COLLEGIUM PHARMACEUTICAL, INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001558370-24-014858
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001558370-25-006960
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 95 previous paragraphs and 65 current paragraphs.
34 unchanged; 24 reworded; 6 added; 35 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 49 previous and 44 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
The increase in revenue for Belbuca of $1.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates as well as higher gross price, partially offset by lower sales volume and higher gross-to-net adjustments related to provisions for chargebacks.
Current report
Intangible asset amortization was $55.5 million for the 2025 Quarter, compared to $34.5 million for the 2024 Quarter. The $21.0 million increase was due to the 2025 Quarter including amortization from the intangible asset acquired from the Ironshore Acquisition in September 2024.
Current report
Interest expense was $20.8 million for the 2025 Quarter, compared to $17.3 million for the 2024 Quarter. The $3.5 million increase was primarily due to the 2025 Quarter including $3.6 million of interest expense related to the deferred royalty obligation that was assumed as part of the Ironshore Acquisition in September 2024. Interest expense from term loans was materially consistent in the 2025 Quarter compared to the 2024 Quarter due to the refinancing of our term loan in the third quarter of 2024, which resulted in a lower interest rate offset by a higher principal balance.
Current report
The following transactions represent our material borrowing arrangements: the 2024 Term Loan and the 2029 Convertible Notes. Refer to Note 11,Term Notes Payable, and Note 12,Convertible Senior Notes, for more information.
Current report
Operating activities. Cash provided by operating activities was $55.4 million for the 2025 Period, compared to $61.9 million for the 2024 Period. The $6.5 million decrease was primarily due to changes in working capital, partially offset by the increase in cash flow from operating results after adjustment for non-cash items that are included in net income. The changes in working capital were primarily driven by the change in prepaid expenses, which was impacted by the timing and payment of prepaid co-pay program expenses associated with our products.
Current report
Adjusted EBITDA was $95.2 million for the 2025 Quarter compared to $92.4 million for the 2024 Quarter. The $2.8 million increase was primarily due to higher product revenues of $32.8 million, partially offset by higher adjusted operating expenses of $27.7 million and higher cost of product revenues (excluding intangible asset amortization and recognition of step-up basis inventory) of $2.5 million.
Removed paragraphs (35)
Previous report
Changes in our critical accounting policies with respect to our Annual Report include business combination accounting and valuation of acquired assets, including goodwill and intangible assets, as described below.
Previous report
Business Combination Accounting and Valuation of Acquired Net Assets
Previous report
We completed the Ironshore Acquisition on September 3, 2024, which was accounted for as a business combination. To determine whether the acquisition should be accounted for as a business combination or as an asset acquisition, we made certain judgments regarding whether the acquired set of activities and assets met the definition of a business. Judgment is required in assessing whether the acquired processes or activities, along with their inputs, would be substantive to constitute a business, as defined by U.S. GAAP.
Previous report
The acquisition method of accounting requires that we recognize the assets acquired and liabilities assumed at their acquisition date fair values. Goodwill is measured as the excess of consideration transferred over the acquisition date net fair values of the assets acquired and the liabilities assumed. The purchase price allocation is a critical accounting estimate because the estimation of fair values of acquired assets and assumed liabilities is judgmental and requires various assumptions based on non-observable inputs. An income approach, which generally relies upon projected cash flow models, is used in estimating the fair value of the acquired intangible assets, the fair value of acquired inventory and the fair value of the assumed deferred royalty obligation. These cash flow projections are based on management's estimates of economic and market conditions including the estimated future cash flows from revenues of acquired assets; the timing and projection of costs and expenses, discount rates; and tax rates.
Previous report
While we use our best estimates and assumptions as part of the process to value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. During the measurement period, which occurs before finalization of the purchase price allocation, changes in assumptions and estimates that result in adjustments to the fair values of assets acquired and liabilities assumed, if based on facts and circumstances existing at the acquisition date, are recorded on a retroactive basis as of the acquisition date, with the corresponding offset to Goodwill. Any adjustments not based on facts and circumstances existing at the acquisition date, or if subsequent to the conclusion of the measurement period, will be recorded to our consolidated statements of operations.
Previous report
The increase in revenue for Belbuca of $7.7 million is primarily due to higher sales volume and gross price, partially offset by higher gross-to-net adjustments related to provisions for chargebacks.
