Cumberland Pharmaceuticals Inc (CPIX) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to Cumberland Pharmaceuticals' Third Quarter 2022 Financial Report and Company Update. This call is being recorded at Cumberland's request and will be archived on the company's website for 1 year from today's date.

下午好，歡迎來到 Cumberland Pharmaceuticals 的 2022 年第三季度財務報告和公司更新。此次通話是應 Cumberland 的要求進行錄音的，並將在公司網站上存檔，自今天起保存 1 年。

I would now like to turn it over to Molly Aggas, Account Supervisor at the Dalton Agency, who handles Cumberland's communications. Molly, please go ahead.

我現在想把它交給 Dalton Agency 的客戶主管 Molly Aggas，她負責處理 Cumberland 的通訊。莫莉，請繼續。

Hello, everyone, and good afternoon. Thanks for joining today's call.

大家好，下午好。感謝您參加今天的電話會議。

Earlier this afternoon, Cumberland issued a press release containing financial results for the third quarter of 2022, along with the company update. The release, which includes the related financial tables, can be found on Cumberland's website at www.cumberlandpharma.com.

今天下午早些時候，Cumberland 發布了一份新聞稿，其中包含 2022 年第三季度的財務業績以及公司更新。該新聞稿包括相關財務表格，可在 Cumberland 的網站 www.cumberlandpharma.com 上找到。

Company management will share an overview of those financial results during today's call. They'll also provide an overall company update, including a discussion of its brands, pipeline and partners. Participating in today's call are A.J. Kazimi, Cumberland's Chief Executive Officer; and John Hamm, Chief Financial Officer.

公司管理層將在今天的電話會議上分享這些財務業績的概覽。他們還將提供公司的整體更新，包括對其品牌、渠道和合作夥伴的討論。參加今天電話會議的有 A.J. Cumberland 首席執行官 Kazimi；首席財務官 John Hamm。

Please keep in mind that their discussions may include forward-looking statements as defined in the Private Securities Reform Act of 1995. These statements reflect the company's current views and expectations concerning future events, it may involve risks and uncertainties. Additionally, there are many factors that could affect Cumberland's future results, including natural disasters, economic downturns, public health epidemics, international conflicts and others that are beyond the company's control.

請記住，他們的討論可能包括 1995 年私人證券改革法案中定義的前瞻性陳述。這些陳述反映了公司當前對未來事件的看法和預期，可能涉及風險和不確定性。此外，還有許多因素可能影響坎伯蘭的未來業績，包括自然災害、經濟衰退、公共衛生流行病、國際衝突和其他公司無法控制的因素。

Those issues are described under the caption Risk Factors in Cumberland's Form 10-K and any additional updates filed with the SEC. Any forward-looking statements made during today's call are qualified by those risk factors. Despite the company's best efforts, actual results may differ materially from expectations. So information shared on this call should be considered current as of today only. Please remember that the company isn't responsible for updating any forward-looking statements, whether as a result of new information or due to future developments.

這些問題在 Cumberland 的 10-K 表格的風險因素標題下以及向 SEC 提交的任何其他更新中進行了描述。在今天的電話會議中所做的任何前瞻性陳述都受到這些風險因素的限制。儘管公司盡了最大努力，但實際結果可能與預期存在重大差異。因此，本次電話會議上分享的信息僅應視為截至今天的最新信息。請記住，公司不負責更新任何前瞻性陳述，無論是由於新信息還是由於未來發展。

During today's call, there will be references to several of Cumberland's marketed brands. Full prescribing and safety information for each brand is included on the individual product website. And a link to those sites can be found on the corporate website at www.cumberlandpharma.com.

在今天的電話會議中，將提及 Cumberland 的幾個營銷品牌。每個品牌的完整處方和安全信息包含在各個產品網站上。可以在公司網站 www.cumberlandpharma.com 上找到這些網站的鏈接。

The company will also provide some non-GAAP financial measures with respect to performance. An explanation and reconciliation to GAAP measures can be found in the financial tables in the earnings release that was issued earlier this afternoon. If you have any questions, please hold them until the end of the call, at which point, we'll be happy to answer them.

公司還將提供一些與業績相關的非 GAAP 財務指標。在今天下午早些時候發布的收益報告中的財務表格中可以找到對 GAAP 措施的解釋和調節。如果您有任何問題，請等到電話結束後再提出，屆時我們將很樂意為您解答。

With that overview, I'll turn the call over to Cumberland's Chief Executive Officer, A.J. Kazimi.

有了這個概述，我將把電話轉給 Cumberland 的首席執行官 A.J.卡齊米。

Thank you, Molly, and good afternoon, everyone. We appreciate you joining us.

謝謝你，莫莉，大家下午好。感謝您加入我們。

As you'll hear today, we had another active and productive quarter here at Cumberland. We'll provide an update on the latest developments and review our financial results for the third quarter of 2022. So let's get started.

