0001628280-24-010725 | 10-K | XBRL Viewer | Cumberland Pharmaceuticals INC

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of calculation of numerator and denominator in earnings per share

The following table shows the computation of the numerator and the denominator used to calculate diluted loss per share for the years ended December 31:


	2023		2022

Numerator:
Net loss	(6,330,766)		(5,650,039)
Net loss at subsidiary attributable to noncontrolling interests	51,446		79,798
Net loss attributable to common shareholders	$	(6,279,320)	$	(5,570,241)
Denominator:
Weighted-average shares outstanding – basic	14,298,774		14,563,592

Weighted-average shares outstanding – diluted	14,298,774		14,563,592

Schedule of anti-dilutive securities excluded from computation of earnings per share

The Company's anti-dilutive restricted shares and stock options outstanding were as follows for the years ended December 31:


	2023	2022

Anti-dilutive shares and options	452,224	227,050

Quarterly Financial Information (Schedule of Quarterly Financial Information (Unaudited)) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 9,353,066	$ 10,085,926	$ 10,888,877	$ 9,224,638	$ 9,123,680	$ 11,413,072	$ 10,299,152	$ 11,175,045	$ 39,552,507	$ 42,010,949
Operating income (loss)	(6,179,239)	(1,866,603)	22,859	(1,531,678)	(2,277,804)	(288,588)	(1,846,538)	(1,291,999)	(9,554,661)	(5,704,929)
Net income (loss)	(6,301,987)	(1,063,219)	862,154	172,286	(2,459,714)	(423,226)	(1,364,666)	(1,402,433)	(6,330,766)	(5,650,039)
Net loss attributable to common shareholders	$ (6,294,406)	$ (1,049,298)	$ 872,200	$ 192,184	$ (2,440,729)	$ (408,639)	$ (1,335,620)	$ (1,385,253)	$ (6,279,320)	$ (5,570,241)
Loss per share attributable to common shareholders:
Basic (in USD per share)	$ (0.44)	$ (0.07)	$ 0.06	$ 0.01					$ (0.44)	$ (0.38)
Diluted (in USD per share)	$ (0.44)	$ (0.07)	$ 0.06	$ 0.01					$ (0.44)	(0.38)
Continuing operations - basic (in dollars per share)					$ (0.17)	$ (0.03)	$ (0.09)	$ (0.09)		(0.38)
Continuing operations - diluted (in dollars per share)					$ (0.17)	$ (0.03)	$ (0.09)	$ (0.09)		$ (0.38)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal tax expense at statutory rate	21.00%	21.00%
State income tax expense (net of federal income tax benefit)	(0.58%)	2.11%
Permanent differences associated with general business credits	0.80%	0.00%
Change in valuation allowance	(4.96%)	(21.76%)
Other permanent differences	(6.51%)	(2.58%)
Expiring tax credits	(3.32%)	0.00%
Deferred True-ups	(7.16%)	0.00%
Net loss tax expense	(0.73%)	(1.23%)

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Net revenues	$ 39,552,507	$ 42,010,949
Costs and expenses:
Cost of products sold	6,066,611	9,118,521
Selling and marketing	18,451,765	16,660,945
Research and development	5,834,229	6,688,924
General and administrative	10,651,915	10,180,120
Amortization and impairment	8,102,648	5,067,368
Total costs and expenses	49,107,168	47,715,878
Operating loss	(9,554,661)	(5,704,929)
Interest income	286,854	98,405
Other income	2,828,871	0
Other income - settlement	475,000	0
Other income - gain on insurance proceeds	346,800	611,330
Interest expense	(667,861)	(585,995)
Loss before income taxes	(6,284,997)	(5,581,189)
Income tax expense	(45,769)	(68,850)
Net loss	(6,330,766)	(5,650,039)
Net loss at subsidiary attributable to noncontrolling interests	51,446	79,798
Net loss attributable to common shareholders	$ (6,279,320)	$ (5,570,241)
Loss per share attributable to common shareholders:
Basic (in USD per share)	$ (0.44)	$ (0.38)
Diluted (in USD per share)	$ (0.44)	$ (0.38)
Weighted-average shares outstanding
Basic (in shares)	14,298,774	14,563,592
Diluted (in shares)	14,298,774	14,563,592
Product
Net revenues	$ 37,513,492	$ 40,681,182
Other
Net revenues	$ 2,039,015	$ 1,329,767

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following at December 31:


	Range of useful lives	2023		2022

Computer equipment	3 – 5 years	$	499,557	$	465,508
Office equipment	3 – 15 years	771,667		746,602
Furniture and fixtures	5 – 15 years	533,778		369,365
Leasehold improvements	3 – 15 years, or remaining lease term	800,974		787,749
Total property and equipment, gross		2,605,976		2,369,224
Less: accumulated depreciation and amortization		(2,238,073)		(2,085,185)
Total property and equipment, net		$	367,903	$	284,039

Depreciation expense, including amortization expense related to leasehold improvements, is included in general and administrative expense in the consolidated statements of operations. Depreciation expense was as follows for the years ended December 31:


	2023		2022

Depreciation expense	$	177,148	$	260,745

Commitments and Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 03, 2022	Jun. 30, 2023	Nov. 07, 2022	Feb. 02, 2022
Other Commitments [Line Items]
Proceeds from litigation settlement		$ 1,000
Melinta Therapeutics, LLC and Targanta Therapeutics Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Sales milestone payments, receivable			$ 1,000
Melinta Therapeutics, LLC and Targanta Therapeutics Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Within 30 Days Of First sNDA Filing
Other Commitments [Line Items]
Sales milestone payments, receivable				$ 500
Melinta Therapeutics, LLC and Targanta Therapeutics Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Following Approval Of First sNDA
Other Commitments [Line Items]
Sales milestone payments, receivable				$ 500
U.S. Product Asset Rights - Sancuso
Other Commitments [Line Items]
Tiered royalty payments, threshold	$ 3,500
Tiered royalty payments term (in years)	10 years
U.S. Product Asset Rights - Sancuso \| Maximum
Other Commitments [Line Items]
Tiered royalty payments (percentage)	10.00%
U.S. Product Asset Rights - Sancuso \| Minimum
Other Commitments [Line Items]
Tiered royalty payments (percentage)	5.00%

Market Concentrations (Schedule of Revenues Concentration from Major Customers and Narrative) (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sales Revenue, Goods, Gross \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	29.00%	22.00%
Sales Revenue, Goods, Gross \| Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	26.00%	29.00%
Sales Revenue, Goods, Gross \| Customer 3
Concentration Risk [Line Items]
Concentration risk, percentage	24.00%	24.00%
Accounts Receivable \| Customer 1, 2, and 3
Concentration Risk [Line Items]
Concentration risk, percentage	62.30%	51.80%

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of intangible assets

Amortization expense is recognized ratably over the following periods:


Product rights						Estimated economic life
License rights						Term of license agreement
Patents						Life of patent

Intangible assets and Goodwill consisted of the following at December 31, 2023 and 2022.


	2023		2022

Product and license rights	$	43,250,341	$	49,668,141
Less: accumulated amortization	(22,755,543)		(21,891,974)
Total product and license rights	20,494,798		27,776,167
Patents	10,712,405		10,610,228
Less: accumulated amortization	(8,819,287)		(8,051,018)
Total patents	1,893,118		2,559,210
Trademarks	413,775		397,974
Less: accumulated amortization	(193,773)		(142,673)
Total trademarks	220,002		255,301
Total intangible assets	$	22,607,918	$	30,590,678

Goodwill	$	914,000	$	914,000

Schedule of Distribution Costs

Distribution costs were as follows for the years ended December 31:


	2023		2022

Distribution costs	$	881,829	$	857,842

Schedule of Advertising Costs

Advertising costs were as follows for the years ended December 31:


	2023		2022

Advertising costs	$	2,903,741	$	2,927,041

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Additions to intangible assets	$ 171,783	$ 1,971,662
Patents
Finite-Lived Intangible Assets [Line Items]
Additions to intangible assets	$ 100,000	$ 200,000

Organization (Narrative) (Details) - USD ($)	12 Months Ended
Organization (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Apr. 30, 2019
Noncontrolling Interest [Abstract]
Net loss at subsidiary attributable to noncontrolling interests	$ 51,446	$ 79,798
Charitable contribution of shares (in shares)			50,000
Cash contributions	$ 40,000	$ 25,000
Cumberland Emerging Technologies, Inc (CET)
Noncontrolling Interest [Abstract]
Noncontrolling interest, ownership percentage by parent	85.00%
HongKong WinHealth Pharma Group Co. Limited
Noncontrolling Interest [Abstract]
Investment in CET				$ 1,000,000

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

Revenues (Schedule of Net Product Revenues by Product) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Revenues	$ 9,353,066	$ 10,085,926	$ 10,888,877	$ 9,224,638	$ 9,123,680	$ 11,413,072	$ 10,299,152	$ 11,175,045	$ 39,552,507	$ 42,010,949
Product
Revenue from External Customer [Line Items]
Revenues									37,513,492	40,681,182
Kristalose
Revenue from External Customer [Line Items]
Revenues									15,981,850	15,205,155
Vibativ
Revenue from External Customer [Line Items]
Revenues									8,812,692	7,487,462
Sancuso
Revenue from External Customer [Line Items]
Revenues									8,096,788	13,205,603
Caldolor
Revenue from External Customer [Line Items]
Revenues									4,333,923	4,827,200
Acetadote
Revenue from External Customer [Line Items]
Revenues									458,759	501,040
Omeclamox-Pak
Revenue from External Customer [Line Items]
Revenues									20,030	29,145
Vaprisol
Revenue from External Customer [Line Items]
Revenues									151,336	(447,697)
RediTrex
Revenue from External Customer [Line Items]
Revenues									$ (341,886)	$ (126,726)

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 2,605,976	$ 2,369,224
Less: accumulated depreciation and amortization	(2,238,073)	(2,085,185)
Total property and equipment, net	367,903	284,039
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 499,557	465,508
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 771,667	746,602
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 533,778	369,365
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	15 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 800,974	$ 787,749
Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	15 years

Income Taxes - Schedule Of Tax Credit Carryforwards (Details) - Federal And State	Dec. 31, 2023 USD ($)
Tax Credit Carryforward [Line Items]
Total federal and state credit carryforwards	$ 1,340,901
2024
Tax Credit Carryforward [Line Items]
Total federal and state credit carryforwards	18,370
2025-2042
Tax Credit Carryforward [Line Items]
Total federal and state credit carryforwards	$ 1,322,531

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Amortization expense is recognized ratably over the following periods:


Product rights						Estimated economic life
License rights						Term of license agreement
Patents						Life of patent

Intangible assets and Goodwill consisted of the following at December 31, 2023 and 2022.


	2023		2022

Product and license rights	$	43,250,341	$	49,668,141
Less: accumulated amortization	(22,755,543)		(21,891,974)
Total product and license rights	20,494,798		27,776,167
Patents	10,712,405		10,610,228
Less: accumulated amortization	(8,819,287)		(8,051,018)
Total patents	1,893,118		2,559,210
Trademarks	413,775		397,974
Less: accumulated amortization	(193,773)		(142,673)
Total trademarks	220,002		255,301
Total intangible assets	$	22,607,918	$	30,590,678

Goodwill	$	914,000	$	914,000

Schedule of expected amortization expense of intangible assets

Amortization expense related to product and license rights, trademarks and patents were as follows for the years ended December 31:


	2023		2022

Amortization and impairment expense	$	8,102,648	$	5,067,368

The expected amortization expense for the Company's current balance of intangible assets are as follows:


Year ending December 31:
2024	$	4,304,157
2025	4,245,825
2026	3,859,206
2027	3,452,780
2028 and thereafter	6,745,950
	$	22,607,918

Intangible Assets and Goodwill - Future Amortization Expense (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,304,157
2025	4,245,825
2026	3,859,206
2027	3,452,780
2028 and thereafter	6,745,950
Intangible assets, net	$ 22,607,918	$ 30,590,678

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 22,607,918	$ 30,590,678
Goodwill	914,000	914,000
Product and License Rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	43,250,341	49,668,141
Accumulated amortization	(22,755,543)	(21,891,974)
Intangible assets, net	20,494,798	27,776,167
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	10,712,405	10,610,228
Accumulated amortization	(8,819,287)	(8,051,018)
Intangible assets, net	1,893,118	2,559,210
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	413,775	397,974
Accumulated amortization	(193,773)	(142,673)
Intangible assets, net	$ 220,002	$ 255,301

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Inventories, Net - Schedule of Non-Current Inventories (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory, Noncurrent [Line Items]
Non-current inventories	$ 12,804,529	$ 7,527,167
Other Products
Inventory, Noncurrent [Line Items]
Non-current inventories	103,300	0
Vibativ \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	6,611,426	7,138,936
Vibativ \| Finished Goods
Inventory, Noncurrent [Line Items]
Non-current inventories	810,454	0
Kristalose \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	3,263,515	0
Vaprisol \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	1,170,641	0
Caldolor \| Finished Goods
Inventory, Noncurrent [Line Items]
Non-current inventories	67,307	0
Sancuso \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	574,502	0
Study Drug \| Raw Materials
Inventory, Noncurrent [Line Items]
Non-current inventories	203,383	256,474
Study Drug \| Finished Goods
Inventory, Noncurrent [Line Items]
Non-current inventories	$ 0	$ 131,757

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets and Goodwill consisted of the following at December 31, 2023 and 2022.


	2023		2022

Product and license rights	$	43,250,341	$	49,668,141
Less: accumulated amortization	(22,755,543)		(21,891,974)
Total product and license rights	20,494,798		27,776,167
Patents	10,712,405		10,610,228
Less: accumulated amortization	(8,819,287)		(8,051,018)
Total patents	1,893,118		2,559,210
Trademarks	413,775		397,974
Less: accumulated amortization	(193,773)		(142,673)
Total trademarks	220,002		255,301
Total intangible assets	$	22,607,918	$	30,590,678

Goodwill	$	914,000	$	914,000

Product and license rights include assets associated with the Company’s acquired products, including those discussed in Note 3, Vibativ and Sancuso.

