ASRT Assertio Holdings Inc

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Organization

Assertio Holdings, Inc., or the Company, is a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients. The Company has built its product portfolio through the acquisition or licensing of approved products. The Company’s commercial capabilities include marketing through both a sales force and a non-personal promotion model, market access through payor contracting, and trade and distribution. The Company’s primary marketed products include ROLVEDONTM (elflapegrastim-xnst) injection for subcutaneous use, INDOCIN® (indomethacin) Suppositories, INDOCIN® (indomethacin) Oral Suspension, Sympazan® (clobazam) oral film, Otrexup® (methotrexate) injection for subcutaneous use, SPRIX® (ketorolac tromethamine) Nasal Spray, CAMBIA® (diclofenac potassium for oral solution), and Zipsor® (diclofenac potassium) liquid filled capsules. To date, substantially all of the Company’s revenues are related to product sales in the United States (“U.S.”).

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.

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 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 six months ended June 30, 2024, are not necessarily indicative of results to be expected for the entire year ending December 31, 2024.

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, 2023, included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 11, 2024 (the “2023 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the audited financial statements at that date, as filed in the Company’s 2023 Form 10-K.

Reclassifications

Spectrum Pharmaceuticals

On July 31, 2023, (the “Effective Date”), the Company completed the acquisition of Spectrum Pharmaceuticals, Inc. (“Spectrum”), a commercial stage biopharmaceutical company focused on novel and targeted oncology products (the “Spectrum Merger”). The Spectrum Merger was completed pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of April 24, 2023, through a merger of a wholly-owned subsidiary of the Company with and into Spectrum, with Spectrum surviving the Merger as a wholly-owned subsidiary of the Company. The Company accounted for the Spectrum Merger using the acquisition method of accounting under Accounting Standards Codification (“ASC”) 805 and is considered the accounting acquirer.

Pursuant to the Merger Agreement, each issued and outstanding share of Spectrum common stock as of the Effective Date was converted into the right to receive (i) 0.1783 shares of the Company’s common stock and (ii) one contingent value

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right (“CVR”) representing a contractual right to receive future conditional payments worth up to an aggregate maximum amount of $0.20, settleable in cash, additional shares of Assertio common stock or a combination of cash and additional shares of Assertio common stock at the Company’s sole discretion, upon the achievement of certain sales milestones related to Spectrum’s product ROLVEDON. Subject to adjustments, each CVR represents the right to receive up to $0.10 payable upon ROLVEDON net sales (less certain deductions) achieving $175 million during the calendar year ending December 31, 2024, and up to $0.10 payable upon ROLVEDON net sales (less certain deductions) achieving $225 million during the calendar year ending December 31, 2025. In addition, upon consummation of the Spectrum Merger, Spectrum’s outstanding employee stock awards and other warrants that were outstanding immediately as of the Effective Date automatically vested (if unvested) or were cancelled, as applicable, which generally resulted in the issuance of shares of the Company’s common stock and/or CVRs to the holders of such stock awards or other warrants, in each case as dictated by the terms of the Merger Agreement. These shares and CVRs issued are considered part of the consideration transferred, and no compensation expense was recognized because the settlement was a condition of the Merger Agreement and other existing individual agreements, no future performance is required by the holders, and the fair value of the shares and CVRs is equivalent to the fair value of the existing employee stock awards and other warrants.

The following table reflects the components of the consideration transferred in the Spectrum Merger (in thousands, except per share data):

Assertio shares issued						38,013
Assertio closing price per share as of the Effective Date						$	5.69
Fair value of Assertio shares issued						$	216,294
Repayment of Spectrum's long-term debt (1)						32,647
CVRs (2)						3,932
Total fair value of consideration transferred						$	252,873

(1)Represents settlement of Spectrum’s existing long-term debt in connection with the close of the transaction. The Company concluded it did not assume the debt, therefore the amount paid to settle the debt has been accounted for and included as part of the consideration transferred.

(2)Represents the Effective Date fair value of 223,397 CVRs at $0.0176 per CVR issued to holders of Spectrum common stock, employee stock awards and warrants.

The CVRs represent a contingent consideration obligation measured at fair value and classified as liabilities on the Company’s Condensed Consolidated Balance Sheets. The fair value of the CVR contingent consideration is determined using a Monte Carlo simulation model under the income approach and is based on Level 3 inputs. Refer to Note 18, Fair Value, for additional information. Fair value is based on the probability of achievement of 2024 and 2025 annual ROLVEDON net sales milestones. Significant assumptions include the discount rate and the probability assigned to the achievement of the net sales milestones. Achievement of both the 2024 and 2025 annual ROLVEDON net sales milestones would obligate the Company to transfer a maximum of approximately $44.7 million of additional consideration. No additional consideration would be paid by the Company if neither the 2024 nor 2025 annual ROLVEDON net sales milestones are achieved.

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The following table reflects the fair values of the assets acquired and liabilities assumed at the Effective Date (in thousands). The fair values were based on management’s estimates and assumptions. Management’s determination of the fair values of the assets acquired and liabilities assumed was completed as of March 31, 2024.

						Initial Preliminary Purchase Price Allocation to Fair Value						Adjustments to Purchase Price Allocation to Fair Value (2)						Final Purchase Price Allocation to Fair Value
Assets:
Cash and cash equivalents						$	34,600					$	—					$	34,600
Marketable securities						2,194						—						2,194
Accounts receivable						50,975						—						50,975
Inventories						22,244						61						22,305
Prepaid and other current assets						1,287						698						1,985
Property and equipment						100						—						100
Intangible assets						234,000						(13,500)						220,500
Other long-term assets						1,396						—						1,396
Total						$	346,796					$	(12,741)					$	334,055
Liabilities:
Accounts payable						$	10,108					$	—					$	10,108
Accrued rebates, returns and discounts						21,025						—						21,025
Accrued liabilities						36,509						(2,343)						34,166
Other current liabilities						784						—						784
Deferred taxes						34,250						(30,254)						3,996
Other long-term liabilities						11,103						—						11,103
Total						$	113,779					$	(32,597)					$	81,182
Total Spectrum net assets acquired (1)						$	233,017					$	19,856					$	252,873
Goodwill						$	19,856					$	(19,856)					$	—

(1)Application of the acquisition method required the Company to adjust Spectrum assets and liabilities as of the Effective Date, including certain liabilities for variable consideration associated with ROLVEDON, to reflect conformity of Spectrum’s accounting policies to those of Assertio. Liabilities assumed include certain bonuses owed to former Spectrum executives under the terms of existing employment agreements triggered by the consummation of the Spectrum Merger.

(2)Adjustments made to the preliminary purchase price allocation to fair value primarily reflect completion of studies and other analyses necessary to determine the income tax effects of the net identifiable assets acquired and further refinement of the assumptions used in the valuation supporting the ROLVEDON product rights. These adjustments did not materially impact the Consolidated Statement of Comprehensive (Loss) Income.

The income approach was primarily used to value the acquired intangible assets, representing rights to Spectrum’s product ROLVEDON. Significant assumptions include the amount and timing of projected future cash flows; the discount rate selected to measure the inherent risk of future cash flows; and the assessment of the product’s life cycle and the competitive trends impacting the product. The ROLVEDON product rights will be amortized on a straight-line basis over its estimated useful life of 10 years.

Acquisition costs related to the Spectrum Merger recognized for the three and six months ended June 30, 2023, were $3.4 million and $5.8 million, respectively. There were no acquisition costs related to the Spectrum Merger recognized for the three and six months ended June 30, 2024.

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The following unaudited pro forma information represents the Company’s results of operations as if the Spectrum Merger had been completed as of January 1, 2023, (in thousands) and includes nonrecurring adjustments for additional costs of sales from the fair value step-up of inventories and transaction costs. The disclosure of pro forma total revenues and net income (loss) does not purport to indicate the results that would actually have been obtained had the Spectrum Merger been completed on the assumed date for the periods presented, or which may be realized in the future. The unaudited pro forma information does not reflect any operating efficiencies or cost savings that may be realized from the integration of the acquisition.

						Three Months Ended						Six Months Ended
						June 30, 2023						June 30, 2023
Total revenues						$	64,729					$	122,810
Net income (loss)						4,938						(9,006)

 

Disaggregated Revenue

 

The following table reflects total revenues for the three and six months ended June 30, 2024 and 2023 (in thousands): 

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Product sales, net:
ROLVEDON						$	15,144					$	—					$	29,622					$	—
INDOCIN products						6,913						28,075						15,596						58,421
Sympazan						2,668						2,627						5,285						5,129
Otrexup						2,014						3,594						4,896						6,416
SPRIX						2,147						2,373						3,584						4,262
CAMBIA						1,403						1,805						2,660						4,069
Other products						406						1,609						914						3,555
Total product sales, net						30,695						40,083						62,557						81,852
Royalties and milestone revenue						431						723						1,017						1,420
Other revenue						—						185						—						185
Total revenues						$	31,126					$	40,991					$	63,574					$	83,457

Product Sales, net

As a result of the Spectrum Merger, the Company began recognizing ROLVEDON sales in August 2023.

Other product sales, net, for the three and six months ended June 30, 2023 include product sales for OXAYDO and Zipsor. As the Company ceased OXAYDO product sales beginning in September 2023, other net product sales for the three and six months ended June 30, 2024 represent only net product sales of Zipsor.

Royalties and Milestone Revenue

In November 2010, the Company entered into a license agreement granting Tribune Pharmaceuticals Canada Ltd. (now known as Miravo Pharmaceuticals, or “Miravo”) the rights to commercially market CAMBIA in Canada. Miravo independently contracts with manufacturers to produce a specific CAMBIA formulation in Canada. The Company recognized royalties revenue related to the CAMBIA licensing agreement of $0.4 million and $1.0 million for the three and six months ended June 30, 2024, respectively, and $0.4 million and $1.0 million for the three and six months ended June 30, 2023, respectively.

The Company recognized no milestone revenue associated with the completion of certain service milestones for the three and six months ended June 30, 2024, and $0.3 million and $0.5 million and for the three and six months ended June 30, 2023, respectively.

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The following table reflects the components of inventories, net as of June 30, 2024 and December 31, 2023 (in thousands): 

			June 30, 2024						December 31, 2023
Raw materials			$	19,159					$	10,537
Work-in-process			870						2,239
Finished goods			19,051						24,910
Total inventories, net			$	39,080					$	37,686

The following table reflects prepaid and other current as of June 30, 2024 and December 31, 2023 (in thousands): 

			June 30, 2024						December 31, 2023
Prepaid assets and deposits			$	10,179					$	11,973
Other current assets			301						299
Total prepaid and other current assets			$	10,480					$	12,272

In August 2018, the Company entered into a Convertible Secured Note Purchase Agreement (the “Note Agreement”) with NES Therapeutic, Inc. (“NES”), pursuant to which it purchased a Convertible Secured Promissory Note (the “NES Note”). The Company’s investment in the NES Note, which is included in other current assets, is accounted for as a loan receivable and is valued at amortized cost. As of both June 30, 2024 and December 31, 2023, the Company recorded a $3.5 million credit loss reserve on its investment based on its evaluation of the probability of default that exists at NES. The credit loss reserve recorded in each period represents the entire aggregate principal amount and outstanding interest incurred on the NES Note as of both June 30, 2024 and December 31, 2023.

On August 2, 2024, the NES Note was amended to extend the maturity date to August 16, 2024. All other terms of the existing Note Agreement were unchanged by the extension.

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The following table reflects property and equipment, net as of June 30, 2024 and December 31, 2023 (in thousands): 

			June 30, 2024						December 31, 2023
Furniture and office equipment			$	1,412					$	1,908
Laboratory equipment			20						20
Leasehold improvements			2,551						2,945
Construction in progress			—						528
			3,983						5,401
Less: Accumulated depreciation			(3,319)						(4,631)
Property and equipment, net			$	664					$	770

 

The following table reflects the gross carrying amounts and net book values of intangible assets as of June 30, 2024 and December 31, 2023 (dollar amounts in thousands): 

												June 30, 2024																					December 31, 2023
Products rights:						Remaining Useful Life  (In years)						Gross Carrying Amount						Accumulated Amortization																		Net Book Value						Gross Carrying Amount						Accumulated Amortization						Impairment						Net Book Value
ROLVEDON						9.1						$	63,405					$	(8,303)																	$	55,102					$	220,500					$	(5,270)					$	(157,095)					$	58,135
INDOCIN						1.0						65,605						(51,052)																		14,553						154,100						(44,814)						(88,494)						20,792
Sympazan						10.3						14,550						(2,020)																		12,530						14,550						(1,415)						—						13,135
Otrexup						5.5						16,364						(10,625)																		5,739						44,086						(10,103)						(27,723)						6,260
SPRIX						2.9						32,673						(21,567)																		11,106						39,000						(19,663)						(6,327)						13,010
Total intangible assets												$	192,597					$	(93,567)																	$	99,030					$	472,236					$	(81,265)					$	(279,639)					$	111,332

Amortization expense was $6.7 million and $12.3 million for the three and six months ended June 30, 2024, respectively, and $6.3 million and $12.6 million for three and six months ended June 30, 2023, respectively.

Effective April 1, 2024, the Company revised the remaining estimated useful life of the INDOCIN product rights intangible asset to 1.3 years, 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 below.

The following table reflects future amortization expense the Company expects for its intangible assets (in thousands): 

Year Ending December 31,						Estimated Amortization Expense
2024 (remainder)						13,342
2025						19,407
2026						12,130
2027						9,909
2028						8,322
Thereafter						35,920
Total						$	99,030

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During each of the three months ended June 30, 2024 and March 31, 2024, the Company’s market capitalization was below the book value of the Company’s equity, which management determined represented an indicator of impairment with respect to its long-lived assets. Applying the relevant accounting guidance, the Company first assessed the recoverability of its long-lived assets at each date. Similar to its previous assessment in the fourth quarter of 2023, as described in the Company’s 2023 Form 10-K, the Company concluded that it was appropriate to group its assets at the product level. 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 of the three months ended June 30, 2024 and March 31, 2024. The Company then compared the estimated undiscounted cash flows to the carrying amounts of the long-lived asset groups at each date. Based on these tests, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amounts for all of the long-lived asset groups as of both June 30, 2024 and March 31, 2024 and, accordingly, the Company concluded that the long-lived asset groups are fully recoverable and no adjustment to their carrying values was required.

 

The following table reflects other long-term assets as of June 30, 2024 and December 31, 2023 (in thousands): 

			June 30, 2024						December 31, 2023
Operating lease right-of-use assets			$	1,198					$	1,269
Other			699						1,986
Total other long-term assets			$	1,897					$	3,255

 

The following table reflects accrued liabilities as of June 30, 2024 and December 31, 2023 (in thousands): 

			June 30, 2024						December 31, 2023
Accrued compensation			$	1,772					$	2,438
Accrued restructuring costs (See Note 20)			2,330						4,378
Other accrued liabilities			8,936						9,492
Interest payable			867						867
Accrued royalties			1,219						1,038
Total accrued liabilities			$	15,124					$	18,213

 

As of June 30, 2024 and December 31, 2023, 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 $38.7 million and $38.5 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 6.5% Convertible Senior Notes due 2027. 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 “Convertible Note Exchange”). As a result of the Convertible Note Exchange in the first quarter of 2023, the Company recorded an induced conversion expense of approximately $8.8 million and direct transaction

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costs of approximately $1.1 million, the total of which is reported in Debt-related expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the six months ended June 30, 2023. The induced conversion expense represents the fair value of the consideration transferred in the Convertible Note Exchange in excess of the fair value of common stock issuable under the original terms of the 2027 Convertible Notes.

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

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

Pursuant to the terms of the Indenture, the Company and its restricted subsidiaries must comply with certain covenants, including mergers, consolidations, and divestitures; guarantees of debt by subsidiaries; issuance of preferred and/or disqualified stock; and liens on the Company’s properties or assets. The Company was in compliance with its covenants with respect to the 2027 Convertible Notes as of June 30, 2024.

The following table reflects the carrying value of the 2027 Convertible Notes as of June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024						December 31, 2023
Principal balance			$	40,000					$	40,000
Derivative liability for embedded conversion feature			308						308
Unamortized debt issuance costs			(1,579)						(1,794)
Carrying value			$	38,729					$	38,514

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 amortized $0.1 million and $0.2 million of the debt discount on the 2027 Convertible Notes during the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.2 million during the three and six months ended June 30, 2023, respectively. During the six months ended June 30, 2023, $1.6 million of unamortized issuance costs related to the Convertible Note Exchange were recognized as Additional paid-in-capital.

The Company determined that an embedded conversion feature included in the 2027 Convertible Notes required bifurcation from the host contract and to be recognized as a separate derivative liability carried at fair value. See Note 18, 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 (Loss) Income for the three and six months ended June 30, 2024 and 2023 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Interest on 2027 Convertible Notes			$	650					$	650					$	1,300					$	1,625
Amortization of debt issuance costs			108						101						215						248
Total interest expense			$	758					$	751					$	1,515					$	1,873

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The following table reflects other long-term liabilities as of June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024						December 31, 2023
ROLVEDON product royalties			$	9,224					$	9,224
Noncurrent operating lease liabilities			1,254						1,470
Liability for uncertain tax provisions			4,687						4,553
Deferred employee retention credits			1,212						1,212
Total other long-term liabilities			$	16,377					$	16,459

    

The Company’s stock-based compensation generally includes time-based restricted stock units (“RSU”) and stock options, as well as performance-based RSUs and stock options.

Stock-based compensation of $1.4 million and $2.6 million for the three and six months ended June 30, 2024, respectively, and $2.2 million and $4.7 million for three and six months ended June 30, 2023, respectively, was recognized in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income.

