Itraconazole

Proposed merger anticipated to close in 2025 As part of the proposed merger, Pulmatrix currently intends to divest its assets including its proprietary dry powder delivery technology, iSPERSE™, which enables delivery of small or large molecule drugs to the lungs by inhalation FRAMINGHAM, Mass., Aug, 6, 2025 /PRNewswire/ -- Pulmatrix, Inc. ("Pulmatrix" or the "Company") (Nasdaq: PULM), a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology, today announced second quarter financial results for 2025 and provided a corporate update. Peter Ludlum, Interim Chief Executive Officer of Pulmatrix, commented, "Our focus in the second quarter has been to advance steps to complete the proposed merger with Cullgen, a privately held, clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degrader therapies for the treatment of pain, cancer and other diseases. During the quarter, the SEC declared our registration statement effective and our stockholders approved the Merger, which will be completed subject to certain closing conditions, including approval from Nasdaq and the China Security Regulatory Commission. If consummated, the proposed merger would create a Nasdaq-listed company focusing on targeted protein degradation technology with three degrader programs in Phase 1 clinical trials – two for the treatment of cancer and one for the treatment of acute and chronic pain. As part of the proposed merger, Pulmatrix is currently in a process to potentially divest its patent portfolio for our iSPERSE™ technology, as well as three related clinical programs." Proposed Merger with Cullgen As previously reported, on November 13, 2024, the Company entered into an agreement and plan of merger with Cullgen Inc. ("Cullgen"), PCL Merger Sub, Inc. and PCL Merger Sub II, LLC, as amended by Amendment No. 1 thereto on April 7, 2025 (the "Merger Agreement" and such transaction, the "Merger"). Additional information about the Merger Agreement and proposed Merger was previously disclosed in a registration statement on Form S-4 (File No. 333-284993) initially filed with the Securities and Exchange Commission (the "SEC") on February 14, 2025, as amended on April 17, 2025, and May 7, 2025, and declared effective on May 9, 2025. On June 16, 2025, the Company held a special meeting in lieu of the annual meeting of Pulmatrix stockholders, at which the Company's stockholders approved the Merger and related proposals. The Closing is subject to other customary closing conditions, including Nasdaq's approval of the listing of the shares of Pulmatrix common stock to be issued in connection with the Merger and approval from the China Security Regulatory Commission. The proposed Merger is anticipated to close in 2025, subject to the satisfaction of the aforementioned closing conditions, among others, however the exact timing of the consummation of the proposed Merger cannot be predicted. If the proposed Merger is completed, the business of Cullgen will continue as the business of the combined company. Pulmatrix Currently Seeking Divestment of Clinical Assets and Proprietary iSPERSE™ Technology iSPERSE™ Technology iSPERSE™ particles are engineered with a small, dense and dispersible profile to exceed the performance of traditional dry powder particles as the iSPERSE™ particles have the dispersibility advantages of porous engineered particles. Pulmatrix believes this results in superior drug delivery compared to traditional oral and injectable forms of treatment for certain diseases. As of June 30, 2025, Pulmatrix's patent portfolio related to iSPERSE™ included approximately 146 granted patents, 18 of which are granted U.S. patents, and approximately 54 additional pending patent applications in the U.S. and other jurisdictions. PUR3100 PUR3100 is an orally inhaled dihydroergotamine ("DHE") engineered with Pulmatrix's iSPERSE™ dry powder inhalation technology for the treatment of acute migraine. In 2023, Pulmatrix announced the Food and Drug Administration's acceptance of an Investigational New Drug ("IND") application for PUR3100 and receipt of a "study may proceed" letter to proceed with a Phase 2 study, positioning PUR3100 as a Phase 2-ready asset. The IND includes a Phase 2 clinical protocol where safety and preliminary efficacy of PUR3100 will be investigated in patients with acute migraine. The Phase 2 IND builds on the Phase 1 trial results of PUR3100, which were published in 2024 in a peer-reviewed publication, Headache: The