During 2023 and 2022, the Company recorded an additional $0.1 million and $0.2 million, respectively, in intangible assets for patents, trademarks and capitalized patent costs, including amounts incurred in the protection of the Company's intellectual property.

Amortization expense related to product and license rights, trademarks and patents were as follows for the years ended December 31:


	2023		2022

Amortization and impairment expense	$	8,102,648	$	5,067,368

The expected amortization expense for the Company's current balance of intangible assets are as follows:


Year ending December 31:
2024	$	4,304,157
2025	4,245,825
2026	3,859,206
2027	3,452,780
2028 and thereafter	6,745,950
	$	22,607,918

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

The following table sets forth the unaudited operating results for each fiscal quarter of 2023 and 2022:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total

2023:
Net revenues	$	9,224,638	$	10,888,877	$	10,085,926	$	9,353,066	$	39,552,507
Operating income (loss)	(1,531,678)		22,859		(1,866,603)		(6,179,239)		(9,554,661)
Net income (loss)	172,286		862,154		(1,063,219)		(6,301,987)		(6,330,766)
Net income (loss) attributable to common shareholders	192,184		872,200		(1,049,298)		(6,294,406)		(6,279,320)
Earnings (loss) per share attributable to common shareholders (1)
Basic	$	0.01	$	0.06	$	(0.07)	$	(0.44)	$	(0.44)

Diluted	$	0.01	$	0.06	$	(0.07)	$	(0.44)	$	(0.44)

2022:
Net revenues	$	11,175,045	$	10,299,152	$	11,413,072	$	9,123,680	$	42,010,949
Operating loss	(1,291,999)		(1,846,538)		(288,588)		(2,277,804)		(5,704,929)
Net loss	(1,402,433)		(1,364,666)		(423,226)		(2,459,714)		(5,650,039)

Net loss attributable to common shareholders	(1,385,253)		(1,335,620)		(408,639)		(2,440,729)		(5,570,241)
Loss per share attributable to common shareholders (1)
Continuing operations - basic	$	(0.09)	$	(0.09)	$	(0.03)	$	(0.17)	$	(0.38)

Continuing operations - diluted	$	(0.09)	$	(0.09)	$	(0.03)	$	(0.17)	$	(0.38)

(1) Due to the nature of interim earnings per share calculations, the sum of the quarterly earnings (loss) per share amounts may not equal the reported earnings (loss) per share for the full year.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Postemployment Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors an employee benefit plan that was established on January 1, 2006, the Cumberland Pharmaceuticals 401(k) Plan (the "Plan"), under Section 401(k) of the Internal Revenue Code of 1986, as amended, for the benefit of all employees over the age of 21, having been employed by the Company for at least six months. The Plan provides that participants may contribute up to the maximum amount of their compensation as set forth by the Internal Revenue Service each year. Employee contributions are invested in various investment funds based upon elections made by the employees. During 2023 and 2022, the Company contributed approximately $0.08 million and $0.06 million, respectively, in each year to the Plan as an employer match of participant contributions. In 2012 and 2013, the Company established non-qualified unfunded deferred compensation plans that allow participants to defer receipt of a portion of their compensation. The liability under the plans, reflected in other long term liabilities in the consolidated balance sheets, was $2.9 million and $2.5 million as of December 31, 2023 and 2022, respectively. The Company had assets consisting of company-owned life insurance contracts generally designated to pay benefits of the deferred compensation plans reflected in other assets in the consolidated balance sheet of $2.4 million and $2.3 million as of December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Schedule II

CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years ended December 31, 2023 and 2022.


Description	Balance at beginning of period	Charged to costs and expenses	Charged to other accounts	Deductions		Balance at end of period

Allowance for uncollectible amounts, cash discounts, chargebacks, and credits issued for damaged products:
For the years ended December 31:

2022	340,964	6,673,104	—	(6,417,977)		596,091
2023	596,091	5,953,142	—	(5,969,671)	(1)	579,562

Valuation allowance for deferred tax assets:
For the years ended December 31:

2022	19,761,922	1,795,862	—	—		21,557,784
2023	21,557,784	311,544	—	—		21,869,328

(1) Composed of actual returns and credits for chargebacks and cash discounts.

Revenues (Narrative) (Details)	3 Months Ended								12 Months Ended
Revenues (Narrative) (Details)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) payment	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Proceeds from litigation settlement			$ 1,000,000
Revenues	$ 9,353,066	$ 10,085,926	$ 10,888,877	$ 9,224,638	$ 9,123,680	$ 11,413,072	$ 10,299,152	$ 11,175,045	$ 39,552,507	$ 42,010,949
Sublease Income									544,138	529,411
Vibativ
Disaggregation of Revenue [Line Items]
Milestone payments receivable, number of payments \| payment			2
Milestone payments receivable, payment one			$ 500,000
Milestone payments receivable, payment two			$ 500,000
Grant \| Federal Grant Programs
Disaggregation of Revenue [Line Items]
Revenues									$ 400,000	$ 200,000

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Schedule of net product revenues by product

The Company’s net product revenues consisted of the following for the years ended December 31:


	2023		2022
Products:
Kristalose	$	15,981,850	$	15,205,155
Vibativ	8,812,692		7,487,462
Sancuso	8,096,788		13,205,603
Caldolor	4,333,923		4,827,200
Acetadote	458,759		501,040
Omeclamox-Pak	20,030		29,145
Vaprisol	151,336		(447,697)
RediTrex	(341,886)		(126,726)
Total net product revenues	$	37,513,492	$	40,681,182

Stock-Based Compensation Plans - Narrative (Details)	12 Months Ended
Stock-Based Compensation Plans - Narrative (Details)	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity compensation plans available for future grants \| plan	2
Shareholder, percent	10.00%
Stock compensation expense \| $	$ 400,000
Unrecognized compensation cost related to share-based payments \| $			$ 500,000
Unrecognized compensation cost related to share-based payments, period for recognition			1 year 10 months 6 days
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.16	$ 1.29
Options vested (in shares)	0
Options exercisable (in shares)	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield \| $	$ 0	$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested awards \| $	300,000	$ 500,000
Unrecognized compensation costs \| $	$ 200,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, exercise price as percent of weighted-average grant date fair value	110.00%
NonPrincipal Owner
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, exercise price as percent of weighted-average grant date fair value	100.00%
NonPrincipal Owner \| Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period	10 years
Principal Owner \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period	5 years
Director \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Long-Term Incentive Compensation Plan 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under equity compensation plans	3,200,000
Shares available for future grants (in shares)	933,517
Directors’ Incentive Plan 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance under equity compensation plans	250,000
Shares available for future grants (in shares)	130,507

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Cumberland Pharmaceuticals Inc. (“Cumberland,” the “Company,” or as used in the context of “we,” “us,” or “our”) is a specialty pharmaceutical company focused on the acquisition, development and commercialization of branded prescription products. The Company’s primary target markets are hospital acute care, gastroenterology and oncology. These medical specialties are characterized by relatively concentrated prescriber bases that the Company believes can be penetrated effectively by small, targeted sales forces. Cumberland is dedicated to providing innovative products that improve quality of care for patients and address unmet or poorly met medical needs. The Company promotes its approved products through its hospital, field and oncology sales forces in the United States and is establishing a network of international partners to bring its medicines to patients in their countries. Cumberland focuses its resources on maximizing the commercial potential of its products, as well as developing new product candidates, and has both internal development and commercial capabilities. The Company’s products are manufactured by third parties, which are overseen by Cumberland’s quality and manufacturing professionals. The Company works closely with its third-party distribution partners to make its products available in the United States. In order to build a pipeline of early-stage product candidates, the Company formed a subsidiary, Cumberland Emerging Technologies, Inc. ("CET"), which teams with universities and other research organizations to help advance scientific discoveries from the laboratory to the marketplace. In April, 2019, CET entered into an agreement with HongKong WinHealth Pharma Group Co. Limited ("WinHealth") whereby WinHealth made a $1.0 million investment through the purchase of shares of CET stock. As part of the agreement, WinHealth obtained a board position at CET and the first opportunity to license CET products for the Chinese market. In connection with WinHealth's investment in CET, Cumberland also made an additional $1.0 million investment in CET. The Company’s ownership in CET is now 85% while the remaining interest is owned by WinHealth, Vanderbilt University and the Tennessee Technology Development Corporation. The operating results of CET allocated to noncontrolling interests in the consolidated statements of operations were $51,446 and $79,798 for the years ended December 31, 2023 and 2022, respectively. Effective January 1, 2007, the Company formed a wholly-owned subsidiary, Cumberland Pharma Sales Corp. ("CPSC"). CPSC is the subsidiary that employs the Company's hospital and field sales force personnel. In December 2017, the Company formed the Cumberland Pharma Foundation (the "Foundation") to serve as a vehicle to facilitate the ongoing philanthropic endeavors of Cumberland Pharmaceuticals Inc. The Foundation was formed as a nonprofit corporation designed to qualify as a tax-exempt organization pursuant to Section 501(a) of the Internal Revenue Code. The Foundation’s Board of Directors is comprised of Cumberland Pharmaceuticals executives who are responsible for overseeing the Foundation’s ongoing activities including charitable contributions. In 2018, Cumberland provided a grant of 50,000 shares of the Company’s common stock to the Foundation. The shares will address the ongoing financial needs of the Foundation. The organization also plans to hold a portion of the shares for long-term appreciation. The Foundation maintains separate financial statements and its ongoing operations do not impact the financial statements of Cumberland Pharmaceuticals. Initial annual grants by the Foundation have been and are expected to remain consistent with the historic level of contributions made by Cumberland Pharmaceuticals. Since 2019, Cumberland has made annual cash contributions to the Foundation. During the years 2023 and 2022, the Company made cash contributions of $40,000 and $25,000, respectively.

Vibativ®, Sancuso® and RediTrex® Products

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Vibativ®, Sancuso® and RediTrex® Products

Vibativ

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

Cumberland accounted for the transaction as a business combination in accordance with ASC 805 and the product sales are included in the results of operations subsequent to the acquisition date. The Company made an upfront payment of $20 million at the closing of the transaction and a $5 million milestone payment in early April 2019. In addition, Cumberland has agreed to pay royalties of up to 20% of on-going net sales of the product in the U.S. after a $2.5 million threshold is met. The future royalty payments were recognized at their acquisition-date fair value as a contingent consideration liability, as part of the contingent consideration transferred in the business combination. Cumberland prepared the valuations of the contingent consideration liability utilizing significant unobservable inputs. As a result, the valuation is classified as Level 3 fair value measurement.

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


	Contingent Consideration Liability












Balance at December 31, 2021	$	6,515,627
Cash payment of royalty during the period	(1,133,113)
Change in fair value	(2,104,690)
Contingent consideration earned and accrued	876,999
Balance at December 31, 2022	$	4,154,823
Cash payment of royalty during the period	(1,018,451)
Change in fair value	(270,485)
Contingent consideration earned and accrued	1,167,486
Balance at December 31, 2023	$	4,033,373

The current portion of the contingent consideration liability is $1.7 million and the non-current portion is $2.3 million, as of December 31, 2023.

Sancuso

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

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

Cumberland acquired U.S. rights to Sancuso and assumed full commercial responsibility for the product in the U.S. – including its marketing, promotion, distribution, manufacturing and medical support activities. The product’s FDA registration was subsequently transferred from Kyowa Kirin to Cumberland in August 2023.

Cumberland has accounted for the transaction as a business combination in accordance with ASC 805 and the product sales are included in the results of operations subsequent to the acquisition date. The Company made an upfront payment of $13.5 million at the closing of the transaction. The Agreement calls for milestone payments of up to $3.5 million based on the attainment of various approvals and sales performance. In January 2023, Cumberland made a $1.0 million milestone payment to Kwoya Kirin based on the FDA approval of a manufacturing site for the product. In October 2023, Cumberland made a $0.5 million milestone payment based on the successful transfer of the product’s FDA registration from Kyowa Kirin to Cumberland.

The remaining $2 million in milestone payments are tied to achievement of certain annual sales levels for the product.

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

The acquisition was funded by cash and the Company's revolving credit facility. The fair value for the assets and liabilities assumed using Level 3 fair value inputs were as follows: prepaid expenses of $1.8 million, inventory $2.6 million, goodwill $0.03 million, intangible assets $14.1 million, milestone payable $1.7 million and contingent liability $3.4 million.

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


	Contingent Consideration Liability		Contingent Consideration Liability Including Milestone
Balance at January 3, 2022	$	3,384,000	$	3,946,716
Cash payment of royalty during the period	(1,075,631)		(1,075,631)
Change in fair value	16,394		1,210,678
Contingent consideration earned and accrued	675,237		675,237
Balance at December 31, 2022	$	3,000,000	$	4,757,000
Cash payment of royalty during the period	(790,632)		(2,249,632)
Change in fair value	(685,355)		(983,355)
Contingent consideration earned and accrued	781,987		781,987
Balance at December 31, 2023	$	2,306,000	$	2,306,000

The current portion of the contingent consideration liability is $1.3 million and the non-current portion is $1.0 million, as of December 31, 2023.

RediTrex

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

As consideration for the license Cumberland paid a deposit of $0.1 million at closing. The Company provided $0.9 million in consideration through a grant of 180,000 restricted shares of Cumberland common stock to be vested upon the FDA approval of the first Nordic product. Cumberland also agreed to provide Nordic a series of payments tied to the products’ FDA approval, launch and achievement of certain sales milestones. Under the terms of the agreement, Cumberland is responsible for the product registration and commercialization in the U.S. Nordic is responsible for product manufacturing and supply.

On November 27, 2019, Cumberland received FDA approval for the first Nordic injectable product and authorization to market them under the RediTrex brand name. The 180,000 shares of restricted Cumberland common stock previously provided to Nordic vested upon approval and were valued at $0.9 million on the vesting date. The FDA approval also resulted in a $1.0 million milestone payment due to Nordic. This milestone payment was paid in July 2020. During December 2020, Cumberland began distributing RediTrex which also resulted in a $1.0 million milestone payment due to Nordic. The full launch of RediTrex occurred in October 2021.