During the six months ended June 30, 2024, the Company granted 1.7 million RSUs at a weighted-average fair market value of $0.89 per share, and 5.3 million stock options at a weighted-average fair market value of $0.82 per share. During the six months ended June 30, 2023, the Company granted 0.7 million RSUs at a weighted-average fair market value of $5.64 per share, and 0.6 million stock options at a weighted-average fair market value of $4.49 per share.

The Company has a non-cancelable operating lease for its corporate office, which is located in Lake Forest, Illinois (the “Lake Forest Lease”). On May 1, 2023, the Company amended the Lake Forest Lease to reduce the size of leased premises and extend the term of the lease through December 31, 2030. Additionally, in connection with the Spectrum Merger, the Company assumed leases for two facilities and certain office equipment which Spectrum had previously been the lessee (See Note 20, Restructuring Charges).

The following table reflects lease expense for the three and six months ended June 30, 2024 and 2023 (in thousands):

									Three Months Ended June 30,												Six Months Ended June 30,
			Financial Statement Classification						2024						2023						2024						2023
Operating lease cost			Selling, general and administrative expenses						$	65					$	57					$	131					$	96

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The following table reflects supplemental cash flow information related to leases for the three and six months ended June 30, 2024 and 2023 (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases						$	258					$	104					$	540					$	208

The following table reflects supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023 (in thousands):

			Financial Statement Classification						June 30, 2024						December 31, 2023
Assets
Operating lease right-of-use assets			Other long-term assets						$	1,198					$	1,269
Liabilities
Current operating lease liabilities			Other current liabilities						$	665					$	928
Noncurrent operating lease liabilities			Other long-term liabilities						1,254						1,470
Total lease liabilities									$	1,919					$	2,398

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. Total annual commitments to JHS are approximately $1.5 million.

Antares Supply Agreement

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

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 has agreed to purchase a minimum number of batches totaling approximately $19.1 million in 2024 and $3.8 million in 2025. The Company purchased $12.6 million of inventory from Hanmi during the six months ended months ended June 30, 2024.

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

Other than matters disclosed below, the Company may from time to time become party to actions, claims, suits, investigations or proceedings arising from the ordinary course of its business, including actions with respect to intellectual property claims, breach of contract claims, labor and employment claims and other matters. The Company may also become party to further litigation in federal and state courts relating to opioid drugs. Although actions, claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, other than the matters set forth below, the Company is not currently involved in any matters that the Company believes may have a material adverse effect on its business, results of operations, cash flows or financial condition. However, regardless of the outcome, litigation can have an adverse impact on the Company because of associated cost and diversion of management time.

Glumetza Antitrust Litigation

Antitrust class actions and related direct antitrust actions were filed in the U.S. District Court for the Northern District of California against the Company and several other defendants relating to its former drug Glumetza®. The plaintiffs sought to represent a putative class of direct purchasers of Glumetza. In addition, several retailers, including CVS Pharmacy, Inc., Rite Aid Corporation, Walgreen Co., the Kroger Co., the Albertsons Companies, Inc., H-E-B, L.P., and Hy-Vee, Inc. (the “Retailer Plaintiffs”), filed substantially similar direct purchaser antitrust claims in the same District Court.

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

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

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

With respect to the California state court lawsuits, on November 24, 2021, the state court granted in part and denied in part a demurrer by the defendants in the Humana action. That case was consolidated in November 2022 with the HCSC action for pre-trial and trial purposes. On July 5, 2023, the state court denied a motion for judgment on the pleadings filed by the

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defendants in the Humana action. Discovery has now been completed in these California state cases, and on June 18, 2024, the Company moved for summary judgment. Trial is scheduled for December 2024.

The Company intends to defend itself vigorously in the consolidated California state court lawsuits. A liability for this matter has been recorded, which is not material to the Condensed Consolidated Financial Statements.

Opioid-Related Request and Subpoenas

As a result of the greater public awareness of the public health issue of opioid abuse, there has been increased scrutiny of, and investigation into, the commercial practices of opioid manufacturers generally by federal, state, and local regulatory and governmental agencies. In March 2017, Assertio Therapeutics received a letter from then-Sen. Claire McCaskill (D-MO), the then-Ranking Member on the U.S. Senate Committee on Homeland Security and Governmental Affairs, requesting certain information regarding Assertio Therapeutics’ historical commercialization of opioid products. Assertio Therapeutics voluntarily furnished information responsive to Sen. McCaskill’s request. Since 2017, Assertio Therapeutics has received and responded to subpoenas from the U.S. Department of Justice (“DOJ”) seeking documents and information regarding its historical sales and marketing of opioid products. Assertio Therapeutics has also received and responded to subpoenas or civil investigative demands focused on its historical promotion and sales of Lazanda, NUCYNTA, and NUCYNTA ER from various state attorneys general seeking documents and information regarding Assertio Therapeutics’ historical sales and marketing of opioid products. In addition, Assertio Therapeutics received and responded to a subpoena from the State of California Department of Insurance (“CDI”) seeking information relating to its historical sales and marketing of Lazanda. The CDI subpoena also sought information on Gralise, a non-opioid product formerly in Assertio Therapeutics’ portfolio. In addition, Assertio Therapeutics received and responded to a subpoena from the New York Department of Financial Services seeking information relating to its historical sales and marketing of opioid products. The Company has also received a subpoena from the New York Attorney General in May 2023, pursuant to which the New York Attorney General is seeking information concerning the sales and marketing of opioid products (Lazanda, NUCYNTA, NUCYNTA ER, and OXAYDO) by Assertio Therapeutics and Zyla. The Company also from time to time receives and responds to subpoenas from governmental authorities related to investigations primarily focused on third parties, including healthcare practitioners. The Company is cooperating with the foregoing governmental investigations and inquiries.

In July 2022, the Company became aware that the DOJ issued a press release stating that it had settled claims against a physician whom the DOJ alleged had received payments for paid speaking and consulting work from two pharmaceutical companies, including Depomed, Inc. (“Depomed,” now known as Assertio Therapeutics), in exchange for prescribing certain of the companies’ respective products. As part of the settlement, the physician did not admit liability for such claims and the press release stated that there has been no determination of any liability for such claims. The Company denies any wrongdoing and disputes the DOJ’s characterization of the payments from Depomed.

Multidistrict and Other Federal Opioid Litigation

A number of pharmaceutical manufacturers, distributors and other industry participants have been named in numerous lawsuits around the country brought by various groups of plaintiffs, including city and county governments, hospitals, individuals and others. In general, the lawsuits assert claims arising from defendants’ manufacturing, distributing, marketing and promoting of FDA-approved opioid drugs. The specific legal theories asserted vary from case to case, but the lawsuits generally include federal and/or state statutory claims, as well as claims arising under state common law. Plaintiffs seek various forms of damages, injunctive and other relief and attorneys’ fees and costs.

For such cases filed in or removed to federal court, the Judicial Panel on Multi-District Litigation issued an order in December 2017, establishing a Multi-District Litigation court (“MDL Court”) in the Northern District of Ohio (In re National Prescription Opiate Litigation, Case No. 1:17-MD-2804). Since that time, more than 2,000 such cases that were originally filed in U.S. District Courts, or removed to federal court from state court, have been filed in or transferred to the MDL Court. Assertio Therapeutics is currently involved in a subset of the lawsuits that have been filed in or transferred to the MDL Court. Assertio Holdings has also been named in six such cases. In April 2022, the Judicial Panel on Multi-District Litigation issued an order stating that it would no longer transfer new opioid cases to the MDL Court. Since that time, Assertio Therapeutics has been named in lawsuits pending in federal courts outside of the MDL Court (one of which remains pending in Georgia). Plaintiffs may file additional lawsuits in which the Company may be named, and plaintiffs may also seek leave to add the Company to lawsuits already on file in the MDL Court. Plaintiffs in the pending federal cases involving Assertio Therapeutics or Assertio Holdings include individuals; county, municipal and other governmental entities; employee benefit plans, health insurance providers and other payors; hospitals, health clinics and other health care providers; Native American tribes; and non-profit organizations who assert, for themselves and in some cases for a putative class, federal and state statutory claims and state common law claims, such as conspiracy, nuisance, fraud, negligence, gross negligence, negligent and intentional infliction of emotional distress, deceptive trade practices, and products liability claims (defective design/failure to warn). In these cases,

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plaintiffs seek a variety of forms of relief, including actual damages to compensate for alleged personal injuries and for alleged past and future costs such as to provide care and services to persons with opioid-related addiction or related conditions, injunctive relief, including to prohibit alleged deceptive marketing practices and abate an alleged nuisance, establishment of a compensation fund, establishment of medical monitoring programs, disgorgement of profits, punitive and statutory treble damages, and attorneys’ fees and costs. No trial date has been set for any of these lawsuits, which are at an early stage of proceedings. Assertio Therapeutics and Assertio Holdings intend to defend themselves vigorously in these matters.

State Opioid Litigation

Related to the federal cases noted above, there have been hundreds of similar lawsuits filed in state courts around the country, in which various groups of plaintiffs assert opioid-drug related claims against similar groups of defendants. Assertio Therapeutics is currently named in a subset of those cases, including cases in Delaware, Missouri, New York, Pennsylvania, Texas and Utah. Plaintiffs may file additional lawsuits in which the Company may be named. In the pending cases involving Assertio Therapeutics, plaintiffs are asserting state common law and statutory claims against the defendants, and the majority of those cases are similar in nature to the claims asserted in the MDL cases. Plaintiffs are seeking actual damages, disgorgement of profits, injunctive relief, punitive and statutory treble damages, and attorneys’ fees and costs. Discovery has begun in one of the state court cases (Tarnopol, et al. v. Janssen Pharmaceuticals, Inc, et al., Case No. 002584, in the Court of Common Pleas of Philadelphia County, First Judicial District of Pennsylvania, Civil Trial Division), and the court in that case has entered an order providing that the case shall be ready for trial by April 7, 2025. The other state lawsuits in which Assertio Therapeutics has been served are generally each at an early stage of proceedings. Assertio Therapeutics intends to defend itself vigorously in these matters.

Qui Tam Litigation

The Company has learned that on October 30, 2017, a qui tam lawsuit was filed against Depomed in the United States District Court for the District of Columbia (United States of America ex rel. Webb, et al. v. Depomed, Inc., Case No. 1:17-cv-02309-JDB). The case was filed under seal and remained under seal until after an order was entered by the district court on July 12, 2024, which followed a notice from the DOJ electing to intervene, in part, and declining to intervene, in part, and which granted the DOJ’s request to unseal the complaint, the DOJ’s notice concerning intervention, and DOJ’s proposed order concerning its intervention. The district court order gives DOJ and the relator until October 10, 2024, to serve their respective complaints on Depomed.

The relator’s complaint alleges that Depomed violated the federal False Claims Act, 31 U.S.C. § 3729, as well as similar laws in California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Rhode Island, Tennessee, Texas, Vermont, Virginia, Washington, and the District of Columbia; the federal Anti-Kickback Statute, 42 U.S.C. § 1320a-7(b)(2)(B); the United States Food, Drug and Cosmetic Act, 21 U.S.C. §§ 331(d), 355(a); and laws in California and Illinois concerning fraudulent insurance claims. The relator’s complaint generally alleges that Depomed marketed off-label uses for its drugs Gralise and Lazanda, which were divested in 2020 and 2017, respectively, and that Depomed paid illegal kickbacks to physicians to induce them to write Gralise and Lazanda prescriptions. The relator also alleges that Depomed retaliated against her for complaining about Depomed’s alleged unlawful conduct. On behalf of herself, the United States, the several states whose laws the Complaint alleges to have been violated, and certain unnamed insurance companies, the relator seeks, among other things, actual damages, treble damages, back pay, two times back pay, special damages, civil penalties, pre- and post-judgment interest, attorneys’ fees, costs, and expenses.

The DOJ filed its notice of intervention on July 3, 3024, stating that the United States was intervening on the allegations that Depomed knowingly marketed Lazanda in a manner that caused the submission of false claims for Lazanda to Medicare and TRICARE. The DOJ noted that the United States declined to intervene on all other allegations not related to Lazanda. Therefore, the DOJ has declined to intervene with respect to the relator’s allegations concerning Gralise. The DOJ stated that it would file its complaint in intervention within 90 days of its notice. The Company is not currently aware of any involvement in the lawsuit of any of the governments of the states (or the District of Columbia) on whose behalf the relator purports to act.

The Company has not yet been served with process in the lawsuit. If served, the Company intends to vigorously defend itself in this matter.

Insurance Litigation

On January 15, 2019, Assertio Therapeutics was named as a defendant in a declaratory judgment action filed by Navigators Specialty Insurance Company (“Navigators”) in the U.S. District Court for the Northern District of California (Case

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No. 3:19-cv-255). Navigators was Assertio Therapeutics’ primary product liability insurer. Navigators was seeking declaratory judgment that opioid litigation claims noticed by Assertio Therapeutics (as further described above under “Multidistrict and Other Federal Opioid Litigation” and “State Opioid Litigation”) are not covered by Assertio Therapeutics’ life sciences liability policies with Navigators. On February 3, 2021, Assertio Therapeutics entered into a Confidential Settlement Agreement and Mutual Release with Navigators to resolve the declaratory judgment action and Assertio Therapeutics’ counterclaims. Pursuant to the Settlement Agreement, the parties settled and the coverage action was dismissed without prejudice.

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

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

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

On April 1, 2022, Assertio Therapeutics filed a complaint against its former insurance broker, Woodruff-Sawyer & Co. (“Woodruff”), in the California Superior Court of Alameda (Case No. 22CV009380). Assertio Therapeutics alleged claims for negligence and breach of fiduciary duty in connection with Woodruff’s negotiation and procurement of products liability insurance coverage for Assertio Therapeutics.

During the second quarter of 2024, Assertio Therapeutics settled with Woodruff and received $1.9 million in connection with its claims for insurance reimbursement for previous opioid-related legal expenses, which was recognized within Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2024.

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 in violation of Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act of 1934, as amended (the “Exchange Act”). On April 11, 2024, the court appointed Continental General Insurance Company as the lead plaintiff. The plaintiffs 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 20(a) of 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 defendants are scheduled to file their motion to dismiss on August 9, 2024. The Company intends to vigorously defend itself in this matter.

Edwards v. Assertio Holdings, Inc., et al., Court of Chancery of the State of Delaware, Case No. 2024-0151. On February 19, 2024, this putative securities class action lawsuit was filed by a purported shareholder, alleging that certain former officers and directors of Spectrum breached their fiduciary duties in connection the Spectrum Merger and that Guggenheim Securities LLC and Assertio aided and abetted such fiduciary duty breaches. The defendants moved to dismiss the Edwards complaint on June 29, 2024. The plaintiff’s answering brief is due on August 28, 2024, and the defendants’ reply brief is due on September 27, 2024. The Company intends to vigorously defend itself in this matter.

Jung v. Peisert, et al., U.S. District Court, Delaware, Case No. 1:24-cv-00383-UNA. On March 26, 2024, this putative stockholder derivative action was filed against the Company (as a nominal defendant) and certain of its current and former executive officers and directors. The stockholder derivative complaint alleges, inter alia, that 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

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for contribution and indemnification, relating to allegedly false or misleading statements and alleged failure to disclose material facts regarding the likely impact of INDOCIN sales and the Spectrum Merger on the Company’s profitability. The complaint further alleges that certain of the Company’s current and former officers and directors breached their fiduciary duties, and that 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 allegations state that as a result of the violations, certain of the Company’s current and former executive officers and directors committed acts of gross mismanagement, abuse of control, or were unjustly enriched. The plaintiff generally seeks corporate reforms, damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. The defendants’ deadline to respond to the complaint is September 6, 2024.

Hollin v. Mason, et al., U.S. District Court, Delaware, Case No. 1:24-cv-00785-UNA. On July 3, 2024, this putative stockholder derivative action was filed against the Company (as a nominal defendant) and certain of its current and former executive officers and directors. The stockholder derivative complaint is largely duplicative of the Jung stockholder derivative complaint described above.

Jung v. Lebel, et al., Court of Chancery of the State of Delaware, Case No. 2024-0821. 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 a stockholder derivative complaint in the Delaware Chancery Court against certain former Spectrum officers and directors and naming both Assertio and Spectrum as nominal defendants. The complaint is largely duplicative of the allegations in the ongoing Christiansen shareholder class action in the Southern District of New York (discussed below), alleging that Spectrum officers made various alleged misstatements regarding Spectrum’s application for FDA approval of poziotinib. Jung previously raised these allegations in a demand letter to Assertio’s Board of Directors (“the Board”), demanding that the Board take legal action against the individuals now named in this complaint. In response to Jung’s demand letter, the Board retained independent counsel, considered Jung’s demand, and provided a substantive response explaining the Board’s reasons for denying Jung’s demand. The complaint now alleges that the Board wrongfully refused his demand. Neither the Company nor the individual defendants have been served with the complaint and there is no schedule in place for responding to the complaint.

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 eflapegrastim (ROLVEDON) in violation of Section 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act. On November 1, 2021, four individuals and one entity filed competing motions to be appointed lead plaintiff and for approval of counsel. 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 seeks damages, interest, costs, attorneys’ fees, and such other relief as may be determined by the Court. On November 30, 2022, the defendants filed a motion to dismiss the amended complaint, which was fully briefed as of February 27, 2023. On February 6, 2024, the Court held a hearing on the motion to dismiss and issued an order dismissing the lawsuit without prejudice to the lead plaintiff’s ability to replead their claims. The lead plaintiff filed a further amended complaint on March 29, 2024. On May 13, 2024, the defendants filed a motion to dismiss that further amended complaint, which was fully briefed as of July 22, 2024. The Company intends to vigorously defend itself in this matter.

