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Revenues
6 Months Ended
Jun. 30, 2024
Revenues [Abstract]  
Revenues REVENUES
Product Revenues
The Company accounts for revenues from contracts with customers under ASC 606.
The Company’s net revenues consisted of the following for the three and six months ended June 30, 2024 and 2023:
Three months ended June 30,Six months ended June 30,
2024202320242023
Products:
Kristalose$4,107,834 $4,110,718 $7,303,444 $8,425,846 
Sancuso2,188,776 1,916,966 4,016,544 3,803,759 
Vibativ2,454,481 2,147,826 4,059,970 3,996,013 
Caldolor844,248 1,226,314 2,314,947 2,161,356 
Acetadote43,396 150,163 123,599 320,019 
Vaprisol(941)8,062 (2,556)5,544 
Omeclamox-Pak(1,581)23,857 7,081 39,866 
RediTrex(1,156)9,493 34,400 (131,552)
Other revenue213,792 1,295,478 489,121 1,492,664 
Total net revenues$9,848,849 $10,888,877 $18,346,550 $20,113,515 
There was no Omeclamox-Pak net revenue for the second quarter of 2024 due to our lack of commercial inventory of this product. The packager for our Omeclamox-Pak product encountered financial difficulties due to the impact of COVID-19. As we have not been able to identify an alternative site to package the product, we decided to discontinue the sales of Omeclamox-Pak and expense the remaining brand intangible assets in late 2023. For the three and six months ended June 30, 2024, the amounts noted resulted from normal distribution adjustments.
With regard to Vaprisol, we are in the process of transitioning to a new manufacturing partner, who was issued a U.S. Food and Drug Administration ("FDA") Form 483 in the second quarter of 2022. Once these FDA Form 483 related issues are satisfactorily resolved, we will then resubmit our application for their facility to the FDA for approval. Meanwhile, we have been working with them to support a special, interim supply of compounded product for critically ill patients, which they introduced to the market in late 2023. For the three and six months ended June 30, 2024, the amounts reflected our share of sales of the compounded product and normal sales deduction adjustments. For the three and six months ended June 30, 2023, net revenue was impacted by normal accrual adjustments.
Effective June 30, 2023, the Company returned all rights of RediTrex back and will receive a long-term royalty on any sales of the product in the future. For the three and six months ended June 30, 2024 and 2023, the revenue amounts represented normal distribution and accrual adjustments.
Other Revenues
The Company has agreements with international partners for commercialization of the Company's products with associated payments included in other revenues. Those agreements provide that each of the partners is responsible for seeking regulatory approvals for the product, and following approval, each partner will be responsible for the ongoing distribution and sales in the respective international territories. Cumberland is typically entitled to receive a non-refundable, up-front payment at the time each agreement is executed as consideration for the product dossier and for the rights to the distinct intellectual property rights in the respective international territory. These agreements also typically provide for additional payments upon a partner’s achievement of a defined regulatory approval and sales milestones. The Company may also be entitled to receive royalties on future sales of the products and a transfer price on supplies. The contractual payments associated with the partner’s achievement of regulatory approvals, sales milestones and royalties on future sales are recognized as revenue upon occurrence, or at such time that the Company has a high degree of confidence that the revenue would not be reversed in a subsequent period.
Other revenues include funding from federal grant programs including those provided by the FDA and from those secured by Cumberland Emerging Technologies Inc. ("CET") through the Small Business Administration's Small Business Innovation Research and Small Business Technology Transfer ("SBIR/STTR") programs. Grant revenue from these federal grant programs totaled approximately $0.1 million for the six months ended June 30, 2024 and 2023.
Other revenues also include lease income generated by CET’s Life Sciences Center which is a research facility that provides scientists with access to flexible lab space and other resources to develop biomedical products. This lease income, as noted in Footnote 5 - Leases, was approximately $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.