ASSERTIO HOLDINGS, INC., 10-K filed on 3/16/2026
Annual Report
v3.26.1
COVER PAGE - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Mar. 09, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 60.7
Entity Common Stock, Shares Outstanding   6,445,161  
Documents Incorporated by Reference Part III of this Annual Report on Form 10-K incorporates by reference portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders, which Proxy Statement will be filed with the United States Securities and Exchange Commission within 120 days after the end of the registrant’s 2025 fiscal year.    
Entity Central Index Key 0001808665    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
v3.26.1
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 248
Auditor Name GRANT THORNTON LLP
Auditor Location Chicago, Illinois
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 10,229 $ 50,588
Short-term investments 53,176 49,466
Accounts receivable, net 120,110 54,120
Inventories, net 24,120 38,308
Prepaid and other current assets 9,011 10,067
Total current assets 216,646 202,549
Property and equipment, net 444 586
Intangible assets, net 48,908 80,471
Other long-term assets 972 1,126
Total assets 266,970 284,732
Current liabilities:    
Accounts payable 9,014 14,736
Accrued rebates, returns and discounts 99,366 76,304
Accrued liabilities 14,282 18,847
Contingent consideration, current portion 0 726
Other current liabilities 4,851 4,075
Total current liabilities 127,513 114,688
Long-term debt 39,124 38,813
Other long-term liabilities 6,381 10,150
Total liabilities 173,018 163,651
Commitments and contingencies (Note 8)
Shareholders’ equity:    
Common stock, $0.0001 par value, 200,000,000 shares authorized; 6,421,899 and 6,369,133 shares issued and outstanding as of December 31, 2025 and 2024, respectively [1] 1 1
Additional paid-in capital [1] 797,450 794,204
Accumulated deficit (703,499) (673,124)
Total shareholders’ equity 93,952 121,081
Total liabilities and shareholders' equity $ 266,970 $ 284,732
[1] Shares issued and outstanding, common stock and additional paid-in capital as of December 31, 2024 have been adjusted to reflect the 1-for-15 reverse stock split effected on December 26, 2025.
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical)
Dec. 26, 2025
shares
Dec. 31, 2025
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Statement of Financial Position [Abstract]      
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001 $ 0.0001
Common stock, authorized (in shares)   200,000,000 200,000,000
Common stock, issued (in shares) 6,421,899 6,421,899 6,369,133
Common stock, outstanding (in shares) 6,421,899 6,421,899 6,369,133
Reverse stock split ratio 0.0667    
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues:    
Total revenues $ 118,713 $ 124,961
Costs and expenses:    
Cost of sales 35,383 39,227
Research and development expenses 1,690 3,822
Selling, general and administrative expenses 69,000 75,051
Change in fair value of contingent consideration (276) (244)
Amortization of intangible assets 29,863 25,644
Impairment of intangible assets 1,700 5,217
Restructuring charges 2,889 720
Total costs and expenses 140,249 149,437
Loss from operations (21,536) (24,476)
Other (expense) income:    
Loss on Assertio Therapeutics divestiture (8,174) 0
Interest expense (3,075) (3,039)
Interest income 2,665 3,221
Other gain, net 180 2,765
Total other (expense) income (8,404) 2,947
Net loss before income taxes (29,940) (21,529)
Income tax expense (435) (52)
Net loss and comprehensive loss $ (30,375) $ (21,581)
Basic net loss per share (in dollars per share) [1] $ (4.74) $ (3.40)
Diluted net loss per share (in dollars per share) [1] $ (4.74) $ (3.40)
Shares used in computing basic net loss per share (in shares) [1] 6,403 6,351
Shares used in computing diluted net loss per share (in shares) [1] 6,403 6,351
Product sales, net    
Revenues:    
Total revenues $ 117,100 $ 120,849
Royalty revenue    
Revenues:    
Total revenues 1,613 2,012
Other revenue    
Revenues:    
Total revenues $ 0 $ 2,100
[1] Basic and diluted net loss per share and shares used in computing basic and diluted net loss per share for the year ended December 31, 2024 have been adjusted to reflect the 1-for-15 reverse stock split effected on December 26, 2025.
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical)
Dec. 26, 2025
Income Statement [Abstract]  
Reverse stock split ratio 0.0667
v3.26.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Balances (in shares) at Dec. 31, 2023 [1]   6,311,000    
Balances at Dec. 31, 2023 $ 138,003 $ 1 [1] $ 789,545 [1] $ (651,543)
Increase (Decrease) in Stockholders' Equity        
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares) [1]   58,000    
Common stock issuance and other impacts of the vesting and settlement of equity awards (350)   (350) [1]  
Stock-based compensation 5,009   5,009 [1]  
Net loss $ (21,581)     (21,581)
Balances (in shares) at Dec. 31, 2024 6,369,133 6,369,000 [1]    
Balances at Dec. 31, 2024 $ 121,081 $ 1 [1] 794,204 [1] (673,124)
Increase (Decrease) in Stockholders' Equity        
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares) [1]   53,000    
Common stock issuance and other impacts of the vesting and settlement of equity awards (189)   (189) [1]  
Stock-based compensation 3,454   3,454 [1]  
Reverse stock split fractional shares settlement (19)   (19)  
Net loss $ (30,375)     (30,375)
Balances (in shares) at Dec. 31, 2025 6,421,899 6,422,000 [1]    
Balances at Dec. 31, 2025 $ 93,952 $ 1 [1] $ 797,450 [1] $ (703,499)
[1] Adjusted to reflect the 1-for-15 reverse stock split effected on December 26, 2025.
v3.26.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)
Dec. 26, 2025
Statement of Stockholders' Equity [Abstract]  
Reverse stock split ratio 0.0667
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net loss $ (30,375) $ (21,581)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 30,005 25,829
Amortization of debt issuance costs 475 439
Accretion of interest income from short-term investments 93 (542)
Impairment of intangible assets 1,700 5,217
Loss on Assertio Therapeutics divestiture 8,174 0
Recurring fair value measurements of assets and liabilities (435) (397)
Payment of contingent consideration (450) (1,730)
Stock-based compensation 3,454 5,009
Provisions for inventory 4,510 8,960
Changes in assets and liabilities, net of acquisition:    
Accounts receivable (65,990) (6,457)
Inventories 9,678 (9,583)
Prepaid and other assets 1,209 4,334
Accounts payable and other accrued liabilities (13,292) (1,256)
Accrued rebates, returns and discounts 23,062 18,166
Net cash (used in) provided by operating activities (28,182) 26,408
Investing Activities    
Assertio Therapeutics divestiture (8,174) 0
Proceeds from maturities of short-term investments 115,383 49,694
Purchases of short-term investments (119,197) (98,605)
Net cash used in investing activities (11,988) (48,911)
Financing Activities    
Payments related to the vesting and settlement of equity awards, net (189) (350)
Net cash used in financing activities (189) (350)
Net decrease in cash and cash equivalents (40,359) (22,853)
Cash and cash equivalents at beginning of year 50,588 73,441
Cash and cash equivalents at end of year 10,229 50,588
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest $ 2,600 $ 2,600
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Organization
 
Assertio Holdings, Inc., or the Company, is a pharmaceutical company with comprehensive commercial capabilities offering differentiated products designed to address patients’ needs. The Company’s focus is on supporting patients by marketing products primarily in the oncology market.

The Company has built its product portfolio through the acquisition or licensing of approved products, including its lead product, ROLVEDONTM. The Company’s primary marketed products include ROLVEDON (elflapegrastim-xnst) injection for subcutaneous use, Sympazan® (clobazam) oral film, INDOCIN® (indomethacin) Suppositories, INDOCIN® (indomethacin) Oral Suspension, SPRIX® (ketorolac tromethamine) Nasal Spray, and CAMBIA® (diclofenac potassium for oral solution). In July 2025, the Company ceased commercializing Otrexup (see Note 2. Divestitures and Strategic Transactions).

Unless otherwise noted or required by context, use of “Assertio,” the “Company,” “we,” “our” and “us” refer to Assertio Holdings and/or its applicable subsidiary or subsidiaries. Reference to “Assertio Specialty” refers to Assertio Specialty Pharmaceuticals, LLC, and “Spectrum” refers to Spectrum Pharmaceuticals, Inc., and/or its applicable subsidiary or subsidiaries. Both Assertio Specialty and Spectrum are wholly-owned subsidiaries of the Company. Additionally, the use of “Assertio Therapeutics” refers to Assertio Therapeutics, Inc., and/or its applicable subsidiary or subsidiaries. Assertio Therapeutics was divested on May 9, 2025 (see Note 2. Divestitures and Strategic Transactions).

Basis of Presentation
 
The Company’s consolidated financial statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) and U.S. Securities and Exchange Commission (“SEC”) regulations for annual reporting.

In preparing the financial statements for the year ended December 31, 2025, the Company evaluated whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity's ability to continue as a going concern within 12 months after the date of the issuance of these financial statements, and concluded that no substantial doubt exists.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reverse Stock Split

On December 26, 2025, the Company effected a 1-for-15 reverse stock split of its issued and outstanding common stock (the "Reverse Stock Split"). As a result of the Reverse Stock Split, the Company’s stockholders received one share of common stock for every 15 shares held immediately prior to the effective time of the Reverse Stock Split. The Reverse Stock Split affected all the Company’s issued and outstanding shares of common stock equally. Any fractional shares remaining as a result of the Reverse Stock Split were paid to the shareholder in cash. The par value and number of authorized shares of the Company's common stock were not adjusted as a result of the Reverse Stock Split. The Reverse Stock Split also affected the Company’s outstanding stock-based awards and convertible senior notes due 2027 and resulted in the shares underlying such instruments being reduced and the exercise or conversion price being increased proportionately. Unless otherwise noted, all common stock shares, common stock per share data and shares of common stock underlying stock-based awards and the convertible senior notes due 2027 included in these consolidated financial statements, including the exercise price of equity instruments or conversion price of the convertible senior notes due 2027, as applicable, have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.

Use of Estimates
 
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.
Estimates are used in determining items such as product returns, rebates, the evaluation of impairment of intangible assets, the fair value of contingent consideration obligations, and income taxes. Estimates are also used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities as well as subsequent fair value measurements. Although management believes these estimates are based upon reasonable assumptions within the bounds of its knowledge of the Company, actual results could differ materially from these estimates.

Cash and Cash Equivalents
 
The Company considers all highly liquid investments with a maturity date at purchase of three months or less to be cash equivalents. Cash and cash equivalents generally consist of cash on deposit with banks, money market instruments, U.S. Agency discount notes, commercial paper and corporate debt securities. 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. There may be times when the Company's cash and cash equivalents on deposit exceed the Federal Deposit Insurance Corporation insurance limits, which potentially exposes the Company to a concentration of credit risk. The Company maintains its cash and cash equivalents principally with accredited financial institutions with high credit ratings.

Short-Term Investments

The Company considers all highly liquid investments with a maturity date at purchase of more than three months but less than one year to be short-term investments. The Company’s short-term investments consist of marketable securities, which could include commercial paper and U.S. Treasury securities. The Company has classified its short-term investments as trading securities. The short-term investments are recorded at fair value using Level 2 inputs, 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. Gains and losses on short-term investments are included in Interest income in the Consolidated Statements of Comprehensive Loss.
 
Accounts Receivable
 
Trade accounts receivable are recorded net of allowances for cash discounts for prompt payment. To date, the Company has not recorded an allowance for estimated expected credit losses since the majority of its product revenue comes from sales to a limited number of financially sound companies who have historically paid their balances timely, with resulting credit losses not historically being material. The need for an allowance for estimated expected credit losses is evaluated each reporting period based on the Company’s assessment of the creditworthiness of its customers or any other potential circumstances that could result in an allowance for estimated expected credit losses.
 
Inventories
 
Inventories are stated at the lower of cost or net realizable value, with cost determined by specific manufactured lot. Inventories consist of costs of the active pharmaceutical ingredient, contract manufacturing and packaging costs. The Company reviews its inventory for potentially excess, dated, defective or obsolete inventories based on an analysis of inventory on hand and projected demand, and adjusts the value of that inventory as conditions warrant.

Cost of sales includes the cost of inventory sold or reserved, which includes manufacturing and supply chain costs, product shipping and handling costs, and product royalties.

Property and Equipment
 
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, as follows:
 
Furniture and office equipment
3 - 5 years
Machinery and equipment
5 - 7 years
Laboratory equipment
3 - 5 years
Leasehold improvementsShorter of estimated useful life or lease term
Intangible Assets
 
Intangible assets consist of product rights that are accounted for as definite-lived intangible assets subject to amortization. The Company determines the fair value of acquired intangible assets as of the acquisition date. Discounted cash flow models are typically used in these valuations, which require the use of significant estimates and assumptions, including but not limited to, developing appropriate discount rates and estimating future cash flows from product sales and related expenses. The fair value recorded is amortized on a straight-line basis over the estimated useful life of the asset. The Company estimates the useful life of the assets by considering competition by products prescribed for the same indication, the expected lives of the patents held by the Company for the products, the likelihood and estimated future entry of non-generic and generic competition for the same or similar indication, and other related factors.

Impairment of Long-lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Pursuant to Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (“ASC 360”), the Company groups its long-lived assets at the product level, which is the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. The Company estimates the future net undiscounted cash flows expected to be generated from the use of the long-lived asset group and its eventual disposition. An impairment would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment is calculated as the excess of the carrying amount over the fair value.

Revenue Recognition
 
Under ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when its customer obtains control of the promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation, when (or as) the performance obligation is satisfied. The Company assesses the term of the contract based upon the contractual period in which the Company has enforceable rights and obligations.

Variable consideration arising from sales or usage-based royalties, promised in exchange for a license of the Company’s intellectual property, is recognized at the later of (i) when the subsequent product sales occur or (ii) the performance obligation, to which some or all of the sales-based royalty has been allocated, has been satisfied.

Product Sales

The Company sells commercial products to wholesale distributors and specialty pharmacies. Product sales revenue is recognized when the customer has control of the product, which is when title has transferred to the customer and the customer has assumed the risks and rewards of ownership. These conditions typically occur upon delivery to the customer. The Company’s performance obligation is to deliver product to the customer, and the performance obligation is typically completed upon delivery. The transaction price consists of a fixed invoice price and variable product sales allowances, which include rebates, discounts and returns. Product sales revenues are recorded net of applicable sales tax and reserves for these product sales allowances. Receivables related to product sales are typically collected one to two months after delivery. As a result, the Company has elected to apply the practical expedient to not recognize a significant financing element for its contracts where the period between the customer obtaining control of the product and the customer paying for its product is one year or less. Receivables may also include customer deductions for returns and chargebacks that are pending Company validation.

The Company considers product sales allowances to be variable consideration and estimates and recognizes product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on actual or estimated amounts owed on the related sales. These estimates take into consideration the terms of the Company’s agreements with customers, historical product returns, rebates or discounts taken, estimated levels of inventory in
the distribution channel, the shelf life of the product and specific known market events, such as competitive pricing and new product introductions. The Company uses the most likely method in estimating product sales allowances. If actual future results vary from the Company’s estimates, the Company may need to adjust these estimates, which could have an effect on product sales and earnings in the period of adjustment.

The Company’s product sales allowances include:

Product Returns - The Company allows customers to return product for credit with respect to that product generally within six months before and 12 months after the product expiration date. The Company estimates product returns based on historical return trends by product or by return trends of similar products, taking into consideration the shelf life of the product at the time of shipment, shipment and prescription trends, estimated distribution channel inventory levels and consideration of the introduction of competitive products. The Company does not assume financial responsibility for returns of any of its currently marketed products acquired through product rights acquisitions if those returns relate to sales of that product prior to the period of the Company’s ownership of the respective product, which are identified by specific lot numbers.

Shelf lives for the Company’s products, from the respective manufacture dates, for the Company’s products range from 24 months to 48 months. Because of the shelf life of the Company’s products and its return policy of issuing credits with respect to product that is returned within six months before and 12 months after its product expiration date, there may be a significant period of time between when the product is shipped and when the Company issues credit on a returned product. Accordingly, the Company may have to adjust these estimates, which could have an effect on net product sales and earnings in the period of adjustments.

Managed Care Rebates - The Company offers discounts under contracts with certain managed care providers. The Company generally pays managed care rebates one to three months after prescriptions subject to the rebate are filled.

Commercial Rebates - The Company offers certain group purchasing organization (“GPO”) rebates for end-user purchases made under contractual rebate percentage tier programs. Commercial rebates are based on (i) an estimate of end-user purchases through a GPO, (ii) the corresponding contractual rebate percentage tier the Company expects each GPO to achieve, and (iii) the Company’s estimate of the impact of any prospective rebate program changes made by the Company. The Company generally pays commercial rebates two to 12 months after qualifying purchases are made.

Government Rebates - The Company offers discounted pricing or rebates on purchases of pharmaceutical products under various federal and state healthcare programs, including Centers for Medicare and Medicaid Services’ Medicaid Drug Rebate Program and Medicare Part B Program and Medicare Part D Coverage Gap Discount Programs. The Company generally pays government rebates three to 12 months after prescriptions subject to the rebate are filled. These rebates are subject to the Company’s active participation in the respective programs.

Wholesaler and Pharmacy Discounts - The Company offers contractually determined discounts to certain wholesale distributors and specialty pharmacies that purchase directly from it. These discounts are either taken off invoice at the time of shipment or paid to the customer on a quarterly basis one to two months after the quarter in which the product was shipped to the customer.

Prompt Pay Discounts - The Company offers cash discounts to its customers (generally 2% of the sales price) as an incentive for prompt payment. Based on the Company’s experience, the Company expects its customers to meet the payment terms to earn the cash discount.

Patient Discount Programs - The Company offers patient discount co-pay assistance programs in which patients receive certain discounts off their prescriptions at participating retail and specialty pharmacies. The discounts are reimbursed by the Company to program administrators approximately one month after the prescriptions subject to the discount are filled.

Chargebacks - The Company provides discounts to authorized users of the U.S. Department of Veterans Affairs’ Federal Supply Schedule Program and the Health Resources and Services Administration's 340B Drug Pricing Program. These federal and 340B entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge back to the Company the difference between the current retail price and the price the federal entity paid for the product. These discounts are subject to the Company’s active participation in the respective programs.

The Company’s product sales allowances are included in Accrued rebates, returns and discounts on the Consolidated Balance Sheets, except for prompt pay discounts, which are included as a reduction in Accounts receivable, net, on the Consolidated Balance Sheets.
Royalty Revenue

For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalties revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty that has been allocated has been satisfied (or partially satisfied). The Company currently receives royalties based on sales of CAMBIA in Canada, which are recognized as revenue when the related sales occur as there are no continuing performance obligations by the Company under those agreements.

Loss Contingencies

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. For matters where a loss is not probable, or a probable loss cannot be reasonably estimated, no liability has been recorded. For the matters described in Note 8. Commitments and Contingencies, in which the Company believes a loss is both reasonably possible and estimable, an estimate of the loss or range of loss is provided, if material. Costs associated with the Company’s 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, 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. Provisions for loss contingencies are recorded in Selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Loss and the related accruals are recorded in Accrued liabilities in the Company’s Consolidated Balance Sheets.

