Cumberland Pharmaceuticals(CPIX) - 2021 Q2 - Quarterly Report

PART I – FINANCIAL INFORMATION This section presents Cumberland Pharmaceuticals Inc.'s unaudited condensed consolidated financial statements, management's discussion, market risk disclosures, and controls and procedures Item 1. Financial Statements (Unaudited) This section presents Cumberland Pharmaceuticals Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and equity, with detailed notes Condensed Consolidated Balance Sheets This subsection provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific reporting dates Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2021 | December 31, 2020 | Change | | :----------------------------- | :-------------- | :------------------ | :----- | | Total Assets | $88,851,474 | $96,463,305 | ↓ $7,611,831 | | Total Liabilities | $41,043,067 | $49,589,911 | ↓ $8,546,844 | | Total Equity | $47,808,407 | $46,873,394 | ↑ $935,013 | | Cash and cash equivalents | $25,670,462 | $24,753,796 | ↑ $916,666 | | Revolving line of credit | $14,000,000 | $15,000,000 | ↓ $1,000,000 | Condensed Consolidated Statements of Operations This subsection outlines the company's financial performance over specific periods, including revenues, expenses, and net income or loss Net Income (Loss) Attributable to Common Shareholders | Period | 2021 | 2020 | Change | | :------------------------------------------ | :----------- | :----------- | :----------- | | Three months ended June 30 | $1,228,560 | $(918,275) | ↑ $2,146,835 | | Six months ended June 30 | $1,395,388 | $(1,973,895) | ↑ $3,369,283 | Net Revenues | Period | 2021 | 2020 | Change | | :----------------------- | :----------- | :----------- | :----------- | | Three months ended June 30 | $9,055,483 | $9,598,177 | ↓ $542,694 | | Six months ended June 30 | $19,592,642 | $17,928,911 | ↑ $1,663,731 | Operating Income (Loss) | Period | 2021 | 2020 | Change | | :----------------------- | :------------ | :------------ | :----------- | | Three months ended June 30 | $(1,435,729) | $(1,580,962) | ↑ $145,233 | | Six months ended June 30 | $(1,760,029) | $(3,426,963) | ↑ $1,666,934 | Other Income (PPP Loan Forgiveness) | Period | 2021 | 2020 | Change | | :----------------------- | :----------- | :----- | :----------- | | Three months ended June 30 | $2,187,140 | $0 | ↑ $2,187,140 | | Six months ended June 30 | $2,187,140 | $0 | ↑ $2,187,140 | Earnings (Loss) Per Share Attributable to Common Shareholders (Basic) | Period | 2021 | 2020 | Change | | :----------------------- | :--- | :---- | :----- | | Three months ended June 30 | $0.08 | $(0.06) | ↑ $0.14 | | Six months ended June 30 | $0.09 | $(0.13) | ↑ $0.22 | Condensed Consolidated Statements of Cash Flows This subsection details the cash inflows and outflows from operating, investing, and financing activities over specific periods Cash Flow Summary (Six months ended June 30) | Activity | 2021 | 2020 | Change | | :------------------------------------------ | :----------- | :----------- | :----------- | | Net cash provided by operating activities | $4,484,770 | $3,704,071 | ↑ $780,699 | | Net cash used in investing activities | $(366,854) | $(773,014) | ↓ $406,160 | | Net cash used in financing activities | $(3,201,250) | $(3,769,955) | ↓ $568,705 | | Net increase (decrease) in cash and cash equivalents | $916,666 | $(838,898) | ↑ $1,755,564 | Condensed Consolidated Statements of Equity This subsection presents changes in the company's total equity, reflecting net income, share repurchases, and other equity transactions Total Equity | Date | Amount | | :---------------- | :----------- | | June 30, 2021 | $47,808,407 | | December 31, 2020 | $46,873,394 | - Net income attributable to common shareholders for the six months ended June 30, 2021, was $1,228,560, contributing to the increase in equity[12] - Repurchase of common shares for the six months ended June 30, 2021, totaled $(484,965)[12] Notes to the Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations and additional information supporting the unaudited condensed consolidated financial statements Note 1: Organization and Basis of Presentation This note describes the company's business, operational segment, accounting policies, and the impact of the COVID-19 pandemic - Cumberland Pharmaceuticals Inc. is a specialty pharmaceutical company focused on acquiring, developing, and commercializing branded prescription products for hospital acute care, gastroenterology, and rheumatology[15] - The company's products are manufactured by third parties and distributed through U.S. and international