ASSERTIO HOLDINGS, INC., 10-Q filed on 5/9/2023
Quarterly Report
v3.23.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2023
May 05, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Transition Report false  
Entity File Number 001-39294  
Entity Registrant Name ASSERTIO HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-0598378  
Entity Address, Address Line One 100 South Saunders Road  
Entity Address, Address Line Two Suite 300  
Entity Address, City or Town Lake Forest  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60045  
City Area Code 224  
Local Phone Number 419-7106  
Title of 12(b) Security Common Stock, $0.0001 par value  
Trading Symbol ASRT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Smaller Reporting Company true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   55,664,293
Entity Central Index Key 0001808665  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 68,603 $ 64,941
Accounts receivable, net 46,466 45,357
Inventories, net 16,226 13,696
Prepaid and other current assets 6,554 8,268
Total current assets 137,849 132,262
Property and equipment, net 544 744
Intangible assets, net 191,712 197,996
Deferred tax asset 81,569 80,202
Other long-term assets 2,600 2,709
Total assets 414,274 413,913
Current liabilities:    
Accounts payable 6,173 5,991
Accrued rebates, returns and discounts 52,313 49,426
Accrued liabilities 10,799 12,181
Long-term debt, current portion 470 470
Contingent consideration, current portion 24,458 26,300
Other current liabilities 332 948
Total current liabilities 94,545 95,316
Long-term debt 38,151 66,403
Contingent consideration 26,600 22,200
Other long-term liabilities 4,314 4,269
Total liabilities 163,610 188,188
Commitments and contingencies (Note 12)
Shareholders’ equity:    
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,661,866 and 48,319,838 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively. 5 5
Additional paid-in capital 573,744 545,321
Accumulated deficit (323,085) (319,601)
Total shareholders’ equity 250,664 225,725
Total liabilities and shareholders' equity $ 414,274 $ 413,913
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 200,000,000 200,000,000
Common stock, issued (in shares) 55,661,866 48,319,838
Common stock, outstanding (in shares) 55,661,866 48,319,838
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues:    
Total revenues $ 42,466 $ 36,538
Costs and expenses:    
Cost of sales 5,467 4,195
Selling, general and administrative expenses 16,904 10,638
Fair value of contingent consideration 9,167 1,645
Amortization of intangible assets 6,284 8,501
Total costs and expenses 37,822 24,979
Income from operations 4,644 11,559
Other (expense) income:    
Debt-related expenses (9,918) 0
Interest expense (1,122) (2,327)
Other gain 802 545
Total other expense (10,238) (1,782)
Net (loss) income before income taxes (5,594) 9,777
Income tax benefit (expense) 2,110 (713)
Net (loss) income and comprehensive (loss) income (3,484) 9,064
Net (loss) income and comprehensive (loss) income $ (3,484) $ 9,064
Basic net (loss) income per share (in dollars per share) $ (0.07) $ 0.20
Diluted net (loss) income per share (in dollars per share) $ (0.07) $ 0.20
Shares used in computing basic net (loss) income per share (in shares) 51,005 45,204
Shares used in computing diluted net (loss) income per share (in shares) 51,005 46,127
Convertible notes    
Other (expense) income:    
Debt-related expenses $ (9,918) $ 0
Product sales, net    
Revenues:    
Total revenues 41,769 35,546
Royalties and milestones    
Revenues:    
Total revenues $ 697 $ 992
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Common Stock
Restricted stock units
Additional Paid-In Capital
Accumulated Deficit
Balances (in shares) at Dec. 31, 2021   44,640,000      
Balances at Dec. 31, 2021 $ 102,414 $ 4   $ 531,636 $ (429,226)
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock in conjunction with vesting of restricted stock units, net of employee's withholding liability (in shares)     307,000    
Issuance of common stock in conjunction with vesting of restricted stock units, net of employee's withholding liability (598)     (598)  
Issuance of common stock upon exercise of warrant (in shares)   388,000      
Stock-based compensation 982     982  
Net income (loss) and comprehensive income (loss) 9,064       9,064
Net income and comprehensive income 9,064        
Balances (in shares) at Mar. 31, 2022   45,335,000      
Balances at Mar. 31, 2022 $ 111,862 $ 4   532,020 (420,162)
Balances (in shares) at Dec. 31, 2022 48,319,838 48,320,000      
Balances at Dec. 31, 2022 $ 225,725 $ 5   545,321 (319,601)
Increase (Decrease) in Stockholders' Equity          
Induced exchange of convertible notes (in shares)   6,990,000      
Induced exchange of convertible notes (See Note 9) 26,699     26,699  
Issuance of common stock in conjunction with vesting of restricted stock units, net of employee's withholding liability (in shares)     352,000    
Issuance of common stock in conjunction with vesting of restricted stock units, net of employee's withholding liability (722)     (722)  
Stock-based compensation 2,446     2,446  
Net income (loss) and comprehensive income (loss) (3,484)       (3,484)
Net income and comprehensive income $ (3,484)        
Balances (in shares) at Mar. 31, 2023 55,661,866 55,662,000      
Balances at Mar. 31, 2023 $ 250,664 $ 5   $ 573,744 $ (323,085)
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net (loss) income $ (3,484) $ 9,064
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 6,484 8,699
Amortization of debt issuance costs and Royalty Rights 147 28
Recurring fair value measurements of assets and liabilities 9,167 1,645
Debt-related expenses 9,918 0
Provisions for inventory and other assets 1,072 31
Stock-based compensation 2,446 982
Deferred income taxes (1,367) 0
Changes in assets and liabilities, net of acquisition:    
Accounts receivable (1,109) (4,561)
Inventories (3,602) (2,022)
Prepaid and other assets 1,824 9,845
Accounts payable and other accrued liabilities (290) (1,511)
Accrued rebates, returns and discounts 2,887 2,926
Interest payable (1,376) 2,300
Net cash provided by operating activities 22,717 27,426
Investing Activities    
Purchase of Sympazan (105) 0
Purchase of Otrexup 0 (404)
Net cash used in investing activities (105) (404)
Financing Activities    
Payment in settlement of convertible debt inducement (10,500) 0
Payment of direct transaction costs related to convertible debt inducement (1,119) 0
Payment of contingent consideration (6,609) (1,845)
Payment of taxes related to net share settlement of equity awards (722) (598)
Net cash used in financing activities (18,950) (2,443)
Net increase in cash and cash equivalents 3,662 24,579
Cash and cash equivalents at beginning of year 64,941 36,810
Cash and cash equivalents at end of period 68,603 61,389
Supplemental Disclosure of Cash Flow Information    
Net cash paid (refunded) for income taxes 29 (8,360)
Cash paid for interest $ 2,351 $ 0
v3.23.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
 
In May 2020, Assertio Therapeutics, Inc. implemented a holding company reorganization through which Assertio Therapeutics, Inc. became a subsidiary of Assertio Holdings, Inc. (the “Assertio Reorganization”) and, subsequently, Assertio Holdings, Inc. merged with Zyla Life Sciences (“Zyla”) in a transaction we refer to as the “Zyla Merger.” Unless otherwise noted or required by context, use of “Assertio,” “Company,” “we,” “our” and “us” refer to Assertio Holdings, Inc. and/or its applicable subsidiary or subsidiaries.

Assertio is a specialty pharmaceutical company offering differentiated products to patients utilizing a non-personal promotional model. The Company’s primary marketed products include INDOCIN® (indomethacin) Suppositories, INDOCIN® (indomethacin) Oral Suspension, Otrexup® (methotrexate) injection for subcutaneous use, Sympazan® (clobazam) oral film, SPRIX® (ketorolac tromethamine) Nasal Spray, CAMBIA® (diclofenac potassium for oral solution), and Zipsor® (diclofenac potassium) Liquid filled capsules.

Other commercially available products include OXAYDO® (oxycodone HCI, USP) tablets for oral use only —CII.

Basis of Presentation

The unaudited condensed consolidated financial statements of Assertio Holdings, Inc. and its subsidiaries and the related footnote information of the Company have been prepared pursuant to the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, the accompanying interim unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the information for the periods presented. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the entire year ending December 31, 2023 or future operating periods.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2022 included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 8, 2023 (the “2022 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited financial statements at that date, as filed in the Company’s 2022 Form 10-K.
v3.23.1
REVENUE
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
 
Disaggregated Revenue
 
The following table reflects summary revenue, net for the three months ended March 31, 2023 and 2022 (in thousands): 
Three Months Ended March 31,
20232022
Product sales, net:
INDOCIN products$30,346 $21,357 
Otrexup2,822 3,078 
Sympazan2,502 — 
SPRIX1,889 1,766 
CAMBIA2,264 5,473 
Zipsor1,1502,228
Other products796 1,644 
Total product sales, net41,769 35,546 
Royalties and milestone revenue697 992 
Total revenues$42,466 $36,538 
Product Sales, net:

For the three months ended March 31, 2023 and 2022, product sales primarily consisted of sales from INDOCIN products, Otrexup, SPRIX and CAMBIA. The Company acquired Sympazan and began shipping and recognizing its product sales in October 2022.

