0001628280-23-017951 | 10-Q | XBRL Viewer | Cumberland Pharmaceuticals INC

Inventories (Narrative) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Obsolescence and discontinuance losses	$ 0	$ 500,000
Non-current inventories	7,534,303	7,527,167
Finished goods, net of reserve	4,985,883	4,322,167
Ifetroban Clinical
Inventory [Line Items]
Non-current inventories	300,000
Finished goods, net of reserve	200,000	100,000
Vibativ
Inventory [Line Items]
Non-current inventories		15,600,000
Finished goods, net of reserve	$ 900,000	$ 0

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 172,286	$ (1,402,433)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	1,255,675	1,653,746
Share-based compensation	90,156	159,901
Decrease in non-cash contingent consideration	(267,637)	370,464
Decrease (increase) in cash surrender value of life insurance policies over premiums paid	(30,799)	222,209
Increase in noncash interest expense	4,296	2,183
Gain on receivable of FDA fees	(1,847,065)	0
Net changes in assets and liabilities affecting operating activities:
Accounts receivable	481,613	(7,758,089)
Inventories	(323,557)	2,271,484
Other current assets and other assets	682,958	239,862
Accounts payable and other current liabilities	(1,105,263)	4,461,389
Other long-term liabilities	(530,872)	(371,214)
Net cash used in operating activities	(1,418,209)	(150,498)
Cash flows from investing activities:
Additions to property and equipment	(107,260)	(26,986)
Cash paid for acquisitions	0	(13,500,000)
Additions to intangible assets	(67,193)	(14,912)
Net cash used in investing activities	(174,453)	(13,541,898)
Cash flows from financing activities:
Borrowings on line of credit	8,000,000	20,000,000
Repayments on line of credit	(8,127,714)	(15,000,000)
Cash payment of contingent consideration	(1,464,311)	(501,505)
Repurchase of common shares	(187,117)	(580,130)
Net cash provided by (used in) financing activities	(1,779,142)	3,918,365
Net decrease in cash and cash equivalents	(3,371,804)	(9,774,031)
Cash and cash equivalents at beginning of period	19,757,970	27,040,816
Cash and cash equivalents at end of period	$ 16,386,166	$ 17,266,785

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease Position

At March 31, 2023 and December 31, 2022, the Company's lease assets and liabilities were as follows:


Right-of-Use Assets	March 31, 2023		December 31, 2022
Operating lease right-of-use assets	$	4,919,057	$	5,218,403


Lease Liabilities	March 31, 2023		December 31, 2022
Operating lease current liabilities	$	158,369	$	172,910

Operating lease noncurrent liabilities	4,549,150		4,586,301
Total	$	4,707,519	$	4,759,211

Schedule of Maturity of Lease Liabilities

Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) are as follows:


Maturity of Lease Liabilities at March 31, 2023	Operating Leases
2023	587,511
2024	578,759
2025	543,023
2026	608,015
2027	623,199
After 2027	5,324,178
Total lease payments	8,264,685
Less: Interest	3,557,166
Present value of lease liabilities	$	4,707,519

Schedule of Rent Expense and Sublease Income

Rent expense and sublease income were as follows:


	Three months ended March 31,
	2023		2022
Rent expense	$	234,863	$	285,963

Sublease income	$	115,631	$	161,804

Additions and Returns of Product Rights (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The following table presents the changes in the fair value of the contingent consideration liability that is remeasured on a recurring basis. The contingent consideration earned and accrued in operating expenses is paid to Theravance quarterly.











Balance at December 31, 2022	$	4,154,823
Cash payment of royalty during the period	(245,391)
Change in fair value of contingent consideration included in operating expenses	176,122
Contingent consideration earned and accrued in operating expenses	—
Balance at March 31, 2023	$	4,085,554

The following table presents the changes in the fair value of the contingent consideration liability that is remeasured on a recurring basis.











Balance at December 31, 2022	$	3,000,000
Cash payment of royalty during the period	(244,920)
Change in fair value of contingent consideration included in operating expenses	(443,759)
Contingent consideration earned and accrued in operating expenses	188,679
Balance at March 31, 2023	$	2,500,000

Leases - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) ft²	Nov. 15, 2021 ft² renewalTerm $ / ft²
Lessee, Lease, Description [Line Items]
Rent increase		2.50%
Future minimum sublease income under noncancelable operating subleases \| $	$ 30
1600 West End Avenue Partners, LLC
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	12 years 7 months 13 days
Present value of remaining lease payments, percent	9.28%
CET
Lessee, Lease, Description [Line Items]
Present value of remaining lease payments, percent	7.42%
Wet Laboratory and Office Space
Lessee, Lease, Description [Line Items]
Leased area		16,903
Term of contract		157 months
Base rent per square foot \| $ / ft²		33.06
Square feet of office space	14,200
Broadwest Lease, Five Year Renewal Option \| Wet Laboratory and Office Space
Lessee, Lease, Description [Line Items]
Number of renewal terms \| renewalTerm		2
Renewal term		5 years

Shareholders' Equity and Debt - Shareholders' Equity (Details)			1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 27, 2021 USD ($)	Aug. 14, 2020	Nov. 30, 2017 USD ($)	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares	Sep. 30, 2022	Dec. 31, 2022 USD ($)	Sep. 29, 2022 USD ($) qtr	Dec. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Jan. 31, 2016 USD ($)	May 13, 2010 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of shares				$ 187,961	$ 566,043
Shelf Registration, sale of corporate securities (up to)	$ 19,000,000		$ 100,000,000
Revolving line of credit				16,072,286			$ 16,200,000
WinHealth
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial investment in joint ventures										$ 200,000
WinHealth \| Convertible Debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Convertible note										$ 200,000
LIBOR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Variable rate		0.90%
Revolving Credit Facility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Revolving line of credit				$ 16,100,000
Revolving Credit Facility \| Sixth Amendment \| Pinnacle Bank
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional borrowing capacity									$ 5,000,000
Current borrowing capacity									$ 20,000,000
Revolving Credit Facility \| Eight Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum funded debt ratio						3.00	2.50
Revolving Credit Facility \| Ninth Amemdment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrestricted cash threshold								$ 8,500,000
Covenant evaluation frequency \| qtr								4
Revolving Credit Facility \| Line of Credit \| Pinnacle Bank
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate spread				7.375%
Line of credit, unused capacity, commitment fee percentage				0.25%
Revolving Credit Facility \| Line of Credit \| Pinnacle Bank \| Minimum \| LIBOR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Variable rate		1.75%
Revolving Credit Facility \| Line of Credit \| Pinnacle Bank \| Maximum \| LIBOR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Variable rate		2.75%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted in period, shares \| shares				28,250	65,225
Share-based compensation credit				$ 40,000.00
Restricted Stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vesting period				1 year
Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted in period, shares \| shares				183,250	166,350
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount											$ 10,000,000	$ 10,000,000
Repurchase of shares (in shares) \| shares				86,829	174,149
Repurchase of shares				$ 187,961	$ 566,043
Common shares left to repurchase				$ 3,600,000

