribution rights in Saudi Arabia and Jordan [8][9] - The company also received regulatory approval for its ibuprofen injection product in Mexico and Vibativ in China [9] Clinical Trials and Research - Cumberland's ifetroban product candidate showed a 5.4% improvement in cardiac function in a Phase II trial for Duchenne muscular dystrophy [13][14] - The company is also conducting Phase II trials for ifetroban in systemic sclerosis and idiopathic pulmonary fibrosis [15][16]

Core Viewpoint - Cumberland Pharmaceuticals Inc. is set to release its third quarter 2025 financial results and provide a company update on November 4, 2025, after market close [1] Company Overview - Cumberland Pharmaceuticals is a specialty pharmaceutical company focused on developing, acquiring, and commercializing products for hospital acute care, gastroenterology, and oncology market segments [3][4] - The company has a portfolio of FDA-approved brands including Acetadote, Caldolor, Kristalose, Sancuso, Vaprisol, and Vibativ, which address various medical needs such as acetaminophen poisoning, pain and fever, constipation, chemotherapy-induced nausea, hyponatremia, and serious bacterial infections [5] Clinical Programs - The company is currently conducting Phase II clinical programs to evaluate its ifetroban product candidate for conditions such as Systemic Sclerosis, cardiomyopathy associated with Duchenne Muscular Dystrophy, and Idiopathic Pulmonary Fibrosis [4]

Core Insights - Cumberland Pharmaceuticals Inc. has announced a strategic partnership with RedHill Biopharma Ltd. to jointly commercialize Talicia, an FDA-approved therapy for Helicobacter pylori infection, which is a significant risk factor for gastric cancer [1][2][3] Company Overview - Cumberland Pharmaceuticals is a specialty pharmaceutical company focused on improving patient care through high-quality products, with a portfolio that includes various FDA-approved brands [7] - RedHill Biopharma is a specialty biopharmaceutical company primarily focused on the development and commercialization of drugs for gastrointestinal diseases, infectious diseases, and oncology [9] Partnership Details - The agreement involves forming a new jointly owned company where RedHill will contribute all Talicia assets, including international licenses and revenues, while Cumberland will invest $4 million and manage distribution and sales [2][4] - Talicia generated net revenues of $8 million in 2024, and both companies will share these revenues equally while collaborating on operational aspects such as sales, marketing, and supply chain [2][4] Product Information - Talicia is a unique all-in-one oral capsule combining omeprazole, amoxicillin, and rifabutin, with a high eradication rate of over 90%, simplicity of use, and low resistance [3][6] - The product is recognized as a first-line treatment option in the updated American College of Gastroenterology guidelines for H. pylori infections [3] Market Position - Talicia is patent-protected until 2042 and has received eight years of U.S. market exclusivity under the Qualified Infectious Disease Product (QIDP) designation [4][6] - The product has broad U.S. insurance coverage, with 70% of American lives covered by commercial plans and 60% by government plans, and is available at 1,700 CVS pharmacies [5]

Core Insights - Cumberland Pharmaceuticals Inc. has added its antibiotic Vibativ (telavancin) to a national group purchasing agreement with Premier, Inc., effective October 1, 2025, allowing Premier members to access special pricing and terms for the product [1][4] Group 1: Product Details - Vibativ is a once-daily, dual mechanism antibiotic effective against serious Gram-positive bacterial infections, including hospital-acquired and ventilator-associated bacterial pneumonia (HABP/VABP) and complicated skin and skin structure infections (cSSSI) [4][8] - The product is available in two packaging options: a standard 12-vial carton for high patient volume institutions and a new 4-vial Starter Pak designed for cost-effective therapy initiation and inventory management [2][4] Group 2: Market Context - Premier, a leading healthcare improvement company, unites approximately 4,350 U.S. hospitals and 325,000 other providers, enabling better care and outcomes at lower costs through integrated data and analytics, supply chain solutions, and consulting services [3] - The addition of Vibativ to Premier's offerings enhances access for healthcare providers, supporting both inpatient and outpatient settings [2][4] Group 3: Efficacy and Resistance - Vibativ was specifically designed to combat drug-resistant bacteria, with modifications that enhance its ability to penetrate bacterial cell walls and tissues, making it effective against infections that are difficult to treat [6][10] - Studies indicate that Vibativ maintains its potency against multidrug-resistant bacteria, demonstrating higher cure rates compared to vancomycin in treating HABP/VABP [7][10][11]

Core Viewpoint - Cumberland Pharmaceuticals has received regulatory approval for its injectable ibuprofen product in Mexico, highlighting the increasing demand for effective non-opioid pain management solutions [1][3]. Company Overview - Cumberland Pharmaceuticals Inc. is a specialty pharmaceutical company based in Tennessee, focused on developing and commercializing unique products for hospital acute care, gastroenterology, and oncology markets [5]. Product Details - The newly approved injectable ibuprofen is designed for intravenous delivery to manage pain and reduce fever in hospital and surgical settings, significantly reducing post-operative pain and the need for opioid medications [3][4]. - The product will be available in 800 mg vials, making it suitable for various clinical applications in Mexican healthcare facilities [4]. Partnership and Market Strategy - Cumberland has partnered with PiSA Farmaceutica, which holds exclusive supply and distribution rights for the ibuprofen product in Mexico. PiSA will lead the regulatory process and product launch [2][4]. - This collaboration aims to address the global challenges of opioid misuse by supporting multimodal, opioid-sparing pain management strategies [4].