Previous report
The decrease in revenue for the Nucynta Products of $2.4 million is primarily due to lower sales volume and higher gross-to-net adjustments related to provisions for rebates, partially offset by higher gross price.
Previous report
Cost of product revenues (excluding intangible asset amortization) was $21.7 million for the 2024 Quarter, compared to $20.1 million for the 2023 Quarter. The $1.6 million increase was due to the addition of Jornay as a result of the Ironshore Acquisition in the 2024 Quarter.
Previous report
Intangible asset amortization expense is recognized in connection with our intangible assets. The intangible assets are amortized on a straight-line basis over the respective estimated useful lives. Intangible asset amortization was $40.8 million for the 2024 Quarter, compared to $36.3 million for the 2023 Quarter. The $4.5 million increase was primarily due to the addition of the Jornay intangible asset during the 2024 Quarter, partially offset by a decrease as a result of the FDA granting New Patient Population exclusivity for Nucynta IR through July 3, 2026 in the third quarter of 2023, resulting in an extension of the estimated useful life of the underlying intangible asset and a reduction of amortization expense recognized during the 2024 Quarter.
Previous report
Interest expense was $18.4 million for the 2024 Quarter, compared to $20.8 million for the 2023 Quarter. The $2.4 million decrease was primarily due to lower interest expense associated with the 2022 Term Loan and 2024 Term Loan as a result of lower interest rates, partially offset by additional interest costs from borrowings to partially finance the acquisition of Ironshore.
Previous report
Loss on extinguishment of debt
Previous report
Comparison of the nine months ended September 30, 2024 and September 30, 2023
Previous report
Product revenues, net
Previous report
Product revenues, net were $449.5 million for the nine months ended September 30, 2024 (the “2024 Period”), compared to $417.0 million for the nine months ended September 30, 2023 (the “2023 Period”). The $32.5 million increase is primarily due to increased revenue for Belbuca of $23.3 million, Xtampza of $11.0 million and Jornay of $8.0 million, partially offset by decreased revenue for the Nucynta Products of $9.1 million.
Previous report
The increase in revenue for Belbuca of $23.3 million is primarily due to higher sales volume and gross price, partially offset by higher gross-to-net adjustments related to provisions for chargebacks.
Previous report
The increase in revenue for Xtampza ER of $11.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates and higher gross price, partially offset by lower sales volume.
Previous report
The decrease in revenue for the Nucynta Products of $9.1 million is primarily due to lower sales volume and higher gross-to-net adjustments related to provisions for rebates, partially offset by higher gross price.
Previous report
Cost of product revenues
Previous report
Intangible asset amortization was $109.8 million for the 2024 Period, compared to $111.2 million for the 2023 Period. The $1.4 million decrease was primarily a result of the FDA granting New Patient Population exclusivity for Nucynta IR to July 3, 2026 in the third quarter of 2023, resulting in an extension of the estimated useful life of the underlying intangible asset and a reduction of amortization expense recognized during the 2024 Period. This decrease was partially offset by an increase in intangible asset amortization following the Ironshore Acquisition in the 2024 Period.
Previous report
Operating Expenses
Previous report
Selling, general and administrative expenses were $147.3 million for the 2024 Period, compared to $126.3 million for the 2023 Period. The $21.0 million increase was primarily related to:
Previous report
impact of the additional headcount added in the 2024 Quarter as a result of the Ironshore Acquisition, including the sales force for Jornay; partially offset by
Previous report
Interest expense and Interest income
Previous report
Interest expense was $51.3 million for the 2024 Period, compared to $64.1 million for the 2023 Period. The $12.8 million decrease was primarily due to lower interest expense associated with the 2022 Term Loan and 2024 Term Loan as a result of a lower average overall principal balance during the 2024 Period, partially offset by additional interest costs from borrowings on September 3, 2024 to partially finance the acquisition of Ironshore.
Previous report
Loss on extinguishment of debt
Previous report
Loss on extinguishment of debt was $11.3 million for the 2024 Period, compared to $23.5 million in the 2023 Period. The $12.2 million decrease was due to the 2023 Period including a $23.5 million loss on extinguishment resulting from the repurchase of $117.4 million of convertible notes due in 2026 in the 2023 Period. In the 2024 Period, the remaining $26.4 million of convertible notes due in 2026 were redeemed, resulting in a $7.2 million loss on extinguishment in the 2024 Period. In addition, in the 2024 Period, assumed debt from the Ironshore Acquisition was redeemed, resulting in a loss on extinguishment of $4.1 million in the 2024 Period.