Journal of Head and Face Pain. The study showed that PUR3100 achieved peak exposures in the targeted therapeutic range and time to maximum concentration occurred at five minutes after dosing at all dosing levels. The PUR3100 dose groups also showed a lower incidence of nausea and no vomiting compared to observations of nausea and vomiting in the intravenously ("IV") administered DHE dose group. PUR1800 PUR1800 is a Narrow Spectrum Kinase Inhibitor ("NSKI"), engineered with our iSPERSE™ technology, for the treatment of acute exacerbations in chronic obstructive pulmonary disease ("AECOPD"). In 2023, Pulmatrix presented complete results from a Phase 1b study of PUR1800 for AECOPD, indicating PUR1800 was safe and well tolerated with no observed safety signals. The topline data, along with the results from chronic toxicology studies, support the continued development of PUR1800 for the treatment of AECOPD and other inflammatory respiratory diseases. PUR1900 PUR1900 is the Company's inhaled iSPERSE™ formulation of the antifungal drug itraconazole for indications where an orally inhaled antifungal may provide a therapeutic benefit or fulfill an unmet medical need. The Company completed all Phase 2b wind down activities in the third quarter of 2024. With the study wind down complete, Pulmatrix bears no further financial responsibility for the development of PUR1900. The Company's partner Cipla has continued clinical development outside the United States and has advised us that they have completed their Phase 2 study in India and have been approved by India's Central Drug Standard Control Organization to proceed with a Phase 3 clinical trial. Should Cipla successfully market PUR1900 outside the United States, Pulmatrix will receive 2% royalties on any potential future net sales by Cipla outside the United States. Within the United States, the Company and Cipla will seek to monetize PUR1900 for indications where an orally inhaled antifungal may provide a therapeutic benefit or fulfill an unmet medical need. Second Quarter 2025 Financial Results Revenues decreased approximately $1.6 million to $0 for the three months ended June 30, 2025, compared to $1.6 million for the three months ended June 30, 2024. The decrease is primarily related to completion of the wind down of the PUR1900 Phase 2b clinical trial during the year ended December 31, 2024. Research and development expenses decreased approximately $2.8 million to less than $0.1 million for the three months ended June 30, 2025, compared to $2.8 million for the three months ended June 30, 2024. The decrease was primarily due to winding down the PUR1900 Phase 2b clinical trial, disposal of the Company's lab and facilities lease and employee terminations. General and administrative expenses decreased approximately $0.5 million to $1.5 million for the three months ended June 30, 2025, compared to $2.0 million for the three months ended June 30, 2024. The decrease was primarily due to decreased employment and other operating costs, partially offset by incurred costs related to the proposed Merger. The Company's total cash and cash equivalents balance as of June 30, 2025, was $5.8 million. The Company anticipates that its cash position, based on operational efficiencies and prioritization of spending, is sufficient to fund its operations at least through the anticipated closing of the proposed Merger with Cullgen. PULMATRIX, INC. Consolidated Balance Sheets (in thousands, except share and per share data) June 30, 2025 December 31, 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 5,825 $ 9,521 Prepaid expenses and other current assets 317 399 Total current assets 6,142 9,920 Long-term restricted cash 10 10 Other long-term assets - 13 Total assets $ 6,152 $ 9,943 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 384 $ 809 Accrued expenses and other current liabilities 164 120 Total current liabilities 548 929 Warrant liability - 67 Total liabilities 548 996 Stockholders' equity: Preferred Stock, $0.0001 par value — 500,000 shares authorized; 6,746 shares designated Series A convertible preferred stock; no shares issued and outstanding at June 30, 2025 and December 31, 2024 - - Common stock, $0.0001 par value — 200,000,000 shares authorized; 3,652,285 shares issued and outstanding at June 30, 2025 and December 31, 2024 - - Additional paid-in capital 306,117 306,103 Accumulated deficit (300,513) (297,156) Total stockholders' equity 5,604 8,947 Total liabilities and stockholders' equity $ 6,152 $ 9,943 PULMATRIX, INC. Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ - $ 1,552 $ - $ 7,437 Operating expenses: Research and development 14 2,834 33 6,346 General and administrative 1,534 2,001 3,362 3,627 Loss on MannKind Transaction - 2,618 - 2,618 Total operating expenses 1,548 7,453 3,395 12,591 Loss from operations (1,548) (5,901) (3,395) (5,154) Other income (expense): Interest income 41 133 94 293 Fair value adjustment of warrants 1 - 67 - Other expense, net (43) (43) (123) (125) Total other income (expense), net (1) 90 38 168 Net loss $ (1,549) $ (5,811) $ (3,357) $ (4,986) Net loss per share attributable to common stockholders – basic and diluted $ (0.42) $ (1.59) $ (0.92) $ (1.37) Weighted average common shares outstanding – basic and diluted 3,652,285 3,652,285 3,652,285 3,652,285 About Pulmatrix, Inc. Pulmatrix is a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company's proprietary product pipeline includes treatments for central nervous system ("CNS") disorders such as acute migraine and serious lung diseases such as Chronic Obstructive Pulmonary Disease ("COPD") and allergic bronchopulmonary aspergillosis ("ABPA"). Pulmatrix's product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE™, which seeks to improve therapeutic delivery to the lungs by optimizing pharmacokinetics and reducing systemic side effects to improve patient outcomes. About iSPERSE™ Technology Pulmatrix's innovative particle engineering technology creates dry powder, which solves limitations of conventional inhaled technologies and expands the universe of inhalable drug therapies. iSPERSE™ is a proprietary technology that allows a broad range of drugs to be formulated as small, dense, and dispersible particles for highly efficient drug delivery and deep penetration into the lungs. iSPERSE™ can efficiently deliver small molecules, drug combinations, peptides, proteins, and nucleic acids via the respiratory system for the treatment of both respiratory and non-respiratory diseases. For more on the Company's inhaled product candidates please visit: https://www.pulmatrix.com/pipeline.html. Forward-Looking Statements Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements of historical fact and may be identified by words such as "anticipates," "assumes," "believes," "can," "could," "estimates," "expects," "forecasts," "guides," "intends," "is confident that", "may," "plans," "seeks," "projects," "targets," and "would," and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the consummation of and the exact timing of the proposed Merger with Cullgen and satisfaction of closing conditions thereunder, among others; the Company's ability to divest its clinical assets on terms favorable to the Company, or at all, the Company's ability to maintain compliance with the listing standards of the Nasdaq Capital Market; the Company's ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; the ability to secure and enforce legal rights related to the Company's products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, including the proposed Merger with Cullgen, is set forth in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Contact: Chuck Padala Managing Director LifeSci Advisors 646-627-8390 chuck@lifesciadvisors.com SOURCE Pulmatrix Inc.

NASHVILLE, Tenn. , Aug. 5, 2025 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX), a specialty pharmaceutical company, announced today that its product portfolio of FDA-approved brands delivered combined net revenues of $10.8 million during the second quarter of 2025, a 10% increase over the prior year period. Year-to-date revenues for the first six months of the year totaled $22.6 million , representing an increase of 23% over the first half of 2024. Cumberland ended the quarter with approximately $68 million in total assets, $40 million in liabilities and $28 million of shareholders' equity. "We have had a strong first half of the year, especially following the progress of our clinical development programs," said Cumberland Pharmaceuticals CEO A.J. Kazimi . "We look forward to building on this success throughout the remainder of the year as we continue our mission of working together to provide unique products that improve the quality of patient care." RECENT COMPANY DEVELOPMENTS INCLUDE: Vibativ® 4-Vial Starter Pak Now Available for Vizient Providers Cumberland recently announced the availability of the Vibativ (telavancin) 4-Vial Starter