Other product sales for the three months ended March 31, 2023 primarily include product sales for non-promoted products (OXAYDO). The Company ceased SOLUMATRIX sales beginning in July 2022.
Royalties and Milestone Revenue

In November 2010, the Company entered into a license agreement granting the counterparty the rights to commercially market CAMBIA in Canada. The counterparty to the license agreement independently contracts with manufacturers to produce a specific CAMBIA formulation in Canada. The Company receives royalties on net sales on a quarterly basis as well as certain one-time contingent milestone payments upon the occurrence of certain events. The Company recognized revenue related to CAMBIA in Canada of $0.5 million for each of the three months ended March 31, 2023 and 2022.
The Company records contract liabilities in the form of deferred revenue resulting from prepayments from customers in Other current liabilities in the Company’s Condensed Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, contract liabilities were zero and $0.2 million, respectively. For the three months ended March 31, 2023 and 2022, the Company recognized $0.2 million and $0.5 million, respectively, as Milestone revenue associated with the completion of certain service milestones.
v3.23.1
ACCOUNTS RECEIVABLES, NET
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
ACCOUNTS RECEIVABLES, NET ACCOUNTS RECEIVABLES, NET  As of March 31, 2023 and December 31, 2022, accounts receivable, net, of $46.5 million and $45.4 million, respectively, consisted entirely of receivables related to product sales, net of allowances for cash discounts for prompt payment of $1.0 million and $0.9 million, respectively.
v3.23.1
INVENTORIES, NET
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
INVENTORIES, NET INVENTORIES, NET
 
The following table reflects the components of inventory, net as of March 31, 2023 and December 31, 2022 (in thousands): 
 March 31,
2023		December 31, 2022
Raw materials$921 $1,367 
Work-in-process1,677 2,735 
Finished goods13,628 9,594 
Total Inventories, net$16,226 $13,696 
    
The Company writes down the value of inventory for potentially excess or obsolete inventories based on an analysis of inventory on hand and projected demand. As of March 31, 2023 and December 31, 2022, the Company recorded inventory write-downs of $2.4 million and $2.8 million, respectively.
v3.23.1
PROPERTY AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
 
The following table reflects property and equipment, net as of March 31, 2023 and December 31, 2022 (in thousands): 

March 31,
2023		December 31, 2022
Furniture and office equipment$1,708 $1,712 
Laboratory equipment20 20 
Leasehold improvements2,945 2,945 
4,673 4,677 
Less: Accumulated depreciation(4,129)(3,933)
Property and equipment, net$544 $744 
 
Depreciation expense was $0.2 million for each of the three months ended March 31, 2023 and 2022. Depreciation expense is recognized in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income.
v3.23.1
INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
 
The following table reflects the gross carrying amounts and net book values of intangible assets as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands): 

 March 31, 2023December 31, 2022
Remaining Useful Life
 (In years)		Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Products rights:
INDOCIN9.1$154,100 $(36,705)$117,395 $154,100 $(33,495)$120,605 
Otrexup6.744,086 (6,888)$37,198 44,086 (5,511)38,575 
Sympazan11.614,550 (505)$14,045 14,550 (202)14,348 
SPRIX4.139,000 (15,926)$23,074 39,000 (14,532)24,468 
Total Intangible Assets $251,736 $(60,024)$191,712 $251,736 $(53,740)$197,996 

Amortization expense was $6.3 million and $8.5 million for the three months ended March 31, 2023 and 2022, respectively.
The following table reflects future amortization expense the Company expects for its intangible assets (in thousands): 

Year Ending December 31,Estimated Amortization Expense
2023 (remainder)18,852 
202425,136 
202525,136 
202625,136 
202721,747 
Thereafter75,705 
Total$191,712 
v3.23.1
OTHER LONG-TERM ASSETS
 3 Months Ended
Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER LONG-TERM ASSETS OTHER LONG-TERM ASSETS
 
The following table reflects other long-term assets as of March 31, 2023 and December 31, 2022 (in thousands): 

 March 31,
2023		December 31, 2022
Operating lease right-of-use assets$107 $137 
Prepaid asset and deposits1,518 1,607 
Other 975 965 
Total other long-term assets$2,600 $2,709 
Other includes the Company’s investment in NES Therapeutic, Inc. (“NES”). In August 2018, the Company entered into a Convertible Secured Note Purchase Agreement (the “Note Agreement”) with NES. Pursuant the terms of the Note Agreement, the Company purchased a $3.0 million aggregate principal Convertible Secured Promissory Note (the “NES Note”) which accrues interest annually at a rate of 10% for total consideration of $3.0 million, with both the aggregate principal and accrued interest due at maturity on August 2, 2024. Pursuant to the Note Agreement, the NES Note is convertible into equity based on (i) U.S. Food and Drug Administration (“FDA”) acceptance of the New Drug Application (“NDA”), (ii) initiation of any required clinical trials by NES, or (iii) a qualified financing event by NES, as defined in the Note Agreement. This investment is accounted as a long-term loan receivable and is valued at amortized cost. As of March 31, 2023 and December 31, 2022, the Company has assessed an estimated $3.5 million expected credit loss on its investment based on its evaluation of probability of default that exists. The expected credit loss recognized in each period represents the entire aggregate principal amount and outstanding interest incurred on the NES Note as of both March 31, 2023 and December 31, 2022.
v3.23.1
ACCRUED LIABILITIES
 3 Months Ended
Mar. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES ACCRUED LIABILITIES
 
The following table reflects accrued liabilities as of March 31, 2023 and December 31, 2022 (in thousands): 

 March 31,
2023		December 31, 2022
Accrued compensation$602 $3,117 
Other accrued liabilities9,587 6,561 
Interest payable217 1,593 
Accrued royalties393 910 
Total accrued liabilities$10,799 $12,181 
v3.23.1
DEBT
 3 Months Ended
Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]  
DEBT DEBT
 
The following table reflects the Company’s debt as of March 31, 2023 and December 31, 2022 (in thousands):

March 31,
2023		December 31, 2022
6.5% Convertible Senior Secured Notes due 2027
$40,000$70,000
Royalty Rights obligation470470
Total principal amount40,47070,470
Plus: derivative liability for embedded conversion feature252252
Less: unamortized debt issuance costs(2,101)(3,849)
Carrying value38,62166,873
Less: current portion of long-term debt(470)(470)
Long-term debt, net$38,151 $66,403


6.5% Convertible Senior Notes due 2027

On August 22, 2022, Assertio entered into a purchase agreement (the “Purchase Agreement”), with U.S. Bank Trust Company as the trustee (the “2027 Convertible Note Trustee”) of the initial purchasers (the “Initial Purchasers”) to issue $60.0 million in aggregate principal amount of 6.5% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”). Under the Purchase Agreement, the Initial Purchasers were also granted an overallotment option to purchase up to an additional $10.0 million aggregate principal amount of the 2027 Convertible Notes solely to cover overallotment (the “Overallotment Option”) within a 13-day period from the date the initial 2027 Convertible Notes were issued. On August 24, 2022, the Initial Purchasers exercised the Overallotment Option in full for the $10.0 million aggregate principal of additional 2027 Convertible Notes. The 2027 Convertible Notes are senior unsecured obligations of the Company.

The Company used the net proceeds from the issuance of the 2027 Convertible Notes to repurchase $59.0 million aggregate principal amount of its outstanding 13% senior secured notes due 2024 assumed in accordance with the Zyla Merger (the “2024 Secured Notes”) and $3.0 million in associated interest payments pursuant to privately negotiated exchange agreements entered into concurrently with the pricing of the offering of the 2027 Convertible Notes.

On February 27, 2023, the Company completed a privately negotiated exchange of $30.0 million principal amount of the 2027 Convertible Notes (the “Convertible Note Exchange”). Pursuant to the Convertible Note Exchange, 6,990,000 shares of the Company’s common stock, plus an additional $10.5 million in cash, were issued in a partial settlement of the 2027 Convertible Notes (the “Exchanged Notes”). As a result of the Convertible Note Exchange, the Company recorded an induced conversion expense of approximately $8.8 million and direct transaction costs of approximately $1.1 million, the total of which is reported in Debt-related expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2023. The induced conversion expense represents the fair value of the consideration transferred in the Convertible Note Exchange in excess of the fair value of common stock issuable under the original terms of the 2027 Convertible Notes. Additionally, approximately $1.6 million of unamortized issuance costs related to the Exchanged Notes were recognized as Additional paid-in capital in the Company’s Condensed Consolidated Balance Sheets.

The terms of the 2027 Convertible Notes are governed by an indenture dated August 25, 2022 (the “2027 Convertible Note Indenture”). The terms of the 2027 Convertible Notes allow for conversion into the Company’s common stock, cash, or a combination of cash and common stock, at the Company’s election only, at an initial conversion rate of 244.2003 shares of the Company’s common stock per $1,000 principal amount (equal to an initial conversion price of approximately $4.09 per share), subject to adjustments specified in the 2027 Convertible Note Indenture (the “Conversion Rate”). The 2027 Convertible Notes will mature on September 1, 2027, unless earlier repurchased or converted.

The 2027 Convertible Notes bear interest from August 25, 2022 at a rate of 6.5% per annum payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2023.

Pursuant to the terms of the Indenture, the Company and its restricted subsidiaries must comply with certain covenants, including mergers, consolidations, and divestitures; guarantees of debt by subsidiaries; issuance of preferred and/or disqualified stock; and liens on the Company’s properties or assets. The Company was in compliance with its covenants with respect to the 2027 Convertible Notes as of March 31, 2023.
The following table reflects the carrying balance of the 2027 Convertible Notes as of March 31, 2023 and December 31, 2022 (in thousands):

March 31,
2023		December 31, 2022
Principal balance$40,000 $70,000 
Derivative liability for embedded conversion feature252 252 
Unamortized debt issuance costs(2,101)(3,849)
Carrying balance$38,151 $66,403 

The debt issuance costs incurred related to the 2027 Convertible Notes are recognized as a debt discount and are being amortized as interest expense over the term of the 2027 Convertible Notes using the effective interest method with an effective interest rate determined to be 7.8%. During the three months ended March 31, 2023, the Company amortized $0.1 million of the debt discount on the 2027 Convertible Notes, and $1.6 million of unamortized issuance costs related to the Exchanged Notes were recognized as Additional paid-in capital.

The Company determined that an embedded conversion feature included in the 2027 Convertible Notes required bifurcation from the host contract and to be recognized as a separate derivative liability carried at fair value. The estimated fair value of the derivative liability, which represents a Level 3 valuation, was $0.3 million as of both March 31, 2023 and December 31, 2022, and was determined using a binomial lattice model using certain assumptions and consideration of an increased conversion ratio on the underlying convertible notes that could result from the occurrence of certain events. All of the other embedded features of the 2027 Convertible Notes were clearly and closely related to the debt host and did not require bifurcation as a derivative liability, or the fair value of the bifurcated features was immaterial to the Company’s financial statements.