Leases - Rent Expense (Details) - USD ($)	3 Months Ended
Leases - Rent Expense (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Rent expense	$ 234,863	$ 285,963
Sublease income	$ 115,631	$ 161,804

Earnings (Loss) Per Share (Details Textual) - shares	3 Months Ended
Earnings (Loss) Per Share (Details Textual) - shares	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Common stock available for purchase through restricted stock awards and options (in shares)	331,338	131,225

Inventories (Schedule of Inventories) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventory
Raw materials and work in process	$ 12,548,636	$ 12,899,659
Consigned inventory	179,786	168,923
Finished goods	4,985,883	4,322,167
Total inventories	17,714,305	17,390,748
less non-current inventories	(7,534,303)	(7,527,167)
Total inventories classified as current	$ 10,180,002	$ 9,863,581

Additions and Returns of Product Rights - Narrative (Details) - USD ($)		1 Months Ended		3 Months Ended
	Jan. 03, 2022	Nov. 30, 2018	Nov. 30, 2016	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 12, 2022	Dec. 31, 2021	Jul. 31, 2020
Business Acquisition [Line Items]
Payment to acquire business upon closing				$ 0	$ 13,500,000
Goodwill				914,000		$ 914,000
Kyowa Kirin \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Business Acquisition [Line Items]
Upfront payment	$ 13,500,000
Sales milestone payments, maximum	$ 3,500,000
Sales milestone payments, expected				1,500,000
Sales milestone payments				1,000,000
Kyowa Kirin \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Maximum
Business Acquisition [Line Items]
Tiered royalty, percent	10.00%
Nordic Group B.V. \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Business Acquisition [Line Items]
Milestone payment receivable							$ 1,000,000
Milestone payment credit due							$ 1,000,000
Nordic Group B.V. \| Restricted Stock \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Business Acquisition [Line Items]
Restricted shares receivable (in shares)							180,000
Vibativ
Business Acquisition [Line Items]
Payment to acquire business upon closing		$ 20,000,000
Other Payments to Acquire Businesses		$ 5,000,000
Percentage of tiered royalty payments (up to)		20.00%
Tiered royalty payment, threshold		$ 2,500,000
Additional liability				4,085,554		4,154,823
Current portion of the contingent consideration liability				1,200,000
Noncurrent portion of the contingent consideration liability				2,900,000
Methotrexate
Business Acquisition [Line Items]
Payment to acquire business upon closing			$ 100,000
Additional liability								$ 1,000,000	$ 1,000,000
Liability recorded			$ 900,000
Vested common stock, value				900,000
Methotrexate \| Restricted Stock
Business Acquisition [Line Items]
Unvested restricted shares (in shares)			180,000
Sancuso
Business Acquisition [Line Items]
Other Payments to Acquire Businesses	$ 1,700,000
Additional liability	3,400,000			2,500,000		$ 3,000,000
Current portion of the contingent consideration liability				1,300,000
Noncurrent portion of the contingent consideration liability				$ 1,200,000
Prepaid expenses	1,800,000
Inventory	2,600,000
Goodwill	30,000.00
Intangible assets	$ 14,100,000

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Reconciliation of numerator and denominator

The following table reconciles the numerator and denominator used to calculate basic and diluted earnings (loss) per share for the three months ended March 31, 2023 and 2022:



	Three months ended March 31,
	2023		2022
Numerator:
Net income (loss)	$	172,286	$	(1,402,433)

Net loss at subsidiary attributable to noncontrolling interest	19,898		17,180
Net income (loss) attributable to common shareholders	$	192,184	$	(1,385,253)
Denominator:
Weighted-average shares outstanding – basic	14,359,322		14,691,623
Dilutive effect of other securities	228,521		—
Weighted-average shares outstanding – diluted	14,587,843		14,691,623

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,386,166	$ 19,757,970
Accounts receivable, net	14,529,133	13,163,681
Inventories, net	10,180,002	9,863,581
Prepaid and other current assets	2,715,498	3,084,978
Total current assets	43,810,799	45,870,210
Non-current inventories	7,534,303	7,527,167
Property and equipment, net	354,857	284,039
Intangible assets, net	29,390,195	30,590,678
Goodwill	914,000	914,000
Operating lease right-of-use assets	4,919,057	5,218,403
Other assets	2,545,424	2,520,661
Total assets	89,468,635	92,925,158
Current liabilities:
Accounts payable	11,222,333	10,819,011
Operating lease current liabilities	158,369	172,910
Other current liabilities	14,326,712	17,587,911
Total current liabilities	25,707,414	28,579,832
Revolving line of credit	16,072,286	16,200,000
Operating lease noncurrent liabilities	4,549,150	4,586,301
Other long-term liabilities	7,091,298	7,585,019
Total liabilities	53,420,148	56,951,152
Commitments and contingencies
Shareholders’ equity:
Common stock—no par value; 100,000,000 shares authorized; 15,555,865 and 15,723,075 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	47,377,168	47,474,973
Retained earnings (deficit)	(11,016,657)	(11,208,841)
Total shareholders’ equity	36,360,511	36,266,132
Noncontrolling interests	(312,024)	(292,126)
Total equity	36,048,487	35,974,006
Total liabilities and equity	$ 89,468,635	$ 92,925,158

Revenues - Additional Information (Details) - USD ($)	3 Months Ended
Revenues - Additional Information (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Revenues	$ 9,224,638	$ 11,175,045
Grant
Revenue from External Customer [Line Items]
Revenues	$ 100,000	$ 40,000.00