Contingent Consideration Obligations

The Company has issued contingent value rights (“CVRs”) as part of the Spectrum acquisition in July 2023 (the “Spectrum Merger”) and future royalties to an affiliate of CR Group L.P. as part of the Company’s merger with Zyla Life Sciences (“Zyla”) in May 2020 (the “Zyla Merger”). See Note 13. Fair Value, for further details. Both are contingent consideration obligations of the Company.

The fair values of each of the contingent consideration obligations are remeasured each reporting period, with changes in the fair values resulting from changes in the respective underlying inputs being recognized in operating expenses until both the contingent arrangements are settled. Both are based on significant inputs not observable in the market and thus represent Level 3 measurements.

Leases

In accordance with ASC 842, Leases, the Company assesses contracts for lease arrangements at inception. Operating right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date equal to the present value of future lease payments using the implicit or incremental borrowing rate based on the information readily available at the commencement date. ROU assets include any lease payments as of commencement and initial direct costs but exclude any lease incentives. Lease and non-lease components are generally accounted for separately and the Company recognizes operating lease expense straight-line over the term of the lease.

The Company accounts for operating leases with an initial term of 12 months or less on a straight-line basis over the lease term in the Consolidated Statements of Comprehensive Loss. ROU assets and liabilities are not recorded for these leases.

Stock-Based Compensation
 
The Company’s stock-based compensation generally includes time-based restricted stock units (“RSU”) and options, and from time to time also includes performance-based RSUs and options. The Company accounts for forfeitures as they occur for each type of award. Stock-based compensation expense related to time-based RSUs is based on the market value of the underlying stock on the date of grant and the related expense is recognized ratably over the requisite service period. The Company uses the Black-Scholes option valuation model to determine the fair value of stock options. The determination of the fair value of stock-based payment awards on the date of grant using an option valuation model is affected by the Company’s stock price as well as various assumptions, which include the expected term of the award, the expected stock price volatility, risk-free interest rate, and expected dividends over the expected term of the award. The Company uses historical option exercise data to estimate the expected term of the options. The Company estimates the volatility of its common stock price by using the historical volatility over the expected term of the options. The Company bases the risk-free interest rate on U.S. Treasury zero
coupon bonds with terms similar to the expected term of the options as of the date of grant. The Company does not anticipate paying any cash dividends in the foreseeable future, and therefore, uses an expected dividend yield of zero in the option valuation model. For performance-based options granted with vesting subject to performance conditions, the fair value of the award is determined at grant date using the Black-Scholes option valuation model, and expense is recognized ratably over the requisite performance period regardless of whether or not the performance condition is satisfied.

Advertising Costs
 
Costs associated with advertising are expensed as incurred. Advertising expense for the years ended December 31, 2025 and 2024 was $1.3 million and $1.8 million, respectively. Advertising costs are included in Selling, general and administrative expenses within the Consolidated Statements of Comprehensive Loss.
 
Income Taxes
 
The Company records the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in its Consolidated Balance Sheets, as well as net operating loss and tax credit carryforwards. The Company follows the guidelines set forth in the applicable accounting guidance regarding the recoverability of any tax assets recorded on the Consolidated Balance Sheets and provides any necessary allowances as required. Determining necessary allowances requires the Company to make assessments about the timing of future events, including the probability of expected future taxable income and available tax planning opportunities. When it is determined that it is more likely than not that some portion or all the deferred tax assets will not be realized in the future, the deferred tax assets are reduced by a valuation allowance. The valuation allowance is sufficient to reduce the deferred tax assets to the amount determined to be more likely than not to be realized.

The Company is subject to examination of its income tax returns by various tax authorities on a periodic basis. The Company regularly assesses the likelihood of adverse outcomes resulting from such examinations to determine the adequacy of its provision for income taxes. The Company has applied the provisions of the applicable accounting guidance on accounting for uncertainty in income taxes, which requires application of a more‑likely‑than‑not threshold to the recognition and derecognition of uncertain tax positions. If the recognition threshold is met, the applicable accounting guidance permits the Company to recognize a tax benefit measured at the largest amount of tax benefit that, in its judgment, is more than 50% likely to be realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change.
 
The Company recognizes tax liabilities in accordance with ASC Topic 740, Income Taxes (“ASC 740”), and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined.
 
Restructuring
 
The Company accounts for restructuring costs in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC 712, Compensation - Nonretirement Postemployment Benefits (“ASC 712”). One-time termination benefits are recorded at the time restructuring is communicated to the affected employees. Ongoing termination benefits are recognized when they are probable and estimable. Payments under one-time and ongoing termination benefits are made over the period to which the former employee is entitled to the benefit under the termination agreement.
Concentrations of Risk

The Company is subject to credit risk from its accounts receivable related to product sales. The three large, national wholesale distributors represent the majority of the Company’s business and represented the following percentage of consolidated revenue and accounts receivable by customer related to product sales for the years ended December 31, 2025 and 2024.

Consolidated revenueAccounts receivable related to product sales
Year Ended December 31,As of December 31,
2025202420252024
Cencora45 %40 %44 %33 %
McKesson Corporation31 %30 %39 %42 %
Cardinal Health10 %8 %10 %6 %
All others14 %22 %7 %19 %
Total100 %100 %100 %100 %

The Company is also subject to risk from its concentration of product sales in ROLVEDON, as further discussed in Note 3. Revenue.

In addition, the Company is dependent upon third-party manufacturers to supply product for commercial use. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for all commercialized products. Such production arrangements could be adversely affected by a significant interruption which would negatively impact the supply of final drug product. The Company mitigates potential supply risks for its marketed products through inventory management and through exploring additional manufacturers to provide the Company’s marketed products.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. The Company adopted ASU 2023-09 in the fourth quarter of 2025 prospectively. Adoption of ASU 2023-09 resulted in additional financial statement disclosures and had no impact on the Company’s results of operations or financial condition. See Note 14. Income Taxes, which includes the disclosures resulting from the adoption of ASU 2023-09.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which is intended to improve disclosures about a public business entity’s expenses by requiring disaggregated disclosure, in the notes to the financial statements, of certain categories of expenses included in the financial statements. As clarified by ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 may be applied either on a prospective or retrospective basis, and early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2024-03 on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU No. 2024-04, Debt - Debt with Conversions and Other Options (Subtopic 470-20) ("ASU 2024-04"), which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual periods. ASU 2024-04 may be applied either on a prospective or retrospective basis, and early adoption is permitted. While the Company believes that ASU 2024-04 will not have a material impact on its consolidated financial statements or its disclosures, the Company has convertible notes (see Note 6. Debt, for further information) and has induced a conversion on those convertible notes in the past.
v3.26.1
DIVESTITURES AND STRATEGIC TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES AND STRATEGIC TRANSACTIONS DIVESTITURES AND STRATEGIC TRANSACTIONS
Assertio Therapeutics Divestiture

On May 9, 2025, the Company transferred all the equity interests in Assertio Therapeutics to an established purchaser of legacy litigation matters, resulting in Assertio Therapeutics being owned by the purchaser’s related company, ATIH Industries, LLC (the “Therapeutics Transaction”). At the closing of the Therapeutics Transaction, Assertio Therapeutics held approximately $8.2 million in cash, insurance and retained a single-digit royalty based on net income derived from INDOCIN. In addition, Assertio Therapeutics retained certain legal liabilities, including those related to opioid litigation (see Note 8. Commitments and Contingencies for further information). As a result of the Therapeutics Transaction, neither the Company nor any of its current subsidiaries are defendants in any opioid-related litigation.

The Company recognized a net loss of $8.2 million on the Therapeutics Transaction during the second quarter of 2025, which is shown as Loss on Assertio Therapeutics divestiture in the Company’s Consolidated Statements of Comprehensive Loss. The Therapeutics Transaction is reflected as cash used in investing activities for the year ended December 31, 2025 in the Company’s Consolidated Statements of Cash Flows.

Otrexup Decommercialization
As part of its ongoing commercial portfolio assessment, the Company ceased commercialization of Otrexup in July 2025. As a result of this decision, the Company incurred $4.2 million of expenses during the year ended December 31, 2025, of which $2.5 million was recognized in Cost of sales and $1.7 million was recognized in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Loss. These costs were primarily associated with the write-off of inventory (including inventory held at the Company’s contract manufacturers for Otrexup), the write-off of certain prepaid assets and the recognition of an accrual for a settlement in principle to settle any claims associated with the Company ceasing commercialization of Otrexup. (see Note 8. Commitments and Contingencies, for further details).
v3.26.1
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregated Revenue
 
The following table reflects total revenues for the years ended December 31, 2025 and 2024 (in thousands):
 
 Year ended December 31,
 20252024
Product sales, net:  
ROLVEDON$68,225 $60,090 
INDOCIN products 18,905 26,761 
Sympazan11,349 10,457 
SPRIX7,952 7,624
Other products10,669 15,917 
Total product sales, net$117,100 $120,849 
Royalty revenue1,613 2,012 
Other revenue— 2,100 
Total revenues$118,713 $124,961 
Product Sales, Net

Product sales, net, consist of sales of the Company’s products as listed above. Other product sales, net, represent product sales for Otrexup, CAMBIA and Zipsor. During the first quarter of 2025, the Company reclassified product sales from Otrexup and CAMBIA to the Other products line in the table above. Prior period amounts were reclassified herein to conform with the current period presentation. As discussed in Note 2. Divestitures and Strategic Transactions, the Company ceased commercialization of Otrexup in July 2025.

In the third quarter of 2025, the Company advanced key integration efforts to consolidate operations and align its products, including ROLVEDON, under a single subsidiary, Assertio Specialty. Sales of ROLVEDON in 2025 reflected normal demand through the first nine months of 2025, as well as large purchases by several national distributors to help ensure consistent supply of ROLVEDON during the fourth quarter of 2025 and first quarter of 2026 as the Company completes the integration of ROLVEDON into Assertio Specialty. The Company did not record material net product sales of ROLVEDON during the fourth quarter of 2025 and does not anticipate material net product sales in the first quarter of 2026. Sales of the newly labeled ROLVEDON are expected to commence at a normal volume in the second quarter of 2026.

To facilitate the large purchases of ROLVEDON by several national distributors in the third quarter of 2025, the Company provided its customers with higher-than-historical levels of discounts and extended payment terms. The related discounts and payment terms were accounted for in accordance with ASC 606 and met the accounting criteria for applying the practical expedient to not recognize a significant financing element.

The Company reviews its estimates related to its accrued rebates, returns and discounts, including those recorded in prior periods, on a frequent basis and makes adjustments to those allowances as needed. Those adjustments to revenue for products sold in prior periods were approximately 7% and 3% of Total product sales, net, for the years ended December 31, 2025 and 2024, respectively. The adjustment to revenue for the year ended December 31, 2025 included the adjustment of a prior period returns reserve of $5.4 million established in connection with the Spectrum Merger.

The following table reflects Accrued rebates, returns and discounts for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 
December 31,
 202520242023
Accrued rebates, returns and discounts
$99,366 $76,304 $58,137 

Royalty Revenue

In November 2010, the Company entered into a license agreement granting Tribune Pharmaceuticals Canada Ltd. (later known as Aralez Pharmaceuticals, Miravo Healthcare, and Searchlight Pharma, or “Searchlight,” owned by Apotex Inc.) the rights to commercially market CAMBIA in Canada. Searchlight independently contracts with manufacturers to produce a specific CAMBIA formulation in Canada. The Company recognized royalties revenue related to the CAMBIA licensing agreement licensing agreement of $1.6 million and $2.0 million for the years ended December 31, 2025 and 2024, respectively. The patents underlying the license agreement that the Company has with Searchlight expire in June 2026.

Other Revenue

Other revenue consists of adjustments to reserves for product sales allowances (gross-to-net sales allowances) for previously divested products and can result in a reduction to, or an increase to, total revenues during the period. There was no other revenue recognized for the year ended December 31, 2025. Sales adjustments for reserves recorded in prior periods for previously divested products increased total revenue by $2.1 million for the year ended December 31, 2024.
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
SUPPLEMENTAL BALANCE SHEET DETAILS SUPPLEMENTAL BALANCE SHEET DETAILS
 
Accounts Receivable, Net

The following table reflects Accounts receivable, net for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 
December 31,
 202520242023
Accounts receivable, net
$120,110 $54,120 $47,663 

The increase in Accounts receivable, net from December 31, 2024 to December 31, 2025 primarily relates to large purchases of ROLVEDON by several national distributors in the third quarter of 2025, whereby the Company provided its customers with extended payment terms (see Note 3. Revenue, for further information).

As of December 31, 2025 and 2024, accounts receivable, net, consisted entirely of receivables related to product sales, net of allowances for cash discounts for prompt payment, of $3.0 million and $1.2 million, respectively.

Inventories, Net

The following table reflects the components of inventories, net, as of December 31, 2025 and 2024 (in thousands):
 December 31,
 20252024
Raw materials$15,173 $15,524 
Work-in-process6,051 4,900 
Finished goods2,896 17,884 
Total inventories, net$24,120 $38,308 
    
The decrease in finished goods from December 31, 2024 to December 31, 2025 primarily relates to the large purchases of ROLVEDON by several national distributors in the third quarter of 2025 (see Note 3. Revenue for further information) and the write-off of Otrexup inventory in the second quarter of 2025 due to ceasing commercialization of Otrexup (see Note 2. Divestitures and Strategic Transactions for further information).

The Company writes down the value of inventory for potential excess, obsolete or defective inventories based on an analysis of inventory on hand and projected demand. As of December 31, 2025 and 2024, inventory reserves were $9.2 million and $8.7 million, respectively.

Prepaid and Other Current Assets

The following table reflects prepaid and other current assets as of December 31, 2025 and 2024 (in thousands):

December 31,
20252024
Prepaid assets and deposits$8,667 $9,764 
Other current assets344 303 
Total prepaid and other current assets$9,011 $10,067 
Property and Equipment, Net

The following table reflects property and equipment, net as of December 31, 2025 and 2024 (in thousands):
 
 December 31,
20252024
Furniture and office equipment$1,412 $1,412 
Laboratory equipment20 20 
Leasehold improvements2,551 2,551 
 3,983 3,983 
Less: Accumulated depreciation (3,539)(3,397)
Property and equipment, net$444 $586 
 
Depreciation expense was $0.1 million and $0.2 million for the years ended December 31, 2025 and 2024, respectively. Depreciation expense is recognized in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Loss.

Accrued Liabilities

The following table reflects accrued liabilities as of December 31, 2025 and 2024 (in thousands):
 
 December 31,
 20252024
Accrued compensation$2,721 $3,260 
Accrued restructuring (See Note 16)
2,400 1,187 
Interest payable867 867 
Accrued royalties594 1,223 
Other accrued liabilities7,700 12,310 
Total accrued liabilities$14,282 $18,847 

Other Long-Term Liabilities

The following table reflects other long-term liabilities as of December 31, 2025 and 2024 (in thousands): 
December 31,
 20252024
ROLVEDON product royalties$3,074 $5,479 
Noncurrent operating lease liabilities889 1,122 
Liability for uncertain tax provisions2,418 2,337 
Deferred employee retention credits— 1,212 
Total other long-term liabilities$6,381 $10,150 
In the second quarter of 2025, the statute of limitations for the deferred employee retention credits lapsed. The Company recognized $2.4 million of income in Selling, general, and administrative expenses in the Company’s Consolidated Statements of Comprehensive Loss for the year ended December 31, 2025, comprised of the $1.2 million noted in the table above and an additional $1.2 million of employee retention tax credits received during the second quarter of 2025 associated with claims filed by Spectrum prior to the Spectrum Merger.
v3.26.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible Assets 

The following table reflects the gross carrying amounts and net book values of intangible assets as of December 31, 2025 and 2024 (dollar amounts in thousands):
 
 December 31, 2025December 31, 2024
Product rightsRemaining
Useful Life
(In years)		Gross
Carrying
Amount		Accumulated
Amortization
Impairment
Net Book
Value		Gross
Carrying
Amount		Accumulated
Amortization		ImpairmentNet Book
Value
ROLVEDON2.0$63,405  $(28,692)$— $34,713 $63,405 $(11,336)$— $52,069 
Sympazan8.814,550 (3,840)— 10,710 14,550 (2,627)— 11,923 
SPRIX0.732,673 (27,488)(1,700)3,485 32,673 (23,471)— 9,202 
INDOCIN0.065,605 (65,605)— — 65,605 (58,328)— 7,277 
Otrexup0.0— — — — 16,364 (11,147)(5,217)— 
Total Intangible Assets$176,233 $(125,625)$(1,700)$48,908 $192,597 $(106,909)$(5,217)$80,471 

Amortization expense was $29.9 million and $25.6 million for the years ended December 31, 2025 and 2024, respectively. Effective December 31, 2024, the Company revised the remaining estimated useful life of the ROLVEDON product rights intangible asset to three years. In addition, effective October 1, 2025, the Company revised the remaining estimated useful life of the SPRIX product rights intangible assets to one year.

The following table reflects future amortization expense the Company expects for its intangible assets (in thousands):
Year Ending December 31,Estimated
Amortization
Expense
2026$22,054 
202718,569 
20281,213 
20291,213 
20301,213 
Thereafter4,646 
Total$48,908 

During each quarter of 2025 and 2024, the Company’s market capitalization was below the book value of the Company’s equity, which management determined represented an indicator of impairment with respect to its long-lived assets. For the three months ended September 30, 2025, the Company also recognized an additional indicator of impairment with respect to its SPRIX asset group related to a change in the expected timing of cash flows from SPRIX net product sales. Applying the relevant accounting guidance, the Company first assessed the recoverability of its long-lived assets at the product level at each date. After grouping the long-lived assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities, the Company estimated the future net undiscounted cash flows expected to be generated from the use of the long-lived asset groups and their eventual disposition at each impairment testing date. The Company then compared the estimated undiscounted cash flows to the carrying amounts of the long-lived asset groups at each date.

For the assessment performed for the three months ended September 30, 2025, the Company determined that the undiscounted cash flows and the fair value of the SPRIX asset group were less than its carrying value and recognized an impairment for this asset group of $1.7 million during the third quarter of 2025, reducing its carrying value to $4.6 million.

For the assessment performed for the three months ended December 31, 2024, the Company determined that the estimated undiscounted cash flows and fair value of the Otrexup asset group were less than its carrying value and recognized an impairment for this asset group of $5.2 million during the fourth quarter of 2024, reducing its carrying value to zero.
Both the SPRIX and Otrexup impairment charges were classified within Impairment of intangible assets in the Company’s Consolidated Statements of Comprehensive Loss. The fair values of the SPRIX asset group as of September 30, 2025, and the Otrexup asset group as of December 31, 2024, were determined using an income approach and Level 3 inputs, which included estimates of forecasted cash flows.

For all the assessments for the Company’s other asset groups performed during each quarter in 2025 and 2024, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amounts for all its long-lived asset groups at each impairment testing date. Accordingly, the Company concluded that the long-lived asset groups were fully recoverable and no adjustment to their carrying values was required.
v3.26.1
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 
As of December 31, 2025 and 2024, long-term debt, net, consisted entirely of the carrying value of the Company’s 6.5% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”) of $39.1 million and $38.8 million, respectively.

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 of the initial purchasers (the “Initial Purchasers”) to issue $60.0 million in aggregate principal amount of 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 amount of additional 2027 Convertible Notes. The 2027 Convertible Notes are senior unsecured obligations of the Company.