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

Employment Agreements	12 Months Ended
Employment Agreements	Dec. 31, 2023
Employment Agreements [Abstract]
Employment Agreements	Employment Agreements The Company has entered into employment agreements with all its full-time employees. Each employment agreement provides for a salary for services performed, a potential annual bonus and, if applicable, a grant of restricted common shares pursuant to a restricted stock and incentive stock option agreement.

Vibativ®, Sancuso® and RediTrex® Products (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration


	Contingent Consideration Liability












Balance at December 31, 2021	$	6,515,627
Cash payment of royalty during the period	(1,133,113)
Change in fair value	(2,104,690)
Contingent consideration earned and accrued	876,999
Balance at December 31, 2022	$	4,154,823
Cash payment of royalty during the period	(1,018,451)
Change in fair value	(270,485)
Contingent consideration earned and accrued	1,167,486
Balance at December 31, 2023	$	4,033,373

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


	Contingent Consideration Liability		Contingent Consideration Liability Including Milestone
Balance at January 3, 2022	$	3,384,000	$	3,946,716
Cash payment of royalty during the period	(1,075,631)		(1,075,631)
Change in fair value	16,394		1,210,678
Contingent consideration earned and accrued	675,237		675,237
Balance at December 31, 2022	$	3,000,000	$	4,757,000
Cash payment of royalty during the period	(790,632)		(2,249,632)
Change in fair value	(685,355)		(983,355)
Contingent consideration earned and accrued	781,987		781,987
Balance at December 31, 2023	$	2,306,000	$	2,306,000

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Postemployment Benefits [Abstract]
Defined contribution plan, eligibiilty, minimum employee age	21 years
Defined contribution plan, eligibility, minimum employee service time for participation eligibility	6 months
Defined contribution plan, employer discretionary contribution amount	$ 80	$ 60
Deferred compensation liability	2,900	2,500
Deferred compensation assets	$ 2,400	$ 2,300

Market Concentrations (Tables)

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Schedule of revenues concentration from major customers

Total revenues by customer for each customer representing 10% or more of consolidated revenues are summarized below for the years ended December 31:


	2023	2022

Customer 1	29%	22%
Customer 2	26%	29%
Customer 3	24%	24%

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt On September 5, 2023, the Company entered into a new Revolving Credit Loan Agreement with Pinnacle Bank. This facility provides for an aggregate principal funding amount of up to $25 million. The initial revolving line of credit is up to $20 million, with the ability for Cumberland to increase the amount to $25 million, under certain conditions. It has a three year term expiring on October 1, 2026. The interest rate is based on a benchmark (Term SOFR) plus a spread of 2.75%. Cumberland is subject to one financial covenant, the maintenance of a Funded Debt Ratio, determined on a quarterly basis. Borrowings under the line of credit are collateralized by substantially all of our assets. As of December 31, 2023 and December 31, 2022, the Company had $12.8 million and $16.2 million, respectively, in borrowings outstanding under its revolving credit facility. The applicable interest rate under the Pinnacle Agreement was 8.125% at December 31, 2023. In 2022, under a previous agreement with Pinnacle Bank, the applicable interest rate was based on LIBOR plus an interest rate spread and was 6.75% at December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Valuation and Qualifying Accounts (Details) - USD ($)	12 Months Ended
Valuation and Qualifying Accounts (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Allowance for uncollectible amounts, cash discounts, chargebacks, and credits issued for damaged products:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 596,091	$ 340,964
Charged to costs and expenses	5,953,142	6,673,104
Charged to other accounts	0	0
Deductions	(5,969,671)	(6,417,977)
Balance at end of period	579,562	596,091
Valuation allowance for deferred tax assets:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	21,557,784	19,761,922
Charged to costs and expenses	311,544	1,795,862
Charged to other accounts	0	0
Deductions	0	0
Balance at end of period	$ 21,869,328	$ 21,557,784

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of rent expense and sublease income

Rent expense is recognized over the expected term of the lease on a straight-line basis as a component of general and administrative expense. Rent expense and sublease income as follows for the years ended December 31:


	2023		2022

Rent expense	$	1,304,865	$	1,159,695

Sublease income	$	544,138	$	529,411

Schedule of balance sheet classification

At December 31, 2023 and 2022, the Company recorded the following on the Consolidated Balance Sheet:


Right-of-Use Assets	December 31, 2023		December 31, 2022
Operating lease right-of-use assets	$	6,674,394	$	5,218,403


Lease Liabilities	December 31, 2023		December 31, 2022
Operating lease current liabilities	$	348,092	$	172,910
Operating lease non-current liabilities	5,296,247		4,586,301
Total	$	5,644,339	$	4,759,211

Schedule of operating lease liability maturities


Maturity of Leases Liabilities at December 31, 2023	Operating Leases
2024	$	863,320
2025	836,100
2026	909,911
2027	934,180
2028	740,791
After 2028	4,847,400
Total minimum lease payments	9,131,702
Less: Interest	(3,487,363)
Present value of lease liabilities	$	5,644,339

Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization and impairment expense	$ 8,102,648	$ 5,067,368

Stock-Based Compensation Plans - Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of option shares
Outstanding, beginning of period (in shares)	319,650	170,600
Granted (in shares)	192,750	178,950
Exercised (in shares)	0	0
Forfeited/cancelled (in shares)	(25,150)	(29,900)
Outstanding, end of period (in shares)	487,250	319,650
Weighted- average exercise price
Outstanding, beginning of period (in USD per share)	$ 3.00	$ 3.33
Granted (in USD per share)	2.06	2.68
Exercised (in USD per share)	0	0
Forfeited/cancelled (in USD per share)	2.55	2.98
Outstanding, end of period (in USD per share)	$ 2.65	$ 3.00
Weighted-average remaining contractual term	5 years 7 months 2 days	6 years 1 month 24 days

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Name	Carr, Riggs & Ingram, LLC	FORVIS, LLP
Auditor Location	Nashville, Tennessee	Nashville, Tennessee
Auditor Firm ID	213	686

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity (a) Initial Public Offering On August 10, 2009, the Company completed its initial public offering of 5,000,000 shares of common stock at a price of $17.00 per share, raising gross proceeds of $85.0 million. After deducting underwriting discounts of approximately $6.0 million and offering costs incurred of approximately $4.2 million, the net proceeds to the Company were approximately $74.8 million. (b) Preferred Stock The Company is authorized to issue 20,000,000 shares of preferred stock. The Board of Directors is authorized to divide these shares into classes or series, and to fix and determine the relative rights, preferences, qualifications and limitations of the shares of any class or series so established. At December 31, 2023 and 2022, there was no preferred stock outstanding. (c) Common Stock During 2023 and 2022, the Company issued 157,360 shares and 171,655 shares of common stock, respectively, as a result of restricted shares vesting as well as other common share issuances. There were no option exercise transactions during 2023 and 2022. (d) Share Repurchases The Company currently has a share repurchase program available to repurchase up to $10 million of its common stock pursuant to Rule 10b-18 of the Securities Exchange Act of 1934. The Company repurchased 402,143 shares and 367,793 shares of common stock for approximately $0.7 million and $1.0 million during the years ended December 31, 2023 and 2022, respectively. There remains approximately $3 million available under the current repurchase program available for share repurchases at December 31, 2023.

- Definition

The entire disclosure for equity.

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+ Details

Leases - Schedule of Rent Expense and Sublease Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Rent expense	$ 1,304,865	$ 1,159,695
Sublease Income	$ 544,138	$ 529,411

Loss Per Share - Schedule of Computation of Numerator and Denominator in Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (6,301,987)	$ (1,063,219)	$ 862,154	$ 172,286	$ (2,459,714)	$ (423,226)	$ (1,364,666)	$ (1,402,433)	$ (6,330,766)	$ (5,650,039)
Net loss at subsidiary attributable to noncontrolling interests									51,446	79,798
Net loss attributable to common shareholders	$ (6,294,406)	$ (1,049,298)	$ 872,200	$ 192,184	$ (2,440,729)	$ (408,639)	$ (1,335,620)	$ (1,385,253)	$ (6,279,320)	$ (5,570,241)
Denominator:
Weighted-average shares outstanding – basic (in shares)									14,298,774	14,563,592
Weighted-average shares outstanding – diluted (in shares)									14,298,774	14,563,592

- Definition

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

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+ Details

Manufacturing and Supply Agreements	12 Months Ended
Manufacturing and Supply Agreements	Dec. 31, 2023
Manufacturing and Supply Agreements [Abstract]
Manufacturing and Supply Agreements	Manufacturing and Supply Agreements The Company utilizes one or two primary suppliers to manufacture each of its products and product candidates. Although there are a limited number of manufacturers of pharmaceutical products, the Company believes it could utilize other suppliers to manufacture its prescription products on comparable terms. A change in suppliers, problems with its third-party manufacturing operations or related production capacity, or contract disputes with suppliers could cause a delay in manufacturing or shipment of finished goods and possible loss of sales, which could adversely affect operating results.

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (6,330,766)	$ (5,650,039)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization expense	4,935,954	5,328,113
Impairment loss on intangible assets	3,343,842	0
Amortization of operating lease right-of-use asset	834,500	0
Disposal of assets	20,256	0
Stock-based compensation	365,040	447,503
Decrease in non-cash contingent consideration	(1,253,840)	(2,088,296)
Decrease (increase) in cash surrender value of life insurance policies over premiums paid	(124,736)	613,657
Noncash interest expense	15,523	11,237
Noncash gain on RediTrex transaction	0	(37,882)
Gain on receipt of life insurance policies	(346,800)	(611,330)
Net changes in assets and liabilities affecting operating activities:
Accounts receivable	3,404,949	(6,115,640)
Inventories, net	(23,143)	911,078
Other current assets and other assets	65,684	689,260
Operating lease liabilities	(1,405,363)	0
Accounts payable and other current liabilities	3,724,174	14,536,076
Other long-term liabilities	(1,131,453)	419,659
Net cash provided by operating activities	6,093,821	8,453,396
Cash flows from investing activities:
Additions to property and equipment	(281,268)	(102,148)
Additions to intangible assets	(171,783)	(1,971,662)
Return of RediTrex	0	1,000,000
Life insurance policy proceeds received	347,356	877,597
Settlement of patent litigation	0	21,757
Cash paid for acquisition	0	(13,500,000)
Net cash used in investing activities	(105,695)	(13,674,456)
Cash flows from financing activities:
Borrowings on line of credit	31,475,000	52,900,000
Payments on line of credit	(34,890,856)	(51,700,000)
Payments made in connection with repurchase of common shares	(740,533)	(1,053,042)
Cash settlement of contingent consideration	(3,268,083)	(2,208,744)
Net cash used in financing activities	(7,424,472)	(2,061,786)
Net decrease in cash and cash equivalents	(1,436,346)	(7,282,846)
Cash and cash equivalents, beginning of year	19,757,970	27,040,816
Cash and cash equivalents, end of year	18,321,624	19,757,970
Net cash paid during the year for:
Interest	647,137	523,161
Income taxes	108,823	3,300
Total cash paid included in measurement of lease liability	804,818	1,011,313
Noncash investing and financing activities:
Change in unpaid invoices for intangible asset additions	(51,895)	(1,803,403)
Change in unpaid invoices for offering costs	69,001	(94,689)
Lease liability obtained from right-of-use assets	1,158,367	4,590,978
RediTrex forgiveness of milestone payable	0	(1,000,000)
Return of shares related to RediTrex	$ 0	$ 399,600

Loss Per Share - Schedule of Anti-dilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares and options (in shares)	452,224	227,050

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	14,121,833	14,366,316
Common stock, shares outstanding (in shares)	14,121,833	14,366,316

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The Company's net inventories consisted of the following as of December 31:


	2023		2022
Raw materials	$	12,619,092	$	12,899,659
Consigned inventory	149,701		168,923
Finished goods, net of reserve	4,645,098		4,322,167
Total inventories	17,413,891		17,390,748
less non-current inventories	(12,804,529)		(7,527,167)
Total inventories classified as current	$	4,609,362	$	9,863,581

Schedule of Inventory, Noncurrent

The Company's non-current inventories consisted of the following as of December 31:


	2023		2022
Vibativ - raw materials	$	6,611,426	$	7,138,936
Vibativ - finished goods	810,454		—
Kristalose - raw materials	3,263,515		—
Vaprisol - raw materials	1,170,641		—
Caldolor - finished goods	67,307		—
Sancuso - raw materials	574,502		—
Study drug - raw materials	203,383		256,474
Study drug - finished goods	—		131,757
Other products	103,300		—
Total non-current inventory	$	12,804,529	$	7,527,167

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

The Company has grants outstanding under two equity compensation plans. The 2007 Long-Term Incentive Compensation Plan (the "2007 Plan") and the 2007 Directors’ Incentive Plan (the "Directors’ Plan"), which were approved by shareholders, superseded the 1999 Stock Option Plan. Both plans are available for future grants of equity compensation awards to employees, consultants and directors. The 2007 Plan and the Directors’ Plan provide for the issuance of stock options, stock appreciation rights and restricted stock. Vesting is determined on a grant-by-grant basis in accordance with the terms of the plans and the related grant agreements. The Company has reserved 3.2 million shares of common stock for issuance under the 2007 Plan and 250,000 shares for issuance under the Directors’ Plan. As of December 31, 2023, the Company had 933,517 shares available for future grants under the 2007 Plan and 130,507 shares available under the Directors’ Plan.

The exercise price of stock options is generally 100% of the fair market value of the underlying common stock on the grant date, except for incentive stock options granted to 10% shareholders, which the exercise price is no less than 110% of the fair market value. The maximum contractual term of stock options is ten years from the grant date, except for incentive stock options granted to 10% shareholders, which is no more than five years.

During 2011, the Company began issuing shares of restricted stock with no exercise price to employees and directors. Restricted stock issued to employees generally cliff-vests on the fourth anniversary of the grant date. Restricted stock issued to directors vests on the one year anniversary of the grant date.

