
PART I – FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's analysis of financial condition Item 1. Financial Statements (Unaudited) 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 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 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 | $(0.21) | +114.29% | Condensed Consolidated Statements of Cash Flows This section outlines the company's cash inflows and outflows from operating, investing, and financing activities Six Months Ended June 30 (YoY Comparison) | Cash Flow Activity | 2025 | 2024 | Change ($) | | :----------------- | :------------ | :------------ | :--------- | | 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) | -$891,725 | Condensed Consolidated Statements of Equity This section presents changes in shareholders' equity for the six months ended June 30, 2025 Equity Changes (December 31, 2024 to June 30, 2025) | Metric | December 31, 2024 | June 30, 2025 | Change ($) | | :-------------------------- | :---------------- | :------------ | :--------- | | 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 respectively16 Notes to the Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements (1) Organization and Basis of Presentation 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 markets1920 - The company operates as a single operating segment, with substantially all assets and revenues attributable to U.S. customers28 - 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 assessed242526 - 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 customers2931 (2) Earnings (Loss) Per Share 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 | $(3,031,875) | | Weighted-average shares outstanding – basic | 14,951,609 | 14,107,852 | | Dilutive effect of other securities | 322,525 | — | | Weighted-average shares outstanding – diluted | 15,274,134 | 14,107,852 | - As of June 30, 2025, 753,089 restricted stock awards and options were outstanding but excluded from diluted EPS calculation due to their antidilutive effect, except for the six months ended June 30, 2025, where a dilutive effect of 322,525 shares was recognized33 (3) Revenues This note details the company's net revenues by product and other sources for the reported periods Net Revenues by Product (Three Months Ended June 30) | Product | 2025 | 2024 | Change ($) | 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 product4142 - Omeclamox-Pak sales were discontinued in late 2023 due to packaging issues, and Vaprisol sales were impacted by a manufacturing transition awaiting FDA approval3536 (4) Inventories 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, 202444 (5) Leases 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 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 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 million55 - 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 million57 - Share-based compensation expense was $0.2 million for both the six months ended June 30, 2025 and 202459 - 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%6062 (7) Income Taxes 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 obligations64 - 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 statements65 (8) Collaborative Agreements 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 grants66 - Most collaborative agreements do not meet ASC Topic 808 criteria, with expenses included in R&D and grant funding in net revenues66 (9) Commitments and Contingencies 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 condition67 (10) Product Acquisitions and Return of Product Rights 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 $5 million milestone payment, with ongoing royalties up to 20% of net sales6869 Vibativ Contingent Consideration Liability | Metric | Amount ($) | | :---------------------------------------------------- | :--------- | | 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 $3.5 million in milestone payments, with ongoing royalties up to 10% of net sales737678 Sancuso Contingent Consideration Liability | Metric | Amount ($) | | :---------------------------------------------------- | :--------- | | 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 sales81 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial condition, results of operations, and future outlook Disclosure regarding forward-looking statements 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 statements82 Overview of Business 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 oncology8485 - The company's portfolio includes six FDA-approved commercial brands: Acetadote, Caldolor, Kristalose, Sancuso, Vaprisol, and Vibativ90 - Cumberland has ongoing Phase II clinical programs for ifetroban in Duchenne muscular dystrophy (DMD), Systemic Sclerosis (SSc), and Idiopathic Pulmonary Fibrosis (IPF)8687 Growth Strategy 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 discipline9192 - 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 Recent Developments 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 20259394 - 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)9596 - 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 Vibativ9899100 - 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 placebo101102 - 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 IPF104105 - 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 2024106107 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 treatments108 - 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 2025109 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.S111112 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 mission113 Critical Accounting Policies and Significant Judgments and Estimates 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 combinations116 Results of Operations (Three Months Ended June 30, 2025 vs. 2024) 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)118119120121 - 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 revenue123 - Research and development costs increased by 38.63% due to variable costs associated with ongoing clinical initiatives for pipeline product candidates125 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 | $886,875 | Results of Operations (Six Months Ended June 30, 2025 vs. 2024) This section analyzes the company's financial performance for the six months ended June 30, 2025, compared to the prior year Key Financials (Six Months Ended June 30) | Metric | 2025 | 2024 | Change ($) | 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)131133135 - Research and development costs increased by 24.62% due to continued funding of ongoing clinical initiatives for pipeline product candidates137 - Amortization expense decreased by 8.99% due to a reduction in the valuation of the Acetadote intangible asset recognized in December 2024139 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 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 expenditures142 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 year143144 - 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 proceeds146 Off-Balance Sheet Arrangements 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 2024149 Item 3. Quantitative and Qualitative Disclosures About Market Risk 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 exposure150 - 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 material152 - Foreign currency exchange risk is considered minimal, with immaterial gains and losses for the six months ended June 30, 2025 and 2024153 Item 4. Controls and Procedures 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, 2025154 - No material changes to internal control over financial reporting occurred during the three months ended June 30, 2025155 PART II – OTHER INFORMATION This section provides additional information not covered in the financial statements, including legal, risk, and equity matters Item 1. Legal Proceedings 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 Statements157 Item 1A. Risk Factors 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, 2024158 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 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 available159 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 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, 2025161 Item 6. Exhibits 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 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 Inc167