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Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations |
Schedule of reconciliation of discontinued operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue | ​ | $ | 10,663 | ​ | $ | 64,722 | ​ | $ | 65,891 | ​ | $ | 194,160
Costs and expenses: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Cost of goods sold | ​ |  | 287 | ​ |  | 18,012 | ​ |  | 26,184 | ​ |  | 77,718
Research and development | ​ |  | 564 | ​ |  | (376) | ​ |  | 726 | ​ |  | 1,027
Selling, general and administrative | ​ |  | 326 | ​ |  | 6,617 | ​ |  | 9,809 | ​ |  | 30,567
Total costs and expenses | ​ |  | 1,177 | ​ |  | 24,253 | ​ |  | 36,719 | ​ |  | 109,312
Income from operations | ​ |  | 9,486 | ​ |  | 40,469 | ​ |  | 29,172 | ​ | ​ | 84,848
Interest expense | ​ | ​ | — | ​ | ​ | (2,535) | ​ | ​ | (3,484) | ​ | ​ | (12,990)
Gain (loss) on Sale Transactions, net | ​ | ​ | (422) | ​ | ​ | (1,086) | ​ | ​ | 338,680 | ​ | ​ | 176,646
Loss on debt extinguishment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (10,286) | ​ | ​ | —
Other income (expense), net | ​ | ​ | (78) | ​ | ​ | — | ​ | ​ | (11,638) | ​ | ​ | —
Net income from discontinued operations before income taxes | ​ | ​ | 8,986 | ​ | ​ | 36,848 | ​ | ​ | 342,444 | ​ | ​ | 248,504
Income tax provision | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net income from discontinued operations, net of tax | ​ | $ | 8,986 | ​ | $ | 36,848 | ​ | $ | 342,444 | ​ | $ | 248,504
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
UDENYCA | ​ | $ | 10,663 | ​ | $ | 66,089 | ​ | $ | 65,315 | ​ | $ | 159,673
CIMERLI | ​ | ​ | — | ​ | ​ | (1,215) | ​ | ​ | 533 | ​ | ​ | 26,979
YUSIMRY | ​ |  | — | ​ |  | (152) | ​ |  | 43 | ​ |  | 7,508
Total net revenue from discontinued operations | ​ | $ | 10,663 | ​ | $ | 64,722 | ​ | $ | 65,891 | ​ | $ | 194,160
​
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​ | ​ | December 31,
(in thousands) |  | 2024
Assets of Discontinued Operations | ​ | ​ | ​
Inventory | ​ | $ | 65,887
Prepaid manufacturing | ​ |  | 4,983
Other prepaids and current assets | ​ |  | 1,310
Total assets of discontinued operations, current | ​ | ​ | 72,180
Property and equipment, net | ​ |  | 261
Inventory, non-current | ​ |  | 43,776
Other assets, non-current | ​ |  | 206
Total assets of discontinued operations, non-current | ​ | ​ | 44,243
Total assets of discontinued operations | ​ | $ | 116,423
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
(in thousands) |  | 2025 |  | 2024
Assets | ​ | ​ | ​ | ​ | ​ | ​
Trade receivables, net (1) | ​ | $ | (3,050) | ​ | $ | 102,365
Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Accrued rebates, fees and reserves | ​ | $ | 64,826 | (2) | $ | 163,771
Liabilities to be paid in connection with UDENYCA Sale | ​ | ​ | ​ | ​ | ​ | ​
Accrued and other current liabilities | ​ | $ | — | ​ | $ | 14,816
Other liabilities, non-current | ​ | $ | — | ​ | $ | 15,667
Convertible notes (Note 8) | ​ | $ | — | ​ | $ | 228,229
(1) | Chargebacks and discounts for prompt payment are classified as a reduction in trade receivables.
(2) | This balance is expected to be settled in a front-weighted fashion over the remainder of 2025 and into 2026.

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