Christiansen v. Spectrum Pharmaceuticals, Inc. et al., Case No. 1:22-cv-10292 (filed December 5, 2022 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 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. On February 15, 2023, the Court consolidated the three New York lawsuits. On March 21, 2023, the Court 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. The defendants filed a motion to dismiss the consolidated New York Action on July 25, 2023, which was fully

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briefed as of October 19, 2023. On January 23, 2024, the Court granted the motion to dismiss in part as to five of the challenged statements but denied the motion to dismiss as to two specific statements. The Company filed its answer to the complaint on March 8, 2024. Discovery is currently ongoing. The Company intends to vigorously defend itself in this matter.

Csaba v. Turgeon, et. al. (filed December 15, 2021 in the U.S. District Court District of Nevada); Shumacher v. Turgeon, et. al. (filed March 15, 2022 in the U.S. District Court District of Nevada); Johnson v. Turgeon, et. al. (filed March 29, 2022 in the U.S. District Court District of Nevada); Raul v. Turgeon, et. al. (filed April 28, 2022 in the U.S. District Court District of Delaware); and Albayrak v. Turgeon, et. al. (filed June 9, 2022 in the U.S. District Court District of Nevada). These putative stockholder derivative actions were filed against Spectrum (as a nominal defendant) and certain of Spectrum’s former executive officers and directors. The stockholder derivative complaints allege, inter alia, that certain of Spectrum’s former executive officers are liable to Spectrum, pursuant to Section 10(b) and 21(d) of the Exchange Act for contribution and indemnification, if they are deemed (in the Luo class action), to have made false or misleading statements and failed to disclose material facts about Spectrum’s business and the prospects of approval for its BLA to the FDA for eflapegrastim. The complaints generally but not uniformly further allege that certain of Spectrum’s former officers and directors breached their fiduciary duties, and certain of Spectrum’s former 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 Spectrum’s business and the prospects of approval for its BLA to the FDA for eflapegrastim. The allegations state that as a result of the violations, certain of Spectrum’s former executive officers and directors committed acts of gross mismanagement, abuse of control, or were unjustly enriched. The plaintiffs generally seek corporate reforms, damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. The parties have agreed to stay these derivative actions until there is a decision in the Luo Nevada securities class action either denying a motion to dismiss in whole or in part, or dismissing that securities class action with prejudice.

Issuance of Common Stock in the Spectrum Merger

Pursuant to the Merger Agreement, shares of Spectrum common stock issued and outstanding immediately prior to the Effective Date, as well as Spectrum restricted stock units, certain stock appreciation rights, certain options to purchase Spectrum common stock, and warrants to purchase Spectrum common stock, which, in each case, were outstanding immediately prior to the Effective Date and were either vested or became vested as a result of the Spectrum Merger on the Effective Date, were converted into the right to receive fully paid and non-assessable shares of the Company’s common stock based on the exchange ratio as set forth in the Merger Agreement (see Note 2, Acquisitions) and the CVRs. Accordingly, on the Effective Date the Company issued approximately 38.0 million shares of its common stock to the previous holders of Spectrum common stock, net of a fractional share settlement.

Exchanged Convertible Notes

In connection with the Convertible Note Exchange (See Note 11, Debt) in the first quarter of 2023, the Company paid an aggregate of $10.5 million in cash and issued an aggregate of approximately 7.0 million shares of its common stock in partial settlement of the 2027 Convertible Notes (the “Exchanged Notes”). The Company did not receive any cash proceeds from the issuance of the shares of its common stock but recognized additional paid-in capital of $28.3 million during the six months ended June 30, 2023, related to the common stock share issuance, net of approximately $1.6 million of unamortized issuance costs related to the Exchanged Notes.

Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period.

Diluted net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period, plus potentially dilutive common shares, consisting of stock-based awards and equivalents, and convertible debt. For purposes of this calculation, stock-based awards and equivalents and convertible debt are considered to be potential common shares and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock-based awards and equivalents. The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt. Under the if-converted method, the Company assumes any convertible debt outstanding was converted at the beginning of each period presented when the effect is dilutive. As a result, interest expense, net of tax, and any other income statement impact associated with the 2027 Convertible Notes, net of tax, is added

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back to net (loss) income used in the diluted earnings per share calculation. Additionally, the diluted shares used in the diluted earnings per share calculation includes the potential dilution effect of the convertible debt if converted into the Company’s common stock. The Company’s potentially dilutive stock-based awards and convertible debt were not included in the computation of diluted net loss per share for the three and six months ended June 30, 2024, because to do so would be anti-dilutive. For the three months ended June 30, 2023, the Company’s potentially dilutive convertible debt was included in the computation of diluted net income per share. However, for the six months ended June 30, 2023, the Company’s potentially dilutive convertible debt was not included in the computation of diluted net income per share, because to do so would be anti-dilutive.

The following table reflects the calculation of basic and diluted (loss) income per common share for the three and six months ended June 30, 2024 and 2023 (in thousands, except for per share amounts):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Basic net (loss) income per share
Net (loss) income			$	(3,674)					$	8,470					$	(8,184)					$	4,986
Weighted-average common shares outstanding			95,240						56,142						95,110						53,588
Basic net (loss) income per share			$	(0.04)					$	0.15					$	(0.09)					$	0.09
Diluted net (loss) income per share
Net (loss) income			$	(3,674)					$	8,470					$	(8,184)					$	4,986
Add: Convertible debt interest expense, net of tax			—						563						—						—
Adjusted net (loss) income			(3,674)						9,033						(8,184)						4,986
Weighted-average common shares and share equivalents outstanding			95,240						56,142						95,110						53,588
Add: effect of dilutive stock-based awards and equivalents			—						4,234						—						4,422
Add: effect of dilutive convertible debt under if-converted method			—						9,768						—						—
Denominator for diluted net (loss) income per share			95,240						70,144						95,110						58,010
Diluted net (loss) income per share			$	(0.04)					$	0.13					$	(0.09)					$	0.09

 

The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive, for the three and six months ended June 30, 2024 and 2023 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Convertible notes			9,768						—						9,768						12,116
Stock-based awards and equivalents			9,624						721						9,023						548
Total potentially dilutive common shares			19,392						721						18,791						12,664

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.

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•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):

June 30, 2024						Financial Statement Classification						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
U.S. Treasuries						Cash and cash equivalents						$	—					$	7,761					$	—					$	7,761
Money market funds						Cash and cash equivalents						35,896						—						—						35,896
Short-term investments:
Commercial paper						Short-term investments						—						3,964						—						3,964
U.S. Treasuries						Short-term investments						—						39,680						—						39,680
Total												$	35,896					$	51,405					$	—					$	87,301
Liabilities
Short-term contingent consideration						Contingent consideration, current portion						$	—					$	—					$	2,700					$	2,700
Derivative liability						Long-term debt						—						—						308						308
Total												$	—					$	—					$	3,008					$	3,008

December 31, 2023						Financial Statement Classification						Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
U.S. Treasuries						Cash and cash equivalents						$	—					$	35,458					$	—					$	35,458
U.S. Government agencies						Cash and cash equivalents						—						3,294						—						3,294
Money market funds						Cash and cash equivalents						32,534						—						—						32,534
Total												$	32,534					$	38,752					$	—					$	71,286
Liabilities
Short-term contingent consideration						Contingent consideration, current portion						$	—					$	—					$	2,700					$	2,700
Derivative liability						Long-term debt						—						—						308						308
Total												$	—					$	—					$	3,008					$	3,008

    

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, including commercial paper and U.S. Treasury securities. The Company has classified its short-term investments as trading securities. The short-term investments are recorded at fair value using Level 2 inputs, as the inputs used to value these instruments are directly observable or can be corroborated by observable market data for substantially the full term of the

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assets. Gains and losses on short-term investments are included in Interest income in the Condensed Consolidated Statements of Comprehensive (Loss) Income.

The Company recognized no unrealized gains from its short-term investments classified as trading securities for the three and six months ended June 30, 2024, and unrealized losses from short-term investments classified as trading securities recognized for the three and six months ended June 30, 2024 were immaterial. The Company had no short-term investments classified as trading securities during the three and six months ended June 30, 2023.

Contingent Consideration Obligations

Spectrum Merger Contingent Variable Rights

In connection with the Spectrum Merger, the Company issued CVRs (See Note 2, Acquisitions) that represent a contingent consideration obligation which is measured at fair value.

As of both June 30, 2024 and December 31, 2023, the fair value of the Company’s CVR liability related to the Spectrum Merger was determined by the Company to be zero. Accordingly, the Company recognized no expense or benefit for the change in fair value of the CVR contingent consideration during the three and six months ended June 30, 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 2024 and 2025 net sales and discounted to present value. The significant assumptions used in the calculation of the fair value as of June 30, 2024 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 which is measured at fair value. The Company has obligations to make contingent consideration payments for future royalties to an affiliate of CR Group L.P. based upon annual INDOCIN product net sales over $20.0 million at a 20% royalty through January 2029. The Company classified the acquisition-related contingent consideration liabilities to be settled in cash as Level 3, due to the lack of relevant observable inputs and market activity. As of both June 30, 2024 and December 31, 2023, the fair value of the INDOCIN product contingent consideration was determined to be $2.7 million and has been classified as Contingent consideration, current in the Company’s Condensed Consolidated Balance Sheets.

During each of the three and six months ended June 30, 2024, the Company recognized an expense of zero for the change in fair value of contingent consideration. During the three and six months ended June 30, 2023, the Company recognized an expense of $0.2 million and $9.4 million, respectively, for the change in fair value of contingent consideration, which was recognized in Change in fair value of contingent consideration in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income. 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 June 30, 2024 included updated projections of future INDOCIN product net sales.

The following table summarizes changes in fair value of the Company’s contingent consideration obligations that are measured on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2024 and 2023 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Fair value, beginning of the period			$	2,700					$	51,058					$	2,700					$	48,500
Change in fair value of contingent consideration recorded within costs and expenses			—						241						—						9,408
Cash payment related to contingent consideration			—						(8,799)						—						(15,408)
Fair value, end of the period			$	2,700					$	42,500					$	2,700					$	42,500

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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 $0.3 million as of both June 30, 2024 and December 31, 2023, 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 8.8%.

There was no change in the fair value of the derivative liability for the three and six months ended June 30, 2024 or 2023.

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 June 30, 2024, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $34.7 million, compared to a par value of $40.0 million. As of December 31, 2023, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $35.7 million, compared to a par value of $40.0 million. The Company estimated the fair value of its 2027 Convertible Notes as of June 30, 2024 and December 31, 2023 based on a market approach, which represents a Level 2 valuation.

As of June 30, 2024, the Company has concluded that it is not more likely than not that it will realize the net deferred tax asset recorded as of June 30, 2024. As a result, the Company has recorded a full valuation allowance against the net deferred tax asset recorded as of June 30, 2024. The valuation allowance is determined in accordance with the provisions of ASC 740, Income Taxes, which require an assessment of both negative and positive evidence when measuring the need for a valuation allowance. The 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.

For the three and six months ended June 30, 2024, the Company recorded an income tax expense of $0.1 million and $0.3 million, respectively, which represents an effective tax rate of (4.2)% and (3.6)%, respectively. The difference between the income tax expense and the tax at the federal statutory rate of 21.0% on current year operations is principally due to the impact of the valuation allowance and state income taxes.

For the three and six months ended June 30, 2023, the Company recorded an income tax expense of $3.9 million and $1.8 million, respectively, which represents an effective tax rate of 31.3% and 26.0%, respectively. The difference between the income tax expense in each period and the tax at the federal statutory rate of 21.0% on current year operations is principally due to state taxes, disallowed officer’s compensation, and capital expenses, offset by a partial reversal of previously recorded valuation allowance in those periods.

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 Company does not expect to recognize any additional restructuring charges related to the Spectrum Reorganization Plan. The Company expects all cash payments under the Spectrum Reorganization Plan to be completed by the end of 2025.

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 through June 30, 2024, were approximately $3.3 million. In addition, the leased facilities and office equipment referenced above are not expected to be used for any business purpose, and the Company will not sublease the facilities and office equipment due to the short remaining lease terms. The facility exit costs represent the acceleration of the underlying right-of-use asset amortization to align with the cease use date for the abandoned facilities and office equipment. Total facility exit costs recognized under the Spectrum Reorganization Plan through June 30, 2024, were

---

approximately $1.3 million. There are no remaining facility exit costs expected to be recognized by the Company under the Spectrum Reorganization Plan as of June 30, 2024.

Effective January 2, 2024, the Company separated from the service of its former President and Chief Executive Officer. Pursuant to his then existing Management Continuity Agreement with the Company, the former President and Chief Executive Officer was entitled to severance compensation and benefits of approximately $1.5 million, which was recognized as Restructuring charges within the Condensed Consolidated Statement of Comprehensive (Loss) Income for year ended December 31, 2023, the period in which the separation and related severance benefit was determined to be probable. The Company does not expect to recognize any additional restructuring charges related to the separation from the former President and Chief Executive Officer.

The Company recognized restructuring charges of zero and $0.7 million for the three and six months ended June 30, 2024, respectively, all of which related to employee compensation costs. The Company recognized no restructuring charges for the three and six months ended June 30, 2023.

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):

			Employee compensation costs
Balance as of December 31, 2023			$	4,378
Restructuring charges			720
Cash paid			(2,768)
Balance as of June 30, 2024			$	2,330

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v3.24.2.u1

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		95,335,629
Entity Central Index Key	0001808665
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 44,735	$ 73,441
Short-term investments	43,644	0
Accounts receivable, net	39,913	47,663
Inventories, net	39,080	37,686
Prepaid and other current assets	10,480	12,272
Total current assets	177,852	171,062
Property and equipment, net	664	770
Intangible assets, net	99,030	111,332
Other long-term assets	1,897	3,255
Total assets	279,443	286,419
Current liabilities:
Accounts payable	15,271	13,439
Accrued rebates, returns and discounts	58,424	58,137
Accrued liabilities	15,124	18,213
Contingent consideration, current portion	2,700	2,700
Other current liabilities	665	954
Total current liabilities	92,184	93,443
Long-term debt	38,729	38,514
Other long-term liabilities	16,377	16,459
Total liabilities	147,290	148,416
Commitments and contingencies (Note 15)
Shareholders’ equity:
Common stock, $0.0001 par value, 200,000,000 shares authorized; 95,333,214 and 94,668,523 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.	9	9
Additional paid-in capital	791,871	789,537
Accumulated deficit	(659,727)	(651,543)
Total shareholders’ equity	132,153	138,003
Total liabilities and shareholders' equity	$ 279,443	$ 286,419

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	95,333,214	94,668,523
Common stock, outstanding (in shares)	95,333,214	94,668,523

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 31,126	$ 40,991	$ 63,574	$ 83,457
Costs and expenses:
Cost of sales	8,889	4,772	20,066	10,239
Research and development expenses	798	503	1,531	503
Selling, general and administrative expenses	18,385	16,771	36,909	33,675
Change in fair value of contingent consideration	0	241	0	9,408
Amortization of intangible assets	6,671	6,284	12,302	12,568
Restructuring charges	0	0	720	0
Total costs and expenses	34,743	28,571	71,528	66,393
(Loss) income from operations	(3,617)	12,420	(7,954)	17,064
Other income (expense):
Debt-related expenses	0	0	0	(9,918)
Interest expense	(758)	(751)	(1,515)	(1,873)
Interest income	842	650	1,554	1,109
Other gain	8	11	12	354
Total other income (expense)	92	(90)	51	(10,328)
Net (loss) income before income taxes	(3,525)	12,330	(7,903)	6,736
Income tax expense	(149)	(3,860)	(281)	(1,750)
Net (loss) income	$ (3,674)	$ 8,470	$ (8,184)	$ 4,986
Basic net (loss) income per share(in dollars per share)	$ (0.04)	$ 0.15	$ (0.09)	$ 0.09
Diluted net (loss) income per share (in dollars per share)	$ (0.04)	$ 0.13	$ (0.09)	$ 0.09
Shares used in computing basic net (loss) income per share (in shares)	95,240	56,142	95,110	53,588
Shares used in computing diluted net (loss) income per share (in shares)	95,240	70,144	95,110	58,010
Product sales, net
Revenues:
Total revenues	$ 30,695	$ 40,083	$ 62,557	$ 81,852
Royalties and milestones
Revenues:
Total revenues	431	723	1,017	1,420
Other revenue
Revenues:
Total revenues	$ 0	$ 185	$ 0	$ 185

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balances (in shares) at Dec. 31, 2022		48,320,000
Balances at Dec. 31, 2022	$ 225,725	$ 5	$ 545,321	$ (319,601)
Increase (Decrease) in Stockholders' Equity
Induced exchange of convertible notes (in shares)		6,990,000
Induced exchange of convertible notes	26,699		26,699
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)		1,093,000
Common stock issuance and other impacts of the vesting and settlement of equity awards	(7,947)		(7,947)
Issuance of common stock upon exercise of options (in shares)		110,000
Issuance of common stock upon exercise of options	157		157
Stock-based compensation	4,651		4,651
Net (loss) income	4,986			4,986
Balances (in shares) at Jun. 30, 2023		56,513,000
Balances at Jun. 30, 2023	254,271	$ 5	568,881	(314,615)
Balances (in shares) at Mar. 31, 2023		55,662,000
Balances at Mar. 31, 2023	250,664	$ 5	573,744	(323,085)
Increase (Decrease) in Stockholders' Equity
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)		741,000
Common stock issuance and other impacts of the vesting and settlement of equity awards	(7,225)		(7,225)
Issuance of common stock upon exercise of options (in shares)		110,000
Issuance of common stock upon exercise of options	157		157
Stock-based compensation	2,205		2,205
Net (loss) income	8,470			8,470
Balances (in shares) at Jun. 30, 2023		56,513,000
Balances at Jun. 30, 2023	$ 254,271	$ 5	568,881	(314,615)
Balances (in shares) at Dec. 31, 2023	94,668,523	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)		664,000
Common stock issuance and other impacts of the vesting and settlement of equity awards	(281)		(281)
Stock-based compensation	2,615		2,615
Net (loss) income	$ (8,184)			(8,184)
Balances (in shares) at Jun. 30, 2024	95,333,214	95,333,000
Balances at Jun. 30, 2024	$ 132,153	$ 9	791,871	(659,727)
Balances (in shares) at Mar. 31, 2024		95,115,000
Balances at Mar. 31, 2024	134,494	$ 9	790,538	(656,053)
Increase (Decrease) in Stockholders' Equity
Common stock issuance and other impacts of the vesting and settlement of equity awards (in shares)		218,000
Common stock issuance and other impacts of the vesting and settlement of equity awards	(75)		(75)
Stock-based compensation	1,408		1,408
Net (loss) income	$ (3,674)			(3,674)
Balances (in shares) at Jun. 30, 2024	95,333,214	95,333,000
Balances at Jun. 30, 2024	$ 132,153	$ 9	$ 791,871	$ (659,727)

