Cumberland Pharmaceuticals(CPIX) - 2024 Q4 - Annual Results

Financial Performance - Cumberland Pharmaceuticals reported fourth quarter 2024 net revenues of $10.4 million, an 11.6% increase compared to the prior year period[2]. - Full year 2024 net revenues totaled$ 38 million, with contributions of $15.3 million from Kristalose,$ 9 million from Sancuso, $7.2 million from Vibativ, and$ 5 million from Caldolor[11]. - Cumberland's net loss for the fourth quarter of 2024 was approximately $1.9 million, with a total net loss of approximately$ 6.4 million for the year[11]. - Net revenues for Q4 2024 were $10,435,569, an increase of 11.6% compared to$ 9,353,066 in Q4 2023[33]. - The company reported a net loss of $6,443,715 for the year 2024, compared to a net loss of$ 6,330,766 in 2023, indicating a slight increase in losses[35]. - Basic loss per share for Q4 2024 was $(0.14), compared to$ (0.44) in Q4 2023[33]. Assets and Liabilities - The company ended 2024 with total assets of $76 million, including$ 18 million in cash and cash equivalents, and total liabilities of $53 million[3][13]. - Total assets decreased to$ 75,583,410 in 2024 from $81,776,075 in 2023, representing a decline of 7.6%[31]. - Total current liabilities increased to$ 31,621,729 in 2024 from $27,982,249 in 2023, reflecting a rise of 13.8%[31]. - The company reported a total shareholders' equity of$ 22,853,494 in 2024, down from $29,603,441 in 2023, a decline of 22.9%[31]. Operating Expenses - Cumberland's total operating expenses for 2024 were$ 44 million, with an adjusted loss of $1.0 million for the year[11][12]. - The company incurred total costs and expenses of$ 44,300,354 in 2024, down from $49,107,168 in 2023, a reduction of 9.4%[33]. - Operating loss for Q4 2024 was$ 1,842,039, an improvement from the operating loss of $6,179,239 in Q4 2023[33]. - Research and development expenses for the year 2024 were$ 4,816,206, down from $5,834,229 in 2023, a decrease of 17.4%[33]. Regulatory and Clinical Developments - The FDA granted Orphan Drug and Rare Pediatric Disease designations for ifetroban, aimed at treating cardiomyopathy in Duchenne muscular dystrophy[4]. - Cumberland announced positive top-line results from its Phase II study of ifetroban, marking a breakthrough for patients with cardiac complications related to Duchenne muscular dystrophy[5]. - Vibativ received regulatory approval in China, expanding Cumberland's international business presence[5]. - The company is advancing multiple Phase II clinical trials for ifetroban, addressing unmet medical needs in significant market segments[10]. Supplemental Financial Measures - The Company utilizes adjusted supplemental financial measures to evaluate its operating performance, which are considered "non-GAAP" financial measures[38]. - Adjusted Earnings are defined as net loss adjusted for income taxes, depreciation and amortization expense, share-based compensation, interest income, and interest expense[41]. - Adjusted Diluted Earnings Per Share is calculated by dividing the adjusted loss by diluted weighted-average common shares outstanding[41]. - The supplemental financial measures provide useful information about the Company's underlying performance across reporting periods[40]. - Certain items excluded from the supplemental measures include depreciation, amortization, share-based compensation expense, and income taxes[40]. - The Company believes these measures reflect long-term strategic activities and core business performance[40]. - Management views these supplemental measures as important for evaluating the Company's operating results[40]. - Management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety for a complete understanding of financial performance[39]. - The financial information for the year ended December 31, 2023, has been adjusted to align with the current year presentation[41].