0001012477-20-000017 | 10-Q | XBRL Viewer | Avadel Pharmaceuticals PLC

Contingent Consideration Payable (Tables)

9 Months Ended

Sep. 30, 2020

Contingent consideration payable and related activity are reported at fair value and consist of the following at September 30, 2020 and December 31, 2019:


			Activity during the nine months ended September 30, 2020
					Changes in Fair Value of Contingent Consideration Payable
Contingent Consideration Payable:	Balance, December 31, 2019		Payments		Operating Expense		Other Expense		Disposition of the Hospital Products		Balance, September 30, 2020

Acquisition-related contingent consideration:
Earn-out payments - Éclat Pharmaceuticals (a) (d)	$	15,472	$	(5,323)	$	3,327	$	—	(13,476)		$	—
Financing-related:
Royalty agreement - Deerfield (b) (d)	1,251		(587)		—		272		(936)		—
Royalty agreement - Broadfin (c) (d)	604		(279)		—		163		(488)		—
Total contingent consideration payable	17,327		$	(6,189)	$	3,327	$	435	$	(14,900)	—
Less: current portion	(5,554)										—
Long-term contingent consideration payable	$	11,773									$	—

Long-term related party payable and related activity are reported at fair value and consist of the following at September 30, 2020 and June 30, 2020:


			Activity during the three months ended September 30, 2020
					Changes in Fair Value of Contingent Consideration Payable
Contingent Consideration Payable:	Balance, June 30, 2020		Payments		Operating Expense		Other Expense		Balance, September 30, 2020

Acquisition-related contingent consideration:
Earn-out payments - Éclat Pharmaceuticals (a) (d)	$	1,656	$	(1,587)	$	(69)	$	—	$	—
Financing-related:
Royalty agreement - Deerfield (b) (d)	175		(175)		—		—		—
Royalty agreement - Broadfin (c) (d)	83		(83)		—		—		—
Total contingent consideration payable	1,914		$	(1,845)	$	(69)	$	—	—
Less: current portion	—								—
Long-term contingent consideration payable	$	1,914							$	—

(a) In March 2012, the Company acquired all of the membership interests of Éclat from Breaking Stick Holdings, L.L.C. (“Breaking Stick”, formerly Éclat Holdings), an affiliate of Deerfield. Breaking Stick is majority owned by Deerfield, with a minority interest owned by the Company’s former CEO, and certain other current and former employees. As part of the consideration, the Company committed to provide quarterly earn-out payments equal to 20% of any gross profit generated by certain Éclat products. These payments will continue in perpetuity, to the extent gross profit of the related products also continue in perpetuity. In connection with the disposition of the Hospital Products on June 30, 2020 as discussed in Note 4: Disposition of the Hospital Products, the Deerfield MIPA (with respect to certain sections thereof) and the Royalty Agreement were assigned to the Exela Buyer. Pursuant to the Purchase Agreement, the Exela Buyer assumed and will pay,

perform, satisfy and discharge the liabilities and obligations of Avadel Legacy and the Company under the Deerfield Royalty Agreement.

(b)As part of a February 2013 debt financing transaction conducted with Deerfield, the Company received cash of $2,600 in exchange for entering into a royalty agreement whereby the Company is obligated to pay quarterly a 1.75% royalty on the net sales of certain Éclat products until December 31, 2024. In connection with such debt financing transaction, the Company granted Deerfield a security interest in the product registration rights of the Éclat products. In connection with the disposition of the Hospital Products on June 30, 2020 as discussed in Note 4: Disposition of the Hospital Products, the Deerfield MIPA (with respect to certain sections thereof) and the Royalty Agreement were assigned to the Exela Buyer. Pursuant to the Purchase Agreement, the Exela Buyer assumed and will pay, perform, satisfy and discharge the liabilities and obligations of Avadel Legacy and the Company under the Deerfield Royalty Agreement.

(c)As part of a December 2013 debt financing transaction conducted with Broadfin Healthcare Master Fund, a former related party and shareholder, the Company received cash of $2,200 in exchange for entering into a royalty agreement whereby the Company is obligated to pay quarterly a 0.834% royalty on the net sales of certain Éclat products until December 31, 2024. In connection with the disposition of the Hospital Products on June 30, 2020 as discussed in Note 4: Disposition of the Hospital Products, the Broadfin Royalty Agreement was assigned to the Exela Buyer and the Exela Buyer assumed and shall pay, perform, satisfy and discharge the liabilities and obligations of the Company under the Broadfin Royalty Agreement.

(d)Deerfield and Broadfin Healthcare Master Trust disposed of their 2023 Notes and ordinary shares in the Company during the six months ended June 30, 2020 and are no longer considered related parties.

The following table summarizes changes to the contingent consideration payables, a recurring Level 3 measurement, for the nine-month periods ended September 30, 2020 and 2019, respectively:


Contingent Consideration Payable Rollforward:	Balance

Balance, December 31, 2018	$	28,840
Payments of contingent consideration	(10,014)
Fair value adjustments (1)	2,880
Balance, September 30, 2019	$	21,706

Balance, December 31, 2019	$	17,327
Payments of contingent consideration	(6,189)
Fair value adjustments (1)	3,762
Disposition of the Hospital Products	(14,900)
Balance, September 30, 2020	$	—

(1) Fair value adjustments are reported as changes in fair value of contingent consideration and other expense - changes in fair value of contingent consideration payable in the unaudited condensed consolidated statements of (loss) income.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (11,703)	$ (8,864)	$ 18,306	$ (30,487)
Other comprehensive (loss) income, net of tax:
Foreign currency translation gain (loss)	534	(210)	539	(309)
Net other comprehensive income, net of $(1), $(5), $(131) and $(46) tax, respectively	66	86	349	753
Total other comprehensive income (loss), net of tax	600	(124)	888	444
Total comprehensive (loss) income	$ (11,103)	$ (8,988)	$ 19,194	$ (30,043)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred shares, nominal value (in usd per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	50,000,000	50,000,000
Preferred shares, shares issued (in shares)	488,000	0
Preferred shares, shares outstanding (in shares)	488,000	0
Ordinary shares, nominal value (in usd per share)	$ 0.01	$ 0.01
Ordinary shares, shares authorized (in shares)	500,000,000	500,000,000
Ordinary shares, shares issued (in shares)	58,243,000	42,927,000
Ordinary shares, shares outstanding (in shares)	58,243,000	37,520,000
Treasury stock, shares held (in shares)	0	5,407,000

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	$ 53,238	$ 147,056
Unrealized Gains	1,151	1,499
Unrealized Losses	(5)	(88)
Fair Value	54,384	148,467
Equity securities
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Adjusted Cost	4,234
Unrealized Gains	170
Unrealized Losses	0
Fair Value	4,404
Money market and mutual funds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	38,028	103,204
Unrealized Gains	771	1,041
Unrealized Losses	0	(59)
Fair Value	38,799	104,186
Corporate bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	4,021	20,212
Unrealized Gains	77	227
Unrealized Losses	0	(24)
Fair Value	4,098	20,415
Government securities - U.S.
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	5,341	20,015
Unrealized Gains	110	202
Unrealized Losses	(5)	(1)
Fair Value	5,446	20,216
Other fixed-income securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	1,614	3,625
Unrealized Gains	23	29
Unrealized Losses	0	(4)
Fair Value	$ 1,637	$ 3,650

Net (Loss) Income Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	15,969	19,544	15,789	20,512

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Revenues [Abstract]
Total revenues	$ 0			$ 14,229				$ 22,334	$ 48,220
Operating expenses:
Cost of products	0			2,823				5,742	9,711
Research and development expenses	5,569			7,539				15,156	25,160
Selling, general and administrative expenses	8,423			5,316				23,431	22,520
Intangible asset amortization	0			205				406	610
Changes in fair value of contingent consideration	(69)			627				3,327	2,384
Gain on sale of Hospital Products	0			0			$ (45,760)	(45,760)	0
Restructuring (income) costs	(226)			1,866				(43)	4,600
Total operating expense	13,697			18,376				2,259	64,985
Operating (loss) income	(13,697)			(4,147)				20,075	(16,765)
Investment and other income (expense), net	213			781				(906)	2,548
Interest expense	(3,259)			(3,125)				(9,686)	(9,293)
Loss on deconsolidation of subsidiary	0			0				0	(2,840)
Other expense - changes in fair value of contingent consideration payable	0			(139)				(435)	(496)
(Loss) income before income taxes	(16,743)			(6,630)				9,048	(26,846)
Income tax (benefit) provision	(5,040)			2,234				(9,258)	3,641
Net (loss) income	$ (11,703)	$ 30,874	$ (865)	$ (8,864)	$ (8,605)	$ (13,018)		$ 18,306	$ (30,487)
Net income (loss) per share - basic (in dollars per share)	$ (0.20)			$ (0.24)				$ 0.36	$ (0.82)
Net income (loss) per share - diluted (in dollars per share)	$ (0.20)			$ (0.24)				$ 0.35	$ (0.82)
Weighted average number of shares outstanding - basic (in shares)	58,213			37,436				51,206	37,382
Weighted average number of shares outstanding - diluted (in shares)	58,213			37,436				52,849	37,382

Other Assets and Liabilities - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Non-Current Liabilities:
Customer allowances	$ 659	$ 981
Unrecognized tax benefits	3,143	6,465
Guarantee to Deerfield	1,121	1,372
Other	15	55
Total	$ 4,938	$ 8,873

Revenue Recognition - Narrative (Details)	Sep. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred contract costs	$ 0

Marketable Securities

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities The Company has investments in equity and available-for-sale debt securities which are recorded at fair market value. The change in the fair value of equity investments is recognized in our unaudited condensed consolidated statements of (loss) income and the change in the fair value of available-for-sale debt investments is recorded as other comprehensive loss in shareholders’ equity (deficit), net of income tax effects. As of September 30, 2020, we considered any decreases in fair value on our marketable securities to be driven by factors other than credit risk, including market risk.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of September 30, 2020 and December 31, 2019, respectively:


	September 30, 2020
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value


Money market and mutual funds	$	103,204	$	1,041	$	(59)	$	104,186
Corporate bonds	20,212		227		(24)		20,415
Government securities - U.S.	20,015		202		(1)		20,216

Other fixed-income securities	3,625		29		(4)		3,650
Total	$	147,056	$	1,499	$	(88)	$	148,467


	December 31, 2019
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Equity securities	$	4,234	$	170	$	—	$	4,404
Money market and mutual funds	38,028		771		—		38,799
Corporate bonds	4,021		77		—		4,098
Government securities - U.S.	5,341		110		(5)		5,446
Other fixed-income securities	1,614		23		—		1,637
Total	$	53,238	$	1,151	$	(5)	$	54,384

We determine realized gains or losses on the sale of marketable securities on a specific identification method. We reflect these gains and losses as a component of investment and other income in the accompanying unaudited condensed consolidated statements of (loss) income.