正如您今天將聽到的那樣，我們在坎伯蘭度過了另一個活躍而富有成效的季度。我們將提供最新動態的更新，並回顧我們 2022 年第三季度的財務業績。讓我們開始吧。

I'm pleased to report that Cumberland had a very successful third quarter, delivering on our goal of double-digit revenue growth for the period. Our line of FDA-approved brands generated $11.4 million in revenue and $1.4 million in adjusted earnings or $0.10 a share. Our sales organization continues to navigate the challenges in the marketplace, and we are starting to see a return to a more typical selling environment.

我很高興地報告說，坎伯蘭郡第三季度非常成功，實現了我們在此期間實現兩位數收入增長的目標。我們經 FDA 批准的品牌系列產生了 1140 萬美元的收入和 140 萬美元的調整後收益或每股 0.10 美元。我們的銷售組織繼續應對市場挑戰，我們開始看到回歸到更典型的銷售環境。

However, we are still seeing staffing shortages at hospitals, clinics and physician offices, which are impacting the number of patient procedures and the facility visits. Still, we experienced strong year-over-year financial performance led by contributions from our newest brand, Sancuso, it's off to a great start. And we're supporting the product through our new sales division, Cumberland Oncology.

然而，我們仍然看到醫院、診所和醫生辦公室的人員短缺，這影響了患者手術的數量和設施的訪問量。儘管如此，在我們最新品牌 Sancuso 的貢獻的帶動下，我們經歷了強勁的同比財務業績，這是一個良好的開端。我們通過新的銷售部門 Cumberland Oncology 支持該產品。

During the third quarter, we largely completed the transition of Sancuso from Kyowa Kirin to here at Cumberland. We've now assumed full commercial responsibility for the product in the U.S., including its marketing, its promotion, distribution and medical support activities. Already, we've seen Sancuso quickly becoming one of our most important brands and a significant contributor to our business.

在第三季度，我們基本上完成了 Sancuso 從 Kyowa Kirin 到 Cumberland 的過渡。我們現在已對該產品在美國承擔全部商業責任，包括其營銷、促銷、分銷和醫療支持活動。我們已經看到 Sancuso 迅速成為我們最重要的品牌之一，並為我們的業務做出了重要貢獻。

To fund this acquisition, recall we extended our bank line of credit for a new 3-year term and expanded that facility to provide up to $20 million in capital. 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. By addressing these issues, we can help patients tolerate and continue to need a treatment for their cancers. To support Sancuso, as I mentioned, we formed a new specialty sales division, Cumberland Oncology, and we also entered to a new co-promotion agreement with Verity Pharmaceuticals to feature Sancuso through [their] international oncology sales organization.

回想一下，為了為此次收購提供資金，我們將銀行信貸額度延長了一個新的 3 年期，並擴大了該貸款以提供高達 2000 萬美元的資本。 Sancuso 是第一個也是唯一一個 FDA 批准的處方貼劑，用於預防接受某些類型化療的患者的噁心和嘔吐。通過解決這些問題，我們可以幫助患者耐受並繼續需要治療他們的癌症。正如我提到的，為了支持 Sancuso，我們成立了一個新的專業銷售部門 Cumberland Oncology，我們還與 Verity Pharmaceuticals 簽訂了一項新的共同推廣協議，通過 [他們的] 國際腫瘤學銷售組織來展示 Sancuso。

Verity's team completed their training and then launched their promotion during the third quarter. Verity will promote the product across the U.S. for an initial 3-year term with an option to extend for an additional 2 years and Verity and Cumberland will share in the incremental contribution margin resulting from their efforts. Our teams are working closely on joint marketing and sales initiatives and we look forward to expanding the number of cancer patients who can benefit from this brand.

Verity 的團隊完成了訓練，然後在第三季度開始了他們的晉級。 Verity 將在美國推廣該產品，最初為期 3 年，可選擇再延長 2 年，Verity 和 Cumberland 將分享他們努力產生的增量邊際收益。我們的團隊正在就聯合營銷和銷售計劃密切合作，我們期待著擴大可以從該品牌中受益的癌症患者的數量。

With the addition of Sancuso sales, our product portfolio delivered combined revenues of $11.4 million during the third quarter, a 41% increase over the prior year period. Adjusted earnings for the third quarter were $1.4 million or $0.10 a share, while year-to-date cash flow from operations was $5.6 million, a 28% increase over the same period last year. As a result of the Sancuso acquisition, our total assets grew to $91 million by the end of the third quarter, including $19.5 million in cash. Total liabilities were $53 million, including $17.7 million on our revolving line of credit. Shareholders' equity was $38 million as of September 30, 2022.

加上 Sancuso 的銷售額，我們的產品組合在第三季度的總收入為 1140 萬美元，比去年同期增長 41%。第三季度調整後收益為 140 萬美元或每股 0.10 美元，而年初至今的運營現金流為 560 萬美元，比去年同期增長 28%。由於收購了 Sancuso，我們的總資產在第三季度末增長到 9100 萬美元，其中包括 1950 萬美元現金。總負債為 5300 萬美元，其中包括我們循環信貸額度的 1770 萬美元。截至 2022 年 9 月 30 日，股東權益為 3800 萬美元。

Now I typically hand the call over to our Vice President, Todd Anthony, for an update on our team and our brands. But unfortunately, Todd is out today, overcovering from a recent elective surgery. We wish him well, and I'll go ahead and give a brief update on his behalf.