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net (loss) income	$ (8,184)	$ 4,986
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	12,407	12,964
Amortization of debt issuance costs and Royalty Rights	215	248
Accretion of interest income from short-term investments	(338)	0
Recurring fair value measurements of assets and liabilities	15	9,408
Debt-related expenses	0	9,918
Provisions for inventory and other assets	3,877	1,390
Stock-based compensation	2,615	4,651
Deferred income taxes	0	(1,385)
Changes in assets and liabilities:
Accounts receivable	7,750	3,749
Inventories	(5,271)	(6,511)
Prepaid and other assets	3,150	4,289
Accounts payable and other accrued liabilities	(1,627)	4,906
Accrued rebates, returns and discounts	286	(6,569)
Interest payable	0	(726)
Net cash provided by operating activities	14,895	41,318
Investing Activities
Purchases of property and equipment	0	(528)
Purchase of Sympazan	0	(280)
Purchases of short-term investments	(43,320)	0
Net cash used in investing activities	(43,320)	(808)
Financing Activities
Payments in connection with 2027 Convertible Notes	0	(10,500)
Payment of direct transaction costs related to convertible debt inducement	0	(1,119)
Payment of contingent consideration	0	(15,408)
Payment of Royalty Rights	0	(459)
Proceeds from exercise of stock options	0	157
Payments related to the vesting and settlement of equity awards, net	(281)	(7,947)
Net cash used in financing activities	(281)	(35,276)
Net (decrease) increase in cash and cash equivalents	(28,706)	5,234
Cash and cash equivalents at beginning of year	73,441	64,941
Cash and cash equivalents at end of period	44,735	70,175
Supplemental Disclosure of Cash Flow Information
Net cash paid for income taxes	1,384	2,295
Cash paid for interest	$ 1,300	$ 2,351

v3.24.2.u1

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Organization Assertio Holdings, Inc., or the Company, is a pharmaceutical company with comprehensive commercial capabilities offering differentiated products to patients. The Company has built its product portfolio through the acquisition or licensing of approved products. The Company’s commercial capabilities include marketing through both a sales force and a non-personal promotion model, market access through payor contracting, and trade and distribution. The Company’s primary marketed products include ROLVEDONTM (elflapegrastim-xnst) injection for subcutaneous use, INDOCIN® (indomethacin) Suppositories, INDOCIN® (indomethacin) Oral Suspension, Sympazan® (clobazam) oral film, Otrexup® (methotrexate) injection for subcutaneous use, SPRIX® (ketorolac tromethamine) Nasal Spray, CAMBIA® (diclofenac potassium for oral solution), and Zipsor® (diclofenac potassium) liquid filled capsules. To date, substantially all of the Company’s revenues are related to product sales in the United States (“U.S.”). 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. 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 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 six months ended June 30, 2024, are not necessarily indicative of results to be expected for the entire year ending December 31, 2024. 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, 2023, included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 11, 2024 (the “2023 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the audited financial statements at that date, as filed in the Company’s 2023 Form 10-K. Reclassifications During the second quarter of 2024, the Company reclassified interest income from Other gain to Interest income on the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income. Prior period amounts were also reclassified to conform with the current period presentation.

v3.24.2.u1

ACQUISITIONS	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS Spectrum Pharmaceuticals On July 31, 2023, (the “Effective Date”), the Company completed the acquisition of Spectrum Pharmaceuticals, Inc. (“Spectrum”), a commercial stage biopharmaceutical company focused on novel and targeted oncology products (the “Spectrum Merger”). The Spectrum Merger was completed pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of April 24, 2023, through a merger of a wholly-owned subsidiary of the Company with and into Spectrum, with Spectrum surviving the Merger as a wholly-owned subsidiary of the Company. The Company accounted for the Spectrum Merger using the acquisition method of accounting under Accounting Standards Codification (“ASC”) 805 and is considered the accounting acquirer. Pursuant to the Merger Agreement, each issued and outstanding share of Spectrum common stock as of the Effective Date was converted into the right to receive (i) 0.1783 shares of the Company’s common stock and (ii) one contingent value right (“CVR”) representing a contractual right to receive future conditional payments worth up to an aggregate maximum amount of $0.20, settleable in cash, additional shares of Assertio common stock or a combination of cash and additional shares of Assertio common stock at the Company’s sole discretion, upon the achievement of certain sales milestones related to Spectrum’s product ROLVEDON. Subject to adjustments, each CVR represents the right to receive up to $0.10 payable upon ROLVEDON net sales (less certain deductions) achieving $175 million during the calendar year ending December 31, 2024, and up to $0.10 payable upon ROLVEDON net sales (less certain deductions) achieving $225 million during the calendar year ending December 31, 2025. In addition, upon consummation of the Spectrum Merger, Spectrum’s outstanding employee stock awards and other warrants that were outstanding immediately as of the Effective Date automatically vested (if unvested) or were cancelled, as applicable, which generally resulted in the issuance of shares of the Company’s common stock and/or CVRs to the holders of such stock awards or other warrants, in each case as dictated by the terms of the Merger Agreement. These shares and CVRs issued are considered part of the consideration transferred, and no compensation expense was recognized because the settlement was a condition of the Merger Agreement and other existing individual agreements, no future performance is required by the holders, and the fair value of the shares and CVRs is equivalent to the fair value of the existing employee stock awards and other warrants. The following table reflects the components of the consideration transferred in the Spectrum Merger (in thousands, except per share data): Assertio shares issued 38,013  Assertio closing price per share as of the Effective Date $ 5.69  Fair value of Assertio shares issued $ 216,294  Repayment of Spectrum's long-term debt (1) 32,647  CVRs (2) 3,932  Total fair value of consideration transferred $ 252,873  (1)Represents settlement of Spectrum’s existing long-term debt in connection with the close of the transaction. The Company concluded it did not assume the debt, therefore the amount paid to settle the debt has been accounted for and included as part of the consideration transferred. (2)Represents the Effective Date fair value of 223,397 CVRs at $0.0176 per CVR issued to holders of Spectrum common stock, employee stock awards and warrants. The CVRs represent a contingent consideration obligation measured at fair value and classified as liabilities on the Company’s Condensed Consolidated Balance Sheets. The fair value of the CVR contingent consideration is determined using a Monte Carlo simulation model under the income approach and is based on Level 3 inputs. Refer to Note 18, Fair Value, for additional information. Fair value is based on the probability of achievement of 2024 and 2025 annual ROLVEDON net sales milestones. Significant assumptions include the discount rate and the probability assigned to the achievement of the net sales milestones. Achievement of both the 2024 and 2025 annual ROLVEDON net sales milestones would obligate the Company to transfer a maximum of approximately $44.7 million of additional consideration. No additional consideration would be paid by the Company if neither the 2024 nor 2025 annual ROLVEDON net sales milestones are achieved. The following table reflects the fair values of the assets acquired and liabilities assumed at the Effective Date (in thousands). The fair values were based on management’s estimates and assumptions. Management’s determination of the fair values of the assets acquired and liabilities assumed was completed as of March 31, 2024. Initial Preliminary Purchase Price Allocation to Fair Value Adjustments to Purchase Price Allocation to Fair Value (2) Final Purchase Price Allocation to Fair Value Assets: Cash and cash equivalents $ 34,600  $ —  $ 34,600  Marketable securities 2,194  —  2,194  Accounts receivable 50,975  —  50,975  Inventories 22,244  61  22,305  Prepaid and other current assets 1,287  698  1,985  Property and equipment 100  —  100  Intangible assets 234,000  (13,500) 220,500  Other long-term assets 1,396  —  1,396  Total $ 346,796  $ (12,741) $ 334,055  Liabilities: Accounts payable $ 10,108  $ —  $ 10,108  Accrued rebates, returns and discounts 21,025  —  21,025  Accrued liabilities 36,509  (2,343) 34,166  Other current liabilities 784  —  784  Deferred taxes 34,250  (30,254) 3,996  Other long-term liabilities 11,103  —  11,103  Total $ 113,779  $ (32,597) $ 81,182  Total Spectrum net assets acquired (1) $ 233,017  $ 19,856  $ 252,873  Goodwill $ 19,856  $ (19,856) $ —  (1)Application of the acquisition method required the Company to adjust Spectrum assets and liabilities as of the Effective Date, including certain liabilities for variable consideration associated with ROLVEDON, to reflect conformity of Spectrum’s accounting policies to those of Assertio. Liabilities assumed include certain bonuses owed to former Spectrum executives under the terms of existing employment agreements triggered by the consummation of the Spectrum Merger. (2)Adjustments made to the preliminary purchase price allocation to fair value primarily reflect completion of studies and other analyses necessary to determine the income tax effects of the net identifiable assets acquired and further refinement of the assumptions used in the valuation supporting the ROLVEDON product rights. These adjustments did not materially impact the Consolidated Statement of Comprehensive (Loss) Income. The income approach was primarily used to value the acquired intangible assets, representing rights to Spectrum’s product ROLVEDON. Significant assumptions include the amount and timing of projected future cash flows; the discount rate selected to measure the inherent risk of future cash flows; and the assessment of the product’s life cycle and the competitive trends impacting the product. The ROLVEDON product rights will be amortized on a straight-line basis over its estimated useful life of 10 years. Acquisition costs related to the Spectrum Merger recognized for the three and six months ended June 30, 2023, were $3.4 million and $5.8 million, respectively. There were no acquisition costs related to the Spectrum Merger recognized for the three and six months ended June 30, 2024. The following unaudited pro forma information represents the Company’s results of operations as if the Spectrum Merger had been completed as of January 1, 2023, (in thousands) and includes nonrecurring adjustments for additional costs of sales from the fair value step-up of inventories and transaction costs. The disclosure of pro forma total revenues and net income (loss) does not purport to indicate the results that would actually have been obtained had the Spectrum Merger been completed on the assumed date for the periods presented, or which may be realized in the future. The unaudited pro forma information does not reflect any operating efficiencies or cost savings that may be realized from the integration of the acquisition. Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Total revenues $ 64,729  $ 122,810  Net income (loss) 4,938  (9,006)

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REVENUE	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE   Disaggregated Revenue   The following table reflects total revenues for the three and six months ended June 30, 2024 and 2023 (in thousands):  Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product sales, net: ROLVEDON $ 15,144  $ —  $ 29,622 $ —  INDOCIN products 6,913  28,075  15,596  58,421  Sympazan 2,668  2,627  5,285  5,129  Otrexup 2,014  3,594  4,896  6,416  SPRIX 2,147  2,373  3,584  4,262  CAMBIA 1,403  1,805  2,660  4,069  Other products 406  1,609  914  3,555  Total product sales, net 30,695  40,083  62,557  81,852  Royalties and milestone revenue 431  723  1,017  1,420  Other revenue —  185  —  185  Total revenues $ 31,126  $ 40,991  $ 63,574  $ 83,457  Product Sales, net As a result of the Spectrum Merger, the Company began recognizing ROLVEDON sales in August 2023. Other product sales, net, for the three and six months ended June 30, 2023 include product sales for OXAYDO and Zipsor. As the Company ceased OXAYDO product sales beginning in September 2023, other net product sales for the three and six months ended June 30, 2024 represent only net product sales of Zipsor. Royalties and Milestone Revenue In November 2010, the Company entered into a license agreement granting Tribune Pharmaceuticals Canada Ltd. (now known as Miravo Pharmaceuticals, or “Miravo”) the rights to commercially market CAMBIA in Canada. Miravo independently contracts with manufacturers to produce a specific CAMBIA formulation in Canada. The Company recognized royalties revenue related to the CAMBIA licensing agreement of $0.4 million and $1.0 million for the three and six months ended June 30, 2024, respectively, and $0.4 million and $1.0 million for the three and six months ended June 30, 2023, respectively. The Company recognized no milestone revenue associated with the completion of certain service milestones for the three and six months ended June 30, 2024, and $0.3 million and $0.5 million and for the three and six months ended June 30, 2023, respectively.

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ACCOUNTS RECEIVABLES, NET	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLES, NET	ACCOUNTS RECEIVABLES, NET   As of June 30, 2024 and December 31, 2023, accounts receivable, net, consisted entirely of receivables related to product sales, net of allowances for cash discounts for prompt payment of $0.5 million and $0.9 million, respectively.

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INVENTORIES, NET	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET   The following table reflects the components of inventories, net as of June 30, 2024 and December 31, 2023 (in thousands):    June 30, 2024 December 31, 2023 Raw materials $ 19,159  $ 10,537  Work-in-process 870  2,239  Finished goods 19,051  24,910  Total inventories, net $ 39,080  $ 37,686  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 June 30, 2024 and December 31, 2023, inventory reserves were $6.1 million and $6.8 million, respectively.

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PREPAID AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID AND OTHER CURRENT ASSETS	PREPAID AND OTHER CURRENT ASSETS The following table reflects prepaid and other current as of June 30, 2024 and December 31, 2023 (in thousands):  June 30, 2024 December 31, 2023 Prepaid assets and deposits $ 10,179  $ 11,973  Other current assets 301  299  Total prepaid and other current assets $ 10,480  $ 12,272  In August 2018, the Company entered into a Convertible Secured Note Purchase Agreement (the “Note Agreement”) with NES Therapeutic, Inc. (“NES”), pursuant to which it purchased a Convertible Secured Promissory Note (the “NES Note”). The Company’s investment in the NES Note, which is included in other current assets, is accounted for as a loan receivable and is valued at amortized cost. As of both June 30, 2024 and December 31, 2023, the Company recorded a $3.5 million credit loss reserve on its investment based on its evaluation of the probability of default that exists at NES. The credit loss reserve recorded in each period represents the entire aggregate principal amount and outstanding interest incurred on the NES Note as of both June 30, 2024 and December 31, 2023. On August 2, 2024, the NES Note was amended to extend the maturity date to August 16, 2024. All other terms of the existing Note Agreement were unchanged by the extension.

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PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET   The following table reflects property and equipment, net as of June 30, 2024 and December 31, 2023 (in thousands):  June 30, 2024 December 31, 2023 Furniture and office equipment $ 1,412  $ 1,908  Laboratory equipment 20  20  Leasehold improvements 2,551  2,945  Construction in progress —  528  3,983  5,401  Less: Accumulated depreciation (3,319) (4,631) Property and equipment, net $ 664  $ 770    Depreciation expense was less than $0.1 million and $0.1 million for the three and six months ended June 30, 2024, respectively, and $0.2 million and $0.4 million for three and six months ended June 30, 2023, respectively. Depreciation expense is recognized in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income.

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INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (dollar amounts in thousands):    June 30, 2024 December 31, 2023 Products rights: Remaining Useful Life  (In years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Impairment Net Book Value ROLVEDON 9.1 $ 63,405  $ (8,303) $ 55,102  $ 220,500  $ (5,270) $ (157,095) $ 58,135  INDOCIN 1.0 65,605  (51,052) 14,553  154,100  (44,814) (88,494) 20,792  Sympazan 10.3 14,550  (2,020) 12,530  14,550  (1,415) —  13,135  Otrexup 5.5 16,364  (10,625) 5,739  44,086  (10,103) (27,723) 6,260  SPRIX 2.9 32,673  (21,567) 11,106  39,000  (19,663) (6,327) 13,010  Total intangible assets   $ 192,597  $ (93,567) $ 99,030  $ 472,236  $ (81,265) $ (279,639) $ 111,332  Amortization expense was $6.7 million and $12.3 million for the three and six months ended June 30, 2024, respectively, and $6.3 million and $12.6 million for three and six months ended June 30, 2023, respectively. Effective April 1, 2024, the Company revised the remaining estimated useful life of the INDOCIN product rights intangible asset to 1.3 years, 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 below. The following table reflects future amortization expense the Company expects for its intangible assets (in thousands):  Year Ending December 31, Estimated Amortization Expense 2024 (remainder) 13,342  2025 19,407  2026 12,130  2027 9,909  2028 8,322  Thereafter 35,920  Total $ 99,030  During each of the three months ended June 30, 2024 and March 31, 2024, the Company’s market capitalization was below the book value of the Company’s equity, which management determined represented an indicator of impairment with respect to its long-lived assets. Applying the relevant accounting guidance, the Company first assessed the recoverability of its long-lived assets at each date. Similar to its previous assessment in the fourth quarter of 2023, as described in the Company’s 2023 Form 10-K, the Company concluded that it was appropriate to group its assets at the product level. 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 of the three months ended June 30, 2024 and March 31, 2024. The Company then compared the estimated undiscounted cash flows to the carrying amounts of the long-lived asset groups at each date. Based on these tests, the Company determined that the estimated undiscounted cash flows were in excess of the carrying amounts for all of the long-lived asset groups as of both June 30, 2024 and March 31, 2024 and, accordingly, the Company concluded that the long-lived asset groups are fully recoverable and no adjustment to their carrying values was required.

