Cumberland Pharmaceuticals Files Q3 2024 10-Q
Ticker: CPIX · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1087294
Sentiment: neutral
Topics: 10-Q, pharmaceuticals, financials
TL;DR
CPix Q3 10-Q filed. Financials and operations detailed.
AI Summary
Cumberland Pharmaceuticals Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational highlights are presented within the report.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational status of Cumberland Pharmaceuticals, crucial for understanding its market position and future prospects.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Cumberland Pharmaceuticals faces inherent risks related to drug development, regulatory approvals, and market competition, which are typically detailed in 10-Q filings.
Key Players & Entities
- CUMBERLAND PHARMACEUTICALS INC (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- 20241108 (date) — Filing date
- 2525 WEST END AVENUE, SUITE 950, NASHVILLE, TN 37203 (location) — Company's business and mailing address
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 8, 2024.
What is Cumberland Pharmaceuticals Inc.'s Standard Industrial Classification code?
Cumberland Pharmaceuticals Inc.'s Standard Industrial Classification code is 2834, for Pharmaceutical Preparations.
What is the company's fiscal year end?
The company's fiscal year end is December 31.
What is the SEC file number for Cumberland Pharmaceuticals Inc.?
The SEC file number for Cumberland Pharmaceuticals Inc. is 001-33637.
Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-11-08 17:04:56
Filing Documents
- cpix-20240930.htm (10-Q) — 867KB
- a2024q3-exhibit311.htm (EX-31.1) — 12KB
- a2024q3-exhibit312.htm (EX-31.2) — 12KB
- a2024q3-exhibit321.htm (EX-32.1) — 7KB
- 0001628280-24-046730.txt ( ) — 4382KB
- cpix-20240930.xsd (EX-101.SCH) — 31KB
- cpix-20240930_cal.xml (EX-101.CAL) — 53KB
- cpix-20240930_def.xml (EX-101.DEF) — 111KB
- cpix-20240930_lab.xml (EX-101.LAB) — 426KB
- cpix-20240930_pre.xml (EX-101.PRE) — 287KB
- cpix-20240930_htm.xml (XML) — 469KB
– 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 4 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 18
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 33
– OTHER INFORMATION
PART II – OTHER INFORMATION 34
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Other Information
Item 5. Other Information 34
Exhibits
Item 6. Exhibits 35
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 17,464,754 $ 18,321,624 Accounts receivable, net 11,310,625 9,758,176 Inventories, net 4,509,669 4,609,362 Prepaid and other current assets 1,951,358 3,025,248 Total current assets 35,236,406 35,714,410 Non-current inventories 11,831,927 12,804,529 Property and equipment, net 312,031 367,903 Intangible assets, net 19,415,232 22,607,918 Goodwill 914,000 914,000 Operating lease right-of-use assets 6,208,411 6,674,394 Other assets 2,829,506 2,692,921 Total assets $ 76,747,513 $ 81,776,075 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 12,057,712 $ 14,037,629 Operating lease current liabilities 391,688 348,092 Current portion of revolving line of credit 5,988,920 — Other current liabilities 12,649,195 13,596,528 Total current liabilities 31,087,515 27,982,249 Revolving line of credit - long term 10,102,672 12,784,144 Operating lease non-current liabilities 4,997,212 5,296,247 Other long-term liabilities 6,090,722 6,453,566 Total liabilities 52,278,121 52,516,206 Equity: Shareholders' equity: Common stock— no par value; 100,000,000 shares authorized; 14,010,736 and 14,121,833 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 46,843,203 47,091,602 Accumulated deficit ( 22,064,117 ) ( 17,488,161 ) Total shareholders' equity 24,779,086 29,603,441 Noncontrolling interests ( 309,694 ) ( 343,572 ) Total equity 24,469,392 29,259,869 Total liabilities and equity $ 76,747,513 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023