0001087294-26-000079 | 10-Q | XBRL Viewer | Cumberland Pharmaceuticals INC

Revenues	9 Months Ended
Revenues	Sep. 30, 2026
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Product Revenues On July 1, 2026, the Company completed the closing of the Strategic Transaction to integrate its commercial products with the U.S. branded business of Apotex. Therefore, we did not record any sales from these commercial products for the three months ended September 30, 2026. The product sales for the first six months of 2026 and the nine months ended September 30, 2025 are reported in discontinued operations. Revenues Based on the TSA Agreement beginning July 1, 2026, the Company received $150,000 per month for the services provided and $500,000 per month related to product marketing and promotional expenses. The TSA Agreement is for a twelve (12) month period with an optional six (6) month renewal. This revenue will be recognized over time. For the three months ended September 30, 2026 and the year-to-date September 30, 2026, approximately $2.0 million was received from Apotex and classified as revenue of which $0.7 million is in accounts receivable. For additional information, see Note 12, Transition Services. Revenues also include lease income generated by CET’s Life Sciences Center, which is a research facility that provides scientists with access to flexible lab space and other resources to develop biomedical products. This lease income, as noted in Note 5, Leases, was approximately $0.2 million for the three months ended September 30, 2026 and 2025, and $0.5 million for the nine months ended September 30, 2026 and 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2026

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 and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,
	2026		2025
Numerator:
Loss from continuing operations	$	(1,122,071)	$	(2,730,638)
Discontinued operations	78,899,823		781,592
Net income (loss) at subsidiary attributable to noncontrolling interests	(766)		8,282
Net income (loss) attributable to common shareholders	$	77,776,986	$	(1,940,764)
Denominator:
Weighted-average shares outstanding – basic	14,989,763		14,958,534
Dilutive effect of other securities	352,411		—
Weighted-average shares outstanding – diluted	15,342,174		14,958,534



	Nine months ended September 30,
	2026		2025
Numerator:
Loss from continuing operations	$	(7,159,927)	$	(8,358,416)
Discontinued operations	77,376,199		6,922,347
Net income (loss) at subsidiary attributable to noncontrolling interests	(5,301)		11,633
Net income (loss) attributable to common shareholders	$	70,210,971	$	(1,424,436)
Denominator:
Weighted-average shares outstanding – basic	14,977,899		14,953,944
Dilutive effect of other securities	300,951		—
Weighted-average shares outstanding – diluted	15,278,850		14,953,944

As of September 30, 2026 and 2025, restricted stock awards and options to purchase 734,349 and 737,969 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.

Collaborative Agreements	9 Months Ended
Collaborative Agreements	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATIVE AGREEMENTS	COLLABORATIVE AGREEMENTS Cumberland 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 SBIR/STTR programs and other grant awards. The Company has determined that these collaborative agreements do not meet the criteria for accounting under ASC Topic 808, Collaborative Arrangements. 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.

Transfers and Servicing (Tables)

9 Months Ended

Sep. 30, 2026

Transfers and Servicing [Abstract]

Schedule of TSA agreement included in balance sheet

At September 30, 2026, the Company's balance sheet included the following amounts related to the TSA Agreement:


	September 30, 2026
ASSETS
Accounts receivable - TSA, net	$	10,373,965
Receivable from Apotex	10,617,805
	$	20,991,770
LIABILITIES
Payable to Apotex	$	6,889,538
Other current liabilities - TSA	3,954,134
	$	10,843,672

Schedule of TSA agreement included in balance sheet

At September 30, 2026, the Company's balance sheet included the following amounts related to the TSA Agreement:


	September 30, 2026
ASSETS
Accounts receivable - TSA, net	$	10,373,965
Receivable from Apotex	10,617,805
	$	20,991,770
LIABILITIES
Payable to Apotex	$	6,889,538
Other current liabilities - TSA	3,954,134
	$	10,843,672

Schedule of TSA agreement included in operations

For the three months ended September 30, 2026, the Company's statement of operations included the following amounts related to the TSA Agreement:


	Three months ended September 30, 2026
Transition services revenue	$	1,950,000

Cost of transition services	$	1,062,266

Inventories - Schedule of Current Inventories (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and work in progress	$ 72,165	$ 9,832,293
Finished goods	0	5,646,315
Total	72,165	15,478,608
Non-current inventory	(42,230)	(40,879)
Total current inventory	29,935	15,437,729
Discontinued operations	0	(15,407,794)
Net current inventory from continuing operations	$ 29,935	$ 29,935

Discontinued Operations - Cash Flows from Discontinued Operations (Details) - USD ($)	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities:
Net cash provided by operating activities from discontinued operations	$ 191,731	$ 7,450,415
Cash flows from investing activities:
Net cash provided by (used in) investing activities from discontinued operations	99,984,255	(953,582)
Cash flows from financing activities:
Cash settlement of contingent consideration	0	(1,031,197)
Discontinued Operations, Held-for-Sale \| FDA-Approved Brands
Cash flows from operating activities:
Intangible assets, net	0	3,003,982
Inventories, net	0	1,065,272
Prepaid and other current assets	191,731	1,033,305
Investment in manufacturing	0	(304,735)
Other assets	0	1,714,623
Other current liabilities	0	1,346,141
Other long-term liabilities	0	(408,173)
Net cash provided by operating activities from discontinued operations	191,731	7,450,415
Cash flows from investing activities:
Proceeds from strategic transaction	100,000,000	0
Intangible assets, net	(15,745)	(57,952)
Investment in manufacturing	0	(866,828)
Accounts payable	0	18,198
Increase in cash surrender value of life insurance policies	0	(47,000)
Net cash provided by (used in) investing activities from discontinued operations	99,984,255	(953,582)
Cash flows from financing activities:
Cash settlement of contingent consideration	$ 0	$ (1,031,197)

Leases - Rent Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases - Rent Expense (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Leases [Abstract]
Rent expense	$ 360,989	$ 356,413	$ 1,064,115	$ 1,074,748
Sublease income	$ 206,356	$ 166,487	$ 536,665	$ 487,913

Discontinued Operations - Narrative (Details) - Discontinued Operations, Held-for-Sale - USD ($) $ in Millions		3 Months Ended
	Apr. 22, 2026	Dec. 31, 2026
Disposal Group, Including Discontinued Operations [Line Items]
Cash consideration	$ 100.0
Gain (loss) from inventory reimbursements	9.0
FDA-Approved Brands
Disposal Group, Including Discontinued Operations [Line Items]
Cash consideration	$ 100.0
FDA-Approved Brands \| Subsequent Event \| Forecast
Disposal Group, Including Discontinued Operations [Line Items]
Gain (loss) from inventory reimbursements		$ 9.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes (Details)	3 Months Ended	9 Months Ended
Income Taxes (Details)	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)
Income Tax Disclosure [Abstract]
Gain on disposal of discontinued operations		$ 81,100,000
utilized federal NOL carryforwards		47,900,000
used NOL carryforwards		$ 3,300,000
TaxCutsAndJobsActNetOperatingLossLimitationPercent		80.00%
State income tax expense	$ (500,000)
Operating loss carryforwards, valuation allowance	16,900,000	$ 16,900,000
Federal net operating loss carryforwards remaining	$ 14,000,000.0	$ 14,000,000.0

Shareholders' Equity and Debt (Details) - USD ($)				3 Months Ended					9 Months Ended
Shareholders' Equity and Debt (Details) - USD ($)	Jul. 31, 2026	Jun. 29, 2026	Feb. 05, 2025	Sep. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Jul. 01, 2026	Dec. 31, 2025	Feb. 14, 2025	Mar. 20, 2024	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased shares				$ 259,346	$ 61,001	$ 10,439	$ 7,170	$ 243,705
Common shares left to repurchase				4,700,000					$ 4,700,000
Dividends (in dollars per share)	$ 1.50
Cash dividend paid	$ 22,500,000								22,479,497	$ 0
Gross proceed of ATM share issuance			$ 5,500,000
Borrowings outstanding				$ 0					$ 0			$ 5,240,733
Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised in period (in shares)									27,000
Revolving Credit Facility \| Line of Credit \| Pinnacle Bank
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repayments of long-term lines of credit		$ 5,200,000
Borrowings outstanding												$ 5,200,000
Employee Stock Option \| Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of shares (in shares)									27,150
Tax withholding obligation (in shares)									13,461
Share-based compensation (in shares)									13,539
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted in period, shares									37,250	35,110
Share-based compensation credit									$ 200,000
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									173,000	182,150
Forfeitured
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation credit									$ 49,247	$ 7,001
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount											$ 5,000,000				$ 10,000,000
Repurchase of shares (in shares)				52,445	20,245	3,310	1,800	53,837	72,690	58,947
Repurchased shares				$ 259,346	$ 61,001	$ 10,439	$ 7,170	$ 243,705	$ 300,000
Share-based compensation (in shares)				54,150	46,725		600	62,350
Share issuances (in shares)								1,000,000
Common Stock \| ATM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shelf registration, sale of corporate securities (up to)													$ 10,000,000	$ 5,800,000
Share issuances (in shares)			1,000,000
Deferred offering costs			$ 600,000

Inventories

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

INVENTORIES

The Company works closely with third parties to manufacture and package finished goods of our ifetroban study drug. 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. 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.