Core Viewpoint - The launch of Cumberland's Vibativ (telavancin) injection in Saudi Arabia represents a significant advancement in the treatment of serious infections, particularly those caused by multidrug-resistant bacteria, addressing a critical need in the region [2][4][6]. Company Overview - Tabuk Pharmaceutical Manufacturing Company, a subsidiary of Astra Industrial Group, is a leading pharmaceutical company in the Middle East, responsible for the registration and promotion of Vibativ in Saudi Arabia and other Middle Eastern countries [2][11]. - Cumberland Pharmaceuticals Inc. is a biopharmaceutical company based in Tennessee, focused on developing and commercializing unique products for hospital acute care, gastroenterology, and oncology [12]. Product Details - Vibativ is an FDA-approved injectable antibiotic designed to treat hospital-acquired and ventilator-associated pneumonia, as well as complicated skin infections caused by Gram-positive bacteria, including MRSA and MSSA [3][9]. - The drug is administered intravenously with once-daily dosing and does not require therapeutic drug monitoring, which reduces healthcare professionals' exposure to patients [3][4]. - Vibativ was specifically engineered to combat drug-resistant bacteria, enhancing its efficacy against difficult-to-treat infections [5][6]. Market Context - The global rise in antimicrobial resistance (AMR) poses a significant threat to public health, making Vibativ a crucial addition to the anti-infective portfolio in the Middle East [4][5]. - Studies indicate that Vibativ maintains its potency against multidrug-resistant bacteria, demonstrating higher cure rates compared to vancomycin in treating Gram-positive infections [9][10]. Strategic Importance - The partnership between Tabuk and Cumberland aims to expand the reach of Vibativ, ensuring that it is accessible to patients in Saudi Arabia, thereby addressing urgent healthcare needs in the region [6][11].

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's analysis of financial condition [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements and their accompanying notes, detailing the company's financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position at June 30, 2025, and December 31, 2024 | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :-------------------------- | :-------------- | :---------------- | :--------- | | Cash and cash equivalents | $16,087,281 | $17,964,184 | -10.45% | | Total current assets | $31,205,329 | $36,452,158 | -14.39% | | Total assets | $67,907,149 | $75,583,410 | -10.16% | | Total current liabilities | $23,972,140 | $31,621,729 | -24.20% | | Total liabilities | $40,228,222 | $53,037,433 | -24.15% | | Total shareholders' equity | $27,989,795 | $22,853,494 | +22.40% | | Total equity | $27,678,927 | $22,545,977 | +22.77% | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the company's financial performance for the three and six months ended June 30, 2025 and 2024 Three Months Ended June 30 (YoY Comparison) | Metric | 2025 | 2024 | Change (%) | | :----- | :------------ | :------------ | :--------- | | Net revenues | $10,837,363 | $9,848,849 | +10.03% | | Total costs and expenses | $11,584,841 | $10,875,537 | +6.52% | | Operating income (loss) | $(747,478) | $(1,026,688) | +27.21% | | Net income (loss) | $(735,207) | $(1,102,637) | +33.32% | | Basic EPS | $(0.05) | $(0.08) | +37.50% | Six Months Ended June 30 (YoY Comparison) | Metric | 2025 | 2024 | Change (%) | | :----- | :------------ | :------------ | :--------- | | Net revenues | $22,550,418 | $18,346,550 | +22.91% | | Total costs and expenses | $22,005,949 | $21,242,488 | +3.59% | | Operating income (loss) | $544,469 | $(2,895,938) | +118.80% |\ | Net income (loss) | $512,977 | $(3,005,109) | +117.07% | | Basic EPS | $0.03 | $(0.21) | +114.29% | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section outlines the company's cash inflows and outflows from operating, investing, and financing activities Six Months Ended June 30 (YoY Comparison) | Cash Flow Activity | 2025 | 2024 | Change ($) | | :----------------- | :------------ | :------------ | :--------- | | Operating activities | $4,742,318 | $(2,992,307) | +$7,734,625 |\ | Investing activities | $(942,322) | $(104,990) | -$837,332 |\ | Financing activities | $(5,676,899) | $2,112,119 | -$7,789,018 |\ | Net decrease in cash and cash equivalents | $(1,876,903) | $(985,178) | -$891,725 | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) This section presents changes in shareholders' equity for the six months ended June 30, 2025 Equity Changes (December 31, 2024 