Previous report
Taxes
Previous report
The provision for income taxes was $24.6 million for the 2024 Period, compared to $12.8 million for the 2023 Period. The $11.8 million increase is primarily due to higher earnings in the 2024 Period compared to the 2023 Period. These increases were partially offset by the 2023 Period including higher non-deductible costs associated with debt extinguishments.
Previous report
The following transactions represent material changes in our borrowing arrangements from our most recently filed Annual Report.
Previous report
On April 11, 2024, we provided notice of redemption for the remaining $26.4 million aggregate principal amount of our 2.625% convertible senior notes due in 2026 (the “2026 Convertible Notes”). The 2026 Convertible Notes were fully redeemed on June 18, 2024. We settled the redemption of the 2026 Convertible Notes in cash. Refer to Note 12,Convertible Senior Notes, for more information.
Previous report
On July 28, 2024, in connection with the acquisition of Ironshore Therapeutics Inc., we amended and restated the 2022 Term Loan. Refer to Note 11,Term Note Payable, for more information.
Previous report
Operating activities. Cash provided by operating activities was $120.3 million for the 2024 Period, compared to $201.4 million for the 2023 Period. The $81.1 million decrease was primarily due to cash used to settle certain liabilities assumed from Ironshore, including $28.4 million of Ironshore’s cash-settled share-based awards liabilities, $23.5 million of accrued operating liabilities, and $9.0 million of Ironshore cash-settled warrant liabilities. In addition, various acquisition-related expenses were incurred and paid in the 2024 Period, including $7.6 million in transaction costs, $6.7 million in employee-related expenses, and $1.1 million in Ironshore directors and officers insurance expense in the 2024 Period related to the Ironshore Acquisition.
Previous report
Adjusted EBITDA was $105.1 million for the 2024 Quarter compared to $89.4 million for the 2023 Quarter. The $15.7 million increase was primarily due to higher product revenues.
Previous report
Adjusted EBITDA was $293.5 million for the 2024 Period compared to $262.8 million for the 2023 Period. The $30.7 million increase was primarily due to higher product revenues.
Previous report
Adjusted operating expenses were $99.5 million in the 2024 Period compared to $97.6 million in the 2023 Period. The $1.9 million increase was primarily driven by:
Reworded paragraphs (24)
Previous wording
We are building a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions. We commercialize our product portfolio, consisting of Belbuca, Xtampza ER, Nucynta IR and Nucynta ER (collectively the “Nucynta Products”), Symproic, and Jornay PM (“Jornay”) in the United States.
Current wording
We are building a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. We have developed, licensed, and acquired a portfolio of meaningfully differentiated products for use in the treatment of moderate to severe pain and attention deficit hyperactivity disorder (“ADHD”), consisting of Jornay PM (“Jornay”), Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the “Nucynta Products”), and Symproic, in the United States.
Previous wording
Jornay is a central nervous system (“CNS”) stimulant prescription medicine that contains methylphenidate HCl, which was approved by the FDA in August 2018 for the treatment of attention deficit hyperactivity disorder (“ADHD”) in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product sales related to Jornay in September 2024 following our acquisition of Ironshore Therapeutics Inc. (“Ironshore”) (the “Ironshore Acquisition”).
Current wording
Jornay is a central nervous system (“CNS”) stimulant prescription medicine that contains methylphenidate HCl, which was approved by the U.S. Food and Drug Administration (“FDA”) in August 2018 for the treatment of attention deficit hyperactivity disorder (“ADHD”) in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product revenue related to Jornay in September 2024 following our acquisition of Ironshore Therapeutics Inc. (“Ironshore”) (the “Ironshore Acquisition”).
Previous wording
Belbuca is a buccal film that contains buprenorphine, a Schedule III opioid, and was approved by the FDA in October 2015 for severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative options are inadequate. We began shipping and recognizing product sales related to Belbuca in March 2022 following our acquisition of BioDelivery Sciences International, Inc. (“BDSI”).