As of September 30, 2026, all branded product inventory was sold through the Strategic Transaction with only the ifetroban study drug representing the current inventory on hand.

At September 30, 2026 and December 31, 2025, the Company's net inventories consisted of the following:


	September 30, 2026		December 31, 2025

Raw materials and work in progress	$	72,165	$	9,832,293
Finished goods	—		5,646,315
Total	72,165		15,478,608
Non-current inventory	(42,230)		(40,879)
Total current inventory	29,935		15,437,729
Discontinued operations	—		(15,407,794)
Net current inventory from continuing operations	$	29,935	$	29,935

At September 30, 2026 and December 31, 2025, the Company's non-current inventories consisted of the following:


	September 30, 2026		December 31, 2025

Vibativ raw materials	$	—	$	4,883,895
Kristalose raw materials	—		2,261,500
Vaprisol raw materials	—		1,171,603
Sancuso raw materials	—		656,667

Acetadote raw materials	—		24,152
Ifetroban raw materials	42,230		40,879
Kristalose finished goods	—		85,204
Vibativ finished goods	—		16,429
Caldolor finished goods	—		112,761


Total non-current inventory	42,230		9,253,090
Discontinued operations	—		9,212,211
Net non-current inventories classified as continuing operations	$	42,230	$	40,879

Leases - Narrative (Details)		3 Months Ended		9 Months Ended
Leases - Narrative (Details)	Jul. 01, 2026 USD ($) ft²	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Oct. 24, 2022 ft²	Nov. 15, 2021 ft² renewalTerm $ / ft²
Lessee, Lease, Description [Line Items]
Rent increase								2.50%
Sublease income		$ 206,356	$ 166,487	$ 536,665	$ 487,913
Operating lease right-of-use assets		$ 7,188,055		$ 7,188,055		$ 5,781,728
Weighted average remaining lease term		8 years 3 months 18 days	8 years 10 months 24 days	8 years 3 months 18 days	8 years 10 months 24 days
Present value of remaining lease payments, percent		9.34%		9.34%		9.36%
Future minimum sublease income under noncancelable operating subleases		$ 100,000		$ 100,000
Apotex
Lessee, Lease, Description [Line Items]
Square feet of office space \| ft²	2,200
Lessor, operating lease, term of contract	12 months
Sublease income	$ 16,000
Recipharm
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 2,800,000		$ 2,800,000
Wet Laboratory and Office Space
Lessee, Lease, Description [Line Items]
Leased area \| ft²								16,903
Term of contract								157 months
Base rent per square foot \| $ / ft²								33.06
Square feet of office space \| ft²							14,200
Lessee, operating lease, term of contract							5 years
Wet Laboratory and Office Space \| Broadwest Lease, Five Year Renewal Option
Lessee, Lease, Description [Line Items]
Number of renewal terms \| renewalTerm								2
Renewal term								5 years

Discontinued Operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
ASSETS
Current assets held for sale/related to discontinued operations	$ 191,731	$ 7,986,693
LIABILITIES
Liabilities held for sale/related to discontinued operations	0	2,195,278
Discontinued Operations, Held-for-Sale \| FDA-Approved Brands
ASSETS
Inventories, net	0	6,195,583
Prepaid and other current assets	191,731	1,791,110
Current assets held for sale/related to discontinued operations	191,731	7,986,693
Non-current inventories	0	9,212,211
Intangible assets, net	0	13,974,300
Goodwill	0	914,000
Operating lease right-of-use assets	0	2,562,104
Other investment	0	3,986,780
Assets held for sale/related to discontinued operations	0	30,649,395
LIABILITIES
Other investment liabilities	0	5,074,504
Other current liabilities	0	2,005,000
Current liabilities held for sale/related to discontinued operations	0	7,079,504
Other long-term liabilities	0	2,195,278
Liabilities held for sale/related to discontinued operations	$ 0	$ 2,195,278

Transition Services - Schedule of TSA Agreement Included in Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Transfers and Servicing [Abstract]
Net revenue	$ 206,356	$ 171,821	$ 536,665	$ 719,247
Cost of transition services	$ 1,062,266	$ 0	$ 1,062,266	$ 0

Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
TSA term			12 months
TSA renewal term			6 months
Sublease income	$ 206,356	$ 166,487	$ 536,665	$ 487,913
Apotex
Disaggregation of Revenue [Line Items]
Monthly service			150,000
Monthly marketing revenue			500,000
Other income	$ 2,000,000.0		$ 2,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations

Assets and Liabilities of Discontinued Operations


	September 30, 2026		December 31, 2025
ASSETS
Inventories, net	$	—	$	6,195,583
Prepaid and other current assets	191,731		1,791,110
Current assets held for sale/related to discontinued operations	$	191,731	$	7,986,693

Non-current inventories	$	—	$	9,212,211
Intangible assets, net	—		13,974,300
Goodwill (1)	—		914,000
Operating lease right-of-use assets	—		2,562,104
Other investment (2)	—		3,986,780
Assets held for sale/related to discontinued operations	$	—	$	30,649,395

LIABILITIES
Other investment liabilities (2)	$	—	$	5,074,504
Other current liabilities	—		2,005,000
Current liabilities held for sale/related to discontinued operations	$	—	$	7,079,504

Other long-term liabilities	$	—	$	2,195,278
Liabilities held for sale/related to discontinued operations	$	—	$	2,195,278

(1) Goodwill relates to Vibativ and Sancuso products.

(2) Liabilities that relate to the Company's equity investment in Talicia Holdings, Inc.

Income (Loss) from Discontinued Operations


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net revenues	$	(641,142)	$	8,120,542	$	16,961,108	$	30,123,533
Costs and expenses:
Cost of products sold	24,200		988,760		3,974,941		4,425,863
Selling and marketing	940,449		4,433,831		11,385,158		12,889,458
Research and development	36,796		606,894		1,376,511		1,837,976
General and administrative	89,305		195,783		432,915		665,751
Amortization	—		1,004,012		2,534,982		3,003,982
Interest expense	—		109,670		205,309		378,156
Other (income) expense	(6,794)		—		300,014		—
Total cost and expenses	1,083,956		7,338,950		20,209,830		23,201,186
Net income (loss)	(1,725,098)		781,592		(3,248,722)		6,922,347
Gain on disposal	81,092,578		—		81,092,578		—
Income tax expense on disposal	(467,657)		—		(467,657)		—
Net income (loss) from discontinued operations	$	78,899,823	$	781,592	$	77,376,199	$	6,922,347

Cash Flows from Discontinued Operations


	Nine months ended September 30,
	2026		2025
Cash flows from operating activities:
Net changes in assets and liabilities:
Intangible assets, net	$	—	$	3,003,982
Inventories, net	—		1,065,272
Prepaid and other current assets	191,731		1,033,305
Investment in manufacturing	—		(304,735)
Other assets	—		1,714,623

Other current liabilities	—		1,346,141
Other long-term liabilities	—		(408,173)
Net cash provided by operating activities from discontinued operations	$	191,731	$	7,450,415

Cash flows from investing activities:
Proceeds from strategic transaction	$	100,000,000	$	—
Intangible assets, net	$	(15,745)	$	(57,952)
Investment in manufacturing	$	—	$	(866,828)
Accounts payable	$	—	$	18,198
Increase in cash surrender value of life insurance policies	$	—	$	(47,000)
Net cash provided by (used in) investing activities from discontinued operations	$	99,984,255	$	(953,582)