現在我通常會把電話轉給我們的副總裁托德安東尼，讓他了解我們團隊和品牌的最新情況。但不幸的是，托德今天因最近的擇期手術而缺席。我們祝他一切順利，我將繼續代表他簡要介紹最新情況。

I'd first like to touch on Vibativ, our potent injectable antibiotic, designed to treat certain serious bacterial infections, including hospital-acquired or ventilator-associated pneumonia as well as complicated skin infections. Earlier this year, our marketing and sales leadership took a fresh look at how we can best support Vibativ and they launched a series of new initiatives to increase the brand's awareness and use of the support potentially life-saving brand. Based on the implementation of those initiatives, we are beginning to now see an improvement [in brand's] performance.

我想首先介紹一下我們的強效注射用抗生素 Vibativ，它旨在治療某些嚴重的細菌感染，包括醫院獲得性肺炎或呼吸機相關性肺炎以及復雜的皮膚感染。今年早些時候，我們的營銷和銷售領導層重新審視了我們如何才能最好地支持 Vibativ，他們推出了一系列新舉措，以提高該品牌的知名度和對可能挽救生命的支持品牌的使用。基於這些舉措的實施，我們現在開始看到 [品牌的] 業績有所改善。

Next, I'd like to discuss Kristalose, our prescription [strength] laxative packaged in a convenient premeasured powder dose, which dissolves quickly in just 4 ounces of water, providing a clear, taste-free and (inaudible) free solution. Kristalose continues to benefit in the support of our co-promotion partners. We feature the brand with physicians and facilities that Cumberland does not cover. The award-winning marketing campaign has also been refreshed for 2022 to support increased engagement with our customers. And we've expanded patient support for the brand, which has recently been added to the [GoodRx] platform.

接下來，我想討論 Kristalose，我們的處方 [強度] 瀉藥包裝在方便的預先測量的粉末劑量中，僅在 4 盎司水中迅速溶解，提供清澈、無味且（聽不清）的溶液。 Kristalose 繼續受益於我們共同推廣合作夥伴的支持。我們以坎伯蘭郡未涵蓋的醫生和設施為品牌特色。屢獲殊榮的營銷活動也已更新到 2022 年，以支持增加與客戶的互動。我們擴大了對該品牌的患者支持，該品牌最近已添加到 [GoodRx] 平台。

Turning now to Caldolor. I'd like to remind you that late last year, we received FDA approval for its use just prior to surgery, which results in patients waking up from the procedures in significantly less pain and also needing significantly fewer opioids. We continue to see growth in our ready-to-use presentation of Caldolor as more patients return for elective surgeries. Additionally, international shipments have contributed nicely to the brand's performance over the year.

現在轉向卡爾多洛。我想提醒您，去年年底，我們獲得了 FDA 批准在手術前使用它，這導致患者從手術中醒來時疼痛明顯減輕，並且需要的阿片類藥物也明顯減少。隨著越來越多的患者返回進行擇期手術，我們繼續看到 Caldolor 的即用型介紹有所增長。此外，國際出貨量為該品牌全年的業績做出了巨大貢獻。

I'd now like to touch on our newest product in the portfolio, Sancuso, which I did mention earlier. And you see [when Sancuso is supplied 24, 48 hours] before receiving chemotherapy, it can help prevent the nausea and vomiting for up to 5 consecutive days. Now alternative oral treatments must be taken several times a day during this 5-day period to deliver the same therapeutic doses and making it difficult for some patients who are experiencing nausea when they try to swallow. We're very excited about it and believe in the potential of Sancuso and we're honored to deliver it to cancer patients throughout the country.

我現在想談談我們產品組合中的最新產品 Sancuso，我之前確實提到過。你會看到 [當 Sancuso 在接受化療前 24、48 小時提供時]，它可以幫助防止噁心和嘔吐長達連續 5 天。現在，在這 5 天的時間內，必須每天多次進行替代口服治療，以提供相同的治療劑量，並使一些在嘗試吞嚥時感到噁心的患者難以接受。我們對此感到非常興奮，並且相信 Sancuso 的潛力，我們很榮幸能夠將它提供給全國各地的癌症患者。

Next, I'd like to share an update on our RediTrex product line, which we launched in the fourth quarter of last year. It's our methotrexate line of prefilled syringes designed for this safe, simple treatment of active rheumatoid, juvenile idiopathic and severe psoriatic arthritis. These prefilled syringes assure accurate and safe dosing is an automatic retractable, extra-thin 29-gauge needle that reduces pain as well as the risk of needlesticks.