Pak through a new supply arrangement with Vizient Inc. , making it accessible to their health care providers nationwide. As the country's largest provider-driven health care performance improvement company, Vizient serves more than 65% of the nation's acute care providers, including 97% of academic medical centers and 35% of the non-acute market. Through this agreement, Vizient members now have access to Vibativ's new 4-vial configuration, which supports flexible treatment initiation in both inpatient and outpatient settings for this potentially life-saving therapy. Pharmacokinetic Analysis Reinforces Vibativ Dosing Strategies A comprehensive new pharmacokinetic analysis of Vibativ was published in Antimicrobial Agents and Chemotherapy in June 2025 . The analysis utilizes data from over 1,200 patients across varied demographics and comorbidity profiles. The findings support optimized dosing strategies for patients with different infection severities and renal function levels, reinforcing Vibativ's critical role in treating life-threatening gram-positive infections. Ifetroban Clinical Studies In June 2025 , breakthrough findings from Cumberland's Phase II FIGHT DMD trial, evaluating its ifetroban product candidate in patients with Duchenne muscular dystrophy ("DMD"), were presented at the Parent Project Muscular Dystrophy Annual Conference. The findings demonstrated that high-dose ifetroban delivered a 5.4% improvement in cardiac function in patients with DMD. The presentation also included additional biomarker data indicating reduced cardiac damage, which correlated with the clinical findings. These results position ifetroban as a potential treatment for DMD cardiomyopathy – the leading cause of death in these patients and a critical unmet medical need affecting 90% of DMD patients. The top-line FIGHT DMD study findings were also selected for a late-breaking presentation at the Muscular Dystrophy Association's Clinical & Scientific Conference in March 2025 . In June 2025 , Cumberland completed the comprehensive analysis of the study results, completed its clinical study report and submitted it to the FDA along with a request for an end-of- Phase II meeting. Meanwhile, Cumberland has been evaluating its ifetroban product candidate in a Phase II clinical program in patients with Systemic Sclerosis. Enrollment in the study was completed this year, and Cumberland is monitoring the clinical sites in preparation to lock the database and begin evaluating the results. In addition, Cumberland has a Phase II clinical study, the FIGHTING FIBROSIS™ trial, underway in patients with Idiopathic Pulmonary Fibrosis, the most common form of progressive fibrosing interstitial lung disease. Patient enrollment is now well underway in medical centers across the U.S. The study design includes both an interim safety analysis, as well as an interim efficacy analysis. New Study Features Caldolor® (ibuprofen injection) for Older Patients In May 2025 , Cumberland announced the publication of its study investigating Caldolor (intravenous ibuprofen) in Clinical Therapeutics, demonstrating the product's safety and efficacy for managing post-operative pain in patients 60 years of age and older. The analysis, encompassing over 1,000 older patients from comprehensive post-surgical studies, represents the first such evaluation in this vulnerable population, where traditional pain management options such as opioids carry increased risk. FINANCIAL RESULTS: Net Revenue: For the second quarter of 2025, net revenues were $10.8 million and included $2.8 million for Kristalose®, $3.1 million for Sancuso®, $2.7 million for Vibativ® and $1.6 million for Caldolor®. Year-to-date 2025 net revenues were $22.6 million . Year-to-date net revenues by product were $6.2 million for Kristalose, $5.4 million for Sancuso, $4.1 million for Vibativ and $2.9 million for Caldolor. Operating Expenses: Total operating expenses were $11.6 million for the second quarter of 2025 and $22 million for the first half of the year. Net Income (loss): Year-to-date net income was approximately $516,000 and the second quarter net loss was approximately $741,000 . Adjusted Earnings: Adjusted earnings for the six months ended 2025 were $2.8 million , or $0.18 per diluted share. Balance Sheet: At June 30, 2025 , Cumberland had approximately $68 million in total assets, including $16 million in cash and cash equivalents. Liabilities totaled $40 million , including $5 million on