Royalty Rights Obligation

In accordance with the Zyla Merger, the Company assumed a royalty rights agreement (the “Royalty Rights”) with each of the holders of its 2024 Secured Notes pursuant to which the Company agreed to pay an aggregate 1.5% royalty on Net Sales (as defined in the indenture governing the 2027 Secured Notes) through December 31, 2022. The Royalty Rights terminated on December 31, 2022 and the Company has no further Royalty Rights obligations on net sales subsequent to that date.
    
Interest Expense

Royalty Rights and debt issuance cost are amortized as interest expense using the effective interest method. The following table reflects debt-related interest included in Interest expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2023 and 2022 (in thousands):

Three Months Ended March 31,
20232022
Interest on 2027 Convertible Notes$975$—
Interest on 2024 Secured Notes—2,299
Amortization of Royalty Rights(1)
—28
Amortization of debt issuance costs147—
Total interest expense$1,122$2,327
(1)As a result of the extinguishment of the Royalty Rights obligation in the fourth quarter of 2022, there will be no additional amortization expense recognized in future periods.
v3.23.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
    
The Company’s stock-based compensation generally includes time-based restricted stock units (“RSU”) and options, as well as performance-based RSUs and options.
For the three months ending March 31, 2023 and 2022, stock-based compensation of $2.4 million and $1.0 million, respectively, was recognized in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income.

During the three months ended March 31, 2023 the Company granted 0.5 million RSUs at a weighted-average fair market value of $5.15 per share, and 0.6 million options at a weighted-average fair market value of $4.39 per share.
v3.23.1
LEASES
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
LEASES LEASES
As of March 31, 2023, the Company has a non-cancelable operating lease for its corporate office, which is located in Lake Forest, Illinois (the “Lake Forest Lease”). On May 1, 2023, the Company amended the Lake Forest Lease to reduce the size of leased premises and extend the term of the lease through December 31, 2030. In connection with the Zyla Merger, the Company assumed an operating lease for offices in Wayne, Pennsylvania, which terminated in February 2022.

Prior to the Company’s corporate headquarters relocation in 2018, the Company had leased its previous corporate office in Newark, California (the “Newark Lease”), which terminated at the end of November 2022. The Newark lease was partially subleased through the lease term of November 2022. Operating lease costs and sublease income related to the Newark facility are accounted for in Other gain in the Company’s Consolidated Statements of Comprehensive (Loss) Income. During the three months ended March 31, 2022, the Company recognized a gain of $0.6 million from the early termination and settlement of a Newark facility sublease.

The following table reflects lease expense and income for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
Financial Statement Classification20232022
Operating lease costSelling, general and administrative expenses$39 $40 
Operating lease costOther gain— 148 
Total lease cost$39 $188 
Sublease IncomeOther gain$— $775 
The following table reflects supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
20232022
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases$104 $530 
The following table reflects supplemental balance sheet information related to leases as of March 31, 2023 and December 31, 2022 (in thousands):
Financial Statement ClassificationMarch 31, 2023December 31, 2022
Liabilities
Current operating lease liabilitiesOther current liabilities$306 $401 
Total lease liabilities$306 $401 
LEASES LEASES
As of March 31, 2023, the Company has a non-cancelable operating lease for its corporate office, which is located in Lake Forest, Illinois (the “Lake Forest Lease”). On May 1, 2023, the Company amended the Lake Forest Lease to reduce the size of leased premises and extend the term of the lease through December 31, 2030. In connection with the Zyla Merger, the Company assumed an operating lease for offices in Wayne, Pennsylvania, which terminated in February 2022.

Prior to the Company’s corporate headquarters relocation in 2018, the Company had leased its previous corporate office in Newark, California (the “Newark Lease”), which terminated at the end of November 2022. The Newark lease was partially subleased through the lease term of November 2022. Operating lease costs and sublease income related to the Newark facility are accounted for in Other gain in the Company’s Consolidated Statements of Comprehensive (Loss) Income. During the three months ended March 31, 2022, the Company recognized a gain of $0.6 million from the early termination and settlement of a Newark facility sublease.

The following table reflects lease expense and income for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
Financial Statement Classification20232022
Operating lease costSelling, general and administrative expenses$39 $40 
Operating lease costOther gain— 148 
Total lease cost$39 $188 
Sublease IncomeOther gain$— $775 
The following table reflects supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
20232022
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases$104 $530 
The following table reflects supplemental balance sheet information related to leases as of March 31, 2023 and December 31, 2022 (in thousands):
Financial Statement ClassificationMarch 31, 2023December 31, 2022
Liabilities
Current operating lease liabilitiesOther current liabilities$306 $401 
Total lease liabilities$306 $401 
v3.23.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Jubilant HollisterStier Manufacturing and Supply Agreement

Pursuant to the Zyla Merger, the Company assumed a Manufacturing and Supply Agreement (the “Jubilant HollisterStier Agreement”) with Jubilant HollisterStier LLC (“JHS”) pursuant to which the Company engaged JHS to provide certain services related to the manufacture and supply of SPRIX for the Company’s commercial use. Under the Jubilant HollisterStier Agreement, JHS is responsible for supplying a minimum of 75% of the Company’s annual requirements of SPRIX. The Company agreed to purchase a minimum number of batches of SPRIX per calendar year from JHS over the term of the Jubilant HollisterStier Agreement. Total commitments to JHS through the period ending July 30, 2022 have been met, and total commitments through the period ending July 30, 2023 are approximately $1.1 million.

Cosette Pharmaceuticals Supply Agreement

Pursuant to the Zyla Merger, the Company assumed a Collaborative License, Exclusive Manufacture and Global Supply Agreement with Cosette Pharmaceuticals, Inc. (formerly G&W Laboratories, Inc.) (the “Cosette Supply Agreement”) for the manufacture and supply of INDOCIN Suppositories to Zyla for commercial distribution in the United States. On July 9, 2021, the Company and Cosette entered into Amendment No. 3 to the Cosette Supply Agreement, to among other things, extend the expiration date of the Cosette Supply Agreement from July 31, 2023 to July 9, 2028. The Company is obligated to purchase all of its requirements for INDOCIN Suppositories from Cosette Pharmaceuticals, Inc., and is required to meet minimum purchase requirements each calendar year during the extended term of the Cosette Supply Agreement. Total commitments to Cosette under the Cosette Supply Agreement are approximately $6.3 million annually through the end of the contract term.

Antares Supply Agreement

In connection with the Otrexup acquisition, the Company entered into a supply agreement with Antares pursuant to which Antares will manufacture and supply the finished Otrexup products (the “Antares Supply Agreement”). Under the Antares Supply Agreement, the Company has agreed to annual minimum purchase obligations from Antares, which approximate $2.0 million annually. The Antares Supply Agreement has an initial term through December 2031 with renewal terms beyond.

General
The Company is currently involved in various lawsuits, claims, investigations and other legal proceedings that arise in the ordinary course of business. The Company recognizes a loss contingency provision in its financial statements when it concludes that a contingent liability is probable, and the amount thereof is estimable. Costs associated with our involvement in legal proceedings are expensed as incurred. Amounts accrued for legal contingencies are based on management’s best estimate of a loss based upon the status of the cases described below, assessments of the likelihood of damages, and the advice of counsel and often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. As of both March 31, 2023 and December 31, 2022, the Company had a legal contingency accrual of approximately $3.2 million. The Company continues to monitor each matter and adjust accruals as warranted based on new information and further developments in accordance with ASC 450-20-25. For matters discussed below for which a loss is not probable, or a probable loss cannot be reasonably estimated, no liability has been recorded. Provisions for loss contingencies are recorded in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income and the related accruals are recorded in Accrued liabilities in the Company’s Condensed Consolidated Balance Sheets.

Other than matters that we have disclosed below, the Company may from time to time become party to actions, claims, suits, investigations or proceedings arising from the ordinary course of its business, including actions with respect to intellectual property claims, breach of contract claims, labor and employment claims and other matters. The Company may also become party to further litigation in federal and state courts relating to opioid drugs. Although actions, claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, other than the matters set forth below, the Company is not currently involved in any matters that the Company believes may have a material adverse effect on its business, results of operations, cash flows or financial condition. However, regardless of the outcome, litigation can have an adverse impact on the Company because of associated cost and diversion of management time.
Glumetza Antitrust Litigation
Antitrust class actions and related direct antitrust actions were filed in the Northern District of California against the Company and several other defendants relating to our former drug Glumetza®. The plaintiffs sought to represent a putative class of direct purchasers of Glumetza. In addition, several retailers, including CVS Pharmacy, Inc., Rite Aid Corporation, Walgreen Co., the Kroger Co., the Albertsons Companies, Inc., H-E-B, L.P., and Hy-Vee, Inc. (the “Retailer Plaintiffs”), filed substantially similar direct purchaser antitrust claims.

On July 30, 2020, Humana Inc. also filed a complaint against the Company and several other defendants in federal court in the Northern District of California alleging similar claims related to Glumetza. The claims asserted by Humana in its federal case were ultimately withdrawn, and analogous claims were instead asserted by Humana in an action it filed in California state court on February 8, 2021, and subsequently amended in September 2021. Additionally, on April 5, 2022, Health Care Service Corporation (“HCSC”) filed a complaint against the Company and the same other defendants in California state court alleging similar claims related to Glumetza.

These antitrust cases arise out of a Settlement and License Agreement (the “Settlement”) that the Company, Santarus, Inc. (“Santarus”) and Lupin Limited (“Lupin”) entered into in February 2012 that resolved patent infringement litigation filed by the Company against Lupin regarding Lupin’s Abbreviated New Drug Application for generic 500 mg and 1000 mg tablets of Glumetza. The antitrust plaintiffs allege, among other things, that the Settlement violated the antitrust laws because it allegedly included a “reverse payment” that caused Lupin to delay its entry in the market with a generic version of Glumetza. The alleged “reverse payment” is an alleged commitment on the part of the settling parties not to launch an authorized generic version of Glumetza for a certain period. The antitrust plaintiffs allege that the Company and its co-defendants, which include Lupin as well as Bausch Health (the alleged successor in interest to Santarus), are liable for damages under the antitrust laws for overcharges that the antitrust plaintiffs allege they paid when they purchased the branded version of Glumetza due to delayed generic entry. Plaintiffs seek treble damages for alleged past harm, attorneys’ fees and costs.