partners[15] - The company operates as one segment: specialty pharmaceutical products, with most assets and revenues in the United States[24] - The company returned exclusive rights to commercialize Ethyol and Totect in the U.S. to Clinigen in May 2019, reporting these operations as discontinued[16] - A revision to the prior period cash flow statement for life insurance policies had no net effect on operating cash flows or impact on operating results/balance sheet for 2020[17] - The COVID-19 pandemic impacted business due to reduced hospital admissions and elective surgeries, but a diversified product portfolio helped mitigate negative effects; future impact remains unquantifiable[21] - The company plans to adopt ASU No. 2016-13 and ASU 2019-05 (credit losses) on January 1, 2023, with no material impact expected on consolidated financial statements[22] - Significant accounting estimates include allowances for chargebacks, rebates, product returns, inventory obsolescence, and valuation of contingent consideration liability[23] Note 2: Earnings (Loss) Per Share This note details the calculation of basic and diluted earnings per share, including the impact of outstanding securities Earnings (Loss) Per Share Attributable to Common Shareholders (Basic) | Period | 2021 | 2020 | | :----------------------- | :--- | :---- | | Three months ended June 30 | $0.08 | $(0.06) | | Six months ended June 30 | $0.09 | $(0.13) | - Dilutive effect of other securities included 133,212 shares for Q2 2021 and 201,348 shares for YTD Q2 2021[26] - 198,300 restricted stock awards and options were outstanding but excluded from diluted EPS as of June 30, 2021, due to their antidilutive effect[26] Note 3: Revenues This note provides a breakdown of net revenues by product for the reported periods, highlighting key changes and factors Net Revenues by Product (Three months ended June 30) | Product | 2021 | 2020 | Change | | :-------------- | :---------- | :---------- | :---------- | | Kristalose | $5,275,065 | $3,477,471 | ↑ $1,797,594 (51.7%) | | Vibativ | $1,844,936 | $3,299,507 | ↓ $1,454,571 | | Caldolor | $938,328 | $1,166,569 | ↓ $228,241 | | Vaprisol | $399,952 | $174,159 | ↑ $225,793 | | Acetadote | $152,781 | $595,310 | ↓ $442,529 | | Omeclamox-Pak | $(24,109) | $10,948 | ↓ $35,057 | | RediTrex | $7,382 | $0 | ↑ $7,382 | Net Revenues by Product (Six months ended June 30) | Product | 2021 | 2020 | Change | | :-------------- | :---------- | :---------- | :---------- | | Kristalose | $8,269,443 | $6,771,433 | ↑ $1,498,010 | | Vibativ | $6,897,179 | $5,721,708 | ↑ $1,175,471 (20.5%) | | Caldolor | $2,477,824 | $2,261,286 | ↑ $216,538 | | Vaprisol | $1,534,216 | $382,016 | ↑ $1,152,200 | | Acetadote | $269,972 | $1,308,711 | ↓ $1,038,739 | | Omeclamox-Pak | $(474,371) | $124,371 | ↓ $598,742 | | RediTrex | $(24,870) | $0 | ↓ $24,870 | - Omeclamox-Pak revenue was negatively impacted by product returns and the company being out of commercial inventory due to the packager's financial difficulties[30][119][124] - Other revenues include payments from international partners for product commercialization and federal grant funding, totaling approximately $0.2 million (Q2 2021) and $0.5 million (Q2 2020) from grants[31] Note 4: Inventories This note details the composition of inventories, including raw materials, work in process, finished goods, and non-current classifications Net Inventories | Category | June 30, 2021 | December 31, 2020 | | :-------------------------------- | :-------------- | :------------------ | | Raw materials and work in process | $14,156,248 | $16,223,162 | | Consigned inventory | $189,141 | $128,005 | | Finished goods | $5,639,596 | $5,943,732 | | Total inventories | $19,984,985 | $22,294,899 | | Less non-current inventories | $(9,880,766) | $(11,656,742) | | Total inventories classified as current | $10,104,219 | $10,638,157 | - The company recognized cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.3 million at June 30, 2021, and $0.2 million at December 31, 2020[34] - Non-current inventory primarily includes Vibativ and ifetroban API and finished goods[35] Note 5: Leases This note outlines the company's lease assets and liabilities, including right-of-use assets, lease terms, and related expenses Lease Assets and Liabilities | Category | June 30, 2021 | December 31, 2020 | | :-------------------------------- | :-------------- | :------------------ | | Operating lease right-of-use assets | $1,535,556 | $2,028,148 | | Operating lease current liabilities | $1,067,880 | $1,016,779 | | Operating lease noncurrent liabilities | $512,324 | $1,059,693 | | Total Lease Liabilities | $1,580,204 | $2,076,472 | - The weighted-average remaining lease term at June 30, 2021, is 1.5 years, with a weighted-average incremental borrowing rate of 7.42%[37] Rent Expense and Sublease Income (Six months ended June 30) | Category | 2021 | 2020 | | :-------------- | :--------- | :--------- | | Rent expense | $605,130 | $571,399 | | Sublease income | $348,411 | $323,489 | Note 6: Shareholders' Equity and Debt This note details changes in shareholders' equity, share repurchase programs, debt agreements, and the PPP loan forgiveness - The company has a $10 million share repurchase program, with approximately $5.4 million remaining as of June 30, 2021. During the six months ended June 30, 2021, 250,129 shares were repurchased for approximately $0.8 million[39] - During the six months ended June 30, 2021, the company issued 36,850 restricted shares and 173,350 incentive stock options to employees and directors[40] - The revolving credit facility with Pinnacle Bank was amended, extending its maturity to October 1, 2022, and providing up to $15 million in borrowing capacity (with an option to increase to $20 million). $14.0 million was outstanding as of June 30, 2021[41] - The $2,187,140 Paycheck Protection Program (PPP) loan received in April 2020 was fully forgiven by the SBA on June 11, 2021, and recorded as other income[48] - Cumberland entered into a joint venture with WinHealth Investment (Singapore) Ltd, creating WHC Biopharmaceuticals, Pte. Ltd., for Asian markets, contributing a $0.2 million convertible note[49] Note 7: Income Taxes This note provides information on the company's income tax position, including federal net operating loss carryforwards - As of June 30, 2021, the company has approximately $56.5 million in federal net operating loss carryforwards, including $44.1 million from nonqualified stock options, expected to significantly offset future income tax obligations[50] Note 8: Collaborative Agreements This note describes the company's collaborative arrangements with research institutions, primarily funded by federal grants - Cumberland participates in collaborative arrangements with research institutions, primarily funded by federal grants, to identify product candidates. Expenses are included in R&D, and grant funding is recorded as net revenues[51] Note 9: Additions and Return of Product Rights This note details the acquisition of product rights for Vibativ and RediTrex, and the return of rights for Ethyol and Totect - In November 2018, Cumberland acquired global rights for Vibativ, an injectable anti-infective, for $20.0 million upfront and a $5.0 million milestone payment. A contingent consideration liability of $7.4 million for future royalties was recognized as of June 30, 2021[53][54][55] - RediTrex, an injectable methotrexate product, received FDA approval in November 2019, with a national launch planned for late September 2021. A $1.0 million milestone payment is due to Nordic in 2022[56] - Cumberland returned exclusive U.S. commercialization rights for Ethyol and Totect to Clinigen in May 2019, receiving $5 million in financial consideration. $1.0 million was recorded as discontinued operations revenue during the six months ended June 30, 2021[59][62] 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, liquidity, capital resources, and critical accounting policies - This section contains forward-looking statements that are subject to risks and uncertainties, and actual results may differ materially[64] OVERVIEW This subsection provides a general introduction to the company's business model, strategic focus, and product portfolio Our Business This subsection describes Cumberland Pharmaceuticals Inc.'s core business as a specialty pharmaceutical company and its target markets - Cumberland Pharmaceuticals Inc. is a specialty pharmaceutical company focused on acquiring, developing, and commercializing branded prescription products[66] - Primary target markets include hospital acute care, gastroenterology, and rheumatology[67] - The company's portfolio includes seven FDA-approved brands: Acetadote, Caldolor, Kristalose, Omeclamox-Pak, RediTrex, Vaprisol, and Vibativ[68] - Phase II clinical programs are underway for ifetroban in cardiomyopathy associated with Duchenne Muscular Dystrophy, Systemic Sclerosis, and Aspirin-Exacerbated Respiratory Disease[69] Growth Strategy This subsection outlines the company's strategic initiatives for growth, including brand maximization, acquisitions, and pipeline development - Growth strategy involves