Cash flows from financing activities:
Cash settlement of contingent consideration	$	—	$	(1,031,197)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 11
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
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-Section S99
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480781/205-20-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

Segment Reporting - Summary of Segment Reporting (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Transition services revenue	$ 1,950,000			$ 0			$ 1,950,000	$ 0
Net revenue	206,356			171,821			536,665	719,247
Total revenue	2,156,356			171,821			2,486,665	719,247
Costs and expenses:
Cost of transition services	1,062,266			0			1,062,266	0
Research and development	841,162			646,473			2,379,170	2,178,866
General and administrative	2,182,285			2,376,284			7,128,677	7,244,245
Amortization	7,125			5,586			21,276	17,430
Total costs and expenses	4,092,838			3,028,343			10,591,389	9,440,541
Operating loss	(1,936,482)			(2,856,522)			(8,104,724)	(8,721,294)
Interest income	822,886			131,583			961,802	384,781
Interest expense	(4,604)			(29)			(5,394)	(4,892)
Loss before income taxes	(1,118,200)			(2,724,968)			(7,148,316)	(8,341,405)
Income tax expense	(3,871)			(5,670)			(11,611)	(17,011)
Loss from continuing operations	(1,122,071)			(2,730,638)			(7,159,927)	(8,358,416)
Gain on disposal of discontinued operations	81,092,578			0			81,092,578	0
Income tax expense on disposal	(467,657)			0			(467,657)	0
Income (loss) from discontinued operations	(1,725,098)			781,592			(3,248,722)	6,922,347
Net income (loss)	77,777,752	$ (4,274,429)	$ (3,287,051)	(1,949,046)	$ (735,207)	$ 1,248,184	70,216,272	(1,436,069)
Reportable Segment
Segment Reporting [Line Items]
Transition services revenue	1,950,000			0			1,950,000	0
Net revenue	206,356			171,821			536,665	719,247
Total revenue	2,156,356			171,821			2,486,665	719,247
Costs and expenses:
Cost of transition services	1,062,266			0			1,062,266	0
Research and development	841,162			646,473			2,379,170	2,178,866
General and administrative	2,182,285			2,376,284			7,128,677	7,244,245
Amortization	7,125			5,586			21,276	17,430
Total costs and expenses	4,092,838			3,028,343			10,591,389	9,440,541
Operating loss	(1,936,482)			(2,856,522)			(8,104,724)	(8,721,294)
Interest income	822,886			131,583			961,802	384,781
Interest expense	(4,604)			(29)			(5,394)	(4,892)
Loss before income taxes	(1,118,200)			(2,724,968)			(7,148,316)	(8,341,405)
Income tax expense	(3,871)			(5,670)			(11,611)	(17,011)
Loss from continuing operations	(1,122,071)			(2,730,638)			(7,159,927)	(8,358,416)
Gain on disposal of discontinued operations	81,092,578			0			81,092,578	0
Income tax expense on disposal	(467,657)			0			(467,657)	0
Income (loss) from discontinued operations	(1,725,098)			781,592			(3,248,722)	6,922,347
Net income (loss)	$ 77,777,752			$ (1,949,046)			$ 70,216,272	$ (1,436,069)

Discontinued Operations

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On July 1, 2026, the Strategic Transaction was closed and effected through the Apotex Agreement, dated as of April 22, 2026. Under the terms of the agreement, Apotex integrated Cumberland’s commercial products with their U.S. branded business for $100 million in cash consideration.

Following the closing of the Strategic Transaction, Cumberland retained its development programs, as well as its majority ownership in Cumberland Emerging Technologies.

Management concluded that the disposition of the commercial branded pharmaceutical products business represents a strategic shift that has a major effect on the Company's operations and financial results. Accordingly, the commercial products business has been presented as a discontinued operation in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations.

The held-for-sale and discontinued operations criteria of ASC 205-20-45-1E were met on June 24, 2026, the date the Company's shareholders approved the Strategic Transaction. Accordingly, the assets and liabilities of the commercial branded pharmaceutical products business have been presented separately in the condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025, and the results of that business have been presented as discontinued operations for all periods presented. These reclassifications had no effect on previously reported total assets, total liabilities, net income (loss) or total equity. Consistent with ASC 205-20-45-10, the assets and liabilities presented separately as of December 31, 2025, were not remeasured as though they had been held for sale as of that date.

The disposal group comprised the inventories, intangible assets, goodwill, right-of-use assets and product-related equity interests associated with the commercial branded pharmaceutical products business, together with the related contingent consideration liabilities. Trade accounts receivable, trade accounts payable and cash of that business were retained by the Company and, accordingly, remain classified within continuing operations in the condensed consolidated balance sheets. General corporate overhead has not been allocated to discontinued operations.

The Company measured the disposal group at the lower of its carrying amount or fair value less costs to sell in accordance with ASC 360-10-35-43. Because fair value less costs to sell, determined by reference to the $100 million of cash consideration under the Apotex Agreement, exceeded the carrying amount of the net assets of the disposal group, no impairment loss was recognized upon classification as held for sale or as of September 30, 2026.

The Company recognized a material pre-tax gain related to the closing of the Strategic Transaction in the third quarter of 2026. The inventory reimbursement of up to $9.0 million is payable over the twelve months following closing.

Assets and Liabilities of Discontinued Operations


	September 30, 2026		December 31, 2025
ASSETS
Inventories, net	$	—	$	6,195,583
Prepaid and other current assets	191,731		1,791,110
Current assets held for sale/related to discontinued operations	$	191,731	$	7,986,693

Non-current inventories	$	—	$	9,212,211
Intangible assets, net	—		13,974,300
Goodwill (1)	—		914,000
Operating lease right-of-use assets	—		2,562,104
Other investment (2)	—		3,986,780
Assets held for sale/related to discontinued operations	$	—	$	30,649,395

LIABILITIES
Other investment liabilities (2)	$	—	$	5,074,504
Other current liabilities	—		2,005,000
Current liabilities held for sale/related to discontinued operations	$	—	$	7,079,504

Other long-term liabilities	$	—	$	2,195,278
Liabilities held for sale/related to discontinued operations	$	—	$	2,195,278

(1) Goodwill relates to Vibativ and Sancuso products.

(2) Liabilities that relate to the Company's equity investment in Talicia Holdings, Inc.

Income (Loss) from Discontinued Operations


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Net revenues	$	(641,142)	$	8,120,542	$	16,961,108	$	30,123,533
Costs and expenses:
Cost of products sold	24,200		988,760		3,974,941		4,425,863
Selling and marketing	940,449		4,433,831		11,385,158		12,889,458
Research and development	36,796		606,894		1,376,511		1,837,976
General and administrative	89,305		195,783		432,915		665,751
Amortization	—		1,004,012		2,534,982		3,003,982
Interest expense	—		109,670		205,309		378,156
Other (income) expense	(6,794)		—		300,014		—
Total cost and expenses	1,083,956		7,338,950		20,209,830		23,201,186
Net income (loss)	(1,725,098)		781,592		(3,248,722)		6,922,347
Gain on disposal	81,092,578		—		81,092,578		—
Income tax expense on disposal	(467,657)		—		(467,657)		—
Net income (loss) from discontinued operations	$	78,899,823	$	781,592	$	77,376,199	$	6,922,347

Cash Flows from Discontinued Operations


	Nine months ended September 30,
	2026		2025
Cash flows from operating activities:
Net changes in assets and liabilities:
Intangible assets, net	$	—	$	3,003,982
Inventories, net	—		1,065,272
Prepaid and other current assets	191,731		1,033,305
Investment in manufacturing	—		(304,735)
Other assets	—		1,714,623

Other current liabilities	—		1,346,141
Other long-term liabilities	—		(408,173)
Net cash provided by operating activities from discontinued operations	$	191,731	$	7,450,415

Cash flows from investing activities:
Proceeds from strategic transaction	$	100,000,000	$	—
Intangible assets, net	$	(15,745)	$	(57,952)
Investment in manufacturing	$	—	$	(866,828)
Accounts payable	$	—	$	18,198
Increase in cash surrender value of life insurance policies	$	—	$	(47,000)
Net cash provided by (used in) investing activities from discontinued operations	$	99,984,255	$	(953,582)

Cash flows from financing activities:
Cash settlement of contingent consideration	$	—	$	(1,031,197)

Transition Services - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Transition Services - Narrative (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2026
Transfers and Servicing [Abstract]
TSA term		12 months
TSA renewal term		6 months
Cash inflows from Apotex	$ 2,100,000
Monthly administrative service fee under TSA	150,000
Monthly sale service fee under TSA	$ 500,000
Inventory offset		$ 1,300,000

Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company has one reportable segment. Following the closing of the Strategic Transaction, the Company's continuing operations consist of the development of its proprietary product candidates and the early-stage development activities. The Company's chief operating decision maker, CODM, is its chief executive officer. The CODM uses consolidated, single segment financial information for purposes of evaluating performance, planning and forecasting future period financial results, and allocating resources. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the consolidated statement of operations as net income or loss. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The following table summarizes selected financial information of the Company’s single operating segment for the three and nine months ended September 30, 2026 and 2025.



