ASSERTIO HOLDINGS, INC., 10-Q filed on 11/10/2025
Quarterly Report
v3.25.3
COVER PAGE - shares
 9 Months Ended
Sep. 30, 2025
Nov. 06, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-39294  
Entity Registrant Name ASSERTIO HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-0598378  
Entity Address, Address Line One 100 South Saunders Road  
Entity Address, Address Line Two Suite 300  
Entity Address, City or Town Lake Forest  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60045  
City Area Code 224  
Local Phone Number 419-7106  
Title of 12(b) Security Common Stock, $0.0001 par value  
Trading Symbol ASRT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Smaller Reporting Company true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   96,252,087
Entity Central Index Key 0001808665  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 38,500 $ 50,588
Short-term investments 54,927 49,466
Accounts receivable, net 141,307 54,120
Inventories, net 24,763 38,308
Prepaid and other current assets 4,076 10,067
Total current assets 263,573 202,549
Property and equipment, net 479 586
Intangible assets, net 54,711 80,471
Other long-term assets 1,012 1,126
Total assets 319,775 284,732
Current liabilities:    
Accounts payable 14,664 14,736
Accrued rebates, returns and discounts 130,536 76,304
Accrued liabilities 16,263 18,847
Contingent consideration, current portion 450 726
Other current liabilities 4,870 4,075
Total current liabilities 166,783 114,688
Long-term debt 39,166 38,813
Other long-term liabilities 8,023 10,150
Total liabilities 213,972 163,651
Commitments and contingencies (Note 9)
Shareholders’ equity:    
Common stock, $0.0001 par value, 200,000,000 shares authorized; 96,247,776 and 95,536,990 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. 9 9
Additional paid-in capital 797,366 794,196
Accumulated deficit (691,572) (673,124)
Total shareholders’ equity 105,803 121,081
Total liabilities and shareholders’ equity $ 319,775 $ 284,732
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 200,000,000 200,000,000
Common stock, issued (in shares) 96,247,776 95,536,990
Common stock, outstanding (in shares) 96,247,776 95,536,990
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 49,459 $ 29,204 $ 105,171 $ 92,778
Costs and expenses:        
Cost of sales 13,654 7,550 32,117 27,616
Research and development expenses 379 1,005 1,204 2,536
Selling, general and administrative expenses 16,930 16,726 55,865 53,635
Change in fair value of contingent consideration (276) 300 (276) 300
Amortization of intangible assets 5,594 6,671 24,059 18,973
Impairment of intangible assets 1,700 0 1,700 0
Restructuring charges 0 0 289 720
Total costs and expenses 37,981 32,252 114,958 103,780
Income (loss) from operations 11,478 (3,048) (9,787) (11,002)
Other (expense) income:        
Loss on Assertio Therapeutics divestiture 0 0 (8,174) 0
Interest expense (770) (761) (2,303) (2,276)
Interest income 664 887 2,059 2,441
Other gain 26 45 11 57
Total other (expense) income (80) 171 (8,407) 222
Net income (loss) before income taxes 11,398 (2,877) (18,194) (10,780)
Income tax benefit (expense) 47 (44) (254) (325)
Net income (loss) and comprehensive income (loss) $ 11,445 $ (2,921) $ (18,448) $ (11,105)
Basic net income (loss) per share (in dollars per share) $ 0.12 $ (0.03) $ (0.19) $ (0.12)
Diluted net income (loss) per share (in dollars per share) $ 0.11 $ (0.03) $ (0.19) $ (0.12)
Shares used in computing basic net income (loss) per share (in shares) 96,245 95,352 95,966 95,191
Shares used in computing diluted net income (loss) per share (in shares) 106,514 95,352 95,966 95,191
Product sales, net        
Revenues:        
Total revenues $ 49,459 $ 28,705 $ 104,277 $ 91,262
Royalty revenue        
Revenues:        
Total revenues $ 0 $ 499 $ 894 $ 1,516
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Balances (in shares) at Dec. 31, 2023   94,669,000    
Balances at Dec. 31, 2023 $ 138,003 $ 9 $ 789,537 $ (651,543)
Increase (Decrease) in Stockholders' Equity        
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)   692,000    
Common stock issuance and other impacts of the vesting and settlement of equity awards (291)   (291)  
Stock-based compensation 3,911   3,911  
Net income (loss) (11,105)     (11,105)
Balances (in shares) at Sep. 30, 2024   95,361,000    
Balances at Sep. 30, 2024 130,518 $ 9 793,157 (662,648)
Balances (in shares) at Jun. 30, 2024   95,333,000    
Balances at Jun. 30, 2024 132,153 $ 9 791,871 (659,727)
Increase (Decrease) in Stockholders' Equity        
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)   28,000    
Common stock issuance and other impacts of the vesting and settlement of equity awards (10)   (10)  
Stock-based compensation 1,296   1,296  
Net income (loss) (2,921)     (2,921)
Balances (in shares) at Sep. 30, 2024   95,361,000    
Balances at Sep. 30, 2024 $ 130,518 $ 9 793,157 (662,648)
Balances (in shares) at Dec. 31, 2024 95,536,990 95,537,000    
Balances at Dec. 31, 2024 $ 121,081 $ 9 794,196 (673,124)
Increase (Decrease) in Stockholders' Equity        
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)   711,000    
Common stock issuance and other impacts of the vesting and settlement of equity awards (187)   (187)  
Stock-based compensation 3,357   3,357  
Net income (loss) $ (18,448)     (18,448)
Balances (in shares) at Sep. 30, 2025 96,247,776 96,248,000    
Balances at Sep. 30, 2025 $ 105,803 $ 9 797,366 (691,572)
Balances (in shares) at Jun. 30, 2025   96,217,000    
Balances at Jun. 30, 2025 93,298 $ 9 796,306 (703,017)
Increase (Decrease) in Stockholders' Equity        
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)   31,000    
Common stock issuance and other impacts of the vesting and settlement of equity awards (7)   (7)  
Stock-based compensation 1,067   1,067  
Net income (loss) $ 11,445     11,445
Balances (in shares) at Sep. 30, 2025 96,247,776 96,248,000    
Balances at Sep. 30, 2025 $ 105,803 $ 9 $ 797,366 $ (691,572)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net loss $ (18,448) $ (11,105)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 24,166 19,118
Amortization of debt issuance costs 353 326
Accretion of interest income from short-term investments 44 (538)
Loss on Assertio Therapeutics divestiture 8,174 0
Impairment of intangible assets 1,700 0
Recurring fair value measurements of assets and liabilities (268) 269
Provisions for inventory 3,197 4,982
Stock-based compensation 3,357 3,911
Changes in assets and liabilities:    
Accounts receivable (87,187) 2,719
Inventories 10,348 (7,084)
Prepaid and other assets 6,105 5,822
Accounts payable and other accrued liabilities (3,337) (5,255)
Accrued rebates, returns and discounts 54,232 2,345
Interest payable (650) (650)
Net cash provided by operating activities 1,786 14,860
Investing Activities    
Assertio Therapeutics divestiture (8,174) 0
Proceeds from maturities of short-term investments 85,232 23,534
Purchases of short-term investments (90,745) (73,563)
Net cash used in investing activities (13,687) (50,029)
Financing Activities    
Payments related to the vesting and settlement of equity awards, net (187) (291)
Net cash used in financing activities (187) (291)
Net decrease in cash and cash equivalents (12,088) (35,460)
Cash and cash equivalents at beginning of year 50,588 73,441
Cash and cash equivalents at end of period 38,500 37,981
Supplemental Disclosure of Cash Flow Information    
Net cash (refunded) paid for income taxes (833) 1,388
Cash paid for interest $ 2,600 $ 2,600
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
 
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 for oncology, neurology, and pain management.