We recognized gross realized gains of $136 and $71 for the three months ended September 30, 2020, and 2019, respectively. These realized gains were offset by realized losses of $8 and $64 for the three months ended September 30, 2020, and 2019, respectively. We recognized gross realized gains of $426 and $339 for the nine months ended September 30, 2020, and 2019, respectively. These realized gains were offset by realized losses of $886 and $211 for the nine months ended September 30, 2020 and 2019, respectively. We reflect these gains and losses as a component of investment income in the accompanying unaudited condensed consolidated statements of (loss) income.

The following table summarizes the estimated fair value of our investments in marketable debt securities, accounted for as available-for-sale debt securities and classified by the contractual maturity date of the securities as of September 30, 2020:


	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	4,355	$	14,274	$	1,786	$	—	$	20,415
Government securities - U.S.	—		17,749		739		1,728		20,216

Other fixed-income securities	50		3,600		—		—		3,650
Total	$	4,405	$	35,623	$	2,525	$	1,728	$	44,281

The Company has classified our investment in available-for-sale marketable debt securities as current assets in the unaudited condensed consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in our investment portfolio.

The following table shows the gross unrealized losses and fair value of our available-for-sale debt securities at September 30, 2020. The unrealized losses in the table below are driven by factors other than credit risk and have been in a unrealized loss position for less than one year. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.



Marketable Debt Securities:	Fair Value		Unrealized Losses

Corporate bonds	$	8,371	$	24
Government securities - U.S.	267		1
Other fixed-income securities	2,151		4
Total	$	10,789	$	29

Other Assets and Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued Expenses
Accrued compensation	$ 1,897	$ 3,944
Accrued social charges	394	592
Accrued restructuring (see Note 15)	728	2,949
Customer allowances	6,588	6,470
Accrued transaction fees related to the disposition of the Hospital Products	2,500
Accrued contract research organization charges	361	2,098
Accrued contract manufacturing organization costs	1,009	735
Other	2,921	3,022
Total	$ 16,398	$ 19,810

Marketable Securities Marketable Securities - Schedule of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Total	$ 148,467	$ 54,384
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	4,355
1-5 Years	14,274
5-10 Years	1,786
Greater than 10 Years	0
Total	20,415	4,098
Government securities - U.S.
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	0
1-5 Years	17,749
5-10 Years	739
Greater than 10 Years	1,728
Total	20,216	5,446
Other fixed-income securities
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	50
1-5 Years	3,600
5-10 Years	0
Greater than 10 Years	0
Total	3,650	$ 1,637
Total
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	4,405
1-5 Years	35,623
5-10 Years	2,525
Greater than 10 Years	1,728
Total	$ 44,281

Restructuring Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring (income) costs	$ (226)	$ 1,866	$ (43)	$ 4,600
2019 French Restructuring Obligation
Restructuring Cost and Reserve [Line Items]
Restructuring (income) costs		1,259		3,198
Fixed asset impairment				598
Benefit related to the reversal of retirement indemnity obligation				1,000
Restructuring reserve	237	895	237	895	$ 1,922	$ 0
2019 French Restructuring Obligation \| Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	237		237
2019 Corporate Restructuring Obligations
Restructuring Cost and Reserve [Line Items]
Restructuring (income) costs		607		1,570
Restructuring reserve	$ 492	$ 853	$ 492	853	$ 1,080	$ 0
Benefit related to share based compensation forfeitures related to the employees				1,396
Employee Severance \| 2019 French Restructuring Obligation
Restructuring Cost and Reserve [Line Items]
Restructuring (income) costs				$ 2,774
Employee Severance \| Corporate Workforce Reduction
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated (as a percent)		50.00%		50.00%
Employee Severance \| 2019 Corporate Restructuring Obligations
Restructuring Cost and Reserve [Line Items]
Restructuring (income) costs				$ 2,966
Facility Closing \| 2019 French Restructuring Obligation
Restructuring Cost and Reserve [Line Items]
Restructuring (income) costs				$ 826

Share-Based Compensation	9 Months Ended
Share-Based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2020 Performance Share Units (“PSUs”) At the Annual Meeting of Stockholders held in August 2020, the 2020 Omnibus Incentive Compensation Plan was approved which provided for the grant of PSUs to certain executive officers and employees. These PSUs vest upon the achievement of certain regulatory milestones. As of September 30, 2020 152 PSUs were outstanding, none had vested and the weighted-average grant date fair value of all shares was $8.29 per share. The Company has not yet recognized any PSU-related stock-based compensation expense as the regulatory milestones have not yet been met; however, in the event the performance conditions are met before a certain date, approximately 150% of the outstanding shares, or $1,900 of compensation expense will be recognized by the Company for the PSUs outstanding as of September 30, 2020. On October 20, 2020, we granted 105 of PSUs to current employees, with the weighted-average grant date fair value of the PSUs of $5.36 per share.

Disposition of the Hospital Business Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the disposition of the hospital products			$ 17,250	$ 0
Net gain on the sale of the Hospital Products			$ 0	$ (1,750)
The Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Initial cash consideration		$ 14,500
Additional consideration paid in monthly installments		$ 27,500
Payment installment term (in months)		10 months	10 months
Aggregate consideration		$ 42,000
Proceeds from the disposition of the hospital products	$ 2,750
Net gain on the sale of the Hospital Products		45,760	$ 45,760		$ 38,723
Transaction fees		$ 2,928

Other Assets and Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities, Current [Abstract]
Accrued interest	$ 1,078	$ 2,695
Due to Exela	1,817	0
Guarantee to Deerfield	365	455
Other	171	725
Other current liabilities	$ 3,431	$ 3,875

Restructuring Costs

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring Costs

2019 French Restructuring

During the second quarter of 2019, the Company initiated a plan to substantially reduce all of its workforce at its Vénissieux, France site (“2019 French Restructuring”). This reduction was part of an effort to align the Company’s cost structure with our ongoing and future planned projects. The reduction in workforce was completed during the three months ended June 30, 2020. Restructuring charges associated with this plan recognized during the three and nine months ended September 30, 2020 were immaterial. Restructuring charges associated with this plan of $1,259 and $3,198 were recognized during the three and nine months ended September 30, 2019. Included in the 2019 restructuring charges of $3,198 were charges for employee severance, benefits and other costs of $2,774, a charge of $598 related to fixed asset impairment, a charge of $826 related to the early termination penalty related to the office lease termination as well as a benefit of $1,000 related to the reversal of the French retirement indemnity obligation.

The following table sets forth activities for the Company’s cost reduction plan obligations for the nine months ended September 30, 2020 and 2019:


2019 French Restructuring Obligation:	2020		2019

Balance of restructuring accrual at January 1,	$	1,922	$	—
Charges for employee severance, benefits and other costs	173		2,774
Payments	(1,813)		(1,837)
Foreign currency impact	(45)		(42)
Balance of restructuring accrual at September 30,	$	237	$	895

The 2019 French Restructuring liabilities of $237 are included in the unaudited condensed consolidated balance sheet in accrued expenses at September 30, 2020.

2019 Corporate Restructuring

During the first quarter of 2019, the Company announced a plan to reduce its Corporate workforce by more than 50% (“2019 Corporate Restructuring”). The reduction in workforce is primarily a result of the exit of Noctiva during the first quarter of 2019 (see Note 3: Subsidiary Bankruptcy and Deconsolidation), as well as an effort to better align the Company’s remaining cost structure at our U.S. and Ireland locations with our ongoing and future planned projects. The reduction in workforce was completed during the three months ended September 30, 2020. The restructuring charges associated with this plan recognized during the three and nine months ended September 30, 2020 were immaterial, compared to the restructuring charges of $607 and $1,570 recognized during the three and nine months ended September 30, 2019, respectively. Included in the 2019 Corporate Restructuring charges of $1,570 for the nine months ended September 30, 2019, were charges for employee severance, benefit and other costs of $2,966, as well as a benefit of $1,396 related to share based compensation forfeitures related to the employees affected by the global reduction in workforce.

The following table sets forth activities for the Company’s cost reduction plan obligations for the nine months ended September 30, 2020 and 2019:


2019 Corporate Restructuring Obligation:	2020		2019

Balance of restructuring accrual at January 1,	$	1,080	$	—
Charges for employee severance, benefits and other costs	206		2,966
Payments	(794)		(2,113)

Balance of restructuring accrual at September 30,	$	492	$	853

The 2019 Corporate Restructuring liabilities of $492 are included in the unaudited condensed consolidated balance sheet in accrued expenses at September 30, 2020.