to June 30, 2025) | Metric | December 31, 2024 | June 30, 2025 | Change ($) | | :-------------------------- | :---------------- | :------------ | :--------- | | Common stock (Amount) | $46,821,425 | $51,441,398 | +$4,619,973 |\ | Accumulated deficit | $(23,967,931) | $(23,451,603) | +$516,328 |\ | Noncontrolling interests | $(307,517) | $(310,868) | -$3,351 |\ | Total equity | $22,545,977 | $27,678,927 | +$5,132,950 | - Share issuances contributed **$4,715,950** to common stock during the six months ended March 31, 2025, while share repurchases reduced common stock by **$243,704** in the same period and **$7,170** in the subsequent quarter. Share-based compensation added **$74,212** and **$80,685** respectively[16](index=16&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [(1) Organization and Basis of Presentation](index=8&type=section&id=%281%29%20ORGANIZATION%20AND%20BASIS%20OF%20PRESENTATION) This note describes the company's business, operating segment, and the basis for preparing its interim financial statements - Cumberland Pharmaceuticals Inc. is a specialty pharmaceutical company focused on branded prescription pharmaceuticals for hospital acute care, gastroenterology, and oncology markets[19](index=19&type=chunk)[20](index=20&type=chunk) - The company operates as a single operating segment, with substantially all assets and revenues attributable to U.S. customers[28](index=28&type=chunk) - Recent accounting guidance ASU 2023-07 (Segment Reporting) had no material impact due to the company's single segment. ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation) are effective in 2025 and 2026/2027 respectively, and their impact is currently being assessed[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - The company applies Current Expected Credit Losses (CECL) to financial instruments, primarily trade and notes receivables, pooling assets based on similar risk characteristics. Historically, there have been virtually no write-downs of receivables due to reliable payments from large pharmaceutical, healthcare, or government customers[29](index=29&type=chunk)[31](index=31&type=chunk) [(2) Earnings (Loss) Per Share](index=11&type=section&id=%282%29%20EARNINGS%20%28LOSS%29%20PER%20SHARE) This note reconciles the numerator and denominator for basic and diluted earnings per share calculations EPS Reconciliation (Three Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------------- | :------------ | :------------ | | Net loss attributable to common shareholders | $(740,740) | $(1,085,612) | | Weighted-average shares outstanding – basic | 14,960,596 | 14,118,091 | | Weighted-average shares outstanding – diluted | 14,960,596 | 14,118,091 | EPS Reconciliation (Six Months Ended June 30) | Metric | 2025 | 2024 | | :----------------------------------- | :------------ | :------------ | | Net income (loss) attributable to common shareholders | $516,328 | $(3,031,875) | | Weighted-average shares outstanding – basic | 14,951,609 | 14,107,852 | | Dilutive effect of other securities | 322,525 | — | | Weighted-average shares outstanding – diluted | 15,274,134 | 14,107,852 | - As of June 30, 2025, **753,089** restricted stock awards and options were outstanding but excluded from diluted EPS calculation due to their antidilutive effect, except for the six months ended June 30, 2025, where a dilutive effect of **322,525** shares was recognized[33](index=33&type=chunk) [(3) Revenues](index=12&type=section&id=%283%29%20REVENUES) This note details the company's net revenues by product and other sources for the reported periods Net Revenues by Product (Three Months Ended June 30) | Product | 2025 | 2024 | Change ($) | Change (%) | | :-------- | :------------ | :------------ | :------------ | :--------- | | Kristalose | $2,754,299 | $4,107,834 | $(1,353,535) | -32.95% | | Sancuso | $3,119,110 | $2,188,776 | $930,334 | +42.49% | | Vibativ | $2,701,854 | $2,454,481 | $247,373 | +10.08% | | Caldolor | $1,588,293 | $844,248 | $744,045 | +88.13% | | Acetadote | $193,546 | $43,396 | $150,150 | +346.00% | | Vaprisol | $(14,621) | $(1,581) | $(13,040) | -824.79% | | Other revenue | $492,390 | $213,792 | $278,598 | +130.31% | | **Total Net Revenues** | **$10,837,363** | **$9,848,849** | **$988,514** | **+10.03%** | Net Revenues by Product (Six Months Ended June 30) | Product | 2025 | 2024 | Change ($) | Change (%) | | :-------- | :------------ | :------------ | :------------ | :--------- | | Kristalose | $6,238,609 | $7,303,444 | $(1,064,835) | -14.58% | | Sancuso | $5,375,405 | $4,016,544 | $1,358,861 | +33.83% | | Vibativ | $4,079,920 | $4,059,970 | $19,950 | +0.49% | | Caldolor | $2,895,733 | $2,314,947 | $580,786 | +25.09% | | Acetadote | $345,195 | $123,599 | $221,596 | +179.29% | | Vaprisol | $(15,221) | $7,081 | $(22,302) | -314.95% | | Other revenue | $3,634,019 | $489,121 | $3,144,898 | +642.96% | | **Total Net Revenues** | **$22,550,418** | **$18,346,550** | **$4,203,868** | **+22.91%** | - Other revenues for the six months ended June 30, 2025, included a **$3.0 million** milestone payment for Vibativ's approval in the Chinese market and **$0.2 million** in development funding for a new product[41](index=41&type=chunk)[42](index=42&type=chunk) - Omeclamox-Pak sales were discontinued in late 2023 due to packaging issues, and Vaprisol sales were impacted by a manufacturing transition awaiting FDA approval[35](index=35&type=chunk)[36](index=36&type=chunk) [(4) Inventories](index=14&type=section&id=%284%29%20INVENTORIES) This note provides a breakdown of inventory composition and valuation, including current and non-current classifications Inventory Composition | Inventory Type | June 30, 2025 | December 31, 2024 | | :----------------------- | :-------------- | :---------------- | | Raw materials and work in process | $10,376,276 | $11,982,045 | | Consigned inventory | $114,045 | $126,090 | | Finished goods | $2,258,673 | $2,897,359 | | **Total inventories** | **$12,748,994** | **$15,005,494** | | Less non-current inventories | $(9,526,122) | $(11,005,499) | | **Total inventories classified as current** | **$3,222,872** | **$3,999,995** | Non-Current Inventories by Product | Product Raw Materials/Finished Goods | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Vibativ Raw Materials | $4,981,627 | $6,180,347 | | Kristalose Raw Materials | $2,576,128 | $2,672,720 | | Vaprisol Raw Materials | $1,172,849 | $1,172,849 | | Sancuso Raw Materials | $326,124 | $458,684 | | Caldolor Raw Materials | $13,971 | — | | Acetadote Raw Materials | — | $23,915 | | Ifetroban Raw Materials | $65,270 | $166,923 | | Vibativ Finished Goods | $157,645 | $183,057 | | Caldolor Finished Goods | $162,886 | $77,382 | | Omeclamox | $69,622 | $69,622 | | **Total non-current inventories** | **$9,526,122** | **$11,005,499** | - The company continually evaluates inventory for obsolescence, with no cumulative net realizable value charges necessary at June 30, 2025, or December 31, 2024[44](index=44&type=chunk) [(5) Leases](index=15&type=section&id=%285%29%20LEASES) This note details the company's operating lease arrangements, including right-of-use assets and lease liabilities Lease Assets and Liabilities | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Operating lease right-of-use assets | $7,125,408 | $6,176,923 | | Operating lease current liabilities | $386,077 | $356,508 | | Operating lease non-current liabilities | $4,714,183 | $4,939,739 | | **Total lease liabilities** | **$5,100,260** | **$5,296,247** | - The weighted-average remaining lease term for the Broadwest and Gateway Leases is **9.2 years** at June 30, 2025, with a weighted-average incremental borrowing rate of **9.37%**[52](index=52&type=chunk) Rent Expense and Sublease Income (Three and Six Months Ended June 30) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--------- | :------------ | :------------ | :------------ | :------------ | | Rent expense | $363,583 | $344,418 | $718,335 | $699,482 | | Sublease income | $162,797 | $123,230 | $321,426 | $287,913 | [(6) Shareholders' Equity and Debt](index=18&type=section&id=%286%29%20SHAREHOLDERS%27%20EQUITY%20AND%20DEBT) This note outlines changes in shareholders' equity, share repurchase programs, and debt obligations - The company has a **$10 million** share repurchase program, with approximately **$2.2 million** available as of June 30, 2025. During the six months ended June 30, 2025, **55,637** shares were repurchased for **$0.3 million**[55](index=55&type=chunk) - In February 2025, the company issued **1,000,000** shares through an ATM offering for **$5.5 million**, and subsequently increased the maximum gross sales price under the ATM program to **$10 million**[57](index=57&type=chunk) - Share-based compensation expense was **$0.2 million** for both the six months ended June 30, 2025 and 2024[59](index=59&type=chunk) - As of June 30, 2025, the company had **$5.2 million** in borrowings outstanding under its **$25 million** revolving credit facility with Pinnacle Bank, at an interest rate of **7.125%**[60](index=60&type=chunk)[62](index=62&type=chunk) [(7) Income Taxes](index=19&type=section&id=%287%29%20INCOME%20TAXES) This note discusses the company's net operating loss carryforwards and the impact