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Revision of Previously Issued Financial Statements | 6 Months Ended
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Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract] |
Revision of Previously Issued Financial Statements | 13. Revision of Previously Issued Financial Statements As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, during the first quarter of 2025, the Company identified an error in the methodology used to accrue for Indivior's share of the annual U.S. fee imposed on drug manufacturers (the "Branded Fee"). This resulted in an overstatement of the Branded Fee accrual for the periods presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The overstatement of the Branded Fee accrual did not materially impact the Company's previously issued financial statements for any of the prior quarters or the annual periods in which they occurred. However, in accordance with Staff Accounting Bulletin No. 108 of the Securities and Exchange Commission, the Company concluded that correcting the cumulative misstatement in the current period would be material to its results of operations for the quarter ended March 31, 2025. Accordingly, the Company has revised, or will revise in future filings as applicable, its previously issued Consolidated Financial Statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 to correct this accrual overstatement. Additionally, the Company has revised, or will revise in future filings as applicable, its quarterly financial data for the three months ended March 31, June 30, September 30, and December 31, 2024. A summary of the corrections to the impacted financial statement line items is presented below. An adjustment to reclassify a portion of inventories as other noncurrent assets as of December 31, 2024 and 2023 has also been reflected below. Consolidated Balance Sheets
| As reported | Adjustment | Revised
| December 31, 2024
Inventories | $ | 178 |  | $ | (10) |  | $ | 167 |
Current tax receivable | 34 |  | (1) |  | 33 |
Total current assets | 839 |  | (12) |  | 827 |
Deferred tax assets | 280 |  | (3) |  | 277 |
Other noncurrent assets | 29 |  | 10 |  | 39 |
Total assets | $ | 1,319 |  | $ | (4) |  | $ | 1,316 |
Accounts payable and accrued expenses | $ | 232 |  | $ | (16) |  | $ | 216 |
Total current liabilities | 939 |  | (16) |  | 924 |
Total liabilities | 1,668 |  | (16) |  | 1,652 |
Accumulated deficit | (454) |  | 12 |  | (443) |
Total shareholders' deficit | (348) |  | 12 |  | (337) |
Total liabilities and shareholders' deficit | $ | 1,319 |  | $ | (4) |  | $ | 1,316 |
| December 31, 2023
Inventories | $ | 135 |  | $ | (9) |  | $ | 126 |
Total current assets | 1,266 |  | (9) |  | 1,257 |
Deferred tax assets | 288 |  | (2) |  | 286 |
Other noncurrent assets | 28 |  | 9 |  | 36 |
Total assets | $ | 1,760 |  | $ | (2) |  | $ | 1,758 |
Accounts payable and accrued expenses | $ | 204 |  | $ | (10) |  | $ | 195 |
Total current liabilities | 1,290 |  | (10) |  | 1,281 |
Total liabilities | 1,951 |  | (9) |  | 1,942 |
Accumulated deficit | (295) |  | 7 |  | (288) |
Total shareholders' deficit | (191) |  | 7 |  | (184) |
Total liabilities and shareholders' deficit | $ | 1,760 |  | $ | (2) |  | $ | 1,758 |
Consolidated Statements of Operations
| As reported | Adjustment | Revised
| Year ended December 31, 2024
Selling, general and administrative expenses | $ | 618 |  | $ | (6) |  | $ | 612 |
Total operating expenses, net | 925 |  | (6) |  | 919 |
Operating income | 32 |  | 6 |  | 38 |
Income before income taxes | 14 |  | 6 |  | 20 |
Income tax expense | (11) |  | (2) |  | (13) |
Net income | $ | 2 |  | $ | 5 |  | $ | 7 |
Earnings per Share |  |  |
Basic | $ | 0.02 |  | $ | 0.03 |  | $ | 0.05 |
Diluted | $ | 0.02 |  | $ | 0.03 |  | $ | 0.05 |
| Year ended December 31, 2023
Selling, general and administrative expenses | $ | 569 |  | $ | (4) |  | $ | 565 |