On September 14, 2021, the Retailer Plaintiffs voluntarily dismissed all claims against the Company pursuant to a settlement agreement with the Company in return for $3.15 million. On February 3, 2022, the Court issued its final order approving a settlement of the direct purchaser class plaintiffs’ claims against the Company in return for $3.85 million.

With respect to the California state court lawsuits, on November 24, 2021, the state court granted in part and denied in part a demurrer by the defendants in the Humana action. That case was consolidated in November 2022 with the HCSC action for pre-trial and trial purposes. These California state cases are now in the midst of discovery, and trial is scheduled for January 2024.

The Company intends to defend itself vigorously in the consolidated California state court lawsuits. A liability for this matter has been recorded in the financial statements.

Securities Class Action Lawsuit and Related Matters

On August 28, 2022, the U.S. District Court for the Northern District of California issued a final order approving the settlement of a purported federal securities law class action that was pending against the Company, two individuals who formerly served as its chief executive officer and president, and its former chief financial officer, thereby concluding this matter. The action (Huang v. Depomed et al., No. 4:17-cv-4830-JST, N.D. Cal.) alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 related to certain prior disclosures of the Company about its business, compliance, and operational policies and practices concerning the sales and marketing of its former opioid products and contended that the conduct supporting the alleged violations affected the value of Company’s common stock and was seeking damages and other relief.

Additionally, on December 14, 2021, the Superior Court of California, Alameda County, issued a final order approving the settlement of the shareholder derivative actions that were filed on behalf of the Company against its officers and directors for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and violations of the federal securities laws, thereby concluding these matters. The claims in the shareholder derivative actions arose out of the same factual allegations as the purported federal securities class action described above.

Opioid-Related Request and Subpoenas

As a result of the greater public awareness of the public health issue of opioid abuse, there has been increased scrutiny of, and investigation into, the commercial practices of opioid manufacturers generally by federal, state, and local regulatory and governmental agencies. In March 2017, the Company’s subsidiary Assertio Therapeutics, Inc. (“Assertio Therapeutics”)
received a letter from then-Sen. Claire McCaskill (D-MO), the then-Ranking Member on the U.S. Senate Committee on Homeland Security and Governmental Affairs, requesting certain information regarding Assertio Therapeutics’ historical commercialization of opioid products. Assertio Therapeutics voluntarily furnished information responsive to Sen. McCaskill’s request. Since 2017, Assertio Therapeutics has received and responded to subpoenas from the U.S. Department of Justice (“DOJ”) seeking documents and information regarding its historical sales and marketing of opioid products. Assertio Therapeutics has also received and responded to subpoenas or civil investigative demands focused on its historical promotion and sales of Lazanda, NUCYNTA, and NUCYNTA ER from various state attorneys general seeking documents and information regarding Assertio Therapeutics’ historical sales and marketing of opioid products. In addition, Assertio Therapeutics received and responded to a subpoena from the State of California Department of Insurance (“CDI”) seeking information relating to its historical sales and marketing of Lazanda. The CDI subpoena also seeks information on Gralise, a non-opioid product formerly in Assertio Therapeutics’ portfolio. In addition, Assertio Therapeutics received and responded to a subpoena from the New York Department of Financial Services seeking information relating to its historical sales and marketing of opioid products. Assertio Therapeutics also from time to time receives and complies with subpoenas from governmental authorities related to investigations primarily focused on third parties, including healthcare practitioners. Assertio Therapeutics is cooperating with the foregoing governmental investigations and inquiries.
In July 2022, the Company became aware that the DOJ issued a press release stating that it had settled claims against a physician whom the DOJ alleged had received payments for paid speaking and consulting work from two pharmaceutical companies, including Depomed, Inc. (now known as Assertio Therapeutics), in exchange for prescribing certain of the companies’ respective products. As part of the settlement, the physician did not admit liability for such claims and the press release stated that there has been no determination of any liability for such claims. The Company denies any wrongdoing and disputes DOJ’s characterization of the payments from Depomed.

Multidistrict Opioid Litigation
A number of pharmaceutical manufacturers, distributors and other industry participants have been named in numerous lawsuits around the country brought by various groups of plaintiffs, including city and county governments, hospitals, individuals and others. In general, the lawsuits assert claims arising from defendants’ manufacturing, distributing, marketing and promoting of FDA-approved opioid drugs. The specific legal theories asserted vary from case to case, but the lawsuits generally include federal and/or state statutory claims, as well as claims arising under state common law. Plaintiffs seek various forms of damages, injunctive and other relief and attorneys’ fees and costs.
For such cases filed in or removed to federal court, the Judicial Panel on Multi-District Litigation issued an order in December 2017, establishing a Multi-District Litigation court (“MDL Court”) in the Northern District of Ohio (In re National Prescription Opiate Litigation, Case No. 1:17-MD-2804). Since that time, more than 2,000 such cases that were originally filed in U.S. District Courts, or removed to federal court from state court, have been filed in or transferred to the MDL Court. Assertio Therapeutics is currently involved in a subset of the lawsuits that have been filed in or transferred to the MDL Court. Assertio Holdings has also been named in six such cases. In April 2022, the Judicial Panel on Multi-District Litigation issued an order stating that it would no longer transfer new opioid cases to the MDL Court. Since that time, Assertio Therapeutics has been named in two federal lawsuits outside of the MDL Court (in the Northern District of Georgia, and Southern District of Florida, respectively). Plaintiffs may file additional lawsuits in which Assertio Therapeutics or Assertio Holdings may be named. Plaintiffs in the pending federal cases involving Assertio Therapeutics or Assertio Holdings include individuals; county, municipal and other governmental entities; employee benefit plans, health insurance providers and other payors; hospitals, health clinics and other health care providers; Native American tribes; and non-profit organizations who assert, for themselves and in some cases for a putative class, federal and state statutory claims and state common law claims, such as conspiracy, nuisance, fraud, negligence, gross negligence, negligent and intentional infliction of emotional distress, deceptive trade practices, and products liability claims (defective design/failure to warn). In these cases, plaintiffs seek a variety of forms of relief, including actual damages to compensate for alleged personal injuries and for alleged past and future costs such as to provide care and services to persons with opioid-related addiction or related conditions, injunctive relief, including to prohibit alleged deceptive marketing practices and abate an alleged nuisance, establishment of a compensation fund, establishment of medical monitoring programs, disgorgement of profits, punitive and statutory treble damages, and attorneys’ fees and costs. No trial date has been set in any of these lawsuits, which are at an early stage of proceedings. Assertio Therapeutics and Assertio Holdings intend to defend themselves vigorously in these matters.

State Opioid Litigation

Related to the cases in the MDL Court noted above, there have been hundreds of similar lawsuits filed in state courts around the country, in which various groups of plaintiffs assert opioid-drug related claims against similar groups of defendants. Assertio Therapeutics is currently named in a subset of those cases, including cases in Delaware, Missouri, Nevada, New York, Pennsylvania, Texas and Utah. Assertio Holdings is named as a defendant in one of these cases in Pennsylvania. Plaintiffs may
file additional lawsuits in which Assertio Therapeutics or Assertio Holdings may be named. In the pending cases involving Assertio Therapeutics or Assertio Holdings, plaintiffs are asserting state common law and statutory claims against the defendants similar in nature to the claims asserted in the MDL cases. Plaintiffs are seeking actual damages, disgorgement of profits, injunctive relief, punitive and statutory treble damages, and attorneys’ fees and costs. The state lawsuits in which Assertio Therapeutics or Assertio Holdings has been served are generally each at an early stage of proceedings. Assertio Therapeutics and Assertio Holdings intend to defend themselves vigorously in these matters.

Insurance Litigation

On January 15, 2019, Assertio Therapeutics was named as a defendant in a declaratory judgment action filed by Navigators Specialty Insurance Company (“Navigators”) in the U.S. District Court for the Northern District of California (Case No. 3:19-cv-255). Navigators was Assertio Therapeutics’ primary product liability insurer. Navigators was seeking declaratory judgment that opioid litigation claims noticed by Assertio Therapeutics (as further described above under “Multidistrict Opioid Litigation” and “State Opioid Litigation”) are not covered by Assertio Therapeutics’ life sciences liability policies with Navigators. On February 3, 2021, Assertio Therapeutics entered into a Confidential Settlement Agreement and Mutual Release with Navigators to resolve the declaratory judgment action and Assertio Therapeutics’ counterclaims. Pursuant to the Settlement Agreement, the parties settled and the coverage action was dismissed without prejudice.

During the first quarter of 2021, Assertio Therapeutics received $5.0 million in insurance reimbursement for previous opioid-related spend, which was recognized within Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2021.

On July 16, 2021, Assertio Therapeutics filed a complaint for declaratory relief against one of its excess products liability insurers, Lloyd’s of London Newline Syndicate 1218 and related entities (“Newline”), in the Superior Court of the State of California for the County of Alameda. Newline removed the case to the U.S. District Court for the Northern District of California (Case No. 3:21-cv-06642). Assertio Therapeutics was seeking a declaratory judgment that Newline has a duty to defend Assertio Therapeutics or, alternatively, to reimburse Assertio Therapeutics’ attorneys’ fees and other defense costs for opioid litigation claims noticed by Assertio Therapeutics. On May 18, 2022, Assertio Therapeutics entered into a Confidential Settlement Agreement and Mutual Release with Newline to resolve Assertio Therapeutics’ declaratory judgment action. Pursuant to the Settlement Agreement, the parties settled and the coverage action was dismissed with prejudice.

During the second quarter of 2022, Assertio Therapeutics received $2.0 million in insurance reimbursement for previous opioid-related spend, which was recognized within Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the year ended December 31, 2022.