On February 27, 2023, the Company completed a privately negotiated exchange of $30.0 million principal amount of the 2027 Convertible Notes.

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 16.28002 shares of the Company’s common stock per $1,000 principal amount (equal to an initial conversion price of approximately $61.42 per share), subject to adjustments specified in the 2027 Convertible Note Indenture. The 2027 Convertible Notes will mature on September 1, 2027, unless earlier repurchased or converted. The Company may redeem the 2027 Convertible Notes for cash equal to the principal amount, plus accrued and unpaid interest, if the closing price of the Company’s common stock has been at least 130% of the conversion price noted above then in effect for at least 20 trading days during any 30 consecutive trading day period.

Pursuant to the terms of the 2027 Convertible Note 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 December 31, 2025.

The 2027 Convertible Notes bear interest at a rate of 6.5% per annum payable semiannually in arrears on March 1 and September 1 of each year.

The following table reflects the carrying balance of the 2027 Convertible Notes as of December 31, 2025 and 2024 (in thousands):

December 31,
20252024
Principal balance$40,000 $40,000 
Derivative liability for embedded conversion feature4 168 
Unamortized debt issuance costs(880)(1,355)
Carrying balance$39,124 $38,813 
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 years ended December 31, 2025 and 2024, the Company amortized $0.5 million and $0.4 million of the debt discount on the 2027 Convertible Notes, respectively.

The Company determined that an embedded conversion feature included in the 2027 Convertible Notes required bifurcation from the host contract and recognition as a separate derivative liability carried at fair value. See Note 13. Fair Value, for further discussion of the estimated fair value of the derivative liability. All 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 consolidated financial statements.

Interest Expense

The following table reflects debt-related interest included in Interest expense in the Company’s Consolidated Statements of Comprehensive Loss as of December 31, 2025 and 2024 (in thousands):

Year ended December 31,
20252024
Interest on 2027 Convertible Notes$2,600 $2,600 
Amortization of debt issuance costs on 2027 Convertible Notes475 439 
Total interest expense$3,075 $3,039 
v3.26.1
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
    
The Company has a non-cancelable operating lease through December 31, 2030 for its corporate office, which is located in Lake Forest, Illinois. Additionally, in connection with the Spectrum Merger, the Company assumed leases for two facilities (whose terms ended in the third quarter of 2025) and certain office equipment (which term ends in the third quarter of 2026) for which Spectrum had previously been the lessee.

The following table reflects lease expense for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
Financial Statement Classification20252024
Operating lease costSelling, general and administrative expenses$241 $256 
The following table reflects supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 (in thousands):
Year ended December 31,
20252024
Cash paid for amounts included in measurement of liabilities:
Operating cash flows used in operating leases$412 $1,058 
The following table reflects supplemental balance sheet information related to leases as of December 31, 2025 and 2024 (in thousands):
December 31,
Financial Statement Classification20252024
Assets
 
Operating lease right-of-use assetsOther long-term assets$971 $1,125 
Liabilities
Current operating lease liabilitiesOther current liabilities$240 $331 
Noncurrent operating lease liabilitiesOther long-term liabilities889 1,122 
Total lease liabilities$1,129 $1,453 
    The following table reflects other operating lease information as of December 31, 2025 and 2024:
December 31,
20252024
Weighted-average remaining lease term (years)4.75.2
Weighted-average discount rate7.2 %6.8 %
    The following table reflects future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2025 (in thousands):
Lease Payments
2026$307 
2027243 
2028253 
2029263 
2030274 
Total lease payments$1,340 
Less: Interest211 
Present value of lease liabilities$1,129 
LEASES LEASES
    
The Company has a non-cancelable operating lease through December 31, 2030 for its corporate office, which is located in Lake Forest, Illinois. Additionally, in connection with the Spectrum Merger, the Company assumed leases for two facilities (whose terms ended in the third quarter of 2025) and certain office equipment (which term ends in the third quarter of 2026) for which Spectrum had previously been the lessee.

The following table reflects lease expense for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
Financial Statement Classification20252024
Operating lease costSelling, general and administrative expenses$241 $256 
The following table reflects supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 (in thousands):
Year ended December 31,
20252024
Cash paid for amounts included in measurement of liabilities:
Operating cash flows used in operating leases$412 $1,058 
The following table reflects supplemental balance sheet information related to leases as of December 31, 2025 and 2024 (in thousands):
December 31,
Financial Statement Classification20252024
Assets
 
Operating lease right-of-use assetsOther long-term assets$971 $1,125 
Liabilities
Current operating lease liabilitiesOther current liabilities$240 $331 
Noncurrent operating lease liabilitiesOther long-term liabilities889 1,122 
Total lease liabilities$1,129 $1,453 
    The following table reflects other operating lease information as of December 31, 2025 and 2024:
December 31,
20252024
Weighted-average remaining lease term (years)4.75.2
Weighted-average discount rate7.2 %6.8 %
    The following table reflects future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2025 (in thousands):
Lease Payments
2026$307 
2027243 
2028253 
2029263 
2030274 
Total lease payments$1,340 
Less: Interest211 
Present value of lease liabilities$1,129 
v3.26.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
 
COMMITMENTS

Jubilant HollisterStier Manufacturing and Supply Agreement

In connection with 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. In February 2025, the Company amended the Jubilant HollisterStier Agreement to reduce the minimum number of batches of SPRIX required to be purchased for calendar years 2024 and 2025. The Company met its purchase commitment from JHS for 2025.

On January 2, 2026, the Company entered into an amendment (the “JHS Amendment”) of the Jubilant HollisterStier Agreement. The JHS Amendment sets the minimum number of batches of SPRIX required to be purchased for the two year period ending December 31, 2027 and is consistent with the minimum number of batches for the two year period ended December 31, 2025. Total commitments to JHS for 2026 and 2027 as a result of the JHS Amendment are approximately $2.0 million.
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 are approximately $2.1 million annually. The Antares Supply Agreement has an initial term through December 2031 and can be renewed thereafter.

As discussed in Note 2. Divestitures and Strategic Transactions, the Company ceased commercialization of Otrexup in July 2025. Pursuant to the Antares Supply Agreement’s termination provisions, amounts due upon termination are only payable if the Antares Supply Agreement is formally terminated by written notice. In December 2025, the Company and Antares reached a settlement in principle to settle any claims associated with the Company ceasing commercialization of Otrexup. The settlement in principle requires the Company to pay $1.2 million as of December 31, 2025, and would result in the termination of the Antares Supply Agreement. Accordingly, an accrual of $1.2 million was accrued in accordance with ASC 450-20-25, Loss Contingencies (“ASC 450-20”) as of December 31, 2025.

Hanmi Supply Agreement

In connection with the Spectrum Merger, the Company assumed a Manufacturing and Supply Agreement (the “Hanmi Agreement”) with Hanmi Pharmaceutical Co. Ltd. (“Hanmi”) pursuant to which the Company engaged Hanmi to provide certain services related to the manufacture and supply of ROLVEDON for the Company’s commercial use. The Company agreed to purchase a minimum number of batches totaling approximately $19.1 million in 2024 and $3.8 million in 2025. The Company met its purchase commitment from Hanmi for 2025.

On October 7, 2025, the Company, through its wholly owned subsidiary Spectrum, entered into an amendment and restatement of the Hanmi Agreement (the “Amendment”). Subsequently, on December 18, 2025, Spectrum assigned the Amendment to Assertio Specialty as part of the Company’s efforts to consolidate operations and align its products, including ROLVEDON, under a single subsidiary. The Amendment fixes the price that the Company pays for the remaining term of its license agreement with Hanmi and amends the payment timing for certain product royalties due to Hanmi, which were fully accrued and resulted in an immaterial reclassification between Other current liabilities and Other long-term liabilities in the Company’s Consolidated Balance Sheet during the third quarter of 2025. While the Company will not have any minimum purchase requirements for ROLVEDON under the Amendment, if it includes any orders in any annual forecasted purchase plan provided to Hanmi under the Amendment, it must designate at least 50 percent of such orders as binding.

CONTINGENCIES

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 continues to monitor each matter and adjust accruals as warranted based on new information and further developments in accordance with ASC 450-20.

Other than the matters 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. 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.

Stockholder Actions

Shapiro v. Assertio Holdings, Inc., et al., U.S. District Court, Northern District of Illinois, Case No. 1:24-cv-00169. On January 5, 2024, this putative securities class action lawsuit was filed by a purported shareholder, alleging that Assertio and certain of its current and former executive officers made false or misleading statements and failed to disclose material facts regarding the likely impact of INDOCIN sales and the Spectrum Merger on Assertio’s profitability (the “Shapiro class action”). On April 11, 2024, the court appointed Continental General Insurance Company as the lead plaintiff. The plaintiff filed an amended complaint on June 10, 2024, that names as defendants Assertio and certain of its current and former officers and directors, and Spectrum and certain of its former officers and directors. It alleges violations of Sections 10(b) (and Rule 10b-5
promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) between March 9, 2023 and January 3, 2024, and violations of Sections 14(a) and 20(a) of the Exchange Act in connection with the proxy statement issued in connection with the Spectrum Merger. The amended complaint seeks damages, interest, costs, attorneys’ fees, and such other relief as may be determined by the court. The defendants filed their motion to dismiss on August 9, 2024; the plaintiff filed its opposition brief on October 10, 2024; and the defendants filed their reply brief on November 14, 2024. The Company intends to vigorously defend itself in this matter.

In re Assertio Holdings, Inc. Derivative Litigation, U.S. District Court, Delaware, Case No. 1:24-cv-00383-UNA. Two putative stockholder derivative actions (Jung v. Peisert, et al., U.S. District Court, Delaware, Case No. 1:24-cv-00383-UNA, filed on March 26, 2024, and Hollin v. Mason, et al., U.S. District Court, Delaware, Case No. 1:24-cv-00785-UNA, filed on July 3, 2024) were filed against the Company (as a nominal defendant) and certain of its current and former executive officers and directors. The stockholder derivative complaints allege, inter alia, that (1) certain of the Company’s current and former executive officers and directors are liable to the Company, pursuant to Section 10(b) and 21(d) of the Exchange Act for contribution and indemnification, relating to the same underlying claims as the Shapiro class action, (2) certain of the Company’s current and former officers and directors breached their fiduciary duties, and committed acts of gross mismanagement, abuse of control, or were unjustly enriched, and (3) certain of the Company’s directors negligently violated Section 14(a) of the Exchange Act, by allegedly causing such false or misleading statements to be issued and/or failing to disclose material facts about such matters. The plaintiffs generally seek corporate reforms, damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. On September 5, 2024, the court consolidated the two stockholder derivative actions under the caption In re Assertio Holdings, Inc. Derivative Litigation. On November 4, 2024, the parties filed a stipulation agreeing to stay the consolidated action pending proceedings in the Shapiro class action. On November 5, 2024, the court entered an order staying the consolidated action pursuant to the parties’ stipulation.

Jung v. Lebel, et al., Court of Chancery of the State of Delaware, Case No. 2024-0821 and Jung v. Turgeon, et al., Court of Chancery of the State of Delaware, Case No. 2024-0822. On August 5, 2024, alleged former Spectrum stockholder and current Assertio stockholder Jung (the same plaintiff who previously filed Jung v. Peisert, et. al., in Delaware federal court, as discussed above) filed two stockholder derivative complaints in the Delaware Chancery Court against certain former Spectrum officers and directors and naming both Assertio and Spectrum as nominal defendants. The complaints are, respectively, largely duplicative of the allegations in (1) the ongoing Ayoub shareholder class action in the Southern District of New York, and (2) the now-resolved Luo shareholder class action in the District of Nevada (both cases discussed below). Jung previously raised these allegations in demand letters to Assertio’s Board, demanding that the Board take legal action against the individuals now named in these complaints. In response to Jung’s demand letters, the Board retained independent counsel, considered Jung’s demands, and provided a substantive response explaining the Board’s reasons for denying Jung’s demands. These complaints now allege that the Board wrongfully refused his demands. The individual defendants have not yet been served with either complaint. Assertio and Spectrum have been served with and moved to dismiss both complaints. Briefing schedules on the motions to dismiss have not been set.

Luo v. Spectrum Pharmaceuticals, Inc., et al., U.S. District Court, District of Nevada, Case No. 2:21-cv-01612. On August 31, 2021, this putative securities class action lawsuit was filed by a purported shareholder, alleging that Spectrum and certain of its former executive officers and directors made false or misleading statements and failed to disclose material facts about Spectrum’s business and the prospects of approval for its Biologic License Application (“BLA”) to the FDA for ROLVEDON in violation of Section 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act. On July 28, 2022, the court appointed a lead plaintiff and counsel for the putative class. On September 26, 2022, an amended complaint was filed alleging, inter alia, false and misleading statements with respect to ROLVEDON manufacturing operations and controls and adding allegations that defendants misled investors about the efficacy of, clinical trial data and market need for poziotinib during a Class Period of March 7, 2018 to August 5, 2021. The amended complaint sought damages, interest, costs, attorneys’ fees, and such other relief as may be determined by the court. On October 7, 2024, the court granted in part and denied in part the defendants’ motion to dismiss. Some of the claims were dismissed with prejudice, and some claims plaintiffs were permitted to re-plead. On April 10, 2025, the parties provided a joint notice to the court that they reached an agreement in principle to settle this matter, and on May 9, 2025, the parties submitted formal settlement papers to the court for preliminary approval. As identified in the settlement papers submitted to the court, the parties agreed to a settlement of $16.0 million, of which the Company was responsible for paying approximately $2.7 million, with insurance covering the remainder. During the second quarter of 2025, the $16.0 million liability was recorded in Accrued liabilities, while the $13.3 million insurance receivable was recorded in Prepaid and other current assets, in the Company’s Consolidated Balance Sheets. In June 2025, the court entered an order preliminarily approving the settlement, and thereafter in July 2025, the Company and the insurers funded an escrow account with the settlement proceeds, resulting in derecognition of the insurance receivable and liability. The court granted final approval of the settlement at a hearing on October 20, 2025.
Ayoub v. Spectrum Pharmaceuticals, Inc. et al., Case No. 1:22-cv-10292. On December 5, 2022, a class action lawsuit was filed in the U.S. District Court for the Southern District of New York (the “New York Action”). Three additional related putative securities class action lawsuits were subsequently filed by Spectrum shareholders against Spectrum and certain of its former executive officers in the U.S. District Court for the Southern District of New York: Osorio-Franco v. Spectrum Pharmaceuticals, Inc., et al., Case No. 1:22-cv-10292 (filed December 5, 2022); Cummings v. Spectrum Pharmaceuticals, Inc., et al., Case No. 1:22-cv-10677 (filed December 19, 2022); and Carneiro v. Spectrum Pharmaceuticals, Inc., et al., Case No. 1:23-cv-00767 (filed January 30, 2023). These three additional New York lawsuits allege that Spectrum and certain of its former executive officers made false or misleading statements about, inter alia, the safety and efficacy of and clinical trial data for poziotinib in violation of Section 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act, and seek remedies including damages, interest, costs, attorneys’ fees, and such other relief as may be determined by the court. The court consolidated the three additional New York lawsuits and entered an order designating Christiansen as the lead plaintiff. Lead plaintiff Christiansen filed an amended consolidated complaint in the New York Action under the caption Christiansen v. Spectrum Pharmaceuticals, Inc, et al., on May 30, 2023, alleging a Class Period between March 17, 2022 and September 2022. On January 23, 2024, the court granted the defendants’ motion to dismiss as to five of the challenged statements but denied the motion to dismiss as to two specific statements. On October 25, 2024, a Spectrum stockholder (Ayoub) filed a substantially similar putative securities class action complaint asserting the same claims against the same defendants on behalf of the same alleged class as the New York Action. On October 30, 2024, Christiansen and Ayoub jointly moved for class certification and for appointment as class representatives in the New York Action. On November 4, 2024, defendants moved to disqualify Christiansen from serving as lead plaintiff and for a stay of proceedings pending appointment of a substitute lead plaintiff. On November 6, 2024, the court entered an order staying both cases pending resolution of the defendants’ motion to disqualify Mr. Christiansen as lead plaintiff. On August 4, 2025, the court entered an order granting the defendants’ motion to disqualify Christiansen from serving as lead plaintiff and reopening the lead plaintiff appointment process with applications to serve as substitute lead plaintiff due by September 24, 2025. Three individuals filed applications to serve as lead plaintiff, with one ultimately withdrawing from consideration. On January 6, 2026, the court issued an opinion and order regarding the two remaining applications, granting the application filed by Ayoub and denying the other remaining application. In addition to appointing Ayoub as lead plaintiff, the court terminated the original Ayoub case and consolidated it with the Christiansen case, which is now recaptioned Ayoub et al. v. Spectrum Pharmaceuticals, Inc. et al., Case No. 1:22-cv-10292-VEC. On January 20, 2026, the parties submitted a joint letter informing the court of their intention to mediate and subsequently scheduled mediation to take place on April 27, 2026. The court thereafter entered an order requiring the parties to submit a joint letter to the court within three business days following the conclusion of the mediation (but in any event not later than May 8, 2026) to report whether the mediation resulted in a settlement, and, if not, to propose next steps in the case. The Company intends to vigorously defend itself in this matter.

Enyart v. Assertio Holdings, Inc., et. al. In the Circuit Court of the Nineteenth Judicial Circuit, Lake County, Illinois, Case No. 2024LA00000842. On November 8, 2024, this putative securities class action lawsuit was filed by an alleged former Spectrum shareholder who received Assertio shares in the Spectrum Merger, alleging that Assertio and certain of its current and former officers and directors violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 in connection with the registration statement for the Assertio shares issued in connection with the Spectrum Merger. In general terms, the complaint alleges that the registration statement contained misrepresentations and omissions related to the value of adding ROLVEDON to Assertio’s portfolio of products and the risk to Assertio’s business from potential generic competition to INDOCIN. The complaint sought compensatory damages, rescission or a rescissory measure of damages, interest, costs, attorneys’ fees, expert witness fees, and other unspecified equitable relief. On June 24, 2025, the court granted the defendants’ motion to dismiss, dismissing the complaint in its entirety, while granting leave to re-plead with respect to certain claims. On July 18, 2025, Enyart filed an amended complaint. On September 29, 2025, the defendants filed a motion to dismiss the amended complaint. On February 10, 2026, the court entered an order granting the defendants’ motion to dismiss in its entirety, while granting Enyart “one final opportunity and until March 13, 2026, to attempt to replead” with respect to certain claims. The court also scheduled a status conference following the re-pleading deadline, which will take place on March 18, 2026. On March 13, 2026, Enyart filed a second amended complaint. A schedule for a motion to dismiss the second amended complaint has not yet been established. The Company intends to vigorously defend itself in this matter.

Assertio Therapeutics Opioid Litigation and Related Matters
As noted in Note 2. Divestitures and Strategic Transactions, on May 9, 2025, the Company transferred all the equity interests in Assertio Therapeutics to ATIH Industries, LLC. As a result of that divestiture, neither the Company nor any of its subsidiaries are defendants in any opioid-related litigation, including the opioid-related matters described in “Note 8. Commitments and Contingencies” of the Notes to the consolidated financial statements included in Part II, Item 8 of the Company’s 2024 Form 10-K.
v3.26.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The Company's 401(k) Employee Savings Plan (the “401(k) Plan") is available to U.S. employees meeting certain eligibility criteria. The Company has elected to make matching contributions in an amount equal to 100% of elective deferral contributions that are not over 5% of compensation. The Company may make discretionary matching contributions for employees.