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Condensed Consolidated Statement of Equity - USD ($)	Total	Common stock	Retained earnings (deficit)	Noncontrolling interests
Balance, Beginning of Period (in shares) at Dec. 31, 2021		14,742,754
Balance, Beginning of Period at Dec. 31, 2021	$ 42,601,978	$ 48,452,906	$ (5,638,600)	$ (212,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		162,155
Share-based compensation	159,901	$ 159,901
Repurchase of shares (in shares)		(174,149)
Repurchase of common shares	(566,043)	$ (566,043)
Net income (loss)	(1,402,433)		(1,385,253)	(17,180)
Balance, End of Period (in shares) at Mar. 31, 2022		14,730,760
Balance, End of Period at Mar. 31, 2022	$ 40,793,403	$ 48,046,764	(7,023,853)	(229,508)
Balance, Beginning of Period (in shares) at Dec. 31, 2022	14,366,316	14,366,616
Balance, Beginning of Period at Dec. 31, 2022	$ 35,974,006	$ 47,474,973	(11,208,841)	(292,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		150,260
Share-based compensation	90,156	$ 90,156
Repurchase of shares (in shares)		(86,829)
Repurchase of common shares	(187,961)	$ (187,961)
Net income (loss)	$ 172,286		192,184	(19,898)
Balance, End of Period (in shares) at Mar. 31, 2023	14,430,047	14,430,047
Balance, End of Period at Mar. 31, 2023	$ 36,048,487	$ 47,377,168	$ (11,016,657)	$ (312,024)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

The Company works closely with third parties to manufacture and package finished goods for sale. Based on the arrangements with the manufacturer or packager, the Company will either take title to the finished goods at the time of shipment or at the time of arrival at the Company’s warehouses. The Company then holds such goods in inventory until distribution and sale. These finished goods inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method.

The Company continually evaluates inventory for potential losses due to excess, obsolete or slow-moving goods by comparing sales history and projections to the inventory on hand. When evidence indicates that the carrying value may not be recoverable, a charge is taken to reduce the inventory to its current net realizable value. At March 31, 2023, there were no cumulative obsolescence and discontinuance losses necessary. At December 31, 2022, the Company had recognized and maintained cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.5 million.

The Company is responsible for the purchase of the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory at third-party packagers. As that API is consumed in production, the value of the API is transferred from raw materials to finished goods. API for the Company's Vaprisol brand is also included in the raw materials inventory at March 31, 2023 and December 31, 2022. Consigned inventory represents Authorized Generic inventory stored with our partner until shipment.

As part of the Vibativ acquisition, the Company acquired API and work in process inventories of $15.6 million that were all initially classified as non-current inventories at the date of acquisition. At March 31, 2023 and December 31, 2022, total non-current inventory, including Vibativ and our clinical trial drug ifetroban, was $7.5 million for each period. The Company had Vibativ finished goods of $0.9 million included in non-current inventory at March 31, 2023, and no non-current inventory at December 31, 2022. The Company also had $0.3 million in non-current inventory for API related to its ifetroban clinical initiatives at March 31, 2023 and December 31, 2022, and $0.2 million and $0.1 million of finished goods, respectively.

At March 31, 2023 and December 31, 2022, the Company's net inventories consisted of the following:


	March 31, 2023		December 31, 2022

Raw materials and work in process	$	12,548,636	$	12,899,659
Consigned inventory	179,786		168,923
Finished goods	4,985,883		4,322,167
Total inventories	17,714,305		17,390,748
less non-current inventories	(7,534,303)		(7,527,167)
Total inventories classified as current	$	10,180,002	$	9,863,581

Additions and Returns of Product Rights - Change in Consideration, Vibativ (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Contingency Accrual [Roll Forward]
Change in fair value of contingent consideration included in operating expenses	$ (267,637)	$ 370,464
Vibativ
Loss Contingency Accrual [Roll Forward]
Beginning balance	4,154,823
Cash payment of royalty during the period	(245,391)
Change in fair value of contingent consideration included in operating expenses	176,122
Contingent consideration earned and accrued in operating expenses	0
Ending balance	$ 4,085,554

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-33637
Entity Registrant Name	Cumberland Pharmaceuticals Inc.
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1765329
Entity Address, Address Line One	1600 West End Avenue
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	615
Local Phone Number	255-0068
Title of 12(b) Security	Common stock, no par value
Trading Symbol	CPIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,449,107
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001087294
Current Fiscal Year End Date	--12-31

Additions and Returns of Product Rights

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

ADDITIONS AND RETURN OF PRODUCT RIGHTS

Vibativ

During November 2018, the Company closed on an agreement with Theravance Biopharma ("Theravance") to acquire the global responsibility for Vibativ including the marketing, distribution, manufacturing and regulatory activities associated with the brand. Vibativ is a patented, Food and Drug Administration ("FDA") approved injectable anti-infective for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia and complicated skin and skin structure infections. It addresses a range of Gram-positive bacterial pathogens, including those that are considered difficult-to-treat and multidrug-resistant.

Cumberland has accounted for the transaction as a business combination in accordance with ASC 805 and the product sales are included in the results of operations subsequent to the acquisition date. The Company made an upfront payment of $20.0 million at the closing of the transaction and a $5.0 million milestone payment in early April 2019. In addition, Cumberland has agreed to pay a royalty of up to 20% of on-going net sales of the product after the $2.5 million threshold is met. The future royalty payments were required to be recognized at their acquisition-date fair value as a contingent consideration liability, as part of the contingent consideration transferred in the business combination. Cumberland prepared the valuations of the contingent consideration liability utilizing significant unobservable inputs. As a result, the valuation is classified as Level 3 fair value measurement.











Balance at December 31, 2022	$	4,154,823
Cash payment of royalty during the period	(245,391)
Change in fair value of contingent consideration included in operating expenses	176,122
Contingent consideration earned and accrued in operating expenses	—
Balance at March 31, 2023	$	4,085,554

The contingent consideration liability of $4.1 million was accounted for as $1.2 million of other current liabilities and $2.9 million of other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2023.

RediTrex

In November 2016, the Company announced an agreement with the Nordic Group B.V. ("Nordic") to acquire the exclusive U.S. rights to Nordic’s injectable methotrexate product line designed for the treatment of active rheumatoid arthritis, juvenile idiopathic arthritis, severe psoriatic arthritis, and severe disabling psoriasis.