Fair Value Measurement Fair Value Measurement - Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	$ 148,467	$ 54,384
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 143,750	$ 143,750
Debt instrument, interest rate, stated percentage	4.50%	4.50%
Book value of long-term debt	$ 126,520	$ 121,686
4.50% Exchangeable Senior Notes Due 2023 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
Estimated fair value of long-term debt	$ 116,636
Book value of long-term debt	126,520
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities		4,404
Money market and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	104,186	38,799
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	20,415	4,098
Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	20,216	5,446
Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	3,650	1,637
Fair Value Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	104,236	43,203
Fair Value Measurements, Recurring \| Level 1 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	4,404
Fair Value Measurements, Recurring \| Level 1 \| Money market and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	104,186	38,799
Fair Value Measurements, Recurring \| Level 1 \| Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	50
Fair Value Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	44,231	11,181
Fair Value Measurements, Recurring \| Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	20,415	4,098
Fair Value Measurements, Recurring \| Level 2 \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	20,216	5,446
Fair Value Measurements, Recurring \| Level 2 \| Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market and mutual funds	3,600	1,637
Fair Value Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Related party payable	0	17,327
Total liabilities	$ 0	$ 17,327

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory reserves	$ 0	$ 914
Inventory:
Finished goods	0	3,020
Raw materials	0	550
Total	$ 0	$ 3,570

Goodwill and Intangible Assets - Gross Value and Net Carrying Amount (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Unamortizable intangible assets:
Gross Value	$ 16,836	$ 18,491
Accumulated Amortization	0	0
Net Carrying Amount	16,836	18,491
Developed technology \| Vazculep
Amortizable intangible assets:
Gross Value	0	12,061
Accumulated Amortization	0	(11,248)
Net Carrying Amount	$ 0	$ 813

Disposition of the Hospital Business - Unaudited Pro Forma Condensed Combined Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 83,109		$ 83,109		$ 9,774
Inventories	0		0		3,570
Prepaid expenses and other current assets	47,054		47,054		4,264
Goodwill	16,836		16,836		18,491
Intangible assets, net	0		0		813
Other non-current assets	22,264		22,264		39,274
Total assets	327,635		327,635		151,436
Current liabilities:
Current portion of long-term contingent consideration payable	0	$ 0	0		5,554
Accrued expenses	16,398		16,398		19,810
Long-term contingent consideration payable, less current portion	0	1,914	0		11,773
Total liabilities	156,435		156,435		180,635
Stockholders' Equity Attributable to Parent [Abstract]
Accumulated deficit	(372,909)		(372,909)		(391,215)
Total shareholders’ (deficit) equity	171,200	182,125	171,200	$ (26,963)	(29,199)	$ 32,067	$ (17,777)	$ (9,582)	$ 2,780
Total liabilities and shareholders’ equity (deficit)	327,635		327,635		151,436
Proceeds from the disposition of the hospital products			17,250	0
Increase (decrease) in other long-term assets					1,228
Net gain on the sale of the Hospital Products			0	$ (1,750)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Business
Current assets:
Goodwill	1,655		$ 1,655
Stockholders' Equity Attributable to Parent [Abstract]
Initial cash consideration		14,500
Escrow deposit		$ 1,565
Payment installment term (in months)		10 months	10 months
Proceeds from the disposition of the hospital products	$ 2,750
Additional consideration paid in monthly installments		$ 27,500
Goodwill		1,654
Increase (decrease) in deferred income taxes					8,474
Net gain on the sale of the Hospital Products		$ 45,760	$ 45,760		38,723
Pro Forma
Current assets:
Cash and cash equivalents					22,709
Inventories					0
Prepaid expenses and other current assets					31,764
Goodwill					16,837
Intangible assets, net					0
Other non-current assets					29,572
Total assets					176,132
Current liabilities:
Current portion of long-term contingent consideration payable					500
Accrued expenses					22,610
Long-term contingent consideration payable, less current portion					0
Total liabilities					166,608
Stockholders' Equity Attributable to Parent [Abstract]
Accumulated deficit					(352,492)
Total shareholders’ (deficit) equity					9,524
Total liabilities and shareholders’ equity (deficit)					176,132
As Reported
Current assets:
Cash and cash equivalents					9,774
Inventories					3,570
Prepaid expenses and other current assets					4,264
Goodwill					18,491
Intangible assets, net					813
Other non-current assets					39,274
Total assets					151,436
Current liabilities:
Current portion of long-term contingent consideration payable					5,554
Accrued expenses					19,810
Long-term contingent consideration payable, less current portion					11,773
Total liabilities					180,635
Stockholders' Equity Attributable to Parent [Abstract]
Accumulated deficit					(391,215)
Total shareholders’ (deficit) equity					(29,199)
Total liabilities and shareholders’ equity (deficit)					151,436
Pro Forma Adjustments \| Pro Forma
Current assets:
Cash and cash equivalents					12,935
Inventories					(3,570)
Prepaid expenses and other current assets					27,500
Goodwill					(1,654)
Intangible assets, net					(813)
Other non-current assets					(9,702)
Total assets					24,696
Current liabilities:
Current portion of long-term contingent consideration payable					(5,054)
Accrued expenses					2,800
Long-term contingent consideration payable, less current portion					(11,773)
Total liabilities					(14,027)
Stockholders' Equity Attributable to Parent [Abstract]
Accumulated deficit					38,723
Total shareholders’ (deficit) equity					38,723
Total liabilities and shareholders’ equity (deficit)					$ 24,696

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 24, 2020	Oct. 02, 2019	Jul. 02, 2019
Tax Credit Carryforward [Line Items]
CARES Act, discrete tax benefit	$ 9,124
Proceeds from Income Tax Refunds	18,753		$ 3,351
Income tax (benefit) provision	$ (5,040)	$ 2,234	$ (9,258)	$ 3,641
Effective income tax rate	30.10%	(33.60%)	(102.30%)	(13.70%)
Bankruptcy claims, amount paid to settle claims					$ 800
Speciality Pharama \| Internal Revenue Service (IRS)
Tax Credit Carryforward [Line Items]
Bankruptcy claims, amount of filed claims likely to be denied	$ 1,937		$ 1,937			$ 9,302	$ 50,695
Bankruptcy claims, amount paid to settle claims	$ 1,937		$ 1,937

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net (Loss) Income Per Share - Reconciliation of Basic and Diluted Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net (loss) income	$ (11,703)	$ 30,874	$ (865)	$ (8,864)	$ (8,605)	$ (13,018)	$ 18,306	$ (30,487)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic shares (in shares)	58,213			37,436			51,206	37,382
Effect of dilutive securities—options and warrants outstanding (in shares)	0			0			1,643	0
Diluted shares (in shares)	58,213			37,436			52,849	37,382
Net income (loss) per share - basic (in dollars per share)	$ (0.20)			$ (0.24)			$ 0.36	$ (0.82)
Net income (loss) per share - diluted (in dollars per share)	$ (0.20)			$ (0.24)			$ 0.35	$ (0.82)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Contingent Consideration Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Contingent Consideration Payable

Contingent consideration payable and related activity are reported at fair value and consist of the following at September 30, 2020 and December 31, 2019:


			Activity during the nine months ended September 30, 2020
					Changes in Fair Value of Contingent Consideration Payable
Contingent Consideration Payable:	Balance, December 31, 2019		Payments		Operating Expense		Other Expense		Disposition of the Hospital Products		Balance, September 30, 2020

Acquisition-related contingent consideration:
Earn-out payments - Éclat Pharmaceuticals (a) (d)	$	15,472	$	(5,323)	$	3,327	$	—	(13,476)		$	—
Financing-related:
Royalty agreement - Deerfield (b) (d)	1,251		(587)		—		272		(936)		—
Royalty agreement - Broadfin (c) (d)	604		(279)		—		163		(488)		—
Total contingent consideration payable	17,327		$	(6,189)	$	3,327	$	435	$	(14,900)	—
Less: current portion	(5,554)										—
Long-term contingent consideration payable	$	11,773									$	—

Long-term related party payable and related activity are reported at fair value and consist of the following at September 30, 2020 and June 30, 2020:


			Activity during the three months ended September 30, 2020
					Changes in Fair Value of Contingent Consideration Payable
Contingent Consideration Payable:	Balance, June 30, 2020		Payments		Operating Expense		Other Expense		Balance, September 30, 2020

Acquisition-related contingent consideration:
Earn-out payments - Éclat Pharmaceuticals (a) (d)	$	1,656	$	(1,587)	$	(69)	$	—	$	—
Financing-related:
Royalty agreement - Deerfield (b) (d)	175		(175)		—		—		—
Royalty agreement - Broadfin (c) (d)	83		(83)		—		—		—
Total contingent consideration payable	1,914		$	(1,845)	$	(69)	$	—	—
Less: current portion	—								—
Long-term contingent consideration payable	$	1,914							$	—

perform, satisfy and discharge the liabilities and obligations of Avadel Legacy and the Company under the Deerfield Royalty Agreement.