The Company recognized expense of $0.6 million related to its matching contributions made to the 401(k) Plan during each of the years ended December 31, 2025 and 2024. The Company's common stock is not an investment option available to participants in the 401(k) Plan.
v3.26.1
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Refer to Note 1. Organization and Summary of Significant Accounting Policies, for further discussion of the Company’s stock-based compensation policies.

For the years ended December 31, 2025 and 2024, stock-based compensation expense of $3.5 million and $5.0 million, respectively, was recognized in Selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Loss. The recognized tax benefits on total stock-based compensation expense were $0.8 million and $1.2 million for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Company had $1.5 million and $2.3 million of total unrecognized compensation expense related to RSU and stock option grants, respectively, that will be recognized over a weighted-average vesting period of 1.99 years and 2.00 years, respectively.

2014 Omnibus Incentive Plan
 
The Company’s 2014 Omnibus Incentive Plan was adopted by the Board of Directors and approved by the shareholders in May 2014, and subsequently amended and restated through May 2025 (as amended and restated, the “2014 Omnibus Plan”). The 2014 Omnibus Plan provides for the grant of stock options, stock appreciation rights, stock awards, cash awards and performance awards to the employees, non-employee directors and consultants of the Company. At December 31, 2025, the number of shares authorized under the 2014 Omnibus Plan was 1,888,997 shares, of which 750,589 were available for future issuance.

Generally, the exercise price of incentive stock options and non-statutory stock options granted under the 2014 Omnibus Plan must be the fair value of the common stock of the Company on the grant date. The term of incentive and non-statutory stock options may not exceed 10 years from the date of grant. A stock option shall be exercisable on or after each vesting date in accordance with the terms set forth in the stock option agreement. The right to exercise a stock option generally vests over three years at a rate of 33% annually or ratably in monthly installments over the vesting period.

Time-based RSUs generally vest over one or 3 years, with 100% or 33% of each award vesting annually, respectively.

Inducement Incentive Plan
 
Under the Company’s Inducement Incentive Plan adopted by the Board of Directors (the “Inducement Plan”), the Company grants time-based RSUs and stock options to recipients thereof as an inducement material to each respective recipient’s entry into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). These inducement awards are subject to such employee’s continued service relationship with the Company, with terms and conditions substantially identical to the terms and conditions of the 2014 Omnibus Plan and the award agreements pursuant to which they were granted. The time-based RSUs and options vest on an annual basis over three years beginning on the anniversary of each individual’s applicable employment commencement date. At December 31, 2025, the number of shares authorized under the Inducement Plan was 254,702 shares, of which 170,723 were available for future issuance.
Time-Based Stock Options
    
The following table reflects assumptions used to calculate the fair value of time-based stock option grants under the 2014 Omnibus Plan and the Inducement Plan for the years ended December 31, 2025 and 2024:
December 31,
 20252024
Risk-free interest rate3.67%—4.44%3.56%—4.54%
Dividend yield—%—%
Expected option term (in years)5.5—6.04.0—6.0
Expected stock price volatility121%—126%125%—138%

The weighted-average grant date fair value of time-based stock options granted during the years ended December 31, 2025 and 2024 was $10.53 and $12.43 per option share, respectively. Total grant date fair value of options that vested during the years ended December 31, 2025 and 2024 was $2.5 million and $3.3 million, respectively. There were no time-based stock options exercised during the years ended December 31, 2025 and 2024.

The following tables reflects the time-based stock option activity for the year ended December 31, 2025 (dollar amounts in thousands):
 
 SharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic Value
(in thousands)
Options outstanding as of December 31, 2024491,524 $21.58 
Options granted292,032 $11.87 
Options exercised— $— 
Options forfeited (206,266)$13.93 
Options expired(14,023)$47.79 
Options outstanding as of December 31, 2025563,267 $18.69 7.3$— 
Options vested and expected to vest at December 31, 2025563,267 $18.69 7.3$— 
Options exercisable as of December 31, 2025259,011 $24.74 5.5$— 

Time-Based Restricted Stock Units

The following table reflects the time-based RSU activity for the year ended December 31, 2025: 

 Number of
Shares		Weighted
Average
Grant Date
Fair 
Value
Per Share		Weighted
Average
Remaining
Contractual
Term
(in years)
Non-vested restricted stock units as of December 31, 2024159,919 $25.45  
Granted185,824 $11.79  
Vested(68,646)$28.12  
Forfeited(94,032)$14.22  
Non-vested restricted stock units as of December 31, 2025183,065 $16.35 1.1

The total grant date fair value of time-based RSUs that vested during the years ended December 31, 2025 and 2024 was $1.7 million and $4.4 million, respectively.
Performance-based Stock Options and Restricted Stock Units

During the year ended December 31, 2022, the Company granted 66,667 performance-based stock options (“Performance Options”) to its executive officers under the 2014 Omnibus Plan. The term of the vested Performance Options do not exceed 10 years from the date of grant. There were 40,000 Performance Options that were previously issued and remain vested and outstanding as of December 31, 2025.

Other Equity Incentive Plan

The Company’s Zyla Life Sciences Amended and Restated 2019 Stock-Based Incentive Compensation Plan was not utilized for new equity grants during the years ended December 31, 2025 and 2024, and it has no more shares available for future issuance.
v3.26.1
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY
Common Stock

As of December 31, 2025, the Company was authorized to issue 200,000,000 shares of $0.0001 par value common stock. Each share of common stock entitles the holder thereof to one vote on each matter submitted to a vote at a meeting of stockholders.

As discussed in Note 1. Organization and Summary of Significant Accounting Policies, on December 26, 2025, the Company effected the Reverse Stock Split. Accordingly, the Company’s stockholders received one share of the Company's common stock for every 15 shares held immediately prior to the effective time of the Reverse Stock Split. The Reverse Stock Split affected all of the Company’s issued and outstanding shares of the Company's common stock equally. The Reverse Stock Split also affected the Company’s outstanding stock-based awards and 2027 Convertible Notes and resulted in the shares underlying such instruments being reduced and the exercise price or conversion price being increased proportionately by the Reverse Stock Split ratio. No fractional shares were issued as a result of the Reverse Stock Split with any fractional shares that would have otherwise resulted from the Reverse Stock Split paid in cash, at an amount equal to the resulting fractional interest in one share of the Company's common stock that the stockholder would otherwise be entitled, multiplied by the closing trading price of the Company's common stock on December 24, 2025. The amount of cash paid for fractional shares was immaterial to the Company's financial statements.

As a result of the Reverse Stock Split, on December 26, 2025 the number of issued and outstanding shares of the Company's common stock was adjusted from 96,329,193 shares to 6,421,899 shares.

Preferred Stock

As of December 31, 2025, the Company was authorized to issue 5,000,000 shares of $0.0001 par value preferred stock. The Company has no preferred stock issued or outstanding as of December 31, 2025.
v3.26.1
NET LOSS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET LOSS PER SHARE NET LOSS PER SHARE
Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period.

Diluted net loss per share is calculated by dividing the net loss 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 equivalents and convertible debt are considered to be potential common shares and are only included in the calculation of diluted net loss 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, net of tax, and any other income statement impact associated with the 2027 Convertible Notes, net of tax, is added back to the net loss used in the diluted earnings per share calculation. Additionally, the diluted shares used in the diluted earnings per share calculation includes the potential dilution effect of the convertible debt if converted into the Company’s common stock.
The Company’s potentially dilutive stock-based awards and convertible debt were not included in the computation of diluted net loss per share for the years ended December 31, 2025, and 2024, because to do so would be anti-dilutive. Therefore, for the years ended December 31, 2025, and 2024, basic and diluted net loss per common share were the same.

The following table reflects the calculation of basic and diluted net loss per common share for the years ended December 31, 2025 and 2024 (in thousands, except for per share amounts):

Year ended December 31,
20252024
Basic and diluted net loss per share  
Net loss$(30,375)$(21,581)
Weighted-average shares used in computing basic and diluted net loss per share*6,403 6,351 
Basic and diluted net loss per share*$(4.74)$(3.40)
* Basic and diluted net loss per share and shares used in computing basic and diluted net loss per share for the year ended December 31, 2024 have been adjusted to reflect the Reverse Stock Split effected on December 26, 2025.

The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net loss per share for the years ended December 31, 2025, and 2024, because to do so would be anti-dilutive (in thousands):
Year ended December 31,
2025
2024*
Convertible notes651 651 
Stock-based awards and equivalents886 635 
Total potentially dilutive common shares1,537 1,286 
* Adjusted to reflect the Reverse Stock Split effected on December 26, 2025.
v3.26.1
FAIR VALUE
 12 Months Ended
Dec. 31, 2025
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 tables reflect the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):
 
December 31, 2025Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
U.S. TreasuriesCash and cash equivalents$— $2,399 $— $2,399 
Money market funds    Cash and cash equivalents6,810 — — 6,810 
Short-term investments:
U.S. TreasuriesShort-term investments— 53,176 — 53,176 
Total$6,810 $55,575 $— $62,385 
Liabilities:
Derivative liabilityLong-term debt$— $— $4 $4 
Total$— $— $4 $4 

December 31, 2024Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
U.S. TreasuriesCash and cash equivalents$— $3,897 $— $3,897 
Money Market fundsCash and cash equivalents46,163 — — 46,163 
Short-term investments:
U.S. TreasuriesShort-term investments— 49,466 — 49,466 
Total$46,163 $53,363 $— $99,526 
Liabilities:
Short-term contingent considerationContingent consideration, current portion$— $— $726 $726 
Derivative liabilityLong-term debt— — 168 168 
Total$— $— $894 $894 
    
Cash and Cash Equivalents

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 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.

Short-Term Investments

The Company’s short-term investments are recorded at fair value using Level 2 inputs, 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. Unrealized gains and losses from short-term investments classified as trading securities recognized by the Company for the year ended December 31, 2025 and 2024 were immaterial.

Contingent Consideration Obligation

Spectrum Merger Contingent Value Rights

In connection with the Spectrum Merger, the Company issued CVRs that represent a contingent consideration obligation that is measured at fair value using a Level 3 valuation, due to the lack of relevant observable inputs and market activity. As of both December 31, 2025 and 2024, the fair value of the Company’s CVR contingent consideration obligation
was determined by the Company to be zero. The Company recognized no expense or benefit for the change in fair value of the CVR contingent consideration during the years ended December 31, 2025 or 2024.

The fair value of the CVR contingent consideration is determined using a Monte Carlo simulation model under the income approach based on the probability of achievement of ROLVEDON net sales milestones using projections of 2025 and 2024 net sales and discounted to present value. The significant assumptions used in the calculation of the fair value as of December 31, 2024 included actual and projected 2025 future ROLVEDON net product sales, while the calculation of the fair value as of December 31, 2025 utilized actual ROLVEDON product net sales. For both December 31, 2025 and 2024, the threshold for recognition for the CVRs were not met.

Zyla Merger Contingent Consideration Obligation

In connection with the Zyla Merger, the Company assumed a contingent consideration obligation 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 obligations to be settled in cash as Level 3, due to the lack of relevant observable inputs and market activity. As of December 31, 2025 and December 31, 2024, the fair value of the INDOCIN product contingent consideration obligation was determined to be zero and $0.7 million, respectively, and has been classified as Contingent consideration, current in the Company’s Consolidated Balance Sheets.

The Company recognized a benefit of $0.3 million and $0.2 million during the years ended December 31, 2025 and December 31, 2024, respectively, for the change in fair value of contingent consideration incurred in the Zyla Merger, which was recognized in Change in fair value of contingent consideration in the Company’s Consolidated Statements of Comprehensive Loss.

The fair value of the contingent consideration incurred in the Zyla Merger is determined using an option pricing model under the income approach based on estimated INDOCIN product net sales through January 2029 and discounted to present value. The significant assumptions used in the calculation of the fair value as of December 31, 2025 and 2024 included updated projections of future INDOCIN product net sales.
The following table summarizes changes in fair value of the Company’s contingent consideration obligations that is measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2025 and 2024 (in thousands):

December 31,
20252024
Fair value, beginning of the period$726 $2,700 
Change in fair value of contingent consideration recorded within Costs and expenses(276)(244)
Cash payment related to contingent consideration(450)(1,730)
Fair value, end of the period$— $726 
    
Derivative Liability
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 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. The significant assumption used in the binomial lattice model is a credit spread of 9.0%.
The following table summarizes the change in fair value of the derivative liability for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
20252024
Fair value, beginning of the period$168 $308 
Change in fair value of derivative liability recorded within Other gain, net
(164)(140)
Fair value, end of the period$4 $168 

Financial Instruments Not Required to be Remeasured at Fair Value

The Company’s other financial assets and liabilities are not remeasured to fair value, as the historical cost of each approximates its fair value. As of December 31, 2025, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion feature, was approximately $36.8 million, compared to a par value of $40.0 million. As of December 31, 2024, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $34.8 million, compared to a par value of $40.0 million. The Company estimated the fair value of its 2027 Convertible Notes as of December 31, 2025 and December 31, 2024 based on a market approach, which represents a Level 2 valuation.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company has certain assets and liabilities that are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on a recurring basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment, when there is allocation of purchase price in an acquisition, or when a new liability is being established that requires fair value measurement. These assets and liabilities include long-lived assets and certain liabilities. The fair value measurements for these items rely primarily on Company-specific inputs. Since certain of the Company’s assumptions would involve inputs that are not observable, these fair values would represent a Level 3 valuation.
v3.26.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 
The following table reflects Net loss before income taxes by source for the years ended December 31, 2025 and 2024 (in thousands):
 
Year ended December 31,
20252024
U.S.$(29,940)$(21,529)
Outside the U.S.— — 
Net loss before income taxes$(29,940)$(21,529)
The following table reflects income tax expense for the years ended December 31, 2025 and 2024 (in thousands):
 
Year ended December 31,
20252024
Current:
Federal$(24)$(981)
State459 1,033 
Total current taxes$435 $52 
Deferred:  
Federal$— $— 
State— — 
Total deferred taxes$— $— 
Total income tax expense$435 $52 
 
As discussed in Note 1. Organization and Summary of Significant Accounting Policies, the Company elected to prospectively adopt the guidance in ASU 2023-09. The following table reflects a reconciliation of income taxes at the statutory federal income tax rate to the actual tax rate included in the Consolidated Statements of Comprehensive Loss in accordance with the guidance in ASU 2023-09 for the year ended December 31, 2025 (in thousands): 

Year ended December 31, 2025
 AmountPercent
U.S. federal statutory income tax rate$(6,259)21.0 %
State and local taxes, net of federal benefit363 (1.2)%
Other tax credits159 (0.5)%
Change in valuation allowance9,261 (31.1)%
Other nontaxable and nondeductible items179 (0.6)%
Change in prior year unrecognized tax benefits(24)0.1 %
Other adjustments:
Sale of Assertio Therapeutics(3,531)11.8 %
Deferred taxes287 (1.0)%
Effective Tax Rate$435 (1.5)%

During the year ended December 31, 2025, the Company recorded an income tax expense of $0.4 million, primarily due to state tax expense, losses from the sale of Assertio Therapeutics, and a benefit related to the release of an unrecognized tax benefit, offset by changes in the valuation allowance. Due to the sale of Assertio Therapeutics in May 2025, the Company recorded a capital loss and the net operating loss ("NOL") carryforwards were eliminated, as the tax basis is reflected in the loss from sale and the NOLs are no longer available for future use. The deferred tax impact related to the sale of Assertio Therapeutics is zero due to the full valuation allowance. Therefore, the offsetting deferred taxes and valuation allowance impacts are netted within the sale of Assertio Therapeutics for the effective tax rate rather than presented separately.

The states comprising a majority (more than 50 percent) of the State and local taxes, net of federal benefit for the year ended December 31, 2025 in the table above are North Carolina, Tennessee, and Texas.

On July 4, 2025, the President of the United States signed House Resolution 1 (“H.R. 1”), which made a number of changes to tax law in the Internal Revenue Code, including the reinstatement of immediate expensing for domestic research and development expenditures and modifications to the business interest expense limitation. The changes to tax law promulgated under H.R. 1 did not have a material impact on the Company’s income tax expense or income tax account balances for the year ended December 31, 2025.
The following table reflects a reconciliation of income taxes at the statutory federal income tax rate to the actual tax rate included in the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2024 (in thousands): 

Year Ended December 31, 2024
Tax at federal statutory rate$(4,522)
State tax, net of federal benefit(232)
Disallowed officers' compensation9 
Deferred tax adjustments(19,436)
Uncertain tax provisions(2,216)
Other610 
Change in valuation allowance25,839 
Total income tax expense$52 

During the year ended December 31, 2024, the Company recorded an income tax expense of $0.1 million, principally comprised of a benefit related to the release of an unrecognized tax benefit, offset by incurred federal and state current tax expense. As part of the release of the unrecognized tax benefit, certain deferred tax assets (“DTAs”) related to the uncertain tax position were released, as shown in the Deferred tax adjustment line in the table above. Offsetting these DTAs in the Deferred tax adjustment line were adjustments to certain state deferred tax NOLs. As part of its valuation allowance assessment as of December 31, 2024, the Company was not able to rely on its projected availability of future taxable income from pre-tax income forecasts. As such, the Company primarily relied on its reversing taxable temporary differences to assess its valuation allowance, which resulted in recording of the full valuation allowance for the year ended December 31, 2024.

Deferred income taxes reflect the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table reflects significant components of the Company’s deferred income taxes as of December 31, 2025 and 2024 (in thousands): 
December 31,
 20252024
Deferred tax assets:  
Net operating losses$229,830 $269,779 
Tax credit carryforwards18,731 18,884 
Intangible assets10,434 5,846 
Stock-based compensation2,866 2,162 
Operating lease liabilities 278 354 
Capital loss carryforwards2,663 — 
Reserves and other accruals not currently deductible25,665 24,545 
Section 174 R&D capitalization8,064 11,180 
Disallowed interest carryforward7,029 9,163 
Other assets762 705 
Total deferred tax assets306,322 342,618 
Valuation allowance for deferred tax assets(306,042)(342,281)
 $280 $337 
Deferred tax liabilities:  
Fixed assets(42)(66)
Operating lease right-of-use assets(238)(271)
Net deferred tax asset$— $— 

During the years ended December 31, 2025 and 2024, the Company maintained a full valuation allowance to offset, in full, the benefit related to its net deferred tax assets as of December 31, 2025 and 2024 because the realization of future benefit is uncertain. The Company examined both positive evidence such as, but not limited to, the projected availability of future taxable income and negative evidence such as the history of cumulative losses in recent years. As part of its valuation allowance
assessment as of December 31, 2025 and 2024, the Company was not able to rely on its projected availability of future taxable income from pre-tax income forecasts. As such, the Company primarily relied on its reversing taxable temporary differences to assess its valuation allowance, which resulted in maintaining the full valuation allowance for the years ended December 31, 2025 and 2024. No indefinite deferred tax liabilities (“DTL”) were identified as part of the valuation allowance assessment, nor are there years in which DTL reversals are expected to exceed DTA reversals that might suggest a net DTL is required after a valuation allowance is recorded. The Company will continue to assess the realizability of its deferred tax assets on a quarterly basis and assess whether an additional reserve or a release of the valuation allowance is required in future periods.