As consideration for the license, Cumberland paid a deposit of $100,000 at closing. The Company provided $0.9 million in consideration through a grant of 180,000 restricted shares of Cumberland common stock to be vested upon the FDA approval of the first Nordic product. Cumberland also agreed to provide Nordic a series of payments tied to the products’ FDA approval, launch and achievement of certain sales milestones. Under the terms of the agreement, Cumberland is responsible for the product registration and commercialization in the U.S. Nordic is responsible for product manufacturing and supply.

On November 27, 2019, Cumberland received FDA approval for the first Nordic injectable product and authorization to market them under the RediTrex brand name. The 180,000 shares of restricted Cumberland common stock previously provided to Nordic vested upon approval and were valued at $0.9 million on the vesting date. The FDA approval also resulted in a $1.0 million milestone payment due to Nordic. During December 2020, Cumberland introduced RediTrex and the launch that took place in late 2021 resulted in a $1.0 million milestone payment due to Nordic.

Effective July 12, 2022, the Company entered into an amendment to our agreement with Nordic whereby they may assume responsibility for RediTrex marketing authorization in the U.S. and the opportunity to commercialize the product in the U.S. after June 30, 2023. Cumberland will continue to distribute and support the product until then. In accordance with the terms of the amendment, Nordic has returned the 180,000 restricted Cumberland shares we previously issued to Nordic which were cancelled, refunded to Cumberland the milestone payment of $1.0 million we made associated with the brand's U.S. approval and issued a credit note in favor of the Company in the amount of $1.0 million for the unpaid milestone payment due from us for launch of the product line. The companies will cooperate on any transition and Cumberland will receive a long-term royalty on any Nordic sales of the product.

Sancuso

On January 3, 2022, Cumberland acquired the U.S. rights to the FDA-approved oncology-supportive care medicine Sancuso from Kyowa Kirin, Inc. ("Kyowa Kirin"), the U.S. affiliate of Japan-based Kyowa Kirin Co., Ltd.

Sancuso is the first and only FDA-approved prescription patch for the prevention of nausea and vomiting in patients receiving certain types of chemotherapy treatment. The active drug in Sancuso, granisetron, slowly dissolves in the thin layer of adhesive that sticks to the patient’s skin and is released into their bloodstream over several days, working continuously to prevent chemotherapy-induced nausea and vomiting (“CINV”). It is applied 24 to 48 hours before receiving chemotherapy and can prevent CINV for up to five consecutive days. Alternative oral treatments must be taken several times (day and night) to deliver the same therapeutic doses.

Cumberland acquired U.S. rights to Sancuso and assumed full commercial responsibility for the product in the U.S. – including its marketing, promotion, distribution, manufacturing and medical support activities.

Cumberland has accounted for the transaction as a business combination in accordance with ASC 805 and the product sales are included in the results of operations subsequent to the acquisition date. The Company made an upfront payment of $13.5 million at the closing of the transaction. The Agreement calls for milestone payments of up to $3.5 million based on the attainment of various approvals and sales performance. The Company believes that $1.5 million of the milestone payments will be earned and paid. In March 2023, Cumberland paid $1.0 million of the $3.5 million milestone payments to Kwoya Kirin for the approval by the FDA of the manufacturing site for the product.

In addition, Cumberland has agreed to pay a royalty of up to 10% of on-going net sales of the product. The future royalty payments were required to be recognized at their acquisition-date fair value as a contingent consideration liability, as part of the contingent consideration transferred in the business combination. Cumberland has prepared a valuation of the contingent consideration liability utilizing significant unobservable inputs. As a result, the valuation is classified as Level 3 fair value measurement.

The acquisition was funded by cash and the Company's revolving credit facility. The Company worked with an outside consultant to finalize the Sancuso valuation of the transaction. The fair value for the assets and liabilities assumed were as follows: prepaid expenses $1.8 million, inventory $2.6 million, goodwill $0.03 million, intangible assets $14.1 million, milestone payable $1.7 million and contingent liability $3.4 million.

The following table presents the changes in the fair value of the contingent consideration liability that is remeasured on a recurring basis.











Balance at December 31, 2022	$	3,000,000
Cash payment of royalty during the period	(244,920)
Change in fair value of contingent consideration included in operating expenses	(443,759)
Contingent consideration earned and accrued in operating expenses	188,679
Balance at March 31, 2023	$	2,500,000

The contingent consideration liability earned and accrued in operating expenses is paid to Kyowa Kirin quarterly. The contingent consideration liability of $2.5 million was accounted for as $1.3 million of current liabilities and $1.2 million of other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2023.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESThe company is involved in litigation arising in the normal course of business. The Company does not believe that the disposition or ultimate resolution of existing claims or lawsuits will have a material adverse effect on the business or financial condition of the Company.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	14,430,047	14,366,316
Common stock, shares outstanding (in shares)	14,430,047	14,366,316