the company's credit facility. Total shareholders' equity was $28 million on June 30, 2025 . EARNINGS REPORT CALL: A conference call will be held today, August 5, 2025 , at 4:30 p.m. Eastern Time to provide a company update and discuss the financial results. The link to register is https://register-conf.media-server.com/register/BI0e0cfee6a381408fa7d3d939d82dfa04. Registered participants can dial in from their phone using a dial-in and PIN number that will be provided to them. Alternatively, they can choose a "Call Me" option to have the system automatically call them at the start of the conference. A replay of the call will be available for one year and can be accessed via Cumberland's website or by visiting:https://edge.media-server.com/mmc/p/zpxz72fn. ABOUT CUMBERLAND PHARMACEUTICALS : Cumberland Pharmaceuticals Inc. is the largest biopharmaceutical company founded and headquartered in Tennessee and is focused on providing unique products that improve the quality of patient care. The company develops, acquires, and commercializes products for the hospital acute care, gastroenterology and oncology market segments. The company's portfolio of FDA-approved brands includes: Acetadote® (acetylcysteine) injection, for the treatment of acetaminophen poisoning; Caldolor® (ibuprofen) injection, for the treatment of pain and fever; Kristalose® (lactulose) oral, a prescription laxative, for the treatment of constipation; Sancuso® (granisetron) transdermal, for the prevention of nausea and vomiting in patients receiving certain types of chemotherapy treatment; Vaprisol® (conivaptan) injection, to raise serum sodium levels in hospitalized patients with euvolemic and hypervolemic hyponatremia; and Vibativ® (telavancin) injection, for the treatment of certain serious bacterial infections including hospital-acquired and ventilator-associated bacterial pneumonia, as well as complicated skin and skin structure infections. The company also has a series of Phase II clinical programs underway evaluating its ifetroban product candidate in patients with Duchenne Muscular Dystrophy, Systemic Sclerosis and Pulmonary Fibrosis. For more information on Cumberland's approved products, including full prescribing information, please visit the links to the individual product websites, which can be found on the company's website at www.cumberlandpharma.com. About Acetadote® (acetylcysteine) Injection Acetadote, administered intravenously within 8 to 10 hours after ingestion of a potentially hepatotoxic quantity of acetaminophen, is indicated to prevent or lessen hepatic injury. Used in the emergency department, Acetadote is approved in the United States to treat overdose of acetaminophen, a common ingredient in many over-the-counter medications. Acetadote is contraindicated in patients with hypersensitivity or previous anaphylactoid reactions to acetylcysteine or any components of the preparation. For full prescribing and safety information, visit www.acetadote.com. About Caldolor® (ibuprofen) Injection Caldolor is indicated in adults and pediatric patients for the management of mild to moderate pain and the management of moderate to severe pain as an adjunct to opioid analgesics, as well as the reduction of fever. It was the first FDA-approved intravenous therapy for fever. Caldolor is contraindicated in patients with known hypersensitivity to ibuprofen or other non-steroidal anti-inflammatory drugs (NSAIDs) as well as patients with a history of asthma or other allergic type reactions after taking aspirin or other NSAIDs. Caldolor is contraindicated for use during the peri-operative period in the setting of coronary artery bypass graft (CABG) surgery. For full prescribing and safety information, including boxed warning, visit www.caldolor.com. About Kristalose® (lactulose) Oral Solution Kristalose is indicated for the treatment of acute and chronic constipation. It is a unique, proprietary, crystalline form of lactulose, with no restrictions on length of therapy or patient age. Kristalose is contraindicated in patients who require a low-galactose diet. Elderly, debilitated patients who receive lactulose for more than six months should have serum electrolytes (potassium, chloride, carbon dioxide) measured periodically. For full prescribing and safety information, visit www.kristalose.com. About Sancuso® (granisetron) Transdermal System Sancuso is the only skin patch approved by the FDA for the prevention of chemotherapy-induced nausea