	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Transition services revenue	$	1,950,000	$	—	$	1,950,000	$	—
Net revenue	206,356		171,821		536,665		719,247
Total revenue	2,156,356		171,821		2,486,665		719,247
Costs and expenses:

Cost of transition services	1,062,266		—		1,062,266		—
Research and development	841,162		646,473		2,379,170		2,178,866
General and administrative	2,182,285		2,376,284		7,128,677		7,244,245
Amortization	7,125		5,586		21,276		17,430
Total costs and expenses	4,092,838		3,028,343		10,591,389		9,440,541
Operating loss	(1,936,482)		(2,856,522)		(8,104,724)		(8,721,294)
Interest income	822,886		131,583		961,802		384,781



Interest expense	(4,604)		(29)		(5,394)		(4,892)

Loss before income taxes	(1,118,200)		(2,724,968)		(7,148,316)		(8,341,405)
Income tax expense	(3,871)		(5,670)		(11,611)		(17,011)
Loss from continuing operations	(1,122,071)		(2,730,638)		(7,159,927)		(8,358,416)
Discontinued operations:
Gain on disposal of discontinued operations	81,092,578		—		81,092,578		—
Income tax expense on disposal of discontinued operations	(467,657)		—		(467,657)		—
Income (loss) from discontinued operations	(1,725,098)		781,592		(3,248,722)		6,922,347

Net income (loss)	77,777,752		(1,949,046)		70,216,272		(1,436,069)

- Definition

The entire disclosure for segment reporting.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Nov. 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
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		14,995,547
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001087294
Current Fiscal Year End Date	--12-31

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Discontinued Operations	Discontinued Operations On April 22, 2026, the Company entered into an Asset Purchase Agreement (the "Apotex Agreement") with Apotex Inc. and certain affiliates ("Apotex"). Under the Apotex Agreement, the Apotex affiliates integrated the specified assets relating to the Company’s FDA-approved products and certain product-related equity interests for cash consideration of $100,000,000 at closing, together with up to $9,000,000 for inventory reimbursement and approximately $2,000,000 for transaction services over the 12 months following closing. On July 1, 2026, the Company completed the closing of the strategic transaction ("Strategic Transaction") with Apotex, pursuant to the Apotex Agreement. The Company began receiving the transaction services fee in the third quarter of 2026. For additional information, see Note 11, Discontinued Operations. Cumberland has retained its portfolio of innovative product candidates and its majority ownership position in Cumberland Emerging Technologies Inc. Following the closing, Cumberland will focus its resources on developing ifetroban, a potent thromboxane antagonist currently being studied across clinical programs targeting serious rare and progressive diseases. In accordance with ASC 205-20, Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In the period in which the component meets held-for-sale or discontinued operations criteria the major current assets, non-current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations and disclosed in the notes to financial statements. At the same time, the results of all discontinued operations, less applicable income taxes, shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations. For additional information, see Note 11, Discontinued Operations.
Transition Services Agreement	Transition Services Agreement Effective July 1, 2026, the Company and Apotex entered into a Transition Services Agreement ("TSA Agreement" or "TSA") where the Company will provide certain transition services on the behalf of Apotex for a period of twelve (12) months with an optional renewal term of six (6) months. These services include: •Supply chain, distribution and commercial services •Regulatory affair services •Finance and accounting services •Information technology services •Manufacturing support
Recent Accounting Guidance	Recent Accounting Guidance Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued final guidance in Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve transparency of segment disclosures, primarily through expanded disclosures for significant segment expenses. The guidance is effective for annual periods beginning in 2024 and interim periods beginning in 2025. With the Company having only one segment, the adoption, effective January 1, 2024, did not have a material impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("Update 2023-09"), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in Update 2023-09 also remove disclosures related to certain unrecognized tax benefits and deferred taxes. Update 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted Update 2023-09 effective for the year ended December 31, 2025 on a prospective basis, with no material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires companies to disclose additional information for certain relevant expense categories in the Statements of Operations and within the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and can be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to prior periods which are presented in the financial statements. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures, but do not expect the adoption of Update 2024-03 to result in a change in recognition or measurement of expenses within our consolidated financial statements.
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 condensed 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 Segments The Company operates its business as one operating segment focused on innovation and development of new product candidates. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker ("CODM"), or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company has concluded that our new product candidates have similar approval processes with the FDA and similar circumstances.
Trade and Note Receivables Policy	Trade and Note Receivables Policy Management evaluates the application of Current Expected Credit Losses (CECL) to all of its financial instruments including trade and note receivables. CECL is applicable to all financial instruments measured at amortized cost. Therefore, for the Company, this principally relates to trade receivables and two notes receivable. 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 of Accounting Standards Codification ("ASC") 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 reassesses at the end of each reporting period whether the pool of assets continues to display similar risk characteristics. With over 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.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Summary of segment reporting

The following table summarizes selected financial information of the Company’s single operating segment for the three and nine months ended September 30, 2026 and 2025.



	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Transition services revenue	$	1,950,000	$	—	$	1,950,000	$	—
Net revenue	206,356		171,821		536,665		719,247
Total revenue	2,156,356		171,821		2,486,665		719,247
Costs and expenses:

Cost of transition services	1,062,266		—		1,062,266		—
Research and development	841,162		646,473		2,379,170		2,178,866
General and administrative	2,182,285		2,376,284		7,128,677		7,244,245
Amortization	7,125		5,586		21,276		17,430
Total costs and expenses	4,092,838		3,028,343		10,591,389		9,440,541
Operating loss	(1,936,482)		(2,856,522)		(8,104,724)		(8,721,294)
Interest income	822,886		131,583		961,802		384,781



Interest expense	(4,604)		(29)		(5,394)		(4,892)

Loss before income taxes	(1,118,200)		(2,724,968)		(7,148,316)		(8,341,405)
Income tax expense	(3,871)		(5,670)		(11,611)		(17,011)
Loss from continuing operations	(1,122,071)		(2,730,638)		(7,159,927)		(8,358,416)
Discontinued operations:
Gain on disposal of discontinued operations	81,092,578		—		81,092,578		—
Income tax expense on disposal of discontinued operations	(467,657)		—		(467,657)		—
Income (loss) from discontinued operations	(1,725,098)		781,592		(3,248,722)		6,922,347

Net income (loss)	77,777,752		(1,949,046)		70,216,272		(1,436,069)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Paragraph 26C
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Discontinued Operations - Income (Loss) from Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Costs and expenses:
Net income (loss)	$ (1,725,098)	$ 781,592	$ (3,248,722)	$ 6,922,347
Gain on disposal	81,092,578	0	81,092,578	0
Income tax expense on disposal	(467,657)	0	(467,657)	0
Income from discontinued operations	78,899,823	781,592	77,376,199	6,922,347
Discontinued Operations, Held-for-Sale \| FDA-Approved Brands
Disposal Group, Including Discontinued Operations [Line Items]
Net revenues	(641,142)	8,120,542	16,961,108	30,123,533
Costs and expenses:
Cost of products sold	24,200	988,760	3,974,941	4,425,863
Selling and marketing	940,449	4,433,831	11,385,158	12,889,458
Research and development	36,796	606,894	1,376,511	1,837,976
General and administrative	89,305	195,783	432,915	665,751
Amortization	0	1,004,012	2,534,982	3,003,982
Interest expense	0	109,670	205,309	378,156
Other (income) expense	(6,794)	0	300,014	0
Total cost and expenses	1,083,956	7,338,950	20,209,830	23,201,186
Net income (loss)	(1,725,098)	781,592	(3,248,722)	6,922,347
Gain on disposal	81,092,578	0	81,092,578	0
Income tax expense on disposal	(467,657)	0	(467,657)	0
Income from discontinued operations	$ 78,899,823	$ 781,592	$ 77,376,199	$ 6,922,347