Shareholders' Equity and Debt	3 Months Ended
Shareholders' Equity and Debt	Mar. 31, 2023
Equity and Debt [Abstract]
SHAREHOLDERS' EQUITY AND DEBT	SHAREHOLDERS’ EQUITY AND DEBT Share repurchases Cumberland currently has a share repurchase program to repurchase up to $10 million of its common stock pursuant to Rule 10b-18 of the Securities Exchange Act of 1934. In January 2019, the Company's Board of Directors established the current $10 million repurchase program to replace the prior authorizations. During the three months ended March 31, 2023 and March 31, 2022, the Company repurchased 86,829 shares and 174,149 shares of common stock for approximately $0.2 million and $0.6 million, respectively. At March 31, 2023, approximately $3.6 million of common shares was left to repurchase under this program. Share purchases and sales In the Company's May 2023 trading window, several members of Cumberland's Board of Directors will enter into share purchase agreements of the Company's stock pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. These purchases are designed to increase ownership in the Company by the members of the Board. Share Sales In November 2017, Cumberland filed a Shelf Registration on Form S-3 with the SEC associated with the sale of up to $100 million in corporate securities. The Shelf Registration was declared effective in January 2018. It also included an At the Market ("ATM") feature that allowed the Company to sell common shares at market prices, along with an agreement with B. Riley FBR Inc. to support such a placement of shares. The Company filed an updated Form S-3 with the SEC in December 2020, which was declared effective in January 2021. On December 27, 2021, the Company filed a related prospectus supplement in connection with the sale and issuance of shares having an aggregate gross sales price of up to $19 million. The Company intends to continue an ATM feature through B. Riley FBR, Inc. that would allow the Company to issue shares of its common stock. The Company did not issue any shares under an ATM during the three months ended March 31, 2023 or March 31, 2022. Restricted Share Grants and Incentive Stock Options During the three months ended March 31, 2023 and March 31, 2022, the Company issued 28,250 shares and 65,225 shares of restricted stock to employees, advisors and directors, respectively. Restricted stock issued to employees and advisors generally cliff-vests on the fourth anniversary of the date of grant and for directors on the one-year anniversary of the date of grant. During the three months ended March 31, 2023 and 2022, the Company also issued 183,250 and 166,350 incentive stock options, respectively, to employees that cliff-vest on the fourth anniversary of the date of grant, that are set to expire in 2033 and 2032, respectively. Stock compensation expense is presented as a component of general and administrative expense in the condensed consolidated statements of operations. For the three months ended March 31, 2023, we recorded a credit of $0.04 million to share-based compensation related to the forfeiture of unvested restricted stock awards. Debt Agreement On December 31, 2021, the Company entered into a Fifth Amendment to the Revolving Credit Note and Sixth Amendment (the "Sixth Amendment") to Revolving Credit Loan Agreement with Pinnacle Bank (the "Pinnacle Agreement"). The Sixth Amendment increased the principal amount by $5 million to $20 million. On October 28, 2021, the Company entered into a Fourth Amendment to the Revolving Credit Note and Fifth Amendment to Revolving Credit Loan Agreement with Pinnacle Bank. Among other terms, the Fourth Amendment extended the maturity date to October 1, 2024. The Pinnacle Agreement includes specific financial covenants. In 2022, the Company and Pinnacle Bank agreed to modify the financial covenants to align with the current use of the line of credit. On March 31, 2022, the Company and Pinnacle Bank entered into a Seventh Amendment to the Revolving Credit Loan Agreement to revise and update the Maximum Funded Debt Ratio financial covenant and to delete from the Pinnacle Agreement the Funded Debt to Tangible Capital Ratio financial covenant. These changes were made to more appropriately reflect the impact from the Sancuso acquisition. On June 30, 2022, the Company entered into the Eighth Amendment to the Revolving Credit Loan Agreement with Pinnacle Bank permitting the Maximum Funded Debt Ratio to be calculated on a rolling four-quarter basis to be no more than 3.00 to 1.00 for the second and third quarters of 2022 and 2.50 to 1.00 for each quarter thereafter. On September 29, 2022, the Company entered into the Ninth Amendment to the Revolving Credit Loan Agreement with Pinnacle Bank (as amended, the "Pinnacle Agreement") to update the Funded Debt Ratio to mean the ratio of (i) Funded Debt less the amount of Unrestricted Cash in excess of $8,500,000, to (ii) EBITDA, as determined at the end of each fiscal quarter on a rolling four (4) quarter basis. For the quarter ended March 31, 2023, we were in compliance with the Funded Debt Ratio financial covenant. The interest rate on the Pinnacle Agreement is based on LIBOR plus an interest rate spread. The current pricing under the Pinnacle Agreement provides for an interest rate spread of 1.75% to 2.75% above LIBOR with a minimum LIBOR of 0.90%. The applicable interest rate under the Pinnacle Agreement was 7.375% at March 31, 2023. In addition, a fee of 0.25% per year is charged on the unused line of credit. Interest and the unused line fee are payable quarterly. The LIBOR rate will no longer be used as of June 30, 2023, at which time the benchmark rate will be changed from LIBOR to Term SOFR. As of March 31, 2023 and December 31, 2022, the Company had $16.1 million and $16.2 million, respectively, in borrowings outstanding under its revolving credit facility. Borrowings under the line of credit are collateralized by substantially all of our assets. Joint Venture Agreement In August 2020, Cumberland entered into an agreement with WinHealth Investment (Singapore) Ltd creating WHC Biopharmaceuticals, Pte. Ltd. The joint venture, as a limited liability company, will focus on acquiring, developing, registering, and commercializing development stage and commercial stage biopharmaceuticals for China, Hong Kong and other Asian markets. The agreement provides for initial investment from WinHealth in the form of a $0.2 million equity contribution and an initial investment from Cumberland in the form of a $0.2 million convertible note, which was funded during the first quarter of 2021. The joint venture will seek additional future capital from additional investors and has entered into exclusive option agreements to license product candidates from both Cumberland Pharmaceuticals Inc. and Cumberland Emerging Technologies Inc.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Collaborative Agreements	3 Months Ended
Collaborative Agreements	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Agreements	COLLABORATIVE AGREEMENTSCumberland is a party to several collaborative arrangements with research institutions to identify and pursue promising pharmaceutical product candidates. The funding for these programs is primarily provided through Federal Small Business Administration (SBIR/STTR) and other grant awards. The Company has determined that these collaborative agreements, with the exception of the collaborative payment received related to RediTrex, do not meet the criteria for accounting under ASC Topic 808, Collaborative Agreements. The agreements do not specifically designate each party’s rights and obligations to each other under the collaborative arrangements. Except for patent defense costs, expenses incurred by one party are not required to be reimbursed by the other party. Expenses incurred under these collaborative agreements are included in research and development expenses and funding received from grants are recorded as net revenues in the condensed consolidated statements of operations.

Other Income (Details) - USD ($)	3 Months Ended
Other Income (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Gain on receivable of FDA fees	$ 1,847,065	$ 0
Refund	$ 1,847,065	$ 0