接下來，我想分享我們在去年第四季度推出的 RediTrex 產品線的更新。這是我們的甲氨蝶呤預裝注射器系列，專為對活動性類風濕性關節炎、幼年特發性和嚴重銀屑病性關節炎進行安全、簡單的治療而設計。這些預裝注射器確保准確和安全的劑量是一種自動伸縮的超薄 29 號針頭，可減少疼痛和針刺的風險。

Our RediTrex sales last year and early this year were limited as our initial stocking of the product began moving through the distribution channels. Quarterly prescriptions for the product are now growing steadily, and that's resulting in an increase in our shipments and our quarterly sales. As we announced during our prior earnings call, RediTrex is now covered by a growing number of managed care [plans], including those associated with the [Cigna, Anthem and United].

我們的 RediTrex 去年和今年年初的銷售額有限，因為我們最初的產品庫存開始通過分銷渠道轉移。該產品的季度處方現在穩步增長，這導致我們的出貨量和季度銷售額增加。正如我們在之前的財報電話會議上宣布的那樣，越來越多的管理式醫療 [計劃] 涵蓋了 RediTrex，包括與 [Cigna、Anthem 和 United] 相關的計劃。

Meanwhile, during the third quarter, we entered into an amendment to our agreement with Nordic Pharma, who previously provided us with the license for the U.S. rights for our RediTrex line. Based on the amendment, Nordic may assume responsibility for distributing the methotrexate products in the U.S. after March 31 of next year. Until then, we'll continue to commercialize and support RediTrex during a transition period.

同時，在第三季度，我們與 Nordic Pharma 達成了一項協議修正案，Nordic Pharma 之前向我們提供了 RediTrex 產品線在美國的權利許可。根據修正案，Nordic 可能會在明年 3 月 31 日之後承擔在美國分銷甲氨蝶呤產品的責任。在此之前，我們將在過渡期間繼續商業化和支持 RediTrex。

Following return of the license, Nordic will provide Cumberland a royalty on their future sales of the product through April 2035. Cumberland will transfer the marketing authorization associated with the RediTrex line to Nordic. And in return Nordic's returning 180,000 shares to be issued to them associated with the original license and they'll refund the $1 million we paid them following the (inaudible) approval in the United States. Nordic's also issuing the credit note in favor of Cumberland in the amount of another $1 million for the unpaid [milestone] due from us, which was associated with our launch of the line. Together, the companies will continue to collaborate on any transition and ongoing commercialization of the product line.

許可證歸還後，Nordic 將向 Cumberland 提供截至 2035 年 4 月產品未來銷售的特許權使用費。Cumberland 將把與 RediTrex 系列相關的營銷授權轉讓給 Nordic。作為回報，Nordic 將向他們返還與原始許可相關的 180,000 股股票，他們將退還我們在美國獲得（聽不清）批准後支付給他們的 100 萬美元。 Nordic 還發行了有利於 Cumberland 的信用票據，金額為另外 100 萬美元，用於支付我們未支付的 [里程碑]，這與我們推出該線路有關。兩家公司將共同繼續就產品線的任何過渡和持續商業化進行合作。

Meanwhile, during the third quarter, we worked closely with the FDA-approved manufacturers that supply our products, monitoring our supply chain, including the raw materials as well as the finished goods emerging from those facilities. As previously reported, the package for our Omeclamox-Pak brand has been unable to provide us with supplies of that product, having encountered difficulties and therefore, suspending their operations during the pandemic. Their facility is now under new ownership and new management, and we're currently awaiting its availability in order to potentially engage in the packaging of new supplies for the product.

與此同時，在第三季度，我們與 FDA 批准的供應我們產品的製造商密切合作，監控我們的供應鏈，包括原材料以及從這些設施中產生的成品。正如之前報導的那樣，我們的 Omeclamox-Pak 品牌的包裝遇到了困難，因此無法為我們提供該產品的供應，因此在大流行期間暫停了運營。他們的設施現在處於新的所有權和新的管理之下，我們目前正在等待它的可用性，以便有可能參與該產品的新供應品的包裝。

Also, we're transitioning to a new manufacturer for our Vaprisol product. Last year, we shipped all remaining inventory of Vaprisol, and we notified the FDA that supplies for the product were no longer available at that time. Since then, we've transferred the manufacturing to a new facility and we do await FDA approval for that plant before resuming shipments of the brand. Our new manufacturing partner is working with the FDA to address several Form [483, 4483] and warning letter issues that they received in a timely manner.

此外，我們正在為我們的 Vaprisol 產品過渡到新的製造商。去年，我們運送了所有剩餘的 Vaprisol 庫存，我們通知 FDA 當時不再提供該產品的供應。從那時起，我們將製造轉移到一個新工廠，我們確實在等待 FDA 對該工廠的批准，然後再恢復該品牌的發貨。我們新的製造合作夥伴正在與 FDA 合作，解決他們及時收到的多個表格 [483、4483] 和警告信問題。

Meanwhile, we are working with them to support a special interim supply of compounded product for critically ill patients while we're awaiting the needed facility to relaunch -- needed approval -- needed facility approval to relaunch Vaprisol.

與此同時，我們正在與他們合作，支持為重症患者提供特殊的複合產品臨時供應，同時我們正在等待所需的設施重新啟動——需要批准——需要設施批准才能重新啟動 Vaprisol。

We support our portfolio of FDA-approved medicines through our 3 national sales divisions including our newest Cumberland Oncology. Our hospital division calls on key institutional accounts across the country and our field sales division cover select office space positions.