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OTHER LONG-TERM ASSETS	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER LONG-TERM ASSETS	OTHER LONG-TERM ASSETS   The following table reflects other long-term assets as of June 30, 2024 and December 31, 2023 (in thousands):    June 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 1,198  $ 1,269  Other 699  1,986  Total other long-term assets $ 1,897  $ 3,255

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ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES   The following table reflects accrued liabilities as of June 30, 2024 and December 31, 2023 (in thousands):    June 30, 2024 December 31, 2023 Accrued compensation $ 1,772  $ 2,438  Accrued restructuring costs (See Note 20) 2,330  4,378  Other accrued liabilities 8,936  9,492  Interest payable 867  867  Accrued royalties 1,219  1,038  Total accrued liabilities $ 15,124  $ 18,213

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DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT   As of June 30, 2024 and December 31, 2023, 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 $38.7 million and $38.5 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 6.5% Convertible Senior Notes due 2027. 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 “Convertible Note Exchange”). As a result of the Convertible Note Exchange in the first quarter of 2023, the Company recorded an induced conversion expense of approximately $8.8 million and direct transaction costs of approximately $1.1 million, the total of which is reported in Debt-related expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the six months ended June 30, 2023. The induced conversion expense represents the fair value of the consideration transferred in the Convertible Note Exchange in excess of the fair value of common stock issuable under the original terms of the 2027 Convertible Notes. The terms of the 2027 Convertible Notes are governed by an indenture dated August 25, 2022 (the “2027 Convertible Note Indenture”). The terms of the 2027 Convertible Notes allow for conversion into the Company’s common stock, cash, or a combination of cash and common stock, at the Company’s election only, at an initial conversion rate of 244.2003 shares of the Company’s common stock per $1,000 principal amount (equal to an initial conversion price of approximately $4.09 per share), subject to adjustments specified in the 2027 Convertible Note Indenture (the “Conversion Rate”). The 2027 Convertible Notes will mature on September 1, 2027, unless earlier repurchased or converted. The 2027 Convertible Notes bear interest at a rate of 6.5% per annum payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2023. Pursuant to the terms of the Indenture, the Company and its restricted subsidiaries must comply with certain covenants, including mergers, consolidations, and divestitures; guarantees of debt by subsidiaries; issuance of preferred and/or disqualified stock; and liens on the Company’s properties or assets. The Company was in compliance with its covenants with respect to the 2027 Convertible Notes as of June 30, 2024. The following table reflects the carrying value of the 2027 Convertible Notes as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Principal balance $ 40,000  $ 40,000  Derivative liability for embedded conversion feature 308  308  Unamortized debt issuance costs (1,579) (1,794) Carrying value $ 38,729  $ 38,514  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 amortized $0.1 million and $0.2 million of the debt discount on the 2027 Convertible Notes during the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.2 million during the three and six months ended June 30, 2023, respectively. During the six months ended June 30, 2023, $1.6 million of unamortized issuance costs related to the Convertible Note Exchange were recognized as Additional paid-in-capital. The Company determined that an embedded conversion feature included in the 2027 Convertible Notes required bifurcation from the host contract and to be recognized as a separate derivative liability carried at fair value. See Note 18, 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 (Loss) Income for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on 2027 Convertible Notes $ 650 $ 650 $ 1,300 $ 1,625 Amortization of debt issuance costs 108 101 215 248 Total interest expense $ 758 $ 751 $ 1,515 $ 1,873

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OTHER LONG-TERM LIABILITIES	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES The following table reflects other long-term liabilities as of June 30, 2024 and December 31, 2023 (in thousands):   June 30, 2024 December 31, 2023 ROLVEDON product royalties $ 9,224  $ 9,224  Noncurrent operating lease liabilities 1,254  1,470  Liability for uncertain tax provisions 4,687  4,553  Deferred employee retention credits 1,212  1,212  Total other long-term liabilities $ 16,377  $ 16,459

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STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
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, as well as performance-based RSUs and stock options. Stock-based compensation of $1.4 million and $2.6 million for the three and six months ended June 30, 2024, respectively, and $2.2 million and $4.7 million for three and six months ended June 30, 2023, respectively, was recognized in Selling, general, and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income. During the six months ended June 30, 2024, the Company granted 1.7 million RSUs at a weighted-average fair market value of $0.89 per share, and 5.3 million stock options at a weighted-average fair market value of $0.82 per share. During the six months ended June 30, 2023, the Company granted 0.7 million RSUs at a weighted-average fair market value of $5.64 per share, and 0.6 million stock options at a weighted-average fair market value of $4.49 per share.

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LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	LEASES The Company has a non-cancelable operating lease for its corporate office, which is located in Lake Forest, Illinois (the “Lake Forest Lease”). On May 1, 2023, the Company amended the Lake Forest Lease to reduce the size of leased premises and extend the term of the lease through December 31, 2030. Additionally, in connection with the Spectrum Merger, the Company assumed leases for two facilities and certain office equipment which Spectrum had previously been the lessee (See Note 20, Restructuring Charges). The following table reflects lease expense for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial Statement Classification 2024 2023 2024 2023 Operating lease cost Selling, general and administrative expenses $ 65  $ 57  $ 131  $ 96  The following table reflects supplemental cash flow information related to leases for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 258  $ 104  $ 540  $ 208  The following table reflects supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023 (in thousands): Financial Statement Classification June 30, 2024 December 31, 2023 Assets Operating lease right-of-use assets Other long-term assets $ 1,198  $ 1,269  Liabilities Current operating lease liabilities Other current liabilities $ 665  $ 928  Noncurrent operating lease liabilities Other long-term liabilities 1,254  1,470  Total lease liabilities $ 1,919  $ 2,398
LEASES	LEASES The Company has a non-cancelable operating lease for its corporate office, which is located in Lake Forest, Illinois (the “Lake Forest Lease”). On May 1, 2023, the Company amended the Lake Forest Lease to reduce the size of leased premises and extend the term of the lease through December 31, 2030. Additionally, in connection with the Spectrum Merger, the Company assumed leases for two facilities and certain office equipment which Spectrum had previously been the lessee (See Note 20, Restructuring Charges). The following table reflects lease expense for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial Statement Classification 2024 2023 2024 2023 Operating lease cost Selling, general and administrative expenses $ 65  $ 57  $ 131  $ 96  The following table reflects supplemental cash flow information related to leases for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 258  $ 104  $ 540  $ 208  The following table reflects supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023 (in thousands): Financial Statement Classification June 30, 2024 December 31, 2023 Assets Operating lease right-of-use assets Other long-term assets $ 1,198  $ 1,269  Liabilities Current operating lease liabilities Other current liabilities $ 665  $ 928  Noncurrent operating lease liabilities Other long-term liabilities 1,254  1,470  Total lease liabilities $ 1,919  $ 2,398

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COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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. Total annual commitments to JHS are approximately $1.5 million. Antares Supply Agreement In connection with the Otrexup acquisition, the Company entered into a supply agreement with Antares pursuant to which Antares will manufacture and supply the finished Otrexup products (the “Antares Supply Agreement”). Under the Antares Supply Agreement, the Company has agreed to annual minimum purchase obligations from Antares, which approximate $2.0 million annually. The Antares Supply Agreement has an initial term through December 2031 with renewal terms beyond. 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 has agreed to purchase a minimum number of batches totaling approximately $19.1 million in 2024 and $3.8 million in 2025. The Company purchased $12.6 million of inventory from Hanmi during the six months ended months ended June 30, 2024. 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 recognizes a loss contingency provision in its financial statements when it concludes that a contingent liability is probable, and the amount thereof is estimable. Costs associated with the Company’s involvement in legal proceedings are expensed as incurred. Amounts accrued for legal contingencies are based on management’s best estimate of a loss based upon the status of the cases described below, assessments of the likelihood of damages, and the advice of counsel and often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. The Company continues to monitor each matter and adjust accruals as warranted based on new information and further developments in accordance with ASC 450-20-25. For matters discussed below for which a loss is not probable, or a probable loss cannot be reasonably estimated, no liability has been recorded. Provisions for loss contingencies are recorded in Selling, general and administrative expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income and the related accruals are recorded in Accrued liabilities in the Company’s Condensed Consolidated Balance Sheets. Other than matters disclosed below, the Company may from time to time become party to actions, claims, suits, investigations or proceedings arising from the ordinary course of its business, including actions with respect to intellectual property claims, breach of contract claims, labor and employment claims and other matters. The Company may also become party to further litigation in federal and state courts relating to opioid drugs. Although actions, claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, other than the matters set forth below, the Company is not currently involved in any matters that the Company believes may have a material adverse effect on its business, results of operations, cash flows or financial condition. However, regardless of the outcome, litigation can have an adverse impact on the Company because of associated cost and diversion of management time. Glumetza Antitrust Litigation Antitrust class actions and related direct antitrust actions were filed in the U.S. District Court for the Northern District of California against the Company and several other defendants relating to its former drug Glumetza®. The plaintiffs sought to represent a putative class of direct purchasers of Glumetza. In addition, several retailers, including CVS Pharmacy, Inc., Rite Aid Corporation, Walgreen Co., the Kroger Co., the Albertsons Companies, Inc., H-E-B, L.P., and Hy-Vee, Inc. (the “Retailer Plaintiffs”), filed substantially similar direct purchaser antitrust claims in the same District Court. On July 30, 2020, Humana Inc. (“Humana”) also filed a complaint against the Company and several other defendants in the U.S. District Court for the Northern District of California alleging similar claims related to Glumetza. The claims asserted by Humana in its federal case were ultimately withdrawn, and analogous claims were instead asserted by Humana in an action it filed in the Superior Court of the State of California for the County of Alameda (“California Superior Court of Alameda”) on February 8, 2021, and subsequently amended in September 2021. Additionally, on April 5, 2022, Health Care Service Corporation (“HCSC”) filed a complaint against the Company and the same other defendants in the California Superior Court of Alameda alleging similar claims related to Glumetza. These antitrust cases arise out of a Settlement and License Agreement (the “Settlement”) that the Company, Santarus, Inc. (“Santarus”) and Lupin Limited (“Lupin”) entered into in February 2012 that resolved patent infringement litigation filed by the Company against Lupin regarding Lupin’s Abbreviated New Drug Application for generic 500 mg and 1000 mg tablets of Glumetza. The antitrust plaintiffs alleged, among other things, that the Settlement violated the antitrust laws because it allegedly included a “reverse payment” that caused Lupin to delay its entry in the market with a generic version of Glumetza. The alleged “reverse payment” is an alleged commitment on the part of the settling parties not to launch an authorized generic version of Glumetza for a certain period. The antitrust plaintiffs allege that the Company and its co-defendants, which include Lupin as well as Bausch Health (the alleged successor in interest to Santarus), are liable for damages under the antitrust laws for overcharges that the antitrust plaintiffs allege they paid when they purchased the branded version of Glumetza due to delayed generic entry. Plaintiffs seek treble damages for alleged past harm, attorneys’ fees and costs. On September 14, 2021, the Retailer Plaintiffs voluntarily dismissed all claims against the Company pursuant to a settlement agreement with the Company in return for $3.15 million. On February 3, 2022, the District Court issued its final order approving a settlement of the direct purchaser class plaintiffs’ claims against the Company in return for $3.85 million. With respect to the California state court lawsuits, on November 24, 2021, the state court granted in part and denied in part a demurrer by the defendants in the Humana action. That case was consolidated in November 2022 with the HCSC action for pre-trial and trial purposes. On July 5, 2023, the state court denied a motion for judgment on the pleadings filed by the defendants in the Humana action. Discovery has now been completed in these California state cases, and on June 18, 2024, the Company moved for summary judgment. Trial is scheduled for December 2024. The Company intends to defend itself vigorously in the consolidated California state court lawsuits. A liability for this matter has been recorded, which is not material to the Condensed Consolidated Financial Statements. Opioid-Related Request and Subpoenas As a result of the greater public awareness of the public health issue of opioid abuse, there has been increased scrutiny of, and investigation into, the commercial practices of opioid manufacturers generally by federal, state, and local regulatory and governmental agencies. In March 2017, Assertio Therapeutics received a letter from then-Sen. Claire McCaskill (D-MO), the then-Ranking Member on the U.S. Senate Committee on Homeland Security and Governmental Affairs, requesting certain information regarding Assertio Therapeutics’ historical commercialization of opioid products. Assertio Therapeutics voluntarily furnished information responsive to Sen. McCaskill’s request. Since 2017, Assertio Therapeutics has received and responded to subpoenas from the U.S. Department of Justice (“DOJ”) seeking documents and information regarding its historical sales and marketing of opioid products. Assertio Therapeutics has also received and responded to subpoenas or civil investigative demands focused on its historical promotion and sales of Lazanda, NUCYNTA, and NUCYNTA ER from various state attorneys general seeking documents and information regarding Assertio Therapeutics’ historical sales and marketing of opioid products. In addition, Assertio Therapeutics received and responded to a subpoena from the State of California Department of Insurance (“CDI”) seeking information relating to its historical sales and marketing of Lazanda. The CDI subpoena also sought information on Gralise, a non-opioid product formerly in Assertio Therapeutics’ portfolio. In addition, Assertio Therapeutics received and responded to a subpoena from the New York Department of Financial Services seeking information relating to its historical sales and marketing of opioid products. The Company has also received a subpoena from the New York Attorney General in May 2023, pursuant to which the New York Attorney General is seeking information concerning the sales and marketing of opioid products (Lazanda, NUCYNTA, NUCYNTA ER, and OXAYDO) by Assertio Therapeutics and Zyla. The Company also from time to time receives and responds to subpoenas from governmental authorities related to investigations primarily focused on third parties, including healthcare practitioners. The Company is cooperating with the foregoing governmental investigations and inquiries. In July 2022, the Company became aware that the DOJ issued a press release stating that it had settled claims against a physician whom the DOJ alleged had received payments for paid speaking and consulting work from two pharmaceutical companies, including Depomed, Inc. (“Depomed,” now known as Assertio Therapeutics), in exchange for prescribing certain of the companies’ respective products. As part of the settlement, the physician did not admit liability for such claims and the press release stated that there has been no determination of any liability for such claims. The Company denies any wrongdoing and disputes the DOJ’s characterization of the payments from Depomed. Multidistrict and Other Federal Opioid Litigation A number of pharmaceutical manufacturers, distributors and other industry participants have been named in numerous lawsuits around the country brought by various groups of plaintiffs, including city and county governments, hospitals, individuals and others. In general, the lawsuits assert claims arising from defendants’ manufacturing, distributing, marketing and promoting of FDA-approved opioid drugs. The specific legal theories asserted vary from case to case, but the lawsuits generally include federal and/or state statutory claims, as well as claims arising under state common law. Plaintiffs seek various forms of damages, injunctive and other relief and attorneys’ fees and costs. For such cases filed in or removed to federal court, the Judicial Panel on Multi-District Litigation issued an order in December 2017, establishing a Multi-District Litigation court (“MDL Court”) in the Northern District of Ohio (In re National Prescription Opiate Litigation, Case No. 1:17-MD-2804). Since that time, more than 2,000 such cases that were originally filed in U.S. District Courts, or removed to federal court from state court, have been filed in or transferred to the MDL Court. Assertio Therapeutics is currently involved in a subset of the lawsuits that have been filed in or transferred to the MDL Court. Assertio Holdings has also been named in six such cases. In April 2022, the Judicial Panel on Multi-District Litigation issued an order stating that it would no longer transfer new opioid cases to the MDL Court. Since that time, Assertio Therapeutics has been named in lawsuits pending in federal courts outside of the MDL Court (one of which remains pending in Georgia). Plaintiffs may file additional lawsuits in which the Company may be named, and plaintiffs may also seek leave to add the Company to lawsuits already on file in the MDL Court. Plaintiffs in the pending federal cases involving Assertio Therapeutics or Assertio Holdings include individuals; county, municipal and other governmental entities; employee benefit plans, health insurance providers and other payors; hospitals, health clinics and other health care providers; Native American tribes; and non-profit organizations who assert, for themselves and in some cases for a putative class, federal and state statutory claims and state common law claims, such as conspiracy, nuisance, fraud, negligence, gross negligence, negligent and intentional infliction of emotional distress, deceptive trade practices, and products liability claims (defective design/failure to warn). In these cases, plaintiffs seek a variety of forms of relief, including actual damages to compensate for alleged personal injuries and for alleged past and future costs such as to provide care and services to persons with opioid-related addiction or related conditions, injunctive relief, including to prohibit alleged deceptive marketing practices and abate an alleged nuisance, establishment of a compensation fund, establishment of medical monitoring programs, disgorgement of profits, punitive and statutory treble damages, and attorneys’ fees and costs. No trial date has been set for any of these lawsuits, which are at an early stage of proceedings. Assertio Therapeutics and Assertio Holdings intend to defend themselves vigorously in these matters. State Opioid Litigation Related to the federal cases noted above, there have been hundreds of similar lawsuits filed in state courts around the country, in which various groups of plaintiffs assert opioid-drug related claims against similar groups of defendants. Assertio Therapeutics is currently named in a subset of those cases, including cases in Delaware, Missouri, New York, Pennsylvania, Texas and Utah. Plaintiffs may file additional lawsuits in which the Company may be named. In the pending cases involving Assertio Therapeutics, plaintiffs are asserting state common law and statutory claims against the defendants, and the majority of those cases are similar in nature to the claims asserted in the MDL cases. Plaintiffs are seeking actual damages, disgorgement of profits, injunctive relief, punitive and statutory treble damages, and attorneys’ fees and costs. Discovery has begun in one of the state court cases (Tarnopol, et al. v. Janssen Pharmaceuticals, Inc, et al., Case No. 002584, in the Court of Common Pleas of Philadelphia County, First Judicial District of Pennsylvania, Civil Trial Division), and the court in that case has entered an order providing that the case shall be ready for trial by April 7, 2025. The other state lawsuits in which Assertio Therapeutics has been served are generally each at an early stage of proceedings. Assertio Therapeutics intends to defend itself vigorously in these matters. Qui Tam Litigation The Company has learned that on October 30, 2017, a qui tam lawsuit was filed against Depomed in the United States District Court for the District of Columbia (United States of America ex rel. Webb, et al. v. Depomed, Inc., Case No. 1:17-cv-02309-JDB). The case was filed under seal and remained under seal until after an order was entered by the district court on July 12, 2024, which followed a notice from the DOJ electing to intervene, in part, and declining to intervene, in part, and which granted the DOJ’s request to unseal the complaint, the DOJ’s notice concerning intervention, and DOJ’s proposed order concerning its intervention. The district court order gives DOJ and the relator until October 10, 2024, to serve their respective complaints on Depomed. The relator’s complaint alleges that Depomed violated the federal False Claims Act, 31 U.S.C. § 3729, as well as similar laws in California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Rhode Island, Tennessee, Texas, Vermont, Virginia, Washington, and the District of Columbia; the federal Anti-Kickback Statute, 42 U.S.C. § 1320a-7(b)(2)(B); the United States Food, Drug and Cosmetic Act, 21 U.S.C. §§ 331(d), 355(a); and laws in California and Illinois concerning fraudulent insurance claims. The relator’s complaint generally alleges that Depomed marketed off-label uses for its drugs Gralise and Lazanda, which were divested in 2020 and 2017, respectively, and that Depomed paid illegal kickbacks to physicians to induce them to write Gralise and Lazanda prescriptions. The relator also alleges that Depomed retaliated against her for complaining about Depomed’s alleged unlawful conduct. On behalf of herself, the United States, the several states whose laws the Complaint alleges to have been violated, and certain unnamed insurance companies, the relator seeks, among other things, actual damages, treble damages, back pay, two times back pay, special damages, civil penalties, pre- and post-judgment interest, attorneys’ fees, costs, and expenses. The DOJ filed its notice of intervention on July 3, 3024, stating that the United States was intervening on the allegations that Depomed knowingly marketed Lazanda in a manner that caused the submission of false claims for Lazanda to Medicare and TRICARE. The DOJ noted that the United States declined to intervene on all other allegations not related to Lazanda. Therefore, the DOJ has declined to intervene with respect to the relator’s allegations concerning Gralise. The DOJ stated that it would file its complaint in intervention within 90 days of its notice. The Company is not currently aware of any involvement in the lawsuit of any of the governments of the states (or the District of Columbia) on whose behalf the relator purports to act. The Company has not yet been served with process in the lawsuit. If served, the Company intends to vigorously defend itself in this matter. Insurance Litigation On January 15, 2019, Assertio Therapeutics was named as a defendant in a declaratory judgment action filed by Navigators Specialty Insurance Company (“Navigators”) in the U.S. District Court for the Northern District of California (Case No. 3:19-cv-255). Navigators was Assertio Therapeutics’ primary product liability insurer. Navigators was seeking declaratory judgment that opioid litigation claims noticed by Assertio Therapeutics (as further described above under “Multidistrict and Other Federal Opioid Litigation” and “State Opioid Litigation”) are not covered by Assertio Therapeutics’ life sciences liability policies with Navigators. On February 3, 2021, Assertio Therapeutics entered into a Confidential Settlement Agreement and Mutual Release with Navigators to resolve the declaratory judgment action and Assertio Therapeutics’ counterclaims. Pursuant to the Settlement Agreement, the parties settled and the coverage action was dismissed without prejudice. During the first quarter of 2021, Assertio Therapeutics received $5.0 million in insurance reimbursement for previous opioid-related spend, which was recognized within Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2021. On July 16, 2021, Assertio Therapeutics filed a complaint for declaratory relief against one of its excess products liability insurers, Lloyd’s of London Newline Syndicate 1218 and related entities (“Newline”), in the California Superior Court of Alameda. Newline removed the case to the U.S. District Court for the Northern District of California (Case No. 3:21-cv-06642). Assertio Therapeutics was seeking a declaratory judgment that Newline has a duty to defend Assertio Therapeutics or, alternatively, to reimburse Assertio Therapeutics’ attorneys’ fees and other defense costs for opioid litigation claims noticed by Assertio Therapeutics. On May 18, 2022, Assertio Therapeutics entered into a Confidential Settlement Agreement and Mutual Release with Newline to resolve Assertio Therapeutics’ declaratory judgment action. Pursuant to the Settlement Agreement, the parties settled and the coverage action was dismissed with prejudice. During the second quarter of 2022, Assertio Therapeutics received $2.0 million in insurance reimbursement for previous opioid-related spend, which was recognized within Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the year ended December 31, 2022. On April 1, 2022, Assertio Therapeutics filed a complaint against its former insurance broker, Woodruff-Sawyer & Co. (“Woodruff”), in the California Superior Court of Alameda (Case No. 22CV009380). Assertio Therapeutics alleged claims for negligence and breach of fiduciary duty in connection with Woodruff’s negotiation and procurement of products liability insurance coverage for Assertio Therapeutics. During the second quarter of 2024, Assertio Therapeutics settled with Woodruff and received $1.9 million in connection with its claims for insurance reimbursement for previous opioid-related legal expenses, which was recognized within Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2024. 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 in violation of Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act of 1934, as amended (the “Exchange Act”). On April 11, 2024, the court appointed Continental General Insurance Company as the lead plaintiff. The plaintiffs 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 20(a) of 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 defendants are scheduled to file their motion to dismiss on August 9, 2024. The Company intends to vigorously defend itself in this matter. Edwards v. Assertio Holdings, Inc., et al., Court of Chancery of the State of Delaware, Case No. 2024-0151. On February 19, 2024, this putative securities class action lawsuit was filed by a purported shareholder, alleging that certain former officers and directors of Spectrum breached their fiduciary duties in connection the Spectrum Merger and that Guggenheim Securities LLC and Assertio aided and abetted such fiduciary duty breaches. The defendants moved to dismiss the Edwards complaint on June 29, 2024. The plaintiff’s answering brief is due on August 28, 2024, and the defendants’ reply brief is due on September 27, 2024. The Company intends to vigorously defend itself in this matter. Jung v. Peisert, et al., U.S. District Court, Delaware, Case No. 1:24-cv-00383-UNA. On March 26, 2024, this putative stockholder derivative action was filed against the Company (as a nominal defendant) and certain of its current and former executive officers and directors. The stockholder derivative complaint alleges, inter alia, that 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 allegedly false or misleading statements and alleged failure to disclose material facts regarding the likely impact of INDOCIN sales and the Spectrum Merger on the Company’s profitability. The complaint further alleges that certain of the Company’s current and former officers and directors breached their fiduciary duties, and that 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 allegations state that as a result of the violations, certain of the Company’s current and former executive officers and directors committed acts of gross mismanagement, abuse of control, or were unjustly enriched. The plaintiff generally seeks corporate reforms, damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. The defendants’ deadline to respond to the complaint is September 6, 2024. Hollin v. Mason, et al., U.S. District Court, Delaware, Case No. 1:24-cv-00785-UNA. On July 3, 2024, this putative stockholder derivative action was filed against the Company (as a nominal defendant) and certain of its current and former executive officers and directors. The stockholder derivative complaint is largely duplicative of the Jung stockholder derivative complaint described above. Jung v. Lebel, et al., Court of Chancery of the State of Delaware, Case No. 2024-0821. 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 a stockholder derivative complaint in the Delaware Chancery Court against certain former Spectrum officers and directors and naming both Assertio and Spectrum as nominal defendants. The complaint is largely duplicative of the allegations in the ongoing Christiansen shareholder class action in the Southern District of New York (discussed below), alleging that Spectrum officers made various alleged misstatements regarding Spectrum’s application for FDA approval of poziotinib. Jung previously raised these allegations in a demand letter to Assertio’s Board of Directors (“the Board”), demanding that the Board take legal action against the individuals now named in this complaint. In response to Jung’s demand letter, the Board retained independent counsel, considered Jung’s demand, and provided a substantive response explaining the Board’s reasons for denying Jung’s demand. The complaint now alleges that the Board wrongfully refused his demand. Neither the Company nor the individual defendants have been served with the complaint and there is no schedule in place for responding to the complaint. 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 eflapegrastim (ROLVEDON) in violation of Section 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act. On November 1, 2021, four individuals and one entity filed competing motions to be appointed lead plaintiff and for approval of counsel. 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 seeks damages, interest, costs, attorneys’ fees, and such other relief as may be determined by the Court. On November 30, 2022, the defendants filed a motion to dismiss the amended complaint, which was fully briefed as of February 27, 2023. On February 6, 2024, the Court held a hearing on the motion to dismiss and issued an order dismissing the lawsuit without prejudice to the lead plaintiff’s ability to replead their claims. The lead plaintiff filed a further amended complaint on March 29, 2024. On May 13, 2024, the defendants filed a motion to dismiss that further amended complaint, which was fully briefed as of July 22, 2024. The Company intends to vigorously defend itself in this matter. Christiansen v. Spectrum Pharmaceuticals, Inc. et al., Case No. 1:22-cv-10292 (filed December 5, 2022 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 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. On February 15, 2023, the Court consolidated the three New York lawsuits. On March 21, 2023, the Court 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. The defendants filed a motion to dismiss the consolidated New York Action on July 25, 2023, which was fully briefed as of October 19, 2023. On January 23, 2024, the Court granted the motion to dismiss in part as to five of the challenged statements but denied the motion to dismiss as to two specific statements. The Company filed its answer to the complaint on March 8, 2024. Discovery is currently ongoing. The Company intends to vigorously defend itself in this matter. Csaba v. Turgeon, et. al. (filed December 15, 2021 in the U.S. District Court District of Nevada); Shumacher v. Turgeon, et. al. (filed March 15, 2022 in the U.S. District Court District of Nevada); Johnson v. Turgeon, et. al. (filed March 29, 2022 in the U.S. District Court District of Nevada); Raul v. Turgeon, et. al. (filed April 28, 2022 in the U.S. District Court District of Delaware); and Albayrak v. Turgeon, et. al. (filed June 9, 2022 in the U.S. District Court District of Nevada). These putative stockholder derivative actions were filed against Spectrum (as a nominal defendant) and certain of Spectrum’s former executive officers and directors. The stockholder derivative complaints allege, inter alia, that certain of Spectrum’s former executive officers are liable to Spectrum, pursuant to Section 10(b) and 21(d) of the Exchange Act for contribution and indemnification, if they are deemed (in the Luo class action), to have made false or misleading statements and failed to disclose material facts about Spectrum’s business and the prospects of approval for its BLA to the FDA for eflapegrastim. The complaints generally but not uniformly further allege that certain of Spectrum’s former officers and directors breached their fiduciary duties, and certain of Spectrum’s former 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 Spectrum’s business and the prospects of approval for its BLA to the FDA for eflapegrastim. The allegations state that as a result of the violations, certain of Spectrum’s former executive officers and directors committed acts of gross mismanagement, abuse of control, or were unjustly enriched. The plaintiffs generally seek corporate reforms, damages, interest, costs, attorneys’ fees, and other unspecified equitable relief. The parties have agreed to stay these derivative actions until there is a decision in the Luo Nevada securities class action either denying a motion to dismiss in whole or in part, or dismissing that securities class action with prejudice.