of recent tax legislation - As of June 30, 2025, the company has approximately **$51.9 million** in federal net operating loss carryforwards, including **$44.1 million** from nonqualified stock options, which are expected to minimize future income tax obligations[64](index=64&type=chunk) - The recently enacted One Big Beautiful Bill Act (OBBBA) in the U.S. includes significant tax provisions, and the company is currently assessing its impact on financial statements[65](index=65&type=chunk) [(8) Collaborative Agreements](index=19&type=section&id=%288%29%20COLLABORATIVE%20AGREEMENTS) This note describes the company's collaborative arrangements and their accounting treatment - Collaborative agreements with research institutions are primarily funded by SBIR/STTR programs and grants[66](index=66&type=chunk) - Most collaborative agreements do not meet ASC Topic 808 criteria, with expenses included in R&D and grant funding in net revenues[66](index=66&type=chunk) [(9) Commitments and Contingencies](index=19&type=section&id=%289%29%20COMMITMENTS%20AND%20CONTINGENCIES) This note addresses the company's involvement in litigation and its expected financial impact - The company is involved in normal course litigation but does not expect a material adverse effect on its business or financial condition[67](index=67&type=chunk) [(10) Product Acquisitions and Return of Product Rights](index=20&type=section&id=%2810%29%20PRODUCT%20ACQUISITIONS%20AND%20RETURN%20OF%20PRODUCT%20RIGHTS) This note details the accounting for product acquisitions and the return of product rights, including contingent consideration - Vibativ was acquired in November 2018, including global rights, for an upfront payment of **$20 million** and a **$5 million** milestone payment, with ongoing royalties up to **20%** of net sales[68](index=68&type=chunk)[69](index=69&type=chunk) Vibativ Contingent Consideration Liability | Metric | Amount ($) | | :---------------------------------------------------- | :--------- | | Balance at December 31, 2024 | 3,242,999 | | Cash payment of royalty during the period | (273,028) | | Change in fair value of contingent consideration included in operating expenses | 201,431 | | Contingent consideration earned and accrued in operating expenses | 230,484 | | **Balance at June 30, 2025** | **3,401,886** | - Sancuso U.S. rights were acquired in January 2022 for a **$13.5 million** upfront payment and up to **$3.5 million** in milestone payments, with ongoing royalties up to **10%** of net sales[73](index=73&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk) Sancuso Contingent Consideration Liability | Metric | Amount ($) | | :---------------------------------------------------- | :--------- | | Balance at December 31, 2024 | 1,516,000 | | Cash payment of milestones and royalty during the period | (381,729) | | Change in fair value of contingent consideration included in operating expenses | (117,853) | | Contingent consideration earned and accrued in operating expenses | 289,582 | | **Balance at June 30, 2025** | **1,306,000** | - The company returned all U.S. rights to RediTrex to Nordic Group B.V. effective June 30, 2023, and will receive a long-term royalty on future sales[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, results of operations, and future outlook [Disclosure regarding forward-looking statements](index=22&type=section&id=Disclosure%20regarding%20forward-looking%20statements) This section cautions that the discussion contains forward-looking statements subject to inherent risks and uncertainties - The discussion contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially. The company does not undertake to publicly update or revise these statements[82](index=82&type=chunk) [Overview of Business](index=23&type=section&id=OVERVIEW) This section provides a general description of the company's specialty pharmaceutical business and product portfolio - Cumberland Pharmaceuticals Inc. is a specialty pharmaceutical company focused on acquiring, developing, and commercializing branded prescription pharmaceuticals, targeting hospital acute care, gastroenterology, and oncology[84](index=84&type=chunk)[85](index=85&type=chunk) - The company's portfolio includes six FDA-approved commercial brands: Acetadote, Caldolor, Kristalose, Sancuso, Vaprisol, and Vibativ[90](index=90&type=chunk) - Cumberland has ongoing Phase II clinical programs for ifetroban in Duchenne muscular dystrophy (DMD), Systemic Sclerosis (SSc), and Idiopathic Pulmonary Fibrosis (IPF)[86](index=86&type=chunk)[87](index=87&type=chunk) [Growth Strategy](index=24&type=section&id=GROWTH%20STRATEGY) This