and vomiting (CINV) in patients receiving moderately and/or highly emetogenic chemotherapy. When applied 24 to 48 hours before receiving chemotherapy, the Sancuso patch slowly and continuously releases the medicine contained in the adhesive through clean and intact skin areas into the patient's bloodstream. It can prevent CINV for chemotherapy regimens of up to five consecutive days. For full prescribing and safety information, visit www.sancuso.com. About Vaprisol® (conivaptan hydrochloride) Injection Vaprisol is an intravenous treatment for hyponatremia used in the critical care setting. Hyponatremia is an electrolyte disturbance in which sodium ion concentration in blood plasma is lower than normal. This can be associated with a variety of critical care conditions including congestive heart failure, liver failure, kidney failure and pneumonia. The product is a vasopressin receptor antagonist that raises serum sodium levels and promotes free water secretion. Vaprisol is contraindicated in patients with hypovolemic hyponatremia. The coadministration of Vaprisol with potent CYP3A inhibitors, such as ketoconazole, itraconazole, clarithromycin, ritonavir and indinavir, is contraindicated. For full prescribing and safety information, including boxed warning, visit www.vaprisol.com. About Vibativ® (telavancin) for Injection 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. Intravenous unfractionated heparin sodium is contraindicated with Vibativ administration due to artificially prolonged activated partial thromboplastin time (aPTT) test results for up to 18 hours after Vibativ administration. Vibativ is contraindicated in patients with a known hypersensitivity to telavancin. For more information, please visit www.vibativ.com. ABOUT CUMBERLAND EMERGING TECHNOLOGIES: Cumberland Emerging Technologies, Inc. (www.cet-fund.com) is a joint initiative between Cumberland Pharmaceuticals Inc. , Vanderbilt University , LaunchTN and WinHealth. The mission of CET is to advance biomedical technologies and products conceived at Vanderbilt University and other regional research centers towards the marketplace. CET helps manage the development and commercialization process for select projects, and provides expertise on intellectual property, regulatory, manufacturing and marketing issues that are critical to successful new biomedical products. CET's Life Sciences Center provides laboratory space, equipment and infrastructure for CET's activities and other early-stage life sciences ventures. FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which are subject to certain risks and reflect Cumberland's current views on future events based on what it believes are reasonable assumptions. No assurance can be given that these events will occur. Forward-looking statements include, among other things, statements regarding the Company's intent, belief or expectations, and can be identified by the use of terminology such as "may," "will," "expect," "believe," "intend," "plan," "estimate," "should," "seek," "anticipate," "look forward" and other comparable terms or the negative thereof. As with any business, all phases of Cumberland's operations are subject to factors outside of its control, and any one or combination of these factors could materially affect Cumberland's operation results. These factors include macroeconomic conditions, including rising interest rates and inflation, tariffs, competition, an inability of manufacturers to produce Cumberland's products on a timely basis, failure of manufacturers to comply with regulations applicable to pharmaceutical manufacturers, natural disasters, public health epidemics, maintaining an effective sales and marketing infrastructure, and other events beyond the Company's control as more fully discussed in its most recent annual report on Form 10-K as filed with the U.S. Securities and Exchange Commission (" SEC "), as well as the Company's other filings with the SEC from time to time. There can be no assurance that results anticipated by the company will be realized or that they will have the expected effects. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to publicly revise these statements to reflect events after the date hereof. CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 16,087,281 $ 17,964,184 Accounts receivable, net 10,316,911 11,701,466 Inventories, net 3,222,872 3,999,995 Prepaid and other current assets 1,578,265 2,786,513 Total current assets 31,205,329 36,452,158 Non-current inventories 9,526,122 11,005,499 Property and equipment, net 297,793 277,365 Intangible assets, net 15,988,232 17,973,449 Goodwill 914,000 914,000 Operating lease right-of-use assets 7,125,408 6,176,923 Other assets 2,850,265 2,784,016 Total assets $ 67,907,149 $ 75,583,410 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 13,446,531 $ 13,914,266 Operating lease current liabilities 386,077 356,508 Current portion of revolving line of credit — 5,100,000 Other current liabilities 10,139,532 12,250,955 Total current liabilities 23,972,140 31,621,729 Revolving line of credit - long term 5,240,733 10,176,170 Operating lease non-current liabilities 4,714,183 4,939,739 Other long-term liabilities 6,301,166 6,299,795 Total liabilities 40,228,222 53,037,433 Equity: Shareholders' equity: Common stock— no par value; 100,000,000 shares authorized; 14,959,937and 13,952,624 shares issued and outstanding as of June 30, 2025 and December 31, 2024 , respectively 51,441,398 46,821,425 Accumulated deficit (23,451,603) (23,967,931) Total shareholders' equity 27,989,795 22,853,494 Noncontrolling interests (310,868) (307,517) Total equity 27,678,927 22,545,977 Total liabilities and equity $ 67,907,149 $ 75,583,410 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three months ended June 30 , Six months ended June 30 , 2025 2024 2025 2024 Net revenues $ 10,837,363 $ 9,848,849 $ 22,550,418 $ 18,346,550 Costs and expenses: Cost of products sold 2,011,389 1,710,944 3,437,103 3,286,486 Selling and marketing 4,223,647 4,248,401 8,455,627 8,402,989 Research and development 1,468,399 1,059,187 2,763,475 2,217,440 General and administrative 2,874,922 2,757,148 5,337,930 5,125,055 Amortization 1,006,484 1,099,857 2,011,814 2,210,518 Total costs and expenses 11,584,841 10,875,537 22,005,949 21,242,488 Operating income (loss) (747,478) (1,026,688) 544,469 (2,895,938) Interest income 127,489 61,841 253,198 158,587 Interest expense (109,547) (126,347) (273,349) (244,873) Income (loss) before income taxes (729,536) (1,091,194) 524,318 (2,982,224) Income tax expense (5,671) (11,443) (11,341) (22,885) Net income (loss) (735,207) (1,102,637) 512,977 (3,005,109) Net loss (income) at subsidiary attributable tononcontrolling interests (5,533) 17,025 3,351 (26,766) Net income (loss) attributable to commonshareholders $ (740,740) $ (1,085,612) $ 516,328 $ (3,031,875) Earnings (loss) per share attributable to commonshareholders - basic $ (0.05) $ (0.08) $ 0.03 $ (0.21) - diluted $ (0.05) $ (0.08) $ 0.03 $ (0.21) Weighted-average shares outstanding - basic 14,960,596 14,118,091 14,951,609 14,107,852 - diluted 14,960,596 14,118,091 15,274,134 14,107,852 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30 , 2025 2024 Cash flows from operating activities: Net income (loss) $ 512,977 $ (3,005,109) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization expense 2,065,502 2,290,130 Amortization of operating lease right-of-use assets 570,369 570,369 Share-based compensation 154,898 150,712 Increase (decrease) in non-cash contingent consideration 83,578 (442,321) Increase in cash surrender value of life insurance policies over premiumspaid (40,507) (101,538) Noncash interest expense 10,723 8,654 Net changes in assets and liabilities affecting operating activities: Accounts receivable 1,384,555 (1,861,587) Inventories, net 1,818,196 1,243,245 Other current assets and other assets 640,023 424,684 Operating lease liabilities (440,442) (429,064) Accounts payable and other current liabilities (2,018,925) (1,925,886) Other long-term liabilities 1,371 85,404 Net cash provided by (used in) operating activities 4,742,318 (2,992,307) Cash flows from investing activities: Additions to property and equipment (74,116) (48,799) Net investment in manufacturing (836,095) — Additions to intangible assets (32,111) (56,191) Net cash used in investing activities (942,322) (104,990) Cash flows from financing activities: Proceeds from ATM offering, net 5,266,334 — Borrowings on line of credit — 22,000,000 Payments on line of credit (10,035,437) (18,692,552) Cash settlement of contingent consideration (654,757) (813,478) Payments made in connection with repurchase of common shares (253,039) (381,851) Net cash (used in) provided by financing activities (5,676,899) 2,112,119 Net decrease in cash and cash equivalents (1,876,903) (985,178) Cash and cash equivalents at beginning of period 17,964,184 18,321,624 Cash and cash equivalents at end