我們通過我們的 3 個國家銷售部門支持我們的 FDA 批准的藥物組合，包括我們最新的 Cumberland Oncology。我們的醫院部門呼籲全國的主要機構客戶，我們的現場銷售部門負責選定的辦公空間職位。

So with that overview, I'd now like to turn to John Hamm, Cumberland's Chief Financial Officer, to present a review of the third quarter financial results. John?

因此，有了這個概述，我現在想請 Cumberland 的首席財務官約翰·哈姆 (John Hamm) 介紹對第三季度財務業績的回顧。約翰？

Thank you, A.J.

謝謝你，A.J.

For the 3 months ended September 30, 2022, net revenues from continuing operations were $11.4 million, a 41% increase over the $8.1 million in revenue recorded during the prior year period.

截至 2022 年 9 月 30 日止三個月，來自持續經營業務的淨收入為 1140 萬美元，比去年同期的 810 萬美元增長 41%。

Net revenues by product for the third quarter of 2022 included $4 million for Sancuso, $3.9 million for Kristalose, $1.9 million for Vibativ and $0.9 million for Caldolor. It's important to note that given the quarterly fluctuations in buying patterns from our customers, we believe that our performance should be assessed based on annual sales results.

2022 年第三季度按產品劃分的淨收入包括 Sancuso 的 400 萬美元、Kristalose 的 390 萬美元、Vibativ 的 190 萬美元和 Caldolor 的 90 萬美元。值得注意的是，考慮到客戶購買模式的季度波動，我們認為應該根據年度銷售結果評估我們的業績。

Year-to-date, net revenues were $32.9 million, up 19% from the $27.7 million in revenue during the first 9 months of 2021. Year-to-date, product revenues totaled $11.4 million for Kristalose, $10.8 million for Sancuso, $6 million for Vibativ and $3.1 million for Caldolor.

年初至今，淨收入為 3290 萬美元，比 2021 年前 9 個月的 2770 萬美元增長了 19%。年初至今，Kristalose 的產品收入總計為 1140 萬美元，Sancuso 為 1080 萬美元，Sancuso 為 600 萬美元為 Vibativ 和 Caldolor 提供 310 萬美元。

Total operating expenses for the third quarter were $11.7 million compared to $9.6 million for the prior year period. The primary driver of this increase was the addition of Sancuso expenses including those associated with the product's amortization, distribution, marketing and selling.

第三季度的總運營費用為 1170 萬美元，而去年同期為 960 萬美元。這一增長的主要驅動力是增加了 Sancuso 費用，包括與產品攤銷、分銷、營銷和銷售相關的費用。

Year-to-date, expenses totaled $36.3 million compared to $31 million for the first 9 months of 2021. Again, the new Sancuso expenses were the main contributor to this increase.

年初至今，支出總額為 3630 萬美元，而 2021 年前 9 個月為 3100 萬美元。同樣，新的 Sancuso 支出是這一增長的主要原因。

The net loss for the quarter was $408,000, and year-to-date, we have a net loss of $3.1 million when noncash expenses are added back, the resulting adjusted earnings for the third quarter were $1.4 million, a significant improvement of the adjusted loss of $327,000 last year. The year-to-date adjusted earnings were $1.7 million, also a significant increase over the $723,000 during the same period last year.

本季度的淨虧損為 408,000 美元，年初至今，如果加上非現金支出，我們的淨虧損為 310 萬美元，由此產生的第三季度調整後收益為 140 萬美元，顯著改善了調整後的虧損去年為 327,000 美元。年初至今的調整後收益為 170 萬美元，也比去年同期的 723,000 美元有了顯著增長。

Also, please note that those adjusted earnings do not include the additional benefit of the $1.4 million of Vibativ and Sancuso cost-of-goods during the quarter. Year-to-date, the benefit is $3.3 million. Those [goods] were received as part of each product's acquisition. So total cash flow from operations was $5.6 million, up 28% over the first 9 months of 2021.

此外，請注意，這些調整後的收益不包括本季度 140 萬美元的 Vibativ 和 Sancuso 商品成本的額外收益。年初至今，收益為 330 萬美元。這些[貨物]是作為每個產品採購的一部分收到的。因此，運營現金流總額為 560 萬美元，比 2021 年前 9 個月增長了 28%。

I'd like to remind you that our financial statements have been significantly impacted by the Vibativ and Sancuso acquisitions. The financial terms for the Vibativ transaction included a $20 million payment upon closing in a subsequent $5 million milestone payment.

我想提醒您，我們的財務報表受到 Vibativ 和 Sancuso 收購的重大影響。 Vibativ 交易的財務條款包括在隨後的 500 萬美元里程碑付款結束時支付 2000 萬美元。

We also provide royalties based on product sales. I'm pleased to report that since Vibativ's launch in late 2018, it has delivered a total cash contribution of $30 million to our business and therefore, has begun generating a return on our $25 million investment. We accounted for the Vibativ acquisition as a business combination. A total of $34 million in new assets were added as a result of the acquisition, including approximately $21 million in inventory, $12 million of intangible assets and $1 million of goodwill. Due to the amortization of intangibles and the sale of inventory, the value of these assets totaled $70 million at the end of the third quarter.