maximizing existing brands, expanding their use through clinical data and label expansion (e.g., pediatric approval for Acetadote and Caldolor)[75] - The company actively seeks to acquire complementary, under-promoted, FDA-approved drugs or late-stage development candidates with valuable intellectual property[76] - Progressing its clinical pipeline with ifetroban Phase II programs and early-stage drug development at Cumberland Emerging Technologies (CET)[77] - Leveraging commercial infrastructure through co-promotion partnerships (e.g., Kristalose with Poly Pharmaceuticals and Foxland Pharmaceuticals)[78] - Building an international market network to register and make products available globally[79] - Committed to financial discipline, managing expenses in line with revenues to deliver positive cash flow[80] RECENT DEVELOPMENTS This subsection highlights significant recent events and updates impacting the company's operations and financial performance COVID-19 Pandemic This subsection discusses the company's response to and the impact of the COVID-19 pandemic on its operations and product performance - The company successfully navigated the COVID-19 pandemic, maintaining operations and employee safety despite challenges like reduced hospital admissions and elective surgeries[84][87] - While some brands were negatively impacted, a diversified product portfolio, including Vaprisol, delivered strong performance[86] ESG Report This subsection details the company's commitment to environmental, social, and governance (ESG) matters, including patient care and workforce diversity - Cumberland released its second annual Sustainability Report in July 2021, detailing its commitment to environmental, social, and governance (ESG) matters[88] - In 2020, the company provided nearly 2.5 million patient doses, had no product recalls, and no FDA safety alerts or clinical trial terminations due to poor standards[89] - Initiatives include product serialization to prevent counterfeit drugs and coupon programs covering up to 90% of patient prescription costs for gastrointestinal products[90] - The workforce is 46% women and 18% minorities[91] New Chief Financial Officer Appointment This subsection announces the appointment of John Hamm as the new Chief Financial Officer, highlighting his experience - John Hamm was appointed as the new Senior Director Finance & Accounting and Chief Financial Officer on May 17, 2021, bringing over 25 years of finance and accounting experience, including 20 years in healthcare[93][94] Paycheck Protection Program This subsection details the full forgiveness of the PPP loan and its role in supporting the company's operations during the pandemic - The $2,187,140 Paycheck Protection Program (PPP) loan received in April 2020 was fully forgiven by the SBA on June 11, 2021[97][100] - The loan funds were used for qualifying expenses, enabling the company to avoid employee layoffs or furloughs during the pandemic[98][99] RediTrex Launch This subsection provides an update on the FDA approval and planned national launch of the RediTrex product - RediTrex, a new line of pre-filled methotrexate syringes, received FDA approval in December 2019[102] - Initial shipments began in November 2020, with a national launch planned for late September 2021[102] Ifetroban Phase II Studies This subsection describes the ongoing Phase II clinical programs for ifetroban and the impact of COVID-19 on enrollment - Cumberland is sponsoring Phase II clinical programs for ifetroban in cardiomyopathy associated with Duchenne Muscular Dystrophy, Systemic Sclerosis, and Aspirin-Exacerbated Respiratory Disease[103] - Enrollment in clinical studies was interrupted by COVID-19 but has resumed, with results pending to determine the best development path[107] New Hospital Product Candidate This subsection introduces a new cholesterol-reducing agent for hospital use, detailing its preclinical and early-stage clinical development - The company has completed preclinical, Phase I, and Phase II studies for a new cholesterol-reducing agent for hospital use, showing favorable safety and pharmacokinetic profiles[108][109] Omeclamox-Pak Supply Update This subsection provides an update on the supply status of Omeclamox-Pak, noting a commercial inventory shortage - Omeclamox-Pak is currently out of commercial inventory due to the packager's financial difficulties and suspended operations; the FDA has been informed of the shortage[110] Generic IV Acetaminophen This subsection discusses the increased competition for Caldolor due to the launch of generic IV acetaminophen