The Company has built its product portfolio through the acquisition or licensing of approved products, including its lead product, ROLVEDON. The Company’s commercial capabilities include marketing through both a sales force and an omni-channel promotional model, market access through payor contracting, and trade and distribution. The Company’s primary marketed products include ROLVEDONTM (elflapegrastim-xnst) injection for subcutaneous use, Sympazan® (clobazam) oral film, INDOCIN® (indomethacin) Suppositories, INDOCIN® (indomethacin) Oral Suspension, SPRIX® (ketorolac tromethamine) Nasal Spray, CAMBIA® (diclofenac potassium for oral solution) and Otrexup® (methotrexate) injection for subcutaneous use. 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,” “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” or “Depomed” 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 unaudited condensed consolidated financial statements of the Company and its subsidiaries and the related footnote information of the Company have been prepared pursuant to the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, the accompanying interim unaudited condensed consolidated financial statements include all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the information for the periods presented. The results for the three and nine months ended September 30, 2025, are not necessarily indicative of results to be expected for the entire year ending December 31, 2025.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 12, 2025 (the “2024 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2024, has been derived from the audited financial statements at that date, as filed in the Company’s 2024 Form 10-K.

Reverse Stock Split
On May 7, 2025, the shareholders of the Company approved a proposal to amend the Company’s Certificate of Incorporation to effect a reverse stock split. The proposal allows but does not require the Company’s Board of Directors (the “Board”) to effect a reverse stock split of the Company’s common stock at a reverse stock split ratio of not less than 1-for-2 and not greater than 1-for-15. The Company’s Board has not yet effected this reverse stock split.
v3.25.3
DIVESTITURES AND STRATEGIC TRANSACTIONS
 9 Months Ended
Sep. 30, 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 of 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 9. 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, 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.

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 for the nine months ended September 30, 2025 in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss). The Therapeutics Transaction is reflected as cash used in investing activities for the nine months ended September 30, 2025 in the Company’s Condensed 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 $3.8 million of expenses during the second quarter of 2025. 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 the minimum purchase obligation required under the Antares contract (see Note 9. Commitments and Contingencies for further details). In the third quarter of 2025, the Company accrued an additional $1.3 million of expenses associated with ceasing commercialization of Otrexup.

During the three and nine months ended September 30, 2025, the Company recognized expenses related to ceasing commercialization of Otrexup of $1.3 million and $2.6 million, respectively, in Selling, general and administrative expenses, and zero and $2.5 million, respectively, in Cost of sales in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss).
v3.25.3
REVENUE
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
 
Disaggregated Revenue
 
The following table reflects total revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands): 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Product sales, net:
ROLVEDON$38,567 $15,021 $67,817 $44,643 
INDOCIN products4,847 5,669 13,424 21,265 
Sympazan2,833 2,642 8,256 7,927 
SPRIX1,686 1,997 5,251 5,581 
Other products1,526 3,376 9,529 11,846 
Total product sales, net49,459 28,705 104,277 91,262 
Royalty revenue— 499 894 1,516 
Total revenues$49,459 $29,204 $105,171 $92,778 
Product Sales, net

Product sales, net, consist of sales of the Company’s products as listed above. Other product sales, net, for the three and nine months ended September 30, 2025 and 2024 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 the third quarter of 2025 reflect both current quarter demand and large purchases by several national distributors to help ensure consistent supply of ROLVEDON over the next two quarters as the Company completes the integration of ROLVEDON into Assertio Specialty. The Company anticipates no material net product sales of ROLVEDON in the fourth quarter of 2025 and first quarter of 2026, and expects regular sales of the newly labeled ROLVEDON to begin in the second quarter of 2026.

To facilitate this one-time sale, 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 Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, 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 recognized for products sold in prior periods were approximately 3% and 7% of Product sales, net, for the three and nine months ended September 30, 2025, respectively, and 11% and 4% of Product sales, net, for the three and nine months ended September 30, 2024, respectively. The adjustment for the nine months ended September 30, 2025 included the adjustment of a prior period returns reserve of $5.4 million established in connection with the acquisition of Spectrum in July 2023 (the “Spectrum Merger”).

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 now 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 royalty revenue related to the CAMBIA licensing agreement of zero and $0.9 million for the three and nine months ended September 30, 2025, respectively, and $0.5 million and $1.5 million for the three and nine months ended September 30, 2024, respectively.
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL BALANCE SHEET DETAILS SUPPLEMENTAL BALANCE SHEET DETAILS  
 
Accounts Receivable, Net

As of September 30, 2025 and December 31, 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 September 30, 2025 and December 31, 2024 (in thousands): 
 September 30, 2025December 31, 2024
Raw materials$15,174 $15,524 
Work-in-process7,371 4,900 
Finished goods2,218 17,884 
Total inventories, net$24,763 $38,308 

The decrease in finished goods from December 31, 2024 to September 30, 2025 primarily relates to sales of ROLVEDON, including the large purchases by several national distributors in the third quarter of 2025 (see Note 3. Revenue above for further information) and the impact on Otrexup inventory from ceasing commercialization of Otrexup in the second quarter of 2025 (see Note 2. Divestitures and Strategic Transactions above for further information).

The Company writes down the value of inventory for potential excess or obsolete inventories based on an analysis of inventory on hand and projected demand. As of September 30, 2025 and December 31, 2024, inventory reserves were $8.3 million and $8.7 million, respectively.
Prepaid and Other Current Assets

The following table reflects prepaid and other current assets as of September 30, 2025 and December 31, 2024 (in thousands): 

September 30, 2025December 31, 2024
Prepaid assets and deposits3,734 9,764 
Other current assets342 303 
Total prepaid and other current assets$4,076 $10,067 

Other current assets as of December 31, 2024 includes the Company’s investment in NES Therapeutic, Inc. (“NES”). In August 2018, the Company entered into a Convertible Secured Note Purchase Agreement (the “Note Agreement”) with NES. Pursuant to the terms of the Note Agreement, the Company purchased, for total consideration of $3.0 million, a Convertible Secured Promissory Note of $3.0 million in aggregate principal (the “NES Note”) which accrued interest annually at a rate of 10%. This investment was accounted for as a loan receivable and valued at amortized cost. As of December 31, 2024, the Company had assessed an estimated $3.5 million expected credit loss on its investment, representing the entire aggregate principal amount and outstanding interest on the NES Note, based on its evaluation of probability of default.

The NES Note was extended to July 31, 2025, with both the aggregate principal and accrued interest maturing on that date. Following the maturity of the NES Note and the inability of NES to repay the loan, the Company and NES entered into negotiations. The Company is evaluating its rights under the Note Agreement. During the three months ended September 30, 2025, the Company wrote off its investment in the NES Note, with no net impact to the Company’s financial statements as of September 30, 2025.