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SHAREHOLDERS EQUITY	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS EQUITY	SHAREHOLDERS EQUITY Issuance of Common Stock in the Spectrum Merger Pursuant to the Merger Agreement, shares of Spectrum common stock issued and outstanding immediately prior to the Effective Date, as well as Spectrum restricted stock units, certain stock appreciation rights, certain options to purchase Spectrum common stock, and warrants to purchase Spectrum common stock, which, in each case, were outstanding immediately prior to the Effective Date and were either vested or became vested as a result of the Spectrum Merger on the Effective Date, were converted into the right to receive fully paid and non-assessable shares of the Company’s common stock based on the exchange ratio as set forth in the Merger Agreement (see Note 2, Acquisitions) and the CVRs. Accordingly, on the Effective Date the Company issued approximately 38.0 million shares of its common stock to the previous holders of Spectrum common stock, net of a fractional share settlement. Exchanged Convertible Notes In connection with the Convertible Note Exchange (See Note 11, Debt) in the first quarter of 2023, the Company paid an aggregate of $10.5 million in cash and issued an aggregate of approximately 7.0 million shares of its common stock in partial settlement of the 2027 Convertible Notes (the “Exchanged Notes”). The Company did not receive any cash proceeds from the issuance of the shares of its common stock but recognized additional paid-in capital of $28.3 million during the six months ended June 30, 2023, related to the common stock share issuance, net of approximately $1.6 million of unamortized issuance costs related to the Exchanged Notes.

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NET (LOSS) INCOME PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
NET (LOSS) INCOME PER SHARE	NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period, plus potentially dilutive common shares, consisting of stock-based awards and equivalents, and convertible debt. For purposes of this calculation, stock-based awards and equivalents and convertible debt are considered to be potential common shares and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock-based awards and equivalents. The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt. Under the if-converted method, the Company assumes any convertible debt outstanding was converted at the beginning of each period presented when the effect is dilutive. As a result, interest expense, net of tax, and any other income statement impact associated with the 2027 Convertible Notes, net of tax, is added back to net (loss) income used in the diluted earnings per share calculation. Additionally, the diluted shares used in the diluted earnings per share calculation includes the potential dilution effect of the convertible debt if converted into the Company’s common stock. The Company’s potentially dilutive stock-based awards and convertible debt were not included in the computation of diluted net loss per share for the three and six months ended June 30, 2024, because to do so would be anti-dilutive. For the three months ended June 30, 2023, the Company’s potentially dilutive convertible debt was included in the computation of diluted net income per share. However, for the six months ended June 30, 2023, the Company’s potentially dilutive convertible debt was not included in the computation of diluted net income per share, because to do so would be anti-dilutive. The following table reflects the calculation of basic and diluted (loss) income per common share for the three and six months ended June 30, 2024 and 2023 (in thousands, except for per share amounts):   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic net (loss) income per share Net (loss) income $ (3,674) $ 8,470  $ (8,184) $ 4,986  Weighted-average common shares outstanding 95,240  56,142  95,110  53,588  Basic net (loss) income per share $ (0.04) $ 0.15  $ (0.09) $ 0.09  Diluted net (loss) income per share Net (loss) income $ (3,674) $ 8,470  $ (8,184) $ 4,986  Add: Convertible debt interest expense, net of tax —  563  —  —  Adjusted net (loss) income (3,674) 9,033  (8,184) 4,986  Weighted-average common shares and share equivalents outstanding 95,240  56,142  95,110  53,588  Add: effect of dilutive stock-based awards and equivalents —  4,234  —  4,422  Add: effect of dilutive convertible debt under if-converted method —  9,768  —  —  Denominator for diluted net (loss) income per share 95,240  70,144  95,110  58,010  Diluted net (loss) income per share $ (0.04) $ 0.13  $ (0.09) $ 0.09    The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive, for the three and six months ended June 30, 2024 and 2023 (in thousands):   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Convertible notes 9,768  —  9,768  12,116  Stock-based awards and equivalents 9,624  721  9,023  548  Total potentially dilutive common shares 19,392  721  18,791  12,664

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FAIR VALUE	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.   •Level 1: Quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Financial Statement Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents: U.S. Treasuries Cash and cash equivalents $ —  $ 7,761  $ —  $ 7,761  Money market funds Cash and cash equivalents 35,896  —  —  35,896  Short-term investments: Commercial paper Short-term investments —  3,964  —  3,964  U.S. Treasuries Short-term investments —  39,680  —  39,680  Total $ 35,896  $ 51,405  $ —  $ 87,301  Liabilities Short-term contingent consideration Contingent consideration, current portion $ —  $ —  $ 2,700  $ 2,700  Derivative liability Long-term debt —  —  308  308  Total $ —  $ —  $ 3,008  $ 3,008  December 31, 2023 Financial Statement Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents: U.S. Treasuries Cash and cash equivalents $ —  $ 35,458  $ —  $ 35,458  U.S. Government agencies Cash and cash equivalents —  3,294  —  3,294  Money market funds Cash and cash equivalents 32,534  —  —  32,534  Total $ 32,534  $ 38,752  $ —  $ 71,286  Liabilities Short-term contingent consideration Contingent consideration, current portion $ —  $ —  $ 2,700  $ 2,700  Derivative liability Long-term debt —  —  308  308  Total $ —  $ —  $ 3,008  $ 3,008       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, including commercial paper and U.S. Treasury securities. The Company has classified its short-term investments as trading securities. The short-term investments are recorded at fair value using Level 2 inputs, as the inputs used to value these instruments are directly observable or can be corroborated by observable market data for substantially the full term of the assets. Gains and losses on short-term investments are included in Interest income in the Condensed Consolidated Statements of Comprehensive (Loss) Income. The Company recognized no unrealized gains from its short-term investments classified as trading securities for the three and six months ended June 30, 2024, and unrealized losses from short-term investments classified as trading securities recognized for the three and six months ended June 30, 2024 were immaterial. The Company had no short-term investments classified as trading securities during the three and six months ended June 30, 2023. Contingent Consideration Obligations Spectrum Merger Contingent Variable Rights In connection with the Spectrum Merger, the Company issued CVRs (See Note 2, Acquisitions) that represent a contingent consideration obligation which is measured at fair value. As of both June 30, 2024 and December 31, 2023, the fair value of the Company’s CVR liability related to the Spectrum Merger was determined by the Company to be zero. Accordingly, the Company recognized no expense or benefit for the change in fair value of the CVR contingent consideration during the three and six months ended June 30, 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 2024 and 2025 net sales and discounted to present value. The significant assumptions used in the calculation of the fair value as of June 30, 2024 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 which is measured at fair value. The Company has obligations to make contingent consideration payments for future royalties to an affiliate of CR Group L.P. based upon annual INDOCIN product net sales over $20.0 million at a 20% royalty through January 2029. The Company classified the acquisition-related contingent consideration liabilities to be settled in cash as Level 3, due to the lack of relevant observable inputs and market activity. As of both June 30, 2024 and December 31, 2023, the fair value of the INDOCIN product contingent consideration was determined to be $2.7 million and has been classified as Contingent consideration, current in the Company’s Condensed Consolidated Balance Sheets. During each of the three and six months ended June 30, 2024, the Company recognized an expense of zero for the change in fair value of contingent consideration. During the three and six months ended June 30, 2023, the Company recognized an expense of $0.2 million and $9.4 million, respectively, for the change in fair value of contingent consideration, which was recognized in Change in fair value of contingent consideration in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income. 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 June 30, 2024 included updated projections of future INDOCIN product net sales. The following table summarizes changes in fair value of the Company’s contingent consideration obligations that are measured on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2024 and 2023 (in thousands):   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fair value, beginning of the period $ 2,700  $ 51,058  $ 2,700  $ 48,500  Change in fair value of contingent consideration recorded within costs and expenses —  241  —  9,408  Cash payment related to contingent consideration —  (8,799) —  (15,408) Fair value, end of the period $ 2,700  $ 42,500  $ 2,700  $ 42,500  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 $0.3 million as of both June 30, 2024 and December 31, 2023, 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 8.8%. There was no change in the fair value of the derivative liability for the three and six months ended June 30, 2024 or 2023. 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 June 30, 2024, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $34.7 million, compared to a par value of $40.0 million. As of December 31, 2023, the estimated fair value of the 2027 Convertible Notes, excluding the bifurcated embedded conversion option, was approximately $35.7 million, compared to a par value of $40.0 million. The Company estimated the fair value of its 2027 Convertible Notes as of June 30, 2024 and December 31, 2023 based on a market approach, which represents a Level 2 valuation.

