Assertio Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Assertio Holdings, Inc. filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

Assertio Holdings, Inc. (ASRT) filed a Annual Report (10-K) with the SEC on March 11, 2024. Assertio Holdings, Inc. reported its fiscal year 2023 results on March 11, 2024. The company's principal executive offices are located at 100 S. Saunders Road, Suite 300, Lake Forest, IL 60045. Assertio Holdings, Inc. operates within the Pharmaceutical Preparations industry (SIC code 2834). The filing covers the fiscal year ending December 31, 2023. The company's IRS number is 850598378.

Why It Matters

For investors and stakeholders tracking Assertio Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Assertio's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's compliance with regulatory requirements and its position within the pharmaceutical industry.

Risk Assessment

Risk Level: medium — Assertio Holdings, Inc. shows moderate risk based on this filing. The company operates in the pharmaceutical industry, which is subject to significant regulatory oversight, patent expirations, and competitive pressures, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Assertio's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-11 — Filing Date (Date of submission)
• 2834 — SIC Code (Pharmaceutical Preparations)
• 143 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Assertio Holdings, Inc. (company) — Filer name
• ASRT (company) — Ticker symbol
• 2024-03-11 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 100 S. Saunders Road, Suite 300, Lake Forest, IL 60045 (address) — Business address
• 2834 (industry) — Standard Industrial Classification (Pharmaceutical Preparations)
• 850598378 (identifier) — IRS number
• DE (state) — State of incorporation

FAQ

Industry Context

Assertio Holdings, Inc. operates in the pharmaceutical preparations industry, a sector characterized by research, development, manufacturing, and marketing of drugs and medicines.

Regulatory Implications

Companies in the pharmaceutical sector are subject to stringent regulations from bodies like the FDA regarding drug approval, manufacturing practices, and marketing. This 10-K filing is a mandatory disclosure under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential business challenges and uncertainties.
3. Compare the 2023 results with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-11: Filing Date — Date Assertio Holdings, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Further analysis would require comparative data from previous filings.

Key Financial Figures

• $0.0001 — nge on which registered: Common Stock, $0.0001 par value ASRT The Nasdaq Stock Market
• $1.00 — mum closing bid requirement of at least $1.00 per share. Factors that could cause a
• $0 — th up to an aggregate maximum amount of $0.20, to be settled in cash, additional s
• $0.10 — R represents the right to receive up to $0.10 payable upon ROLVEDON net sales (less c
• $175 million — les (less certain deductions) achieving $175 million during the calendar year ending Decembe
• $225 million — les (less certain deductions) achieving $225 million during the calendar year ending Decembe
• $70.0 million — penses. On August 22, 2022, we issued $70.0 million aggregate principal amount of Convertib
• $59.0 million — tible Notes to repurchase the remaining $59.0 million aggregate principal amount of our then
• $3.0 million — due 2024 (the "2024 Secured Notes") and $3.0 million in associated interest payment pursuant
• $30.0 million — eted a privately negotiated exchange of $30.0 million principal amount of the 2027 Convertibl
• $10.5 million — pany's common stock, plus an additional $10.5 million in cash, were issued to settle a portio

Filing Documents

• asrt-20231231.htm (10-K) — 2021KB
• exhibit107amendedandrestat.htm (EX-10.07) — 33KB
• exhibit1022thirdamendmentt.htm (EX-10.22) — 27KB
• exhibit1023hanmiletteragre.htm (EX-10.23) — 56KB
• exhibit211-fy2023subsidiar.htm (EX-21.1) — 10KB
• exhibit231-gtconsent2023.htm (EX-23.1) — 3KB
• exhibit311-fy2023.htm (EX-31.1) — 11KB
• exhibit312-fy2023.htm (EX-31.2) — 11KB
• exhibit321-fy2023.htm (EX-32.1) — 6KB
• exhibit322-fy2023.htm (EX-32.2) — 6KB
• exhibit971executive-compen.htm (EX-97.1) — 25KB
• 0001808665-24-000012.txt (&nbsp;) — 12062KB
• asrt-20231231.xsd (EX-101.SCH) — 87KB
• asrt-20231231_cal.xml (EX-101.CAL) — 135KB
• asrt-20231231_def.xml (EX-101.DEF) — 533KB
• asrt-20231231_lab.xml (EX-101.LAB) — 1030KB
• asrt-20231231_pre.xml (EX-101.PRE) — 809KB
• asrt-20231231_htm.xml (XML) — 1718KB

Business

Business Item 1A.