Property and Equipment, Net

The following table reflects property and equipment, net, as of September 30, 2025 and December 31, 2024 (in thousands): 

September 30, 2025December 31, 2024
Furniture and office equipment$1,412 $1,412 
Laboratory equipment20 20 
Leasehold improvements2,551 2,551 
3,983 3,983 
Less: Accumulated depreciation(3,504)(3,397)
Property and equipment, net$479 $586 
 
Depreciation expense was less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2025 respectively, and less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2024, respectively. Depreciation expense is recognized in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss).
Accrued Liabilities

The following table reflects accrued liabilities as of September 30, 2025 and December 31, 2024 (in thousands): 

 September 30, 2025December 31, 2024
Accrued compensation$3,071 $3,260 
Accrued restructuring costs (See Note 14)
— 1,187 
Accrued legal3,965 8,490 
Interest payable217 867 
Accrued royalties4,415 1,223 
Other accrued liabilities4,595 3,820 
Total accrued liabilities$16,263 $18,847 

Other Long-Term Liabilities

The following table reflects other long-term liabilities as of September 30, 2025 and December 31, 2024 (in thousands):
 September 30, 2025December 31, 2024
ROLVEDON product royalties$4,612 $5,479 
Noncurrent operating lease liabilities930 1,122 
Liability for uncertain tax provisions2,481 2,337 
Deferred employee retention credits— 1,212 
Total other long-term liabilities$8,023 $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 Condensed Consolidated Statements of Comprehensive Income (Loss) in the second quarter of 2025, comprised of the $1.2 million noted as of December 31, 2024 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.
v3.25.3
INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The following table reflects the gross carrying amounts and net book values of intangible assets as of September 30, 2025 and December 31, 2024 (dollar amounts in thousands): 

 September 30, 2025December 31, 2024
Products rights:Remaining Useful Life
 (In years)		Gross Carrying AmountAccumulated AmortizationImpairmentNet Book ValueGross Carrying AmountAccumulated AmortizationImpairmentNet Book Value
ROLVEDON2.3$63,405 $(24,354)$— $39,051 $63,405 $(11,336)$— $52,069 
Sympazan9.114,550 (3,536)— 11,014 14,550 (2,627)— 11,923 
SPRIX1.032,673 (26,327)(1,700)4,646 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 $(119,822)$(1,700)$54,711 $192,597 $(106,909)$(5,217)$80,471 

Amortization expense was $5.6 million and $24.1 million for the three and nine months ended September 30, 2025, respectively, and $6.7 million and $19.0 million for the three and nine months ended September 30, 2024, respectively.
The following table reflects future amortization expense the Company expects for its intangible assets (in thousands): 

Year Ending December 31,Estimated
Amortization Expense
2025 (remainder)$5,804 
202622,054 
202718,569 
20281,213 
20291,213 
Thereafter5,858 
Total$54,711 

During each of the three months ended September 30, 2025, June 30, 2025 and March 31, 2025, 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. 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 of the SPRIX asset group were less than its carrying value and recognized an impairment loss for this asset group of $1.7 million during the three and nine months ended September 30, 2025, reducing its carrying value to $4.6 million. This impairment charge is classified within Impairment of intangible assets in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss). The fair value of the SPRIX asset group was determined using an income approach and Level 3 inputs, which included estimates of forecasted cash flows. In addition, effective October 1, 2025, the Company revised the remaining estimated useful life of the SPRIX product rights intangible asset to one year, which better reflects the realization of the economic benefit of the intangible asset. The impact of this change in estimate is reflected in expected future amortization expense disclosed above. For all of the Company’s other asset groups, the estimated undiscounted cash flows exceeded their carrying amounts, and the Company concluded that the other asset groups were fully recoverable. Accordingly, no adjustment to the carrying values of these other asset groups was required.

For the assessments performed for each of the three months ended of June 30, 2025 and March 31, 2025, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amounts for all of the Company’s long-lived asset groups. Accordingly, the Company concluded that the long-lived asset groups were fully recoverable and no adjustment to their carrying values was required.
v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 
As of September 30, 2025 and December 31, 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 $39.2 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 (the “2027 Convertible Note Trustee”) of the initial purchasers (the “Initial Purchasers”) to issue $60.0 million in aggregate principal amount of the 2027 Convertible Senior Notes. Under the Purchase Agreement, the Initial Purchasers were also granted an overallotment option to purchase up to an additional $10.0 million aggregate principal amount of the 2027 Convertible Notes solely to cover overallotment (the “Overallotment Option”) within a 13-day period from the date the initial 2027 Convertible Notes were issued. On August 24, 2022, the Initial Purchasers exercised the Overallotment Option in full for the $10.0 million aggregate principal of additional 2027 Convertible Notes. The 2027 Convertible Notes are senior unsecured obligations of the Company.
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 2027 Convertible Notes are convertible at the option of the holder at an initial conversion rate of 244.2003 shares of the Company’s common stock per $1,000 principal amount (equal to an initial conversion price of approximately $4.09 per share), subject to adjustments specified in the 2027 Convertible Note Indenture. The Company may elect to settle conversions in shares of the Company’s common stock, cash, or a combination of common stock and cash. If any of the 2027 Convertible Notes remain outstanding at maturity, the Company will repay the outstanding principal amount and accrued interest in cash. The 2027 Convertible Notes will mature on September 1, 2027, unless earlier repurchased, redeemed 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 September 30, 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 value of the 2027 Convertible Notes as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025December 31, 2024
Principal balance$40,000 $40,000 
Derivative liability for embedded conversion feature168 168 
Unamortized debt issuance costs(1,002)(1,355)
Carrying value$39,166 $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%.

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. See Note 11, Fair Value, for further details around the estimated fair value of the derivative liability. All of the other embedded features of the 2027 Convertible Notes were clearly and closely related to the debt host and did not require bifurcation as a derivative liability, or the fair value of the bifurcated features was immaterial to the Company’s financial statements.
    
Interest Expense

The following table reflects debt-related interest included in Interest expense in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest on 2027 Convertible Notes$650$650$1,950$1,950
Amortization of debt issuance costs on 2027 Convertible Notes120111353326
Total interest expense$770$761$2,303$2,276
v3.25.3
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
    
The Company’s stock-based compensation generally includes time-based restricted stock units (“RSU”) and stock options, and from time to time also includes performance-based RSUs and stock options.

Stock-based compensation of $1.1 million and $3.4 million for the three and nine months ended September 30, 2025, respectively, and $1.3 million and $3.9 million for the three and nine months ended September 30, 2024, respectively, was recognized in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss).

During the nine months ended September 30, 2025, the Company granted 2.3 million RSUs at a weighted-average fair market value of $0.78 per share, and 3.4 million stock options at a weighted-average fair market value of $0.70 per share. During the nine months ended September 30, 2024, the Company granted 1.8 million RSUs at a weighted-average fair market value of $0.90 per share, and 5.5 million stock options at a weighted-average fair market value of $0.83 per share.
v3.25.3
LEASES
 9 Months Ended
Sep. 30, 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 for which Spectrum had previously been the lessee (See Note 14, Restructuring Charges).

The following table reflects lease expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Financial Statement Classification2025202420252024
Operating lease costSelling, general and administrative expenses$60 $63 $181 $195 
The following table reflects supplemental cash flow information related to leases for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases$93 $259 $331 $799 
The following table reflects supplemental balance sheet information related to leases as of September 30, 2025 and December 31, 2024 (in thousands):
Financial Statement ClassificationSeptember 30, 2025December 31, 2024
Assets
Operating lease right-of-use assetsOther long-term assets$1,010 $1,125 
Liabilities
Current operating lease liabilitiesOther current liabilities$259 $331 
Noncurrent operating lease liabilitiesOther long-term liabilities930 1,122 
Total lease liabilities$1,189 $1,453 
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 for which Spectrum had previously been the lessee (See Note 14, Restructuring Charges).

