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Cumberland Pharmaceuticals Inc. (CPIX+3.70%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net revenues of $9,085,826, down from $10,085,926 in the same quarter the previous year. The decrease in revenue is attributed to lower sales of Vibativ and Kristalose.
Cost of products sold for the quarter was $1,323,013, representing 14.6% of net revenues, compared to 17.5% in the same quarter of the previous year.
The company reported an operating loss of $1,694,432 for the quarter, compared to $1,866,603 in the previous year, with the reduction attributed to decreased selling and marketing expenses.
Interest income for the quarter was $69,190, while interest expense was $137,374. Other income sources included insurance proceeds of $237,089.
Net loss for the quarter was $1,536,969, compared to $1,063,219 in the previous year.
Cash and cash equivalents at the end of the period were $17,464,754, down from $18,321,624 at the end of 2023.
Cumberland had a working capital of $4,148,891 as of September 30, 2024. The company continues to rely on its revolving credit facility, with $16.1 million in borrowings outstanding.
The filing also details various business developments, including a new sampling program for Sancuso and updates on international agreements for Vibativ.
Cumberland is progressing with its ifetroban clinical studies, with three Phase II programs underway.
The company identified no significant changes in its internal control over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cumberland Pharmaceuticals Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.