The valuation allowance decreased $36.2 million to $306.0 million during the year ended December 31, 2025, and increased $25.8 million to $342.3 million during the year ended December 31, 2024.

As of December 31, 2025, the Company had federal NOLs of $690.5 million with no expiration, and $256.1 million expiring between 2029 and 2037. As of December 31, 2025, state NOL carryforwards are $554.6 million, which begin to expire in 2026. The Company also had federal and state credit carryforwards of $21.1 million, which begin to expire in 2032. Utilization of the Company’s NOL and credit carryforwards are subject to a substantial annual limitation due to ownership change limitations provided by the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization.

The Company does not have any significant federal or state tax examinations in process as of December 31, 2025. The federal and state statute of limitations remains open primarily for the 2022 through 2024 tax years. The California statute of limitations is open for the 2007 through 2024 tax years.

The following table reflects cash income taxes paid, net of refunds received, in accordance with ASU 2023-09 for the year ended December 31, 2025 (in thousands):

Year Ended December 31, 2025
U.S. federal tax$(300)
State
California22 
Georgia(44)
Minnesota15 
Texas150 
Other states15 
Total state$158 
Total income taxes paid$(142)

Cash income taxes paid, net of refunds received, for the year ended December 31, 2024 were $1.6 million.

The following table reflects activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2025 and 2024 (in thousands):
 
Unrecognized tax benefits—December 31, 2023$7,742 
Decreases related to lapse of statutes(2,020)
Unrecognized tax benefits—December 31, 2024$5,722 
Decreases related to lapse of statutes(72)
Unrecognized tax benefits—December 31, 2025$5,650 
 
Of the unrecognized tax benefits in the table above, the total amount of unrecognized tax benefit that would affect the effective tax rate is $2.4 million and $2.3 million as of December 31, 2025 and 2024, respectively. The remaining amount of unrecognized tax benefit of $3.2 million and $3.4 million have corresponding amounts included as deferred tax assets in the deferred income tax table above, and would not impact the effective tax rate.
The Company does not expect a significant change to its unrecognized tax benefits over the next 12 months. The unrecognized tax benefits may increase or change during the next year for items that arise in the ordinary course of business.
v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company manages its business within one reportable segment, relating to the sale of pharmaceutical products to its customers. The Company’s Chief Executive Officer serves as the chief operating decision maker (“CODM”). The CODM reviews the business, makes investing and resource allocation decisions and assesses operating performance through the use of Net loss. The CODM also uses Loss from operations as an additional measure of assessing performance and to allocate resources within the Company.

The Company provides the CODM, on a regular basis, information that supports Net loss, including cost of sales, research and development expenses, and selling, general and administrative expenses. The Company further breaks down selling, general and administrative expenses into selling and marketing expenses, compliance expenses, manufacturing expenses and other general and administrative expenses. Additionally, the Company provides the CODM information supporting its amortization of intangible assets, any impairment of assets, and restructuring charges.

The following table reflects the breakdown of selling, general and administrative expenses for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
20252024
Selling and marketing expenses$23,862 $25,505 
Compliance expenses19,194 23,219 
Manufacturing expenses8,061 9,262 
Other general and administrative expenses
17,883 17,065 
Total selling, general and administrative expenses
$69,000 $75,051 

Selling and marketing expenses represent costs associated with the Company’s sales force, marketing and market access for the Company’s products. Compliance expenses are composed of costs associated with the Company’s finance and legal groups. Manufacturing expenses are composed of costs associated with regulatory, quality assurance, and contract manufacturing. Other general and administrative expenses are comprised primarily of functional expenses, including expenses for human resources, investor relations, and insurance. For the years ended December 31, 2025 and 2024, there were no other segment items that the Company used to aggregate other costs and expenses to reconcile between Total revenues and Net loss.

To date, substantially all of the Company’s net product sales are related to sales in the U.S. and substantially all of the Company’s assets are located in the U.S.
v3.26.1
RESTRUCTURING CHARGES
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING CHARGES RESTRUCTURING CHARGES
 
The Company regularly evaluates its operations to identify opportunities to streamline operations and optimize operating efficiencies in anticipation of changes in the business environment. As such, Company management may approve, from time to time, plans to reduce costs and improve efficiencies, which may result in incurring costs associated with those restructuring efforts.

Restructuring charges relating to employee compensation costs were $2.9 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively.

During the fourth quarter of 2025, the Company recognized $1.2 million in restructuring charges associated with a reduction in workforce, which were recognized as Restructuring charges within the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2025. The Company may incur additional restructuring charges related to this restructuring effort. All related cash payments are expected to be completed by the fourth quarter of 2026.

Effective as of October 27, 2025, the Company separated from the service of its former Chief Executive Officer. Pursuant to his then existing Management Continuity Agreement with the Company, he was entitled to severance compensation and benefits of approximately $1.4 million, which were recognized as Restructuring charges within the Consolidated Statement
of Comprehensive Loss for the year ended December 31, 2025. All related cash payments are expected to be completed by the second quarter of 2027. The Company does not expect to recognize any additional restructuring charges related to his separation from the Company.

During the first quarter of 2025, the Company recognized $0.3 million in restructuring charges associated with improving efficiencies within its sales and marketing organization, which were recognized as Restructuring charges within the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2025. The Company does not expect to recognize any additional restructuring charges related to this restructuring effort. All related cash payments were completed by the third quarter of 2025.
    
The following table summarizes the changes in the Company’s accrued restructuring liability for employee compensation costs, which is classified within Accrued liabilities in the Consolidated Balance Sheet (in thousands):

Year ended December 31,
 20252024
Balance as of the beginning of the period$1,187 $4,378 
Accrual additions2,889 720 
Cash paid(1,676)(3,911)
Balance as of the end of the period$2,400 $1,187 
v3.26.1
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS
(in thousands)
 
  
Additions(1)
  
DescriptionBalance at
Beginning of
Year		Charged as a
Reduction to
Revenue
Deductions(2)
Balance at
End of
Year (3)
Sales & return allowances, discounts, chargebacks and rebates:    
Year ended December 31, 2025$77,468 221,700 (196,820)$102,348 
Year ended December 31, 2024$59,046 168,801 (150,379)$77,468 

DescriptionBalance at
Beginning of
Year		AdditionsDeductionsBalance at
End of
Year
Deferred tax asset valuation allowance:    
December 31, 2025 (4)
$342,281 $— $(36,239)$306,042 
December 31, 2024 (5)
$316,467 $25,814 $— $342,281 

(1)Includes adjustments to revenue recognized as a result of changes in estimates for the Company’s gross-to-net sales allowances for products sold in previous periods, which were approximately 7% and 3% for the years ended December 31, 2025 and 2024, respectively. In addition, ROLVEDON net product sales for the year ended December 31, 2025 included the adjustment of a prior period returns reserve of $5.4 million established in connection with the Spectrum Merger.
(2)Deductions to sales discounts and allowances relate to discounts or allowances, returns, chargebacks and rebates actually taken or paid.
(3)Balance includes allowances for cash discounts for prompt payment of $3.0 million and $1.2 million as of December 31, 2025 and 2024, respectively, which are recognized in Accounts receivable, net on the Company’s Consolidated Balance Sheets. The remaining balance of $99.4 million and $76.3 million as of December 31, 2025 and 2024, respectively, is recognized in Accrued rebates, returns and discounts in the Company’s Consolidated Balance Sheets.
(4)The Company decreased the valuation allowance by $36.2 million during 2025. The decrease is primarily attributable to the sale of Assertio Therapeutics, partially offset by the continued uncertainty in the projected availability of future taxable income from pre-tax income forecasts and reversing taxable temporary differences.
(5)The Company increased the valuation allowance by $25.8 million during 2024. The increase is primarily attributable to current year activity impacting the Company’s net deferred tax asset and the continued uncertainty in the projected availability of future taxable income from pre-tax income forecasts and reversing taxable temporary differences.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
In the ordinary course of our business, we collect, use, store, and transmit digitally large amounts of confidential, sensitive, proprietary, personal, and health-related information. The secure maintenance of this information and our information technology systems is important to our operations and business strategy. To this end, we have implemented processes designed to assess, identify, and manage risks arising from internal and external cybersecurity threats and vulnerabilities from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein. These processes are managed and monitored by a third-party information technology team, which reports to our Vice President and Controller, and includes mechanisms, controls, technologies, systems, and other processes designed to prevent or mitigate data loss, theft, misuse, or other security incidents or vulnerabilities affecting the data while also maintaining a stable information technology environment. For example, we conduct penetration and vulnerability testing, data recovery testing, security audits, and ongoing risk assessments, including due diligence on and audits of our key technology vendors. We have an incident response plan designed to mitigate and remediate identified cybersecurity incidents at both Assertio and our customers and vendors and escalate certain incidents to senior management and, as appropriate, the Audit Committee. We also conduct periodic employee trainings on cybersecurity and information security, among other topics. As needed, we consult with outside advisors and experts to assist with assessing, identifying, and managing cybersecurity risks in order to anticipate future threats and trends, and their impact on the Company’s risk environment. Cybersecurity risks and threats are integrated into our enterprise risk management (“ERM”) program, which establishes a risk management framework that seeks to identify and assess risks that could materially impact our business and operations.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The secure maintenance of this information and our information technology systems is important to our operations and business strategy. To this end, we have implemented processes designed to assess, identify, and manage risks arising from internal and external cybersecurity threats and vulnerabilities from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board of Directors (the “Board”), as a whole and at the committee level, has oversight over the most significant risks facing us and over our processes to identify, prioritize, assess, manage, and mitigate those risks. The Board oversees the ERM program and oversees an enterprise-wide approach to risk management, including risks related to cybersecurity.

The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit Committee receives, at a minimum, quarterly updates on cybersecurity and information technology matters and related risk exposures from our Vice President and Controller as well as other members of the senior leadership team, including, if necessary, the Chief Financial Officer. The Board also receives updates from management and the Audit Committee on cybersecurity risks on at least an annual basis.

Our Vice President and Controller, who reports directly to our Chief Financial Officer, has been involved in overseeing the assessment and management of cybersecurity risks at Assertio for approximately two years and has an additional four years of experience managing financial systems at another public company.
Since the beginning of the last fiscal year, there were no identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Data breaches and cyber-attacks or other failures in our telecommunications or information technology systems, or those of our third-party vendors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business operations.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Vice President and Controller, who reports directly to our Chief Financial Officer, has been involved in overseeing the assessment and management of cybersecurity risks at Assertio for approximately two years and has an additional four years of experience managing financial systems at another public company.
Since the beginning of the last fiscal year, there were no identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Data breaches and cyber-attacks or other failures in our telecommunications or information technology systems, or those of our third-party vendors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business operations.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Board of Directors (the “Board”), as a whole and at the committee level, has oversight over the most significant risks facing us and over our processes to identify, prioritize, assess, manage, and mitigate those risks. The Board oversees the ERM program and oversees an enterprise-wide approach to risk management, including risks related to cybersecurity.

The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit Committee receives, at a minimum, quarterly updates on cybersecurity and information technology matters and related risk exposures from our Vice President and Controller as well as other members of the senior leadership team, including, if necessary, the Chief Financial Officer. The Board also receives updates from management and the Audit Committee on cybersecurity risks on at least an annual basis.

Our Vice President and Controller, who reports directly to our Chief Financial Officer, has been involved in overseeing the assessment and management of cybersecurity risks at Assertio for approximately two years and has an additional four years of experience managing financial systems at another public company.
Since the beginning of the last fiscal year, there were no identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Data breaches and cyber-attacks or other failures in our telecommunications or information technology systems, or those of our third-party vendors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business operations.
Cybersecurity Risk Role of Management [Text Block]
Our Vice President and Controller, who reports directly to our Chief Financial Officer, has been involved in overseeing the assessment and management of cybersecurity risks at Assertio for approximately two years and has an additional four years of experience managing financial systems at another public company.
Since the beginning of the last fiscal year, there were no identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Data breaches and cyber-attacks or other failures in our telecommunications or information technology systems, or those of our third-party vendors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business operations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Vice President and Controller, who reports directly to our Chief Financial Officer, has been involved in overseeing the assessment and management of cybersecurity risks at Assertio for approximately two years and has an additional four years of experience managing financial systems at another public company.
Since the beginning of the last fiscal year, there were no identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Data breaches and cyber-attacks or other failures in our telecommunications or information technology systems, or those of our third-party vendors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business operations.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our Vice President and Controller, who reports directly to our Chief Financial Officer, has been involved in overseeing the assessment and management of cybersecurity risks at Assertio for approximately two years and has an additional four years of experience managing financial systems at another public company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Board of Directors (the “Board”), as a whole and at the committee level, has oversight over the most significant risks facing us and over our processes to identify, prioritize, assess, manage, and mitigate those risks. The Board oversees the ERM program and oversees an enterprise-wide approach to risk management, including risks related to cybersecurity.

The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit Committee receives, at a minimum, quarterly updates on cybersecurity and information technology matters and related risk exposures from our Vice President and Controller as well as other members of the senior leadership team, including, if necessary, the Chief Financial Officer. The Board also receives updates from management and the Audit Committee on cybersecurity risks on at least an annual basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
 
The Company’s consolidated financial statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) and U.S. Securities and Exchange Commission (“SEC”) regulations for annual reporting.

In preparing the financial statements for the year ended December 31, 2025, the Company evaluated whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity's ability to continue as a going concern within 12 months after the date of the issuance of these financial statements, and concluded that no substantial doubt exists.
Principles of Consolidation
Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reverse Stock Split
Reverse Stock Split

On December 26, 2025, the Company effected a 1-for-15 reverse stock split of its issued and outstanding common stock (the "Reverse Stock Split"). As a result of the Reverse Stock Split, the Company’s stockholders received one share of common stock for every 15 shares held immediately prior to the effective time of the Reverse Stock Split. The Reverse Stock Split affected all the Company’s issued and outstanding shares of common stock equally. Any fractional shares remaining as a result of the Reverse Stock Split were paid to the shareholder in cash. The par value and number of authorized shares of the Company's common stock were not adjusted as a result of the Reverse Stock Split. The Reverse Stock Split also affected the Company’s outstanding stock-based awards and convertible senior notes due 2027 and resulted in the shares underlying such instruments being reduced and the exercise or conversion price being increased proportionately. Unless otherwise noted, all common stock shares, common stock per share data and shares of common stock underlying stock-based awards and the convertible senior notes due 2027 included in these consolidated financial statements, including the exercise price of equity instruments or conversion price of the convertible senior notes due 2027, as applicable, have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.
Use of Estimates
Use of Estimates
 
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.
Estimates are used in determining items such as product returns, rebates, the evaluation of impairment of intangible assets, the fair value of contingent consideration obligations, and income taxes. Estimates are also used when accounting for amounts recorded in connection with acquisitions, including initial fair value determinations of assets and liabilities as well as subsequent fair value measurements. Although management believes these estimates are based upon reasonable assumptions within the bounds of its knowledge of the Company, actual results could differ materially from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
 
The Company considers all highly liquid investments with a maturity date at purchase of three months or less to be cash equivalents. Cash and cash equivalents generally consist of cash on deposit with banks, money market instruments, U.S. Agency discount notes, commercial paper and corporate debt securities. 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. There may be times when the Company's cash and cash equivalents on deposit exceed the Federal Deposit Insurance Corporation insurance limits, which potentially exposes the Company to a concentration of credit risk. The Company maintains its cash and cash equivalents principally with accredited financial institutions with high credit ratings.
Short-Term Investments
Short-Term Investments
The Company considers all highly liquid investments with a maturity date at purchase of more than three months but less than one year to be short-term investments. The Company’s short-term investments consist of marketable securities, which could include commercial paper and U.S. Treasury securities. The Company has classified its short-term investments as trading securities. The short-term investments are recorded at fair value using Level 2 inputs, 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. Gains and losses on short-term investments are included in Interest income in the Consolidated Statements of Comprehensive Loss.
Accounts Receivable
Accounts Receivable
 
Trade accounts receivable are recorded net of allowances for cash discounts for prompt payment. To date, the Company has not recorded an allowance for estimated expected credit losses since the majority of its product revenue comes from sales to a limited number of financially sound companies who have historically paid their balances timely, with resulting credit losses not historically being material. The need for an allowance for estimated expected credit losses is evaluated each reporting period based on the Company’s assessment of the creditworthiness of its customers or any other potential circumstances that could result in an allowance for estimated expected credit losses.
Inventories
Inventories
 
Inventories are stated at the lower of cost or net realizable value, with cost determined by specific manufactured lot. Inventories consist of costs of the active pharmaceutical ingredient, contract manufacturing and packaging costs. The Company reviews its inventory for potentially excess, dated, defective or obsolete inventories based on an analysis of inventory on hand and projected demand, and adjusts the value of that inventory as conditions warrant.
Cost of sales includes the cost of inventory sold or reserved, which includes manufacturing and supply chain costs, product shipping and handling costs, and product royalties.
Property and Equipment
Property and Equipment
 
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, as follows:
 
Furniture and office equipment
3 - 5 years
Machinery and equipment
5 - 7 years
Laboratory equipment
3 - 5 years
Leasehold improvementsShorter of estimated useful life or lease term
Intangible Assets and Impairment of Long-lived Assets
Intangible Assets
 
Intangible assets consist of product rights that are accounted for as definite-lived intangible assets subject to amortization. The Company determines the fair value of acquired intangible assets as of the acquisition date. Discounted cash flow models are typically used in these valuations, which require the use of significant estimates and assumptions, including but not limited to, developing appropriate discount rates and estimating future cash flows from product sales and related expenses. The fair value recorded is amortized on a straight-line basis over the estimated useful life of the asset. The Company estimates the useful life of the assets by considering competition by products prescribed for the same indication, the expected lives of the patents held by the Company for the products, the likelihood and estimated future entry of non-generic and generic competition for the same or similar indication, and other related factors.

Impairment of Long-lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Pursuant to Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (“ASC 360”), the Company groups its long-lived assets at the product level, which is the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. The Company estimates the future net undiscounted cash flows expected to be generated from the use of the long-lived asset group and its eventual disposition. An impairment would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The impairment is calculated as the excess of the carrying amount over the fair value.
Revenue Recognition
Revenue Recognition
 
Under ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when its customer obtains control of the promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation, when (or as) the performance obligation is satisfied. The Company assesses the term of the contract based upon the contractual period in which the Company has enforceable rights and obligations.

Variable consideration arising from sales or usage-based royalties, promised in exchange for a license of the Company’s intellectual property, is recognized at the later of (i) when the subsequent product sales occur or (ii) the performance obligation, to which some or all of the sales-based royalty has been allocated, has been satisfied.