On April 1, 2022, Assertio Therapeutics filed a complaint for negligence and breach of fiduciary duty against its former insurance broker, Woodruff-Sawyer & Co. (“Woodruff”), in the Superior Court of the State of California for the County of Alameda (Case No. 22CV009380). Assertio Therapeutics is seeking to recover its damages caused by Woodruff’s negligence and breaches of its fiduciary duties in connection with negotiating and procuring products liability insurance coverage for Assertio Therapeutics. The parties are in discovery. Trial is set for February 2, 2024.

Indemnification Dispute with Collegium Pharmaceutical, Inc.
On May 24, 2022, Assertio Therapeutics filed an action in the Superior Court of Delaware against Collegium Pharmaceutical, Inc. (“Collegium”) seeking indemnification for Collegium’s breach of an asset purchase agreement related to Assertio Therapeutics’ former product, NUCYNTA. Assertio Therapeutics alleged that Collegium agreed to assume certain liabilities associated with customer returns of NUCYNTA products sold by Collegium, but that Collegium failed to honor that agreement. On July 14, 2022, Collegium answered the complaint asserting as a defense that, among other things, the Superior Court of Delaware does not have jurisdiction over all aspects of the action because Collegium contends that a portion of the dispute is subject to the alternative dispute resolution procedures under a different agreement. On July 18, 2022, Assertio Therapeutics moved to strike that defense, and on August 8, 2022 in opposition to the motion to strike, Collegium filed a cross-motion to stay the case. Assertio Therapeutics filed its opposition to Collegium’s cross-motion to stay on August 19, 2022. After oral argument on September 20, 2022, the Court granted in part Assertio Therapeutics’ motion to strike and denied in full Collegium’s cross-motion to stay. On January 5, 2023, Assertio Therapeutics voluntarily dismissed all claims against Collegium pursuant to a settlement agreement with Collegium in return for $2.9 million.
v3.23.1
SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS EQUITY
Exchanged Convertible Notes

Related to the Convertible Note Exchange (see Note 9, Debt), the Company paid an aggregate of $10.5 million in cash and issued an aggregate of approximately 7.0 million shares of its common stock in the transactions. The Company did not receive any cash proceeds from the issuance of the shares of its common stock but recognized additional paid-in capital of $28.3 million during the three months ended March 31, 2023 related to the common stock share issuance, net of approximately $1.6 million of unamortized issuance costs related to the Exchanged Notes.

At-The-Market Program

The Company is party to a sales agreement with Roth Capital Partners, LLC (“Roth”) as sales agent to sell shares of the Company’s common stock, from time to time, through an at-the-market (“ATM”) offering program having an aggregate offering price of up to $25.0 million. As a result of the issuance of the 2027 Convertible Notes (See Note 9, Debt), the Company has determined to suspend use of its ATM offering program. Prior to suspending the ATM offering program, 2,463,637 shares had been issued and settled at an average price of $3.02, through which the Company received gross proceeds of $7.4 million, and net proceeds after commission and fees of $7.0 million.

Warrant Agreements

Upon the Zyla Merger, the Company assumed Zyla’s outstanding warrants which provided the holder the right to receive shares of the Company’s common stock. The warrants were exercisable at any time at an exercise price of $0.0016 per share, subject to certain ownership limitations including, with respect to Iroko Pharmaceuticals, Inc. and its affiliates, that no such exercise may increase the aggregate ownership of the Company’s outstanding common stock of such parties above 49% of the number of shares of its common stock then outstanding for a period of 18 months.

During the three months ended March 31, 2022, 0.4 million warrants were exercised, and 0.4 million of the Company’s common shares, were issued by the Company. Subsequent to these warrant exercises in the three months ended March 31, 2022, there were no outstanding warrants remaining.
v3.23.1
NET INCOME PER SHARE
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET (LOSS) INCOME PER SHARE
Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period.

Diluted net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period, plus potentially dilutive common shares, consisting of stock-based awards and equivalents, and convertible debt. For purposes of this calculation, stock-based awards and convertible debt are considered to be potential common shares and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock-based awards and equivalents. The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt. Under the if-converted method, the Company assumes any convertible debt outstanding was converted at the beginning of each period presented when the effect is dilutive. As a result, interest expense and any other income statement impact associated with the 2027 Convertible Notes, net of tax, is added back to net income used in the diluted earnings per share calculation. As the Company was in a net loss position for the three months ended March 31, 2023, the Company’s potentially dilutive stock-based awards and convertible debt were not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive.

The following table reflects the calculation of basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022 (in thousands, except for per share amounts):
 Three Months Ended March 31,
20232022
Basic net (loss) income per share
Net (loss) income $(3,484)$9,064 
Weighted-average common shares outstanding51,005 45,204 
Basic net (loss) income per share$(0.07)$0.20 
Diluted net income per share
Net (loss) income $(3,484)$9,064 
Weighted-average common shares and share equivalents outstanding51,005 45,204 
Add: effect of dilutive stock-based awards and equivalents— 923 
Denominator for diluted net (loss) income per share51,005 46,127 
Diluted net (loss) income per share$(0.07)$0.20 
 
The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive, for the three months ended March 31, 2023 and 2022 (in thousands):
 Three Months Ended March 31,
20232022
Convertible notes14,489 — 
Stock-based awards and equivalents8,271 1,215 
Total potentially dilutive common shares22,760 1,215 
v3.23.1
FAIR VALUE
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
 
•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):

March 31, 2023Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Commercial paperCash and cash equivalents$— $8,973 $— $8,973 
U.S. Government agenciesCash and cash equivalents— 38,341 — 38,341 
Money market fundsCash and cash equivalents15,982 — — 15,982 
Total$15,982 $47,314 $— $63,296 
Liabilities:
Short-term contingent considerationContingent consideration, current portion$— $— $24,458 $24,458 
Long-term contingent considerationContingent consideration— — 26,600 26,600 
Derivative liabilityLong-term debt— — 252 252 
Total$— $— $51,310 $51,310 

December 31, 2022Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Commercial paperCash and cash equivalents$— $4,983 $— $4,983 
U.S. TreasuriesCash and cash equivalents— 3,981 — 3,981 
U.S. Government agenciesCash and cash equivalents— 10,937 — 10,937 
Money market fundsCash and cash equivalents38,478 — — 38,478 
Total$38,478 $19,901 $— $58,379 
Liabilities:
Short-term contingent considerationContingent consideration, current portion$— $— $26,300 $26,300 
Long-term contingent considerationContingent consideration— — 22,200 22,200 
Derivative liabilityLong-term debt— — 252 252 
Total$— $— $48,752 $48,752 
    
Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity date of purchase of three months or less to be cash equivalents. The Company invests its cash in money market funds and marketable securities including U.S. Treasury and government agency securities, commercial paper, and higher quality debt securities of financial and commercial institutions. The Company classified money market funds as Level 1, due to their short-term maturity, and measured the fair value based on quoted prices in active markets for identical assets. The Company classified commercial paper, U.S. Treasury and government agency securities as Level 2, as the inputs used to value these instruments are directly observable or can be corroborated by observable market data for substantially the full term of the assets.

Contingent Consideration Obligation
Pursuant to the Zyla Merger, the Company assumed a contingent consideration obligation which is measured at fair value. The Company has obligations to make contingent consideration payments for future royalties to an affiliate of CR Group L.P. based upon annual INDOCIN product net sales over $20.0 million at a 20% royalty through January 2029. The Company classified the acquisition-related contingent consideration liabilities to be settled in cash as Level 3, due to the lack of relevant observable inputs and market activity. As of March 31, 2023 and December 31, 2022, INDOCIN product contingent consideration was $51.1 million and $48.5 million, respectively, with $24.5 million and $26.3 million classified as short-term and $26.6 million and $22.2 million classified as long-term contingent consideration, respectively, in the Company’s Condensed Consolidated Balance Sheets.
During the three months ended March 31, 2023 and 2022, the Company recognized an expense of $9.2 million and $1.6 million, respectively, for the change in fair value of contingent consideration, which was recognized in Fair value of contingent consideration in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income. The fair value of the contingent consideration is determined using an option pricing model under the income approach based on estimated INDOCIN product revenues through January 2029 and discounted to present value. The significant assumptions used in the calculation of the fair value as of March 31, 2023 included revenue volatility of 40%, discount rate of 8.5%, credit spread of 4.2% and updated projections of future INDOCIN Product revenues.

The following table summarizes changes in fair value of the contingent consideration that is measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022 (in thousands):

 Three Months Ended March 31,
20232022
Fair value, beginning of the period$48,500 $37,659 
Change in fair value of contingent consideration recorded within costs and expenses9,167 1,645 
Cash payment related to contingent consideration(6,609)(1,845)
Fair value, end of the period$51,058 $37,459 

Financial Instruments Not Required to be Remeasured at Fair Value

The Company’s other financial assets and liabilities, including trade accounts receivable and accounts payable, are not remeasured to fair value, as the carrying cost of each approximates its fair value. On August 22, 2022, the Company issued the 2027 Convertible Notes. As of March 31, 2023, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $69.4 million, compared to a par value of $40.0 million. As of December 31, 2022, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $92.5 million, compared to a par value of $70.0 million. The Company estimated the fair value of its 2027 Convertible Notes as of March 31, 2023 and December 31, 2022 based on a market approach which represents a Level 2 valuation.
v3.23.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 
During the year ended December 31, 2022, the Company reversed a majority of its previously recorded valuation allowances against the net deferred tax asset (“DTA”). The valuation allowance is determined in accordance with the provisions of ASC 740, Income Taxes, which require an assessment of both negative and positive evidence when measuring the need for a valuation allowance. The exact timing and amount of the valuation allowance releases are subject to change based on the level of profitability achieved in future periods. The Company continues to assess the realizability of its deferred tax assets on a quarterly basis. As part of its valuation allowance assessment, the Company primarily relied on its projected availability of future taxable income from pre-tax income forecasts and reversing taxable temporary differences. As of March 31, 2023, the Company estimates to retain $11.1 million of valuation allowance for the year ending December 31, 2023, because realization of the future benefits for the associated deferred tax assets is uncertain.

For the three months ended March 31, 2023, the Company recorded an income tax benefit of $2.1 million. The difference between the income tax benefit of $2.1 million and the tax at the federal statutory rate of 21.0% to date on current year operations is principally due to state taxes, disallowed officer’s compensation, and capital expenses, offset by a partial reversal of previously recorded valuation allowance.