products - Four generic companies have launched IV acetaminophen products, increasing competition for Cumberland's Caldolor in acute surgical pain treatment[111] Summary (Recent Developments) This subsection summarizes how the company's diversified strategy has enabled adaptation and positioned it for future opportunities despite challenges - Despite pandemic challenges, Cumberland's diversified product line and multi-faceted strategy (development and acquisitions) have enabled it to adapt and position itself for future opportunities[112] CRITICAL ACCOUNTING POLICIES AND SIGNIFICANT JUDGMENTS AND ESTIMATES This subsection highlights the key accounting estimates and judgments essential for financial reporting, including revenue recognition and inventory valuation - Key accounting estimates and judgments are critical for revenue recognition, inventories, fair value of contingent consideration liability, share-based compensation, and intangible assets[115] RESULTS OF OPERATIONS This subsection provides a detailed analysis of the company's financial performance, comparing revenues and expenses across reporting periods Three months ended June 30, 2021 compared to the three months ended June 30, 2020 This subsection compares the company's financial results for the three months ended June 30, 2021, against the same period in 2020 Net Revenues (Q2 2021 vs. Q2 2020) | Metric | 2021 | 2020 | Change | | :-------------- | :---------- | :---------- | :---------- | | Total Net Revenues | $9,055,483 | $9,598,177 | ↓ $542,694 (5.6%) | | Kristalose | $5,275,065 | $3,477,471 | ↑ $1,797,594 (51.7%) | | Vaprisol | $399,952 | $174,159 | ↑ $225,793 | | Vibativ | $1,844,936 | $3,299,507 | ↓ $1,454,571 | | Acetadote | $152,781 | $595,310 | ↓ $442,529 | | Omeclamox-Pak | $(24,109) | $10,948 | ↓ $35,057 | - Cost of products sold decreased by $0.9 million to $1.7 million (19.2% of net revenues) in Q2 2021, down from 27.2% in Q2 2020, primarily due to changes in product sales mix and lower Vibativ sales[119] - Selling and marketing expense increased by $0.3 million in Q2 2021 due to increased marketing for RediTrex and Vibativ, partially offset by lower royalty costs[119] - Operating loss improved to $(1.4) million in Q2 2021 from $(1.6) million in Q2 2020, and net income from continuing operations was $0.7 million, significantly impacted by $2.187 million in other income from PPP loan forgiveness[117] Six months ended June 30, 2021 compared to the six months ended June 30, 2020 This subsection compares the company's financial results for the six months ended June 30, 2021, against the same period in 2020 Net Revenues (YTD Q2 2021 vs. YTD Q2 2020) | Metric | 2021 | 2020 | Change | | :-------------- | :---------- | :---------- | :---------- | | Total Net Revenues | $19,592,642 | $17,928,911 | ↑ $1,663,731 (9.3%) | | Kristalose | $8,269,443 | $6,771,433 | ↑ $1,498,010 | | Vibativ | $6,897,179 | $5,721,708 | ↑ $1,175,471 (20.5%) | | Vaprisol | $1,534,216 | $382,016 | ↑ $1,152,200 | | Acetadote | $269,972 | $1,308,711 | ↓ $1,038,739 | | Omeclamox-Pak | $(474,371) | $124,371 | ↓ $598,742 | - Research and development costs decreased by $0.5 million to $2.6 million in YTD Q2 2021, primarily due to decreased study activity and salaries, offset by increased consulting fees[124] - Operating loss significantly improved to $(1.8) million in YTD Q2 2021 from $(3.4) million in YTD Q2 2020, with net income from continuing operations turning positive at $0.4 million, largely due to the $2.187 million PPP loan forgiveness[121] LIQUIDITY AND CAPITAL RESOURCES This subsection discusses the company's ability to meet its short-term and long-term financial obligations, including cash flow and debt Working Capital This subsection analyzes the company's working capital position, cash flow activities, and their impact on liquidity Liquidity and Working Capital | Metric | June 30, 2021 | December 31, 2020 | | :------------------------------------------ | :-------------- | :------------------ | | Cash and cash equivalents | $25,670,462 | $24,753,796 | | Working capital (current assets less current liabilities) | $28,033,715 | $24,302,146 | | Current ratio (multiple of current assets to current liabilities) | 2.5 | 1.9 | | Revolving line of credit availability | $1,000,000 | $0 | - Net cash provided by operating activities for the six months ended June 30, 2021, was $4.5 million, positively impacted by decreases in inventory ($2.3 million) and accounts receivable ($3.2 million), and non-cash expenses ($2.8 million)[127] - Cash used in investing activities was $(0.4) million, primarily for additions to intangibles and a note receivable investment funding for the WHC JV[127] - Cash used in financing activities was $(3.2) million, including $0.8 million for common stock repurchases and $1.4 million for Vibativ royalty payments[127] Debt Agreement This subsection details the terms of the company's revolving credit facility and its compliance with financial covenants - The revolving credit loan agreement with Pinnacle Bank was extended to October 1, 2022, providing up to $15 million in borrowing capacity, with an option to increase to $20 million[130] - The company was in compliance with the Tangible Capital Ratio financial covenant as of June 30, 2021[130] Paycheck Protection Program Loan This subsection provides an update on the full forgiveness of the PPP loan and its contribution to the company's financial stability - The $2,187,140 PPP loan received in April 2020 was fully forgiven by the SBA on June 11, 2021, after being used for qualifying expenses like payroll and rent[131][132] - The loan helped the company avoid employee layoffs or furloughs during the COVID-19 pandemic[131] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section discusses the company's exposure to market risks, specifically interest rate risk and exchange rate risk. The company believes its exposure to these risks is minimal and does not utilize derivative financial instruments for hedging Interest Rate Risk This subsection describes the company's exposure to interest rate fluctuations on its cash equivalents and revolving credit facility - The company is exposed to interest rate risk on its cash equivalents and revolving credit facility but does not use derivative financial instruments to manage this exposure[134] - The interest rate on the revolving credit facility is based on LIBOR plus a spread of 1.75% to 2.75% (minimum LIBOR 0.90%), with $14.0 million outstanding at June 30, 2021[134] Exchange Rate Risk This subsection addresses the company's minimal exposure to foreign currency exchange rate fluctuations from international transactions - The company has minimal exposure to foreign currency risk, primarily from purchases with short invoice terms (30-90 days)[135] - Foreign currency exchange gains and losses were immaterial for the periods presented, and a 5% change in exchange rates would not materially affect operating results or financial condition[135] Item 4. Controls and Procedures Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2021. No material changes to internal control over financial reporting occurred during the quarter - The company's disclosure controls and procedures were evaluated and deemed effective as of June 30, 2021[136] - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2021[136] PART II – OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, and a list of exhibits filed with the report Item 1. Legal Proceedings This section states that there are no legal proceedings to report for the period - No legal proceedings were reported for the period[139] Item 1A. Risk Factors Investors are directed to review the comprehensive risk factors outlined in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - Investors should consider the risk factors included in the company's Annual Report on Form 10-K for the year ended December 31, 2020[140] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section details the company's share repurchase program. During the three months ended June 30, 2021, the company repurchased 158,405 shares, with approximately $5.4 million remaining under the program - The company has a $10 million share repurchase program, with approximately $5.4 million remaining as of June 30, 2021[141] Shares Purchased (Three months ended June 30, 2021) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :----- | :------------------------------- | :--------------------------- | | April | 25,977 | $3.03 | | May | 38,459 | $2.84 | | June | 93,969 | $3.16 | | Total | 158,405 | - | Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including employment agreements, certifications from the CEO and CFO, and various XBRL documents - Exhibits include employment agreements, certifications from the Chief Executive Officer and Chief Financial Officer (pursuant to Sarbanes-Oxley Act), and various INLINE XBRL documents[143] SIGNATURES The report was officially signed on behalf of Cumberland Pharmaceuticals Inc. by John Hamm, Chief Financial Officer, on August 13, 2021 - The report was signed by John Hamm, Chief Financial Officer and Duly Authorized Officer, on August 13, 2021[148]