of period $ 16,087,281 $ 17,336,446 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES Reconciliation of Net Income (loss) Attributable to Common Shareholders to Adjusted Earnings (loss) and Adjusted Diluted Earnings (loss) Per Share (Unaudited) Three months ended June 30 , Three months ended June 30 , 2025 2025 2024 2024 Earningsimpact Earnings pershare impact Earningsimpact Earnings pershare impact Net loss attributable to common shareholders $ (740,740) $ (0.05) $ (1,085,612) $ (0.08) Less: Net (income) loss at subsidiary attributable tononcontrolling interests (5,533) — 17,025 — Net loss (735,207) (0.05) (1,102,637) (0.08) Adjustments to net loss Income tax expense 5,671 — 11,443 — Depreciation and amortization 1,033,918 0.07 1,139,445 0.08 Share-based compensation (a) 80,686 0.01 71,958 0.01 Interest income (127,489) (0.01) (61,841) — Interest expense 109,547 0.01 126,347 0.01 Adjusted earnings (loss) and adjusted dilutedearnings (loss) per share $ 367,126 $ 0.02 $ 184,715 $ 0.01 Diluted weighted-average common shares outstanding: 15,288,344 14,227,139 Six months ended June 30 , Six months ended June 30 , 2025 2025 2024 2024 Earningsimpact Earnings pershare impact Earningsimpact Earnings pershare impact Net income (loss) attributable to commonshareholders $ 516,328 $ 0.03 $ (3,031,875) $ (0.21) Less: Net (income) loss at subsidiary attributable tononcontrolling interests 3,351 — (26,766) — Net Income (loss) 512,977 0.03 (3,005,109) (0.21) Adjustments to net income (loss) Income tax expense 11,341 — 22,885 — Depreciation and amortization 2,065,502 0.14 2,290,130 0.16 Share-based compensation (a) 154,898 0.01 150,712 0.01 Interest income (253,198) (0.02) (158,587) (0.01) Interest expense 273,349 0.02 244,873 0.02 Adjusted earnings (loss) and adjusted dilutedearnings (loss) per share $ 2,764,869 $ 0.18 $ (455,096) $ (0.03) Diluted weighted-average common shares outstanding: 15,274,134 14,107,852 The Company provided the above adjusted supplemental financial performance measures, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. These financial measures should be considered supplemental to, and not as a substitute for, financial information prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). The definition of these supplemental measures may differ from similarly titled measures used by others. Because these supplemental financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the supplemental financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release. Cumberland's management believes these supplemental financial performance measures are important as they are used by management, along with financial measures in accordance with GAAP, to evaluate the Company's operating performance. In addition, Cumberland believes that they will be used by certain investors to measure the Company's operating results. Management believes that presenting these supplemental measures provides useful information about the Company's underlying performance across reporting periods on a consistent basis by excluding items that Cumberland does not believe are indicative of its core business performance or reflect long-term strategic activities. Certain of these items are not settled through cash payments and include: depreciation, amortization, share-based compensation expense and income taxes. Cumberland utilizes its net operating loss carryforwards to pay minimal income taxes. In addition, the use of these financial measures provides greater transparency to investors of supplemental information used by management in its financial and operational decision-making, including the evaluation of the Company's operating performance. The Company defines these supplemental financial measures as follows: Adjusted Earnings (loss): Net income (loss) adjusted for the impact of income taxes, depreciation and amortization expense, share-based compensation, interest income and interest expense. (a) Represents the share-based compensation of Cumberland. Adjusted Diluted Earnings (loss) Per Share: Adjusted Earnings (loss) divided by diluted weighted-average common shares outstanding. View original content to download multimedia:https://www.prnewswire.com/news-releases/cumberland-pharmaceuticals-reports-23-revenue-growth-year-to-date-302522321.html SOURCE Cumberland Pharmaceuticals Inc. Investor Contact: Shayla Simpson, Cumberland Pharmaceuticals Inc., (615) 255-0068; Media Contact: Emily Kent, Dalton Agency, (540) 621-5448