我們還根據產品銷售額提供特許權使用費。我很高興地報告，自 Vibativ 於 2018 年底推出以來，它已經為我們的業務提供了 3000 萬美元的現金貢獻，因此，我們的 2500 萬美元投資已經開始產生回報。我們將收購 Vibativ 視為一項業務合併。此次收購共增加了 3400 萬美元的新資產，其中包括約 2100 萬美元的存貨、1200 萬美元的無形資產和 100 萬美元的商譽。由於無形資產的攤銷和存貨的出售，這些資產的價值在第三季度末總計 7000 萬美元。

Turning to the Sancuso acquisition. The financial terms included a $13.5 million payment upon closing, up to $3.5 million in milestone payments and tiered royalties for net product sales. Sancuso is off to a fine start delivering $8 million in cash contribution during the first 3 quarters of 2022. As with Vibativ, we accounted for the Sancuso acquisition as a business combination. We are developing the final valuation of the Sancuso transaction. And on a preliminary basis, we estimate a total of $19 million in new assets added as a result of the acquisition, including approximately $5 million in inventory, $12 million of intangible assets and $1 million of goodwill. The estimated value of these assets was $15 million at the end of the third quarter.

談到對 Sancuso 的收購。財務條款包括交易完成時支付的 1350 萬美元、最高 350 萬美元的里程碑付款和產品淨銷售額的分級特許權使用費。 Sancuso 開局良好，在 2022 年前三個季度交付了 800 萬美元的現金。與 Vibativ 一樣，我們將 Sancuso 的收購視為一項業務合併。我們正在製定 Sancuso 交易的最終估值。初步估計，此次收購將增加 1900 萬美元的新資產，其中包括約 500 萬美元的存貨、1200 萬美元的無形資產和 100 萬美元的商譽。截至第三季度末，這些資產的估計價值為 1500 萬美元。

Previously, we renewed our line of credit for a new 3-year term. During the first quarter of 2022, we expanded our use of the facilities to provide $20 million in capital. This new line of credit allowed us to acquire the U.S. rights to Sancuso. More recently, we amended the facility to increase our ability to fully utilize this line.

此前，我們將信用額度更新為新的 3 年期。在 2022 年第一季度，我們擴大了對這些設施的使用，提供了 2000 萬美元的資金。這一新的信貸額度使我們能夠獲得 Sancuso 在美國的權利。最近，我們修改了設施以提高我們充分利用這條生產線的能力。

Turning to our balance sheet. As of September 30, 2022, we had $91.4 million in total assets including $19.5 million in cash and cash equivalents. Liabilities totaled $52.9 million, including $17.7 million on our credit facility. Total shareholders' equity was $38 million at the end of the third quarter.

轉向我們的資產負債表。截至 2022 年 9 月 30 日，我們擁有 9140 萬美元的總資產，其中包括 1950 萬美元的現金和現金等價物。負債總額為 5290 萬美元，其中包括 1770 萬美元的信貸額度。截至第三季度末，股東權益總額為 3800 萬美元。

During the quarter, we continued our corporate share repurchase program and repurchased a total of 33,000 Cumberland shares. These repurchases included those on the open market as well as those needed to fund the taxes associated with employee-vested restricted shares. Year-to-date, we have repurchased a total of 291,000 shares.

本季度，我們繼續實施公司股票回購計劃，共回購了 33,000 股 Cumberland 股票。這些回購包括公開市場上的回購以及為與員工歸屬限制性股票相關的稅收提供資金所需的回購。年初至今，我們共回購了 291,000 股股票。

A group of our Board members also continue to purchase Cumberland shares through [trading clients] designed to increase their holdings in the company. So far in 2022, they have purchased a total of 28,000 shares.

我們的一組董事會成員還繼續通過 [交易客戶] 購買坎伯蘭股票，旨在增加他們在公司的持股量。到 2022 年為止，他們總共購買了 28,000 股股票。

I'd also like to note that Cumberland continues to hold over $56 million in [tax] net operating loss carryforwards, primarily resulting from the prior exercise of stock options.

我還想指出，坎伯蘭繼續持有超過 5600 萬美元的[稅收]淨營業虧損結轉，這主要是由於先前行使股票期權造成的。

And that completes our financial report for the third quarter of 2022. Back to you, A.J.

這就完成了我們 2022 年第三季度的財務報告。回到你身邊，A.J.

Thank you, John.

謝謝你，約翰。

We're working to build an innovative pipeline of new product opportunities. And many of you who have been following us know, we're sponsoring 3 Phase II clinical programs featuring our ifetroban product candidate. These studies involve patients with aspirin-exacerbated respiratory disease, a severe form of asthma; Systemic Sclerosis, a debilitating autoimmune disorder; and Duchenne Muscular Dystrophy, a genetic neuromuscular disease. This [third] program is being funded by a $1 million grant provided by the FDA's Office [of Orphan] Drug Products.