section outlines the company's strategic initiatives for maximizing existing brands and expanding its product pipeline - The growth strategy focuses on maximizing existing brands, building a differentiated product portfolio through acquisitions, progressing clinical pipelines (e.g., ifetroban), leveraging infrastructure via co-promotion, expanding international presence, and maintaining financial discipline[91](index=91&type=chunk)[92](index=92&type=chunk) - Key initiatives include expanding product labeling (Acetadote, Caldolor), acquiring under-promoted FDA-approved drugs or late-stage development candidates (e.g., Vibativ, Sancuso), and incubating early-stage products through Cumberland Emerging Technologies (CET)[92](index=92&type=chunk) [Recent Developments](index=25&type=section&id=RECENT%20DEVELOPMENTS) This section highlights key recent events, including clinical trial progress, product approvals, and strategic partnerships - Breakthrough findings from the Phase II FIGHT DMD trial for ifetroban showed a **5.4%** improvement in cardiac function in DMD patients, positioning it as a potential treatment for DMD cardiomyopathy. An end-of-Phase 2 meeting with the FDA is scheduled for Fall 2025[93](index=93&type=chunk)[94](index=94&type=chunk) - Enrollment for the Phase II ifetroban study in Systemic Sclerosis (scleroderma) is complete, with top-line findings expected later this year. Patient enrollment is also underway for the FIGHTING FIBROSIS™ trial in Idiopathic Pulmonary Fibrosis (IPF)[95](index=95&type=chunk)[96](index=96&type=chunk) - The Vibativ 4-Vial Starter Pak is now available to Vizient Inc. healthcare providers, expanding access to the product. A new pharmacokinetic analysis reinforces optimized dosing strategies for Vibativ[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - A study published in Clinical Therapeutics demonstrated Caldolor's safety and efficacy for managing post-operative pain in older patients (60+), showing a **24%** reduction in pain at rest and a **23.2%** reduction in morphine requirement compared to placebo[101](index=101&type=chunk)[102](index=102&type=chunk) - Cumberland partnered with Qureight Ltd. to use AI-enhanced image analytics for the FIGHTING FIBROSIS™ trial, aiming for deeper insights into treatment efficacy and disease progression in IPF[104](index=104&type=chunk)[105](index=105&type=chunk) - Vibativ received regulatory approval in China, and Tabuk Pharmaceutical has obtained final approvals to commercialize Vibativ in Saudi Arabia, with shipments and training completed in late 2024[106](index=106&type=chunk)[107](index=107&type=chunk) [Competition](index=27&type=section&id=Competition) This section discusses the competitive landscape within the pharmaceutical industry and specific product competition - The pharmaceutical industry is highly competitive, with competition from other branded products, generics, and alternate medical treatments[108](index=108&type=chunk) - Kristalose faces competition from branded prescription products like Amitiza, Movantik, Linzess, and Vibrant, hundreds of OTC products (e.g., MiraLax), and other lactulose products including generics. A new generic crystalline lactulose product became available in Q2 2025[109](index=109&type=chunk) [Tariffs](index=27&type=section&id=Tariffs) This section addresses potential impacts of trade policies and tariffs on pharmaceutical imports - The U.S. Department of Commerce initiated a Section 232 investigation into pharmaceutical imports, which could lead to additional tariffs. A trade deal with the EU in July 2025 imposed a **15%** tariff on imported medicines from Europe into the U.S[111](index=111&type=chunk)[112](index=112&type=chunk) [Summary](index=27&type=section&id=Summary) This section provides a concise overview of the company's anticipated future performance and strategic focus - The company anticipates continued momentum driven by growth from approved brands, expanded international partnerships, progress in clinical development programs, and potential acquisitions, while remaining focused on its mission[113](index=113&type=chunk) [Critical Accounting Policies and Significant Judgments and Estimates](index=29&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20SIGNIFICANT%20JUDGMENTS%20AND%20ESTIMATES) This section outlines the key accounting policies and estimates that require significant management judgment - Key estimates include allowances for chargebacks, rebates, product returns, obsolescent inventory, and valuation of contingent consideration liabilities associated with business