Stock compensation expense is presented as a component of general and administrative expense in the consolidated statements of operations. Stock compensation expense was $0.4 million for the years ended December 31, 2023 and 2022.

At December 31, 2023, there was approximately $0.5 million of unrecognized compensation cost related to share-based payments, which is expected to be recognized over a weighted-average period of 1.85 years.

Stock Options

Stock options activity was as follows:


	Number of option shares	Weighted- average exercise price		Weighted-average remaining contractual term





Outstanding, December 31, 2021	170,600	3.33
Granted	178,950	2.68
Exercised	—	—
Forfeited/canceled	(29,900)	2.98
Outstanding, December 31, 2022	319,650	$	3.00	6.15
Granted	192,750	2.06
Exercised	—	$	—
Forfeited/canceled	(25,150)	$	2.55
Outstanding, December 31, 2023	487,250	$	2.65	5.59

The weighted-average grant-date fair value of options granted during the years 2023 and 2022 was 1.16 and 1.29, respectively. No options were vested and exercisable at December 31, 2023. The aggregate intrinsic value of options outstanding was minimal.

The fair value of stock options is calculated using the Black-Scholes (“Black-Scholes-Merton”, or “BSM”) option-pricing model on the grant date. Since 2012, the Company had been issuing Restricted Share Awards where the grant date Fair Value (“FV”) equaled the closing share price. The assumptions used in the Black-Scholes valuation to determine the FV of stock options were as follows at December 31:


	2023		2022

Expected term (in years)	5.71		5.88
Expected volatility	65.87	%	54.38	%
Risk free interest rate	3.45	%	2.29	%
Expected dividend yield	—		—

•Expected Term - The Company has estimated the expected life of its stock options using the simplified method, whereby the expected life equals the average of the vesting term and the original contractual term of the option.

•Expected volatility - Based on the Company’s historical stock price volatility.

•Risk Free rate - The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued.

•Expected dividend yield - The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future.

Restricted Stock Awards

Restricted stock activity was as follows:


	Number of shares	Weighted-average grant-date fair value





Nonvested, December 31, 2021	568,181	5.17
Granted	65,225	2.59
Vested/released	(171,655)	6.42
Forfeited/canceled	(66,000)	4.67
Nonvested, December 31, 2022	395,751	$	4.29
Granted	34,250	1.93
Vested/released	(157,360)	5.73
Forfeited/canceled	(12,075)	3.63
Nonvested, December 31, 2023	260,566	$	3.14

The fair value of restricted stock granted was based on the closing market price of the Company’s common stock on the grant date. The fair value of restricted stock awards that vested during the years 2023 and 2022 was $0.3 million and $0.5 million, respectively. At December 31, 2023, there was approximately $0.2 million of unrecognized compensation costs related to restricted stock awards, which is expected to be recognized over a weighted-average period of less than a year. The restricted stock grants are included in the diluted weighted shares outstanding computation until they cliff-vest. Once vested they are included in the basic weighted shares outstanding computation.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities, Net (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets
Net operating loss and tax credits	$ 15,427,801	$ 16,164,754
Property and equipment and intangibles	71,990	264,653
Operating lease liabilities	1,307,178	1,121,800
Intangible assets	2,337,091	866,942
Capitalized research cost	2,208,093	1,481,455
Allowance for accounts receivable	147,919	145,803
Reserve for expired product	616,979	654,148
Inventory	185,189	217,025
Deferred charges	937,935	1,156,150
Cumulative compensation costs incurred on deductible equity awards	176,926	635,989
Total deferred tax assets	23,417,101	22,708,719
Deferred Tax Liabilities
Operating lease right-of-use assets	(1,547,773)	(1,150,935)
Intangible assets	0	0
Net deferred tax assets, before valuation allowance	21,869,328	21,557,784
Less: deferred tax asset valuation allowance	(21,869,328)	(21,557,784)
Net deferred tax assets	$ 0	$ 0

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements of the Company are stated in U.S. dollars and are prepared using U.S. generally accepted accounting principles. These financial statements include the accounts of the Company and its wholly and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company’s most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns, (2) the allowances for obsolescent or unmarketable inventory, (3) valuation of contingent consideration liability associated with business combinations and (4) evaluation of continuing utility of intangible assets.

Segment Reporting

The Company has one operating segment which is specialty pharmaceutical products. Management has chosen to organize the Company based on the type of products sold. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company, which uses consolidated financial information in determining how to allocate resources and assess performance, evaluated that our specialty pharmaceutical products compete in similar economic markets and similar circumstances. Substantially all of the Company’s assets are located in the United States. Total revenues are primarily attributable to U.S. customers. Net revenues from customers outside the United States were approximately $1.1 million and $1.5 million for the years ended December 31, 2023 and 2022, respectively.

Fair Value of Financial Instruments

Fair value of financial assets and liabilities is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company’s fair value measurements follow the appropriate rules as well as the fair value hierarchy that prioritizes the information used to develop the measurements. It applies whenever other guidance requires (or permits) assets or liabilities to be measured at fair value and gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

A summary of the fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described below:

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 - Significant inputs to the valuation model are unobservable.

We maintain policies and procedures to value instruments using the best and most relevant data available. The following section describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis.

The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, contingent consideration liability and a revolving line of credit. The carrying values for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The revolving line of credit has a variable interest rate, which approximates the current market rate.

The Company’s contingent consideration liability is a Level 3 fair value measurement that is updated on a recurring basis at each reporting period using a valuation model. Consistent with Level 3 fair value measurements, there are significant inputs to the valuation model that are unobservable.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with original maturities of three months or less. As of December 31, 2023 and 2022, cash equivalents consist primarily of money market funds. The Company monitors concentration of credit risk with the financial institutions in which it conducts business. The Company has cash deposits which fluctuate in excess of federally insured limits throughout the year.

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount. The Company records allowances for amounts that could become uncollectible in the future based on historical experience, as well as amounts related to chargebacks and cash discounts. The Company reviews each customer balance to assess collection status.

The majority of the Company’s products are distributed through independent pharmaceutical wholesalers. The allowances against accounts receivable for chargebacks and discounts are determined on a product-by-product basis, and established by management as the Company’s best estimate at the time of sale based on each product’s historical experience adjusted to reflect known changes in the factors that impact such allowances. These allowances are established based on the contractual terms with direct and indirect customers and analyses of historical levels of chargebacks and discounts. The allowances in accounts receivable for chargebacks and cash discounts were $0.6 million at December 31, 2023 and 2022.

Other organizations, such as managed care providers, pharmacy benefit management companies and government agencies, may receive rebates from the Company based on either negotiated contracts to carry the Company’s products or reimbursements for filled prescriptions. These entities are considered indirect customers of the Company. In conjunction with recognizing a sale to a wholesaler, revenues are reduced and accrued liabilities are increased by the Company’s estimate of the rebate that may be claimed. Cash discounts are reductions to invoiced amounts offered to customers for payment within a specified period of time from the date of the invoice.

Inventories

The Company works closely with third parties to manufacture and package finished goods for sale. Based on the customer relationship with the manufacturer or packager, the Company will either take title to finished goods at the time of shipment or at the time of arrival from the manufacturer. The Company then warehouses such goods until distribution and sale at third party facilities located in the U.S. and international locations. Periodic inventory counts are made by the warehouse teams and by the Company on a regular basis. In addition, the Company re-tests API inventory prior to use to confirm product expiration. Inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method.

The Company continually evaluates inventories for potential losses due to expired, short-dated or slow-moving inventory by comparing sales history and sales projections to the inventory on hand. When evidence indicates the carrying value of a product may not be recoverable, a charge is recorded to reduce the inventory to its current net realizable value.

Non-current inventories consist of active pharmaceutical ingredients which typically has an extended life and selected finished good products with extended life longer than one year.

Prepaid and Other Current Assets

Prepaid and other current assets consist of deferred offering costs, prepaid insurance premiums, prepaid consulting services, deposits and annual fees paid to the U.S. Food and Drug Administration ("FDA"). The Company expenses all prepaid and other current asset amounts as used or over the period of benefit primarily on a straight-line basis, as applicable.

In November 2017, the Company filed its Shelf Registration on Form S-3 with the SEC associated with the sale of up to $100 million in corporate securities. The Shelf Registration was declared effective in January 2018. It also included an At the Market ("ATM") feature that allows the Company to sell common shares at market prices. The Company filed an updated Form S-3 with the SEC in December 2020 (the “Prior Registration Statement”), which was declared effective in January 2021.

On December 27, 2021, the Company filed a related prospectus supplement in connection with the sale and issuance of shares having an aggregate gross sales price of up to $19 million. The Company amended the ATM Sales Agreement on December 27, 2021, in order to allow the Company to continue using its ATM feature to sell shares at market prices. This ATM program was under the Prior Registration Statement and is no longer active.

The Company filed an updated Form S-3 with the SEC on December 14, 2023, which was declared effective on December 26, 2023 (the “Current Registration Statement”). The Company intends to enter into an agreement with H.C. Wainwright & Co., LLC to establish a new ATM program under the Current Registration Statement.

The Company has recorded deferred offering costs for payments directly related to the current Shelf Registration on Form S-3 that was completed during December 2021 and December 2023. These costs consist of legal and accounting fees that the Company has capitalized. Deferred costs associated with the Shelf Registration will be reclassified to additional paid in capital on a pro-rata basis as the Company completes sales of shares under the Shelf Registration. The Company did not issue any shares under this ATM during the year ended December 31, 2023.

Property and Equipment

Property and equipment, including leasehold improvements, are stated at cost. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the initial lease term plus renewal options, if reasonably assured, or the remaining useful life of the asset. Upon retirement or disposal of assets, any gain or loss is reflected as a component of operating loss in the consolidated statement of operations. Improvements that extend an asset’s useful life are capitalized. Repairs and maintenance costs are expensed as incurred.

Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consist of capitalized costs related to product and license rights, patents, trademarks and goodwill obtained in the Vibativ and Sancuso acquisitions. Goodwill is not amortized for financial reporting purposes, but is subject to impairment analysis at least annually.

The cost of acquiring product and license rights are capitalized at fair value at the date of acquisition for products that are approved by the FDA for commercial use. These costs are amortized ratably over the estimated economic life of the product. The economic life is estimated based upon several factors. This includes the term of the license agreement, the patent life or market exclusivity of the product and as well as management’s expectations of continued involvement with the product and the assessment of future sales, the future periods under which the product will be sold and the profitability of the product. This estimate is evaluated on a regular basis during the amortization period and adjusted if appropriate. If there are any changes made to the useful life of the product and license rights, the costs associated with such a change, if any, will be capitalized and amortized over the revised useful life.

Given the delay in identifying a packager for Omeclamox-Pak, the Company has taken a non-cash write down of the related intangible asset of $3.3 million. The financial statements reflect this adjustment as efforts to identify a packager continue.

Capitalized patent costs consist of outside legal costs associated with obtaining and protecting patents on products that have been approved for marketing by the FDA. If it becomes probable that a patent will not be issued or a patent has been declared invalid, related costs associated with the patent application are expensed at the time such determination is made. All costs associated with obtaining patents for products that have not been approved for marketing by the FDA are expensed as incurred.

Amortization expense is recognized ratably over the following periods:


Product rights						Estimated economic life
License rights						Term of license agreement
Patents						Life of patent

Trade and Note Receivables

Current Expected Credit Losses (“CECL”) is applicable to all financial assets measured at amortized cost. All financial instruments are evaluated, which principally relates to trade receivables and two notes receivable. CECL 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:

•Internal or external credit score/rating

•Risk ratings or classification

•Financial asset type

•Size

•Effective interest rate

•Term

•Geographical location

•Historical or expected credit loss patterns

•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 continue to display similar risk characteristics.

With twenty years of experience, Cumberland has experienced virtually no write downs of receivables as most of our receivables are due from large successful pharmaceutical, healthcare or government customers, consistently making payments on account. Although the payment behaviors of all of our customers are consistently reliable, for the sake of transparency, we have separated our customer base into seven separate pools. The Company performs a monthly analysis of aged accounts receivable to determine how much, if any, of the accounts receivable balance should be reserved as potential bad debt. The Company reviews all balances over 90 days past due for a possible reserve and considers any specific factors or information for balances aged under 90 days if there are indicators that the balance should be reserved, such as other aged balances with the customer or bankruptcy as well as any economic issues with a customer, industry or region. The adoption of ASC 326 did not result in a material impact to the Company.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment, operating lease right-of-use assets and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying value exceeds the fair value. Fair value is determined through various valuation techniques including quoted market prices, third-party independent appraisals and discounted cash flow models.

Goodwill and other indefinite lived intangible assets that are not subject to amortization are tested at least annually for impairment. The impairment analysis for goodwill requires a comparison of fair value to the carrying value of the reporting unit. The Company’s goodwill was acquired in November 2018 with the Vibativ acquisition and in January 2022 with the Sancuso acquisition. As a result, the Vibativ and Sancuso components of the Company are the reporting units evaluated for goodwill impairment. Cumberland determined the fair value of the reporting units through current and future estimated revenue and profitability of the product. The Company recorded no impairment charges during 2022. In 2023, given the delay in identifying a packager for Omeclamox-Pak the Company has taken a non-cash write down of the related intangible assets of $3.3 million, which is included in amortization expense in the statement operations. These intangible assets consisted of product and license rights and trademarks.

Joint Venture Agreement

In August 2020, Cumberland entered into an agreement with WinHealth Investment (Singapore) Ltd creating WHC Biopharmaceuticals, Pte. Ltd. The joint venture, as a limited liability company, focuses on acquiring, developing, registering, and commercializing development stage and commercial stage biopharmaceuticals for China, Hong Kong and other Asian markets. The agreement provided for initial investment from WinHealth in the form of a $0.2 million equity contribution and an initial investment from Cumberland in the form of $0.2 million convertible note. The joint venture will seek additional future capital from additional investors and has entered into exclusive option agreements to license intellectual property from both Cumberland Pharmaceuticals Inc. and Cumberland Emerging Technologies.