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Cumberland Pharmaceuticals Inc. (“Cumberland,” the “Company,” or as used in the context of “we,” “us,” or “our”) is a specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription pharmaceutical products. The Company's primary target markets are hospital acute care, gastroenterology and oncology. These medical specialties are characterized by relatively concentrated prescriber bases that the Company believes can be served effectively by small, targeted sales forces. Cumberland is dedicated to providing innovative products that improve quality of care for patients and address unmet or poorly met medical needs. The Company promotes its approved products through its hospital, oncology and field sales forces in the United States. We are continuing to build a network of international partners to register and provide our medicines to patients in their countries. Cumberland focuses its resources on maximizing the commercial potential of its products, as well as developing new product candidates, and has both internal development and commercial capabilities. The Company’s products are manufactured by third parties, which are overseen by Cumberland’s quality control and manufacturing professionals. The Company works closely with its hospital, field and oncology sales teams and its third-party distribution partners to make its products available in the United States. In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a basis consistent with the December 31, 2022, audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly present the information set forth herein. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (the “SEC”), and certain information and disclosures have been condensed or omitted as permitted by the SEC for interim period presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”). The results of operations for the three months ended March 31, 2023, are not necessarily indicative of the results to be expected for the entire fiscal year or any future period. Recent Accounting Guidance Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies are required to use a new forward-looking “expected loss” model that generally result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies measure credit losses in a manner similar to what they do today, except that the losses are recognized as allowances rather than as reductions in the amortized cost of the securities. Companies have to disclose additional information, including information they use to track credit quality by year of origination for most financing receivables. Companies apply the ASU’s provisions as a cumulative-effect adjustment, if any, to retained earnings (deficit) as of the beginning of the first reporting period in which the guidance is adopted. Related to ASU No. 2016-13 discussed above, in May 2019, the FASB issued ASU 2019-05, "Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief" which provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. Certain eligibility requirements must be met and the election must be applied on an instrument-by-instrument basis. The election is not available for either available-for-sale or held-to-maturity debt securities. The Company adopted both ASU 2016-13 and ASU 2019-05 on January 1, 2023. Please refer to Trade and Notes Receivables Policy. Accounting Policies: Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns, (2) the allowances for obsolescent or unmarketable inventory and (3) valuation of contingent consideration liabilities associated with business combinations. Operating Segments The Company has one operating segment which is specialty pharmaceutical products. Management has chosen to organize the Company based on the type of products sold. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company, which uses consolidated financial information in determining how to allocate resources and assess performance, has concluded that our specialty pharmaceutical products compete in similar economic markets and similar circumstances. Substantially all of the Company’s assets are located in the United States and total revenues are primarily attributable to U.S. customers. Trade and Note Receivables Policy Management performed a scoping exercise to ensure completeness over the application of Current Expected Credit Losses (CECL) across the various financial instruments including trade and note receivables. CECL is applicable to all financial assets measured at amortized cost. The authoritative guidance requires that all financial instruments should be evaluated, including cash equivalents such as 3-month T-Bills, even if the expected loss is determined to be zero, or materially zero. All bank balances are maintained in cash or money market funds. Therefore for the Company, this principally relates to trade receivables and two note receivables. CECL also requires the measurement of expected credit losses on a collective (pool) basis when similar risk characteristics exist. This may include, either individually or in combination, some of the following characteristics (326-20-55-5): a.Internal or external credit score/rating b.Risk ratings or classification c.Financial asset type d.Size e.Effective interest rate f.Term g.Geographical location h.Historical or expected credit loss patterns i.Reasonable and supportable forecast periods The standard requires entities to pool financial assets but allows them to choose which risk characteristics to use. Under the requirements of the guidance, the Company would need to reassess at the end of each reporting period whether the pool of assets continue to display similar risk characteristics. With twenty years of experience, Cumberland has experienced virtually no write downs of receivables as most of our receivables are due from large successful pharmaceutical, healthcare or government customers, consistently making payments on account. Although the payment behaviors of all of our customers are consistently reliable, for the sake of transparency, we have separated our customer base into seven separate pools. The Company performs a monthly analysis of aged accounts receivable to determine how much, if any, of the accounts receivable balance should be reserved as potential bad debt. The Company reviews all balances over 90 days past due for a possible reserve and considers any specific factors or information for balances aged under 90 days if there are indicators that the balance should be reserved, such as other aged balances with the customer or bankruptcy as well as any economic issues with a customer industry or region.

Other Income	3 Months Ended
Other Income	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other Income	OTHER INCOMEThe Company realized a $1.8 million gain in the first quarter of 2023 for previously paid prescription drug fees. In March 2023, the Company was granted a barrier-to-innovation waiver from the FDA for the fiscal year 2022 RediTrex prescription drug fees resulting in a refund of $1.8 million. This refund is expected to be paid in second quarter of 2023.

Revenues - Schedule of Revenue (Details) - USD ($)	3 Months Ended
Revenues - Schedule of Revenue (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Products:
Revenues	$ 9,224,638	$ 11,175,045
Kristalose
Products:
Revenues	4,315,128	3,945,097
Sancuso
Products:
Revenues	1,886,793	3,397,209
Vibativ
Products:
Revenues	1,848,187	2,501,434
Caldolor
Products:
Revenues	935,043	959,634
Acetadote
Products:
Revenues	169,856	111,090
Vaprisol
Products:
Revenues	16,008	(117,000)
Omeclamox-Pak
Products:
Revenues	(2,518)	22,737
RediTrex
Products:
Revenues	(141,045)	59,226
Other revenue
Products:
Revenues	$ 197,186	$ 295,618

Additions and Returns of Product Rights - Change in Consideration, Sancuso Acquisition (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Contingency Accrual [Roll Forward]
Change in fair value of contingent consideration included in operating expenses	$ (267,637)	$ 370,464
Sancuso
Loss Contingency Accrual [Roll Forward]
Beginning balance	3,000,000
Cash payment of royalty during the period	(244,920)
Change in fair value of contingent consideration included in operating expenses	(443,759)
Contingent consideration earned and accrued in operating expenses	188,679
Ending balance	$ 2,500,000

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues	$ 9,224,638	$ 11,175,045
Costs and expenses:
Cost of products sold	1,250,264	2,211,885
Selling and marketing	4,277,318	4,614,429
Research and development	1,499,670	1,745,136
General and administrative	2,498,993	2,302,349
Amortization	1,230,071	1,593,245
Total costs and expenses	10,756,316	12,467,044
Operating income (loss)	(1,531,678)	(1,291,999)
Interest income	50,190	16,041
Other income	1,847,065	0
Interest expense	(186,353)	(119,575)
Income (loss) before income taxes	179,224	(1,395,533)
Income tax (expense) benefit	(6,938)	(6,900)
Net income (loss)	172,286	(1,402,433)
Net loss at subsidiary attributable to noncontrolling interests	19,898	17,180
Net income (loss) attributable to common shareholders	$ 192,184	$ (1,385,253)
Earnings (loss) per share attributable to common shareholders
Earnings (loss) per share attributable to common shareholders - Continuing operations - basic (in dollars per share)	$ 0.01	$ (0.09)
Earnings (loss) per share attributable to common shareholders - Continuing operations - diluted (in dollars per share)	$ 0.01	$ (0.09)
Weighted-average shares outstanding
- basic (in shares)	14,359,322	14,691,623
- diluted (in shares)	14,587,843	14,691,623

Organization and Basis of Presentation Organization (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

On November 15, 2021, Cumberland entered into a lease, pursuant to which the Company leases approximately 16,903 rentable square feet of space at the new development Broadwest located in Nashville, Tennessee with 1600 West End Avenue Partners, LLC. The Leased Premise serves as the Company's new corporate headquarters. The initial term of the Lease is one hundred fifty-seven (157) months, with two consecutive options to renew for a period of five years each, with the commencement date of October 25, 2022. This lease currently expires in November 2035.