Product Sales

The Company sells commercial products to wholesale distributors and specialty pharmacies. Product sales revenue is recognized when the customer has control of the product, which is when title has transferred to the customer and the customer has assumed the risks and rewards of ownership. These conditions typically occur upon delivery to the customer. The Company’s performance obligation is to deliver product to the customer, and the performance obligation is typically completed upon delivery. The transaction price consists of a fixed invoice price and variable product sales allowances, which include rebates, discounts and returns. Product sales revenues are recorded net of applicable sales tax and reserves for these product sales allowances. Receivables related to product sales are typically collected one to two months after delivery. As a result, the Company has elected to apply the practical expedient to not recognize a significant financing element for its contracts where the period between the customer obtaining control of the product and the customer paying for its product is one year or less. Receivables may also include customer deductions for returns and chargebacks that are pending Company validation.

The Company considers product sales allowances to be variable consideration and estimates and recognizes product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on actual or estimated amounts owed on the related sales. These estimates take into consideration the terms of the Company’s agreements with customers, historical product returns, rebates or discounts taken, estimated levels of inventory in
the distribution channel, the shelf life of the product and specific known market events, such as competitive pricing and new product introductions. The Company uses the most likely method in estimating product sales allowances. If actual future results vary from the Company’s estimates, the Company may need to adjust these estimates, which could have an effect on product sales and earnings in the period of adjustment.

The Company’s product sales allowances include:

Product Returns - The Company allows customers to return product for credit with respect to that product generally within six months before and 12 months after the product expiration date. The Company estimates product returns based on historical return trends by product or by return trends of similar products, taking into consideration the shelf life of the product at the time of shipment, shipment and prescription trends, estimated distribution channel inventory levels and consideration of the introduction of competitive products. The Company does not assume financial responsibility for returns of any of its currently marketed products acquired through product rights acquisitions if those returns relate to sales of that product prior to the period of the Company’s ownership of the respective product, which are identified by specific lot numbers.

Shelf lives for the Company’s products, from the respective manufacture dates, for the Company’s products range from 24 months to 48 months. Because of the shelf life of the Company’s products and its return policy of issuing credits with respect to product that is returned within six months before and 12 months after its product expiration date, there may be a significant period of time between when the product is shipped and when the Company issues credit on a returned product. Accordingly, the Company may have to adjust these estimates, which could have an effect on net product sales and earnings in the period of adjustments.

Managed Care Rebates - The Company offers discounts under contracts with certain managed care providers. The Company generally pays managed care rebates one to three months after prescriptions subject to the rebate are filled.

Commercial Rebates - The Company offers certain group purchasing organization (“GPO”) rebates for end-user purchases made under contractual rebate percentage tier programs. Commercial rebates are based on (i) an estimate of end-user purchases through a GPO, (ii) the corresponding contractual rebate percentage tier the Company expects each GPO to achieve, and (iii) the Company’s estimate of the impact of any prospective rebate program changes made by the Company. The Company generally pays commercial rebates two to 12 months after qualifying purchases are made.

Government Rebates - The Company offers discounted pricing or rebates on purchases of pharmaceutical products under various federal and state healthcare programs, including Centers for Medicare and Medicaid Services’ Medicaid Drug Rebate Program and Medicare Part B Program and Medicare Part D Coverage Gap Discount Programs. The Company generally pays government rebates three to 12 months after prescriptions subject to the rebate are filled. These rebates are subject to the Company’s active participation in the respective programs.

Wholesaler and Pharmacy Discounts - The Company offers contractually determined discounts to certain wholesale distributors and specialty pharmacies that purchase directly from it. These discounts are either taken off invoice at the time of shipment or paid to the customer on a quarterly basis one to two months after the quarter in which the product was shipped to the customer.

Prompt Pay Discounts - The Company offers cash discounts to its customers (generally 2% of the sales price) as an incentive for prompt payment. Based on the Company’s experience, the Company expects its customers to meet the payment terms to earn the cash discount.

Patient Discount Programs - The Company offers patient discount co-pay assistance programs in which patients receive certain discounts off their prescriptions at participating retail and specialty pharmacies. The discounts are reimbursed by the Company to program administrators approximately one month after the prescriptions subject to the discount are filled.

Chargebacks - The Company provides discounts to authorized users of the U.S. Department of Veterans Affairs’ Federal Supply Schedule Program and the Health Resources and Services Administration's 340B Drug Pricing Program. These federal and 340B entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge back to the Company the difference between the current retail price and the price the federal entity paid for the product. These discounts are subject to the Company’s active participation in the respective programs.

The Company’s product sales allowances are included in Accrued rebates, returns and discounts on the Consolidated Balance Sheets, except for prompt pay discounts, which are included as a reduction in Accounts receivable, net, on the Consolidated Balance Sheets.
Royalty Revenue

For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalties revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty that has been allocated has been satisfied (or partially satisfied). The Company currently receives royalties based on sales of CAMBIA in Canada, which are recognized as revenue when the related sales occur as there are no continuing performance obligations by the Company under those agreements.
Loss Contingencies
Loss Contingencies

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. For matters where a loss is not probable, or a probable loss cannot be reasonably estimated, no liability has been recorded. For the matters described in Note 8. Commitments and Contingencies, in which the Company believes a loss is both reasonably possible and estimable, an estimate of the loss or range of loss is provided, if material. Costs associated with the Company’s 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, 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. Provisions for loss contingencies are recorded in Selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Loss and the related accruals are recorded in Accrued liabilities in the Company’s Consolidated Balance Sheets.
Contingent Consideration Obligations
Contingent Consideration Obligations

The Company has issued contingent value rights (“CVRs”) as part of the Spectrum acquisition in July 2023 (the “Spectrum Merger”) and future royalties to an affiliate of CR Group L.P. as part of the Company’s merger with Zyla Life Sciences (“Zyla”) in May 2020 (the “Zyla Merger”). See Note 13. Fair Value, for further details. Both are contingent consideration obligations of the Company.

The fair values of each of the contingent consideration obligations are remeasured each reporting period, with changes in the fair values resulting from changes in the respective underlying inputs being recognized in operating expenses until both the contingent arrangements are settled. Both are based on significant inputs not observable in the market and thus represent Level 3 measurements.
Leases
Leases

In accordance with ASC 842, Leases, the Company assesses contracts for lease arrangements at inception. Operating right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date equal to the present value of future lease payments using the implicit or incremental borrowing rate based on the information readily available at the commencement date. ROU assets include any lease payments as of commencement and initial direct costs but exclude any lease incentives. Lease and non-lease components are generally accounted for separately and the Company recognizes operating lease expense straight-line over the term of the lease.

The Company accounts for operating leases with an initial term of 12 months or less on a straight-line basis over the lease term in the Consolidated Statements of Comprehensive Loss. ROU assets and liabilities are not recorded for these leases.
Stock-Based Compensation
Stock-Based Compensation
 
The Company’s stock-based compensation generally includes time-based restricted stock units (“RSU”) and options, and from time to time also includes performance-based RSUs and options. The Company accounts for forfeitures as they occur for each type of award. Stock-based compensation expense related to time-based RSUs is based on the market value of the underlying stock on the date of grant and the related expense is recognized ratably over the requisite service period. The Company uses the Black-Scholes option valuation model to determine the fair value of stock options. The determination of the fair value of stock-based payment awards on the date of grant using an option valuation model is affected by the Company’s stock price as well as various assumptions, which include the expected term of the award, the expected stock price volatility, risk-free interest rate, and expected dividends over the expected term of the award. The Company uses historical option exercise data to estimate the expected term of the options. The Company estimates the volatility of its common stock price by using the historical volatility over the expected term of the options. The Company bases the risk-free interest rate on U.S. Treasury zero
coupon bonds with terms similar to the expected term of the options as of the date of grant. The Company does not anticipate paying any cash dividends in the foreseeable future, and therefore, uses an expected dividend yield of zero in the option valuation model. For performance-based options granted with vesting subject to performance conditions, the fair value of the award is determined at grant date using the Black-Scholes option valuation model, and expense is recognized ratably over the requisite performance period regardless of whether or not the performance condition is satisfied.
Advertising Costs
Advertising Costs
 
Costs associated with advertising are expensed as incurred.
Income Taxes
Income Taxes
 
The Company records the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in its Consolidated Balance Sheets, as well as net operating loss and tax credit carryforwards. The Company follows the guidelines set forth in the applicable accounting guidance regarding the recoverability of any tax assets recorded on the Consolidated Balance Sheets and provides any necessary allowances as required. Determining necessary allowances requires the Company to make assessments about the timing of future events, including the probability of expected future taxable income and available tax planning opportunities. When it is determined that it is more likely than not that some portion or all the deferred tax assets will not be realized in the future, the deferred tax assets are reduced by a valuation allowance. The valuation allowance is sufficient to reduce the deferred tax assets to the amount determined to be more likely than not to be realized.

The Company is subject to examination of its income tax returns by various tax authorities on a periodic basis. The Company regularly assesses the likelihood of adverse outcomes resulting from such examinations to determine the adequacy of its provision for income taxes. The Company has applied the provisions of the applicable accounting guidance on accounting for uncertainty in income taxes, which requires application of a more‑likely‑than‑not threshold to the recognition and derecognition of uncertain tax positions. If the recognition threshold is met, the applicable accounting guidance permits the Company to recognize a tax benefit measured at the largest amount of tax benefit that, in its judgment, is more than 50% likely to be realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change.
 
The Company recognizes tax liabilities in accordance with ASC Topic 740, Income Taxes (“ASC 740”), and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined.
Restructuring
Restructuring
 
The Company accounts for restructuring costs in accordance with ASC 420, Exit or Disposal Cost Obligations (“ASC 420”) and ASC 712, Compensation - Nonretirement Postemployment Benefits (“ASC 712”). One-time termination benefits are recorded at the time restructuring is communicated to the affected employees. Ongoing termination benefits are recognized when they are probable and estimable. Payments under one-time and ongoing termination benefits are made over the period to which the former employee is entitled to the benefit under the termination agreement.
Concentrations of Risk
Concentrations of Risk
The Company is subject to credit risk from its accounts receivable related to product sales.
Recently Adopted and Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. The Company adopted ASU 2023-09 in the fourth quarter of 2025 prospectively. Adoption of ASU 2023-09 resulted in additional financial statement disclosures and had no impact on the Company’s results of operations or financial condition. See Note 14. Income Taxes, which includes the disclosures resulting from the adoption of ASU 2023-09.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which is intended to improve disclosures about a public business entity’s expenses by requiring disaggregated disclosure, in the notes to the financial statements, of certain categories of expenses included in the financial statements. As clarified by ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 may be applied either on a prospective or retrospective basis, and early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2024-03 on its consolidated financial statement disclosures.

In November 2024, the FASB issued ASU No. 2024-04, Debt - Debt with Conversions and Other Options (Subtopic 470-20) ("ASU 2024-04"), which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual periods. ASU 2024-04 may be applied either on a prospective or retrospective basis, and early adoption is permitted. While the Company believes that ASU 2024-04 will not have a material impact on its consolidated financial statements or its disclosures, the Company has convertible notes (see Note 6. Debt, for further information) and has induced a conversion on those convertible notes in the past.
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Useful Lives of Property and Equipment Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, as follows:
 
Furniture and office equipment
3 - 5 years
Machinery and equipment
5 - 7 years
Laboratory equipment
3 - 5 years
Leasehold improvementsShorter of estimated useful life or lease term
Schedule of Revenue and Accounts Receivable Customer Concentration Risk The three large, national wholesale distributors represent the majority of the Company’s business and represented the following percentage of consolidated revenue and accounts receivable by customer related to product sales for the years ended December 31, 2025 and 2024.
Consolidated revenueAccounts receivable related to product sales
Year Ended December 31,As of December 31,
2025202420252024
Cencora45 %40 %44 %33 %
McKesson Corporation31 %30 %39 %42 %
Cardinal Health10 %8 %10 %6 %
All others14 %22 %7 %19 %
Total100 %100 %100 %100 %
v3.26.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Total Revenues
The following table reflects total revenues for the years ended December 31, 2025 and 2024 (in thousands):
 
 Year ended December 31,
 20252024
Product sales, net:  
ROLVEDON$68,225 $60,090 
INDOCIN products 18,905 26,761 
Sympazan11,349 10,457 
SPRIX7,952 7,624
Other products10,669 15,917 
Total product sales, net$117,100 $120,849 
Royalty revenue1,613 2,012 
Other revenue— 2,100 
Total revenues$118,713 $124,961 
Schedule of Accrued Rebates, Returns and Discounts
The following table reflects Accrued rebates, returns and discounts for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 
December 31,
 202520242023
Accrued rebates, returns and discounts
$99,366 $76,304 $58,137 
The following table reflects Accounts receivable, net for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 
December 31,
 202520242023
Accounts receivable, net
$120,110 $54,120 $47,663 
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Account Receivable, Net
The following table reflects Accrued rebates, returns and discounts for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 
December 31,
 202520242023
Accrued rebates, returns and discounts
$99,366 $76,304 $58,137 
The following table reflects Accounts receivable, net for the years ended December 31, 2025, 2024 and 2023 (in thousands):

 
December 31,
 202520242023
Accounts receivable, net
$120,110 $54,120 $47,663 
Schedule of Inventories, Net
The following table reflects the components of inventories, net, as of December 31, 2025 and 2024 (in thousands):
 December 31,
 20252024
Raw materials$15,173 $15,524 
Work-in-process6,051 4,900 
Finished goods2,896 17,884 
Total inventories, net$24,120 $38,308 
Schedule of Prepaid and Other Current Assets
The following table reflects prepaid and other current assets as of December 31, 2025 and 2024 (in thousands):

December 31,
20252024
Prepaid assets and deposits$8,667 $9,764 
Other current assets344 303 
Total prepaid and other current assets$9,011 $10,067 
Schedule of Property and Equipment
The following table reflects property and equipment, net as of December 31, 2025 and 2024 (in thousands):
 
 December 31,
20252024
Furniture and office equipment$1,412 $1,412 
Laboratory equipment20 20 
Leasehold improvements2,551 2,551 
 3,983 3,983 
Less: Accumulated depreciation (3,539)(3,397)
Property and equipment, net$444 $586 
Schedule of Accrued Liabilities
The following table reflects accrued liabilities as of December 31, 2025 and 2024 (in thousands):
 
 December 31,
 20252024
Accrued compensation$2,721 $3,260 
Accrued restructuring (See Note 16)
2,400 1,187 
Interest payable867 867 
Accrued royalties594 1,223 
Other accrued liabilities7,700 12,310 
Total accrued liabilities$14,282 $18,847 
Schedule of Other Long-term Liabilities
The following table reflects other long-term liabilities as of December 31, 2025 and 2024 (in thousands): 
December 31,
 20252024
ROLVEDON product royalties$3,074 $5,479 
Noncurrent operating lease liabilities889 1,122 
Liability for uncertain tax provisions2,418 2,337 
Deferred employee retention credits— 1,212 
Total other long-term liabilities$6,381 $10,150 
v3.26.1
INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025 and 2024 (dollar amounts in thousands):
 
 December 31, 2025December 31, 2024
Product rightsRemaining
Useful Life
(In years)		Gross
Carrying
Amount		Accumulated
Amortization
Impairment
Net Book
Value		Gross
Carrying
Amount		Accumulated
Amortization		ImpairmentNet Book
Value
ROLVEDON2.0$63,405  $(28,692)$— $34,713 $63,405 $(11,336)$— $52,069 
Sympazan8.814,550 (3,840)— 10,710 14,550 (2,627)— 11,923 
SPRIX0.732,673 (27,488)(1,700)3,485 32,673 (23,471)— 9,202 
INDOCIN0.065,605 (65,605)— — 65,605 (58,328)— 7,277 
Otrexup0.0— — — — 16,364 (11,147)(5,217)— 
Total Intangible Assets$176,233 $(125,625)$(1,700)$48,908 $192,597 $(106,909)$(5,217)$80,471 
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
2026$22,054 
202718,569 
20281,213 
20291,213 
20301,213 
Thereafter4,646 
Total$48,908 
v3.26.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Carrying Values Convertible Notes
The following table reflects the carrying balance of the 2027 Convertible Notes as of December 31, 2025 and 2024 (in thousands):

December 31,
20252024
Principal balance$40,000 $40,000 
Derivative liability for embedded conversion feature4 168 
Unamortized debt issuance costs(880)(1,355)
Carrying balance$39,124 $38,813 
Schedule of Debt Related Interest
The following table reflects debt-related interest included in Interest expense in the Company’s Consolidated Statements of Comprehensive Loss as of December 31, 2025 and 2024 (in thousands):

Year ended December 31,
20252024
Interest on 2027 Convertible Notes$2,600 $2,600 
Amortization of debt issuance costs on 2027 Convertible Notes475 439 
Total interest expense$3,075 $3,039 
v3.26.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Expense
The following table reflects lease expense for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
Financial Statement Classification20252024
Operating lease costSelling, general and administrative expenses$241 $256 
The following table reflects supplemental cash flow information related to leases for the years ended December 31, 2025 and 2024 (in thousands):
Year ended December 31,
20252024
Cash paid for amounts included in measurement of liabilities:
Operating cash flows used in operating leases$412 $1,058 
The following table reflects other operating lease information as of December 31, 2025 and 2024:
December 31,
20252024
Weighted-average remaining lease term (years)4.75.2
Weighted-average discount rate7.2 %6.8 %
Schedule of Supplemental Balance Sheet Information
The following table reflects supplemental balance sheet information related to leases as of December 31, 2025 and 2024 (in thousands):
December 31,
Financial Statement Classification20252024
Assets
 
Operating lease right-of-use assetsOther long-term assets$971 $1,125 
Liabilities
Current operating lease liabilitiesOther current liabilities$240 $331 
Noncurrent operating lease liabilitiesOther long-term liabilities889 1,122 
Total lease liabilities$1,129 $1,453 
Schedule of Maturity of Lease Liabilities The following table reflects future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2025 (in thousands):
Lease Payments
2026$307 
2027243 
2028253 
2029263 
2030274 
Total lease payments$1,340 
Less: Interest211 
Present value of lease liabilities$1,129 
v3.26.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Time-Based Stock Options
The following table reflects assumptions used to calculate the fair value of time-based stock option grants under the 2014 Omnibus Plan and the Inducement Plan for the years ended December 31, 2025 and 2024:
December 31,
 20252024
Risk-free interest rate3.67%—4.44%3.56%—4.54%
Dividend yield—%—%
Expected option term (in years)5.5—6.04.0—6.0
Expected stock price volatility121%—126%125%—138%
Schedule of the Options Activity
The following tables reflects the time-based stock option activity for the year ended December 31, 2025 (dollar amounts in thousands):
 
 SharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic Value
(in thousands)
Options outstanding as of December 31, 2024491,524 $21.58 
Options granted292,032 $11.87 
Options exercised— $— 
Options forfeited (206,266)$13.93 
Options expired(14,023)$47.79 
Options outstanding as of December 31, 2025563,267 $18.69 7.3$— 
Options vested and expected to vest at December 31, 2025563,267 $18.69 7.3$— 
Options exercisable as of December 31, 2025259,011 $24.74 5.5$— 
Schedule of Time-Based Restricted Stock Units
The following table reflects the time-based RSU activity for the year ended December 31, 2025: 

 Number of
Shares		Weighted
Average
Grant Date
Fair 
Value
Per Share		Weighted
Average
Remaining
Contractual
Term
(in years)
Non-vested restricted stock units as of December 31, 2024159,919 $25.45  
Granted185,824 $11.79  
Vested(68,646)$28.12  
Forfeited(94,032)$14.22  
Non-vested restricted stock units as of December 31, 2025183,065 $16.35 1.1
v3.26.1
NET LOSS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Common Share
The following table reflects the calculation of basic and diluted net loss per common share for the years ended December 31, 2025 and 2024 (in thousands, except for per share amounts):