Net Product Revenue

Revenues from product sales are recognized in the amount that reflects the consideration that we expect to receive for these goods. Depending upon the shipping terms of the transaction, the revenue is recognized at the point where the customer obtains control of the goods and we satisfy our performance obligation. This occurs upon either shipment of the product or arrival at its ship to destination. Payment terms typically range from 30 to 60 days from date of shipment. The Company’s net product revenue reflects the reduction from gross product revenue for estimated allowances for chargebacks, discounts and damaged goods, and reflects sales related accruals for rebates, coupons, product returns, and certain administrative and service fees. Significant judgments must be made in determining the transaction price for our sales of products related to these adjustments.

During the year ended December 31, 2023, the Company revised its estimate for rebates related to Sancuso revenues based on additional information related to actual product activities. As a result, the Company recognized additional revenue allowances of $0.6 million for rebates as a change of estimate.

Sales Rebates and Discounts

The allowances against accounts receivable and accrued liabilities for chargebacks, discounts, service fees and expired product returns are determined on a product-by-product basis, and established by management as the Company’s best estimate at the time of sale based on each product’s historical experience adjusted to reflect known changes in the factors that impact such allowances. These allowances are established based on the contractual terms with direct and indirect customers and analyses of historical levels of chargebacks, discounts and returns of expired product.

Other organizations, such as managed care providers, pharmacy benefit management companies and government agencies, may receive rebates from the Company based on either negotiated contracts to carry the Company’s products or reimbursements for filled prescriptions. These entities are considered indirect customers of the Company. In conjunction with recognizing a sale to a wholesaler, sales revenues are reduced and accrued liabilities are increased by the Company’s estimate of the rebate that may be claimed.

Sales Returns

Consistent with industry practice, the Company maintains a return policy that allows customers to return product within a specified period prior to and subsequent to the expiration date. The Company’s estimate of the provision for returns is based upon historical experience, expiration date by product as well as any other factor

expected to impact future returns. Any changes in the assumptions used to estimate the provision for returns are recognized in the period those assumptions are changed.

Other Revenues

Other revenues primarily consist of income from grant funding programs, licensing agreements, leases and contract services. Revenue related to grants is recognized when all conditions related to such grants have been met. All other revenue is recognized when earned.

Cost of Products Sold

Cost of products sold consists principally of the cost to acquire each unit of product sold, including in-bound freight expense as well as any adjustment in the net realizable value of inventory acquired in acquisitions. Cost of products sold also includes expenses associated with the reduction in the net realizable value of slow-moving or expired product.

Selling and Marketing Expense

Selling and marketing expense consists primarily of expenses relating to the advertising, promotion, distribution and sale of products, including royalty expense, salaries and related costs.

Distribution Costs

Distribution costs are expensed as incurred and are included as a component of selling and marketing expenses in the consolidated statements of operations. Distribution costs were as follows for the years ended December 31:


	2023		2022

Distribution costs	$	881,829	$	857,842

Advertising Costs

Advertising costs are expensed as incurred and are included as a component of selling and marketing expenses in the consolidated statements of operations. Advertising costs were as follows for the years ended December 31:


	2023		2022

Advertising costs	$	2,903,741	$	2,927,041

Research and Development

Research and development costs are expensed in the period incurred. Research and development costs are comprised mainly of clinical trial expenses, salaries, wages and other related costs such as materials and supplies. Research and development expense includes activities performed by third-party providers participating in the Company’s clinical studies. The Company accounts for these costs based on estimates of work performed, patients enrolled or fixed fees for services over the period of time the clinical trials are performed.

Income Taxes

The Company provides for deferred taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to operating loss and tax credit carryforwards, as well as differences between the carrying amounts of existing assets and liabilities and their respective tax bases. The Company’s principal differences are related to the timing of deductibility of certain items, such as inventory, depreciation, amortization and share-based compensation. Deferred tax assets and liabilities are measured using enacted statutory tax rates that are expected to apply to taxable income in the years such temporary differences are anticipated to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. The Company only recognizes income tax benefits

associated with an income tax position in which it is “more likely than not” that the position would be sustained upon examination by the taxing authorities.

In assessing the realizability of deferred tax assets, management considers whether some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of existing temporary differences, projected future taxable income and tax planning strategies in making this assessment.

The Company’s accounting policy with respect to interest and penalties arising from income tax settlements is to recognize them as part of the provision for income taxes.

Loss per Share

Basic loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of shares outstanding. Except where the result would be antidilutive, diluted loss per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options and warrants and unrecognized compensation costs.

Share-Based Payments

The Company recognizes compensation cost for all share-based payments issued, modified, repurchased or canceled. Depending on the nature of the vesting provisions, restricted stock awards are measured using either the fair value on the grant date or the fair value of common stock on the date the vesting provisions lapse. Prior to the lapse for those equity grants not valued on the grant date, the fair value is measured on the last day of the reporting period.

Collaborative Agreements

The Company is a party to several collaborative arrangements with research institutions to identify and pursue promising pharmaceutical product candidates. The funding for these programs is primarily provided through Federal Small Business Administration (SBIR/STTR) and other grant awards. The Company has determined that these collaborative agreements, with the exception of the collaborative payment discussed in Note 3, related to the Vibativ and Sancuso contingent consideration payments, do not meet the criteria for accounting under ASC Topic 808, Collaborative Agreements. The agreements do not specifically designate each party’s rights and obligations to each other under the collaborative arrangements. Except for patent defense costs, expenses incurred by one party are not required to be reimbursed by the other party. Expenses incurred under these collaborative agreements are included in research and development expenses and funding received from grants are recorded as net revenues in the consolidated statements of operations.

Related Party Transactions

In July 2023, Cumberland named Martin S. Brown Jr. to our Board of Directors. Mr. Brown is an attorney with over 30 years of corporate law experience who brings significant legal, public company, health care and civic experience to our board. The Company relies on several law firms for legal advice, including the firm with which Mr. Brown is affiliated. In 2023 and 2022, the Company paid Mr. Brown’s law firm $0.05 million and $0.04 million, respectively.

Recent Accounting Guidance

Recent Accounting Pronouncements Adopted

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies are required to use a new forward-looking “expected loss” model that generally results in an earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies measure credit losses in a manner similar with previous guidance, except that the losses are recognized as

allowances rather than as reductions in the amortized cost of the securities. Companies have to disclose additional information, including information they use to track credit quality by year of origination for most financing receivables. Companies apply the ASU’s provisions as a cumulative-effect adjustment, if any, to the accumulated deficit as of the beginning of the first reporting period in which the guidance is adopted.

Related to ASU No. 2016-13 discussed above, in May 2019, the FASB issued ASU 2019-05, "Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief" which provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. Certain eligibility requirements must be met and the election must be applied on an instrument-by-instrument basis. The election is not available for either available-for-sale or held-to-maturity debt securities. The Company adopted both ASU 2016-13 and ASU 2019-05 on January 1, 2023

Leases - Lease Position (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Text Block [Abstract]
Operating lease right-of-use assets	$ 6,674,394	$ 5,218,403
Operating lease current liabilities	348,092	172,910
Operating lease non-current liabilities	5,296,247	4,586,301
Total	$ 5,644,339	$ 4,759,211

Debt (Details) - USD ($)	Sep. 05, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Borrowings outstanding under revolving credit facility		$ 12,784,144	$ 16,200,000
Revolving Credit Facility \| Line of Credit \| Pinnacle Bank
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 25,000,000			$ 20,000,000
Maximum increase to line of credit				$ 25,000,000
Expiration period (in years)	3 years
Borrowings outstanding under revolving credit facility		$ 12,800,000	$ 16,200,000
Interest rate		8.125%	675.00%
Revolving Credit Facility \| Line of Credit \| Pinnacle Bank \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (in percent)	2.75%

Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Loss Per Share

The following table shows the computation of the numerator and the denominator used to calculate diluted loss per share for the years ended December 31:


	2023		2022

Numerator:
Net loss	(6,330,766)		(5,650,039)
Net loss at subsidiary attributable to noncontrolling interests	51,446		79,798
Net loss attributable to common shareholders	$	(6,279,320)	$	(5,570,241)
Denominator:
Weighted-average shares outstanding – basic	14,298,774		14,563,592

Weighted-average shares outstanding – diluted	14,298,774		14,563,592

The Company's anti-dilutive restricted shares and stock options outstanding were as follows for the years ended December 31:


	2023	2022

Anti-dilutive shares and options	452,224	227,050

Market Concentrations

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Market Concentrations

The Company’s principal financial instruments subject to potential concentration of credit risk are accounts receivable, which are unsecured, and cash equivalents. The Company’s cash equivalents consist primarily of money market funds. Certain bank deposits may be in excess of the insurance limits provided by the Federal Deposit Insurance Corporation.

The Company’s primary customers are wholesale pharmaceutical distributors in the U.S. Total revenues by customer for each customer representing 10% or more of consolidated revenues are summarized below for the years ended December 31:


	2023	2022

Customer 1	29%	22%
Customer 2	26%	29%
Customer 3	24%	24%

The Company’s accounts receivable, net of allowances, due from the customers representing 10% or more of consolidated revenue was 62.3% and 51.8% at December 31, 2023 and 2022, respectively.

Significant Accounting Policies (Narrative) (Details)		1 Months Ended	3 Months Ended								12 Months Ended
Significant Accounting Policies (Narrative) (Details)	Dec. 27, 2021 USD ($)	Jan. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Aug. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment											1
Revenues			$ 9,353,066	$ 10,085,926	$ 10,888,877	$ 9,224,638	$ 9,123,680	$ 11,413,072	$ 10,299,152	$ 11,175,045	$ 39,552,507	$ 42,010,949
Shelf Registration, sale of corporate securities (up to)	$ 19,000,000	$ 100,000,000
Impairment loss on intangible assets											3,343,842	0
Goodwill, impairment loss											0	0
Expenses											49,107,168	47,715,878
Product Sales Related Allowances - Chargebacks, Cash Discounts and Damaged Goods
Segment Reporting [Abstract]
Accounts receivable, allowances, current			$ 600,000								600,000
Non-US
Segment Reporting [Abstract]
Revenues											1,100,000	1,500,000
WinHealth Investment (Singapore) Ltd
Segment Reporting [Abstract]
Initial investment amount													$ 200,000
Martin S. Brown Jr.'s Law Firm \| Related Party
Segment Reporting [Abstract]
Expenses											$ 50,000.00	$ 40,000.00

Other Current and Other Long-term Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities, Current [Abstract]
Rebates, product returns, administrative fees and service fees	$ 7,579,783	$ 8,347,214
Employee wages and benefits	1,197,832	1,440,859
Sancuso related liabilities	827,813	2,226,725
Current portion of accrued contingent consideration	2,424,000	3,006,310
Studies accrual	385,266	400,702
Accrued inventory purchases	0	609,621
Current deferred charges	220,402	614,551
Other	961,432	941,929
Total other current liabilities	$ 13,596,528	$ 17,587,911

Other Current and Other Long-term Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities, Current [Abstract]

Other Current and Other Long-term Liabilities

Other current liabilities consisted of the following at December 31:


	2023		2022

Rebates, product returns, administrative fees and service fees	$	7,579,783	$	8,347,214
Employee wages and benefits	1,197,832		1,440,859
Sancuso related liabilities	827,813		2,226,725
Current portion of accrued contingent consideration	2,424,000		3,006,310
Studies accrual	385,266		400,702
Accrued inventory purchases	—		609,621
Current deferred charges	220,402		614,551
Other	961,432		941,929
Total other current liabilities	$	13,596,528	$	17,587,911

Other long-term liabilities consisted of the following at December 31:


	2023		2022

Non-current portion of accrued contingent consideration	$	3,284,672	$	4,931,513
Deferred compensation	2,894,894		2,522,506
Other	274,000		131,000
Total other long-term liabilities	$	6,453,566	$	7,585,019

Stock-Based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Nonvested, beginning of period (in shares)	395,751	568,181
Granted (in shares)	34,250	65,225
Vested (in shares)	(157,360)	(171,655)
Forfeited (in shares)	(12,075)	(66,000)
Nonvested, end of period (in shares)	260,566	395,751
Weighted-average grant-date fair value
Nonvested, beginning of period (in USD per share)	$ 4.29	$ 5.17
Granted (in USD per share)	1.93	2.59
Vested (in USD per share)	5.73	6.42
Forfeited (in USD per share)	3.63	4.67
Nonvested, end of period (in USD per share)	$ 3.14	$ 4.29

Property and Equipment (Depreciation Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation, including amortization related to leasehold improvements	$ 177,148	$ 260,745

Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 52,115,225
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 59,563,210
2024 \| Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0
2024 \| State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		30,756,304
2025-2042 \| Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	45,709,390
2025-2042 \| State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		28,333,628
Indefinite Period \| Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 6,405,835
Indefinite Period \| State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 473,278

Leases - Narrative (Details)	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Oct. 24, 2022	Nov. 15, 2021 ft² renewalTerm $ / ft²
Lessee, Lease, Description [Line Items]
Rent increase				2.50%
Operating lease right-of-use assets	$ 6,674,394	$ 5,218,403
Future minimum sublease income under noncancelable operating subleases	$ 300,000
1600 West End Avenue Partners, LLC
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	10 years 5 months 1 day	12 years 8 months 8 days
Weighted-average incremental borrowing rate	9.40%	9.24%
Nephron Pharmaceuticals Corporation (“Nephron”)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 1,000,000
Office Building
Lessee, Lease, Description [Line Items]
Leased area \| ft²				16,903
Term of contract				157 months
Lessee, Operating Lease, Base Rent \| $ / ft²				33.06
Remaining lease term (in years)			5 years
Area of real estate property \| ft²	14,200
Office Building \| Broadwest Lease, Five Year Renewal Option
Lessee, Lease, Description [Line Items]
Number of renewal terms \| renewalTerm				2
Renewal term				5 years

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following at December 31:


	Range of useful lives	2023		2022

Computer equipment	3 – 5 years	$	499,557	$	465,508
Office equipment	3 – 15 years	771,667		746,602
Furniture and fixtures	5 – 15 years	533,778		369,365
Leasehold improvements	3 – 15 years, or remaining lease term	800,974		787,749
Total property and equipment, gross		2,605,976		2,369,224
Less: accumulated depreciation and amortization		(2,238,073)		(2,085,185)
Total property and equipment, net		$	367,903	$	284,039

Schedule of depreciation expense

Depreciation expense was as follows for the years ended December 31:


	2023		2022

Depreciation expense	$	177,148	$	260,745

Inventories, Net - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2018
Inventory [Line Items]
Non-current inventories	$ 12,804,529	$ 7,527,167
Inventory reserves, obsolescence and discontinuance	$ 0	$ 500,000
Vibativ \| Active Pharmaceutical Ingredient ("API") And Work In Progress
Inventory [Line Items]
Non-current inventories			$ 15,600,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

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

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

On October 24, 2022, the CET lease with The Gateway to Nashville, LLC provided the notice of exercise to extend the 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 a new supply agreement with Nephron Pharmaceuticals Corporation (“Nephron”). These expenditures are classified as an embedded lease resulting in a right-of-use asset to be amortized over the life of the Nephron contract. As of December 31, 2023, the value of this asset was $1.0 million.