The Company files income tax returns in the United States federal jurisdiction and in various states, and the tax returns filed for the years 2007 through 2021 and the applicable statutes of limitation have not expired with respect to those returns. Because of NOLs and unutilized R&D credits, substantially all of the Company’s tax years remain open to examination. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense by the Company. As of March 31, 2023, the Company did not have significant accrued interest and penalties associated with unrecognized tax benefits.
v3.23.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On April 25, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spectrum Pharmaceuticals, Inc. (“Spectrum”), a commercial stage biopharmaceutical company focused on novel and targeted oncology products, in an all-stock and contingent value rights (“CVR”) transaction. The Merger Agreement provides that, subject to the terms and conditions set forth therein, Assertio stockholders will own approximately 65% of the combined company, and Spectrum stockholders will own approximately 35% of the combined company, on a fully diluted basis.

Under the terms of the Merger Agreement, at closing, Spectrum stockholders will receive a fixed exchange ratio of 0.1783 shares of Assertio common stock for each share of Spectrum common stock they own, implying an upfront value of $1.14 per Spectrum share (approximately $248 million) based on Assertio’s stock price on April 24, 2023, and an initial 65% premium to Spectrum’s closing price on such date. Additionally, Spectrum stockholders will receive one CVR per Spectrum share entitling them to receive up to an additional $0.20 per share in total (approximately $43 million), payable in cash or stock at Assertio's election, for $1.34 (approximately $291 million), a total potential premium of 94%. Subject to adjustments, each CVR shall represent the right to receive $0.10 payable upon ROLVEDON net sales (less certain deductions) achieving $175 million during the calendar year ending December 31, 2024, and $0.10 payable upon ROLVEDON net sales (less certain deductions) achieving $225 million during the calendar year ending December 31, 2025.

The Merger Agreement, which has been approved by the boards of directors of both companies, is expected to close in the third quarter of 2023, subject to approval by Assertio and Spectrum stockholders and the satisfaction of customary closing conditions.
v3.23.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The unaudited condensed consolidated financial statements of Assertio Holdings, Inc. and its subsidiaries and the related footnote information of the Company have been prepared pursuant to the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, the accompanying interim unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the information for the periods presented. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the entire year ending December 31, 2023 or future operating periods.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2022 included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 8, 2023 (the “2022 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited financial statements at that date, as filed in the Company’s 2022 Form 10-K.
v3.23.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Net Revenue
The following table reflects summary revenue, net for the three months ended March 31, 2023 and 2022 (in thousands): 
Three Months Ended March 31,
20232022
Product sales, net:
INDOCIN products$30,346 $21,357 
Otrexup2,822 3,078 
Sympazan2,502 — 
SPRIX1,889 1,766 
CAMBIA2,264 5,473 
Zipsor1,1502,228
Other products796 1,644 
Total product sales, net41,769 35,546 
Royalties and milestone revenue697 992 
Total revenues$42,466 $36,538 
v3.23.1
INVENTORIES, NET (Tables)
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventory, Net
The following table reflects the components of inventory, net as of March 31, 2023 and December 31, 2022 (in thousands): 
 March 31,
2023		December 31, 2022
Raw materials$921 $1,367 
Work-in-process1,677 2,735 
Finished goods13,628 9,594 
Total Inventories, net$16,226 $13,696 
v3.23.1
PROPERTY AND EQUIPMENT, NET (Tables)
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The following table reflects property and equipment, net as of March 31, 2023 and December 31, 2022 (in thousands): 

March 31,
2023		December 31, 2022
Furniture and office equipment$1,708 $1,712 
Laboratory equipment20 20 
Leasehold improvements2,945 2,945 
4,673 4,677 
Less: Accumulated depreciation(4,129)(3,933)
Property and equipment, net$544 $744 
v3.23.1
INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross Carrying Amounts and Net Book Values of Intangible Assets and Goodwill
The following table reflects the gross carrying amounts and net book values of intangible assets as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands): 

 March 31, 2023December 31, 2022
Remaining Useful Life
 (In years)		Gross Carrying AmountAccumulated AmortizationNet Book ValueGross Carrying AmountAccumulated AmortizationNet Book Value
Products rights:
INDOCIN9.1$154,100 $(36,705)$117,395 $154,100 $(33,495)$120,605 
Otrexup6.744,086 (6,888)$37,198 44,086 (5,511)38,575 
Sympazan11.614,550 (505)$14,045 14,550 (202)14,348 
SPRIX4.139,000 (15,926)$23,074 39,000 (14,532)24,468 
Total Intangible Assets $251,736 $(60,024)$191,712 $251,736 $(53,740)$197,996 
Schedule of the Future Amortization Expenses of Intangible Assets
The following table reflects future amortization expense the Company expects for its intangible assets (in thousands): 

Year Ending December 31,Estimated Amortization Expense
2023 (remainder)18,852 
202425,136 
202525,136 
202625,136 
202721,747 
Thereafter75,705 
Total$191,712 
v3.23.1
OTHER LONG-TERM ASSETS (Tables)
 3 Months Ended
Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Long-Term Assets
The following table reflects other long-term assets as of March 31, 2023 and December 31, 2022 (in thousands): 

 March 31,
2023		December 31, 2022
Operating lease right-of-use assets$107 $137 
Prepaid asset and deposits1,518 1,607 
Other 975 965 
Total other long-term assets$2,600 $2,709 
v3.23.1
ACCRUED LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
The following table reflects accrued liabilities as of March 31, 2023 and December 31, 2022 (in thousands): 

 March 31,
2023		December 31, 2022
Accrued compensation$602 $3,117 
Other accrued liabilities9,587 6,561 
Interest payable217 1,593 
Accrued royalties393 910 
Total accrued liabilities$10,799 $12,181 
v3.23.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-Term Debt
The following table reflects the Company’s debt as of March 31, 2023 and December 31, 2022 (in thousands):

March 31,
2023		December 31, 2022
6.5% Convertible Senior Secured Notes due 2027
$40,000$70,000
Royalty Rights obligation470470
Total principal amount40,47070,470
Plus: derivative liability for embedded conversion feature252252
Less: unamortized debt issuance costs(2,101)(3,849)
Carrying value38,62166,873
Less: current portion of long-term debt(470)(470)
Long-term debt, net$38,151 $66,403
Schedule of Carrying Values Convertible Notes
The following table reflects the carrying balance of the 2027 Convertible Notes as of March 31, 2023 and December 31, 2022 (in thousands):

March 31,
2023		December 31, 2022
Principal balance$40,000 $70,000 
Derivative liability for embedded conversion feature252 252 
Unamortized debt issuance costs(2,101)(3,849)
Carrying balance$38,151 $66,403 
Schedule of Debt Related Interest The following table reflects debt-related interest included in Interest expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
20232022
Interest on 2027 Convertible Notes$975$—
Interest on 2024 Secured Notes—2,299
Amortization of Royalty Rights(1)
—28
Amortization of debt issuance costs147—
Total interest expense$1,122$2,327
(1)As a result of the extinguishment of the Royalty Rights obligation in the fourth quarter of 2022, there will be no additional amortization expense recognized in future periods.
v3.23.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Schedule of Lease Expense
The following table reflects lease expense and income for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
Financial Statement Classification20232022
Operating lease costSelling, general and administrative expenses$39 $40 
Operating lease costOther gain— 148 
Total lease cost$39 $188 
Sublease IncomeOther gain$— $775 
The following table reflects supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 (in thousands):
Three Months Ended March 31,
20232022
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases$104 $530 
Schedule of Supplemental Balance Sheet Information
The following table reflects supplemental balance sheet information related to leases as of March 31, 2023 and December 31, 2022 (in thousands):
Financial Statement ClassificationMarch 31, 2023December 31, 2022
Liabilities
Current operating lease liabilitiesOther current liabilities$306 $401 
Total lease liabilities$306 $401 
v3.23.1
NET INCOME PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Earnings Per Common Share
The following table reflects the calculation of basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022 (in thousands, except for per share amounts):
 Three Months Ended March 31,
20232022
Basic net (loss) income per share
Net (loss) income $(3,484)$9,064 
Weighted-average common shares outstanding51,005 45,204 
Basic net (loss) income per share$(0.07)$0.20 
Diluted net income per share
Net (loss) income $(3,484)$9,064 
Weighted-average common shares and share equivalents outstanding51,005 45,204 
Add: effect of dilutive stock-based awards and equivalents— 923 
Denominator for diluted net (loss) income per share51,005 46,127 
Diluted net (loss) income per share$(0.07)$0.20 
Schedule of Anti-Dilutive Securities Excluded from Computation of Diluted Net Income Per Share The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive, for the three months ended March 31, 2023 and 2022 (in thousands):
 Three Months Ended March 31,
20232022
Convertible notes14,489 — 
Stock-based awards and equivalents8,271 1,215 
Total potentially dilutive common shares22,760 1,215 
v3.23.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):

March 31, 2023Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Commercial paperCash and cash equivalents$— $8,973 $— $8,973 
U.S. Government agenciesCash and cash equivalents— 38,341 — 38,341 
Money market fundsCash and cash equivalents15,982 — — 15,982 
Total$15,982 $47,314 $— $63,296 
Liabilities:
Short-term contingent considerationContingent consideration, current portion$— $— $24,458 $24,458 
Long-term contingent considerationContingent consideration— — 26,600 26,600 
Derivative liabilityLong-term debt— — 252 252 
Total$— $— $51,310 $51,310 

December 31, 2022Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Commercial paperCash and cash equivalents$— $4,983 $— $4,983 
U.S. TreasuriesCash and cash equivalents— 3,981 — 3,981 
U.S. Government agenciesCash and cash equivalents— 10,937 — 10,937 
Money market fundsCash and cash equivalents38,478 — — 38,478 
Total$38,478 $19,901 $— $58,379 
Liabilities:
Short-term contingent considerationContingent consideration, current portion$— $— $26,300 $26,300 
Long-term contingent considerationContingent consideration— — 22,200 22,200 
Derivative liabilityLong-term debt— — 252 252 
Total$— $— $48,752 $48,752 
Schedule of Changes in Fair Value
The following table summarizes changes in fair value of the contingent consideration that is measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022 (in thousands):