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INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of June 30, 2024, the Company has concluded that it is not more likely than not that it will realize the net deferred tax asset recorded as of June 30, 2024. As a result, the Company has recorded a full valuation allowance against the net deferred tax asset recorded as of June 30, 2024. The valuation allowance is determined in accordance with the provisions of ASC 740, Income Taxes, which require an assessment of both negative and positive evidence when measuring the need for a valuation allowance. The 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. For the three and six months ended June 30, 2024, the Company recorded an income tax expense of $0.1 million and $0.3 million, respectively, which represents an effective tax rate of (4.2)% and (3.6)%, respectively. The difference between the income tax expense and the tax at the federal statutory rate of 21.0% on current year operations is principally due to the impact of the valuation allowance and state income taxes. For the three and six months ended June 30, 2023, the Company recorded an income tax expense of $3.9 million and $1.8 million, respectively, which represents an effective tax rate of 31.3% and 26.0%, respectively. The difference between the income tax expense in each period and the tax at the federal statutory rate of 21.0% on current year operations is principally due to state taxes, disallowed officer’s compensation, and capital expenses, offset by a partial reversal of previously recorded valuation allowance in those periods.

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RESTRUCTURING CHARGES	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES 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 Company does not expect to recognize any additional restructuring charges related to the Spectrum Reorganization Plan. The Company expects all cash payments under the Spectrum Reorganization Plan to be completed by the end of 2025. 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 through June 30, 2024, were approximately $3.3 million. In addition, the leased facilities and office equipment referenced above are not expected to be used for any business purpose, and the Company will not sublease the facilities and office equipment due to the short remaining lease terms. The facility exit costs represent the acceleration of the underlying right-of-use asset amortization to align with the cease use date for the abandoned facilities and office equipment. Total facility exit costs recognized under the Spectrum Reorganization Plan through June 30, 2024, were approximately $1.3 million. There are no remaining facility exit costs expected to be recognized by the Company under the Spectrum Reorganization Plan as of June 30, 2024. Effective January 2, 2024, the Company separated from the service of its former President and Chief Executive Officer. Pursuant to his then existing Management Continuity Agreement with the Company, the former President and Chief Executive Officer was entitled to severance compensation and benefits of approximately $1.5 million, which was recognized as Restructuring charges within the Condensed Consolidated Statement of Comprehensive (Loss) Income for year ended December 31, 2023, the period in which the separation and related severance benefit was determined to be probable. The Company does not expect to recognize any additional restructuring charges related to the separation from the former President and Chief Executive Officer. The Company recognized restructuring charges of zero and $0.7 million for the three and six months ended June 30, 2024, respectively, all of which related to employee compensation costs. The Company recognized no restructuring charges for the three and six months ended June 30, 2023. 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):   Employee compensation costs Balance as of December 31, 2023 $ 4,378  Restructuring charges 720  Cash paid (2,768) Balance as of June 30, 2024 $ 2,330

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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 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 six months ended June 30, 2024, are not necessarily indicative of results to be expected for the entire year ending December 31, 2024. 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, 2023, included in Assertio Holdings, Inc.’s Annual Report on Form 10-K filed with the SEC on March 11, 2024 (the “2023 Form 10-K”). The Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the audited financial statements at that date, as filed in the Company’s 2023 Form 10-K.
Reclassifications	Reclassifications During the second quarter of 2024, the Company reclassified interest income from Other gain to Interest income on the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income. Prior period amounts were also reclassified to conform with the current period presentation.

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ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Consideration Transferred	The following table reflects the components of the consideration transferred in the Spectrum Merger (in thousands, except per share data): Assertio shares issued 38,013  Assertio closing price per share as of the Effective Date $ 5.69  Fair value of Assertio shares issued $ 216,294  Repayment of Spectrum's long-term debt (1) 32,647  CVRs (2) 3,932  Total fair value of consideration transferred $ 252,873  (1)Represents settlement of Spectrum’s existing long-term debt in connection with the close of the transaction. The Company concluded it did not assume the debt, therefore the amount paid to settle the debt has been accounted for and included as part of the consideration transferred. (2)Represents the Effective Date fair value of 223,397 CVRs at $0.0176 per CVR issued to holders of Spectrum common stock, employee stock awards and warrants.
Schedule of Assets Acquired and Liabilities Assumed	The following table reflects the fair values of the assets acquired and liabilities assumed at the Effective Date (in thousands). The fair values were based on management’s estimates and assumptions. Management’s determination of the fair values of the assets acquired and liabilities assumed was completed as of March 31, 2024. Initial Preliminary Purchase Price Allocation to Fair Value Adjustments to Purchase Price Allocation to Fair Value (2) Final Purchase Price Allocation to Fair Value Assets: Cash and cash equivalents $ 34,600  $ —  $ 34,600  Marketable securities 2,194  —  2,194  Accounts receivable 50,975  —  50,975  Inventories 22,244  61  22,305  Prepaid and other current assets 1,287  698  1,985  Property and equipment 100  —  100  Intangible assets 234,000  (13,500) 220,500  Other long-term assets 1,396  —  1,396  Total $ 346,796  $ (12,741) $ 334,055  Liabilities: Accounts payable $ 10,108  $ —  $ 10,108  Accrued rebates, returns and discounts 21,025  —  21,025  Accrued liabilities 36,509  (2,343) 34,166  Other current liabilities 784  —  784  Deferred taxes 34,250  (30,254) 3,996  Other long-term liabilities 11,103  —  11,103  Total $ 113,779  $ (32,597) $ 81,182  Total Spectrum net assets acquired (1) $ 233,017  $ 19,856  $ 252,873  Goodwill $ 19,856  $ (19,856) $ —  (1)Application of the acquisition method required the Company to adjust Spectrum assets and liabilities as of the Effective Date, including certain liabilities for variable consideration associated with ROLVEDON, to reflect conformity of Spectrum’s accounting policies to those of Assertio. Liabilities assumed include certain bonuses owed to former Spectrum executives under the terms of existing employment agreements triggered by the consummation of the Spectrum Merger. (2)Adjustments made to the preliminary purchase price allocation to fair value primarily reflect completion of studies and other analyses necessary to determine the income tax effects of the net identifiable assets acquired and further refinement of the assumptions used in the valuation supporting the ROLVEDON product rights. These adjustments did not materially impact the Consolidated Statement of Comprehensive (Loss) Income.
Schedule of Pro Forma Financial Information	The following unaudited pro forma information represents the Company’s results of operations as if the Spectrum Merger had been completed as of January 1, 2023, (in thousands) and includes nonrecurring adjustments for additional costs of sales from the fair value step-up of inventories and transaction costs. The disclosure of pro forma total revenues and net income (loss) does not purport to indicate the results that would actually have been obtained had the Spectrum Merger been completed on the assumed date for the periods presented, or which may be realized in the future. The unaudited pro forma information does not reflect any operating efficiencies or cost savings that may be realized from the integration of the acquisition. Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Total revenues $ 64,729  $ 122,810  Net income (loss) 4,938  (9,006)

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REVENUE (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net Revenue	The following table reflects total revenues for the three and six months ended June 30, 2024 and 2023 (in thousands):  Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Product sales, net: ROLVEDON $ 15,144  $ —  $ 29,622 $ —  INDOCIN products 6,913  28,075  15,596  58,421  Sympazan 2,668  2,627  5,285  5,129  Otrexup 2,014  3,594  4,896  6,416  SPRIX 2,147  2,373  3,584  4,262  CAMBIA 1,403  1,805  2,660  4,069  Other products 406  1,609  914  3,555  Total product sales, net 30,695  40,083  62,557  81,852  Royalties and milestone revenue 431  723  1,017  1,420  Other revenue —  185  —  185  Total revenues $ 31,126  $ 40,991  $ 63,574  $ 83,457

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INVENTORIES, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The following table reflects the components of inventories, net as of June 30, 2024 and December 31, 2023 (in thousands):    June 30, 2024 December 31, 2023 Raw materials $ 19,159  $ 10,537  Work-in-process 870  2,239  Finished goods 19,051  24,910  Total inventories, net $ 39,080  $ 37,686

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PREPAID AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid and Other Current Assets	The following table reflects prepaid and other current as of June 30, 2024 and December 31, 2023 (in thousands):  June 30, 2024 December 31, 2023 Prepaid assets and deposits $ 10,179  $ 11,973  Other current assets 301  299  Total prepaid and other current assets $ 10,480  $ 12,272

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PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following table reflects property and equipment, net as of June 30, 2024 and December 31, 2023 (in thousands):  June 30, 2024 December 31, 2023 Furniture and office equipment $ 1,412  $ 1,908  Laboratory equipment 20  20  Leasehold improvements 2,551  2,945  Construction in progress —  528  3,983  5,401  Less: Accumulated depreciation (3,319) (4,631) Property and equipment, net $ 664  $ 770

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INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (dollar amounts in thousands):    June 30, 2024 December 31, 2023 Products rights: Remaining Useful Life  (In years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Impairment Net Book Value ROLVEDON 9.1 $ 63,405  $ (8,303) $ 55,102  $ 220,500  $ (5,270) $ (157,095) $ 58,135  INDOCIN 1.0 65,605  (51,052) 14,553  154,100  (44,814) (88,494) 20,792  Sympazan 10.3 14,550  (2,020) 12,530  14,550  (1,415) —  13,135  Otrexup 5.5 16,364  (10,625) 5,739  44,086  (10,103) (27,723) 6,260  SPRIX 2.9 32,673  (21,567) 11,106  39,000  (19,663) (6,327) 13,010  Total intangible assets   $ 192,597  $ (93,567) $ 99,030  $ 472,236  $ (81,265) $ (279,639) $ 111,332
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 2024 (remainder) 13,342  2025 19,407  2026 12,130  2027 9,909  2028 8,322  Thereafter 35,920  Total $ 99,030

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OTHER LONG-TERM ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Long-Term Assets	The following table reflects other long-term assets as of June 30, 2024 and December 31, 2023 (in thousands):    June 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 1,198  $ 1,269  Other 699  1,986  Total other long-term assets $ 1,897  $ 3,255

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ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	The following table reflects accrued liabilities as of June 30, 2024 and December 31, 2023 (in thousands):    June 30, 2024 December 31, 2023 Accrued compensation $ 1,772  $ 2,438  Accrued restructuring costs (See Note 20) 2,330  4,378  Other accrued liabilities 8,936  9,492  Interest payable 867  867  Accrued royalties 1,219  1,038  Total accrued liabilities $ 15,124  $ 18,213

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DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Carrying Values Convertible Notes	The following table reflects the carrying value of the 2027 Convertible Notes as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Principal balance $ 40,000  $ 40,000  Derivative liability for embedded conversion feature 308  308  Unamortized debt issuance costs (1,579) (1,794) Carrying value $ 38,729  $ 38,514
Schedule of Debt Related Interest	The following table reflects debt-related interest included in Interest expense in the Company’s Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on 2027 Convertible Notes $ 650 $ 650 $ 1,300 $ 1,625 Amortization of debt issuance costs 108 101 215 248 Total interest expense $ 758 $ 751 $ 1,515 $ 1,873

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OTHER LONG-TERM LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-term Liabilities	The following table reflects other long-term liabilities as of June 30, 2024 and December 31, 2023 (in thousands):   June 30, 2024 December 31, 2023 ROLVEDON product royalties $ 9,224  $ 9,224  Noncurrent operating lease liabilities 1,254  1,470  Liability for uncertain tax provisions 4,687  4,553  Deferred employee retention credits 1,212  1,212  Total other long-term liabilities $ 16,377  $ 16,459

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LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lease Expense	The following table reflects lease expense for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial Statement Classification 2024 2023 2024 2023 Operating lease cost Selling, general and administrative expenses $ 65  $ 57  $ 131  $ 96  The following table reflects supplemental cash flow information related to leases for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 258  $ 104  $ 540  $ 208
Schedule of Supplemental Balance Sheet Information	The following table reflects supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023 (in thousands): Financial Statement Classification June 30, 2024 December 31, 2023 Assets Operating lease right-of-use assets Other long-term assets $ 1,198  $ 1,269  Liabilities Current operating lease liabilities Other current liabilities $ 665  $ 928  Noncurrent operating lease liabilities Other long-term liabilities 1,254  1,470  Total lease liabilities $ 1,919  $ 2,398

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NET (LOSS) INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings Per Common Share	The following table reflects the calculation of basic and diluted (loss) income per common share for the three and six months ended June 30, 2024 and 2023 (in thousands, except for per share amounts):   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic net (loss) income per share Net (loss) income $ (3,674) $ 8,470  $ (8,184) $ 4,986  Weighted-average common shares outstanding 95,240  56,142  95,110  53,588  Basic net (loss) income per share $ (0.04) $ 0.15  $ (0.09) $ 0.09  Diluted net (loss) income per share Net (loss) income $ (3,674) $ 8,470  $ (8,184) $ 4,986  Add: Convertible debt interest expense, net of tax —  563  —  —  Adjusted net (loss) income (3,674) 9,033  (8,184) 4,986  Weighted-average common shares and share equivalents outstanding 95,240  56,142  95,110  53,588  Add: effect of dilutive stock-based awards and equivalents —  4,234  —  4,422  Add: effect of dilutive convertible debt under if-converted method —  9,768  —  —  Denominator for diluted net (loss) income per share 95,240  70,144  95,110  58,010  Diluted net (loss) income per share $ (0.04) $ 0.13  $ (0.09) $ 0.09
Schedule of Potentially Dilutive Common Shares	The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive, for the three and six months ended June 30, 2024 and 2023 (in thousands):   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Convertible notes 9,768  —  9,768  12,116  Stock-based awards and equivalents 9,624  721  9,023  548  Total potentially dilutive common shares 19,392  721  18,791  12,664

