Assertio (ASRT) Q1 2026 earnings summary

Executive summary

• Completed sale of all non-ROLVEDON assets to Cosette for $35M upfront plus potential earnouts; ROLVEDON is now the sole commercial product.

• Entered into a merger agreement with Garda Therapeutics for $21.80 per share in cash, expected to close in Q2 2026.

• Q1 2026 net loss was $18.9M, compared to $13.5M in Q1 2025; revenue declined sharply due to lower ROLVEDON and INDOCIN sales.

Financial highlights

• Total revenues for Q1 2026 were $9.9M, down from $26.5M in Q1 2025, driven by a $12.6M drop in ROLVEDON sales and lower INDOCIN and Otrexup sales.

• Net loss per share was $(2.93), compared to $(2.12) in Q1 2025.

• Cash and short-term investments totaled $71.6M at March 31, 2026.

• Operating cash flow was $8.6M, a significant improvement from $(12.5)M in Q1 2025, mainly due to working capital changes.

Outlook and guidance

• Future revenues will rely solely on ROLVEDON following the asset sale; any failure to grow or maintain ROLVEDON sales would have a disproportionate adverse impact.

• The company expects sufficient liquidity for at least the next 12 months, but ongoing legal expenses and settlements may be a significant cash use.

• Contingent consideration from the Cosette asset sale is dependent on future milestones and may not be fully realized.