Before the sale of the Hospital Products on June 30, 2020, the fair value of each contingent consideration payable listed in (a), (b) and (c) above was estimated using a discounted cash flow model based on estimated and projected annual net revenues or gross profit, as appropriate, of each of the specified Éclat products using an appropriate risk-adjusted discount rate of 14%. These fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as defined in ASC 820. Subsequent changes in the fair value of the acquisition-related contingent consideration payables, resulting primarily from management’s revision of key assumptions, will be recorded in the unaudited condensed consolidated statements of (loss) income in the line items entitled “Changes in fair value of contingent consideration” for items noted in (b) above and in “Other expense - changes in fair value of contingent consideration payable” for items (b) and (c) above. See Note 1: Summary of Significant Accounting Policies under the caption Acquisition-related Contingent Consideration and Financing-related Royalty Agreements in Part II, Item 8 of the Company’s 2019 Annual Report on Form 10-K for more information on key assumptions used to determine the fair value of these liabilities.

Prior to June 30, 2020, the Company chose to make a fair value election pursuant to ASC 825, “Financial Instruments” for its royalty agreements detailed in items (b) and (c) above. These financing-related liabilities are recorded at fair market value on the unaudited condensed consolidated balance sheets and the periodic change in fair market value is recorded as a component of “Other expense – change in fair value of contingent consideration payable” on the unaudited condensed consolidated statements of (loss) income.

The following table summarizes changes to the contingent consideration payables, a recurring Level 3 measurement, for the nine-month periods ended September 30, 2020 and 2019, respectively:


Contingent Consideration Payable Rollforward:	Balance

Balance, December 31, 2018	$	28,840
Payments of contingent consideration	(10,014)
Fair value adjustments (1)	2,880
Balance, September 30, 2019	$	21,706

Balance, December 31, 2019	$	17,327
Payments of contingent consideration	(6,189)
Fair value adjustments (1)	3,762
Disposition of the Hospital Products	(14,900)
Balance, September 30, 2020	$	—

Disposition of the Hospital Business - Unaudited Pro Forma Condensed Combined Statement of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues	$ 0	$ 14,229	$ 22,334	$ 48,220
Total operating expense	13,697	18,376	2,259	64,985
Operating income	(13,697)	(4,147)	20,075	(16,765)
Total income before income taxes	(16,743)	(6,630)	9,048	(26,846)
Cost of products	0	2,823	5,742	9,711
Research and development expenses	5,569	7,539	15,156	25,160
Selling, general and administrative expenses	8,423	5,316	23,431	22,520
Intangible asset amortization	0	205	406	610
Changes in fair value of contingent consideration	(69)	627	3,327	2,384
Other expense - changes in fair value of contingent consideration payable	$ 0	$ 139	435	496
Pro Forma
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues			159	213
Total operating expense			(6,230)	50,587
Operating income			6,389	(50,374)
Total income before income taxes			(4,203)	(59,959)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues			22,334	48,220
Total operating expense			2,259	64,985
Operating income			20,075	(16,765)
Total income before income taxes			9,048	(26,846)
Pro Forma Adjustments \| Pro Forma
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total revenues			(22,175)	(48,007)
Total operating expense			(8,489)	(14,398)
Operating income			(13,686)	(33,609)
Total income before income taxes			(13,251)	(33,113)
Pro Forma Adjustments \| Pro Forma \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of products			3,540	8,972
Research and development expenses			407	1,604
Selling, general and administrative expenses			809	828
Intangible asset amortization			406	610
Changes in fair value of contingent consideration			3,327	2,384
Other expense - changes in fair value of contingent consideration payable			$ 435	$ 496

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Prior to June 30, 2020, we generated revenue primarily from the sale of pharmaceutical products to customers. On June 30, 2020, we sold the Hospital Products. See Note 4: Disposition of the Hospital Products. Product Sales Prior to June 30, 2020, we sold products primarily through wholesalers and considered these wholesalers to be our customers. Revenue from product sales was recognized when the customer obtained control of our product and our performance obligations were met, which occurred typically upon receipt of delivery to the customer. As is customary in the pharmaceutical industry, our gross product sales were subject to a variety of price adjustments in arriving at reported net product sales. These adjustments included estimates for product returns, chargebacks, payment discounts, rebates, and other sales allowances and are estimated when the product is delivered based on analysis of historical data for the product or comparable products, as well as future expectations for such products. Reserves to Reduce Gross Revenues to Net Revenues Revenues from product sales were recorded at the net selling price, which included estimated reserves to reduce gross product sales to net product sales resulting from product returns, chargebacks, payment discounts, rebates, and other sales allowances that are offered within contracts between the Company and its customers and end users. These reserves were based on the amounts earned or to be claimed on the related sales and were classified as reductions of accounts receivable if the amount is payable to the customer, except in the case of the estimated reserve for future expired product returns, which are classified as a liability. The reserves are classified as a liability if the amount is payable to a party other than a customer. Where appropriate, these estimated reserves take into consideration relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates to reduce gross selling price to net selling price to which it expects to be entitled based on the terms of its contracts. The actual selling price ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Product Returns Consistent with industry practice, the Company maintains a returns policy that generally offers customers a right of return for product that has been purchased from the Company. The Company estimates the amount of product returns and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities based on analysis of historical data for the product or comparable products, as well as future expectations for such products and other judgments and analysis. Chargebacks, Discounts and Rebates Chargebacks, discounts and rebates represent the estimated obligations resulting from contractual commitments to sell products to its customers or end users at prices lower than the list prices charged to our wholesale customers. Customers charge the Company for the difference between the gross selling price they pay for the product and the ultimate contractual price agreed to between the Company and these end users. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Chargebacks, discounts and rebates are estimated at the time of sale to the customer. Disaggregation of revenue The Company’s source of revenue was from the sale of pharmaceutical products, which are equally affected by the same economic factors as it relates to the nature, amount, timing, and uncertainty of revenue and cash flows. For further detail about the Company’s revenues by product, see Note 19: Revenue by Product. Contract Balances The Company does not recognize revenue in advance of invoicing its customers and therefore has no related contract assets. A receivable is recognized in the period the Company sells its products and when the Company’s right to consideration is unconditional. There were no material deferred contract costs at September 30, 2020. Transaction Price Allocated to the Remaining Performance Obligation For product sales, the Company generally satisfied its performance obligations within the same period the product was delivered. Product sales recognized in the second quarter of 2020 from performance obligations satisfied (or partially satisfied) in previous periods were immaterial. The Company has elected certain of the practical expedients from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue. Accordingly, the Company applies the practical expedient in ASC 606 to its stand-alone contracts and does not disclose information about variable consideration from remaining performance obligations for which the Company recognizes revenue.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Other Assets and Liabilities

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Other Assets and Liabilities

Various other assets and liabilities are summarized as follows:


Prepaid Expenses and Other Current Assets:	September 30, 2020		December 31, 2019

Valued-added tax recoverable	$	353	$	1,051
Prepaid and other expenses	1,426		2,116
Short-term deposit	1,477		—
Guarantee from Armistice	364		454
Income tax receivable	18,593		536
Short term note receivable from Exela (see Note 4)	24,750		—
Other	91		107
Total	$	47,054	$	4,264


Other Non-Current Assets:	September 30, 2020		December 31, 2019

Deferred tax assets, net	$	15,479	$	29,427
Long-term deposits	—		1,477
Guarantee from Armistice	1,117		1,367
Right of use assets at contract manufacturing organizations	5,201		6,428
Other	467		575
Total	$	22,264	$	39,274


Accrued Expenses	September 30, 2020		December 31, 2019

Accrued compensation	$	1,897	$	3,944
Accrued social charges	394		592
Accrued restructuring (see Note 15)	728		2,949
Customer allowances	6,588		6,470
Accrued transaction fees related to the disposition of the Hospital Products	2,500		—
Accrued contract research organization charges	361		2,098
Accrued contract manufacturing organization costs	1,009		735
Other	2,921		3,022
Total	$	16,398	$	19,810


Other Current Liabilities:	September 30, 2020		December 31, 2019

Accrued interest	$	1,078	$	2,695
Due to Exela	1,817		—
Guarantee to Deerfield	365		455
Other	171		725
Total	$	3,431	$	3,875


Other Non-Current Liabilities:	September 30, 2020		December 31, 2019

Customer allowances	$	659	$	981
Unrecognized tax benefits	3,143		6,465
Guarantee to Deerfield	1,121		1,372
Other	15		55
Total	$	4,938	$	8,873

Fair Value Measurement

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

The Company is required to measure certain assets and liabilities at fair value, either upon initial recognition or for subsequent accounting or reporting. For example, we use fair value extensively when accounting for and reporting certain financial instruments, when measuring certain contingent consideration liabilities and in the initial recognition of net assets acquired in a business combination. Fair value is estimated by applying the hierarchy described below, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.

ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as a market-based measurement that should be determined based on the assumptions that marketplace participants would use in pricing an asset or liability. When estimating fair value, depending on the nature and complexity of the asset or liability, we may generally use one or each of the following techniques:

•Income approach, which is based on the present value of a future stream of net cash flows.

•Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities.

As a basis for considering the assumptions used in these techniques, the standard establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

•Level 1 - Quoted prices for identical assets or liabilities in active markets.

•Level 2 - Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.

•Level 3 - Unobservable inputs that reflect estimates and assumptions.

The following table summarizes the financial instruments measured at fair value on a recurring basis classified in the fair value hierarchy (Level 1, 2 or 3) based on the inputs used for valuation in the accompanying unaudited condensed consolidated balance sheets:


	As of September 30, 2020						As of December 31, 2019
Fair Value Measurements:	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

Marketable securities (see Note 7)
Equity securities	$	—	$	—	$	—	$	4,404	$	—	$	—
Money market and mutual funds	104,186		—		—		38,799		—		—
Corporate bonds	—		20,415		—		—		4,098		—
Government securities - U.S.	—		20,216		—		—		5,446		—

Other fixed-income securities	50		3,600		—		—		1,637		—

Total assets	$	104,236	$	44,231	$	—	$	43,203	$	11,181	$	—

Contingent consideration payable (see Note 10)	$	—	$	—	$	—	$	—	$	—	$	17,327
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	17,327

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. During the periods ended September 30, 2020 and December 31, 2019, respectively, there were no transfers in and out of Level 1, 2, or 3. During the three and nine month periods ended September 30, 2020 and 2019, respectively, we did not recognize any other-than-temporary impairment loss.