Transition Services - Schedule of TSA Agreement Included in Balance Sheet (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Transfer of Financial Assets Accounted for as Sales [Line Items]
Accounts receivable - TSA, net	$ 10,373,965	$ 0
Receivable from Apotex	10,617,805	0
Payable to Apotex	6,889,538	0
Other current liabilities - TSA	3,954,134	$ 0
Discontinued Operations, Held-for-Sale \| FDA-Approved Brands
Transfer of Financial Assets Accounted for as Sales [Line Items]
Assets	20,991,770
Liabilities	$ 10,843,672

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of calculation of numerator and denominator in earnings per share

The following table reconciles the numerator and denominator used to calculate basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,
	2026		2025
Numerator:
Loss from continuing operations	$	(1,122,071)	$	(2,730,638)
Discontinued operations	78,899,823		781,592
Net income (loss) at subsidiary attributable to noncontrolling interests	(766)		8,282
Net income (loss) attributable to common shareholders	$	77,776,986	$	(1,940,764)
Denominator:
Weighted-average shares outstanding – basic	14,989,763		14,958,534
Dilutive effect of other securities	352,411		—
Weighted-average shares outstanding – diluted	15,342,174		14,958,534



	Nine months ended September 30,
	2026		2025
Numerator:
Loss from continuing operations	$	(7,159,927)	$	(8,358,416)
Discontinued operations	77,376,199		6,922,347
Net income (loss) at subsidiary attributable to noncontrolling interests	(5,301)		11,633
Net income (loss) attributable to common shareholders	$	70,210,971	$	(1,424,436)
Denominator:
Weighted-average shares outstanding – basic	14,977,899		14,953,944
Dilutive effect of other securities	300,951		—
Weighted-average shares outstanding – diluted	15,278,850		14,953,944

Inventories - Schedule of Non-Current Inventories (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Inventory, Noncurrent [Line Items]
Non-current inventories	$ 42,230	$ 40,879
Gross non-current inventory	42,230		$ 9,253,090
Discontinued Operations, Held-for-Sale \| FDA-Approved Brands
Inventory, Noncurrent [Line Items]
Non-current inventories	0	9,212,211
Vibativ \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	0	4,883,895
Vibativ \| Finished Goods
Inventory, Noncurrent [Line Items]
Non-current inventories	0	16,429
Kristalose \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	0	2,261,500
Kristalose \| Finished Goods
Inventory, Noncurrent [Line Items]
Non-current inventories	0	85,204
Vaprisol \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	0	1,171,603
Sancuso \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	0	656,667
Acetadote \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	0	24,152
Ifetroban \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	42,230	40,879
Caldolor \| Finished Goods
Inventory, Noncurrent [Line Items]
Non-current inventories	$ 0	$ 112,761

Shareholders' Equity and Debt	9 Months Ended
Shareholders' Equity and Debt	Sep. 30, 2026
Equity and Debt [Abstract]
SHAREHOLDERS’ EQUITY AND DEBT	SHAREHOLDERS’ EQUITY AND DEBT Share repurchases Cumberland currently has a share repurchase program available to repurchase its common stock pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In January 2019, the Company's Board of Directors established a $10 million repurchase program to replace the prior authorizations. On July 13, 2026, the Board authorized a new share repurchase program of up to $5 million, which replaced the January 2019 program. During the nine months ended September 30, 2026 and September 30, 2025, the Company repurchased 72,690 and 58,947 shares of common stock for approximately $0.3 million for each period. At September 30, 2026, there remains approximately $4.7 million available under the current repurchase program for common share repurchases. Included in these repurchases, a total of 27,150 incentive stock options ("ISOs") were repurchased from past employees who exercised their ISOs and received cash for the net shares after covering the exercise price and federal withholding taxes. Another 27,000 ISOs were exercised from past employees with 13,461 repurchased for federal withholding taxes and the remaining 13,539 were issued as common shares. Cash Dividend Declared On July 13, 2026, the Company's Board of Directors authorized and declared a special cash dividend of $1.50 per share of common stock payable in cash to the Company’s shareholders of record as of July 23, 2026. The dividend was paid on July 31, 2026 in the amount of $22.5 million. Share Sales The Company filed an updated Form S-3 with the SEC in December 2023, which was declared effective December 26, 2023 (the "Current Registration Statement"). The Company entered into an agreement with H.C. Wainwright & Co., LLC ("H.C. Wainwright") to establish a new At the Market ("ATM") program under the Current Registration Statement. On March 20, 2024, 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 $5.8 million. On February 5, 2025, the Company issued 1,000,000 shares under an ATM for an aggregate amount of $5.5 million. As a result of this transaction, deferred offering costs of $0.6 million related to the ATM were reclassified as a reduction of paid-in-capital. On February 14, 2025, the Company filed a prospectus supplement to amend the previous prospectus supplement to increase the maximum gross sales price from $5.8 million to $10 million. The Company intends to continue an ATM feature through H.C. Wainwright, that would allow the Company to issue additional shares of its common stock. Restricted Share Grants and Incentive Stock Options During the nine months ended September 30, 2026 and September 30, 2025, the Company issued 37,250 shares and 35,110 shares of restricted stock, respectively, to advisors and directors. Restricted stock issued to 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 nine months ended September 30, 2026 and September 30, 2025, the Company also issued 173,000 and 182,150 incentive stock options, respectively, to employees that cliff-vest on the fourth anniversary of the date of grant, and are largely set to expire in 2036 and 2035, respectively. Stock compensation expense is presented as a component of general and administrative expense in the condensed consolidated statements of operations as it relates to these restricted share grants and options. For the nine months ended September 30, 2026 and 2025, stock compensation expense was $0.2 million for each period. For the nine months ended September 30, 2026 and 2025, we recorded a credit of $49,247 and $7,001, respectively, to stock compensation expense related to the forfeiture of unvested incentive stock options. Debt Agreement On June 29, 2026, in connection with the closing of the Strategic Transaction, Cumberland terminated and repaid in full all outstanding obligations, approximately $5.2 million, due under the Revolving Credit Loan Agreement ("Loan Agreement") dated as of September 5, 2023 with Pinnacle Bank. In connection with the termination and repayment in full of all outstanding obligations under the Loan Agreement, all related liens and security interests were terminated, discharged and released. As of December 31, 2025, the Company had $5.2 million in borrowings outstanding under its revolving credit facility.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 80,581,021	$ 11,444,693
Accounts receivable, net	2,132,107	16,944,780
Accounts receivable - TSA, net	10,373,965	0
Receivable from Apotex	10,617,805	0
Inventories, net	29,935	29,935
Prepaid and other current assets	634,174	654,166
Current assets of discontinued operations	191,731	7,986,693
Total current assets	104,560,738	37,060,267
Non-current inventories	42,230	40,879
Property and equipment, net	232,154	264,724
Intangible assets, net	35,471	53,621
Operating lease right-of-use assets	7,188,055	5,781,728
Other assets	1,720,645	2,973,378
Assets of discontinued operations	0	30,649,395
Total assets	113,779,293	76,823,992
Current liabilities:
Accounts payable	16,502,496	18,567,546
Payable to Apotex	6,889,538	0
Operating lease current liabilities	521,323	467,774
Pre-close accrued liabilities	0	7,774,143
Other current liabilities	6,462,094	2,855,952
Other current liabilities - TSA	3,954,134	0
Current liabilities of discontinued operations	0	7,079,504
Total current liabilities	34,329,585	36,744,919
Revolving line of credit - long term	0	5,240,733
Operating lease non-current liabilities	4,074,445	4,471,965
Other long-term liabilities	3,200,097	3,626,875
Liabilities of discontinued operations	0	2,195,278
Total liabilities	41,604,127	52,279,770
Shareholders’ equity:
Common stock— no par value; 100,000,000 shares authorized; 14,992,812 and 14,956,627 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively	51,578,550	51,684,381
Accumulated earnings (deficit)	20,927,415	(26,804,059)
Total shareholders’ equity	72,505,965	24,880,322
Noncontrolling interests	(330,799)	(336,100)
Total equity	72,175,166	24,544,222
Total liabilities and equity	$ 113,779,293	$ 76,823,992