The following table reflects lease expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Financial Statement Classification2025202420252024
Operating lease costSelling, general and administrative expenses$60 $63 $181 $195 
The following table reflects supplemental cash flow information related to leases for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases$93 $259 $331 $799 
The following table reflects supplemental balance sheet information related to leases as of September 30, 2025 and December 31, 2024 (in thousands):
Financial Statement ClassificationSeptember 30, 2025December 31, 2024
Assets
Operating lease right-of-use assetsOther long-term assets$1,010 $1,125 
Liabilities
Current operating lease liabilitiesOther current liabilities$259 $331 
Noncurrent operating lease liabilitiesOther long-term liabilities930 1,122 
Total lease liabilities$1,189 $1,453 
v3.25.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
COMMITMENTS

Jubilant HollisterStier Manufacturing and Supply Agreement

In connection with the Company’s merger with Zyla Life Sciences (“Zyla”) in May 2020 (the “Zyla Merger”), the Company assumed a Manufacturing and Supply Agreement (the “Jubilant HollisterStier Agreement”) with Jubilant HollisterStier LLC (“JHS”) pursuant to which the Company engaged JHS to provide certain services related to the manufacture and supply of SPRIX for the Company’s commercial use. Under the Jubilant HollisterStier Agreement, JHS is responsible for supplying a minimum of 75% of the Company’s annual requirements of SPRIX. The Company agreed to purchase a minimum number of batches of SPRIX per calendar year from JHS over the term of the Jubilant HollisterStier Agreement.

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. Commitments to JHS for 2024 and 2025 pursuant to the amendment are approximately $1.9 million in total.

Antares Supply Agreement

In connection with the Otrexup acquisition, the Company entered into a supply agreement with Antares Pharma, Inc. (“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. The Antares Supply Agreement has termination provisions. Amounts due upon termination are only payable if the Antares Supply Agreement is formally terminated by written notice. As of November 10, 2025, the Company has not provided such notice and therefore no termination liability has been recognized. However, failure to meet minimum purchase obligations under the Antares Supply Agreement may constitute default and could lead to potential litigation or settlement obligations, which were estimated to be $2.1 million as of September 30, 2025. An accrual of $2.1 million was accrued in accordance with ASC 450-20-25, Loss Contingencies (“ASC 450-20-25”) as of September 30, 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 has met its purchase commitment from Hanmi for 2025 and does not have any additional purchase obligations with Hanmi.

On October 7, 2025, the Company, through its wholly owned subsidiary Spectrum, entered into an amendment and restatement (the “Amendment”) of the Hanmi Agreement. The Amendment fixes the price that Spectrum pays for the remaining term of Spectrum’s license agreement with Hanmi and amends the payment timing for certain product royalties due to Hanmi, which have been fully accrued and resulted in an immaterial reclassification between Other current liabilities and Other long-term liabilities in the Company’s Condensed Consolidated Balance Sheet as of September 30, 2025. While Spectrum will not have any minimum purchase requirements for ROLVEDON, if Spectrum 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 450-20-25.

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 Christiansen 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 replead. 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 Condensed 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.

Christiansen 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 Steven 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. The two remaining applications (including one from Ayoub) are fully briefed and awaiting consideration by the court. The case otherwise remains stayed. 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 recessionary 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. Enyart’s response is due November 21, 2025, and the defendants’ reply is due December 18, 2025. The court has scheduled oral arguments on the defendants’ motion to dismiss to take place on January 22, 2026. The court has not yet set a schedule for the defendants’ response to the amended complaint. 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 of 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.
v3.25.3
NET INCOME (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income (loss) per share is calculated by dividing the net income (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 income (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 impacts associated with the 2027 Convertible Notes, net of tax, is added back to net income (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.

For the three months ended September 30, 2025, the Company’s potentially dilutive stock-based awards and equivalents and convertible debt were included in the computation of diluted net income per share. However, 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 nine months ended September 30, 2025 and the three and nine months ended September 30, 2024, because to do so would be anti-dilutive. Therefore, for the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024, basic and diluted net loss per common share were the same.
The following table reflects the calculation of basic and diluted net income (loss) per common share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for per share amounts):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Basic and diluted net income (loss) per share
Net income (loss)$11,445 $(2,921)$(18,448)$(11,105)
Weighted-average common shares outstanding96,245 95,352 95,966 95,191 
Basic net income (loss) per share$0.12 $(0.03)$(0.19)$(0.12)
Diluted net income (loss) per share
Net income (loss)$11,445 $(2,921)$(18,448)$(11,105)
Add: Convertible debt interest expense, net of tax577 — — — 
Adjusted net income (loss)12,022 (2,921)(18,448)(11,105)
Weighted-average common shares and share equivalents outstanding96,245 95,352 95,966 95,191 
Add: effect of dilutive stock-based awards and equivalents501 — — — 
Add: effect of dilutive convertible debt under if-converted method9,768 — — — 
Denominator for diluted net income (loss) per share106,514 95,352 95,966 95,191 
Diluted net income (loss) per share$0.11 $(0.03)$(0.19)$(0.12)
 
The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net income (loss) per share, because to do so would be anti-dilutive, for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Convertible notes— 9,768 9,768 9,768 
Stock-based awards and equivalents11,347 10,298 13,522 9,451 
Total potentially dilutive common shares11,347 20,066 23,290 19,219
v3.25.3
FAIR VALUE
 9 Months Ended
Sep. 30, 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 reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Money market fundsCash and cash equivalents$37,829 $— $— $37,829 
Short-term investments:
U.S. TreasuriesShort-term investments— 54,927 — 54,927 
Total$37,829 $54,927 $— $92,756 
Liabilities
Short-term contingent considerationContingent consideration, current portion$— $— $450 $450 
Derivative liabilityLong-term debt— — 168 168 
Total$— $— $618 $618 

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 considers all highly liquid investments with a maturity date at purchase of three months or less to be cash equivalents. The Company invests its cash in money market funds and marketable securities including U.S. Treasury and government agency securities, and higher quality debt securities of financial and commercial institutions. The Company classified money market funds as Level 1, due to their short-term maturity, and measured the fair value based on quoted prices in active markets for identical assets. The Company classified 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 considers all highly liquid investments with a maturity date at purchase of more than three months and less than one year to be short-term investments. The Company’s short-term investments consist of marketable securities, which may include commercial paper and U.S. Treasury securities. The Company 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. Realized gains and losses on short-term investments are included in Interest income in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Unrealized gains and losses from short-term investments classified as trading securities recognized by the Company for the three and nine months ended September 30, 2025 and 2024 were immaterial.
Contingent Consideration Obligations

Spectrum Merger Contingent Variable Rights

In connection with the Spectrum Merger, the Company issued contingent value rights (“CVRs”) that represent a contingent consideration obligation that is measured at fair value. As of both September 30, 2025 and December 31, 2024, the fair value of the Company’s CVR liability related to the Spectrum Merger 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 three and nine months ended September 30, 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 net sales and discounted to present value. The significant assumptions used in the calculation of the fair value as of September 30, 2025 included updated projections of future ROLVEDON product net sales, which resulted in no probability of achievement under the Monte Carlo simulation.

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 liabilities to be settled in cash as Level 3, due to the lack of relevant observable inputs and market activity. As of September 30, 2025 and December 31, 2024, the fair value of the INDOCIN product contingent consideration was determined to be $0.5 million and $0.7 million, respectively, and has been classified as Contingent consideration, current portion in the Company’s Condensed Consolidated Balance Sheets.

During each of the three and nine months ended September 30, 2025, the Company recognized a benefit of $0.3 million for the change in fair value of contingent consideration, which was classified as Fair value of contingent consideration in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss). During each of the three and nine months ended September 30, 2024, the Company recognized an expense of $0.3 million for the change in the fair value of contingent consideration.