我們正在努力建立新產品機會的創新管道。許多關注我們的人都知道，我們正在讚助 3 個以我們的 ifetroban 候選產品為特色的 II 期臨床項目。這些研究涉及患有阿司匹林加重的呼吸系統疾病（一種嚴重的哮喘）的患者；系統性硬化症，一種使人衰弱的自身免疫性疾病；和杜氏肌營養不良症，一種遺傳性神經肌肉疾病。這個 [第三個] 計劃由 FDA [孤兒] 藥品辦公室提供的 100 萬美元贈款資助。

While patient enrollment in these studies slowed significantly last year during the height of the pandemic. This year, enrollment has improved as medical centers reopened to clinical research and patients began returning for their treatments. Today, I'm announcing the closure to enrollment in our Phase II AERD clinical study. This randomized placebo-controlled trial is designed to evaluate whether ifetroban can improve the symptoms in AERD patients without (inaudible) desensitization. A total of 56 patients were enrolled in 19 medical centers across the U.S. Top line results will be announced upon completion of the study's data analysis.

雖然去年在大流行高峰期間，參加這些研究的患者數量顯著放緩。今年，隨著醫療中心重新開放臨床研究和患者開始返回接受治療，入學率有所提高。今天，我宣布結束我們的 AERD II 期臨床研究的註冊。這項隨機安慰劑對照試驗旨在評估 ifetroban 是否可以在沒有（聽不清）脫敏的情況下改善 AERD 患者的症狀。全美 19 個醫療中心共有 56 名患者入組。研究數據分析完成後將公佈最高結果。

We're also working on an application to the FDA for a fourth Phase II clinical program which will evaluate the use of ifetroban to treat patients with Progressive Fibrosing Interstitial Lung Diseases.

我們還在努力向 FDA 申請第四個 II 期臨床項目，該項目將評估使用 ifetroban 治療患有進行性纖維化間質性肺病的患者。

In addition to our company-sponsored studies, there are also several investigators-initiated studies underway with ifetroban at various stages of completion. For these studies, Cumberland typically supplies ifetroban [growth] product as well as the placebo to the research groups involved.

除了我們公司贊助的研究外，還有幾項研究人員發起的關於 ifetroban 的研究正在進行，處於不同的完成階段。對於這些研究，Cumberland 通常向相關研究小組提供 ifetroban [生長] 產品和安慰劑。

So our plan going forward is to complete each of our company-sponsored studies, analyze the final data, announce top line results and then decide on the best development path with the registration of ifetroban, which we continue to believe has the potential to benefit many patients with orphan diseases that represent unmet medical needs.

因此，我們未來的計劃是完成我們公司贊助的每一項研究，分析最終數據，公佈最重要的結果，然後決定註冊 ifetroban 的最佳發展路徑，我們仍然相信它有可能使許多人受益代表未滿足醫療需求的孤兒病患者。

Next, I'd like to provide an overview of a few international activities underway, starting with Caldolor, our intravenously delivered formulation of ibuprofen. In October, we signed a new agreement with (inaudible) pharmaceutical for the exclusive supply and distribution of Caldolor in Mexico. Under the terms of the agreement, Cumberland will be responsible for providing the product and supplies, while (inaudible) will be responsible for securing regulatory approval and then commercializing the product in Mexico. (inaudible), an established presence in Mexico with a strong distribution network that makes them a natural fit as a partner for that market. We believe Caldolor can serve as an important role in the careful management of pain there, and we're pleased to work with (inaudible) to establish the new partnership.

接下來，我想概述一些正在進行的國際活動，首先是 Caldolor，我們的布洛芬靜脈給藥製劑。 10 月，我們與（聽不清）製藥公司簽署了一項新協議，在墨西哥獨家供應和分銷 Caldolor。根據協議條款，Cumberland 將負責提供產品和用品，而（聽不清）將負責獲得監管部門的批准，然後在墨西哥將產品商業化。 （聽不清），在墨西哥建立了強大的分銷網絡，使他們成為該市場的合作夥伴。我們相信 Caldolor 可以在仔細管理疼痛方面發揮重要作用，我們很高興與（聽不清）合作建立新的合作夥伴關係。

Turning to Vibativ, our injectable antibiotic. In March, we announced a new partnership with Saudi-based, Tabuk Pharmaceutical to introduce Vibativ into the Middle East. The arrangement provides Tabuk with the exclusive rights to distribute Vibativ in Saudi Arabia and Jordan, as an option to expand into other countries in the region. Tabuk's a fully-owned subsidiary of the Astra Industrial Group, a leading and publicly-traded conglomerate based in Saudi Arabia. While Vibativ is now approved for sale in that country, we are in the process of adding new manufacturing information to the registration as we begin planning for the launch of the product there.