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Transition services revenue	$ 1,950,000	$ 0	$ 1,950,000	$ 0
Net revenue	206,356	171,821	536,665	719,247
Total revenue	2,156,356	171,821	2,486,665	719,247
Costs and expenses:
Cost of transition services	1,062,266	0	1,062,266	0
Research and development	841,162	646,473	2,379,170	2,178,866
General and administrative	2,182,285	2,376,284	7,128,677	7,244,245
Amortization	7,125	5,586	21,276	17,430
Total costs and expenses	4,092,838	3,028,343	10,591,389	9,440,541
Operating loss	(1,936,482)	(2,856,522)	(8,104,724)	(8,721,294)
Interest income	822,886	131,583	961,802	384,781
Interest expense	(4,604)	(29)	(5,394)	(4,892)
Loss before income taxes	(1,118,200)	(2,724,968)	(7,148,316)	(8,341,405)
Income tax expense	(3,871)	(5,670)	(11,611)	(17,011)
Loss from continuing operations	(1,122,071)	(2,730,638)	(7,159,927)	(8,358,416)
Discontinued operations:
Income (loss) from discontinued operations	(1,725,098)	781,592	(3,248,722)	6,922,347
Gain on disposal of discontinued operations	81,092,578	0	81,092,578	0
Income tax expense on disposal of discontinued operations	(467,657)	0	(467,657)	0
Income from discontinued operations	78,899,823	781,592	77,376,199	6,922,347
Net income (loss)	77,777,752	(1,949,046)	70,216,272	(1,436,069)
Net income (loss) at subsidiary attributable to noncontrolling interests	(766)	8,282	(5,301)	11,633
Net income (loss) attributable to common shareholders	$ 77,776,986	$ (1,940,764)	$ 70,210,971	$ (1,424,436)
Income (loss) per share attributable to common shareholders
Continuing operations - basic (in USD per share)	$ (0.07)	$ (0.18)	$ (0.48)	$ (0.56)
Discontinued operations - basic (in USD per share)	5.26	0.05	5.17	0.46
Basic (in USD per share)	5.19	(0.13)	4.69	(0.10)
Continued operations - diluted (in USD per share)	(0.07)	(0.18)	(0.46)	(0.56)
Discontinued operations - diluted (in USD per share)	5.14	0.05	5.06	0.46
Diluted (in USD per share)	$ 5.07	$ (0.13)	$ 4.60	$ (0.10)
Weighted-average shares outstanding
Basic (in shares)	14,989,763	14,958,534	14,977,899	14,953,944
Diluted (in shares)	15,342,174	14,958,534	15,278,850	14,953,944

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The 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.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded no income tax provision or benefit for the three and nine months ended September 30, 2026, and for the same periods in 2025. The Company continues to maintain a full valuation allowance against its net deferred tax assets from continuing operations, as management concluded it is more likely than not that those assets will not be realized. With the Strategic Transaction closing July 1, 2026, the Company recognized a pre-tax gain of $81.1 million, presented in discontinued operations. The Company utilized federal net operating loss ("NOL") carryforwards of approximately $47.9 million and state NOL carryforwards of approximately $3.3 million, each of which was previously subject to a full valuation allowance. Some of the federal and state NOLs generated after 2017 may offset only 80% of taxable income. For the three months ended September 30, 2026, the Company recorded income tax expense of $0.5 million consisting of a nominal amount of federal tax and the remaining being state tax. As a result, the valuation allowance was reduced by approximately $16.9 million in the period, and the related deferred tax benefit of the same amount was recorded in discontinued operations with no impact on discontinued operations overall tax expense. As of September 30, 2026, the Company had approximately $14.0 million in federal net operating loss carryforwards remaining after the utilized amounts mentioned above. These have historically been used to significantly offset income tax obligations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Lease position

At September 30, 2026 and December 31, 2025, the Company's lease assets and liabilities were as follows:


Right-of-Use Assets	September 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	7,188,055	$	5,781,728


Lease Liabilities	September 30, 2026		December 31, 2025
Operating lease current liabilities	$	521,323	$	467,774
Operating lease non-current liabilities	4,074,445		4,471,965
Total	$	4,595,768	$	4,939,739

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 September 30, 2026	Operating Leases
2026	$	230,107
2027	934,181
2028	740,791
2029	650,766
2030	667,049
After 2030	3,529,586
	6,752,480
Less: Interest	2,156,712
Present value of lease liabilities	$	4,595,768

Schedule of rent expense and sublease income

Rent expense and sublease income were as follows:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Rent expense	$	360,989	$	356,413	$	1,064,115	$	1,074,748

Sublease income	$	206,356	$	166,487	$	536,665	$	487,913

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Leases - Schedule of Lease Liabilities Maturity and Future Minimum Lease Commitments (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Maturity of Lease Liabilities at September 30, 2026
2026	$ 230,107
2027	934,181
2028	740,791
2029	650,766
2030	667,049
After 2030	3,529,586
Total minimum lease payments	6,752,480
Less: Interest	2,156,712
Present value of lease liabilities	$ 4,595,768	$ 4,939,739

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

LEASES

On November 15, 2021, Cumberland entered into a lease (the "Broadwest Lease"), pursuant to which the Company leases approximately 16,903 rentable square feet of space (the "Leased Premise") at the Broadwest office campus located in Nashville, Tennessee with 1600 West End Avenue Partners, LLC (the "Landlord"). The Leased Premise serves as the Company's 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 5 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 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 provided for a tenant improvement allowance which was used to build out the space.

On July 1, 2026, the Company signed an agreement with Apotex to sublease approximately 2,200 square feet of existing office space at Broadwest. The sublease is for a twelve (12) month period and pays the Company $16,000 per month which is included in sublease income.

On October 24, 2022, CET provided the notice of exercise to extend the lease with The Gateway to Nashville, LLC (the "Gateway Lease") for five years. The lease is for approximately 14,200 square feet of wet laboratory and office space in Nashville, Tennessee where CET operates the CET Life Sciences Center. The wet laboratory and office space is leased through April 2028. The Company also subleases a portion of the space under this lease.

Also included within the right-of-use assets are start up expenditures related to supply agreements associated with the active pharmaceutical ingredient and finished product for our ifetroban product. These expenditures of $2.8 million are classified as an embedded lease resulting in right-of-use assets and are included in continuing operations.

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 the commencement date of each lease. 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 and Gateway Lease is 8.3 years and 8.9 years at September 30, 2026 and December 31, 2025, respectively. The weighted-average incremental borrowing rate used to discount the present value of the remaining lease payments for both leases is 9.34% and 9.36% at September 30, 2026 and December 31, 2025, respectively.

