Financial Performance - Cumberland Pharmaceuticals reported combined revenues of $9.1 million for Q3 2024, with year-to-date revenues totaling $27 million[1][17]. - The net loss for Q3 2024 was $1.5 million, or $0.11 per share, while adjusted loss was $0.26 million, or $0.02 per share[18]. - Total net revenues for the nine months ended September 30, 2024, were $27,432,376, a decrease of 9.3% compared to $30,199,441 for the same period in 2023[35]. - The company reported a net loss of $4,542,078 for the nine months ended September 30, 2024, compared to a net loss of $28,779 for the same period in 2023[36]. - For the three months ended September 2024, Cumberland reported a net loss attributable to common shareholders of $1,544,081, resulting in an earnings per share impact of $(0.11), compared to a net loss of $1,049,298 and an earnings per share impact of $(0.07) for the same period in 2023[37]. - For the year 2024, Cumberland reported a net loss attributable to common shareholders of $4,575,956, leading to an earnings per share impact of $(0.32), while in 2023, the net income was $15,086[38]. - Adjusted earnings for the year 2024 were $(720,032), with an adjusted diluted earnings per share of $(0.05), compared to adjusted earnings of $4,249,082 and an adjusted diluted earnings per share of $0.29 for 2023[38]. Assets and Liabilities - The company has $76.7 million in total assets and $52.3 million in total liabilities as of September 30, 2024[19]. - Cash and cash equivalents decreased to $17,464,754 as of September 30, 2024, from $18,321,624 at the end of 2023, representing a decline of 4.7%[36]. - Total current assets were $35,236,406 as of September 30, 2024, slightly down from $35,714,410 at the end of 2023[33]. - Total liabilities decreased marginally to $52,278,121 as of September 30, 2024, from $52,516,206 at the end of 2023[34]. - The company’s accumulated deficit increased to $(22,064,117) as of September 30, 2024, compared to $(17,488,161) at the end of 2023[34]. Research and Development - A new real-world study involving 150,000 patients showed that Caldolor is associated with a significantly reduced incidence of adverse drug reactions compared to ketorolac[3][4]. - The company is advancing a new treatment for delirium, with promising outcomes from the Phase II MENDING Trial[11]. - Ifetroban has been dosed in nearly 1,400 subjects, with three Phase II clinical programs currently underway[13]. - Cumberland received FDA Orphan Drug and Rare Pediatric Disease designations for its Duchenne Muscular Dystrophy product candidate[14][15]. Marketing and Sales - Kristalose's performance improved in states with Medicaid coverage, now including Virginia, Louisiana, and Maine[5]. - Cumberland launched new patient support initiatives for Sancuso, enhancing access for oncology patients[7]. - The company incurred selling and marketing expenses of $12,800,469 for the nine months ended September 30, 2024, down from $13,692,535 in the same period of 2023[35]. Financial Adjustments and Measures - Cumberland's management emphasizes the importance of adjusted financial measures as they provide insights into the company's operating performance by excluding non-core items such as depreciation, amortization, and share-based compensation[41]. - The company utilizes net operating loss carryforwards to minimize income tax expenses, which is reflected in the adjusted earnings calculations[41]. - Adjusted earnings are defined as net income (loss) adjusted for income taxes, depreciation and amortization, share-based compensation, interest income, and interest expense[42]. - The company encourages investors to review its consolidated financial statements and publicly filed reports in their entirety for a comprehensive understanding of its financial performance[40]. Operating Loss - Operating loss for the nine months ended September 30, 2024, was $(4,590,370), compared to $(3,375,422) for the same period in 2023[35]. - Research and development expenses were $3,523,535 for the nine months ended September 30, 2024, compared to $4,569,476 for the same period in 2023, reflecting a decrease of 22.9%[35]. - The company reported a basic and diluted loss per share of $(0.32) for the nine months ended September 30, 2024[35]. - Adjusted earnings for the three months ended September 2024 were $(264,936), with an adjusted diluted earnings per share of $(0.02), while for the same period in 2023, adjusted earnings were $260,146, resulting in an adjusted diluted earnings per share of $0.02[37]. - The diluted weighted-average common shares outstanding for the three months ended September 2024 were 14,052,754, compared to 14,422,274 for the same period in 2023[37]. - The diluted weighted-average common shares outstanding for the year 2024 were 14,089,496, compared to 14,559,687 for 2023[38].
Cumberland Pharmaceuticals(CPIX) - 2024 Q3 - Quarterly Results