Total operating expenses, net | 1,076 |  | (4) |  | 1,072 |
Operating loss | (156) |  | 4 |  | (152) |
Loss before income taxes | (149) |  | 4 |  | (145) |
Income tax benefit | 20 |  | (1) |  | 19 |
Net loss | $ | (129) |  | $ | 3 |  | $ | (126) |
Loss per Share |  |  |
Basic | $ | (0.94) |  | $ | 0.02 |  | $ | (0.92) |
Diluted | $ | (0.94) |  | $ | 0.02 |  | $ | (0.92) |
| Year ended December 31, 2022
Selling, general and administrative expenses | $ | 469 |  | $ | (4) |  | $ | 466 |
Total operating expenses, net | 831 |  | (4) |  | 827 |
Operating loss | (81) |  | 4 |  | (77) |
Loss before income taxes | (89) |  | 4 |  | (86) |
Income tax benefit | 44 |  | (1) |  | 43 |
Net loss | $ | (44) |  | $ | 3 |  | $ | (42) |
Loss per Share |  |  |
Basic | $ | (0.32) |  | $ | 0.02 |  | $ | (0.30) |
Diluted | $ | (0.32) |  | $ | 0.02 |  | $ | (0.30) |
The consolidated statements of comprehensive income (loss) and the consolidated statements of shareholders' deficit were also revised to reflect the net income (loss) noted above for the years ended December 31, 2024, 2023 and 2022. Consolidated Statements of Cash Flows
| As reported | Adjustment | Revised
| December 31, 2024
Net income | $ | 2 |  | $ | 5 |  | $ | 7 |
Deferred income taxes | 6 |  | 1 |  | 7 |
Change in operating assets and liabilities: |  |  |
Inventories | (45) |  | 2 |  | (43) |
Other current and noncurrent assets | 378 |  | (1) |  | 377 |
Other current and noncurrent liabilities | 14 |  | (6) |  | 8 |
Net cash provided by operating activities | $ | 36 |  | $ | — |  | $ | 36 |
| December 31, 2023
Net loss | $ | (129) |  | $ | 3 |  | $ | (126) |
Deferred income taxes | (65) |  | 1 |  | (64) |
Change in operating assets and liabilities: |  |  |
Inventories | (15) |  | 9 |  | (6) |
Other current and noncurrent assets | (410) |  | (9) |  | (418) |
Other current and noncurrent liabilities | 114 |  | (4) |  | 110 |
Net cash used in operating activities | $ | (300) |  | $ | — |  | $ | (300) |
| December 31, 2022
Net loss | $ | (44) |  | $ | 3 |  | $ | (42) |
Deferred income taxes | (105) |  | 1 |  | (104) |
Change in operating assets and liabilities: |  |  |
Other current and noncurrent liabilities | (97) |  | (4) |  | (100) |
Net cash used in operating activities | $ | (4) |  | $ | — |  | $ | (4) |
Revisions to unaudited selected quarterly financial data presented in our Annual Report on Form 10-K for the year ended December 31, 2024 are summarized as follows:
| As reported | Adjustment | Revised
| Three months ended March 31, 2024
Selling, general and administrative expenses | $ | 145 |  | $ | (2) |  | $ | 143 |
Total operating expenses, net | 172 |  | (2) |  | 171 |
Operating income | 73 |  | 2 |  | 75 |
Income before income taxes | 71 |  | 2 |  | 73 |
Income tax expense | (11) |  | — |  | (11) |
Net income | $ | 60 |  | $ | 1 |  | $ | 61 |
| Three months ended June 30, 2024
Selling, general and administrative expenses | $ | 153 |  | $ | (2) |  | $ | 152 |
Total operating expenses, net | 340 |  | (2) |  | 338 |
Operating loss | (119) |  | 2 |  | (118) |
Loss before income taxes | (122) |  | 2 |  | (121) |
Income tax benefit | 24 |  | — |  | 23 |
Net loss | $ | (98) |  | $ | 1 |  | $ | (97) |
| Three months ended September 30, 2024
Selling, general and administrative expenses | $ | 144 |  | $ | (2) |  | $ | 142 |
Total operating expenses, net | 207 |  | (2) |  | 206 |
Operating income | 34 |  | 2 |  | 35 |
Income before income taxes | 28 |  | 2 |  | 30 |
Income tax expense | (8) |  | — |  | (8) |
Net income | $ | 21 |  | $ | 1 |  | $ | 22 |
| Three months ended December 31, 2024
Selling, general and administrative expenses | $ | 177 |  | $ | (2) |  | $ | 175 |
Total operating expenses, net | 206 |  | (2) |  | 205 |
Operating income | 44 |  | 2 |  | 46 |
Income before income taxes | 36 |  | 2 |  | 38 |
Income tax expense | (16) |  | — |  | (17) |
Net income | $ | 20 |  | $ | 1 |  | $ | 21 |

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