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Assertio Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $29,204,000, a decrease from $35,627,000 in the same quarter the previous year. The decrease is attributed to lower sales of INDOCIN products due to generic competition.
Cost of sales for the quarter was $7,550,000, compared to $7,060,000 in the same quarter of the previous year. The increase is due to higher costs associated with ROLVEDON.
Research and development expenses were $1,005,000 for the quarter, compared to $1,316,000 in the previous year, reflecting ongoing clinical activity for ROLVEDON.
Selling, general, and administrative expenses decreased to $16,726,000 from $21,005,000, primarily due to lower transaction-related expenses and legal costs.
The company reported a net loss of $2,921,000 for the quarter, compared to a net loss of $274,558,000 in the previous year, which included a significant impairment charge.
Cash provided by operating activities was $14,860,000, while cash used in investing and financing activities was $50,029,000 and $291,000, respectively.
Assertio had cash and cash equivalents of $37,981,000 as of September 30, 2024. The company anticipates that its existing cash resources will be sufficient to fund operations for at least the next twelve months.
The filing details the company's acquisition of Spectrum Pharmaceuticals (ASRT+0.06%) and the associated contingent consideration obligations.
Assertio continues to face legal proceedings related to its historical opioid sales and marketing practices, as well as shareholder litigation related to the Spectrum merger.
The company has identified no material changes in its risk factors since its previous quarterly report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Assertio Holdings Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.