The Company is responsible for paying rent to the Landlord under the Lease beginning three months after the commencement date. The Company pays a base rent of $33.06 per square foot of rentable space with a gradual rental rate increase of 2.5% for each year period thereafter of the prior year's base rental. In addition to the monthly base rent, the Company is responsible for its percentage share of the operating expenses of the Building. The Lease also provides for a tenant improvement allowance for the space.

In addition, the Company's operating leases also include the lease of approximately 14,200 square feet of wet laboratory and office space in Nashville, Tennessee by CET, our majority-owned subsidiary, where it operates the CET Life Sciences Center. The research lab space at CET, under an agreement amended in July 2012, is leased through April 2023, with an option to extend the lease through April 2028. The Company also subleases a portion of the space under these leases.

Operating lease liabilities were recorded as the present value of remaining lease payments not yet paid for the lease term discounted using the incremental borrowing rate associated with each lease. Operating lease right-of-use assets represent operating lease liabilities adjusted for lease incentives and initial direct costs. As the Company’s leases do not contain implicit borrowing rates, the incremental borrowing rates were calculated based on information available at January 1, 2019 and October 25, 2022. Incremental borrowing rates reflect the Company’s estimated interest rates for collateralized borrowings over similar lease terms. The weighted-average remaining lease term for the Broadwest lease is 12.62 years at March 31, 2023. The weighted-average incremental borrowing rate used to discount the present value of the remaining lease payments is 9.28% for the Broadwest lease and 7.42% for the remaining CET lease.

Lease Position

At March 31, 2023 and December 31, 2022, the Company's lease assets and liabilities were as follows:


Right-of-Use Assets	March 31, 2023		December 31, 2022
Operating lease right-of-use assets	$	4,919,057	$	5,218,403


Lease Liabilities	March 31, 2023		December 31, 2022
Operating lease current liabilities	$	158,369	$	172,910

Operating lease noncurrent liabilities	4,549,150		4,586,301
Total	$	4,707,519	$	4,759,211

As of March 31, 2023, cumulative future minimum sublease income under non-cancelable operating subleases totals approximately $0.03 million and will be paid through the leases ending in April 2023. Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) are as follows:


Maturity of Lease Liabilities at March 31, 2023	Operating Leases
2023	587,511
2024	578,759
2025	543,023
2026	608,015
2027	623,199
After 2027	5,324,178
Total lease payments	8,264,685
Less: Interest	3,557,166
Present value of lease liabilities	$	4,707,519

Rent expense is recognized over the expected term of the lease, including renewal option periods, if applicable, on a straight-line basis as a component of general and administrative expense. Rent expense and sublease income were as follows:


	Three months ended March 31,
	2023		2022
Rent expense	$	234,863	$	285,963

Sublease income	$	115,631	$	161,804

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of net revenue

The Company’s net revenues consisted of the following for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
	2023		2022
Products:
Kristalose	$	4,315,128	$	3,945,097
Sancuso	1,886,793		3,397,209
Vibativ	1,848,187		2,501,434
Caldolor	935,043		959,634
Acetadote	169,856		111,090
Vaprisol	16,008		(117,000)
Omeclamox-Pak	(2,518)		22,737
RediTrex	(141,045)		59,226
Other revenue	197,186		295,618
Total net revenues	$	9,224,638	$	11,175,045

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESAs of March 31, 2023, the Company has approximately $57.8 million in federal net operating loss carryforwards including approximately $44.1 million of net operating loss carryforwards resulting from the exercise of nonqualified stock options. These have historically been used to significantly offset income tax obligations. The Company expects it will continue to pay minimal income taxes during 2023 and beyond, through the continued utilization of these net operating loss carryforwards, on any taxable income generated from our operations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
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+ Details

Leases (Schedule of Lease Liabilities Maturity and Future Minimum Lease Commitments) (Details)	Mar. 31, 2023 USD ($)
Maturity of Lease Liabilities at March 31, 2023
2023	$ 587,511
2024	578,759
2025	543,023
2026	608,015
2027	623,199
After 2027	5,324,178
Total lease payments	8,264,685
Less: Interest	3,557,166
Present value of lease liabilities	$ 4,707,519

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

The following table reconciles the numerator and denominator used to calculate basic and diluted earnings (loss) per share for the three months ended March 31, 2023 and 2022:



	Three months ended March 31,
	2023		2022
Numerator:
Net income (loss)	$	172,286	$	(1,402,433)

Net loss at subsidiary attributable to noncontrolling interest	19,898		17,180
Net income (loss) attributable to common shareholders	$	192,184	$	(1,385,253)
Denominator:
Weighted-average shares outstanding – basic	14,359,322		14,691,623
Dilutive effect of other securities	228,521		—
Weighted-average shares outstanding – diluted	14,587,843		14,691,623

As of March 31, 2023 and 2022, restricted stock awards and options to purchase 331,338 and 131,225 shares of common stock, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive.

Leases - Lease Position (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 4,919,057	$ 5,218,403
Operating lease current liabilities	158,369	172,910
Operating lease noncurrent liabilities	4,549,150	4,586,301
Total	$ 4,707,519	$ 4,759,211

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

At March 31, 2023 and December 31, 2022, the Company's net inventories consisted of the following:


	March 31, 2023		December 31, 2022

Raw materials and work in process	$	12,548,636	$	12,899,659
Consigned inventory	179,786		168,923
Finished goods	4,985,883		4,322,167
Total inventories	17,714,305		17,390,748
less non-current inventories	(7,534,303)		(7,527,167)
Total inventories classified as current	$	10,180,002	$	9,863,581

Revenues

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

REVENUES

Product Revenues

The Company accounts for revenues from contracts with customers under ASC 606, which became effective January 1, 2018.