	2023		2022

Rent expense	$	1,304,865	$	1,159,695

Sublease income	$	544,138	$	529,411

In March 2016, the FASB issued ASU 2016-02. ASU 2016-02’s core principle is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information. The primary effect of adopting ASU 2016-02 to the Company was to record right-of-use assets and obligations for the leases currently classified as operating leases.

Operating lease liabilities were recorded as the present value of remaining lease payments not yet paid for the lease term discounted using the incremental borrowing rate associated with each lease. Operating lease right-of-use assets represent operating lease liabilities adjusted for lease incentives and initial direct costs. As the Company’s leases do not contain implicit borrowing rates, the incremental borrowing rates were calculated based on information available at October 25, 2022 and May 1, 2023. 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 and Gateway leases is 10.42 years and 12.69 years for the years ended December 31, 2023 and 2022, respectively.. The weighted-average incremental borrowing rate used to discount the present value of the remaining lease payments of both leases is 9.40% and 9.24% for the years ended December 31, 2023 and 2023, respectively.

Lease Position

At December 31, 2023 and 2022, the Company recorded the following on the Consolidated Balance Sheet:


Right-of-Use Assets	December 31, 2023		December 31, 2022
Operating lease right-of-use assets	$	6,674,394	$	5,218,403


Lease Liabilities	December 31, 2023		December 31, 2022
Operating lease current liabilities	$	348,092	$	172,910
Operating lease non-current liabilities	5,296,247		4,586,301
Total	$	5,644,339	$	4,759,211

Cumulative future minimum sublease income under non-cancelable operating subleases totals approximately $0.3 million and will be paid through the leases ending in April 2024. 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 Leases Liabilities at December 31, 2023	Operating Leases
2024	$	863,320
2025	836,100
2026	909,911
2027	934,180
2028	740,791
After 2028	4,847,400
Total minimum lease payments	9,131,702
Less: Interest	(3,487,363)
Present value of lease liabilities	$	5,644,339

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,321,624	$ 19,757,970
Accounts receivable, net	9,758,176	13,163,681
Inventories, net	4,609,362	9,863,581
Prepaid and other current assets	3,025,248	3,084,978
Total current assets	35,714,410	45,870,210
Non-current inventories	12,804,529	7,527,167
Property and equipment, net	367,903	284,039
Intangible assets, net	22,607,918	30,590,678
Goodwill	914,000	914,000
Operating lease right-of-use assets	6,674,394	5,218,403
Other assets	2,692,921	2,520,661
Total assets	81,776,075	92,925,158
Current liabilities:
Accounts payable	14,037,629	10,819,011
Operating lease current liabilities	348,092	172,910
Other current liabilities	13,596,528	17,587,911
Total current liabilities	27,982,249	28,579,832
Revolving line of credit	12,784,144	16,200,000
Operating lease non-current liabilities	5,296,247	4,586,301
Total other long-term liabilities	6,453,566	7,585,019
Total liabilities	52,516,206	56,951,152
Commitments and contingencies
Shareholders’ equity:
Common stock – no par value; 100,000,000 shares authorized; 14,121,833 and 14,366,316 shares issued and outstanding as of December 31, 2023 and 2022, respectively	47,091,602	47,474,973
Accumulated deficit	(17,488,161)	(11,208,841)
Total shareholders’ equity	29,603,441	36,266,132
Noncontrolling interests	(343,572)	(292,126)
Total equity	29,259,869	35,974,006
Total liabilities and equity	$ 81,776,075	$ 92,925,158

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity Registrant Name	CUMBERLAND PHARMACEUTICALS INC
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1765329
Entity File Number	001-33637
Entity Central Index Key	0001087294
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
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, $0.00 par value per share
Trading Symbol	CPIX
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Public Float			$ 12,061,328
Entity Common Stock, Shares Outstanding		14,176,529
Document Financial Statement Error Correction	false
Documents Incorporated by Reference	Certain information required in Part III of Form 10-K is incorporated by reference from the registrant’s Proxy Statement for its 2024 annual meeting of shareholders.

Other Current and Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities, Current [Abstract]

Schedule of accrued liabilities

Other current liabilities consisted of the following at December 31:


	2023		2022

Rebates, product returns, administrative fees and service fees	$	7,579,783	$	8,347,214
Employee wages and benefits	1,197,832		1,440,859
Sancuso related liabilities	827,813		2,226,725
Current portion of accrued contingent consideration	2,424,000		3,006,310
Studies accrual	385,266		400,702
Accrued inventory purchases	—		609,621
Current deferred charges	220,402		614,551
Other	961,432		941,929
Total other current liabilities	$	13,596,528	$	17,587,911

Schedule of other long-term liabilities

Other long-term liabilities consisted of the following at December 31:


	2023		2022

Non-current portion of accrued contingent consideration	$	3,284,672	$	4,931,513
Deferred compensation	2,894,894		2,522,506
Other	274,000		131,000
Total other long-term liabilities	$	6,453,566	$	7,585,019

Manufacturing and Supply Agreements Manufacturing and Supply Agreements (Narrative) (Details)	Dec. 31, 2023 supplier
Minimum
Manufacturing and Supply Agreement [Line Items]
Manufacturing agreements, number of primary suppliers for each product	1
Maximum
Manufacturing and Supply Agreement [Line Items]
Manufacturing agreements, number of primary suppliers for each product	2

Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net

The Company's net inventories consisted of the following as of December 31:


	2023		2022
Raw materials	$	12,619,092	$	12,899,659
Consigned inventory	149,701		168,923
Finished goods, net of reserve	4,645,098		4,322,167
Total inventories	17,413,891		17,390,748
less non-current inventories	(12,804,529)		(7,527,167)
Total inventories classified as current	$	4,609,362	$	9,863,581

The Company's non-current inventories consisted of the following as of December 31:


	2023		2022
Vibativ - raw materials	$	6,611,426	$	7,138,936
Vibativ - finished goods	810,454		—
Kristalose - raw materials	3,263,515		—
Vaprisol - raw materials	1,170,641		—
Caldolor - finished goods	67,307		—
Sancuso - raw materials	574,502		—
Study drug - raw materials	203,383		256,474
Study drug - finished goods	—		131,757
Other products	103,300		—
Total non-current inventory	$	12,804,529	$	7,527,167

The Company purchases the active pharmaceutical ingredient (“API”) for Kristalose and maintains the inventory of that raw material. API for the Company's Vaprisol and Vibativ brands were included in the assets associated with the acquisition of those brands and are also included in the raw materials inventory. As part of the Vibativ acquisition, the Company acquired API and work in process inventories of $15.6 million that were all initially classified as non-current inventories at the date of acquisition. Consigned inventory represents Authorized Generic inventory stored with Padagis until shipment.

At December 31, 2023, there were no cumulative obsolescence or discontinuance losses necessary to recognize. At December 31, 2022, the Company had recognized and maintained cumulative net realizable value charges for potential obsolescence and discontinuance losses of approximately $0.5 million.

Inventories, Net - Schedule of Inventories (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 12,619,092	$ 12,899,659
Consigned inventory	149,701	168,923
Finished goods, net of reserve	4,645,098	4,322,167
Total inventories	17,413,891	17,390,748
less non-current inventories	(12,804,529)	(7,527,167)
Total inventories	$ 4,609,362	$ 9,863,581

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

The following table sets forth the unaudited operating results for each fiscal quarter of 2023 and 2022:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total

2023:
Net revenues	$	9,224,638	$	10,888,877	$	10,085,926	$	9,353,066	$	39,552,507
Operating income (loss)	(1,531,678)		22,859		(1,866,603)		(6,179,239)		(9,554,661)
Net income (loss)	172,286		862,154		(1,063,219)		(6,301,987)		(6,330,766)
Net income (loss) attributable to common shareholders	192,184		872,200		(1,049,298)		(6,294,406)		(6,279,320)
Earnings (loss) per share attributable to common shareholders (1)
Basic	$	0.01	$	0.06	$	(0.07)	$	(0.44)	$	(0.44)

Diluted	$	0.01	$	0.06	$	(0.07)	$	(0.44)	$	(0.44)

2022:
Net revenues	$	11,175,045	$	10,299,152	$	11,413,072	$	9,123,680	$	42,010,949
Operating loss	(1,291,999)		(1,846,538)		(288,588)		(2,277,804)		(5,704,929)
Net loss	(1,402,433)		(1,364,666)		(423,226)		(2,459,714)		(5,650,039)

Net loss attributable to common shareholders	(1,385,253)		(1,335,620)		(408,639)		(2,440,729)		(5,570,241)
Loss per share attributable to common shareholders (1)
Continuing operations - basic	$	(0.09)	$	(0.09)	$	(0.03)	$	(0.17)	$	(0.38)

Continuing operations - diluted	$	(0.09)	$	(0.09)	$	(0.03)	$	(0.17)	$	(0.38)

(1) Due to the nature of interim earnings per share calculations, the sum of the quarterly earnings (loss) per share amounts may not equal the reported earnings (loss) per share for the full year.

Leases - Schedule of Lease Liability Maturities and Future Minimum Payments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Liabilities, Payments Due [Abstract]
2024	$ 863,320
2025	836,100
2026	909,911
2027	934,180
2028	740,791
After 2028	4,847,400
Total minimum lease payments	9,131,702
Less: Interest	(3,487,363)
Present value of lease liabilities	$ 5,644,339	$ 4,759,211

Consolidated Statements of Equity - USD ($)	Total	Common stock	Accumulated deficit	Non-controlling interest
Beginning balance (in shares) at Dec. 31, 2021		14,742,754
Beginning balance at Dec. 31, 2021	$ 42,601,978	$ 48,452,906	$ (5,638,600)	$ (212,328)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(5,650,039)		(5,570,241)	(79,798)
Return of common stock - Methotrexate (in shares)		(180,000)
Return of common stock - Methotrexate	(399,600)	$ (399,600)
Share-based compensation (in shares)		171,655
Share-based compensation	447,503	$ 447,503
Repurchase of common shares (in shares)		(367,793)
Repurchase of common shares	$ (1,025,836)	$ (1,025,836)
Ending balance (in shares) at Dec. 31, 2022	14,366,316	14,366,616
Ending balance at Dec. 31, 2022	$ 35,974,006	$ 47,474,973	(11,208,841)	(292,126)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(6,330,766)		(6,279,320)	(51,446)
Return of common stock - Methotrexate	0
Share-based compensation (in shares)		157,360
Share-based compensation	365,040	$ 365,040
Repurchase of common shares (in shares)		(402,143)
Repurchase of common shares	$ (748,411)	$ (748,411)
Ending balance (in shares) at Dec. 31, 2023	14,121,833	14,121,833
Ending balance at Dec. 31, 2023	$ 29,259,869	$ 47,091,602	$ (17,488,161)	$ (343,572)

Revenues

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Revenues

Product Revenue

The Company’s net product revenues consisted of the following for the years ended December 31:


	2023		2022
Products:
Kristalose	$	15,981,850	$	15,205,155
Vibativ	8,812,692		7,487,462
Sancuso	8,096,788		13,205,603
Caldolor	4,333,923		4,827,200
Acetadote	458,759		501,040
Omeclamox-Pak	20,030		29,145
Vaprisol	151,336		(447,697)
RediTrex	(341,886)		(126,726)
Total net product revenues	$	37,513,492	$	40,681,182

Other Revenues

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

In the second quarter of 2023, the Company received $1 million relating to a litigation settlement based on two $500,000 milestone payments due to us for the license associated with our Vibativ product that is included in other revenue for the year ended December 31, 2023.

Other revenues includes funding from federal grant programs including those secured from the FDA and from those secured by CET through the Small Business Administration. Grant revenue from these federal grant programs totaled approximately $0.4 million and $0.2 million for the year ended December 31, 2023 and 2022,respectively.