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 September 30, 2025 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 are measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fair value, beginning of the period$726 $2,700 $726 $2,700 
Change in fair value of contingent consideration recorded within costs and expenses(276)300 (276)300 
Fair value, end of the period$450 $3,000 $450 $3,000 

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 $0.2 million as of both September 30, 2025 and December 31, 2024, and was determined using a binomial lattice model using certain assumptions and consideration of an increased conversion ratio on the underlying convertible notes that could result from the occurrence of certain events. The significant assumption used in the binomial lattice model is a credit spread of 10.5%.
There was no change in the fair value of the derivative liability for the three and nine months ended September 30, 2025 or 2024.

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 carrying cost of each approximates its fair value. As of September 30, 2025, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $36.9 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 September 30, 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.
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
As of September 30, 2025 and December 31, 2024, the Company concluded that it is not more likely than not that the net deferred tax asset recorded as of those dates will be realized. As a result, the Company recorded a full valuation allowance against the net deferred tax asset recorded as of September 30, 2025 and December 31, 2024. The valuation allowance is determined in accordance with the provisions of ASC Topic 740, Income Taxes, which require an assessment of both negative and positive evidence when measuring the need for a valuation allowance. The Company primarily relied on its reversing taxable temporary differences to assess its valuation allowance, which resulted in recording a full valuation allowance against its net deferred tax assets during the quarter. If it is determined that a portion or all of the valuation allowance is not required, it will generally be a benefit to the income tax provision in the period such determination is made.

The Company recorded an income benefit of less than $0.1 million for the three months ended September 30, 2025 and an expense of $0.3 million for the nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, the Company recorded an income tax expense of less than $0.1 million and $0.3 million, respectively. The difference between the income tax benefit or expense and the tax at the federal statutory rate of 21.0% in each period was principally due to the impact of the valuation allowance, partially offset by state income taxes.
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 our income tax expense or income tax account balances for the three and nine months ended September 30, 2025.
v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 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 income (loss). The CODM also uses Income (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 income (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 losses on impairment of assets, and restructuring charges.
The following table reflects the breakdown of selling, general and administrative expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Selling and marketing expenses$5,774 $5,874 $17,919 $20,152 
Compliance expenses4,509 4,638 17,197 13,285 
Manufacturing expenses1,684 2,416 6,503 7,022 
Other general and administrative expenses
4,963 3,798 14,246 13,176 
Total selling, general and administrative expenses
$16,930 $16,726 $55,865 $53,635 

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 three and nine months ended September 30, 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 income (loss).

To date, substantially all of the Company’s revenues from product sales are related to sales in the U.S. See Note 3, Revenue, for further details. Substantially all of the Company’s assets are located in the U.S.
v3.25.3
RESTRUCTURING CHARGES
 9 Months Ended
Sep. 30, 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.

In August 2023, the Company implemented a reorganization plan of its workforce and other resources primarily designed to realize the synergies of the Spectrum Merger (the “Spectrum Reorganization Plan”). The Spectrum Reorganization Plan was primarily focused on the reduction of staff at the Company’s headquarters office and the exit of certain leased facilities and office equipment. The staff reductions under the Spectrum Reorganization Plan were the result of a distinct severance plan approved by the Board and were not executed as part of established Company policies or plans.

Total employee compensation costs recognized under the Spectrum Reorganization Plan were approximately $3.3 million, and total facility exit costs were approximately $1.3 million. The Company does not expect to recognize any additional restructuring charges related to the Spectrum Reorganization Plan, and the final cash payments were made in the third quarter of 2025.

Associated with the Company’s separation from the service of its former President and Chief Executive Officer, Dan Peisert, effective January 2, 2024, the Company recognized severance compensation and benefits of approximately $1.5 million. The final severance and benefits cash payments to Mr. Peisert were made in the third quarter of 2025.

During the first quarter of 2025, the Company recognized $0.3 million in restructuring costs associated with improving efficiencies within its sales and marketing organization. All related cash payments were made in the third quarter of 2025.

The Company recognized no restructuring charges for the three months ended September 30, 2025 or September 30, 2024. Restructuring charges were $0.3 million and $0.7 million for the nine months ended September 30, 2025 and September 30, 2024, respectively, all of which related to employee compensation 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 Condensed Consolidated Balance Sheets (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Balance as of the beginning of the period$314 $2,330 $1,187 $4,378 
Accrual additions— — 289 720 
Cash paid(314)(563)(1,476)(3,331)
Balance as of the end of the period$— $1,767 $— $1,767 
v3.25.3
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Chief Executive Officer Transition

Effective as of October 27, 2025, Brendan P. O’Grady, Chief Executive Officer, separated from service to the Company. Upon Mr. O’Grady’s separation, the Board appointed Mark L. Reisenauer, a current director of the Company, to serve as the Company’s Chief Executive Officer (and principal executive officer). Contingent upon Mr. O’Grady’s execution and non-revocation of a waiver, Mr. O’Grady is entitled to certain severance compensation and benefits provided for in his Management Continuity Agreement with the Company.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The unaudited condensed consolidated financial statements of the Company and its subsidiaries and the related footnote information of the Company have been prepared pursuant to the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, the accompanying interim unaudited condensed consolidated financial statements include all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of the information for the periods presented. The results for the three and nine months ended September 30, 2025, are not necessarily indicative of results to be expected for the entire year ending December 31, 2025.

The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 12, 2025 (the “2024 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2024, has been derived from the audited financial statements at that date, as filed in the Company’s 2024 Form 10-K.
v3.25.3
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Net Revenue
The following table reflects total revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands): 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Product sales, net:
ROLVEDON$38,567 $15,021 $67,817 $44,643 
INDOCIN products4,847 5,669 13,424 21,265 
Sympazan2,833 2,642 8,256 7,927 
SPRIX1,686 1,997 5,251 5,581 
Other products1,526 3,376 9,529 11,846 
Total product sales, net49,459 28,705 104,277 91,262 
Royalty revenue— 499 894 1,516 
Total revenues$49,459 $29,204 $105,171 $92,778 
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventories, Net
The following table reflects the components of inventories, net, as of September 30, 2025 and December 31, 2024 (in thousands): 
 September 30, 2025December 31, 2024
Raw materials$15,174 $15,524 
Work-in-process7,371 4,900 
Finished goods2,218 17,884 
Total inventories, net$24,763 $38,308 
Schedule of Prepaid and Other Current Assets
The following table reflects prepaid and other current assets as of September 30, 2025 and December 31, 2024 (in thousands): 

September 30, 2025December 31, 2024
Prepaid assets and deposits3,734 9,764 
Other current assets342 303 
Total prepaid and other current assets$4,076 $10,067 
Schedule of Property and Equipment
The following table reflects property and equipment, net, as of September 30, 2025 and December 31, 2024 (in thousands): 

September 30, 2025December 31, 2024
Furniture and office equipment$1,412 $1,412 
Laboratory equipment20 20 
Leasehold improvements2,551 2,551 
3,983 3,983 
Less: Accumulated depreciation(3,504)(3,397)
Property and equipment, net$479 $586 
Schedule of Accrued Liabilities
The following table reflects accrued liabilities as of September 30, 2025 and December 31, 2024 (in thousands): 

