Cumberland Pharmaceuticals Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in net revenues and an increase in net losses compared to the same periods in 2023. For the third quarter of 2024, net revenues totaled $9.1 million, down from $10.1 million in Q3 2023, marking a decrease of $1 million. For the nine-month period, revenues decreased to $27.4 million from $30.2 million in the prior year, a decline of $2.8 million.

The company's total costs and expenses for Q3 2024 were $10.8 million, a reduction from $12 million in Q3 2023. Despite this decrease, Cumberland reported an operating loss of $1.7 million for the third quarter, slightly improved from a loss of $1.9 million in the same quarter of the previous year. However, the net loss attributable to common shareholders increased to $1.5 million in Q3 2024, compared to a loss of $1.1 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $4.5 million, significantly higher than the loss of $28,779 reported for the same period in 2023.

Key product performance varied, with Sancuso revenues increasing to $2.6 million in Q3 2024 from $1.9 million in Q3 2023, while Vibativ revenues fell to $1 million from $2.8 million. Kristalose revenues also decreased to $3.6 million from $3.9 million, attributed to higher sales deductions. The company faced challenges with Vaprisol, which reported no sales due to inventory issues and ongoing FDA approval processes for a new manufacturer.

Cumberland's total assets decreased to $76.7 million as of September 30, 2024, from $81.8 million at the end of 2023. The company’s cash and cash equivalents also declined to $17.5 million from $18.3 million during the same period. Current liabilities increased to $31.1 million, up from $28 million at the end of 2023, contributing to a decrease in total shareholders' equity to $24.8 million from $29.6 million.

Strategically, Cumberland continues to focus on maximizing existing brands and expanding its product portfolio. The company is transitioning to a new manufacturing partner for Vaprisol and has launched a new sampling program for Sancuso to enhance patient access. Additionally, Cumberland has entered into a Revolving Credit Loan Agreement with Pinnacle Bank, providing up to $25 million in financing, with $16.1 million drawn as of September 30, 2024. The company is also pursuing international market opportunities and has ongoing clinical programs for its product candidate, Ifetroban.