Lease Position

At September 30, 2026 and December 31, 2025, the Company's lease assets and liabilities were as follows:


Right-of-Use Assets	September 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	7,188,055	$	5,781,728


Lease Liabilities	September 30, 2026		December 31, 2025
Operating lease current liabilities	$	521,323	$	467,774
Operating lease non-current liabilities	4,074,445		4,471,965
Total	$	4,595,768	$	4,939,739

As of September 30, 2026, cumulative future minimum sublease income under non-cancelable operating subleases totals approximately $0.1 million which includes the 90-day notice required for lease termination. 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 September 30, 2026	Operating Leases
2026	$	230,107
2027	934,181
2028	740,791
2029	650,766
2030	667,049
After 2030	3,529,586
	6,752,480
Less: Interest	2,156,712
Present value of lease liabilities	$	4,595,768

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 September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Rent expense	$	360,989	$	356,413	$	1,064,115	$	1,074,748

Sublease income	$	206,356	$	166,487	$	536,665	$	487,913

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2026
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 an innovation-focused biopharmaceutical company developing new product candidates for rare diseases and other serious conditions. Following the completion of a Strategic Transaction to integrate our commercial brands and organization with Apotex, Cumberland has increased its focus on advancing its proprietary pipeline addressing poorly met medical needs with large potential market opportunities. Cumberland's growth strategy is centered on creating long-term shareholder value by advancing its proprietary line of differentiated product candidates, leveraging our existing partnerships, while maintaining financial discipline. 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, 2025, 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, 2025 (the "2025 Annual Report on Form 10-K"). The results of operations for the three and nine months ended September 30, 2026, are not necessarily indicative of the results to be expected for the entire fiscal year or any future period. Discontinued Operations On April 22, 2026, the Company entered into an Asset Purchase Agreement (the "Apotex Agreement") with Apotex Inc. and certain affiliates ("Apotex"). Under the Apotex Agreement, the Apotex affiliates integrated the specified assets relating to the Company’s FDA-approved products and certain product-related equity interests for cash consideration of $100,000,000 at closing, together with up to $9,000,000 for inventory reimbursement and approximately $2,000,000 for transaction services over the 12 months following closing. On July 1, 2026, the Company completed the closing of the strategic transaction ("Strategic Transaction") with Apotex, pursuant to the Apotex Agreement. The Company began receiving the transaction services fee in the third quarter of 2026. For additional information, see Note 11, Discontinued Operations. Cumberland has retained its portfolio of innovative product candidates and its majority ownership position in Cumberland Emerging Technologies Inc. Following the closing, Cumberland will focus its resources on developing ifetroban, a potent thromboxane antagonist currently being studied across clinical programs targeting serious rare and progressive diseases. In accordance with ASC 205-20, Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In the period in which the component meets held-for-sale or discontinued operations criteria the major current assets, non-current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations and disclosed in the notes to financial statements. At the same time, the results of all discontinued operations, less applicable income taxes, shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations. For additional information, see Note 11, Discontinued Operations. Transition Services Agreement Effective July 1, 2026, the Company and Apotex entered into a Transition Services Agreement ("TSA Agreement" or "TSA") where the Company will provide certain transition services on the behalf of Apotex for a period of twelve (12) months with an optional renewal term of six (6) months. These services include: •Supply chain, distribution and commercial services •Regulatory affair services •Finance and accounting services •Information technology services •Manufacturing support For additional information, see Note 12, Transition Services Agreement. Recent Accounting Guidance Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued final guidance in Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve transparency of segment disclosures, primarily through expanded disclosures for significant segment expenses. The guidance is effective for annual periods beginning in 2024 and interim periods beginning in 2025. With the Company having only one segment, the adoption, effective January 1, 2024, did not have a material impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("Update 2023-09"), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates as well as additional disaggregation of taxes paid. The amendments in Update 2023-09 also remove disclosures related to certain unrecognized tax benefits and deferred taxes. Update 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted Update 2023-09 effective for the year ended December 31, 2025 on a prospective basis, with no material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires companies to disclose additional information for certain relevant expense categories in the Statements of Operations and within the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and can be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to prior periods which are presented in the financial statements. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures, but do not expect the adoption of Update 2024-03 to result in a change in recognition or measurement of expenses within our consolidated financial statements. 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 condensed 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 operates its business as one operating segment focused on innovation and development of new product candidates. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker ("CODM"), or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company has concluded that our new product candidates have similar approval processes with the FDA and similar circumstances. Following the closing of the Strategic Transaction, the Company does not generate product-related revenues. The CODM utilizes consolidated net income (loss) as the primary measure of segment profit and loss to evaluate performance and allocate capital. Because the Company operates in a single operating segment, the segment metrics, significant segment expenses, and total segment assets are consistent with the consolidated financial statements and are further detailed in Part 1, Item 2 - Results of Operations. Non-operating investment income generated from the proceeds of the commercial divestiture is managed centrally at the corporate level and is excluded from the CODM’s evaluation of core portfolio performance. Trade and Note Receivables Policy Management evaluates the application of Current Expected Credit Losses (CECL) to all of its financial instruments including trade and note receivables. CECL is applicable to all financial instruments measured at amortized cost. Therefore, for the Company, this principally relates to trade receivables and two notes receivable. 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 of Accounting Standards Codification ("ASC") 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 reassesses at the end of each reporting period whether the pool of assets continues to display similar risk characteristics. With over 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.

Condensed Consolidated Statement of Equity - USD ($)	Total	Common stock	Accumulated deficit	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2024		13,952,624
Beginning balance at Dec. 31, 2024	$ 22,545,977	$ 46,821,425	$ (23,967,931)	$ (307,517)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Share issuances (in shares)		1,000,000
Share issuances	4,715,950	$ 4,715,950
Share-based compensation (in shares)		62,350
Share-based compensation	74,213	$ 74,213
Repurchase of common shares (in shares)		(53,837)
Repurchase of common shares	(243,705)	$ (243,705)
Net income (loss)	1,248,184		1,257,068	(8,884)
Ending balance (in shares) at Mar. 31, 2025		14,961,137
Ending balance at Mar. 31, 2025	28,340,619	$ 51,367,883	(22,710,863)	(316,401)
Beginning balance (in shares) at Dec. 31, 2024		13,952,624
Beginning balance at Dec. 31, 2024	22,545,977	$ 46,821,425	(23,967,931)	(307,517)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Repurchase of common shares (in shares)		(58,947)
Net income (loss)	(1,436,069)
Ending balance (in shares) at Sep. 30, 2025		14,956,627
Ending balance at Sep. 30, 2025	25,800,704	$ 51,512,221	(25,392,367)	(319,150)
Beginning balance (in shares) at Mar. 31, 2025		14,961,137
Beginning balance at Mar. 31, 2025	28,340,619	$ 51,367,883	(22,710,863)	(316,401)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Share-based compensation (in shares)		600
Share-based compensation	80,685	$ 80,685
Repurchase of common shares (in shares)		(1,800)
Repurchase of common shares	(7,170)	$ (7,170)
Net income (loss)	(735,207)		(740,740)	5,533
Ending balance (in shares) at Jun. 30, 2025		14,959,937
Ending balance at Jun. 30, 2025	27,678,927	$ 51,441,398	(23,451,603)	(310,868)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Share-based compensation	81,262	$ 81,262
Repurchase of common shares (in shares)		(3,310)
Repurchase of common shares	(10,439)	$ (10,439)
Net income (loss)	(1,949,046)		(1,940,764)	(8,282)
Ending balance (in shares) at Sep. 30, 2025		14,956,627
Ending balance at Sep. 30, 2025	$ 25,800,704	$ 51,512,221	(25,392,367)	(319,150)
Beginning balance (in shares) at Dec. 31, 2025	14,956,627	14,956,627
Beginning balance at Dec. 31, 2025	$ 24,544,222	$ 51,684,381	(26,804,059)	(336,100)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Share-based compensation (in shares)		46,725
Share-based compensation	106,842	$ 106,842
Repurchase of common shares (in shares)		(20,245)
Repurchase of common shares	(61,001)	$ (61,001)
Net income (loss)	(3,287,051)		(3,289,639)	2,588
Ending balance (in shares) at Mar. 31, 2026		14,983,107
Ending balance at Mar. 31, 2026	$ 21,303,012	$ 51,730,222	(30,093,698)	(333,512)
Beginning balance (in shares) at Dec. 31, 2025	14,956,627	14,956,627
Beginning balance at Dec. 31, 2025	$ 24,544,222	$ 51,684,381	(26,804,059)	(336,100)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Cash dividend declared	(22,479,497)		(22,479,497)
Repurchase of common shares (in shares)		(72,690)
Repurchase of common shares		$ (300,000)
Net income (loss)	$ 70,216,272
Ending balance (in shares) at Sep. 30, 2026	14,992,812	14,992,812
Ending balance at Sep. 30, 2026	$ 72,175,166	$ 51,578,550	20,927,415	(330,799)
Beginning balance (in shares) at Mar. 31, 2026		14,983,107
Beginning balance at Mar. 31, 2026	21,303,012	$ 51,730,222	(30,093,698)	(333,512)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Share-based compensation	77,866	$ 77,866
Net income (loss)	(4,274,429)		(4,276,376)	1,947
Ending balance (in shares) at Jun. 30, 2026		14,983,107
Ending balance at Jun. 30, 2026	17,106,449	$ 51,808,088	(34,370,074)	(331,565)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Exercise of options and purchases of shares from employees (in shares)		8,000
Exercise of options and purchases of shares from employees	21,725	$ 21,725
Share-based compensation (in shares)		54,150
Share-based compensation	8,083	$ 8,083
Repurchase of common shares (in shares)		(52,445)
Repurchase of common shares	(259,346)	$ (259,346)
Net income (loss)	$ 77,777,752		77,776,986	766
Ending balance (in shares) at Sep. 30, 2026	14,992,812	14,992,812
Ending balance at Sep. 30, 2026	$ 72,175,166	$ 51,578,550	$ 20,927,415	$ (330,799)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	14,992,812	14,956,627
Common stock, outstanding (in shares)	14,992,812	14,956,627