Some of the Company’s financial instruments, such as cash and cash equivalents, accounts receivable and accounts payable, are reflected in the balance sheet at carrying value, which approximates fair value due to their short-term nature.

Debt

We estimate the fair value of our $143,750 aggregate principal amount of 4.50% exchangeable senior notes due 2023 (the “2023 Notes”), a Level 2 input, based on interest rates that would be currently available to the Company for issuance of similar types of debt instruments with similar terms and remaining maturities or recent trading prices obtained from brokers. The estimated fair value of the 2023 Notes at September 30, 2020 is $116,636 compared to a book value of $126,520.

See Note 11: Long-Term Debt for additional information regarding our debt obligations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue by Product - Summary of Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)
Segment Reporting [Abstract]
Number of operating segments (in segments) \| segment			1
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 14,229	$ 22,334	$ 48,220
Bloxiverz
Segment Reporting Information [Line Items]
Total revenues	0	1,466	2,201	6,392
Vazculep
Segment Reporting Information [Line Items]
Total revenues	0	8,786	10,429	27,669
Akovaz
Segment Reporting Information [Line Items]
Total revenues	0	4,208	9,545	13,946
Other
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ (231)	$ 159	$ 213

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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+ Details

Marketable Securities - Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value	$ 10,789
Unrealized Losses	29
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value	8,371
Unrealized Losses	24
Government securities - U.S.
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value	267
Unrealized Losses	1
Other fixed-income securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value	2,151
Unrealized Losses	$ 4

Net (Loss) Income Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

A reconciliation of basic and diluted net (loss) income per share, together with the related shares outstanding in thousands is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Net (Loss) Income Per Share:	2020		2019		2020		2019

Net (loss) income	$	(11,703)	$	(8,864)	$	18,306	$	(30,487)



Weighted average shares:
Basic shares	58,213		37,436		51,206		37,382
Effect of dilutive securities—employee and director equity awards outstanding, preferred shares and 2023 Notes	—		—		1,643		—

Diluted shares	58,213		37,436		52,849		37,382

Net (loss) income per share - basic	$	(0.20)	$	(0.24)	$	0.36	$	(0.82)
Net (loss) income per share - diluted	$	(0.20)	$	(0.24)	$	0.35	$	(0.82)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The Company’s amortizable and unamortizable intangible assets at September 30, 2020 and December 31, 2019 are as follows:


	September 30, 2020						December 31, 2019
Goodwill and Intangible Assets:	Gross Value		Accumulated Amortization		Net Carrying Amount		Gross Value		Accumulated Amortization		Net Carrying Amount

Amortizable intangible assets - Acquired developed technology - Vazculep (1)	$	—	$	—	$	—	$	12,061	$	(11,248)	$	813

Unamortizable intangible assets - Goodwill (2)	$	16,836	$	—	$	16,836	$	18,491	$	—	$	18,491

Revenue by Product (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, Revenue by Product

The following table presents a summary of total product sales by these products:


	Three Months Ended September 30,				Nine Months Ended September 30,
Product Sales by Product:	2020		2019		2020		2019

Bloxiverz	$	—	$	1,466	$	2,201	$	6,392
Vazculep	—		8,786		10,429		27,669
Akovaz	—		4,208		9,545		13,946

Other	—		(231)		159		213
Total product sales	$	—	$	14,229	$	22,334	$	48,220

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 05, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity Registrant Name	AVADEL PHARMACEUTICALS PLC
Entity Incorporation, State or Country Code	L2
Entity File Number	000-28508
Entity Tax Identification Number	98-1341933
Entity Address, Address Line One	10 Earlsfort Terrace
Entity Address, City or Town	Dublin 2
Entity Address, Country	IE
Entity Address, Postal Zip Code	D02 T380
City Area Code	1
Local Phone Number	485-1200
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share**
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,272,734
Entity Central Index Key	0001012477
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
NASDAQ/NMS (GLOBAL MARKET) [Member]
Entity Information [Line Items]
Title of 12(b) Security	American Depositary Shares*
Trading Symbol	AVDL
Security Exchange Name	NASDAQ

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	As of September 30, 2020						As of December 31, 2019
Fair Value Measurements:	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

Marketable securities (see Note 7)
Equity securities	$	—	$	—	$	—	$	4,404	$	—	$	—
Money market and mutual funds	104,186		—		—		38,799		—		—
Corporate bonds	—		20,415		—		—		4,098		—
Government securities - U.S.	—		20,216		—		—		5,446		—

Other fixed-income securities	50		3,600		—		—		1,637		—

Total assets	$	104,236	$	44,231	$	—	$	43,203	$	11,181	$	—

Contingent consideration payable (see Note 10)	$	—	$	—	$	—	$	—	$	—	$	17,327
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	17,327

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), enacted on March 27, 2020, includes significant business tax provisions. In particular, the CARES Act modified the rules associated with net operating losses (“NOLs”). Under the temporary provisions of the CARES Act, NOL carryforwards and carrybacks may offset 100% of taxable income for taxable years beginning before 2021. In addition, NOLs arising in 2018, 2019 and 2020 taxable years may be carried back to each of the preceding five years to generate a refund. During the nine months ended September 30, 2020, the income tax benefit includes a discrete tax benefit of $9,124 as a result of our ability under the CARES Act to carry back NOLs incurred to periods when the statutory U.S. Federal tax rate was 35% versus our current U.S. Federal tax rate of 21%. During the nine months ended September 30, 2020, the Company received $3,351 in cash tax refunds from carryback claims related to the CARES Act from the carryback of 2018 tax losses. During the three months ended September 30, 2020 the Company filed refund claims for $18,753 associated with the carryback of 2019 tax losses. The income tax benefit was $5,040 for the three months ended September 30, 2020 resulting in an effective tax rate of 30.1%. The income tax expense was $2,234 for the three months ended September 30, 2019 resulting in an effective tax rate of (33.6)%. The net increase in the effective income tax rate for the three months ended September 30, 2020, as compared to the same period in 2019, was primarily due to decreased income in the U.S. due to the sale of the Hospital Products. The income tax benefit was $9,258 for the nine months ended September 30, 2020 resulting in an effective tax rate of (102.3)%. The income tax provision was $3,641 for the nine months ended September 30, 2019 resulting in an effective tax rate of (13.7)%. The net decrease in the effective income tax rate for the nine months ended September 30, 2020, as compared to the same period in 2019, is primarily due to the discrete tax benefits recognized under the CARES Act as described above, favorable income tax benefits from the U.S. Orphan Drug and Research & Development Tax Credit, which did not occur during the nine months ended September 30, 2019, partially offset by increased income in the U.S. due to the sale of the Hospital Products during the nine months ended September 30, 2020. During the nine months ended September 30, 2020, the Company substantially completed the 2015 through 2017 U.S. Federal Tax Audit. Completion of the audit resulted in an assessment of $1,937 for the 2015 through 2017 U.S. Federal Tax Returns compared to the IRS Claims of $50,695 made on July 2, 2019 and the updated IRS Claims of $9,302 on October 2, 2019 made as part of the Specialty Pharma bankruptcy proceedings, which at this time does not include interest and penalties. The Company settled the $1,937 assessment.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Loss Contingencies [Line Items]
Purchase obligation	$ 3,800
Percentage of royalty payable on net sales	15.00%
Guarantee, liability	$ 1,486
Guarantee from Armistice	1,481
Maximum
Loss Contingencies [Line Items]
Guarantee, liability	$ 10,300

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ (1)	$ (5)	$ (131)	$ (46)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (11,703)	$ (865)	$ (8,864)	$ (13,018)		$ 18,306	$ (30,487)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization						1,297	1,690
Loss on disposal of property and equipment						0	478
Remeasurement of acquisition-related contingent consideration						3,327	2,384
Remeasurement of financing-related contingent consideration						435	496
Amortization of debt discount and debt issuance costs						4,835	4,424
Change in deferred tax and income tax deferred charge						(4,582)	1,333
Stock-based compensation expense						1,705	177
Gain on the disposition of the hospital products	0		0		$ (45,760)	(45,760)	0
Loss on deconsolidation of subsidiary						0	1,750
Other adjustments						306	(667)
Net changes in assets and liabilities
Accounts receivable						8,281	2,026
Inventories						(1,352)	2,465
Prepaid expenses and other current assets						1,759	(1,859)
Research and development tax credit receivable						2,036	(749)
Accounts payable & other current liabilities						(4,051)	259
Accrued expenses						(6,625)	(2,379)
Earn-out payments for contingent consideration in excess of acquisition-date fair value						(5,323)	(8,640)
Royalty payments for contingent consideration payable in excess of original fair value						(866)	(1,374)
Other assets and liabilities						(3,337)	(1,399)
Net cash used in operating activities						(29,609)	(30,072)
Cash flows from investing activities:
Purchases of property and equipment						(33)	(29)
Proceeds from the disposal of property and equipment						0	154
Proceeds from the disposition of the hospital products						17,250	0
Proceeds from sales of marketable securities						30,075	57,242
Purchases of marketable securities						(124,254)	(23,814)
Net cash (used in) provided by investing activities						(76,962)	33,553
Cash flows from financing activities:
Proceeds from the February 2020 private placement						60,570	0
Proceeds from the May 2020 public offering						116,924	0
Proceeds from stock option exercises and ESPP						2,006	123
Other financing activities, net						0	(109)
Net cash provided by financing activities						179,500	14
Effect of foreign currency exchange rate changes on cash and cash equivalents						406	47
Net change in cash and cash equivalents						73,335	3,542
Cash and cash equivalents at January 1,		$ 9,774		$ 9,325	$ 9,774	9,774	9,325	$ 9,325
Cash and cash equivalents at September 30,	$ 83,109		$ 12,867			83,109	12,867	$ 9,774
Supplemental disclosures of cash flow information:
Interest paid						6,469	6,469
Income taxes (refund) paid, net						$ (1,788)	$ 140

