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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cumberland Pharmaceutical Inc | NASDAQ:CPIX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.42 | 1.39 | 2.28 | 0 | 09:05:34 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Tennessee
|
|
62-1765329
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(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
2525 West End Avenue, Suite 950,
Nashville, Tennessee
|
|
37203
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
ý
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
Emerging growth company
|
|
¨
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|
|
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Class
|
|
Outstanding at August 4, 2017
|
Common stock, no par value
|
|
15,896,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
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June 30,
2017 |
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
34,616,105
|
|
|
$
|
34,510,330
|
|
Marketable securities
|
14,356,326
|
|
|
15,622,111
|
|
||
Accounts receivable, net of allowances
|
6,106,915
|
|
|
7,330,127
|
|
||
Inventories, net
|
5,554,324
|
|
|
5,371,729
|
|
||
Other current assets
|
2,659,483
|
|
|
2,710,967
|
|
||
Total current assets
|
63,293,153
|
|
|
65,545,264
|
|
||
Property and equipment, net
|
495,328
|
|
|
464,454
|
|
||
Intangible assets, net
|
21,812,015
|
|
|
22,154,176
|
|
||
Deferred tax assets, net
|
—
|
|
|
3,119,930
|
|
||
Other assets
|
2,202,296
|
|
|
2,120,742
|
|
||
Total assets
|
$
|
87,802,792
|
|
|
$
|
93,404,566
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
6,411,517
|
|
|
$
|
8,036,611
|
|
Other current liabilities
|
6,569,773
|
|
|
6,755,652
|
|
||
Total current liabilities
|
12,981,290
|
|
|
14,792,263
|
|
||
Revolving line of credit
|
6,700,000
|
|
|
4,100,000
|
|
||
Other long-term liabilities
|
1,627,946
|
|
|
1,391,484
|
|
||
Total liabilities
|
21,309,236
|
|
|
20,283,747
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Equity:
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Common stock—no par value; 100,000,000 shares authorized; 15,937,595 and 16,074,176 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively
|
53,403,852
|
|
|
54,643,268
|
|
||
Retained earnings
|
13,252,798
|
|
|
18,604,931
|
|
||
Total shareholders’ equity
|
66,656,650
|
|
|
73,248,199
|
|
||
Noncontrolling interests
|
(163,094
|
)
|
|
(127,380
|
)
|
||
Total equity
|
66,493,556
|
|
|
73,120,819
|
|
||
Total liabilities and equity
|
$
|
87,802,792
|
|
|
$
|
93,404,566
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net revenues
|
$
|
8,667,127
|
|
|
$
|
7,414,835
|
|
|
$
|
18,303,882
|
|
|
$
|
15,152,367
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
1,668,926
|
|
|
1,155,261
|
|
|
3,050,423
|
|
|
2,379,200
|
|
||||
Selling and marketing
|
4,654,933
|
|
|
3,272,279
|
|
|
9,947,953
|
|
|
6,971,241
|
|
||||
Research and development
|
1,080,426
|
|
|
678,780
|
|
|
1,978,789
|
|
|
1,385,252
|
|
||||
General and administrative
|
2,353,140
|
|
|
1,874,396
|
|
|
4,463,373
|
|
|
3,952,368
|
|
||||
Amortization
|
590,573
|
|
|
539,428
|
|
|
1,202,017
|
|
|
1,070,198
|
|
||||
Total costs and expenses
|
10,347,998
|
|
|
7,520,144
|
|
|
20,642,555
|
|
|
15,758,259
|
|
||||
Operating income (loss)
|
(1,680,871
|
)
|
|
(105,309
|
)
|
|
(2,338,673
|
)
|
|
(605,892
|
)
|
||||
Interest income
|
69,481
|
|
|
31,483
|
|
|
122,016
|
|
|
108,612
|
|
||||
Interest expense
|
(30,029
|
)
|
|
(28,247
|
)
|
|
(61,744
|
)
|
|
(48,689
|
)
|
||||
Income (loss) before income taxes
|
(1,641,419
|
)
|
|
(102,073
|
)
|
|
(2,278,401
|
)
|
|
(545,969
|
)
|
||||
Income tax (expense) benefit
|
(3,535,783
|
)
|
|
41,135
|
|
|
(4,192,370
|
)
|
|
216,474
|
|
||||
Net income (loss)
|
(5,177,202
|
)
|
|
(60,938
|
)
|
|
(6,470,771
|
)
|
|
(329,495
|
)
|
||||
Net loss at subsidiary attributable to noncontrolling interests
|
16,591
|
|
|
12,894
|
|
|
35,714
|
|
|
28,340