Year ended December 31,
20252024
Basic and diluted net loss per share  
Net loss$(30,375)$(21,581)
Weighted-average shares used in computing basic and diluted net loss per share*6,403 6,351 
Basic and diluted net loss per share*$(4.74)$(3.40)
* Basic and diluted net loss per share and shares used in computing basic and diluted net loss per share for the year ended December 31, 2024 have been adjusted to reflect the Reverse Stock Split effected on December 26, 2025.
Schedule of Potentially Dilutive Common Shares
The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net loss per share for the years ended December 31, 2025, and 2024, because to do so would be anti-dilutive (in thousands):
Year ended December 31,
2025
2024*
Convertible notes651 651 
Stock-based awards and equivalents886 635 
Total potentially dilutive common shares1,537 1,286 
* Adjusted to reflect the Reverse Stock Split effected on December 26, 2025.
v3.26.1
FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables reflect the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):
 
December 31, 2025Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
U.S. TreasuriesCash and cash equivalents$— $2,399 $— $2,399 
Money market funds    Cash and cash equivalents6,810 — — 6,810 
Short-term investments:
U.S. TreasuriesShort-term investments— 53,176 — 53,176 
Total$6,810 $55,575 $— $62,385 
Liabilities:
Derivative liabilityLong-term debt$— $— $4 $4 
Total$— $— $4 $4 

December 31, 2024Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
U.S. TreasuriesCash and cash equivalents$— $3,897 $— $3,897 
Money Market fundsCash and cash equivalents46,163 — — 46,163 
Short-term investments:
U.S. TreasuriesShort-term investments— 49,466 — 49,466 
Total$46,163 $53,363 $— $99,526 
Liabilities:
Short-term contingent considerationContingent consideration, current portion$— $— $726 $726 
Derivative liabilityLong-term debt— — 168 168 
Total$— $— $894 $894 
Schedule of Changes in Fair Value of Contingent Consideration
The following table summarizes changes in fair value of the Company’s contingent consideration obligations that is measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2025 and 2024 (in thousands):

December 31,
20252024
Fair value, beginning of the period$726 $2,700 
Change in fair value of contingent consideration recorded within Costs and expenses(276)(244)
Cash payment related to contingent consideration(450)(1,730)
Fair value, end of the period$— $726 
Schedule of Changes in Fair Value of Derivative Liability
The following table summarizes the change in fair value of the derivative liability for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
20252024
Fair value, beginning of the period$168 $308 
Change in fair value of derivative liability recorded within Other gain, net
(164)(140)
Fair value, end of the period$4 $168 
v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Loss Before Income Taxes by Source
The following table reflects Net loss before income taxes by source for the years ended December 31, 2025 and 2024 (in thousands):
 
Year ended December 31,
20252024
U.S.$(29,940)$(21,529)
Outside the U.S.— — 
Net loss before income taxes$(29,940)$(21,529)
Schedule of Income Tax Expense
The following table reflects income tax expense for the years ended December 31, 2025 and 2024 (in thousands):
 
Year ended December 31,
20252024
Current:
Federal$(24)$(981)
State459 1,033 
Total current taxes$435 $52 
Deferred:  
Federal$— $— 
State— — 
Total deferred taxes$— $— 
Total income tax expense$435 $52 
Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Actual Tax Rate The following table reflects a reconciliation of income taxes at the statutory federal income tax rate to the actual tax rate included in the Consolidated Statements of Comprehensive Loss in accordance with the guidance in ASU 2023-09 for the year ended December 31, 2025 (in thousands): 
Year ended December 31, 2025
 AmountPercent
U.S. federal statutory income tax rate$(6,259)21.0 %
State and local taxes, net of federal benefit363 (1.2)%
Other tax credits159 (0.5)%
Change in valuation allowance9,261 (31.1)%
Other nontaxable and nondeductible items179 (0.6)%
Change in prior year unrecognized tax benefits(24)0.1 %
Other adjustments:
Sale of Assertio Therapeutics(3,531)11.8 %
Deferred taxes287 (1.0)%
Effective Tax Rate$435 (1.5)%
The following table reflects a reconciliation of income taxes at the statutory federal income tax rate to the actual tax rate included in the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2024 (in thousands): 

Year Ended December 31, 2024
Tax at federal statutory rate$(4,522)
State tax, net of federal benefit(232)
Disallowed officers' compensation9 
Deferred tax adjustments(19,436)
Uncertain tax provisions(2,216)
Other610 
Change in valuation allowance25,839 
Total income tax expense$52 
Schedule of Significant Components of Company's Deferred Income Taxes The following table reflects significant components of the Company’s deferred income taxes as of December 31, 2025 and 2024 (in thousands): 
December 31,
 20252024
Deferred tax assets:  
Net operating losses$229,830 $269,779 
Tax credit carryforwards18,731 18,884 
Intangible assets10,434 5,846 
Stock-based compensation2,866 2,162 
Operating lease liabilities 278 354 
Capital loss carryforwards2,663 — 
Reserves and other accruals not currently deductible25,665 24,545 
Section 174 R&D capitalization8,064 11,180 
Disallowed interest carryforward7,029 9,163 
Other assets762 705 
Total deferred tax assets306,322 342,618 
Valuation allowance for deferred tax assets(306,042)(342,281)
 $280 $337 
Deferred tax liabilities:  
Fixed assets(42)(66)
Operating lease right-of-use assets(238)(271)
Net deferred tax asset$— $— 
Schedule of Cash Income Taxes Paid
The following table reflects cash income taxes paid, net of refunds received, in accordance with ASU 2023-09 for the year ended December 31, 2025 (in thousands):

Year Ended December 31, 2025
U.S. federal tax$(300)
State
California22 
Georgia(44)
Minnesota15 
Texas150 
Other states15 
Total state$158 
Total income taxes paid$(142)
Schedule of Activity Related to Unrecognized Tax Benefits
The following table reflects activity related to the Company’s unrecognized tax benefits for the years ended December 31, 2025 and 2024 (in thousands):
 
Unrecognized tax benefits—December 31, 2023$7,742 
Decreases related to lapse of statutes(2,020)
Unrecognized tax benefits—December 31, 2024$5,722 
Decreases related to lapse of statutes(72)
Unrecognized tax benefits—December 31, 2025$5,650 
v3.26.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Selling, General and Administrative Expenses
The following table reflects the breakdown of selling, general and administrative expenses for the years ended December 31, 2025 and 2024 (in thousands):

Year ended December 31,
20252024
Selling and marketing expenses$23,862 $25,505 
Compliance expenses19,194 23,219 
Manufacturing expenses8,061 9,262 
Other general and administrative expenses
17,883 17,065 
Total selling, general and administrative expenses
$69,000 $75,051 
v3.26.1
RESTRUCTURING CHARGES (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Accrued Restructuring and Severance Costs
The following table summarizes the changes in the Company’s accrued restructuring liability for employee compensation costs, which is classified within Accrued liabilities in the Consolidated Balance Sheet (in thousands):

