Cumberland Pharmaceuticals Files Q2 2024 10-Q
Ticker: CPIX · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1087294
Sentiment: neutral
Topics: 10-Q, quarterly-report, pharmaceuticals
TL;DR
Cumberland Pharma's Q2 10-Q is in - check financials for latest performance.
AI Summary
Cumberland Pharmaceuticals Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Specific financial figures and business segment information are provided within the report.
Why It Matters
This filing provides investors with a crucial update on Cumberland Pharmaceuticals' financial health and operational progress during the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Cumberland Pharmaceuticals faces inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 2024 Q2 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
- 2024-01-01 to 2024-06-30 — Year-to-Date Period (Financials for the first six months of 2024 are presented.)
- 2023-01-01 to 2023-06-30 — Prior Year Period (Comparative financial data from the first six months of 2023 is included.)
Key Players & Entities
- CUMBERLAND PHARMACEUTICALS INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240809 (date) — Filing Date
- 2525 WEST END AVENUE SUITE 950 (address) — Business Address
- NASHVILLE, TN 37203 (address) — Business Address City/State/Zip
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 9, 2024.
What is the company's primary business address?
The company's business address is 2525 WEST END AVENUE, SUITE 950, NASHVILLE, TN 37203.
What is the fiscal year end for Cumberland Pharmaceuticals Inc.?
The fiscal year end for Cumberland Pharmaceuticals Inc. is December 31.
What SIC code is associated with Cumberland Pharmaceuticals Inc.?
The Standard Industrial Classification code associated with Cumberland Pharmaceuticals Inc. is 2834, Pharmaceutical Preparations.
Filing Stats: 4,449 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-08-09 17:03:13
Filing Documents
- cpix-20240630.htm (10-Q) — 802KB
- a2024q2-exhibit311.htm (EX-31.1) — 12KB
- a2024q2-exhibit312.htm (EX-31.2) — 12KB
- a2024q2-exhibit321.htm (EX-32.1) — 7KB
- 0001628280-24-036529.txt ( ) — 4251KB
- cpix-20240630.xsd (EX-101.SCH) — 31KB
- cpix-20240630_cal.xml (EX-101.CAL) — 49KB
- cpix-20240630_def.xml (EX-101.DEF) — 112KB
- cpix-20240630_lab.xml (EX-101.LAB) — 420KB
- cpix-20240630_pre.xml (EX-101.PRE) — 284KB
- cpix-20240630_htm.xml (XML) — 453KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 1
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Equity 3 Notes to the Condensed Consolidated Financial Statements 5
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 30
Controls and Procedures
Item 4. Controls and Procedures 30
– OTHER INFORMATION
PART II – OTHER INFORMATION 31
Legal Proceedings
Item 1. Legal Proceedings 31
Risk Factors
Item 1A. Risk Factors 31
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31
Other Information
Item 5. Other Information 31
Exhibits
Item 6. Exhibits 32
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 17,336,446 $ 18,321,624 Accounts receivable, net 11,619,763 9,758,176 Inventories, net 4,302,159 4,609,362 Prepaid and other current assets 2,322,725 3,025,248 Total current assets 35,581,093 35,714,410 Non-current inventories 11,868,487 12,804,529 Property and equipment, net 337,089 367,903 Intangible assets, net 20,458,835 22,607,918 Goodwill 914,000 914,000 Operating lease right-of-use assets 6,365,790 6,674,394 Other assets 2,993,881 2,692,921 Total assets $ 78,519,175 $ 81,776,075 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 12,508,026 $ 14,037,629 Operating lease current liabilities 376,780 348,092 Other current liabilities 11,871,363 13,596,528 Total current liabilities 24,756,169 27,982,249 Revolving line of credit 16,091,592 12,784,144 Operating lease non-current liabilities 5,100,260 5,296,247 Other long-term liabilities 6,538,970 6,453,566 Total liabilities 52,486,991 52,516,206 Equity: Shareholders' equity: Common stock— no par value; 100,000,000 shares authorized; 14,083,183 and 14,121,833 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 46,869,026 47,091,602 Accumulated deficit ( 20,520,036 ) ( 17,488,161 ) Total shareholders' equity 26,348,990 29,603,441 Noncontrolling interests ( 316,806 ) ( 343,572 ) Total equity 26,032,184 29,259,869 Total liabilities and equity $ 78,519,175 $ 81,776,075 See accompanying Notes to Condensed Consolidated Financial Statements. 1 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net revenues $ 9,848,849 $ 10,888,877 $ 18,346,550 $ 20,113,515 Costs and expenses: Cos