Restructuring Costs (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table sets forth activities for the Company’s cost reduction plan obligations for the nine months ended September 30, 2020 and 2019:


2019 French Restructuring Obligation:	2020		2019

Balance of restructuring accrual at January 1,	$	1,922	$	—
Charges for employee severance, benefits and other costs	173		2,774
Payments	(1,813)		(1,837)
Foreign currency impact	(45)		(42)
Balance of restructuring accrual at September 30,	$	237	$	895

The following table sets forth activities for the Company’s cost reduction plan obligations for the nine months ended September 30, 2020 and 2019:


2019 Corporate Restructuring Obligation:	2020		2019

Balance of restructuring accrual at January 1,	$	1,080	$	—
Charges for employee severance, benefits and other costs	206		2,966
Payments	(794)		(2,113)

Balance of restructuring accrual at September 30,	$	492	$	853

Net (Loss) Income Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of shares outstanding during each period. Diluted net (loss) income per share is calculated by dividing net (loss) income - diluted by the diluted number of shares outstanding during each period. Except where the result would be anti-dilutive to net (loss) income, diluted net (loss) income per share would be calculated assuming the impact of the conversion of the 2023 Notes, the conversion of our preferred shares, the exercise of outstanding equity compensation awards, and ordinary shares expected to be issued under our employee stock purchase plan (“ESPP”).

We have a choice to settle the conversion obligation under the 2023 Notes in cash, shares or any combination of the two. We utilize the if-converted method to reflect the impact of the conversion of the 2023 Notes, unless the result is anti-dilutive. This method assumes the conversion of the 2023 Notes into shares of our ordinary shares and reflects the elimination of the interest expense related to the 2023 Notes.

The dilutive effect of the warrants, stock options, restricted stock units, preferred shares and ordinary shares expected to be issued under or ESPP has been calculated using the treasury stock method. The dilutive effect of the PSUs will be calculated using the treasury stock method, if and when the contingent vesting condition is achieved.

A reconciliation of basic and diluted net (loss) income per share, together with the related shares outstanding in thousands is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Net (Loss) Income Per Share:	2020		2019		2020		2019

Net (loss) income	$	(11,703)	$	(8,864)	$	18,306	$	(30,487)



Weighted average shares:
Basic shares	58,213		37,436		51,206		37,382
Effect of dilutive securities—employee and director equity awards outstanding, preferred shares and 2023 Notes	—		—		1,643		—

Diluted shares	58,213		37,436		52,849		37,382

Net (loss) income per share - basic	$	(0.20)	$	(0.24)	$	0.36	$	(0.82)
Net (loss) income per share - diluted	$	(0.20)	$	(0.24)	$	0.35	$	(0.82)

Potential common shares of 15,969 and 19,544 were excluded from the calculation of weighted average shares for the three months ended September 30, 2020 and 2019, respectively, and potential common shares of 15,789 and 20,512 were excluded from the calculation of weighted average shares for the nine months ended September 30, 2020 and 2019, respectively, because either their effect was considered to be anti-dilutive or they were related to shares from PSUs for which the contingent vesting condition had not been achieved. For the three months ended September 30, 2020 and for the three and nine months ended September 30, 2019, the effects of dilutive securities were entirely excluded from the calculation of net loss per share as a net loss was reported in this period.

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

The principal categories of inventories, net of reserves of $0 and $914 at September 30, 2020 and December 31, 2019, respectively, are comprised of the following:


Inventory:	September 30, 2020		December 31, 2019

Finished goods	$	—	$	3,020
Raw materials	—		550
Total	$	—	$	3,570

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company’s amortizable and unamortizable intangible assets at September 30, 2020 and December 31, 2019 are as follows:


	September 30, 2020						December 31, 2019
Goodwill and Intangible Assets:	Gross Value		Accumulated Amortization		Net Carrying Amount		Gross Value		Accumulated Amortization		Net Carrying Amount

Amortizable intangible assets - Acquired developed technology - Vazculep (1)	$	—	$	—	$	—	$	12,061	$	(11,248)	$	813

Unamortizable intangible assets - Goodwill (2)	$	16,836	$	—	$	16,836	$	18,491	$	—	$	18,491

(1) This intangible asset was assumed by the Exela Buyer as part of the disposition of the Hospital Products on June 30, 2020. See Note 4: Disposition of the Hospital Products.

(2) In connection with the disposition of the Hospital Products (see Note 4: Disposition of the Hospital Products), the Company allocated goodwill of $1,655 on a relative fair value basis to the Hospital Products and included this amount in the net gain on the disposition of the Hospital Products on the unaudited condensed consolidated statements of (loss) income during the nine months ended September 30, 2020.

The Company recorded amortization expense related to amortizable intangible assets of $0 and $205 for the three months ended September 30, 2020 and 2019, respectively, and $406 and $610 for the nine months ended September 30, 2020 and 2019, respectively.

Comprehensive Loss

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Comprehensive Loss

The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 30, 2020 and 2019, respectively, net of tax effects:


	Three Months Ended September 30,				Nine Months Ended September 30,
Accumulated Other Comprehensive Loss:	2020		2019		2020		2019

Foreign currency translation adjustment:
Beginning balance	$	(23,733)	$	(23,720)	$	(23,738)	$	(23,621)
Net other comprehensive income (loss)	534		(210)		539		(309)
Balance at September 30,	$	(23,199)	$	(23,930)	$	(23,199)	$	(23,930)

Unrealized gain on marketable debt securities, net
Beginning balance	$	1,215	$	872	$	932	$	205
Net other comprehensive income, net of $(1), $(5), $(131) and $(46) tax, respectively	66		86		349		753
Balance at September 30,	$	1,281	$	958	$	1,281	$	958
Accumulated other comprehensive loss at September 30,	$	(21,918)	$	(22,972)	$	(21,918)	$	(22,972)

The effect on the Company’s unaudited condensed consolidated financial statements of amounts reclassified out of accumulated other comprehensive loss was immaterial for all periods presented.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

The principal categories of inventories, net of reserves of $0 and $914 at September 30, 2020 and December 31, 2019, respectively, are comprised of the following:


Inventory:	September 30, 2020		December 31, 2019

Finished goods	$	—	$	3,020
Raw materials	—		550
Total	$	—	$	3,570

The decrease in inventory at September 30, 2020 is a result of the June 30, 2020 disposition of the Hospital Products. See Note 4: Disposition of the Hospital Products.