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
(5,160,611
|
)
|
|
$
|
(48,044
|
)
|
|
$
|
(6,435,057
|
)
|
|
$
|
(301,155
|
)
|
Earnings (loss) per share attributable to common shareholders
|
|
|
|
|
|
|
|
||||||||
- basic
|
$
|
(0.32
|
)
|
|
$
|
—
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.02
|
)
|
- diluted
|
$
|
(0.32
|
)
|
|
$
|
—
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.02
|
)
|
Weighted-average shares outstanding
|
|
|
|
|
|
|
|
||||||||
- basic
|
16,011,758
|
|
|
16,247,028
|
|
|
16,026,935
|
|
|
16,293,744
|
|
||||
- diluted
|
16,011,758
|
|
|
16,247,028
|
|
|
16,026,935
|
|
|
16,293,744
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income (loss) attributable to common shareholders
|
(5,160,611
|
)
|
|
(48,044
|
)
|
|
(6,435,057
|
)
|
|
(301,155
|
)
|
||||
Net loss at subsidiary attributable to noncontrolling interests
|
16,591
|
|
|
12,894
|
|
|
35,714
|
|
|
28,340
|
|
||||
Total comprehensive income (loss)
|
$
|
(5,177,202
|
)
|
|
$
|
(60,938
|
)
|
|
$
|
(6,470,771
|
)
|
|
$
|
(329,495
|
)
|
|
Six months ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(6,470,771
|
)
|
|
$
|
(329,495
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization expense
|
1,314,293
|
|
|
1,171,437
|
|
||
Deferred tax expense
|
4,293,963
|
|
|
533,067
|
|
||
Share-based compensation
|
551,255
|
|
|
408,226
|
|
||
Excess tax (benefit) expense derived from exercise of stock options
|
(91,109
|
)
|
|
835,016
|
|
||
Noncash interest expense
|
51,216
|
|
|
37,323
|
|
||
Noncash investment gains
|
(18,706
|
)
|
|
(51,213
|
)
|
||
Net changes in assets and liabilities affecting operating activities:
|
|
|
|
||||
Accounts receivable
|
1,223,213
|
|
|
1,526,175
|
|
||
Inventories
|
(182,595
|
)
|
|
(651,538
|
)
|
||
Other current assets and other assets
|
(81,286
|
)
|
|
(97,871
|
)
|
||
Accounts payable and other current liabilities
|
(1,920,653
|
)
|
|
(4,061,546
|
)
|
||
Other long-term liabilities
|
240,185
|
|
|
136,483
|
|
||
Net cash used in operating activities
|
(1,090,995
|
)
|
|
(543,936
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Additions to property and equipment
|
(143,150
|
)
|
|
(70,454
|
)
|
||
Purchases of marketable securities
|
(1,201,895
|
)
|
|
(2,959,285
|
)
|
||
Proceeds from sale of marketable securities
|
2,486,386
|
|
|
3,009,459
|
|
||
Additions to intangible assets
|
(753,900
|
)
|
|
(1,077,547
|
)
|
||
Net cash provided by (used in) investing activities
|
387,441
|
|
|
(1,097,827
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Net borrowings on line of credit
|
2,600,000
|
|
|
1,800,000
|
|
||
Excess tax expense derived from exercise of stock options
|
—
|
|
|
(835,016
|
)
|
||
Repurchase of common shares
|
(1,790,671
|
)
|
|
(1,689,040
|
)
|
||
Net cash provided by (used in) financing activities
|
809,329
|
|
|
(724,056
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
105,775
|
|
|
(2,365,819
|
)
|
||
Cash and cash equivalents at beginning of period
|
34,510,330
|
|
|
38,203,059
|
|
||
Cash and cash equivalents at end of period
|
$
|
34,616,105
|
|
|
$
|
35,837,240
|
|
|
|
|
Noncontrolling interests
|
|
|
|||||||||||||
|
Common stock
|
|
Retained earnings
|
|
|
Total equity
|
||||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balance, December 31, 2016
|
16,074,176
|
|
|
$
|
54,643,268
|
|
|
$
|
18,604,931
|
|
|
$
|
(127,380
|
)
|
|
$
|
73,120,819
|
|
Cumulative effect from change in accounting principle (Note 7)
|
—
|
|
|
—
|
|
|
1,082,924
|
|
|
—
|
|
|
1,082,924
|
|
||||
Share-based compensation
|
146,275
|
|
|
551,255
|
|
|
—
|
|
|
—
|
|
|
551,255
|
|
||||
Repurchase of common shares
|
(282,856
|
)
|
|
(1,790,671
|
)
|
|
—
|
|
|
—
|
|
|
(1,790,671
|
)
|
||||
Net loss
|
—
|
|
|
—
|
|
|
(6,435,057
|
)
|
|
(35,714
|
)
|
|
(6,470,771
|
)
|
||||
Balance, June 30, 2017
|
15,937,595
|
|
|
$
|
53,403,852
|
|
|
$
|
13,252,798
|
|
|
$
|
(163,094
|
)
|
|
$
|
66,493,556
|
|
Level 1 -
|
Quoted prices for identical instruments in active markets.