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

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-SubTopic 10
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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+ Details

Earnings (Loss) Per Share - Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Anti-dilutive shares and options (in shares)	734,349	737,969

Organization and Basis of Presentation Organization (Details) $ in Millions		9 Months Ended
	Apr. 22, 2026 USD ($)	Sep. 30, 2026 segment
Disposal Group, Including Discontinued Operations [Line Items]
TSA term		12 months
TSA renewal term		6 months
Number of operating segments \| segment		1
Discontinued Operations, Held-for-Sale
Disposal Group, Including Discontinued Operations [Line Items]
Cash consideration	$ 100.0
Gain (loss) from inventory reimbursements	9.0
Business combination, consideration transferred	$ 2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Transition Services

9 Months Ended

Sep. 30, 2026

Transfers and Servicing [Abstract]

TRANSITION SERVICES

Effective July 1, 2026, the Company and Apotex entered into the TSA Agreement where the Company will provide supply chain, distribution and commercial services, regulatory, accounting, IT and manufacturing support services to Apotex for 12 months, with one six-month renewal.

During the TSA term, the Company invoices customers in its own name for products sold and collects the cash on Apotex’s behalf. The Company acts as an agent for these sales. Each quarter, the Company pays Apotex a profit share equal to net sales less cost of goods sold. The Company is also responsible for paying government and commercial rebates and certain other deductions on these sales.

At September 30, 2026, the Company's balance sheet included the following amounts related to the TSA Agreement:


	September 30, 2026
ASSETS
Accounts receivable - TSA, net	$	10,373,965
Receivable from Apotex	10,617,805
	$	20,991,770
LIABILITIES
Payable to Apotex	$	6,889,538
Other current liabilities - TSA	3,954,134
	$	10,843,672

These balances are presented as gross amounts as the TSA prohibits setoff of balances. For the three months ended September 30, 2026, cash inflows from Apotex were $2.1 million. Cash outflows to Apotex did not begin until October 2026.

Activities under the TSA are reported in continuing operations. They are treated in three ways:

•TSA service fees - These consist of $150,000 per month as an administrative fee, and $500,000 per month for sales, marketing coordination and promotional expenses. The Company acts as principal for these services. The fees are presented gross as transition services revenue, and the costs of providing the services, including third-party marketing costs, are presented as cost of transition services.

•Product sales on Apotex's behalf - The Company acts as agent for these sales and records no revenue, sales deductions or cost of sales for these activities.

•Third-party costs paid on Apotex’s behalf - These include logistics and other pass-through charges on Apotex’s sales. They are not reflected in the Company’s statement of operations.

For the three months ended September 30, 2026, the Company's statement of operations included the following amounts related to the TSA Agreement:


	Three months ended September 30, 2026
Transition services revenue	$	1,950,000

Cost of transition services	$	1,062,266

The condensed consolidated statements of cash flows include cash flows of both continuing and discontinued operations.

Proceeds from the Strategic Transaction are presented as investing inflows, and repayment of the revolving credit loan is presented as a financing outflow. Inventory payment amounts settled through retained cost of goods sold, totaling $1.3 million for the period, are disclosed as non-cash operating activities. Cash flows under the TSA are operating cash flows of continuing operations.

Earnings (Loss) Per Share - Schedule of Computation of Numerator and Denominator in Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Numerator:
Net Income (Loss)	$ 77,776,986	$ (1,940,764)	$ 70,210,971	$ (1,424,436)
Denominator:
Weighted-average shares outstanding – basic (in shares)	14,989,763	14,958,534	14,977,899	14,953,944
Dilutive effect of other securities (in shares)	352,411	0	300,951	0
Weighted-average shares outstanding – diluted (in shares)	15,342,174	14,958,534	15,278,850	14,953,944

- Definition

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

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 70,216,272	$ (1,436,069)
Gain on disposal of discontinued operations	(80,624,921)	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	101,923	99,324
Amortization of operating lease right-of-use asset	721,984	721,984
Share-based compensation	192,791	236,160
Increase in cash surrender value of life insurance policies over premiums paid	(79,198)	(131,967)
Net changes in assets and liabilities affecting operating activities:
Accounts receivable	1,503,059	1,270,864
Inventories, net	0	101,652
Other current assets and other assets	1,356,318	(192,899)
Operating lease liabilities	(679,803)	(662,118)
Accounts payable and other current liabilities	6,584,369	(2,587,613)
Other long-term liabilities	(426,778)	59,764
Net cash used in operating activities from continuing operations	(1,133,984)	(2,520,918)
Discontinued operations	191,731	7,450,415
Net cash provided by (used in) operating activities	(942,253)	4,929,497
Cash flows from investing activities:
Additions to property and equipment	48,095	97,905
Investment in cash surrender value of life insurance policies	(42,018)	0
Net (increase) decrease of investment in manufacturing	(1,792,479)	(580,866)
Additions to intangible assets	5,757	807
Net cash used in investing activities from continuing operations	(1,888,349)	(679,577)
Discontinued operations	99,984,255	(953,582)
Net cash provided by (used in) investing activities	98,095,906	(1,633,159)
Cash flows from financing activities:
Proceeds from ATM offering, net	0	5,266,334
Cash dividend paid	(22,479,497)	0
Exercise of options and purchases of shares from employees	21,725	0
Payments on line of credit	(5,240,733)	(10,035,437)
Payments made in connection with repurchase of common shares	(318,820)	(263,478)
Net cash used in financing activities from continuing operations	(28,017,325)	(5,032,581)
Discontinued operations	0	(1,031,197)
Net cash used in financing activities	(28,017,325)	(6,063,778)
Net increase (decrease) in cash and cash equivalents	69,136,328	(2,767,439)
Cash and cash equivalents at beginning of period	11,444,693	17,964,184
Cash and cash equivalents at end of period	$ 80,581,021	$ 15,196,745

Leases - Lease Position (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases - Lease Position (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Leases [Abstract]
Operating lease right-of-use assets	$ 7,188,055		$ 7,188,055		$ 5,781,728
Lease Liabilities
Operating lease current liabilities	521,323		521,323		467,774
Operating lease non-current liabilities	4,074,445		4,074,445		4,471,965
Total	4,595,768		4,595,768		$ 4,939,739
Sublease income	$ 206,356	$ 166,487	$ 536,665	$ 487,913

Inventories (Tables)

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

Schedule of inventory, current

At September 30, 2026 and December 31, 2025, the Company's net inventories consisted of the following:


	September 30, 2026		December 31, 2025

Raw materials and work in progress	$	72,165	$	9,832,293
Finished goods	—		5,646,315
Total	72,165		15,478,608
Non-current inventory	(42,230)		(40,879)
Total current inventory	29,935		15,437,729
Discontinued operations	—		(15,407,794)
Net current inventory from continuing operations	$	29,935	$	29,935

Schedule of inventory, noncurrent

At September 30, 2026 and December 31, 2025, the Company's non-current inventories consisted of the following:


	September 30, 2026		December 31, 2025

Vibativ raw materials	$	—	$	4,883,895
Kristalose raw materials	—		2,261,500
Vaprisol raw materials	—		1,171,603
Sancuso raw materials	—		656,667

Acetadote raw materials	—		24,152
Ifetroban raw materials	42,230		40,879
Kristalose finished goods	—		85,204
Vibativ finished goods	—		16,429
Caldolor finished goods	—		112,761


Total non-current inventory	42,230		9,253,090
Discontinued operations	—		9,212,211
Net non-current inventories classified as continuing operations	$	42,230	$	40,879