Equity Transactions	9 Months Ended
Equity Transactions	Sep. 30, 2020
Equity [Abstract]
Equity Transactions	Equity Transactions Shelf Registration Statement on Form S-3 In February 2020, we filed with the SEC a new shelf registration statement on Form S-3 (the 2020 Shelf Registration Statement) (File No. 333-236258) that allows issuance and sale by us, from time to time, of: (a)up to $250,000 in aggregate of ordinary shares, nominal value US$0.01 per share (the “Ordinary Shares”), each of which may be represented by American Depositary Shares (“ADSs”), preferred shares, nominal value US$0.01 per share (the “Preferred Shares”), debt securities (the “Debt Securities”), warrants to purchase Ordinary Shares, ADSs, Preferred Shares and/or Debt Securities (the “Warrants”), and/or units consisting of Ordinary Shares, ADSs, Preferred Shares, one or more Debt Securities or Warrants in one or more series, in any combination, pursuant to the terms of the 2020 Shelf Registration Statement, the base prospectus contained in the 2020 Shelf Registration Statement (the “Base Prospectus”), and any amendments or supplements thereto (together, the “Securities”); including (b)up to $50,000 of ADSs that may be issued and sold from time to time pursuant to the terms of an Open Market Sale AgreementSM, entered into with Jefferies LLC on February 4, 2020 (the “Sales Agreement”), the 2020 Shelf Registration Statement, the Base Prospectus and the terms of the sales agreement prospectus contained in the 2020 Shelf Registration Statement. The transactions costs associated with the 2020 Shelf Registration Statement totaled approximately $428 of which $214 was charged against additional paid-in capital during the nine months ended September 30, 2020 as a result of the May 2020 Public Offering, discussed below. The remaining costs of $214 are recorded as a prepaid asset at September 30, 2020. February 2020 Private Placement On February 21, 2020, we announced that we entered into a definitive agreement for the sale of our ADSs and Series A Non-Voting Convertible Preferred Shares (“Series A Preferred”) in a private placement to a group of institutional accredited investors. The private placement resulted in gross proceeds of approximately $65,000 before deducting placement agent and other offering expenses, which resulted in net proceeds of $60,570. Pursuant to the terms of the private placement, we issued 8,680 ADSs and 488 shares of Series A Preferred at a price of $7.09 per share, priced at-the-market under Nasdaq rules. Each share of non-voting Series A Preferred is convertible into one ADS, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.99% of the total number of Avadel ADSs outstanding. The closing of the private placement occurred on February 25, 2020. Issuance costs of $4,430 have been recorded as a reduction of additional paid-in capital. May 2020 Public Offering In connection with the shelf registration statement described above, on April 28, 2020, we announced the pricing of an underwritten public offering of 11,630 Ordinary Shares, in the form of ADSs at a price to the public of $10.75 per ADS. Each ADS represents the right to receive one Ordinary Share. All of the ADSs were offered by us and the gross proceeds to us from the offering were approximately $125,000, before deducting underwriting discounts and commissions and offering expenses, which resulted in net proceeds of $116,924. The offering closed on May 1, 2020. August 2020 Treasury Shares Retirement In August 2020, the Company retired all of our 5,407 treasury shares, or $49,998 previously repurchased ordinary shares. As a result, we reduced additional paid-in capital by $49,944 and ordinary shares by $54 during the three and nine months ended September 30, 2020. The portion allocated to additional paid-in capital is determined pro rata by applying a percentage, determined by dividing the number of shares to be retired by the number of shares issued and outstanding as of the retirement date, to the balance of additional paid-in capital as of the retirement date. Based on this calculation, the entirety of the excess of repurchase price over par of $49,944 was allocated to additional paid-in capital.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 83,109	$ 9,774
Marketable securities	148,467	54,384
Accounts receivable	0	8,281
Inventories	0	3,570
Research and development tax credit receivable	3,058	2,107
Prepaid expenses and other current assets	47,054	4,264
Total current assets	281,688	82,380
Property and equipment, net	373	544
Operating lease right-of-use assets	2,866	3,612
Goodwill	16,836	18,491
Intangible assets, net	0	813
Research and development tax credit receivable	3,608	6,322
Other non-current assets	22,264	39,274
Total assets	327,635	151,436
Current liabilities:
Current portion of long-term contingent consideration payable	0	5,554
Current portion of operating lease liability	520	645
Accounts payable	2,660	6,100
Accrued expenses	16,398	19,810
Other current liabilities	3,431	3,875
Total current liabilities	23,009	35,984
Long-term debt	126,520	121,686
Long-term contingent consideration payable, less current portion	0	11,773
Long-term operating lease liability	1,968	2,319
Other non-current liabilities	4,938	8,873
Liabilities, Total	156,435	180,635
Shareholders’ equity (deficit):
Preferred shares, nominal value of $0.01 per share; 50,000 shares authorized; 488 issued and outstanding at September 30, 2020 and none issued and outstanding at December 31, 2019, respectively	5	0
Ordinary shares, nominal value of $0.01 per share; 500,000 shares authorized; 58,243 issued and outstanding at September 30, 2020 and 42,927 issued and 37,520 outstanding at December 31, 2019	582	429
Treasury shares, at cost, 0 and 5,407 shares held at September 30, 2020 and December 31, 2019, respectively	0	(49,998)
Additional paid-in capital	565,440	434,391
Accumulated deficit	(372,909)	(391,215)
Accumulated other comprehensive loss	(21,918)	(22,806)
Total shareholders’ equity (deficit)	171,200	(29,199)
Total liabilities and shareholders’ equity (deficit)	$ 327,635	$ 151,436

Contingent Consideration Payable - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Dec. 31, 2013	Feb. 28, 2013	Mar. 31, 2012	Sep. 30, 2020
Line of Credit Facility [Line Items]
Percentage of royalty payable on net sales				15.00%
Minimum
Line of Credit Facility [Line Items]
Discounted cash flow risk adjusted discount rate				14.00%
Broadfin Debt Financing
Line of Credit Facility [Line Items]
Cash consideration received on royalty agreement	$ 2,200
Percentage of royalty payable on net sales	0.834%
Affiliated Entity \| Deerfield FSC LLC
Line of Credit Facility [Line Items]
Cash consideration received on royalty agreement		$ 2,600
Percentage of royalty payable on net sales		1.75%
Eclat Pharmaceuticals
Line of Credit Facility [Line Items]
Percentage of earn-out payments			20.00%

Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Other comprehensive income (loss), tax	$ (1)	$ (5)	$ (131)	$ (46)

Restructuring Costs - Severance Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
2019 Corporate Restructuring Obligations
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1,080	$ 0
Payments	(794)	(2,113)
Restructuring reserve, ending balance	492	853
2019 French Restructuring Obligation
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	1,922	0
Payments	(1,813)	(1,837)
Foreign currency impact	(45)	(42)
Restructuring reserve, ending balance	237	895
Employee Severance \| 2019 Corporate Restructuring Obligations
Restructuring Reserve [Roll Forward]
Restructuring costs	206	2,966
Employee Severance \| 2019 French Restructuring Obligation
Restructuring Reserve [Roll Forward]
Restructuring costs	$ 173	$ 2,774

Long-Term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt is summarized as follows:


	September 30, 2020		December 31, 2019
Principal amount of 4.50% exchangeable senior notes due 2023	$	143,750	$	143,750
Less: unamortized debt discount and issuance costs, net	(17,230)		(22,064)
Net carrying amount of liability component	126,520		121,686


Less: current maturities	—		—
Long-term debt	$	126,520	$	121,686

Equity component:
Equity component of exchangeable notes, net of issuance costs	$	(26,699)	$	(26,699)

Contingent Consideration Payable - Payable Balance (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Contingent Consideration Payable Rollforward:
Related party payable, beginning balance	$ 1,914	$ 17,327	$ 28,840
Payment of related party payable	(1,845)	(6,189)	(10,014)
Fair value adjustments		3,762	2,880
Disposition of the Hospital Products		(14,900)
Related party payable, ending balance	$ 0	$ 0	$ 21,706