|
Level 2 -
|
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
|
Level 3 -
|
Significant inputs to the valuation model are unobservable.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||||||||
U.S. Agency issued mortgage-backed securities – variable rate
|
$
|
—
|
|
|
$
|
6,288,956
|
|
|
$
|
6,288,956
|
|
|
$
|
—
|
|
|
$
|
6,814,957
|
|
|
$
|
6,814,957
|
|
U.S. Agency notes and bonds – fixed rate
|
—
|
|
|
1,299,465
|
|
|
1,299,465
|
|
|
—
|
|
|
1,795,330
|
|
|
1,795,330
|
|
||||||
SBA loan pools – variable rate
|
—
|
|
|
1,207,905
|
|
|
1,207,905
|
|
|
—
|
|
|
1,346,824
|
|
|
1,346,824
|
|
||||||
Municipal bonds – VRDN
|
5,560,000
|
|
|
—
|
|
|
5,560,000
|
|
|
5,665,000
|
|
|
—
|
|
|
5,665,000
|
|
||||||
Total fair value of marketable securities
|
$
|
5,560,000
|
|
|
$
|
8,796,326
|
|
|
$
|
14,356,326
|
|
|
$
|
5,665,000
|
|
|
$
|
9,957,111
|
|
|
$
|
15,622,111
|
|
|
Three months ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
(5,160,611
|
)
|
|
$
|
(48,044
|
)
|
Denominator:
|
|
|
|
||||
Weighted-average shares outstanding – basic
|
16,011,758
|
|
|
16,247,028
|
|
||
Dilutive effect of other securities
|
—
|
|
|
—
|
|
||
Weighted-average shares outstanding – diluted
|
16,011,758
|
|
|
16,247,028
|
|
||
|
|
|
|
||||
|
Six months ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) attributable to common shareholders
|
$
|
(6,435,057
|
)
|
|
$
|
(301,155
|
)
|
Denominator:
|
|
|
|
||||
Weighted-average shares outstanding – basic
|
16,026,935
|
|
|
16,293,744
|
|
||
Dilutive effect of other securities
|
—
|
|
|
—
|
|
||
Weighted-average shares outstanding – diluted
|
16,026,935
|
|
|
16,293,744
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Products:
|
|
|
|
|
|
|
|
||||||||
Acetadote
|
$
|
1,723,984
|
|
|
$
|
1,895,199
|
|
|
$
|
2,989,424
|
|
|
$
|
3,732,661
|
|
Omeclamox-Pak
|
377,470
|
|
|
641,469
|
|
|
1,022,795
|
|
|
1,401,788
|
|
||||
Kristalose
|
2,901,440
|
|
|
3,626,076
|
|
|
5,288,031
|
|
|
7,243,882
|
|
||||
Vaprisol
|
276,705
|
|
|
421,800
|
|
|
961,253
|
|
|
789,848
|
|
||||
Caldolor
|
1,052,917
|
|
|
631,893
|
|
|
1,865,944
|
|
|
1,703,861
|
|
||||
Ethyol
|
2,091,836
|
|
|
—
|
|
|
5,758,644
|
|
|
—
|
|
||||
Other
|
242,775
|
|
|
198,398
|
|
|
417,791
|
|
|
280,327
|
|
||||
Total net revenues
|
$
|
8,667,127
|
|
|
$
|
7,414,835
|
|
|
$
|
18,303,882
|
|
|
$
|
15,152,367
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Raw materials and work in process
|
$
|
2,979,291
|
|
|
$
|
2,810,711
|
|
Consigned inventory
|
249,676
|
|
|
277,324
|
|
||
Finished goods
|
2,325,357
|
|
|
2,283,694
|
|
||
Total
|
$
|
5,554,324
|
|
|
$
|
5,371,729
|
|
•
|
Acetadote
®
(
acetylcysteine
) Injection, for the treatment of acetaminophen poisoning;
|
•
|
Caldolor
®
(
ibuprofen
) Injection, for the treatment of pain and fever;
|
•
|
Kristalose
®
(
lactulose
) for Oral Solution, a prescription laxative, for the treatment of chronic and acute constipation;
|
•
|
Omeclamox
®
-Pak
, (
omeprazole, clarithromycin, amoxicillin
) for the treatment of Helicobacter pylori (
H. pylori
) infection and related duodenal ulcer disease;
|
•
|
Vaprisol
®
(
conivaptan
) Injection, to raise serum sodium levels in hospitalized patients with euvolemic and hypervolemic hyponatremia;
|
•
|
Ethyol
®
(amifostine)
Injection for the reduction of xerostomia (dry mouth) in patients undergoing post-operative radiation treatment for head and neck cancer and the renal toxicity associated with the administration of cisplatin in patients with advanced ovarian cancer; and