The Company’s net revenues consisted of the following for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
	2023		2022
Products:
Kristalose	$	4,315,128	$	3,945,097
Sancuso	1,886,793		3,397,209
Vibativ	1,848,187		2,501,434
Caldolor	935,043		959,634
Acetadote	169,856		111,090
Vaprisol	16,008		(117,000)
Omeclamox-Pak	(2,518)		22,737
RediTrex	(141,045)		59,226
Other revenue	197,186		295,618
Total net revenues	$	9,224,638	$	11,175,045

The Omeclamox-Pak net revenue for the first quarter of 2023 and 2022 was the result of Cumberland currently being out of commercial inventory of this product. The packager for our Omeclamox-Pak product encountered financial difficulties due to the impact of COVID-19. They are under new management and are in the process of a reorganization. Discussions with the packager are ongoing. In the first quarter of 2023, the amounts noted were normal adjustments by channel partners.

With regard to Vaprisol, we are in the process of transitioning to a new manufacturer, who was issued an FDA Form 483 in the second quarter of 2022. Once these 483 related issues are satisfactorily resolved by the manufacturing plant, we will then resubmit our application to the FDA for approval. Net revenue was positively impacted by product return adjustments.

Other Revenues

The Company has agreements with international partners for commercialization of the Company's products with associated payments included in other revenues. Those agreements provide that each of the partners is responsible for seeking regulatory approvals for the product, and following approval, each partner will be responsible for the ongoing distribution and sales in the respective international territories. The Company provides a dossier for product registration and maintains responsibility for the relevant intellectual property. Cumberland is typically entitled to receive a non-refundable, up-front payment at the time each agreement is executed as consideration for the product dossier and for the rights to the distinct intellectual property rights in the respective international territory. These agreements also typically provide for additional payments upon a partner’s achievement of a defined regulatory approval and sales milestones. The Company may also be entitled to receive royalties on future sales of the products and a transfer price on supplies. The contractual payments associated with the partner’s achievement of regulatory approvals, sales milestones and royalties on future sales are recognized as revenue upon occurrence, or at such time that the Company has a high degree of confidence that the revenue would not be reversed in a subsequent period.

Other revenues also include funding from federal grant programs including those secured from the FDA and from those secured by Cumberland Emerging Technologies Inc. ("CET") through the Small Business Administration as well as lease income generated by CET’s Life Sciences Center. The Life Sciences Center is a research center that provides scientists with access to flexible lab space and other resources to develop biomedical products. Grant revenue from these federal grant programs totaled approximately $0.1 million and $0.04 million for the three months ended March 31, 2023 and 2022, respectively

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Guidance	Recent Accounting Guidance Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies are required to use a new forward-looking “expected loss” model that generally result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies measure credit losses in a manner similar to what they do today, except that the losses are recognized as allowances rather than as reductions in the amortized cost of the securities. Companies have to disclose additional information, including information they use to track credit quality by year of origination for most financing receivables. Companies apply the ASU’s provisions as a cumulative-effect adjustment, if any, to retained earnings (deficit) as of the beginning of the first reporting period in which the guidance is adopted. Related to ASU No. 2016-13 discussed above, in May 2019, the FASB issued ASU 2019-05, "Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief" which provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. Certain eligibility requirements must be met and the election must be applied on an instrument-by-instrument basis. The election is not available for either available-for-sale or held-to-maturity debt securities. The Company adopted both ASU 2016-13 and ASU 2019-05 on January 1, 2023. Please refer to Trade and Notes Receivables Policy.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns, (2) the allowances for obsolescent or unmarketable inventory and (3) valuation of contingent consideration liabilities associated with business combinations.
Operating Segments	Operating SegmentsThe Company has one operating segment which is specialty pharmaceutical products. Management has chosen to organize the Company based on the type of products sold. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company, which uses consolidated financial information in determining how to allocate resources and assess performance, has concluded that our specialty pharmaceutical products compete in similar economic markets and similar circumstances. Substantially all of the Company’s assets are located in the United States and total revenues are primarily attributable to U.S. customers.
Trade and Note Receivables Policy	Trade and Note Receivables Policy Management performed a scoping exercise to ensure completeness over the application of Current Expected Credit Losses (CECL) across the various financial instruments including trade and note receivables. CECL is applicable to all financial assets measured at amortized cost. The authoritative guidance requires that all financial instruments should be evaluated, including cash equivalents such as 3-month T-Bills, even if the expected loss is determined to be zero, or materially zero. All bank balances are maintained in cash or money market funds. Therefore for the Company, this principally relates to trade receivables and two note receivables. CECL also requires the measurement of expected credit losses on a collective (pool) basis when similar risk characteristics exist. This may include, either individually or in combination, some of the following characteristics (326-20-55-5): a.Internal or external credit score/rating b.Risk ratings or classification c.Financial asset type d.Size e.Effective interest rate f.Term g.Geographical location h.Historical or expected credit loss patterns i.Reasonable and supportable forecast periods The standard requires entities to pool financial assets but allows them to choose which risk characteristics to use. Under the requirements of the guidance, the Company would need to reassess at the end of each reporting period whether the pool of assets continue to display similar risk characteristics. With twenty years of experience, Cumberland has experienced virtually no write downs of receivables as most of our receivables are due from large successful pharmaceutical, healthcare or government customers, consistently making payments on account. Although the payment behaviors of all of our customers are consistently reliable, for the sake of transparency, we have separated our customer base into seven separate pools. The Company performs a monthly analysis of aged accounts receivable to determine how much, if any, of the accounts receivable balance should be reserved as potential bad debt. The Company reviews all balances over 90 days past due for a possible reserve and considers any specific factors or information for balances aged under 90 days if there are indicators that the balance should be reserved, such as other aged balances with the customer or bankruptcy as well as any economic issues with a customer industry or region.

Income Taxes (Details Textual)	Mar. 31, 2023 USD ($)
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 44,100,000
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 57,800,000

Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended
Earnings (Loss) Per Share (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)	$ 172,286	$ (1,402,433)
Net loss at subsidiary attributable to noncontrolling interests	19,898	17,180
Net income (loss) attributable to common shareholders	$ 192,184	$ (1,385,253)
Denominator:
Weighted-average shares outstanding – basic (in shares)	14,359,322	14,691,623
Dilutive effect of other securities (in shares)	228,521	0
Weighted-average shares outstanding – diluted (in shares)	14,587,843	14,691,623

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details