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FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Financial Statement Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents: U.S. Treasuries Cash and cash equivalents $ —  $ 7,761  $ —  $ 7,761  Money market funds Cash and cash equivalents 35,896  —  —  35,896  Short-term investments: Commercial paper Short-term investments —  3,964  —  3,964  U.S. Treasuries Short-term investments —  39,680  —  39,680  Total $ 35,896  $ 51,405  $ —  $ 87,301  Liabilities Short-term contingent consideration Contingent consideration, current portion $ —  $ —  $ 2,700  $ 2,700  Derivative liability Long-term debt —  —  308  308  Total $ —  $ —  $ 3,008  $ 3,008  December 31, 2023 Financial Statement Classification Level 1 Level 2 Level 3 Total Assets Cash equivalents: U.S. Treasuries Cash and cash equivalents $ —  $ 35,458  $ —  $ 35,458  U.S. Government agencies Cash and cash equivalents —  3,294  —  3,294  Money market funds Cash and cash equivalents 32,534  —  —  32,534  Total $ 32,534  $ 38,752  $ —  $ 71,286  Liabilities Short-term contingent consideration Contingent consideration, current portion $ —  $ —  $ 2,700  $ 2,700  Derivative liability Long-term debt —  —  308  308  Total $ —  $ —  $ 3,008  $ 3,008
Schedule of Changes in Fair Value	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 six months ended June 30, 2024 and 2023 (in thousands):   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Fair value, beginning of the period $ 2,700  $ 51,058  $ 2,700  $ 48,500  Change in fair value of contingent consideration recorded within costs and expenses —  241  —  9,408  Cash payment related to contingent consideration —  (8,799) —  (15,408) Fair value, end of the period $ 2,700  $ 42,500  $ 2,700  $ 42,500

v3.24.2.u1

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Jun. 30, 2024
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):   Employee compensation costs Balance as of December 31, 2023 $ 4,378  Restructuring charges 720  Cash paid (2,768) Balance as of June 30, 2024 $ 2,330

v3.24.2.u1

ACQUISITIONS - Narrative (Details) - Spectrum Pharmaceuticals, Inc. $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 31, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares
Business Acquisition [Line Items]
Business acquisition, fixed exchange ratio	0.1783
Business acquisition, contingent consideration, per share, maximum (in dollars per share) | $ / shares	$ 0.20
Acquired finite-lived intangible assets, useful life	10 years
Acquisition costs related to the transaction		$ 0.0	$ 3.4	$ 0.0	$ 5.8
ROLVEDON
Business Acquisition [Line Items]
Business combination, contingent consideration arrangements, range of outcomes, value, high	$ 44.7
ROLVEDON | Forecast
Business Acquisition [Line Items]
Business acquisition, contingent consideration, per share, maximum (in dollars per share) | $ / shares						$ 0.10	$ 0.10
Business combination, contingent consideration arrangements, range of outcomes, value, high						$ 225.0	$ 175.0

v3.24.2.u1

ACQUISITIONS - Schedule of Consideration Transferred (Details) - Spectrum Pharmaceuticals, Inc. $ / shares in Units, $ in Thousands	Jul. 31, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Assertio shares issued (in shares) | shares	38,013,000
Assertio closing price per share as of the Effective Date (in dollars per share) | $ / shares	$ 5.69
Fair value of Assertio shares issued	$ 216,294
Repayment of Spectrum's long-term debt	32,647
CVRs	3,932
Total fair value of consideration transferred	$ 252,873
Business combination, contingent consideration liability, number of shares (in shares) | shares	223,397
Business acquisition, contingent consideration, per share (in dollars per share) | $ / shares	$ 0.0176

v3.24.2.u1

ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - Spectrum Pharmaceuticals, Inc. - USD ($) $ in Thousands	5 Months Ended
	Dec. 31, 2023	Jul. 31, 2023
Assets:
Cash and cash equivalents	$ 34,600	$ 34,600
Marketable securities	2,194	2,194
Accounts receivable	50,975	50,975
Inventories	22,305	22,244
Prepaid and other current assets	1,985	1,287
Property and equipment	100	100
Intangible assets	220,500	234,000
Other long-term assets	1,396	1,396
Total	334,055	346,796
Liabilities:
Accounts payable	10,108	10,108
Accrued rebates, returns and discounts	21,025	21,025
Accrued liabilities	34,166	36,509
Other current liabilities	784	784
Deferred taxes	3,996	34,250
Other long-term liabilities	11,103	11,103
Total	81,182	113,779
Total Spectrum net assets acquired	252,873	233,017
Goodwill	0	$ 19,856
Adjustments to Purchase Price Allocation to Fair Value
Inventories	61
Prepaid and other current assets	698
Intangible assets	(13,500)
Total	(12,741)
Accrued liabilities	(2,343)
Deferred taxes	(30,254)
Total	(32,597)
Total Spectrum net assets acquired	19,856
Goodwill	$ (19,856)

v3.24.2.u1

ACQUISITIONS -Schedule of Pro Forma Financial Information (Details) - Spectrum Pharmaceuticals, Inc. - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Total revenues	$ 64,729	$ 122,810
Net income (loss)	$ 4,938	$ (9,006)

v3.24.2.u1

REVENUE - Schedule of Net Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 31,126	$ 40,991	$ 63,574	$ 83,457
Total product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	30,695	40,083	62,557	81,852
ROLVEDON
Disaggregation of Revenue [Line Items]
Total revenues	15,144	0	29,622	0
INDOCIN products
Disaggregation of Revenue [Line Items]
Total revenues	6,913	28,075	15,596	58,421
Sympazan
Disaggregation of Revenue [Line Items]
Total revenues	2,668	2,627	5,285	5,129
Otrexup
Disaggregation of Revenue [Line Items]
Total revenues	2,014	3,594	4,896	6,416
SPRIX
Disaggregation of Revenue [Line Items]
Total revenues	2,147	2,373	3,584	4,262
CAMBIA
Disaggregation of Revenue [Line Items]
Total revenues	1,403	1,805	2,660	4,069
Other products
Disaggregation of Revenue [Line Items]
Total revenues	406	1,609	914	3,555
Royalties and milestone revenue
Disaggregation of Revenue [Line Items]
Total revenues	431	723	1,017	1,420
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 185	$ 0	$ 185

v3.24.2.u1

REVENUE - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Royalties and milestone revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	$ 0.0	$ 0.3	$ 0.0	$ 0.5
Canada | CAMBIA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	$ 0.4	$ 0.4	$ 1.0	$ 1.0

v3.24.2.u1

ACCOUNTS RECEIVABLES, NET (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Allowance for cash discounts for prompt payment	$ 0.5	$ 0.9

v3.24.2.u1

INVENTORIES, NET - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory
Raw materials	$ 19,159	$ 10,537
Work-in-process	870	2,239
Finished goods	19,051	24,910
Total inventories, net	$ 39,080	$ 37,686

v3.24.2.u1

INVENTORIES, NET - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory reserves	$ 6.1	$ 6.8

v3.24.2.u1

PREPAID AND OTHER CURRENT ASSETS - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets and deposits	$ 10,179	$ 11,973
Other current assets	301	299
Total prepaid and other current assets	$ 10,480	$ 12,272

v3.24.2.u1

PREPAID AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Credit loss allowance	$ 3.5	$ 3.5

v3.24.2.u1

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,983	$ 5,401
Less: Accumulated depreciation	(3,319)	(4,631)
Property and equipment, net	664	770
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,412	1,908
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	2,945
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0	$ 528

v3.24.2.u1

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense (less than for the three and six months ended June 30, 2024)	$ 0.1	$ 0.2	$ 0.1	$ 0.4

v3.24.2.u1

INTANGIBLE ASSETS -Schedule of Gross Carrying Amounts and Net Book Values of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets
Gross Carrying Amount	$ 192,597	$ 472,236
Accumulated Amortization	(93,567)	(81,265)
Impairment		(279,639)
Total	$ 99,030	111,332
ROLVEDON | Product Rights
Intangible assets
Remaining Useful Life (In years)	9 years 1 month 6 days
Gross Carrying Amount	$ 63,405	220,500
Accumulated Amortization	(8,303)	(5,270)
Impairment		(157,095)
Total	$ 55,102	58,135
INDOCIN | Product Rights
Intangible assets
Remaining Useful Life (In years)	1 year
Gross Carrying Amount	$ 65,605	154,100
Accumulated Amortization	(51,052)	(44,814)
Impairment		(88,494)
Total	$ 14,553	20,792
Sympazan | Product Rights
Intangible assets
Remaining Useful Life (In years)	10 years 3 months 18 days
Gross Carrying Amount	$ 14,550	14,550
Accumulated Amortization	(2,020)	(1,415)
Impairment		0
Total	$ 12,530	13,135
Otrexup | Product Rights
Intangible assets
Remaining Useful Life (In years)	5 years 6 months
Gross Carrying Amount	$ 16,364	44,086
Accumulated Amortization	(10,625)	(10,103)
Impairment		(27,723)
Total	$ 5,739	6,260
SPRIX | Product Rights
Intangible assets
Remaining Useful Life (In years)	2 years 10 months 24 days
Gross Carrying Amount	$ 32,673	39,000
Accumulated Amortization	(21,567)	(19,663)
Impairment		(6,327)
Total	$ 11,106	$ 13,010

v3.24.2.u1

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 01, 2024
Intangible assets
Amortization expense	$ 6,671	$ 6,284	$ 12,302	$ 12,568
INDOCIN products | Product Rights [Member]
Intangible assets
Useful life (in years)	1 year		1 year
Intangible Assets, Amortization Period | INDOCIN products | Product Rights [Member]
Intangible assets
Useful life (in years)					1 year 3 months 18 days

v3.24.2.u1

INTANGIBLE ASSETS - Schedule of the Future Amortization Expenses of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remainder)	$ 13,342
2025	19,407
2026	12,130
2027	9,909
2028	8,322
Thereafter	35,920
Total	$ 99,030	$ 111,332

v3.24.2.u1

OTHER LONG-TERM ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease right-of-use assets	$ 1,198	$ 1,269
Other	699	1,986
Total other long-term assets	$ 1,897	$ 3,255

v3.24.2.u1

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued compensation	$ 1,772	$ 2,438
Accrued restructuring costs	2,330	4,378
Other accrued liabilities	8,936	9,492
Interest payable	867	867
Accrued royalties	1,219	1,038
Total accrued liabilities	$ 15,124	$ 18,213

v3.24.2.u1

DEBT - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 27, 2023 USD ($)	Aug. 22, 2022 USD ($) $ / shares Rate	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Direct transaction costs			$ 0	$ 0	$ 0	$ 9,918
Amortization of debt issuance costs			108	101	215	248
Convertible Notes
Debt Instrument [Line Items]
Unamortized issuance costs recognized in Additional paid-in-capital						1,600
Convertible Senior Notes, 6.5% | Convertible Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		6.50%
Carrying value			38,700		38,700		$ 38,500
Aggregate principal amount	$ 30,000	$ 60,000
Additional purchase capacity		$ 10,000
Number of days to cover over allotment (in days)		13 days
Induced conversion of convertible debt expense	8,800
Direct transaction costs	$ 1,100
Conversion ratio		0.2442003
Conversion price (in dollars per share) | $ / shares		$ 4.09
Effective interest rate (as a percent) | Rate		7.80%
Amortization of debt issuance costs			$ 100	$ 100	$ 200	$ 200

v3.24.2.u1

DEBT - Schedule of Carrying Values Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Derivative liability for embedded conversion feature	$ 300
Convertible Senior Notes, 6.5% | Convertible Notes
Debt Instrument [Line Items]
Principal balance	40,000	$ 40,000
Derivative liability for embedded conversion feature	308	308
Unamortized debt issuance costs	(1,579)	(1,794)
Carrying value	$ 38,729	$ 38,514

v3.24.2.u1

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Interest on 2027 Convertible Notes	$ 650	$ 650	$ 1,300	$ 1,625
Amortization of debt issuance costs	108	101	215	248
Total interest expense	$ 758	$ 751	$ 1,515	$ 1,873

v3.24.2.u1

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
ROLVEDON product royalties	$ 9,224	$ 9,224
Noncurrent operating lease liabilities	1,254	1,470
Liability for uncertain tax provisions	4,687	4,553
Deferred employee retention credits	1,212	1,212
Other long-term liabilities	$ 16,377	$ 16,459

v3.24.2.u1

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			1.7	0.7
Average fair market value (in dollars per share)			$ 0.89	$ 5.64
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			5.3	0.6
Average market fair value (in dollars per share)			$ 0.82	$ 4.49
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1.4	$ 2.2	$ 2.6	$ 4.7

v3.24.2.u1

LEASES - Lease Cost Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 65	$ 57	$ 131	$ 96

v3.24.2.u1

LEASES - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$ 258	$ 104	$ 540	$ 208

v3.24.2.u1

LEASES -Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Operating lease right-of-use assets	$ 1,198	$ 1,269
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Liabilities
Current operating lease liabilities	$ 665	$ 928
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 1,254	$ 1,470
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 1,919	$ 2,398

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES - Supply Agreements (Details) - Supply Agreement $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Supply Commitment [Line Items]
Purchase obligation, percentage	75.00%
JHS
Supply Commitment [Line Items]
Annual purchase obligation	$ 1.5
Antares
Supply Commitment [Line Items]
Annual purchase obligation	2.0
Hanmi
Supply Commitment [Line Items]
Purchase obligation in 2024	19.1
Purchase obligation in 2025	3.8
Purchase of inventory	$ 12.6

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES - Glumetza Antitrust Litigation (Details) - USD ($) $ in Thousands	Feb. 03, 2022	Sep. 14, 2021
Glumetza Antitrust Litigation
Loss Contingencies [Line Items]
Settlement amount	$ 3,850	$ 3,150

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES - Insurance Litigation (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Insurance reimbursement	$ 1.9	$ 2.0	$ 5.0

v3.24.2.u1

SHAREHOLDERS EQUITY (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended	6 Months Ended
	Jul. 31, 2023	Mar. 31, 2023	Jun. 30, 2023
Spectrum Pharmaceuticals, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock in connection with the Spectrum Merger, net of fractional share settlement (in shares)	38.0
Additional Paid-In Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Induced exchange of convertible notes, gross			$ 28.3
Convertible Notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized issuance costs recognized in Additional paid-in-capital			$ 1.6
Convertible Senior Notes, 6.5% | Convertible Notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options		$ 10.5
Induced exchange of convertible notes (in shares)		7.0

v3.24.2.u1

NET (LOSS) INCOME PER SHARE - Schedule of Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic net (loss) income per share
Net (loss) income	$ (3,674)	$ 8,470	$ (8,184)	$ 4,986
Weighted-average common shares outstanding (in shares)	95,240	56,142	95,110	53,588
Basic net (loss) income per share (in dollars per share)	$ (0.04)	$ 0.15	$ (0.09)	$ 0.09
Diluted net (loss) income per share
Net (loss) income	$ (3,674)	$ 8,470	$ (8,184)	$ 4,986
Add: Convertible debt interest expense, net of tax	0	563	0	0
Adjusted net (loss) income	$ (3,674)	$ 9,033	$ (8,184)	$ 4,986
Weighted-average common shares and share equivalents outstanding (in shares)	95,240	56,142	95,110	53,588
Add: effect of dilutive stock-based awards and equivalents (in shares)	0	4,234	0	4,422
Add: effect of dilutive convertible debt under if-converted method (in shares)	0	9,768	0	0
Denominator for diluted net (loss) income per share (in shares)	95,240	70,144	95,110	58,010
Diluted net (loss) income per share (in dollars per share)	$ (0.04)	$ 0.13	$ (0.09)	$ 0.09

v3.24.2.u1

NET (LOSS) INCOME PER SHARE - Schedule of Potentially Dilutive Common Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	19,392	721	18,791	12,664
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	9,768	0	9,768	12,116
Stock-based awards and equivalents
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	9,624	721	9,023	548

v3.24.2.u1

FAIR VALUE - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities
Short-term contingent consideration	$ 2,700	$ 2,700
Derivative liability	300
Recurring
Assets
Total	87,301	71,286
Liabilities
Short-term contingent consideration	2,700	2,700
Derivative liability	308	308
Total	3,008	3,008
Recurring | U.S. Treasuries
Assets
Cash and cash equivalents	7,761	35,458
Short-term investments	39,680
Recurring | Money market funds
Assets
Cash and cash equivalents	35,896	32,534
Recurring | U.S. Government agencies
Assets
Cash and cash equivalents		3,294
Recurring | Commercial paper
Assets
Short-term investments	3,964
Recurring | Level 1
Assets
Total	35,896	32,534
Liabilities
Short-term contingent consideration	0	0
Derivative liability	0	0
Total	0	0
Recurring | Level 1 | U.S. Treasuries
Assets
Cash and cash equivalents	0	0
Short-term investments	0
Recurring | Level 1 | Money market funds
Assets
Cash and cash equivalents	35,896	32,534
Recurring | Level 1 | U.S. Government agencies
Assets
Cash and cash equivalents		0
Recurring | Level 1 | Commercial paper
Assets
Short-term investments	0
Recurring | Level 2
Assets
Total	51,405	38,752
Liabilities
Short-term contingent consideration	0	0
Derivative liability	0	0
Total	0	0
Recurring | Level 2 | U.S. Treasuries
Assets
Cash and cash equivalents	7,761	35,458
Short-term investments	39,680
Recurring | Level 2 | Money market funds
Assets
Cash and cash equivalents	0	0
Recurring | Level 2 | U.S. Government agencies
Assets
Cash and cash equivalents		3,294
Recurring | Level 2 | Commercial paper
Assets
Short-term investments	3,964
Recurring | Level 3
Assets
Total	0	0
Liabilities
Short-term contingent consideration	2,700	2,700
Derivative liability	308	308
Total	3,008	3,008
Recurring | Level 3 | U.S. Treasuries
Assets
Cash and cash equivalents	0	0
Short-term investments	0
Recurring | Level 3 | Money market funds
Assets
Cash and cash equivalents	0	0
Recurring | Level 3 | U.S. Government agencies
Assets
Cash and cash equivalents		$ 0
Recurring | Level 3 | Commercial paper
Assets
Short-term investments	$ 0

v3.24.2.u1

FAIR VALUE - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Rate	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]
Contingent consideration, current portion	$ 2,700		$ 2,700		$ 2,700
Change in fair value of contingent consideration	0	$ 241	0	$ 9,408
Derivative liability	300		300
Level 2
Schedule of Cash and Cash Equivalents and Marketable Securities [Line Items]
Debt conversion option value	34,700		34,700		35,700
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	0.088		0.088
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	$ 2,700		$ 2,700		$ 2,700

v3.24.2.u1

FAIR VALUE - Schedule of Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of contingent consideration recorded within costs and expenses [Extensible Enumeration]	Costs and Expenses	Costs and Expenses
Level 3 | Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the period	$ 2,700	$ 51,058	$ 2,700	$ 48,500
Change in fair value of contingent consideration recorded within costs and expenses	0	241	0	9,408
Cash payment related to contingent consideration	0	(8,799)	0	(15,408)
Fair value, end of the period	$ 2,700	$ 42,500	$ 2,700	$ 42,500

v3.24.2.u1

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 149	$ 3,860	$ 281	$ 1,750
Effective tax rate	(4.20%)	31.30%	(3.60%)	26.00%

v3.24.2.u1

RESTRUCTURING CHARGES - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 0	$ 720,000	$ 0
Employee compensation costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges				720,000
Employee compensation costs | Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Restructuring charges						$ 1,500,000
Spectrum Reorganization Plan | Employee compensation costs
Restructuring Cost and Reserve [Line Items]
Cost incurred, cumulative	3,300,000			3,300,000
Spectrum Reorganization Plan | Facility exit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1,300,000
Restructuring and related cost, expected cost remaining	$ 0			$ 0

v3.24.2.u1

RESTRUCTURING CHARGES - Schedule of Accrued Restructuring and Severance Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accrued restructuring and severance costs rollforward
Restructuring charges	$ 0	$ 0	$ 720	$ 0
Employee compensation costs
Accrued restructuring and severance costs rollforward
Balance at beginning of period			4,378
Restructuring charges			720
Cash paid			(2,768)
Balance at end of period	$ 2,330		$ 2,330

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