|
•
|
Totect
®
(dexrazoxane hydrochloride)
Injection for emergency oncology intervention, to treat the toxic effects of anthracycline chemotherapy in case of extravasation (drug leakage from the bloodstream into the tissues).
|
•
|
Hepatoren
®
(
ifetroban
) Injection, a Phase II candidate for the treatment of critically ill patients suffering from liver and kidney failure associated with hepatorenal syndrome (“HRS”);
|
•
|
Boxaban
®
(ifetroban)
oral capsules, a Phase II candidate for the treatment of asthma patients with aspirin-exacerbated respiratory disease ("AERD");
|
•
|
Vasculan™
(ifetroban)
oral capsules, a Phase II candidate for the treatment of patients with the systemic sclerosis (SSc) form of autoimmune disease;
|
•
|
Portaban™
(ifetroban)
oral formulation, a Phase II candidate for the treatment of patients with portal hypertension associated with liver disease; and
|
•
|
Methotrexate
(
methotrexate
) Injection, an approval submission candidate for the treatment of active rheumatoid, juvenile idiopathic and severe psoriatic arthritis, as well as severe disabling psoriasis.
|
•
|
Support and expand the use of our marketed products.
We continue to evaluate our products following their FDA approval to determine if further clinical work could expand the potential market opportunities. We will continue to explore opportunities for label expansion to bring our products to new patient populations. The Caldolor pediatric approval reflects our successful implementation of this strategy.
|
•
|
Selectively add complementary brands.
In addition to our product development activities, we are also seeking to acquire products or late-stage development product candidates to continue to build a portfolio of complementary brands. We focus on under-promoted, FDA approved drugs as well as late-stage development products that address poorly met medical needs. We plan to continue to target product acquisition candidates that are competitively differentiated, have valuable intellectual property or other protective features, and allow us to leverage our existing infrastructure. Our acquisitions of rights to Ethyol and Totect in the U.S. represent recent examples of our implementation of this strategy.
|
•
|
Progress clinical pipeline and incubate future product opportunities at CET.
We believe it is important to build a pipeline of innovative new product opportunities. At CET, we are supplementing our acquisition and late-stage development activities with the early-stage drug development activities. CET partners with universities and other research organizations to develop promising, early-stage product candidates, and Cumberland has the opportunity to negotiate rights to further develop and commercialize them in the U.S and other markets.
|
•
|
Leverage our infrastructure through co-promotion partnerships.
We believe that our commercial infrastructure can help drive prescription volume and product sales. We look for strategic partners that can accentuate our operational effectiveness and maximize the opportunity for our brands. Our recent co-promotion partnership with Poly Pharmaceuticals, Inc. allows us to expand current promotional support for Kristalose across the United States.
|
•
|
Continue to build the international contribution to our business.