 Three Months Ended March 31,
20232022
Fair value, beginning of the period$48,500 $37,659 
Change in fair value of contingent consideration recorded within costs and expenses9,167 1,645 
Cash payment related to contingent consideration(6,609)(1,845)
Fair value, end of the period$51,058 $37,459 
v3.23.1
REVENUE - Schedule of Disaggregated Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Total revenues $ 42,466 $ 36,538
Total product sales, net    
Disaggregation of Revenue [Line Items]    
Total revenues 41,769 35,546
INDOCIN products    
Disaggregation of Revenue [Line Items]    
Total revenues 30,346 21,357
Otrexup    
Disaggregation of Revenue [Line Items]    
Total revenues 2,822 3,078
Sympazan    
Disaggregation of Revenue [Line Items]    
Total revenues 2,502 0
SPRIX    
Disaggregation of Revenue [Line Items]    
Total revenues 1,889 1,766
CAMBIA    
Disaggregation of Revenue [Line Items]    
Total revenues 2,264 5,473
Zipsor    
Disaggregation of Revenue [Line Items]    
Total revenues 1,150 2,228
Other products    
Disaggregation of Revenue [Line Items]    
Total revenues 796 1,644
Royalties and milestones    
Disaggregation of Revenue [Line Items]    
Total revenues $ 697 $ 992
v3.23.1
REVENUE - Narrative - Royalties and Milestone Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Contract liabilities $ 0.0   $ 0.2
CAMBIA | Canada      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue recognized 0.5 $ 0.5  
Royalties and milestones      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Revenue recognized $ 0.2 $ 0.5  
v3.23.1
ACCOUNTS RECEIVABLES, NET (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ACCOUNTS RECEIVABLES, NET    
Accounts receivable, net $ 46,466 $ 45,357
Allowance for cash discounts for prompt payment 1,000 900
Product Sales Receivable    
ACCOUNTS RECEIVABLES, NET    
Accounts receivable, net $ 46,500 $ 45,400
v3.23.1
INVENTORIES, NET - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Inventory    
Raw materials $ 921 $ 1,367
Work-in-process 1,677 2,735
Finished goods 13,628 9,594
Total Inventories, net $ 16,226 $ 13,696
v3.23.1
INVENTORIES, NET - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Inventory reserves $ 2.4 $ 2.8
v3.23.1
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 4,673 $ 4,677
Less: Accumulated depreciation (4,129) (3,933)
Property and equipment, net 544 744
Furniture and office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,708 1,712
Laboratory equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 20 20
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,945 $ 2,945
v3.23.1
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Property, Plant and Equipment [Abstract]    
Depreciation expense $ 0.2 $ 0.2
v3.23.1
INTANGIBLE ASSETS - Summary of Gross Carrying Amounts and Net Book Values of Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Intangible assets    
Gross Carrying Amount $ 251,736 $ 251,736
Accumulated Amortization (60,024) (53,740)
Total $ 191,712 197,996
INDOCIN | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 9 years 1 month 6 days  
Gross Carrying Amount $ 154,100 154,100
Accumulated Amortization (36,705) (33,495)
Total $ 117,395 120,605
Otrexup | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 6 years 8 months 12 days  
Gross Carrying Amount $ 44,086 44,086
Accumulated Amortization (6,888) (5,511)
Total $ 37,198 38,575
Sympazan | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 11 years 7 months 6 days  
Gross Carrying Amount $ 14,550 14,550
Accumulated Amortization (505) (202)
Total $ 14,045 14,348
SPRIX | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 4 years 1 month 6 days  
Gross Carrying Amount $ 39,000 39,000
Accumulated Amortization (15,926) (14,532)
Total $ 23,074 $ 24,468
v3.23.1
INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 6,284 $ 8,501
v3.23.1
INTANGIBLE ASSETS - Summary of Future Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
2023 (remainder) $ 18,852  
2024 25,136  
2025 25,136  
2026 25,136  
2027 21,747  
Thereafter 75,705  
Total $ 191,712 $ 197,996
v3.23.1
OTHER LONG-TERM ASSETS (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Operating lease right-of-use assets $ 107 $ 137
Prepaid asset and deposits 1,518 1,607
Other 975 965
Total other long-term assets $ 2,600 $ 2,709
v3.23.1
OTHER LONG-TERM ASSETS - Narratives (Details) - USD ($)
$ in Millions
 1 Months Ended
Aug. 31, 2018
Mar. 31, 2023
Summary of Investment Holdings [Line Items]    
Credit loss allowance   $ 3.5
NES Therapeutic, Inc.    
Summary of Investment Holdings [Line Items]    
Convertible notes receivable $ 3.0  
Convertible notes receivable, interest rate 10.00%  
Payment for convertible notes receivable $ 3.0  
v3.23.1
ACCRUED LIABILITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]    
Accrued compensation $ 602 $ 3,117
Other accrued liabilities 9,587 6,561
Interest payable 217 1,593
Accrued royalties 393 910
Total accrued liabilities $ 10,799 $ 12,181
v3.23.1
DEBT - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Aug. 22, 2022
Debt Instrument [Line Items]      
Gross, long-term debt $ 40,470 $ 70,470  
Plus: derivative liability for embedded conversion feature 252 252  
Less: unamortized debt issuance costs (2,101) (3,849)  
Carrying value 38,621 66,873  
Less: current portion of long-term debt (470) (470)  
Long-term debt, net 38,151 66,403  
Convertible notes      
Debt Instrument [Line Items]      
Less: unamortized debt issuance costs $ (1,600)    
Convertible notes | 6.5% Convertible Senior Secured Notes due 2027      
Debt Instrument [Line Items]      
Interest rate 6.50%   6.50%
Gross, long-term debt $ 40,000 70,000  
Plus: derivative liability for embedded conversion feature 252 252  
Less: unamortized debt issuance costs (1,600)    
Senior Notes | Royalty Rights obligation      
Debt Instrument [Line Items]      
Gross, long-term debt $ 470 $ 470  
v3.23.1
DEBT - Narrative (Details)
 3 Months Ended
Feb. 27, 2023
USD ($)
shares
Aug. 22, 2022
USD ($)
$ / shares
Rate
May 20, 2020
Mar. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Debt Instrument [Line Items]          
Common stock, issued (in shares) | shares       55,661,866 48,319,838
Plus: derivative liability for embedded conversion feature       $ 252,000 $ 252,000
Recurring          
Debt Instrument [Line Items]          
Plus: derivative liability for embedded conversion feature       252,000 252,000
Level 3 | Recurring          
Debt Instrument [Line Items]          
Plus: derivative liability for embedded conversion feature       $ 252,000 252,000
6.5% Convertible Senior Secured Notes due 2027 | Convertible notes          
Debt Instrument [Line Items]          
Interest rate   6.50%   6.50%  
Aggregate principal amount $ 30,000,000 $ 60,000,000      
Additional purchase capacity   $ 10,000,000      
Number of days to cover over allotment (in days)   13 days      
Common stock, issued (in shares) | shares 6,990,000        
Repayments of debt $ 10,500,000        
Induced conversion of convertible debt expense 8,800,000        
Related party costs $ 1,100,000        
Conversion ratio   0.2442003      
Conversion price (in dollars per share) | $ / shares   $ 4.09      
Effective interest rate (as a percent) | Rate   7.80%      
Debt issuance costs       $ 100,000  
Plus: derivative liability for embedded conversion feature       252,000 $ 252,000
Senior Secured Notes Due 2024 | Senior Notes          
Debt Instrument [Line Items]          
Interest rate     13.00%    
Repayment of debt, principal       59,000,000  
Repayment of debt, interest       $ 3,000,000  
Royalty Rights obligation | Senior Notes          
Debt Instrument [Line Items]          
Royalty payments, percentage of revenue     1.50%    
v3.23.1
DEBT - Schedule of Carrying Values Convertible Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Plus: derivative liability for embedded conversion feature $ 252 $ 252
6.5% Convertible Senior Secured Notes due 2027 | Convertible notes    
Debt Instrument [Line Items]    
Principal balance 40,000 70,000
Plus: derivative liability for embedded conversion feature 252 252
Unamortized debt issuance costs (2,101) (3,849)
Carrying balance $ 38,151 $ 66,403
v3.23.1
DEBT - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Debt Instrument [Line Items]    
Amortization of debt issuance costs and Royalty Rights $ 0 $ 28
Total interest expense 1,122 2,327
Senior Notes | 6.5% Convertible Senior Secured Notes due 2027    
Debt Instrument [Line Items]    
Interest payable on notes 975 0
Senior Notes | Senior Secured Notes Due 2024    
Debt Instrument [Line Items]    
Interest payable on notes 147 0
Convertible notes    
Debt Instrument [Line Items]    
Interest payable on notes $ 0 $ 2,299
v3.23.1
STOCK-BASED COMPENSATION (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 0.5  
Average fair market value (in dollars per share) $ 5.15  
Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Options granted (in shares) 0.6  
Average market fair value (in dollars per share) $ 4.39  
Selling, General and Administrative Expenses    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 2.4 $ 1.0
v3.23.1
LEASES - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Leases [Abstract]  
Gain on early termination of sublease $ 0.6
v3.23.1
LEASES - Lease Cost Components (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Lessee, Lease, Description [Line Items]    
Total lease cost $ 39 $ 188
Selling, general and administrative expenses    
Lessee, Lease, Description [Line Items]    
Operating lease cost 39 40
Other gain    
Lessee, Lease, Description [Line Items]    
Operating lease cost 0 148
Sublease Income $ 0 $ 775
v3.23.1
LEASES - Supplemental Cash Flow and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash paid for amounts included in measurement of liabilities:    
Operating cash flows from operating leases $ 104 $ 530
v3.23.1
LEASES - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Liabilities    
Current operating lease liabilities $ 306 $ 401
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Total lease liabilities $ 306 $ 401
v3.23.1
COMMITMENTS AND CONTINGENCIES - Supply Agreements (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Supply Commitment [Line Items]  
Purchase obligation, percentage 75.00%
Cosette  
Supply Commitment [Line Items]  
Annual purchase obligation $ 6.3