 September 30, 2025December 31, 2024
Accrued compensation$3,071 $3,260 
Accrued restructuring costs (See Note 14)
— 1,187 
Accrued legal3,965 8,490 
Interest payable217 867 
Accrued royalties4,415 1,223 
Other accrued liabilities4,595 3,820 
Total accrued liabilities$16,263 $18,847 
Schedule of Other Long-term Liabilities
The following table reflects other long-term liabilities as of September 30, 2025 and December 31, 2024 (in thousands):
 September 30, 2025December 31, 2024
ROLVEDON product royalties$4,612 $5,479 
Noncurrent operating lease liabilities930 1,122 
Liability for uncertain tax provisions2,481 2,337 
Deferred employee retention credits— 1,212 
Total other long-term liabilities$8,023 $10,150 
v3.25.3
INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024 (dollar amounts in thousands): 

 September 30, 2025December 31, 2024
Products rights:Remaining Useful Life
 (In years)		Gross Carrying AmountAccumulated AmortizationImpairmentNet Book ValueGross Carrying AmountAccumulated AmortizationImpairmentNet Book Value
ROLVEDON2.3$63,405 $(24,354)$— $39,051 $63,405 $(11,336)$— $52,069 
Sympazan9.114,550 (3,536)— 11,014 14,550 (2,627)— 11,923 
SPRIX1.032,673 (26,327)(1,700)4,646 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 $(119,822)$(1,700)$54,711 $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
2025 (remainder)$5,804 
202622,054 
202718,569 
20281,213 
20291,213 
Thereafter5,858 
Total$54,711 
v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Carrying Values Convertible Notes
The following table reflects the carrying value of the 2027 Convertible Notes as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025December 31, 2024
Principal balance$40,000 $40,000 
Derivative liability for embedded conversion feature168 168 
Unamortized debt issuance costs(1,002)(1,355)
Carrying value$39,166 $38,813 
Schedule of Debt Related Interest
The following table reflects debt-related interest included in Interest expense in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest on 2027 Convertible Notes$650$650$1,950$1,950
Amortization of debt issuance costs on 2027 Convertible Notes120111353326
Total interest expense$770$761$2,303$2,276
v3.25.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Lease Expense
The following table reflects lease expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
Financial Statement Classification2025202420252024
Operating lease costSelling, general and administrative expenses$60 $63 $181 $195 
The following table reflects supplemental cash flow information related to leases for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases$93 $259 $331 $799 
Schedule of Supplemental Balance Sheet Information
The following table reflects supplemental balance sheet information related to leases as of September 30, 2025 and December 31, 2024 (in thousands):
Financial Statement ClassificationSeptember 30, 2025December 31, 2024
Assets
Operating lease right-of-use assetsOther long-term assets$1,010 $1,125 
Liabilities
Current operating lease liabilitiesOther current liabilities$259 $331 
Noncurrent operating lease liabilitiesOther long-term liabilities930 1,122 
Total lease liabilities$1,189 $1,453 
v3.25.3
NET INCOME (LOSS) PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Common Share
The following table reflects the calculation of basic and diluted net income (loss) per common share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for per share amounts):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Basic and diluted net income (loss) per share
Net income (loss)$11,445 $(2,921)$(18,448)$(11,105)
Weighted-average common shares outstanding96,245 95,352 95,966 95,191 
Basic net income (loss) per share$0.12 $(0.03)$(0.19)$(0.12)
Diluted net income (loss) per share
Net income (loss)$11,445 $(2,921)$(18,448)$(11,105)
Add: Convertible debt interest expense, net of tax577 — — — 
Adjusted net income (loss)12,022 (2,921)(18,448)(11,105)
Weighted-average common shares and share equivalents outstanding96,245 95,352 95,966 95,191 
Add: effect of dilutive stock-based awards and equivalents501 — — — 
Add: effect of dilutive convertible debt under if-converted method9,768 — — — 
Denominator for diluted net income (loss) per share106,514 95,352 95,966 95,191 
Diluted net income (loss) per share$0.11 $(0.03)$(0.19)$(0.12)
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 income (loss) per share, because to do so would be anti-dilutive, for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Convertible notes— 9,768 9,768 9,768 
Stock-based awards and equivalents11,347 10,298 13,522 9,451 
Total potentially dilutive common shares11,347 20,066 23,290 19,219
v3.25.3
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 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 reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025Financial Statement ClassificationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Money market fundsCash and cash equivalents$37,829 $— $— $37,829 
Short-term investments:
U.S. TreasuriesShort-term investments— 54,927 — 54,927 
Total$37,829 $54,927 $— $92,756 
Liabilities
Short-term contingent considerationContingent consideration, current portion$— $— $450 $450 
Derivative liabilityLong-term debt— — 168 168 
Total$— $— $618 $618 