Year ended December 31,
 20252024
Balance as of the beginning of the period$1,187 $4,378 
Accrual additions2,889 720 
Cash paid(1,676)(3,911)
Balance as of the end of the period$2,400 $1,187 
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reverse Stock Split Narrative (Details)
Dec. 26, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reverse stock split ratio 0.0667
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Useful Lives of Property and Equipment (Details)
Dec. 31, 2025
Minimum | Furniture and office equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 3 years
Minimum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 5 years
Minimum | Laboratory equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 3 years
Maximum | Furniture and office equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 5 years
Maximum | Machinery and equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 7 years
Maximum | Laboratory equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful lives (in years) 5 years
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Summary Of Significant Accounting Policies  
Product return period prior to expiration (in months) 6 months
Period after expiration for accepting unsalable product (in months) 12 months
Cash discount (as a percent) 2.00%
Discount reimbursement period after filling of prescription subject to discount (in months) 1 month
Minimum  
Summary Of Significant Accounting Policies  
Product return period prior to expiration (in months) 6 months
Product shelf-life (in months) 24 months
Managed care rebate, period after quarter in which prescription is filled (in months) 1 month
Discount taken off period after the quarter in which product shipped to the customer (in months) 1 month
Maximum  
Summary Of Significant Accounting Policies  
Product return period prior to expiration (in months) 12 months
Product shelf-life (in months) 48 months
Managed care rebate, period after quarter in which prescription is filled (in months) 3 months
Discount taken off period after the quarter in which product shipped to the customer (in months) 2 months
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Advertising expense $ 1.3 $ 1.8
v3.26.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Revenue and Accounts Receivable Customer Concentration Risk (Details) - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Consolidated revenue    
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Accounts receivable related to product sales    
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Cencora | Consolidated revenue    
Concentration Risk [Line Items]    
Total 45.00% 40.00%
Cencora | Accounts receivable related to product sales    
Concentration Risk [Line Items]    
Total 44.00% 33.00%
McKesson Corporation | Consolidated revenue    
Concentration Risk [Line Items]    
Total 31.00% 30.00%
McKesson Corporation | Accounts receivable related to product sales    
Concentration Risk [Line Items]    
Total 39.00% 42.00%
Cardinal Health | Consolidated revenue    
Concentration Risk [Line Items]    
Total 10.00% 8.00%
Cardinal Health | Accounts receivable related to product sales    
Concentration Risk [Line Items]    
Total 10.00% 6.00%
All others | Consolidated revenue    
Concentration Risk [Line Items]    
Total 14.00% 22.00%
All others | Accounts receivable related to product sales    
Concentration Risk [Line Items]    
Total 7.00% 19.00%
v3.26.1
DIVESTITURES AND STRATEGIC TRANSACTIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
May 09, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss on Assertio Therapeutics divestiture   $ 8,174 $ 0  
Costs and expenses   140,249 149,437  
Cost of sales   35,383 39,227  
Selling, general and administrative expenses   69,000 $ 75,051  
Assertio Therapeutics        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Cash, insurance, and retention of royalty       $ 8,200
Loss on Assertio Therapeutics divestiture $ 8,200      
Otrexup Decommercialization        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Costs and expenses   4,200    
Cost of sales   2,500    
Selling, general and administrative expenses   $ 1,700    
v3.26.1
REVENUE - Schedule of Net Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenues $ 118,713 $ 124,961
Total product sales, net    
Disaggregation of Revenue [Line Items]    
Total revenues 117,100 120,849
ROLVEDON    
Disaggregation of Revenue [Line Items]    
Total revenues 68,225 60,090
INDOCIN products    
Disaggregation of Revenue [Line Items]    
Total revenues 18,905 26,761
Sympazan    
Disaggregation of Revenue [Line Items]    
Total revenues 11,349 10,457
SPRIX    
Disaggregation of Revenue [Line Items]    
Total revenues 7,952 7,624
Other products    
Disaggregation of Revenue [Line Items]    
Total revenues 10,669 15,917
Royalty revenue    
Disaggregation of Revenue [Line Items]    
Total revenues 1,613 2,012
Other revenue    
Disaggregation of Revenue [Line Items]    
Total revenues $ 0 $ 2,100
v3.26.1
REVENUE - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Adjustment of prior period returns reserve $ 5,400  
Total revenues $ 118,713 $ 124,961
Product sales, net    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Adjustments to revenue as a result of changes in estimates, percentage of total products sales, net 7.00% 3.00%
Total revenues $ 117,100 $ 120,849
CAMBIA | Canada    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Revenue recognized 1,600 2,000
Other revenue    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Total revenues $ 0 $ 2,100
v3.26.1
REVENUE - Schedule of Accrued Rebates, Returns and Discounts (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Accrued rebates, returns and discounts $ 99,366 $ 76,304 $ 58,137
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Account Receivable, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]      
Accounts receivable, net $ 120,110 $ 54,120 $ 47,663
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]      
Allowance for cash discounts for prompt payment   $ 3.0 $ 1.2
Inventory reserves   9.2 8.7
Depreciation expense   $ 0.1 $ 0.2
Deferred employee retention credits income $ 2.4    
Deferred employee retention credits income, liability reversal 1.2    
Deferred employee retention credits income, additional credits $ 1.2    
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory    
Raw materials $ 15,173 $ 15,524
Work-in-process 6,051 4,900
Finished goods 2,896 17,884
Total inventories, net $ 24,120 $ 38,308
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Prepaid assets and deposits $ 8,667 $ 9,764
Other current assets 344 303
Total prepaid and other current assets $ 9,011 $ 10,067
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,983 $ 3,983
Less: Accumulated depreciation (3,539) (3,397)
Property and equipment, net 444 586
Furniture and office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,412 1,412
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 $ 2,551 $ 2,551
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Accrued compensation $ 2,721 $ 3,260
Accrued restructuring (See Note 16) 2,400 1,187
Interest payable 867 867
Accrued royalties 594 1,223
Other accrued liabilities 7,700 12,310
Total accrued liabilities $ 14,282 $ 18,847
v3.26.1
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Other Long-term Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
ROLVEDON product royalties $ 3,074 $ 5,479
Noncurrent operating lease liabilities 889 1,122
Liability for uncertain tax provisions 2,418 2,337
Deferred employee retention credits 0 1,212
Total other long-term liabilities $ 6,381 $ 10,150
v3.26.1
INTANGIBLE ASSETS - Schedule of Gross Carrying Amounts and Net Book Values of Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 176,233 $ 192,597
Accumulated Amortization (125,625) (106,909)
Impairment (1,700) (5,217)
Net Book Value $ 48,908 80,471
Otrexup    
Finite-Lived Intangible Assets [Line Items]    
Net Book Value   $ 0
Product rights | ROLVEDON    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life (In years) 2 years 3 years
Gross Carrying Amount $ 63,405 $ 63,405
Accumulated Amortization (28,692) (11,336)
Impairment 0 0
Net Book Value $ 34,713 52,069
Product rights | Sympazan    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life (In years) 8 years 9 months 18 days  
Gross Carrying Amount $ 14,550 14,550
Accumulated Amortization (3,840) (2,627)
Impairment 0 0
Net Book Value $ 10,710 11,923
Product rights | SPRIX    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life (In years) 8 months 12 days  
Gross Carrying Amount $ 32,673 32,673
Accumulated Amortization (27,488) (23,471)
Impairment (1,700) 0
Net Book Value $ 3,485 9,202
Product rights | INDOCIN    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life (In years) 0 years  
Gross Carrying Amount $ 65,605 65,605
Accumulated Amortization (65,605) (58,328)
Impairment 0 0
Net Book Value $ 0 7,277
Product rights | Otrexup    
Finite-Lived Intangible Assets [Line Items]    
Remaining Useful Life (In years) 0 years  
Gross Carrying Amount $ 0 16,364
Accumulated Amortization 0 (11,147)
Impairment 0 (5,217)
Net Book Value $ 0 $ 0
v3.26.1
INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Oct. 01, 2025
Finite-Lived Intangible Assets [Line Items]          
Amortization expense     $ 29,863 $ 25,644  
Impairment of intangible assets     1,700 5,217  
Carrying value   $ 80,471 $ 48,908 $ 80,471  
ROLVEDON | Product rights          
Finite-Lived Intangible Assets [Line Items]          
Useful life (in years)   3 years 2 years 3 years  
Carrying value   $ 52,069 $ 34,713 $ 52,069  
SPRIX          
Finite-Lived Intangible Assets [Line Items]          
Impairment of intangible assets $ 1,700        
Carrying value $ 4,600        
SPRIX | Product rights          
Finite-Lived Intangible Assets [Line Items]          
Useful life (in years)         1 year
Otrexup          
Finite-Lived Intangible Assets [Line Items]          
Impairment of intangible assets   5,200      
Carrying value   0   0  
Otrexup | Product rights          
Finite-Lived Intangible Assets [Line Items]          
Useful life (in years)     0 years    
Carrying value   $ 0 $ 0 $ 0  
v3.26.1
INTANGIBLE ASSETS - Schedule of the Future Amortization Expenses of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 22,054  
2027 18,569  
2028 1,213  
2029 1,213  
2030 1,213  
Thereafter 4,646  
Net Book Value $ 48,908 $ 80,471
v3.26.1
DEBT - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Aug. 25, 2022
day
Aug. 22, 2022
USD ($)
$ / shares
Rate
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 27, 2023
USD ($)
Debt Instrument [Line Items]          
Amortization of debt issuance costs     $ 475 $ 439  
Convertible Senior Notes, 6.5% | Convertible Notes          
Debt Instrument [Line Items]          
Interest rate (as a percent)     6.50%    
Carrying value     $ 39,100 38,800  
Aggregate principal amount   $ 60,000     $ 30,000
Additional purchase capacity   $ 10,000      
Number of days to cover over allotment (in days)   13 days      
Conversion ratio 0.01628002        
Conversion price (in dollars per share) | $ / shares   $ 61.42      
Conversion, threshold percentage of closing stock price trigger 130.00%        
Conversion, threshold trading days | day 20        
Conversion, consecutive trading days | day 30        
Effective interest rate (as a percent) | Rate   7.80%      
Amortization of debt issuance costs     $ 500 $ 400  
v3.26.1
DEBT - Schedule of Carrying Values Convertible Notes (Details) - Convertible Senior Notes, 6.5% - Convertible Notes - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal balance $ 40,000 $ 40,000
Derivative liability for embedded conversion feature 4 168
Unamortized debt issuance costs (880) (1,355)
Carrying balance $ 39,124 $ 38,813
v3.26.1
DEBT - Schedule of Debt Related Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Interest on 2027 Convertible Notes $ 2,600 $ 2,600
Amortization of debt issuance costs on 2027 Convertible Notes 475 439
Total interest expense $ 3,075 $ 3,039
v3.26.1
LEASES - Narrative (Details)
Jul. 31, 2023
lease
Spectrum Pharmaceuticals, Inc.  
Lessee, Lease, Description [Line Items]  
Number of leases assumed in acquisition 2
v3.26.1
LEASES - Schedule of Lease Cost Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease cost $ 241 $ 256
v3.26.1
LEASES - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash paid for amounts included in measurement of liabilities:    
Operating cash flows used in operating leases $ 412 $ 1,058
v3.26.1
LEASES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Operating lease right-of-use assets $ 971 $ 1,125
Operating lease right-of-use assets, location Other long-term assets Other long-term assets
Liabilities    
Current operating lease liabilities $ 240 $ 331
Current operating lease liabilities, location Other current liabilities Other current liabilities
Noncurrent operating lease liabilities $ 889 $ 1,122
Noncurrent operating lease liabilities, location Other long-term liabilities Other long-term liabilities
Total lease liabilities $ 1,129 $ 1,453
v3.26.1
LEASES - Schedule of Other Operating Lease Information (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (years) 4 years 8 months 12 days 5 years 2 months 12 days
Weighted-average discount rate 7.20% 6.80%
v3.26.1
LEASES - Schedule of Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Lease Payments    
2026 $ 307  
2027 243  
2028 253  
2029 263  
2030 274  
Total lease payments 1,340  
Less: Interest 211  
Present value of lease liabilities $ 1,129 $ 1,453
v3.26.1
COMMITMENTS AND CONTINGENCIES - Supply Agreements (Details) - Supply Agreement - USD ($)
$ in Millions
Jan. 02, 2026
Dec. 31, 2025
Oct. 07, 2025
JHS | Subsequent Event      
Supply Commitment [Line Items]      
Purchase obligation, year one and year two $ 2.0    
Antares      
Supply Commitment [Line Items]      
Annual purchase obligation   $ 2.1  
Potential ligation or settlement obligations   1.2  
Legal contingency accrual   1.2  
Hanmi      
Supply Commitment [Line Items]      
Purchase obligation in 2024   19.1  
Purchase obligation in 2025   $ 3.8  
Supply agreement, orders that must be designated as binding, percent     50.00%
v3.26.1
COMMITMENTS AND CONTINGENCIES - Stockholder Actions (Details)
$ in Millions
 2 Months Ended 3 Months Ended
May 09, 2025
USD ($)
Aug. 05, 2024
claim
Jan. 30, 2023
claim
Jul. 03, 2024
claim
Jun. 30, 2025
USD ($)
Derivative Litigation          
Loss Contingencies [Line Items]          
Claims filed | claim       2  
Jung Litigation          
Loss Contingencies [Line Items]          
Claims filed | claim   2      
Luo case          
Loss Contingencies [Line Items]          
Settlement amount $ 16.0        
Loss on settlement $ 2.7        
Accrued legal         $ 16.0
Insurance receivable         $ 13.3
New York Action          
Loss Contingencies [Line Items]          
Claims filed | claim     3    
v3.26.1
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Contribution Plan Disclosure [Line Items]    
Contributions to plan $ 0.6 $ 0.6
Defined Contribution Plan Tranches, Tranche One    
Defined Contribution Plan Disclosure [Line Items]    
Employer matching contribution, percent match (as a percent) 100.00%  
Employer matching contribution, percent of employee's compensation (as a percent) 5.00%  
v3.26.1
STOCK-BASED COMPENSATION - Stock-Based Compensation Expense Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 3.5 $ 5.0
Tax benefit on total stock-based compensation 0.8 $ 1.2
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense $ 1.5  
Weighted-average period for recognition of unrecognized compensation expense (in years) 1 year 11 months 26 days  
Stock Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense $ 2.3  
Weighted-average period for recognition of unrecognized compensation expense (in years) 2 years  
v3.26.1
STOCK-BASED COMPENSATION - 2014 Omnibus Incentive Plan Narrative (Details) - The 2014 Plan
 12 Months Ended
Dec. 31, 2025
shares
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized under plan (in shares) 1,888,997
Shares available for future issuance (in shares) 750,589
Term of awards (may not exceed) (in years) 10 years
Vesting period (in years) 3 years
Vesting (as a percent) 33.00%
Restricted Stock Units | Share-based Payment Arrangement, Tranche One  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 1 year
Vesting (as a percent) 100.00%
Restricted Stock Units | Share-based Payment Arrangement, Tranche Two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
Vesting (as a percent) 33.00%
v3.26.1
STOCK-BASED COMPENSATION - Inducement Incentive Plan Narrative (Details) - Inducement Incentive Plan
 12 Months Ended
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
Number of shares authorized under plan (in shares) 254,702
Shares available for future issuance (in shares) 170,723
v3.26.1
STOCK-BASED COMPENSATION - Schedule of Time-Based Stock Options (Details) - Stock Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Assumptions used to calculate the fair value of awards granted    
Risk-free interest rate, minimum 3.67% 3.56%
Risk-free interest rate, maximum 4.44% 4.54%
Dividend yield 0.00% 0.00%
Expected stock price volatility, minimum 121.00% 125.00%
Expected stock price volatility, maximum 126.00% 138.00%
Minimum    
Assumptions used to calculate the fair value of awards granted    
Expected option term (in years) 5 years 6 months 4 years
Maximum    
Assumptions used to calculate the fair value of awards granted    
Expected option term (in years) 6 years 6 years
v3.26.1
STOCK-BASED COMPENSATION - Time-Based Stock Options Narrative (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted-average grant date fair value of awards granted (in dollars per share) $ 10.53 $ 12.43
Total fair value of options vested $ 2.5 $ 3.3
Proceeds from stock options exercised $ 0.0 $ 0.0
v3.26.1
STOCK-BASED COMPENSATION - Schedule of Options Activity (Details) - Stock Options - The 2014 Plan
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Shares  
Options outstanding at the beginning of the period (in shares) | shares 491,524
Options granted (in shares) | shares 292,032
Options exercised (in shares) | shares 0
Options forfeited (in shares) | shares (206,266)
Options expired (in shares) | shares (14,023)
Options outstanding at the end of the period (in shares) | shares 563,267
Options vested and expected to vest at the end of the period (in shares) | shares 563,267
Options exercisable at the end of the period (in shares) | shares 259,011
Weighted- Average Exercise Price  
Options outstanding at the beginning of the period (in dollars per share) | $ / shares $ 21.58
Options granted (in dollars per share) | $ / shares 11.87
Options exercised (in dollars per share) | $ / shares 0
Options forfeited (in dollars per share) | $ / shares 13.93
Options expired (in dollars per share) | $ / shares 47.79
Options outstanding at the end of the period (in dollars per share) | $ / shares 18.69
Options vested and expected to vest at the end of the period (in dollars per share) | $ / shares 18.69
Options exercisable at the end of the period (in dollars per share) | $ / shares $ 24.74
Weighted- Average Remaining Contractual Term (years)  
Options outstanding at the end of the period 7 years 3 months 18 days
Options vested and expected to vest at the end of the period 7 years 3 months 18 days
Options exercisable at the end of the period 5 years 6 months
Aggregate Intrinsic Value  
Options outstanding at the end of the period | $ $ 0
Options vested and expected to vest at the end of the period | $ 0
Options exercisable at the end of the period | $ $ 0
v3.26.1
STOCK-BASED COMPENSATION - Schedule of Time-Based Restricted Stock Units (Details) - The 2014 Plan - Restricted Stock Units
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Number of Shares  
Non-vested restricted stock units at the beginning of the period (in shares) | shares 159,919
Granted (in shares) | shares 185,824
Vested (in shares) | shares (68,646)
Forfeited (in shares) | shares (94,032)
Non-vested restricted stock units at the end of the period (in shares) | shares 183,065
Weighted Average Grant Date Fair  Value Per Share  
Non-vested restricted stock units at the beginning of the period (in dollars per share) | $ / shares $ 25.45
Granted (in dollars per share) | $ / shares 11.79
Vested (in dollars per share) | $ / shares 28.12
Forfeited (in dollars per share) | $ / shares 14.22
Non-vested restricted stock units at the end of the period (in dollars per share) | $ / shares $ 16.35
Weighted Average Remaining Contractual Term (in years)  
Non-vested restricted stock units at the end of the period (in years) 1 year 1 month 6 days
v3.26.1
STOCK-BASED COMPENSATION - Time-Based Restricted Stock Units Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restricted Stock Units | The 2014 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total grant date fair value of awards vested $ 1.7 $ 4.4
v3.26.1
STOCK-BASED COMPENSATION - Performance-based Stock Options and Restricted Stock Units Narrative (Details) - Performance Based Stock Options - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares issued, vested and outstanding (in shares)   40,000
The 2014 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 66,667  
Term of awards (may not exceed) (in years) 10 years  
v3.26.1
SHAREHOLDERS' EQUITY (Details)
Dec. 26, 2025
shares
Dec. 31, 2025
vote
$ / shares
shares
Dec. 25, 2025
shares
Dec. 31, 2024
$ / shares
shares
Class of Stock [Line Items]        
Common stock, authorized (in shares)   200,000,000   200,000,000
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001   $ 0.0001
Number of votes | vote   1    
Reverse stock split ratio 0.0667      
Common stock, issued (in shares) 6,421,899 6,421,899   6,369,133
Common stock, outstanding (in shares) 6,421,899 6,421,899   6,369,133
Preferred stock, authorized (in shares)   5,000,000    
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.0001    
Preferred stock, issued (in shares)   0    
Preferred stock, outstanding (in shares)   0    
Pro Forma        
Class of Stock [Line Items]        
Common stock, issued (in shares)     96,329,193  
Common stock, outstanding (in shares)     96,329,193  
v3.26.1
NET LOSS PER SHARE - Schedule of Calculation of Basic and Diluted Net Loss Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Basic and diluted net loss per share    
Net loss $ (30,375) $ (21,581)
Weighted-average shares used in computing basic net loss per share (in shares) [1] 6,403 6,351
Weighted-average shares used in computing diluted net loss per share (in shares) [1] 6,403 6,351
Basic net loss per share (in dollars per share) [1] $ (4.74) $ (3.40)
Diluted net loss per share (in dollars per share) [1] $ (4.74) $ (3.40)
[1] Basic and diluted net loss per share and shares used in computing basic and diluted net loss per share for the year ended December 31, 2024 have been adjusted to reflect the 1-for-15 reverse stock split effected on December 26, 2025.
v3.26.1
NET LOSS PER SHARE - Schedule of Potentially Dilutive Common Shares (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive common shares (in shares) 1,537 1,286
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive common shares (in shares) 651 651
Stock-based awards and equivalents    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive common shares (in shares) 886 635
v3.26.1
FAIR VALUE - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Liabilities:    
Short-term contingent consideration $ 0 $ 726
Recurring    
Assets:    
Total 62,385 99,526
Liabilities:    
Derivative liability 4 168
Short-term contingent consideration   726
Total 4 894
U.S. Treasuries | Recurring    
Assets:    
Short-term investments 53,176 49,466
U.S. Treasuries | Recurring    
Assets:    
Cash and cash equivalents 2,399 3,897
Money market funds | Recurring    
Assets:    
Cash and cash equivalents 6,810 46,163
Level 1 | Recurring    
Assets:    
Total 6,810 46,163
Liabilities:    
Derivative liability 0 0
Short-term contingent consideration   0
Total 0 0
Level 1 | U.S. Treasuries | Recurring    
Assets:    
Short-term investments 0 0
Level 1 | U.S. Treasuries | Recurring    
Assets:    
Cash and cash equivalents 0 0
Level 1 | Money market funds | Recurring    
Assets:    
Cash and cash equivalents 6,810 46,163
Level 2 | Recurring    
Assets:    
Total 55,575 53,363
Liabilities:    
Derivative liability 0 0
Short-term contingent consideration   0
Total 0 0
Level 2 | U.S. Treasuries | Recurring    
Assets:    
Short-term investments 53,176 49,466
Level 2 | U.S. Treasuries | Recurring    
Assets:    
Cash and cash equivalents 2,399 3,897
Level 2 | Money market funds | Recurring    
Assets:    
Cash and cash equivalents 0 0
Level 3 | Recurring    
Assets:    
Total 0 0
Liabilities:    
Derivative liability 4 168
Short-term contingent consideration   726
Total 4 894
Level 3 | U.S. Treasuries | Recurring    
Assets:    
Short-term investments 0 0
Level 3 | U.S. Treasuries | Recurring    
Assets:    
Cash and cash equivalents 0 0
Level 3 | Money market funds | Recurring    
Assets:    
Cash and cash equivalents $ 0 $ 0
v3.26.1
FAIR VALUE - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]    
Change in fair value of contingent consideration $ (276) $ (244)
Contingent consideration, current portion 0 726
Level 2    
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]    
Debt conversion option value 36,800 34,800
Convertible notes, par value $ 40,000 40,000
Credit spread | Option pricing model    
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]    
Embedded derivative liability, measurement input (as a percent) 0.090  
Spectrum Pharmaceuticals, Inc.    
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]    
Contingent consideration $ 0 0
Change in fair value of contingent consideration 0 0
Zyla Merger    
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]    
Change in fair value of contingent consideration (300) (200)
Zyla Merger | INDOCIN products    
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]    
Contingent payment consideration, future royalties covenant, product net sales (over) $ 20,000  
Contingent consideration, royalty percentage 20.00%  
Contingent consideration, current portion $ 0 $ 700
v3.26.1
FAIR VALUE - Schedule of Changes in Fair Value of Contingent Consideration (Details) - Level 3 - Contingent Consideration Obligations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of the period $ 726 $ 2,700
Change in fair value of contingent consideration recorded within Costs and expenses $ (276) $ (244)
Change in fair value of contingent consideration, location Costs and expenses Costs and expenses
Cash payment related to contingent consideration $ (450) $ (1,730)
Fair value, end of the period $ 0 $ 726
v3.26.1
FAIR VALUE - Schedule of Changes in Fair Value of Derivative Liability (Details) - Level 3 - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Fair value, beginning of the period $ 168 $ 308
Change in fair value of derivative liability recorded within Other gain, net $ (164) $ (140)
Change in fair value of derivative liability, location Costs and expenses Costs and expenses
Fair value, end of the period $ 4 $ 168
v3.26.1
INCOME TAXES - Schedule of Net Loss Before Income Taxes by Source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
U.S. $ (29,940) $ (21,529)
Outside the U.S. 0 0
Net loss before income taxes $ (29,940) $ (21,529)
v3.26.1
INCOME TAXES - Schedule of Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Current:    
Federal $ (24) $ (981)
State 459 1,033
Total current taxes 435 52
Deferred:    
Federal 0 0
State 0 0
Total deferred taxes 0 0
Total income tax expense $ 435 $ 52
v3.26.1
INCOME TAXES - Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Actual Tax Rate Under ASU 2023-09 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Amount    
U.S. federal statutory income tax rate $ (6,259) $ (4,522)
State and local taxes, net of federal benefit 363 (232)
Other tax credits 159  
Change in valuation allowance 9,261 25,839
Other nontaxable and nondeductible items 179  
Change in prior year unrecognized tax benefits (24) (2,216)
Other adjustments:    
Sale of Assertio Therapeutics (3,531)  
Deferred taxes 287 (19,436)
Total income tax expense $ 435 $ 52
Percent    
U.S. federal statutory income tax rate 21.00%  
State and local taxes, net of federal benefit (1.20%)  
Other tax credits (0.005)  
Change in valuation allowance (31.10%)  
Other nontaxable and nondeductible items (0.60%)  
Change in prior year unrecognized tax benefits 0.10%  
Other adjustments:    
Sale of Assertio Therapeutics 11.80%  
Deferred taxes (1.00%)  
Effective Tax Rate (1.50%)  
v3.26.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Tax Credit Carryforward [Line Items]    
Income tax expense $ 435 $ 52
Increase (decrease) in valuation allowance (36,200) 25,800
Valuation allowance for deferred tax assets 306,042 342,281
Tax credit carryforwards 21,100  
Cash income taxes paid, net of refunds received (142) 1,600
Unrecognized tax benefit that would affect the effective tax rate 2,400 2,300
Remaining amount of unrecognized tax benefit 3,200 $ 3,400
Federal    
Tax Credit Carryforward [Line Items]    
Net operating loss carryforwards 690,500  
Net operating loss carryforwards, subject to expiration 256,100  
State    
Tax Credit Carryforward [Line Items]    
Net operating loss carryforwards, subject to expiration $ 554,600  
v3.26.1
INCOME TAXES - Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Actual Tax Rate in 2024 (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Tax at federal statutory rate $ (6,259) $ (4,522)
State tax, net of federal benefit 363 (232)
Disallowed officers' compensation   9
Deferred tax adjustments 287 (19,436)
Uncertain tax provisions (24) (2,216)
Other   610
Change in valuation allowance 9,261 25,839
Total income tax expense $ 435 $ 52
v3.26.1
INCOME TAXES - Schedule of Significant Components of the Company's Deferred Income Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating losses $ 229,830 $ 269,779
Tax credit carryforwards 18,731 18,884
Intangible assets 10,434 5,846
Stock-based compensation 2,866 2,162
Operating lease liabilities 278 354
Capital loss carryforwards 2,663 0
Reserves and other accruals not currently deductible 25,665 24,545
Section 174 R&D capitalization 8,064 11,180
Disallowed interest carryforward 7,029 9,163
Other assets 762 705
Total deferred tax assets 306,322 342,618
Valuation allowance for deferred tax assets (306,042) (342,281)
Deferred tax assets 280 337
Deferred tax liabilities:    
Fixed assets (42) (66)
Operating lease right-of-use assets (238) (271)
Net deferred tax asset $ 0 $ 0
v3.26.1
INCOME TAXES - Schedule of Cash Income Taxes Paid, Net of Refunds Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]    
U.S. federal tax $ (300)  
Total state 158  
Total income taxes paid (142) $ 1,600
California    
Effective Income Tax Rate Reconciliation [Line Items]    
Total state 22  
Georgia    
Effective Income Tax Rate Reconciliation [Line Items]    
Total state (44)  
Minnesota    
Effective Income Tax Rate Reconciliation [Line Items]    
Total state 15  
Texas    
Effective Income Tax Rate Reconciliation [Line Items]    
Total state 150  
Other states    
Effective Income Tax Rate Reconciliation [Line Items]    
Total state $ 15  
v3.26.1
INCOME TAXES - Schedule of Activity Related to Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Unrecognized tax benefits, beginning of period $ 5,722 $ 7,742
Decreases related to lapse of statutes (72) (2,020)
Unrecognized tax benefits, end of period $ 5,650 $ 5,722
v3.26.1
SEGMENT INFORMATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.26.1
SEGMENT INFORMATION - Schedule of Selling, General and Administrative Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total selling, general and administrative expenses $ 69,000 $ 75,051
Reportable Segment    
Segment Reporting Information [Line Items]    
Selling and marketing expenses 23,862 25,505
Compliance expenses 19,194 23,219
Manufacturing expenses 8,061 9,262
Other general and administrative expenses 17,883 17,065
Total selling, general and administrative expenses $ 69,000 $ 75,051
v3.26.1
RESTRUCTURING CHARGES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 1,200 $ 300 $ 2,889 $ 720
Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     2,900 $ 700
Employee Severance | Chief Executive Officer        
Restructuring Cost and Reserve [Line Items]        
Cost incurred, cumulative $ 1,400   $ 1,400  
v3.26.1
RESTRUCTURING CHARGES - Schedule of Accrued Restructuring and Severance Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restructuring Reserve [Roll Forward]    
Balance as of the beginning of the period $ 1,187 $ 4,378
Accrual additions 2,889 720
Cash paid (1,676) (3,911)
Balance as of the end of the period $ 2,400 $ 1,187
v3.26.1
SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in valuation and qualifying accounts      
Adjustment of a prior period returns reserve in merger $ 5,400    
Allowance for cash discounts for prompt payment 3,000 $ 1,200  
Accrued rebates, returns and discounts $ 99,366 $ 76,304 $ 58,137
Product sales, net      
Movement in valuation and qualifying accounts      
Adjustments to revenue as a result of changes in estimates, percentage of total products sales, net 7.00% 3.00%  
Sales & return allowances, discounts, chargebacks and rebates:      
Movement in valuation and qualifying accounts      
Balance at Beginning of Year $ 77,468 $ 59,046  
Charged as a Reduction to Revenue 221,700 168,801  
Deductions (196,820) (150,379)  
Balance at End of Year 102,348 77,468  
Deferred tax asset valuation allowance:      
Movement in valuation and qualifying accounts      
Balance at Beginning of Year 342,281 316,467  
Additions 0 25,814  
Deductions (36,239) 0  
Balance at End of Year $ 306,042 $ 342,281