Assertio Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Assertio Holdings, Inc. filed its Q1 2024 10-Q, detailing financial performance and product-specific data.</b>

AI Summary

Assertio Holdings, Inc. (ASRT) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Assertio Holdings, Inc. reported financial results for the quarter ended March 31, 2024. The filing includes data related to product sales and royalties & milestones. Key financial statement elements such as common stock, additional paid-in capital, and retained earnings are detailed for various periods. The company is involved in the pharmaceutical preparations industry (SIC 2834). Specific product lines like Rolvedon, INDOCIN, and Sympazan are mentioned with their respective reporting periods.

Why It Matters

For investors and stakeholders tracking Assertio Holdings, Inc., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot, crucial for assessing the company's ongoing performance and strategic direction. The inclusion of specific product data and financial statement line items allows for a granular analysis of revenue streams and capital structure.

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 and market competition, as indicated by its SIC code and the mention of specific product lines.

Analyst Insight

Monitor Q2 2024 results for trends in product sales and royalty income to evaluate the company's growth trajectory.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly Report)
• 2024-05-06 — Filing Date (10-Q Filing)
• 2834 — Standard Industrial Classification (Pharmaceutical Preparations)

Key Players & Entities

• Assertio Holdings, Inc. (company) — Filer
• Spectrum Pharmaceuticals, Inc. (company) — Mentioned in relation to product lines and forecasts
• Rolvedon (product) — Specific product line with forecast data
• INDOCIN (product) — Specific product line with reporting periods
• Sympazan (product) — Specific product line with reporting periods

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The pharmaceutical industry is subject to extensive regulation by government agencies, impacting product development, marketing, and sales.
• Market Competition [medium — market]: Assertio operates in a competitive market with other pharmaceutical companies, which can affect pricing and market share.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-06: Filing Date — Date the 10-Q was officially submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and condition.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize the company's primary business activities.)

Key Financial Figures

• $0.0001 — nge on which registered: Common Stock, $0.0001 par value ASRT The Nasdaq Stock Market

Filing Documents

• asrt-20240331.htm (10-Q) — 951KB
• exhibit311-q12024.htm (EX-31.1) — 11KB
• exhibit312-q12024.htm (EX-31.2) — 11KB
• exhibit321-q12024.htm (EX-32.1) — 6KB
• exhibit322-q12024.htm (EX-32.2) — 6KB
• 0001808665-24-000023.txt (&nbsp;) — 6395KB
• asrt-20240331.xsd (EX-101.SCH) — 51KB
• asrt-20240331_cal.xml (EX-101.CAL) — 90KB
• asrt-20240331_def.xml (EX-101.DEF) — 248KB
• asrt-20240331_lab.xml (EX-101.LAB) — 535KB
• asrt-20240331_pre.xml (EX-101.PRE) — 405KB
• asrt-20240331_htm.xml (XML) — 970KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 Notes to Condensed Consolidated Financial Statements

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Controls and Procedures

Item 4. Controls and Procedures

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings

Risk Factors

Item 1A. Risk Factors

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Exhibits

Item 6. Exhibits

Signatures

Signatures 2

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ASSERTIO HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 80,743 $ 73,441 Accounts receivable, net 42,610 47,663 Inventories, net 38,602 37,686 Prepaid and other current assets 10,519 12,272 Total current assets 172,474 171,062 Property and equipment, net 704 770 Intangible assets, net 105,701 111,332 Other long-term assets 3,086 3,255 Total assets $ 281,965 $ 286,419 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,650 $ 13,439 Accrued rebates, returns and discounts 57,870 58,137 Accrued liabilities 15,401 18,213 Contingent consideration, current portion 2,700 2,700 Other current liabilities 823 954 Total current liabilities 92,444 93,443 Long-term debt 38,621 38,514 Other long-term liabilities 16,406 16,459 Total liabilities 147,471 148,416 Commitments and contingencies (Note 15 ) Shareholders' equity: Common stock, $ 0.0001 par value, 200,000,000 shares authorized; 95,115,452 and 94,668,523 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. 9 9 Additional paid-in capital 790,538 789,537 Accumulated deficit ( 656,053 ) ( 651,543 ) Total shareholders' equity 134,494 138,003 Total liabilities and shareholders' equity $ 281,965 $ 286,419 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 ASSERTIO HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues: Product sales, net $ 31,862 $ 41,769 Royalties and milestones 586 697 Total revenues 32,448 42,466 Costs and expenses: Cost of sales 11,177 5,467 Research and development expenses 733 — Selling, general and administrative expenses 18,524 16,904 Change in fair va