Other revenues also includes lease income generated by CET’s Life Sciences Center. It 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 Footnote 15 - Leases, was approximately $0.5 million for the years ended December 31, 2023 and 2022.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In connection with its licensing agreements for Caldolor, the Company is required to pay royalties based on net sales over the life of the product. Royalty expense is recognized as a component of selling and marketing expense in the period that revenue is recognized. In connection with the acquisition of Vibativ, the Company is required to pay royalties based on net sales of the product. At the purchase date, Cumberland recorded the fair value of this liability and will continue to evaluate the liability each period and the royalty expense is recognized as a component of selling and marketing expense in the period that the change in fair value is recognized. In connection with the acquisition of Sancuso, the Company is required to pay up to $3.5 million in milestones and tiered royalties ranging from 10% to 5% on U.S. net product sales for ten years. Legal Matters Cumberland has a number of patents issued through the United States Patent and Trademark Office (the “USPTO”) including U.S. Patent number 8,148,356 (the “356 Acetadote Patent”) which is assigned to the Company. The claims of the 356 Acetadote Patent encompass the new Acetadote formulation and include composition of matter claims. Following its issuance, the 356 Acetadote Patent was listed in the FDA Orange Book. The 356 Acetadote Patent is scheduled to expire in May 2026, which time period includes a 270-day patent term adjustment granted by the USPTO. Since 2012, Cumberland has continued to vigorously defend and protect its Acetadote product and related intellectual property rights including the use of all its legal options. Melinta Litigation On February 2, 2022, the Company filed an action for breach of contract against Melinta Therapeutics, LLC and Targanta Therapeutics Corporation (collectively, the “Defendants”) in the United States District Court for the Southern District of New York (Case No. 1:22-cv-00915-VM). The Company and the Defendants are parties to an agreement (the “Agreement”), pursuant to which the Defendants have a license to develop and commercialize products under certain Company patents, in exchange for the Defendants paying the Company certain milestone payments and royalties on net sales of the licensed products. Specifically, the Agreement requires the Defendants to, among other things, make a $500,000 payment to the Company within 30 days following the first filing of an sNDA in relation to the Product (as defined by the Agreement) and a $500,000 payment to the Company following the approval of the first sNDA in relation to the Product. After Defendants disclosed the domiciles of its limited partners to the Company, as required by the Court, on October 24, 2022, the action for breach of contract was refiled in the Supreme Court of the State of New York, County of New York (Index No. 654234/2022) on November 7, 2022. The complaint alleges that, despite the Defendants filing an NDA and sNDA for the Product and receiving FDA approval for both applications, the Defendants failed to make the required total of $1 million in milestone payments to the Company. The Company was seeking damages in the amount of no less than $1 million, pre- and post-judgment interest under N.Y. C.P.L.R. § 5001, costs, and such further relief as the court deems just and proper. On April 18, 2023 the state court ruled in favor of the Company. On June 16, 2023, the Company received consideration related to the breach of contract action with the Defendants that finalized a settlement agreement that was entered into by the Company and the Defendants to close the case.

Income Taxes - Schedule of the Components of Income Tax Benefit (Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ 0
State and other	45,769	68,850
Total current income tax expense	45,769	68,850
Deferred:
Federal	0	0
State	0	0
Total deferred income tax expense	0	0
Total income tax expense	$ 45,769	$ 68,850

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Other Current and Other Long-term Liabilities (Schedule of Noncurrent Liabilities) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Non-current portion of accrued contingent consideration	$ 3,284,672	$ 4,931,513
Deferred compensation	2,894,894	2,522,506
Other	274,000	131,000
Total other long-term liabilities	$ 6,453,566	$ 7,585,019

Significant Accounting Policies (Schedule of Distribution Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Distribution costs	$ 881,829	$ 857,842

Pay vs Performance Disclosure - USD ($)	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss attributable to common shareholders	$ (6,294,406)	$ (1,049,298)	$ 872,200	$ 192,184	$ (2,440,729)	$ (408,639)	$ (1,335,620)	$ (1,385,253)	$ (6,279,320)	$ (5,570,241)

- Definition

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

+ References

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of the Company's net deferred tax assets at December 31 are as follows:


	2023		2022

Deferred Tax Assets
Net operating loss and tax credits	$	15,427,801	$	16,164,754
Property and equipment and intangibles	71,990		264,653
Operating lease liabilities	1,307,178		1,121,800
Intangible assets	2,337,091		866,942
Capitalized research cost	2,208,093		1,481,455
Allowance for accounts receivable	147,919		145,803
Reserve for expired product	616,979		654,148
Inventory	185,189		217,025
Deferred charges	937,935		1,156,150
Cumulative compensation costs incurred on deductible equity awards	176,926		635,989
Total deferred tax assets	23,417,101		22,708,719

Deferred Tax Liabilities
Operating lease right-of-use assets	(1,547,773)		(1,150,935)
Intangible assets	—		—
Net deferred tax assets, before valuation allowance	21,869,328		21,557,784
Less: deferred tax asset valuation allowance	(21,869,328)		(21,557,784)
Net deferred tax assets	$	—	$	—

The following table summarizes the amount and year of expiration of the Company's federal and state net operating loss carryforwards as of December 31, 2023:


Years of expiration	Federal		State

2024	$	—	$	30,756,304
2025-2042	45,709,390		28,333,628
Indefinite Period	6,405,835		473,278

Total federal and state net operating loss carryforwards	$	52,115,225	$	59,563,210

Income tax expense includes the following components for the years ended December 31:


	2023		2022
Current:
Federal	$	—	$	—
State and other	45,769		68,850
Total current income tax expense	45,769		68,850

Deferred:
Federal	—		—
State	—		—
Total deferred income tax expense	—		—
Total income tax expense	$	45,769	$	68,850

The Company’s effective income tax rate for 2023 and 2022 reconciles with the federal statutory tax rate as follows:


	2023		2022
Federal tax expense at statutory rate	$	21.00	$	21.00
State income tax expense (net of federal income tax benefit)	(0.58)		2.11
Permanent differences associated with general business credits	0.80		—
Change in valuation allowance	(4.96)		(21.76)
Other permanent differences	(6.51)		(2.58)
Expiring tax credits	(3.32)		—
Deferred True-ups	(7.16)		—
Net loss tax expense	$	(0.73)	$	(1.23)

The Company believes that it is not more likely than not that its net deferred tax assets will be realized. As such, the net deferred tax assets are fully offset with a valuation allowance as of the periods ended December 31, 2023 and 2022.

As of December 31, 2023, the Company has general business credit carryforwards of $1.3 million. These credit carryforwards will expire in years 2024 through 2044.


Years of expiration	Federal
2024	$	18,370
2025-2044	1,322,531
Total federal and state credit carryforwards	$	1,340,901

The Company expects it will continue to pay minimal taxes in future periods through the continued utilization of net operating loss carryforwards, as it is able to achieve taxable income through its operations.

The Company is no longer subject to U.S. federal tax examinations for tax years before 2020, and with few exceptions, the Company is not subject to examination by state tax authorities for tax years which ended before 2020. Loss carryforwards and credit carryforwards generated or utilized in years earlier than 2020 remain subject to examination and adjustment. The Company has no unrecognized tax benefits in 2023 and 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: 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 5: 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 6: 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//1943274/2147482526/740-270-50-1

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-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 10: 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

Significant Accounting Policies (Schedule of Advertising Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising costs	$ 2,903,741	$ 2,927,041

Vibativ®, Sancuso® and RediTrex® Products - Changes In Fair Value Of Contingent Consideration Liability (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022
Business Combination, Contingent Consideration, Liability [Roll Forward]
Change in fair value	$ (1,253,840)	$ (2,088,296)
Product Assets And Global Rights - Vibativ
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	4,154,823	6,515,627
Cash payment of royalty during the period	(1,018,451)	(1,133,113)
Change in fair value	(270,485)	(2,104,690)
Contingent consideration earned and accrued	1,167,486	876,999
Ending balance	4,033,373	4,154,823	$ 4,154,823
U.S. Product Asset Rights - Sancuso
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	3,000,000		3,384,000
Cash payment of royalty during the period	(790,632)		(1,075,631)
Change in fair value	(685,355)		16,394
Contingent consideration earned and accrued	781,987		675,237
Ending balance	$ 2,306,000	$ 3,000,000	$ 3,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

Stock options activity was as follows:


	Number of option shares	Weighted- average exercise price		Weighted-average remaining contractual term





Outstanding, December 31, 2021	170,600	3.33
Granted	178,950	2.68
Exercised	—	—
Forfeited/canceled	(29,900)	2.98
Outstanding, December 31, 2022	319,650	$	3.00	6.15
Granted	192,750	2.06
Exercised	—	$	—
Forfeited/canceled	(25,150)	$	2.55
Outstanding, December 31, 2023	487,250	$	2.65	5.59

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes valuation to determine the FV of stock options were as follows at December 31:


	2023		2022

Expected term (in years)	5.71		5.88
Expected volatility	65.87	%	54.38	%
Risk free interest rate	3.45	%	2.29	%
Expected dividend yield	—		—

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Restricted stock activity was as follows:


	Number of shares	Weighted-average grant-date fair value





Nonvested, December 31, 2021	568,181	5.17
Granted	65,225	2.59
Vested/released	(171,655)	6.42
Forfeited/canceled	(66,000)	4.67
Nonvested, December 31, 2022	395,751	$	4.29
Granted	34,250	1.93
Vested/released	(157,360)	5.73
Forfeited/canceled	(12,075)	3.63
Nonvested, December 31, 2023	260,566	$	3.14