Current wording
Belbuca is a buccal film that contains buprenorphine, a Schedule III opioid, and was approved by the FDA in October 2015 for severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative options are inadequate. We began shipping and recognizing product revenue related to Belbuca in March 2022 following our acquisition of BioDelivery Sciences International, Inc. (“BDSI”).
Previous wording
Xtampza ER, an abuse-deterrent, oral formulation of oxycodone, was approved by the United States Food and Drug Administration (“FDA”) in April 2016 for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative treatment options are inadequate. We commercially launched Xtampza ER in June 2016.
Current wording
Xtampza ER, an abuse-deterrent, oral formulation of oxycodone, was approved by the FDA in April 2016 for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative treatment options are inadequate. We commercially launched Xtampza ER in June 2016.
Previous wording
The Nucynta Products are immediate-release (“IR”) and extended-release (“ER”) formulations of tapentadol. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and older with a body weight of at least 40 kg. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. We began shipping and recognizing product sales on the Nucynta Products in January 2018 and began marketing the Nucynta Products in February 2018. In August 2023, the FDA granted New Patient Population exclusivity in pediatrics for Nucynta IR. This grant extended the period of U.S. exclusivity for Nucynta IR from June 27, 2025 to July 3, 2026. In June 2024, the FDA granted pediatric exclusivity to the Nucynta Products for an additional six months, to January 3, 2027 for Nucynta IR and December 27, 2025 for Nucynta ER.
Current wording
The Nucynta Products are extended-release (“ER”) and immediate-release (“IR”) formulations of tapentadol. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and older with a body weight of at least 40 kg. We began shipping and recognizing product revenue on the Nucynta Products in January 2018 and began marketing the Nucynta Products in February 2018. In August 2023, the FDA granted New Patient Population exclusivity in pediatrics for Nucynta IR. This grant extended the period of U.S. exclusivity for Nucynta IR from June 27, 2025 to July 3, 2026.
Previous wording
Symproic was approved by the FDA in March 2017 for the treatment of opioid-induced constipation (“OIC”) in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g., weekly) opioid dosage escalation. We began shipping and recognizing product sales related to Symproic in March 2022 following our acquisition of BDSI.
Current wording
Symproic was approved by the FDA in March 2017 for the treatment of opioid-induced constipation (“OIC”) in adult patients with chronic non-cancer pain, including patients with chronic pain related to prior cancer or its treatment who do not require frequent (e.g., weekly) opioid dosage escalation. We began shipping and recognizing product revenue related to Symproic in March 2022 following our acquisition of BDSI.
Previous wording
Product revenues, net were $159.3 million for the three months ended September 30, 2024 (the “2024 Quarter”), compared to $136.7 million for the three months ended September 30, 2023 (the “2023 Quarter”). The $22.6 million increase is primarily due to increased revenue for Xtampza of $9.7 million, Belbuca of $7.7 million, and Jornay of $8.0 million, partially offset by decreased revenue for the Nucynta Products of $2.4 million.
Current wording
Product revenues, net were $177.8 million for the three months ended March 31, 2025 (the “2025 Quarter”), compared to $144.9 million for the three months ended March 31, 2024 (the “2024 Quarter”). The $32.9 million increase is primarily due to increased revenue for Jornay of $28.5 million, the Nucynta Products of $2.0 million, Xtampza of $1.8 million, and Belbuca of $1.0 million partially offset by decreased revenue for Symproic of $0.4 million.
Previous wording
The increase in revenue for Jornay of $8.0 million is due to the acquisition of the product from Ironshore in the 2024 Quarter.
Current wording
The increase in revenue for Jornay of $28.5 million is due to the acquisition of the product from Ironshore in September 2024.
Previous wording
The increase in revenue for Xtampza ER of $9.7 million is primarily due to lower gross-to-net adjustments related to provisions for rebates and returns as well as higher gross price, partially offset by lower sales volume.
Current wording
The increase in revenue for Xtampza ER of $1.8 million is primarily due to lower gross-to-net adjustments related to provisions for rebates as well as higher gross price, partially offset by lower sales volume.
Previous wording
Cost of product revenues (excluding intangible asset amortization) was $60.6 million for the 2024 Period, compared to $74.2 million for the 2023 Period. The $13.6 million decrease was primarily related to the 2023 Period including higher cost of product revenues related to the step-up basis in inventory acquired from BDSI, partially offset by cost of product revenues for Jornay as well as higher sales volume in the 2024 Period for Belbuca.