轉向我們的注射用抗生素 Vibativ。 3 月，我們宣布與總部位於沙特的 Tabuk Pharmaceutical 建立新的合作夥伴關係，將 Vibativ 引入中東。該安排為 Tabuk 提供了在沙特阿拉伯和約旦分銷 Vibativ 的獨家權利，作為擴展到該地區其他國家的一種選擇。 Tabuk 是 Astra Industrial Group 的全資子公司，Astra Industrial Group 是一家總部位於沙特阿拉伯的領先上市企業集團。雖然 Vibativ 現在已獲准在該國家/地區銷售，但我們正在開始計劃在該國家/地區推出該產品時，將新的製造信息添加到註冊中。

Meanwhile, our partner in China, SciClone Pharmaceuticals has their -- had their application for Vibativ in China accepted for review in 2021 last September. Since then, we've been supporting SciClone at their requests associated to the review of that submission. We look forward to the results and the potential launch of Vibativ in that important market.

與此同時，我們在中國的合作夥伴 SciClone Pharmaceuticals 於去年 9 月在中國申請了 Vibativ，並於 2021 年接受了審查。從那時起，我們一直在支持 SciClone 與審查該提交相關的請求。我們期待著 Vibativ 在這個重要市場的結果和潛在推出。

While we remain focused on promoting Caldolor and Vibativ here in the United States, we're excited to bring the product to patients in other countries in partnerships like those we formed and just described, involving companies like (inaudible), Tabuk and SciClone.

雖然我們仍然專注於在美國推廣 Caldolor 和 Vibativ，但我們很高興能夠通過合作夥伴關係將產品帶給其他國家的患者，就像我們剛剛建立和描述的那樣，涉及（聽不清）、Tabuk 和 SciClone 等公司。

So overall, Cumberland has had another successful quarter. And we remain focused on our strategy of maximizing the potential of our commercial brands, progressing our pipeline and continuing to pursue select new acquisitions. We're particularly encouraged by the arrival of Sancuso and its positive impact on our business. And we're honored to deliver to oncology patients across the country who need it. And believe that the contributions from the product are serving as a catalyst for the growth of our company.

總的來說，坎伯蘭又迎來了一個成功的季度。我們仍然專注於我們的戰略，即最大限度地發揮我們商業品牌的潛力，推進我們的產品線，並繼續進行精選的新收購。我們對 Sancuso 的到來及其對我們業務的積極影響感到特別鼓舞。我們很榮幸能夠為全國有需要的腫瘤患者提供藥物。並相信產品的貢獻正在成為我們公司發展的催化劑。

And finally, I'm pleased to announce that as we announced last week, we've been able to move our new headquarter offices onto the Broadwest campus in the Vanderbilt/West End corridor of Nashville, Tennessee. We're delighted to continue our presence and participation in the Nashville health care community, which represents the largest concentration of health care companies here in the country. This move allows us to accommodate our recent growth [and] plan to serve -- and helps us to better serve our international base of customers and partners.

最後，我很高興地宣布，正如我們上周宣布的那樣，我們已經能夠將我們的新總部辦公室遷至田納西州納什維爾范德比爾特/西區走廊的 Broadwest 園區。我們很高興繼續參與納什維爾醫療保健社區，該社區是該國最大的醫療保健公司集中地。此舉使我們能夠適應我們最近的增長 [和] 服務計劃 - 並幫助我們更好地為我們的國際客戶和合作夥伴提供服務。

So in closing, I'd just like to say with the new products to promote, an improved selling environment and a robust pipeline, we're very optimistic about our future, and we do expect a strong finish to 2022, enabling us to achieve our goal of double-digit revenue growth for the year. I'm also confident that our well-located, state-of-the-art new headquarters will play an important role in the company's future success.

因此，最後，我想說的是，憑藉要推廣的新產品、改善的銷售環境和強大的渠道，我們對未來非常樂觀，我們確實預計到 2022 年會有一個強勁的收尾，使我們能夠實現我們今年實現兩位數收入增長的目標。我也相信，我們位置優越、技術先進的新總部將在公司未來的成功中發揮重要作用。

Now with that review and update, let's open the call to any questions you may have. Operator, please proceed.

現在通過審查和更新，讓我們打開電話，回答您可能有的任何問題。接線員，請繼續。

(Operator Instructions)

（操作員說明）

Thanks, everyone, for joining today's call. And we do understand that many of you prefer a private discussion with management. And if so, please just reach out with us, and we'll be happy to hold such a call and get on schedule with you. As always, we appreciate your time and interest in Cumberland, and we look forward to providing another update after the end of the year.

謝謝大家參加今天的電話會議。我們確實理解你們中的許多人更喜歡與管理層進行私下討論。如果是這樣，請與我們聯繫，我們很樂意接聽這樣的電話，並按時與您聯繫。一如既往，我們感謝您的時間和對坎伯蘭的關注，我們期待在年底後提供另一個更新。

Thank you, sir. Ladies and gentlemen, that concludes today's call. If you would like to listen to a replay of the discussion, please visit the Investor Relations section on Cumberland's website. I would like to thank you for your participation. You may now disconnect.

謝謝你，先生。女士們，先生們，今天的電話會議到此結束。如果您想收聽討論的重播，請訪問 Cumberland 網站上的投資者關係部分。感謝您的參與。您現在可以斷開連接。