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 are measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fair value, beginning of the period$726 $2,700 $726 $2,700 
Change in fair value of contingent consideration recorded within costs and expenses(276)300 (276)300 
Fair value, end of the period$450 $3,000 $450 $3,000 
v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 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 three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Selling and marketing expenses$5,774 $5,874 $17,919 $20,152 
Compliance expenses4,509 4,638 17,197 13,285 
Manufacturing expenses1,684 2,416 6,503 7,022 
Other general and administrative expenses
4,963 3,798 14,246 13,176 
Total selling, general and administrative expenses
$16,930 $16,726 $55,865 $53,635 
v3.25.3
RESTRUCTURING CHARGES (Tables)
 9 Months Ended
Sep. 30, 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 Condensed Consolidated Balance Sheets (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Balance as of the beginning of the period$314 $2,330 $1,187 $4,378 
Accrual additions— — 289 720 
Cash paid(314)(563)(1,476)(3,331)
Balance as of the end of the period$— $1,767 $— $1,767 
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION (Details)
May 07, 2025
Minimum  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Reverse stock split ratio 0.5
Maximum  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Reverse stock split ratio 0.0667
v3.25.3
DIVESTITURES AND STRATEGIC TRANSACTIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
May 09, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Loss on Assertio Therapeutics divestiture $ 0   $ 0 $ 8,174 $ 0  
Costs and expenses 37,981   32,252 114,958 103,780  
Selling, general and administrative expenses 16,930   16,726 55,865 53,635  
Cost of sales 13,654   $ 7,550 32,117 $ 27,616  
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 1,300 $ 3,800        
Selling, general and administrative expenses 1,300     2,600    
Cost of sales $ 0     $ 2,500    
v3.25.3
REVENUE - Schedule of Net Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues $ 49,459 $ 29,204 $ 105,171 $ 92,778
Total product sales, net        
Disaggregation of Revenue [Line Items]        
Total revenues 49,459 28,705 104,277 91,262
ROLVEDON        
Disaggregation of Revenue [Line Items]        
Total revenues 38,567 15,021 67,817 44,643
INDOCIN products        
Disaggregation of Revenue [Line Items]        
Total revenues 4,847 5,669 13,424 21,265
Sympazan        
Disaggregation of Revenue [Line Items]        
Total revenues 2,833 2,642 8,256 7,927
SPRIX        
Disaggregation of Revenue [Line Items]        
Total revenues 1,686 1,997 5,251 5,581
Other products        
Disaggregation of Revenue [Line Items]        
Total revenues 1,526 3,376 9,529 11,846
Royalty revenue        
Disaggregation of Revenue [Line Items]        
Total revenues $ 0 $ 499 $ 894 $ 1,516
v3.25.3
REVENUE - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Adjustment of prior period returns reserve     $ 5.4  
Product sales, net        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Adjustments to revenue as a result of changes in estimates, percentage of products sales, net 3.00% 11.00% 7.00% 4.00%
CAMBIA | Canada        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Revenue recognized $ 0.0 $ 0.5 $ 0.9 $ 1.5
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2018
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
ACCOUNTS RECEIVABLES, NET              
Allowance for cash discounts for prompt payment   $ 3.0     $ 3.0   $ 1.2
Inventory reserves   8.3     8.3   8.7
Credit loss allowance             $ 3.5
Depreciation expense (less than)   $ 0.1   $ 0.1 $ 0.1 $ 0.1  
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        
NES              
ACCOUNTS RECEIVABLES, NET              
Payment for convertible secured promissory note $ 3.0            
Convertible secured notes receivable $ 3.0            
Convertible note, interest rate (as a percent) 10.00%            
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory    
Raw materials $ 15,174 $ 15,524
Work-in-process 7,371 4,900
Finished goods 2,218 17,884
Total inventories, net $ 24,763 $ 38,308
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid assets and deposits $ 3,734 $ 9,764
Other current assets 342 303
Total prepaid and other current assets $ 4,076 $ 10,067
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,983 $ 3,983
Less: Accumulated depreciation (3,504) (3,397)
Property and equipment, net 479 586
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
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued compensation $ 3,071 $ 3,260
Accrued restructuring costs (See Note 14) 0 1,187
Accrued legal 3,965 8,490
Interest payable 217 867
Accrued royalties 4,415 1,223
Other accrued liabilities 4,595 3,820
Total accrued liabilities $ 16,263 $ 18,847
v3.25.3
SUPPLEMENTAL BALANCE SHEET DETAILS - Schedule of Other Long-term Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
ROLVEDON product royalties $ 4,612 $ 5,479
Noncurrent operating lease liabilities 930 1,122
Liability for uncertain tax provisions 2,481 2,337
Deferred employee retention credits 0 1,212
Other long-term liabilities $ 8,023 $ 10,150
v3.25.3
INTANGIBLE ASSETS -Schedule of Gross Carrying Amounts and Net Book Values of Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Intangible assets    
Gross Carrying Amount $ 176,233 $ 192,597
Accumulated Amortization (119,822) (106,909)
Impairment (1,700) (5,217)
Total $ 54,711 80,471
ROLVEDON | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 2 years 3 months 18 days  
Gross Carrying Amount $ 63,405 63,405
Accumulated Amortization (24,354) (11,336)
Impairment 0 0
Total $ 39,051 52,069
Sympazan | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 9 years 1 month 6 days  
Gross Carrying Amount $ 14,550 14,550
Accumulated Amortization (3,536) (2,627)
Impairment 0 0
Total 11,014 11,923
SPRIX    
Intangible assets    
Total $ 4,600  
SPRIX | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 1 year  
Gross Carrying Amount $ 32,673 32,673
Accumulated Amortization (26,327) (23,471)
Impairment (1,700) 0
Total $ 4,646 9,202
INDOCIN | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 0 years  
Gross Carrying Amount $ 65,605 65,605
Accumulated Amortization (65,605) (58,328)
Impairment 0 0
Total $ 0 7,277
Otrexup | Product Rights    
Intangible assets    
Remaining Useful Life (In years) 0 years  
Gross Carrying Amount $ 0 16,364
Accumulated Amortization 0 (11,147)
Impairment 0 (5,217)
Total $ 0 $ 0
v3.25.3
INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Oct. 01, 2025
Dec. 31, 2024
Intangible assets            
Amortization expense $ 5,594 $ 6,671 $ 24,059 $ 18,973    
Carrying value 54,711   54,711     $ 80,471
SPRIX            
Intangible assets            
Impairment loss 1,700   1,700      
Carrying value $ 4,600   $ 4,600      
SPRIX | Product Rights            
Intangible assets            
Useful life (in years) 1 year   1 year      
Carrying value $ 4,646   $ 4,646     $ 9,202
SPRIX | Product Rights | Subsequent Event            
Intangible assets            
Useful life (in years)         1 year  
v3.25.3
INTANGIBLE ASSETS - Schedule of the Future Amortization Expenses of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 (remainder) $ 5,804  
2026 22,054  
2027 18,569  
2028 1,213  
2029 1,213  
Thereafter 5,858  
Total $ 54,711 $ 80,471
v3.25.3
DEBT - Narrative (Details) - Convertible Senior Notes, 6.5% - Convertible Notes
$ / shares in Units, $ in Millions
Aug. 22, 2022
USD ($)
day
$ / shares
Rate
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Feb. 27, 2023
USD ($)
Debt Instrument [Line Items]        
Interest rate (as a percent) 6.50% 6.50%    
Carrying value   $ 39.2 $ 38.8  
Aggregate principal amount $ 60.0     $ 30.0
Additional purchase capacity $ 10.0      
Number of days to cover over allotment (in days) 13 days      
Conversion ratio 0.2442003      
Conversion price (in dollars per share) | $ / shares $ 4.09      
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%      
v3.25.3
DEBT - Schedule of Carrying Values Convertible Notes (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Derivative liability for embedded conversion feature $ 200 $ 200
Convertible Senior Notes, 6.5% | Convertible Notes    
Debt Instrument [Line Items]    
Principal balance 40,000 40,000
Derivative liability for embedded conversion feature 168 168
Unamortized debt issuance costs (1,002) (1,355)
Carrying value $ 39,166 $ 38,813
v3.25.3
DEBT - Schedule of Debt Related Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Disclosure [Abstract]        
Interest on 2027 Convertible Notes $ 650 $ 650 $ 1,950 $ 1,950
Amortization of debt issuance costs on 2027 Convertible Notes 120 111 353 326
Total interest expense $ 770 $ 761 $ 2,303 $ 2,276
v3.25.3
STOCK-BASED COMPENSATION (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards granted (in shares)     2.3 1.8
Average fair market value (in dollars per share)     $ 0.78 $ 0.90
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options granted (in shares)     3.4 5.5
Average market fair value (in dollars per share)     $ 0.70 $ 0.83
Selling, General and Administrative Expenses        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 1.1 $ 1.3 $ 3.4 $ 3.9