We have established our own commercial capabilities, including two sales divisions to cover the U.S. market for our products. We are also building a network of select international partners to register our products and make them available to patients in their countries. We will continue to expand our network of international partners and continue to support our partners’ registration and commercialization efforts in their respective territories.
|
•
|
Continue to manage our operations with financial discipline.
We continually work to manage our expenses in line with our revenues in order to deliver positive cash flow from operations. We remain in a strong financial position, with high margins, positive cash flow from operations, and a strong balance sheet. We use excess cash flow for our ongoing share repurchase program.
|
|
Three months ended June 30,
|
|||||||||||
|
2017
|
|
2016
|
|
Change
|
|
||||||
Net revenues
|
$
|
8,667,127
|
|
|
$
|
7,414,835
|
|
|
$
|
1,252,292
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
||||||
Cost of products sold
|
1,668,926
|
|
|
1,155,261
|
|
|
513,665
|
|
|
|||
Selling and marketing
|
4,654,933
|
|
|
3,272,279
|
|
|
1,382,654
|
|
|
|||
Research and development
|
1,080,426
|
|
|
678,780
|
|
|
401,646
|
|
|
|||
General and administrative
|
2,353,140
|
|
|
1,874,396
|
|
|
478,744
|
|
|
|||
Amortization
|
590,573
|
|
|
539,428
|
|
|
51,145
|
|
|
|||
Total costs and expenses
|
10,347,998
|
|
|
7,520,144
|
|
|
2,827,854
|
|
|
|||
Operating income (loss)
|
(1,680,871
|
)
|
|
(105,309
|
)
|
|
(1,575,562
|
)
|
|
|||
Interest income
|
69,481
|
|
|
31,483
|
|
|
37,998
|
|
|
|||
Interest expense
|
(30,029
|
)
|
|
(28,247
|
)
|
|
(1,782
|
)
|
|
|||
Income (loss) before income taxes
|
(1,641,419
|
)
|
|
(102,073
|
)
|
|
(1,539,346
|
)
|
|
|||
Income tax (expense) benefit
|
(3,535,783
|
)
|
|
41,135
|
|
|
(3,576,918
|
)
|
|
|||
Net income (loss)
|
$
|
(5,177,202
|
)
|
|
$
|
(60,938
|
)
|
|
$
|
(5,116,264
|
)
|
|
|
Three months ended June 30,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Products:
|
|
|
|
|
|
||||||
Acetadote
|
$
|
1,723,984
|
|
|
$
|
1,895,199
|
|
|
$
|
(171,215
|
)
|
Omeclamox-Pak
|
377,470
|
|
|
641,469
|
|
|
(263,999
|
)
|
|||
Kristalose
|
2,901,440
|
|
|
3,626,076
|
|
|
(724,636
|
)
|
|||
Vaprisol
|
276,705
|
|
|
421,800
|
|
|
(145,095
|
)
|
|||
Caldolor
|
1,052,917
|
|
|
631,893
|
|
|
421,024
|
|
|||
Ethyol
|
2,091,836
|
|
|
—
|
|
|
2,091,836
|
|
|||
Other
|
242,775
|
|
|
198,398
|
|
|
44,377
|
|
|||
Total net revenues
|
$
|
8,667,127
|
|
|
$
|
7,414,835
|
|
|
$
|
1,252,292
|
|
|
Six months ended June 30,
|
|||||||||||
|
2017
|
|
2016
|
|
Change
|
|
||||||
Net revenues
|
$
|
18,303,882
|
|
|
$
|
15,152,367
|
|
|
$
|
3,151,515
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
||||||
Cost of products sold
|
3,050,423
|
|
|
2,379,200
|
|
|
671,223
|
|
|
|||
Selling and marketing
|
9,947,953
|
|
|
6,971,241
|
|
|
2,976,712
|
|
|
|||
Research and development
|
1,978,789
|
|
|
1,385,252
|
|
|
593,537
|
|
|
|||
General and administrative
|
4,463,373
|
|
|
3,952,368
|
|
|
511,005
|
|
|
|||
Amortization
|
1,202,017
|
|
|
1,070,198
|
|
|
131,819
|
|
|
|||
Total costs and expenses
|
20,642,555
|
|
|
15,758,259
|
|
|
4,884,296