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company are stated in U.S. dollars and are prepared using U.S. generally accepted accounting principles. These financial statements include the accounts of the Company and its wholly and majority-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions. The Company’s most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns, (2) the allowances for obsolescent or unmarketable inventory, (3) valuation of contingent consideration liability associated with business combinations and (4) evaluation of continuing utility of intangible assets.
Segment Reporting	Segment Reporting The Company has one operating segment which is specialty pharmaceutical products. Management has chosen to organize the Company based on the type of products sold. Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and assessing performance. The Company, which uses consolidated financial information in determining how to allocate resources and assess performance, evaluated that our specialty pharmaceutical products compete in similar economic markets and similar circumstances. Substantially all of the Company’s assets are located in the United States. Total revenues are primarily attributable to U.S. customers.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value of financial assets and liabilities is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company’s fair value measurements follow the appropriate rules as well as the fair value hierarchy that prioritizes the information used to develop the measurements. It applies whenever other guidance requires (or permits) assets or liabilities to be measured at fair value and gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A summary of the fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels is described below: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 - Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data available. The following section describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, contingent consideration liability and a revolving line of credit. The carrying values for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The revolving line of credit has a variable interest rate, which approximates the current market rate. The Company’s contingent consideration liability is a Level 3 fair value measurement that is updated on a recurring basis at each reporting period using a valuation model. Consistent with Level 3 fair value measurements, there are significant inputs to the valuation model that are unobservable.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less. As of December 31, 2023 and 2022, cash equivalents consist primarily of money market funds. The Company monitors concentration of credit risk with the financial institutions in which it conducts business. The Company has cash deposits which fluctuate in excess of federally insured limits throughout the year.
Accounts Receivable	Accounts Receivable Trade accounts receivable are recorded at the invoiced amount. The Company records allowances for amounts that could become uncollectible in the future based on historical experience, as well as amounts related to chargebacks and cash discounts. The Company reviews each customer balance to assess collection status. The majority of the Company’s products are distributed through independent pharmaceutical wholesalers. The allowances against accounts receivable for chargebacks and discounts are determined on a product-by-product basis, and established by management as the Company’s best estimate at the time of sale based on each product’s historical experience adjusted to reflect known changes in the factors that impact such allowances. These allowances are established based on the contractual terms with direct and indirect customers and analyses of historical levels of chargebacks and discounts. The allowances in accounts receivable for chargebacks and cash discounts were $0.6 million at December 31, 2023 and 2022. Other organizations, such as managed care providers, pharmacy benefit management companies and government agencies, may receive rebates from the Company based on either negotiated contracts to carry the Company’s products or reimbursements for filled prescriptions. These entities are considered indirect customers of the Company. In conjunction with recognizing a sale to a wholesaler, revenues are reduced and accrued liabilities are increased by the Company’s estimate of the rebate that may be claimed. Cash discounts are reductions to invoiced amounts offered to customers for payment within a specified period of time from the date of the invoice.
Inventories	Inventories The Company works closely with third parties to manufacture and package finished goods for sale. Based on the customer relationship with the manufacturer or packager, the Company will either take title to finished goods at the time of shipment or at the time of arrival from the manufacturer. The Company then warehouses such goods until distribution and sale at third party facilities located in the U.S. and international locations. Periodic inventory counts are made by the warehouse teams and by the Company on a regular basis. In addition, the Company re-tests API inventory prior to use to confirm product expiration. Inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out method. The Company continually evaluates inventories for potential losses due to expired, short-dated or slow-moving inventory by comparing sales history and sales projections to the inventory on hand. When evidence indicates the carrying value of a product may not be recoverable, a charge is recorded to reduce the inventory to its current net realizable value. Non-current inventories consist of active pharmaceutical ingredients which typically has an extended life and selected finished good products with extended life longer than one year.
Prepaid and Other Current Assets	Prepaid and Other Current Assets Prepaid and other current assets consist of deferred offering costs, prepaid insurance premiums, prepaid consulting services, deposits and annual fees paid to the U.S. Food and Drug Administration ("FDA"). The Company expenses all prepaid and other current asset amounts as used or over the period of benefit primarily on a straight-line basis, as applicable.
Property and Equipment	Property and Equipment Property and equipment, including leasehold improvements, are stated at cost. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the initial lease term plus renewal options, if reasonably assured, or the remaining useful life of the asset. Upon retirement or disposal of assets, any gain or loss is reflected as a component of operating loss in the consolidated statement of operations. Improvements that extend an asset’s useful life are capitalized. Repairs and maintenance costs are expensed as incurred.
Intangible Assets and Goodwill	Intangible Assets and Goodwill The Company’s intangible assets and goodwill consist of capitalized costs related to product and license rights, patents, trademarks and goodwill obtained in the Vibativ and Sancuso acquisitions. Goodwill is not amortized for financial reporting purposes, but is subject to impairment analysis at least annually. The cost of acquiring product and license rights are capitalized at fair value at the date of acquisition for products that are approved by the FDA for commercial use. These costs are amortized ratably over the estimated economic life of the product. The economic life is estimated based upon several factors. This includes the term of the license agreement, the patent life or market exclusivity of the product and as well as management’s expectations of continued involvement with the product and the assessment of future sales, the future periods under which the product will be sold and the profitability of the product. This estimate is evaluated on a regular basis during the amortization period and adjusted if appropriate. If there are any changes made to the useful life of the product and license rights, the costs associated with such a change, if any, will be capitalized and amortized over the revised useful life. Given the delay in identifying a packager for Omeclamox-Pak, the Company has taken a non-cash write down of the related intangible asset of $3.3 million. The financial statements reflect this adjustment as efforts to identify a packager continue. Capitalized patent costs consist of outside legal costs associated with obtaining and protecting patents on products that have been approved for marketing by the FDA. If it becomes probable that a patent will not be issued or a patent has been declared invalid, related costs associated with the patent application are expensed at the time such determination is made. All costs associated with obtaining patents for products that have not been approved for marketing by the FDA are expensed as incurred.
Trade and Note Receivables	Trade and Note Receivables Current Expected Credit Losses (“CECL”) is applicable to all financial assets measured at amortized cost. All financial instruments are evaluated, which principally relates to trade receivables and two notes receivable. CECL 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: •Internal or external credit score/rating •Risk ratings or classification •Financial asset type •Size •Effective interest rate •Term •Geographical location •Historical or expected credit loss patterns •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 continue to display similar risk characteristics. With twenty years of experience, Cumberland has experienced virtually no write downs of receivables as most of our receivables are due from large successful pharmaceutical, healthcare or government customers, consistently making payments on account. Although the payment behaviors of all of our customers are consistently reliable, for the sake of transparency, we have separated our customer base into seven separate pools. The Company performs a monthly analysis of aged accounts receivable to determine how much, if any, of the accounts receivable balance should be reserved as potential bad debt. The Company reviews all balances over 90 days past due for a possible reserve and considers any specific factors or information for balances aged under 90 days if there are indicators that the balance should be reserved, such as other aged balances with the customer or bankruptcy as well as any economic issues with a customer, industry or region. The adoption of ASC 326 did not result in a material impact to the Company.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, operating lease right-of-use assets and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying value exceeds the fair value. Fair value is determined through various valuation techniques including quoted market prices, third-party independent appraisals and discounted cash flow models.
Revenue Recognition	Net Product Revenue Revenues from product sales are recognized in the amount that reflects the consideration that we expect to receive for these goods. Depending upon the shipping terms of the transaction, the revenue is recognized at the point where the customer obtains control of the goods and we satisfy our performance obligation. This occurs upon either shipment of the product or arrival at its ship to destination. Payment terms typically range from 30 to 60 days from date of shipment. The Company’s net product revenue reflects the reduction from gross product revenue for estimated allowances for chargebacks, discounts and damaged goods, and reflects sales related accruals for rebates, coupons, product returns, and certain administrative and service fees. Significant judgments must be made in determining the transaction price for our sales of products related to these adjustments. During the year ended December 31, 2023, the Company revised its estimate for rebates related to Sancuso revenues based on additional information related to actual product activities. As a result, the Company recognized additional revenue allowances of $0.6 million for rebates as a change of estimate. Sales Rebates and Discounts The allowances against accounts receivable and accrued liabilities for chargebacks, discounts, service fees and expired product returns are determined on a product-by-product basis, and established by management as the Company’s best estimate at the time of sale based on each product’s historical experience adjusted to reflect known changes in the factors that impact such allowances. These allowances are established based on the contractual terms with direct and indirect customers and analyses of historical levels of chargebacks, discounts and returns of expired product. Other organizations, such as managed care providers, pharmacy benefit management companies and government agencies, may receive rebates from the Company based on either negotiated contracts to carry the Company’s products or reimbursements for filled prescriptions. These entities are considered indirect customers of the Company. In conjunction with recognizing a sale to a wholesaler, sales revenues are reduced and accrued liabilities are increased by the Company’s estimate of the rebate that may be claimed. Sales Returns Consistent with industry practice, the Company maintains a return policy that allows customers to return product within a specified period prior to and subsequent to the expiration date. The Company’s estimate of the provision for returns is based upon historical experience, expiration date by product as well as any other factor expected to impact future returns. Any changes in the assumptions used to estimate the provision for returns are recognized in the period those assumptions are changed. Other Revenues Other revenues primarily consist of income from grant funding programs, licensing agreements, leases and contract services. Revenue related to grants is recognized when all conditions related to such grants have been met. All other revenue is recognized when earned.
Cost of Products Sold	Cost of Products Sold Cost of products sold consists principally of the cost to acquire each unit of product sold, including in-bound freight expense as well as any adjustment in the net realizable value of inventory acquired in acquisitions. Cost of products sold also includes expenses associated with the reduction in the net realizable value of slow-moving or expired product. Selling and Marketing Expense Selling and marketing expense consists primarily of expenses relating to the advertising, promotion, distribution and sale of products, including royalty expense, salaries and related costs. Distribution Costs Distribution costs are expensed as incurred and are included as a component of selling and marketing expenses in the consolidated statements of operations.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and are included as a component of selling and marketing expenses in the consolidated statements of operations.
Research and Development	Research and Development Research and development costs are expensed in the period incurred. Research and development costs are comprised mainly of clinical trial expenses, salaries, wages and other related costs such as materials and supplies. Research and development expense includes activities performed by third-party providers participating in the Company’s clinical studies. The Company accounts for these costs based on estimates of work performed, patients enrolled or fixed fees for services over the period of time the clinical trials are performed.
Income Taxes	Income Taxes The Company provides for deferred taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to operating loss and tax credit carryforwards, as well as differences between the carrying amounts of existing assets and liabilities and their respective tax bases. The Company’s principal differences are related to the timing of deductibility of certain items, such as inventory, depreciation, amortization and share-based compensation. Deferred tax assets and liabilities are measured using enacted statutory tax rates that are expected to apply to taxable income in the years such temporary differences are anticipated to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. The Company only recognizes income tax benefits associated with an income tax position in which it is “more likely than not” that the position would be sustained upon examination by the taxing authorities. In assessing the realizability of deferred tax assets, management considers whether some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of existing temporary differences, projected future taxable income and tax planning strategies in making this assessment. The Company’s accounting policy with respect to interest and penalties arising from income tax settlements is to recognize them as part of the provision for income taxes.
Earnings (Loss) Per Share	Loss per Share Basic loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of shares outstanding. Except where the result would be antidilutive, diluted loss per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options and warrants and unrecognized compensation costs.
Share-Based Payments	Share-Based Payments The Company recognizes compensation cost for all share-based payments issued, modified, repurchased or canceled. Depending on the nature of the vesting provisions, restricted stock awards are measured using either the fair value on the grant date or the fair value of common stock on the date the vesting provisions lapse. Prior to the lapse for those equity grants not valued on the grant date, the fair value is measured on the last day of the reporting period.
Collaborative Agreements	Collaborative Agreements The Company is a party to several collaborative arrangements with research institutions to identify and pursue promising pharmaceutical product candidates. The funding for these programs is primarily provided through Federal Small Business Administration (SBIR/STTR) and other grant awards. The Company has determined that these collaborative agreements, with the exception of the collaborative payment discussed in Note 3, related to the Vibativ and Sancuso contingent consideration payments, do not meet the criteria for accounting under ASC Topic 808, Collaborative Agreements. The agreements do not specifically designate each party’s rights and obligations to each other under the collaborative arrangements. Except for patent defense costs, expenses incurred by one party are not required to be reimbursed by the other party. Expenses incurred under these collaborative agreements are included in research and development expenses and funding received from grants are recorded as net revenues in the consolidated statements of operations.
Recent Accounting Guidance	Recent Accounting Guidance Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, “Financial Instruments-Credit Losses,” which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies are required to use a new forward-looking “expected loss” model that generally results in an earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, companies measure credit losses in a manner similar with previous guidance, except that the losses are recognized as allowances rather than as reductions in the amortized cost of the securities. Companies have to disclose additional information, including information they use to track credit quality by year of origination for most financing receivables. Companies apply the ASU’s provisions as a cumulative-effect adjustment, if any, to the accumulated deficit as of the beginning of the first reporting period in which the guidance is adopted. Related to ASU No. 2016-13 discussed above, in May 2019, the FASB issued ASU 2019-05, "Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief" which provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of the new credit losses standard. Certain eligibility requirements must be met and the election must be applied on an instrument-by-instrument basis. The election is not available for either available-for-sale or held-to-maturity debt securities. The Company adopted both ASU 2016-13 and ASU 2019-05 on January 1, 2023

Vibativ®, Sancuso® and RediTrex® Products - Narrative (Details) - USD ($)				1 Months Ended					12 Months Ended
	Jul. 12, 2022	Jan. 03, 2022	Nov. 27, 2019	Oct. 31, 2023	Jan. 31, 2023	Apr. 30, 2019	Nov. 30, 2018	Nov. 30, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Jul. 31, 2020
Business Acquisition [Line Items]
Payment to acquire business upon closing									$ 0	$ 13,500,000
Non-current portion of accrued contingent consideration									3,284,672	4,931,513
Goodwill									914,000	$ 914,000
Nordic Group B.V. \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	$ 1,000,000
Milestone payment credit due	$ 1,000,000
Nordic Group B.V. \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Restricted Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares cancelled and refunded	180,000
Nordic Group B.V. \| Methotrexate \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deposit payment								$ 100,000
Share consideration, value								$ 900,000
Share consideration vested, value			$ 900,000
Milestone payment											$ 1,000,000	$ 1,000,000
Nordic Group B.V. \| Methotrexate \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Restricted Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share consideration (in shares)								180,000
Product Assets And Global Rights - Vibativ
Business Acquisition [Line Items]
Payment to acquire business upon closing							$ 20,000,000
MIlestone payment						$ 5,000,000
Tiered royalty payments, threshold							$ 2,500,000
Current portion of accrued contingent consideration									1,700,000
Non-current portion of accrued contingent consideration									2,300,000
Product Assets And Global Rights - Vibativ \| Maximum
Business Acquisition [Line Items]
Tiered royalty payments (percentage)							20.00%
U.S. Product Asset Rights - Sancuso
Business Acquisition [Line Items]
Payment to acquire business upon closing		$ 13,500,000
MIlestone payment				$ 500,000	$ 1,000,000
Tiered royalty payments, threshold		3,500,000
Current portion of accrued contingent consideration									1,300,000
Non-current portion of accrued contingent consideration									1,000,000
Milestone payment remaining									$ 2,000,000
Contingent liability		3,400,000
Prepaid expense and other assets		1,800,000
Inventory		2,600,000
Goodwill		30,000.00
Intangible assets, other than goodwill		14,100,000
Milestone payable		$ 1,700,000
U.S. Product Asset Rights - Sancuso \| Maximum
Business Acquisition [Line Items]
Tiered royalty payments (percentage)		10.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities, net

The components of the Company's net deferred tax assets at December 31 are as follows:


	2023		2022

Deferred Tax Assets
Net operating loss and tax credits	$	15,427,801	$	16,164,754
Property and equipment and intangibles	71,990		264,653
Operating lease liabilities	1,307,178		1,121,800
Intangible assets	2,337,091		866,942
Capitalized research cost	2,208,093		1,481,455
Allowance for accounts receivable	147,919		145,803
Reserve for expired product	616,979		654,148
Inventory	185,189		217,025
Deferred charges	937,935		1,156,150
Cumulative compensation costs incurred on deductible equity awards	176,926		635,989
Total deferred tax assets	23,417,101		22,708,719

Deferred Tax Liabilities
Operating lease right-of-use assets	(1,547,773)		(1,150,935)
Intangible assets	—		—
Net deferred tax assets, before valuation allowance	21,869,328		21,557,784
Less: deferred tax asset valuation allowance	(21,869,328)		(21,557,784)
Net deferred tax assets	$	—	$	—

Schedule of federal and state net operating loss carryforwards

The following table summarizes the amount and year of expiration of the Company's federal and state net operating loss carryforwards as of December 31, 2023:


Years of expiration	Federal		State

2024	$	—	$	30,756,304
2025-2042	45,709,390		28,333,628
Indefinite Period	6,405,835		473,278

Total federal and state net operating loss carryforwards	$	52,115,225	$	59,563,210

Schedule of the components of income tax benefit (expense)

Income tax expense includes the following components for the years ended December 31:


	2023		2022
Current:
Federal	$	—	$	—
State and other	45,769		68,850
Total current income tax expense	45,769		68,850

Deferred:
Federal	—		—
State	—		—
Total deferred income tax expense	—		—
Total income tax expense	$	45,769	$	68,850

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2023 and 2022 reconciles with the federal statutory tax rate as follows:


	2023		2022
Federal tax expense at statutory rate	$	21.00	$	21.00
State income tax expense (net of federal income tax benefit)	(0.58)		2.11
Permanent differences associated with general business credits	0.80		—
Change in valuation allowance	(4.96)		(21.76)
Other permanent differences	(6.51)		(2.58)
Expiring tax credits	(3.32)		—
Deferred True-ups	(7.16)		—
Net loss tax expense	$	(0.73)	$	(1.23)

Summary of tax credit carryforwards


Years of expiration	Federal
2024	$	18,370
2025-2044	1,322,531
Total federal and state credit carryforwards	$	1,340,901

Shareholders' Equity (Details) - USD ($)		12 Months Ended
Shareholders' Equity (Details) - USD ($)	Aug. 10, 2009	Dec. 31, 2023	Dec. 31, 2022	May 13, 2010
Class of Stock [Line Items]
Preferred stock, shares authorized		20,000,000
Preferred stock, shares outstanding		0	0
Repurchase of common shares		$ (748,411)	$ (1,025,836)
Amount available under current repurchase program		$ 3,000,000
Common Stock
Class of Stock [Line Items]
Share-based compensation (in shares)		157,360	171,655
Share repurchase program, number of shares authorized to be repurchased				$ 10,000,000
Repurchase of common shares (in shares)		402,143	367,793
Repurchase of common shares		$ (748,411)	$ (1,025,836)
Common Stock
Class of Stock [Line Items]
Initial public offering, effective date	Aug. 10, 2009
Initial public offering, shares issued	5,000,000
Initial public offering, price per share	$ 17.00
Initial public offering, gross proceeds	$ 85,000,000
Initial public offering, underwriting discounts	6,000,000
Initial public offering, issuance costs	4,200,000
Initial public offering, net proceeds	$ 74,800,000

Stock-Based Compensation Plans - Valuation Assumptions (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 8 months 15 days	5 years 10 months 17 days
Expected volatility	65.87%	54.38%
Risk free interest rate	3.45%	2.29%
Expected dividend yield	$ 0	$ 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

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+ Details