Assertio Reports First Quarter 2025 Financial Results

Core Insights - Assertio Holdings, Inc. reported first quarter total net product sales of $26.0 million, aligning with its 2025 outlook for sustainable growth and increased long-term value [1][2] - The company is focused on reducing legal exposure, simplifying corporate structure, prioritizing growth investments, and divesting non-core assets as part of its transformation strategy [2][5] Financial Performance - Net sales for the first quarter were $26.0 million, down from $31.9 million in the same quarter last year, with a net loss of $13.5 million compared to a loss of $4.5 million in the prior year [4][11] - Adjusted EBITDA was $0.2 million, significantly lower than $7.4 million in the previous year, primarily due to decreased net product sales and increased costs associated with higher Rolvedon volumes [4][11] - Rolvedon net sales were $13.1 million, a decrease from $14.5 million year-over-year, while Sympazan prescriptions increased by 6.5% year-over-year [3][11] Legal and Corporate Developments - The company settled multiple legal matters, including a DOJ False Claims Act lawsuit and an antitrust action, which is expected to reduce future legal costs [5] - Assertio has begun simplifying its corporate structure by transferring interests in its subsidiary Assertio Therapeutics, which held approximately $8.2 million in cash and certain legal liabilities [5] Balance Sheet and Cash Flow - As of March 31, 2025, Assertio had cash, cash equivalents, and short-term investments totaling $87.3 million, down from $100.1 million at the end of 2024 [12] - The company reported a net cash used in operating activities of $12.5 million for the quarter, compared to a net cash provided of $7.5 million in the same period last year [22] Strategic Focus - Assertio is reallocating resources to focus on growth assets, particularly Rolvedon and Sympazan, while progressing towards divesting non-core assets [5][11] - The management plans to host a conference call to discuss the financial results and provide further details on the corporate strategy for 2025 [7]