v3.25.3
LEASES - Narrative (Details)
Jul. 31, 2023
lease
Spectrum Pharmaceuticals, Inc.  
Lessee, Lease, Description [Line Items]  
Number of leases assumed in acquisition 2
v3.25.3
LEASES - Schedule of Lease Cost Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Selling, general and administrative expenses        
Lessee, Lease, Description [Line Items]        
Operating lease cost $ 60 $ 63 $ 181 $ 195
v3.25.3
LEASES - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash paid for amounts included in measurement of liabilities:        
Operating cash flows from operating leases $ 93 $ 259 $ 331 $ 799
v3.25.3
LEASES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Operating lease right-of-use assets $ 1,010 $ 1,125
Operating lease right-of-use assets, location Other long-term assets Other long-term assets
Liabilities    
Current operating lease liabilities $ 259 $ 331
Current operating lease liabilities, location Other current liabilities Other current liabilities
Noncurrent operating lease liabilities $ 930 $ 1,122
Noncurrent operating lease liabilities, location Other long-term liabilities Other long-term liabilities
Total lease liabilities $ 1,189 $ 1,453
v3.25.3
COMMITMENTS AND CONTINGENCIES - Supply Agreements (Details) - Supply Agreement - USD ($)
$ in Millions
Oct. 07, 2025
Sep. 30, 2025
Jul. 31, 2023
Supply Commitment [Line Items]      
Purchase obligation, percentage   75.00%  
JHS      
Supply Commitment [Line Items]      
Purchase obligation   $ 1.9  
Antares      
Supply Commitment [Line Items]      
Annual purchase obligation   2.1  
Legal contingency accrual   2.1  
Antares | Minimum      
Supply Commitment [Line Items]      
Potential litigation or settlement obligations   $ 2.1  
Hanmi      
Supply Commitment [Line Items]      
Purchase obligation in 2024     $ 19.1
Purchase obligation in 2025     $ 3.8
Hanmi | Subsequent Event      
Supply Commitment [Line Items]      
Supply agreement, orders that must be designated as binding, percent 50.00%    
v3.25.3
COMMITMENTS AND CONTINGENCIES - Stockholder Actions (Details)
$ in Thousands
 2 Months Ended 3 Months Ended
May 09, 2025
USD ($)
Aug. 05, 2024
claim
Jan. 30, 2023
claim
Jul. 03, 2024
claim
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]              
Estimated litigation liability         $ 3,965   $ 8,490
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 $ 16,000            
Loss on settlement $ 2,700            
Estimated litigation liability           $ 16,000  
Insurance receivable           $ 13,300  
New York Action              
Loss Contingencies [Line Items]              
Claims filed | claim     3        
v3.25.3
NET INCOME (LOSS) PER SHARE - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Basic and diluted net income (loss) per share        
Net income (loss) $ 11,445 $ (2,921) $ (18,448) $ (11,105)
Weighted-average common shares outstanding, basic (in shares) 96,245 95,352 95,966 95,191
Basic net income (loss) per share (in dollars per share) $ 0.12 $ (0.03) $ (0.19) $ (0.12)
Diluted net income (loss) per share        
Net income (loss) $ 11,445 $ (2,921) $ (18,448) $ (11,105)
Add: Convertible debt interest expense, net of tax 577 0 0 0
Adjusted net income (loss) $ 12,022 $ (2,921) $ (18,448) $ (11,105)
Weighted-average common shares and share equivalents outstanding (in shares) 96,245 95,352 95,966 95,191
Add: effect of dilutive stock-based awards and equivalents (in shares) 501 0 0 0
Add: effect of dilutive convertible debt under if-converted method (in shares) 9,768 0 0 0
Denominator for diluted net income (loss) per share (in shares) 106,514 95,352 95,966 95,191
Diluted net income (loss) per share (in dollars per share) $ 0.11 $ (0.03) $ (0.19) $ (0.12)
v3.25.3
NET INCOME (LOSS) PER SHARE - Schedule of Potentially Dilutive Common Shares (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total potentially dilutive common shares (in shares) 11,347 20,066 23,290 19,219
Convertible notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total potentially dilutive common shares (in shares) 0 9,768 9,768 9,768
Stock-based awards and equivalents        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total potentially dilutive common shares (in shares) 11,347 10,298 13,522 9,451
v3.25.3
FAIR VALUE - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Liabilities    
Short-term contingent consideration $ 450 $ 726
Derivative liability 200 200
Recurring    
Assets    
Total 92,756 99,526
Liabilities    
Short-term contingent consideration 450 726
Derivative liability 168 168
Total 618 894
Recurring | Money market funds    
Assets    
Cash and cash equivalents 37,829 46,163
Recurring | U.S. Treasuries    
Assets    
Cash and cash equivalents   3,897
Short-term investments 54,927 49,466
Recurring | Level 1    
Assets    
Total 37,829 46,163
Liabilities    
Short-term contingent consideration 0 0
Derivative liability 0 0
Total 0 0
Recurring | Level 1 | Money market funds    
Assets    
Cash and cash equivalents 37,829 46,163
Recurring | Level 1 | U.S. Treasuries    
Assets    
Cash and cash equivalents   0
Short-term investments 0 0
Recurring | Level 2    
Assets    
Total 54,927 53,363
Liabilities    
Short-term contingent consideration 0 0
Derivative liability 0 0
Total 0 0
Recurring | Level 2 | Money market funds    
Assets    
Cash and cash equivalents 0 0
Recurring | Level 2 | U.S. Treasuries    
Assets    
Cash and cash equivalents   3,897
Short-term investments 54,927 49,466
Recurring | Level 3    
Assets    
Total 0 0
Liabilities    
Short-term contingent consideration 450 726
Derivative liability 168 168
Total 618 894
Recurring | Level 3 | Money market funds    
Assets    
Cash and cash equivalents 0 0
Recurring | Level 3 | U.S. Treasuries    
Assets    
Cash and cash equivalents   0
Short-term investments $ 0 $ 0
v3.25.3
FAIR VALUE - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Rate
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]          
Change in fair value of contingent consideration $ (276) $ 300 $ (276) $ 300  
Contingent consideration, current portion 450   450   $ 726
Derivative liability 200   200   200
Level 2          
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]          
Debt conversion option value 36,900   36,900   34,800
Convertible notes, par value $ 40,000   $ 40,000   40,000
Option Pricing Model | Credit Spread          
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]          
Embedded derivative liability, measurement input 0.105   0.105    
Spectrum Pharmaceuticals, Inc.          
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]          
Contingent consideration $ 0   $ 0   0
Change in fair value of contingent consideration 0 0 0 0  
Zyla Merger          
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]          
Change in fair value of contingent consideration (300) $ 300 (300) $ 300  
Zyla Merger | INDOCIN          
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 | Rate     20.00%    
Contingent consideration, current portion $ 500   $ 500   $ 700
v3.25.3
FAIR VALUE - Schedule of Changes in Fair Value of Contingent Consideration (Details) - Level 3 - Contingent Consideration Obligations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value, beginning of the period $ 726 $ 2,700 $ 726 $ 2,700
Change in fair value of contingent consideration recorded within costs and expenses $ (276) $ 300 $ (276) $ 300
Change in fair value of contingent consideration, location Costs and expenses Costs and expenses Costs and expenses Costs and expenses
Fair value, end of the period $ 450 $ 3,000 $ 450 $ 3,000
v3.25.3
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ (47) $ 44 $ 254 $ 325
v3.25.3
SEGMENT INFORMATION - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.3
SEGMENT INFORMATION - Schedule of Selling, General and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Total selling, general and administrative expenses $ 16,930 $ 16,726 $ 55,865 $ 53,635
Reportable Segment        
Segment Reporting Information [Line Items]        
Selling and marketing expenses 5,774 5,874 17,919 20,152
Compliance expenses 4,509 4,638 17,197 13,285
Manufacturing expenses 1,684 2,416 6,503 7,022
Other general and administrative expenses 4,963 3,798 14,246 13,176
Total selling, general and administrative expenses $ 16,930 $ 16,726 $ 55,865 $ 53,635
v3.25.3
RESTRUCTURING CHARGES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]          
Restructuring charges $ 0 $ 300 $ 0 $ 289 $ 720
Employee Severance | Chief Executive Officer          
Restructuring Cost and Reserve [Line Items]          
Cost incurred, cumulative 1,500     1,500  
Spectrum Reorganization Plan | Employee Severance          
Restructuring Cost and Reserve [Line Items]          
Cost incurred, cumulative 3,300     3,300  
Spectrum Reorganization Plan | Facility exit costs          
Restructuring Cost and Reserve [Line Items]          
Cost incurred, cumulative $ 1,300     $ 1,300  
v3.25.3
RESTRUCTURING CHARGES - Schedule of Accrued Restructuring and Severance Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Reserve [Roll Forward]        
Balance as of the beginning of the period $ 314 $ 2,330 $ 1,187 $ 4,378
Accrual additions 0 0 289 720
Cash paid (314) (563) (1,476) (3,331)
Balance as of the end of the period $ 0 $ 1,767 $ 0 $ 1,767