Current wording
Cost of product revenues (excluding intangible asset amortization) was $25.0 million for the 2025 Quarter, compared to $19.0 million for the 2024 Quarter. The $6.0 million increase was primarily due to the 2025 Quarter including cost of product revenues from Jornay, which was acquired in September 2024 and included the recognition of $3.5 million related to the step-up basis in inventory.
Previous wording
Selling, general and administrative expenses were $62.0 million for the 2024 Quarter, compared to $35.3 million for the 2023 Quarter. The $26.7 million increase was primarily related to:
Current wording
Selling, general and administrative expenses were $76.4 million for the 2025 Quarter, compared to $42.0 million for the 2024 Quarter. The $34.4 million increase was primarily related to:
Previous wording
Loss on extinguishment of debt was $4.1 million for the 2024 Quarter, compared to none in the 2023 Quarter. The $4.1 million increase was due to the redemption and extinguishment of assumed debt from the Ironshore Acquisition during the 2024 Quarter.
Current wording
Gain on fair value remeasurement of contingent consideration was $0.8 million in the 2025 Quarter, compared to none in the 2024 Quarter. The $0.8 million increase was due to the revaluation of the contingent consideration associated with the Ironshore Acquisition.
Previous wording
Interest income was $12.2 million for the 2024 Period, compared to $11.3 million for the 2023 Period. The $0.9 million increase was primarily due to higher interest rates earned on cash equivalents and marketable securities as well as a higher overall average balance invested in the 2024 Period compared to the 2023 Period.
Current wording
Interest income was $2.2 million for the 2025 Quarter, compared to $4.5 million for the 2024 Quarter. The $2.3 million decrease was primarily due to a lower overall balance invested in the 2025 Quarter compared to the 2024 Quarter as well as lower interest rates earned on cash equivalents and marketable securities.
Previous wording
The provision for income taxes was $6.2 million for the 2024 Quarter, compared to $8.1 million for the 2023 Quarter. The $1.9 million decrease is primarily due to lower earnings in the 2024 Quarter compared to the 2023 Quarter primarily due to acquisition related-expense incurred during the 2024 Quarter due to the Ironshore Acquisition.
Current wording
The provision for income taxes was $0.7 million for the 2025 Quarter, compared to $8.9 million for the 2024 Quarter. The $8.2 million decrease is primarily due to lower earnings before taxes in the 2025 Quarter compared to the 2024 Quarter, as well as the impact of discrete excess tax benefits related to stock compensation. The effective tax rate was 22.6% and 24.3% in the 2025 Quarter and 2024 Quarter, respectively.
Previous wording
Historically, we have funded our operations primarily through private placements and/or public offerings of our preferred stock, common stock, and convertible notes; term loan debt; and cash inflows from sales of our products. We are primarily dependent on the commercial success of Belbuca, Xtampza, the Nucynta Products, and Jornay.
Current wording
Historically, we have funded our operations primarily through private placements and/or public offerings of our preferred stock, common stock, and convertible notes; term loan debt; and cash inflows from sales of our products. We are primarily dependent on the commercial success of Jornay, Belbuca, Xtampza, and the Nucynta Products.
Previous wording
In July 2024, we amended and replaced our 2022 Term Loan with a $645.8 million secured term loan (the “2024 Term Loan”), consisting of a $320.8 million initial term loan and a $325.0 million delayed draw term loan. We used the proceeds of the initial term loan to refinance in full all outstanding indebtedness under the 2022 Term Loan. We used the proceeds of the delayed draw term loan to fund a portion of the consideration to complete the Ironshore Acquisition and, pay fees and expenses in connection with the Ironshore Acquisition and the 2024 Term Loan. We will use the remainder for general corporate purposes.