Risk Factors

Risk Factors Item 1B. Unresolved Staff Comments Item 1C. C ybersecurity Item 2.

Properties

Properties Item 3.

Legal Proceedings

Legal Proceedings Item 4. Mine Safety Disclosures PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Item 6. [Reserved] Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A.

Controls and Procedures

Controls and Procedures Item 9B. Other Information Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Item 10. Directors, Executive Officers and Corporate Governance Item 11.

Executive Compensation

Executive Compensation Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Item 13. Certain Relationships and Related Transactions, and Director Independence Item 14. Principal Accountant Fees and Services PART IV Item 15. Exhibits and Financial Statement Schedules Item 16. Form 10-K Summary

Signatures

Signatures 2 Unless otherwise noted or required by context, use of "Assertio," "Company," "we," "our" and "us" refer to Assertio Holdings, Inc. and/or its applicable subsidiary or subsidiaries. Assertio , Spectrum , Zyla INDOCIN , ROLVEDON , Otrexup , Sympazan , SPRIX , CAMBIA , and Zipsor are trademarks owned by or licensed to Assertio. All other trademarks and trade names referenced in this Annual Report on Form 10-K are the property of their respective owners. We have assumed that the reader understands that all such terms are source indicating. Accordingly, such terms, when first mentioned in this Annual Report on Form 10-K, appear with the trade name, trademark or service mark notices and then throughout the remainder of this Annual Report on Form 10-K without the trade name, trademark or service mark notices for convenience only and should not be construed as being used in a descriptive or generic sense. Unless otherwise indicated, all statistical information provided about our business in this report is as of December 31, 2023. NOTE REGARDING FORWARDLOOKING STATEMENTS Statements made in this Annual Report on Form 10K that are not statements of historical fact are forwardlooking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements can in some cases be identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may," "seek," "estimate," "could," "might," "should," "goal," "target," "project," "approximate", "potential," "opportunity," "pursue," "strategy," "prospective" and other similar expressions. In addition, any statement

BUSINESS

ITEM 1. BUSINESS Our Company We are a commercial pharmaceutical company offering differentiated products to patients. We have built our commercial portfolio through acquisition or licensing of approved products. Our comprehensive commercial capabilities include marketing through both a sales force and a non-personal promotion model, market access through payor contracting, and trade and distribution. Our primary marketed products are: ROLVEDON TM (eflapegrastim-xnst) injection for subcutaneous use A long-acting granulocyte colony-stimulating factor (G-CSF) with a novel formulation that is indicated to decrease the incidence of infection, as manifested by febrile neutropenia, in adult patients with nonmyeloid malignancies receiving myelosuppressive anti-cancer drugs associated with clinically significant incidence of febrile neutropenia. INDOCIN (indomethacin) Suppositories A suppository and oral solution of indomethacin used both in hospitals and out-patient settings. Both products are nonsteroidal anti-inflammatory drug (NSAID), indicated for: Moderate to severe rheumatoid arthritis including acute flares of chronic disease Moderate to severe ankylosing spondylitis INDOCIN (indomethacin) Oral Suspension Moderate to severe osteoarthritis Acute painful shoulder (bursitis and/or tendinitis) Acute gouty arthritis Sympazan (clobazam) oral film A benzodiazepine indicated for the adjunctive treatment of seizures associated with Lennox-Gastaut Syndrome (LGS) in patients aged two years of age or older. Sympazan is the only product to offer clobazam in a convenient film with PharmFilm technology. Sympazan is taken without water or liquid, adheres to the tongue, and dissolves to deliver clobazam. Otrexup (methotrexate) injection for subcutaneous use A once weekly single-dose auto-injector containing a prescription medicine, methotrexate. Otrexup is a folate analog metabolic inhibitor indicated for the: Management of patients with severe, active rheumat