|
|
|
|||
Operating income (loss)
|
(2,338,673
|
)
|
|
(605,892
|
)
|
|
(1,732,781
|
)
|
|
|||
Interest income
|
122,016
|
|
|
108,612
|
|
|
13,404
|
|
|
|||
Interest expense
|
(61,744
|
)
|
|
(48,689
|
)
|
|
(13,055
|
)
|
|
|||
Income (loss) before income taxes
|
(2,278,401
|
)
|
|
(545,969
|
)
|
|
(1,732,432
|
)
|
|
|||
Income tax (expense) benefit
|
(4,192,370
|
)
|
|
216,474
|
|
|
(4,408,844
|
)
|
|
|||
Net income (loss)
|
$
|
(6,470,771
|
)
|
|
$
|
(329,495
|
)
|
|
$
|
(6,141,276
|
)
|
|
|
Six months ended June 30,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Products:
|
|
|
|
|
|
||||||
Acetadote
|
$
|
2,989,424
|
|
|
$
|
3,732,661
|
|
|
$
|
(743,237
|
)
|
Omeclamox-Pak
|
1,022,795
|
|
|
1,401,788
|
|
|
(378,993
|
)
|
|||
Kristalose
|
5,288,031
|
|
|
7,243,882
|
|
|
(1,955,851
|
)
|
|||
Vaprisol
|
961,253
|
|
|
789,848
|
|
|
171,405
|
|
|||
Caldolor
|
1,865,944
|
|
|
1,703,861
|
|
|
162,083
|
|
|||
Ethyol
|
5,758,644
|
|
|
—
|
|
|
5,758,644
|
|
|||
Other
|
417,791
|
|
|
280,327
|
|
|
137,464
|
|
|||
Total net revenues
|
$
|
18,303,882
|
|
|
$
|
15,152,367
|
|
|
$
|
3,151,515
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
34,616,105
|
|
|
$
|
34,510,330
|
|
Marketable securities
|
14,356,326
|
|
|
15,622,111
|
|
||
Total cash, cash equivalents and marketable securities
|
$
|
48,972,431
|
|
|
$
|
50,132,441
|
|
|
|
|
|
||||
Working capital (current assets less current liabilities)
|
$
|
50,311,863
|
|
|
$
|
50,753,001
|
|
Current ratio (multiple of current assets to current liabilities)
|
4.9
|
|
|
4.4
|
|
||
|
|
|
|
||||
Revolving line of credit availability
|
$
|
5,300,000
|
|
|
$
|
7,900,000
|
|
|
Six months ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(1,090,995
|
)
|
|
$
|
(543,936
|
)
|
Investing activities
|
387,441
|
|
|
(1,097,827
|
)
|
||
Financing activities
|
809,329
|
|
|
(724,056
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
105,775
|
|
|
$
|
(2,365,819
|
)
|
Period
|
Total
Number of
Shares (or
Units)
Purchased
|
|
Average
Price Paid
per Share
(or Unit)
|
|
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
(1)
|
||||
April
|
14,394
|
|
$
|
6.49
|
|
|
14,394
|
|
$
|
6,494,563
|
|
May
|
73,645
|
(1)
|
6.64
|
|
|
73,645
|
|
6,005,256
|
|
||
June
|
39,667
|
|
7.03
|
|
|
39,667
|
|
5,726,569
|
|
||
Total
|
127,706
|
|
|
|
127,706
|
|
|
|
|
|
No.
|
|
Description
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer Pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of Chief Executive and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL INSTANCE DOCUMENT
|
|
|
|
101.SCH
|
|
XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
|
|
|
|
101.CAL
|
|
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
|
|
|
|
101.DEF
|
|
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
|
|
|
|
101.LAB
|
|
XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
|
|
|
|
101.PRE
|
|
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumberland Pharmaceuticals Inc.
|
||
|
|
|
|
|||
August 9, 2017
|
|
|
|
By:
|
|
/s/ Michael Bonner
|
|
|
|
|
|
|
Michael Bonner
|
|
|
|
|
|
|
Chief Financial Officer
|
1 Year Cumberland Pharmaceutical Chart |
1 Month Cumberland Pharmaceutical Chart |
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