Current wording
In July 2024, we amended and replaced our existing term loan with a $645.8 million secured term loan (the “2024 Term Loan”), consisting of a $320.8 million initial term loan and a $325.0 million delayed draw term loan. We used the proceeds of the initial term loan to refinance in full all outstanding indebtedness under our prior term loan. We used the proceeds of the delayed draw term loan to fund a portion of the consideration to complete the Ironshore Acquisition and, pay fees and expenses in connection with the Ironshore Acquisition and the 2024 Term Loan. We will use the remainder for general corporate purposes. As of March 31, 2025, the outstanding principal balance of the 2024 Term Loan was $613.5 million. The 2024 Term Loan is scheduled to mature on July 28, 2029 (provided, however, that if the aggregate principal amount outstanding under the 2029 Convertibles Notes is more than $50.0 million as of November 18, 2028, then the 2024 Term Loan will mature on November 18, 2028). We are required to pay the principal balance under the 2024 Term Loan in equal quarterly installments of $16.1 million with a $387.5 million final payment due at maturity.
Previous wording
As of September 30, 2024, we had $120.0 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of September 30, 2024, together with expected cash inflows from operations, will enable us to fund our operating expenses, debt service, and capital expenditure requirements under our current business planfor the foreseeable future.
Current wording
As of March 31, 2025, we had $197.8 million in cash, cash equivalents, and marketable securities. We believe that ourcash, cash equivalents, and marketable securities as of March 31, 2025, together with expected cash inflows from operations, will enable us to fund our operating expenses, debt service, and capital expenditure requirements under our current business planfor the foreseeable future.
Previous wording
*Investing activities.*Cash used in investing activities was $276.0 million for the 2024 Period, compared to $45.7 million for the 2023 Period. The $230.3 million increase was primarily due to $267.5 million cash paid to acquire Ironshore (net of cash acquired) and $32.6 million increase in purchases of marketable securities, partially offset by $70.6 million increase in maturities of marketable securities.
Current wording
*Investing activities.*Cash used in investing activities was $9.7 million for the 2025 Period, compared to $18.1 million for the 2024 Period. The $8.4 million decrease was primarily due to decreases in purchases of marketable securities of $13.2 million, partially offset by decreases in cash provided from maturities of marketable securities of $4.5 million.
Previous wording
Financing activities. Cash used in financing activities was $19.3 million for the 2024 Period, compared to $72.4 million in the 2023 Period. The $53.1 million decrease was primarily due to:
Current wording
Financing activities. Cash used in financing activities was $25.2 million for the 2025 Period, compared to $54.1 million in the 2024 Period. The $28.9 million decrease was primarily due to:
Previous wording
Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023 was as follows:
Current wording
Adjusted EBITDA for the three months ended March 31, 2025 and 2024 was as follows:
Previous wording
Adjusted operating expenses for the three and nine months ended September 30, 2024 and 2023 were as follows:
Current wording
Adjusted operating expenses for the three months ended March 31, 2025 and 2024 were as follows:
Previous wording
Adjusted operating expenses were $34.8 million in the 2024 Quarter compared to $28.3 million in the 2023 Quarter. The $6.5 million was primarily driven by:
Current wording
Adjusted operating expenses were $62.2 million in the 2025 Quarter compared to $34.5 million in the 2024 Quarter. The $27.7 million increase was primarily driven by:
Previous wording
Adjusted net income and adjusted earnings per share for the three and nine months ended September 30, 2024 and 2023 were as follows:
Current wording
Adjusted net income and adjusted earnings per share for the three months ended March 31, 2025 and 2024 were as follows:
Previous wording
With the exception of the 2024 Term Loan as discussed in Note 11,Term Notes Payable, and deferred royalty obligation as discussed in Note 13,Deferred Royalty Obligation, there have been no material changes to the contractual obligations and commitments described under Management’s Discussion and Analysis of Financial Condition and Results of Operations from our most recently filed Annual Report.
Current wording
There have been no material changes to the contractual obligations and commitments described under Management’s Discussion and Analysis of Financial Condition and Results of Operations from our most recently filed Annual Report.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The increase in revenue for the Nucynta Products of $2.0 million is primarily due to lower gross-to-net adjustments related to provisions for rebates and returns as well as higher gross price, partially offset by lower sales volume.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Interest income was $3.3 million for the 2024 Quarter, compared to $4.5 million for the 2023 Quarter. The $1.2 million decrease was primarily due to a lower overall balance invested in the 2024 Quarter compared to the 2023 Quarter as a result of cash being used to fund the Ironshore Acquisition in the 2024 Quarter.
Previous report — wording carried elsewhere
The increase in revenue for Jornay of $8.0 million is due to the acquisition of the product from Ironshore in the 2024 Quarter.