Antares  
Supply Commitment [Line Items]  
Annual purchase obligation 2.0
Supply Agreement | JHS  
Supply Commitment [Line Items]  
Annual purchase obligation $ 1.1
v3.23.1
COMMITMENTS AND CONTINGENCIES - Legal Matters (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
Legal contingency accrual $ 3.2 $ 3.2
v3.23.1
COMMITMENTS AND CONTINGENCIES - Glumetza Antitrust Litigation (Details) - USD ($)
$ in Thousands
Feb. 03, 2022
Sep. 14, 2021
Glumetza Antitrust Litigation    
Loss Contingencies [Line Items]    
Settlement amount $ 3,850 $ 3,150
v3.23.1
COMMITMENTS AND CONTINGENCIES - Multidistrict Opioid Litigation (Details)
Mar. 31, 2023
case
Multidistrict Opioid Litigation  
Legal matters  
Number of industry-wide opioid litigation cases (more than) 2,000
v3.23.1
COMMITMENTS AND CONTINGENCIES - Insurance Litigation (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2022
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
Insurance reimbursement $ 2.0 $ 5.0
v3.23.1
COMMITMENTS AND CONTINGENCIES - Indemnification Dispute (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Indemnification $ 2.9
v3.23.1
SHAREHOLDERS' EQUITY (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Feb. 27, 2023
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 17, 2021
May 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unamortized issuance costs   $ 2,101   $ 3,849    
Warrants exercised (in shares)     400,000      
Common shares issued (in shares)     400,000      
Warrants outstanding   0   $ 0    
Additional Paid-In Capital            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Induced exchange of convertible notes, gross   28,300        
Convertible notes            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unamortized issuance costs   1,600        
6.5% Convertible Senior Secured Notes due 2027 | Convertible notes            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Proceeds from issuance of common stock $ 10,500          
Induced exchange of convertible notes (in shares) 7,000,000          
Unamortized issuance costs   $ 1,600        
Zyla Life Sciences | Iroko | Warrant Agreements            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercise aggregate ownership percentage maximum threshold           49.00%
Zyla Life Sciences | Money market funds | Zyla Life Sciences            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Purchase price, number of shares outstanding, per share (in dollars per share)           $ 0.0016
At The Market Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Aggregate offering price         $ 25,000  
Stock offering, shares sold (in shares)   2,463,637        
Stock offering, purchase price (in dollars per share)   $ 3.02        
Stock offering, gross proceeds   $ 7,400        
Stock offering, net proceeds   $ 7,000        
v3.23.1
NET INCOME PER SHARE - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Basic net (loss) income per share    
Net (loss) income $ (3,484) $ 9,064
Weighted average common shares and warrants/share equivalents outstanding (in shares) 51,005 45,204
Basic net (loss) income per share (in dollars per share) $ (0.07) $ 0.20
Diluted net income per share    
Net (loss) income $ (3,484) $ 9,064
Weighted average common shares and warrants/share equivalents outstanding (in shares) 51,005 45,204
Add: effect of dilutive stock-based awards and equivalents (in shares) 0 923
Denominator for diluted income per share (in shares) 51,005 46,127
Diluted net (loss) income per share (in dollars per share) $ (0.07) $ 0.20
v3.23.1
NET INCOME PER SHARE - Schedule Dilutive Shares Information (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive common shares (in shares) 22,760 1,215
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive common shares (in shares) 14,489 0
Stock-based awards and equivalents    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive common shares (in shares) 8,271 1,215
v3.23.1
FAIR VALUE - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Liabilities:    
Short-term contingent consideration $ 24,458 $ 26,300
Long-term contingent consideration 26,600 22,200
Derivative liability 252 252
Recurring    
ASSETS    
Total 63,296 58,379
Liabilities:    
Short-term contingent consideration 24,458 26,300
Long-term contingent consideration 26,600 22,200
Derivative liability 252 252
Total 51,310 48,752
Recurring | Commercial paper    
ASSETS    
Cash and cash equivalents 8,973 4,983
Recurring | U.S. Treasuries    
ASSETS    
Cash and cash equivalents   3,981
Recurring | U.S. Government agencies    
ASSETS    
Cash and cash equivalents 38,341 10,937
Recurring | Money market funds    
ASSETS    
Cash and cash equivalents 15,982 38,478
Recurring | Level 1    
ASSETS    
Total 15,982 38,478
Liabilities:    
Short-term contingent consideration 0 0
Long-term contingent consideration 0 0
Derivative liability 0 0
Total 0 0
Recurring | Level 1 | Commercial paper    
ASSETS    
Cash and cash equivalents 0 0
Recurring | Level 1 | U.S. Treasuries    
ASSETS    
Cash and cash equivalents   0
Recurring | Level 1 | U.S. Government agencies    
ASSETS    
Cash and cash equivalents 0 0
Recurring | Level 1 | Money market funds    
ASSETS    
Cash and cash equivalents 15,982 38,478
Recurring | Level 2    
ASSETS    
Total 47,314 19,901
Liabilities:    
Short-term contingent consideration 0 0
Long-term contingent consideration 0 0
Derivative liability 0 0
Total 0 0
Recurring | Level 2 | Commercial paper    
ASSETS    
Cash and cash equivalents 8,973 4,983
Recurring | Level 2 | U.S. Treasuries    
ASSETS    
Cash and cash equivalents   3,981
Recurring | Level 2 | U.S. Government agencies    
ASSETS    
Cash and cash equivalents 38,341 10,937
Recurring | Level 2 | Money market funds    
ASSETS    
Cash and cash equivalents 0 0
Recurring | Level 3    
ASSETS    
Total 0 0
Liabilities:    
Short-term contingent consideration 24,458 26,300
Long-term contingent consideration 26,600 22,200
Derivative liability 252 252
Total 51,310 48,752
Recurring | Level 3 | Commercial paper    
ASSETS    
Cash and cash equivalents 0 0
Recurring | Level 3 | U.S. Treasuries    
ASSETS    
Cash and cash equivalents   0
Recurring | Level 3 | U.S. Government agencies    
ASSETS    
Cash and cash equivalents 0 0
Recurring | Level 3 | Money market funds    
ASSETS    
Cash and cash equivalents $ 0 $ 0
v3.23.1
FAIR VALUE - Narrative (Details)
 1 Months Ended 3 Months Ended
May 31, 2020
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Short-term contingent consideration   $ 24,458,000   $ 26,300,000
Long-term contingent consideration   26,600,000   22,200,000
Fair value of contingent consideration   9,167,000 $ 1,645,000  
Level 2        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Convertible Debt, Fair Value Disclosures   69,400,000   92,500,000
Fair Value Of Convertible Notes, Par Value   $ 40,000,000   70,000,000
Revenue volatility        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Contingent consideration, measurement input   0.40    
Discounted Cash Flow | Discount rate        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Contingent consideration, measurement input   0.085    
Discounted Cash Flow | Credit spread        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Contingent consideration, measurement input   0.042    
Zyla Life Sciences        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Contingent consideration, royalty percentage 20.00%      
INDOCIN        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Contingent consideration   $ 51,100,000   48,500,000
Short-term contingent consideration   24,500,000   26,300,000
Long-term contingent consideration   $ 26,600,000   $ 22,200,000
INDOCIN | Zyla Life Sciences | Iroko        
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]        
Contingent payment consideration, future royalties covenant, product net sales (over) $ 20,000,000      
v3.23.1
FAIR VALUE - Schedule of Changes in Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Change in fair value of contingent consideration recorded within costs and expenses [Extensible Enumeration] Costs and Expenses Costs and Expenses
Contingent consideration | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of the period $ 48,500 $ 37,659
Change in fair value of contingent consideration recorded within costs and expenses 9,167 1,645
Cash payment related to contingent consideration (6,609) (1,845)
Fair value, end of the period $ 51,058 $ 37,459
v3.23.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]    
Valuation allowance $ 11,100  
Income tax expense $ 2,110 $ (713)
v3.23.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 25, 2023
Dec. 31, 2025
Dec. 31, 2024
Rolvedon | Forecast      
Subsequent Event [Line Items]      
Proceeds from sale of equity   $ 225,000 $ 175,000
Spectrum Pharmaceuticals, Inc. | Rolvedon | Forecast      
Subsequent Event [Line Items]      
Business acquisition, share price (in dollars per share)     $ 0.10
Subsequent Event | Spectrum Pharmaceuticals, Inc. | Assertio Stockholders | Assertio      
Subsequent Event [Line Items]      
Business acquisition, fixed exchange ratio $ 0.1783    
Purchase price $ 248,000    
Business acquisition, share price (in dollars per share) $ 1.14    
Subsequent Event | Spectrum Pharmaceuticals, Inc. | Spectrum Stockholders      
Subsequent Event [Line Items]      
Purchase price $ 43,000    
Business acquisition, share price (in dollars per share) $ 0.20    
Business combination, potential premium 94.00%    
Subsequent Event | Spectrum Pharmaceuticals, Inc. | Spectrum Stockholders | Assertio      
Subsequent Event [Line Items]      
Purchase price $ 291,000    
Business acquisition, share price (in dollars per share) $ 1.34    
Subsequent Event | Spectrum Pharmaceuticals, Inc. | Rolvedon      
Subsequent Event [Line Items]      
Business acquisition, share price (in dollars per share) $ 0.10    
Subsequent Event | Spectrum Pharmaceuticals, Inc.      
Subsequent Event [Line Items]      
Noncontrolling interest, ownership percentage by parent 65.00%    
Noncontrolling interest, ownership percentage by noncontrolling owners 35.00%    
Subsequent Event | Spectrum Pharmaceuticals, Inc. | Spectrum Pharmaceuticals, Inc.      
Subsequent Event [Line Items]      
Noncontrolling interest, ownership percentage by parent 65.00%