combinations[116](index=116&type=chunk) [Results of Operations (Three Months Ended June 30, 2025 vs. 2024)](index=30&type=section&id=RESULTS%20OF%20OPERATIONS%20%28Three%20months%20ended%20June%2030,%202025%20compared%20to%20the%20three%20months%20ended%20June%2030,%202024%29) This section analyzes the company's financial performance for the three months ended June 30, 2025, compared to the prior year Key Financials (Three Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :------------ | :--------- | | Net revenues | $10,837,363 | $9,848,849 | $988,514 | +10.03% | | Cost of products sold | $2,011,389 | $1,710,944 | $300,445 | +17.56% | | Selling and marketing | $4,223,647 | $4,248,401 | $(24,754) | -0.58% | | Research and development | $1,468,399 | $1,059,187 | $409,212 | +38.63% | | General and administrative | $2,874,922 | $2,757,148 | $117,774 | +4.27% | | Amortization | $1,006,484 | $1,099,857 | $(93,373) | -8.49% | | Operating loss | $(747,478) | $(1,026,688) | $279,210 | +27.21% | | Net loss | $(735,207) | $(1,102,637) | $367,430 | +33.32% | - Net revenues increased primarily due to higher sales volumes for Sancuso (+$0.9M), Caldolor (+$0.7M, driven by international sales), Vibativ (+$0.2M), and Acetadote (+$0.2M), partially offset by a decrease in Kristalose sales (-$1.4M)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Cost of products sold increased by **17.56%**, and as a percentage of net revenues, rose from **17.4%** to **18.6%**, primarily due to higher international sales which typically incur higher cost of goods sold relative to revenue[123](index=123&type=chunk) - Research and development costs increased by **38.63%** due to variable costs associated with ongoing clinical initiatives for pipeline product candidates[125](index=125&type=chunk) Vibativ and Sancuso Contribution (Three Months Ended June 30) | Metric | Vibativ 2025 | Vibativ 2024 | Sancuso 2025 | Sancuso 2024 | | :------------------------ | :----------- | :----------- | :----------- | :----------- | | Net revenue | $2,701,854 | $2,454,481 | $3,119,110 | $2,188,776 | | Cost of products sold | $640,676 | $549,583 | $153,728 | $299,547 | | Royalty and operating expenses | $673,693 | $600,007 | $1,010,904 | $1,002,354 | | Contribution | $1,387,485 | $1,304,891 | $1,954,478 | $886,875 | [Results of Operations (Six Months Ended June 30, 2025 vs. 2024)](index=33&type=section&id=RESULTS%20OF%20OPERATIONS%20%28Six%20months%20ended%20June%2030,%202025%20compared%20to%20the%20six%20months%20ended%20June%2030,%202024%29) This section analyzes the company's financial performance for the six months ended June 30, 2025, compared to the prior year Key Financials (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------- | :------------ | :------------ | :------------ | :--------- | | Net revenues | $22,550,418 | $18,346,550 | $4,203,868 | +22.91% | | Cost of products sold | $3,437,103 | $3,286,486 | $150,617 | +4.58% | | Selling and marketing | $8,455,627 | $8,402,989 | $52,638 | +0.63% | | Research and development | $2,763,475 | $2,217,440 | $546,035 | +24.62% | | General and administrative | $5,337,930 | $5,125,055 | $212,875 | +4.15% | | Amortization | $2,011,814 | $2,210,518 | $(198,704) | -8.99% | | Operating income (loss) | $544,469 | $(2,895,938) | $3,440,407 | +118.80% | | Net income (loss) | $512,977 | $(3,005,109) | $3,518,086 | +117.07% | - Net revenues increased significantly, driven by a **$3.0 million** milestone payment in 'Other revenue' and increased sales of Sancuso (+$1.4M) and Caldolor (+$0.6M), partially offset by decreased Kristalose sales (-$1.1M)[131](index=131&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk) - Research and development costs increased by **24.62%** due to continued funding of ongoing clinical initiatives for pipeline product candidates[137](index=137&type=chunk) - Amortization expense decreased by **8.99%** due to a reduction in the valuation of the Acetadote intangible asset recognized in December 2024[139](index=139&type=chunk) Vibativ and Sancuso Contribution (Six Months Ended June 30) | Metric | Vibativ 2025 | Vibativ 2024 | Sancuso 2025 | Sancuso 2024 | | :------------------------ | :----------- | :----------- | :----------- | :----------- | | Net revenue | $7,054,920 | $4,059,970 | $5,375,405 | $4,016,544 | | Cost of products sold | $889,117 | $826,646 | $297,704 | $556,125 | | Royalty and operating expenses | $1,184,369 | $1,078,480 | $1,940,721 | $1,530,051 | | Contribution | $4,981,434 | $2,154,844 | $3,136,980 | $1,930,368 | [Liquidity and Capital Resources](index=36&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) This section discusses the company's sources of liquidity, working capital, and capital expenditure plans - Primary liquidity sources are cash equivalents, cash flows from operations, and a revolving line of credit. Management believes these sources are adequate for future growth, business development, and capital expenditures[142](index=142&type=chunk) Liquidity and Working Capital | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $16,087,281 | $17,964,184 | | Working capital | $7,233,189 | $4,830,429 | | Current ratio | 1.3 | 1.2 | | Revolving line of credit availability | $14,759,267 | $4,723,830 | - Net cash provided by operating activities was **$4.7 million** for the six months ended June 30, 2025, a significant improvement from a net cash used of **$3.0 million** in the prior year[143](index=143&type=chunk)[144](index=144&type=chunk) - Cash used in financing activities totaled **$5.7 million**, primarily due to **$10.0 million** in line of credit payments and **$0.7 million** for contingent consideration, partially offset by **$5.3 million** from ATM offering proceeds[146](index=146&type=chunk) [Off-Balance Sheet Arrangements](index=37&type=section&id=OFF-BALANCE%20SHEET%20ARRANGEMENTS) This section confirms the absence of any off-balance sheet arrangements during the reported periods - The company did not engage in any off-balance sheet arrangements during the six months ended June 30, 2025 and 2024[149](index=149&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section assesses the company's exposure to market risks, including interest rate and foreign currency exchange risks - The company is exposed to interest rate risk on cash in money market accounts and its revolving credit facility but does not use derivative financial instruments to manage this exposure[150](index=150&type=chunk) - The interest rate on the revolving credit facility was **7.125%** at June 30, 2025, with **$5.2 million** outstanding. The company believes its interest rate risk is not material[152](index=152&type=chunk) - Foreign currency exchange risk is considered minimal, with immaterial gains and losses for the six months ended June 30, 2025 and 2024[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) This section reports on the effectiveness of the company's disclosure controls and internal control over financial reporting - The company's disclosure controls and procedures were evaluated as effective as of June 30, 2025[154](index=154&type=chunk) - No material changes to internal control over financial reporting occurred during the three months ended June 30, 2025[155](index=155&type=chunk) [PART II – OTHER INFORMATION](index=38&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal, risk, and equity matters [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to disclosures regarding legal proceedings, indicating no material adverse effects are anticipated - Information on legal proceedings is incorporated by reference from Note 9 of the Financial Statements[157](index=157&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the company's Annual Report for a comprehensive discussion of risk factors - Risk factors are incorporated by reference from the company's Annual Report on Form 10-K for the year ended December 31, 2024[158](index=158&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase program and any unregistered sales of equity securities - The company has a **$10 million** share repurchase program, with approximately **$2.2 million** remaining available[159](index=159&type=chunk) Share Repurchase Activity (Three Months Ended June 30, 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :----- | :------------------------------- | :--------------------------- | | April | — | $— | | May | — | — | | June | 1,800 | $5.26 | | **Total** | **1,800** | | [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) This section confirms no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or modified by insiders - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during the three months ended June 30, 2025[161](index=161&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and XBRL documents - Exhibits include CEO and CFO certifications (31.1, 31.2, 32.1) and INLINE XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[162](index=162&type=chunk) [SIGNATURES](index=40&type=section&id=SIGNATURES) This section contains the official signatures certifying the accuracy and completeness of the report - The report was signed on August 8, 2025, by John Hamm, Chief Financial Officer and Duly Authorized Officer of Cumberland Pharmaceuticals Inc[167](index=167&type=chunk)