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to potential liabilities generally incidental to our business arising out of present and future lawsuits and claims related to product liability, personal injury, contract, commercial, intellectual property, tax, employment, compliance and other matters that arise in the ordinary course of business. The Company accrues for potential liabilities when it is probable that future costs (including legal fees and expenses) will be incurred and such costs can be reasonably estimated. At September 30, 2020 and December 31, 2019, there were no contingent liabilities with respect to any litigation, arbitration or administrative or other proceeding that are reasonably likely to have a material adverse effect on the Company’s unaudited condensed consolidated financial position, results of operations, cash flows or liquidity. Litigation Related to Noctiva Note 3: Subsidiary Bankruptcy and Deconsolidation briefly describes the Chapter 11 bankruptcy case which our subsidiary Specialty Pharma commenced on February 6, 2019, and which on April 26, 2019 resulted in the bankruptcy court-approved sale of all of Specialty Pharma’s intangible assets and inventory to an unaffiliated third party. As a result of such sale, Specialty Pharma has completed its divestment of the assets of the Noctiva business. During the pendency of the bankruptcy case, all pending litigation against Specialty Pharma is automatically stayed and any new litigation against Specialty Pharma is precluded unless the bankruptcy court orders otherwise. There is currently no pending or threatened litigation or disputes to which Specialty Pharma is or would be a party. All prior litigation and disputes involving Specialty Pharma have been dismissed or resolved. Material Commitments We have been relieved of all purchase commitments disclosed in Note 16: Contingent Liabilities and Commitments to the Company’s audited consolidated financial statements included in Part II, Item 8 of the Company’s 2019 Annual Report on Form 10-K due to the sale of the Hospital Products described in Note 4: Disposition of the Hospital Products. During the three months ended September 30, 2020, we entered into a commitment with a contract manufacturer related to the purchase and validation of equipment to be used in the manufacture of FT218. The total cost of this commitment is estimated to be approximately $3,800 and is expected to be completed by the end of 2021. Material commitments in the normal course of business include long-term debt obligations which are disclosed in Note 11: Long-Term Debt to the Company’s unaudited condensed consolidated financial statements. Our long-term contingent consideration payable as disclosed in Note 10: Contingent Consideration Payable has also been relieved due to the sale of the Hospital Products. Guarantees Deerfield Guarantee The fair values of our guarantee to Deerfield and the guarantee received by us from Armistice largely offset and when combined are not material. In connection with our February 2018 divestiture of our pediatric assets, we guaranteed to Deerfield the quarterly royalty payment of 15% on net sales of the FSC products through February 6, 2026 (“FSC Product Royalties”), in an aggregate amount of up to approximately $10,300. Given our explicit guarantee to Deerfield, the Company recorded the guarantee in accordance with ASC 460. The balance of this guarantee liability was $1,486 at September 30, 2020. This liability is being amortized proportionately based on undiscounted cash outflows through the remainder of the contract with Deerfield. Armistice Guarantee In connection with our February 2018 divestiture of the pediatric assets, Armistice Capital Master Fund, Ltd., the majority shareholder of Cerecor, guaranteed to us the FSC Product Royalties. The Company recorded the guarantee in accordance with ASC 460. The balance of this guarantee asset was $1,481 at September 30, 2020. This asset is being amortized proportionately based on undiscounted cash outflows through the remainder of the contract with Deerfield. Off-Balance Sheet Arrangements As of September 30, 2020, we did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Nature of Operations. Avadel Pharmaceuticals plc (Nasdaq: AVDL) (“Avadel,” the “Company,” “we,” “our,” or “us”) is an emerging biopharmaceutical company. Our lead product candidate, FT218, is an investigational once-nightly formulation of sodium oxybate for the treatment of excessive daytime sleepiness (“EDS”) and cataplexy in narcolepsy patients. FT218 uses our Micropump controlled release drug-delivery technology. We are primarily focused on the development and potential United States (“U.S.”) Food and Drug Administration (“FDA”) approval of FT218. Outside of our lead product candidate, we continue to evaluate opportunities to expand our product portfolio. We were incorporated in Ireland on December 1, 2015 as a private limited company, and re-registered as an Irish public limited company on November 21, 2016. Our headquarters are in Dublin, Ireland and we have operations in St. Louis, Missouri, U.S. FT218 (Micropump sodium oxybate) FT218 is a once-nightly formulation of sodium oxybate that uses our Micropump controlled release drug-delivery technology for the treatment of EDS and cataplexy in patients suffering from narcolepsy. Sodium oxybate is the sodium salt of gamma hydroxybutyrate, an endogenous compound and metabolite of the neurotransmitter gamma-aminobutyric acid. Sodium oxybate is approved in Europe and the U.S. as a twice-nightly formulation indicated for the treatment of EDS and cataplexy in patients with narcolepsy. In December 2019, we completed patient enrollment of our Phase 3 REST-ON clinical trial of FT218 to assess the safety and efficacy of a once-nightly formulation of FT218 for the treatment of EDS and cataplexy in patients suffering from narcolepsy and on April 27, 2020, we announced topline results from our Phase 3 REST-ON clinical trial of FT218. On July 13, 2020, we announced the dosing of the first patient of our open-label extension/switch study of FT218 as a potential treatment for EDS and cataplexy in patients with narcolepsy. Previously Approved FDA Products On June 30, 2020 (“Closing Date”), we announced the sale of our portfolio of sterile injectable drugs used in the hospital setting (the “Hospital Products”), including our three commercial products, Akovaz, Bloxiverz and Vazculep, as well as Nouress, which is approved by the FDA to Exela Sterile Medicines LLC (“Exela Buyer”) (the “Transaction”) pursuant to an asset purchase agreement between Avadel U.S. Holdings Inc., Avadel Legacy Pharmaceuticals, LLC, Exela Holdings, Inc. and the Exela Buyer (“Purchase Agreement”). Pursuant to the Purchase Agreement, Exela Buyer paid us $14,500 on the Closing Date and will pay an additional $27,500 in ten equal monthly installments which began in September 2020 for total aggregate consideration of $42,000. The following four FDA approved products were included in the sale of the hospital products: •Bloxiverz (neostigmine methylsulfate injection) - Bloxiverz was approved by the FDA in May 2013 and was launched in July 2013. Bloxiverz is a drug used intravenously in the operating room to reverse the effects of non-depolarizing neuromuscular blocking agents after surgery. Bloxiverz was the first FDA-approved version of neostigmine methylsulfate. Today, neostigmine is one of the two most frequently used products for the reversal of the effects of other agents used for neuromuscular blocks. •Vazculep (phenylephrine hydrochloride injection) - Vazculep was approved by the FDA in June 2014 and was launched in October 2014. Vazculep is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia. •Akovaz (ephedrine sulfate injection) - Akovaz, was approved by the FDA in April 2016 and was launched in August 2016. Akovaz was the first FDA approved formulation of ephedrine sulfate, an alpha- and beta- adrenergic agonist and a norepinephrine-releasing agent that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia. •Nouress (cysteine hydrochloride injection) - Nouress was approved by the FDA in December 2019. Nouress is a sterile injectable product for use in the hospital setting, and two issued U.S. patents currently cover that product. Several additional patent applications for Nouress are pending with the U.S. Patent and Trademark Office (“USPTO”). Basis of Presentation. The unaudited condensed consolidated balance sheet as of September 30, 2020, which is derived from the prior year 2019 audited consolidated financial statements, and the interim unaudited condensed consolidated financial statements presented herein, have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP), the requirements of Form 10-Q and Article 10 of Regulation S-X and, consequently, do not include all information or footnotes required by U.S. GAAP for complete financial statements or all the disclosures normally made in an Annual Report on Form 10-K. Accordingly, the unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2019 Annual Report on Form 10-K filed with the SEC on March 16, 2020. The unaudited condensed consolidated financial statements include the accounts of the Company and subsidiaries, and reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the dates and periods presented. All intercompany accounts and transactions have been eliminated. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. On February 6, 2019, our indirect wholly-owned subsidiary, Avadel Specialty Pharmaceuticals, LLC (“Specialty Pharma”), filed a voluntary petition for reorganization under Chapter 11 of the U.S. Code (the “Bankruptcy Code”). in the U.S. District Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), Case No. 19-10248. Specialty Pharma is operating and managing its business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and order of the Bankruptcy Court. As a result of Specialty Pharma’s voluntary bankruptcy filing on February 6, 2019, we no longer controlled the operations of Specialty Pharma; therefore, we deconsolidated Specialty Pharma effective with the bankruptcy filing and the Company recorded its investment in Specialty Pharma under the cost method. See Note 3: Subsidiary Bankruptcy and Deconsolidation. Our results of operations for the period January 1, 2019 through February 6, 2019 include the results of Specialty Pharma prior to its February 6, 2019 voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Reclassifications Certain reclassifications are made to prior year amounts whenever necessary to conform with the current year presentation. In Note 9: Goodwill and Intangible Assets, we presented the December 31, 2019 amortizable intangible assets - Acquired developed technology - Vazculep amount as total accumulated depreciation in this Form 10-Q as compared to showing year-to-date amortization in the Company’s 2019 Annual Report on Form 10-K filed with the SEC on March 16, 2020. Revenue. Prior to June 30, 2020, we generated revenue primarily from the sale of pharmaceutical products to customers, which we refer to as the Hospital Products. On June 30, 2020, we sold the Hospital Products. See Note 4: Disposition of the Hospital Products. Product Sales Prior to June 30, 2020, we sold products primarily through wholesalers and considered these wholesalers to be our customers. Revenue from product sales was recognized when the customer obtained control of our product and our performance obligations were met, which occurred typically upon receipt of delivery to the customer. As is customary in the pharmaceutical industry, our gross product sales were subject to a variety of price adjustments in arriving at reported net product sales. These adjustments included estimates for product returns, chargebacks, payment discounts, rebates, and other sales allowances and are estimated when the product is delivered based on analysis of historical data for the product or comparable products, as well as future expectations for such products. For a complete discussion of the accounting for net product revenue, see Note 5: Revenue Recognition. Accounts Receivable. Prior to the sale of the Hospital Products on June 30, 2020, accounts receivable are stated at amounts invoiced and certain other gross to net variable consideration deductions. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, payment history, current and forecast economic conditions and other relevant factors. A majority of our accounts receivable are due from four significant customers. As of September 30, 2020, we have collected all of the accounts receivable outstanding as of June 30, 2020.

Subsidiary Bankruptcy and Deconsolidation	9 Months Ended
Subsidiary Bankruptcy and Deconsolidation	Sep. 30, 2020
Reorganizations [Abstract]
Subsidiary Bankruptcy and Deconsolidation	Subsidiary Bankruptcy and Deconsolidation Bankruptcy Filing and Deconsolidation As a result of Specialty Pharma’s bankruptcy filing on February 6, 2019, Avadel has ceded authority for managing the business to the Bankruptcy Court, and Avadel management cannot carry on Specialty Pharma’s activities in the ordinary course of business without Bankruptcy Court approval. Avadel manages the day-to-day operations of Specialty Pharma but does not have discretion to make significant capital or operating budgetary changes or decisions and purchase or sell significant assets, as Specialty Pharma’s material decisions are subject to review by the Bankruptcy Court. For these reasons, we concluded that Avadel has lost control of Specialty Pharma, and no longer has significant influence over Specialty Pharma during the pendency of the bankruptcy. Therefore, we deconsolidated Specialty Pharma effective with the filing of the Chapter 11 bankruptcy in February 2019. In order to deconsolidate Specialty Pharma, the carrying values of the assets and certain liabilities of Specialty Pharma were removed from our unaudited condensed consolidated balance sheet as of February 5, 2019, and we recorded our investment in Specialty Pharma at its estimated fair value of $0. As the estimated fair value of our investment in Specialty Pharma was lower than its net book value immediately prior to the deconsolidation, we recorded a non-cash charge of approximately $2,840 for the nine months ended September 30, 2019 associated with the deconsolidation of Specialty Pharma. Subsequent to the deconsolidation of Specialty Pharma, we are accounting for our investment in Specialty Pharma using the cost method of accounting because Avadel does not exercise significant influence over the operations of Specialty Pharma due to the Chapter 11 filing. On April 26, 2019, Specialty Pharma sold its intangible assets and remaining inventory to an unaffiliated third party in exchange for aggregate cash proceeds of approximately $250, pursuant to an order approving such sale which was issued by the Bankruptcy Court on April 15, 2019. As a result of such sale, Specialty Pharma has completed its divestment of the assets of the Noctiva business. On July 2, 2019, Specialty Pharma was made aware of a $50,695 claim made by the Internal Revenue Service (IRS) as part of the bankruptcy claims process against Specialty Pharma. On October 2, 2019 the IRS amended the original claim filed in July, reducing the claim to $9,302. Specialty Pharma files its U.S. federal tax return as a member of the Company’s consolidated U.S. tax group. As such, the IRS claim was filed against Specialty Pharma in the bankruptcy proceedings due to IRS tax law requirements for joint and several liability of all members in a consolidated U.S. tax group. On November 19, 2019, Specialty Pharma and the IRS resolved their dispute, subject to the Bankruptcy Court’s approval of Specialty Pharma's Chapter 11 plan, and without prejudice to the claims, rights and defenses of the IRS and other Avadel entities outside of the bankruptcy case. The resolution provided for allowance of the IRS claim as a priority claim but for the IRS to receive a distribution of 50% of the proceeds, but in no event less than $125 from Specialty Pharma following confirmation of its disclosure statement and Chapter 11 plan of liquidation. On July 24, 2020, Specialty Pharma sought bankruptcy court approval of a settlement agreement by and between it, Avadel US Holdings, Inc. and Serenity Pharmaceuticals, LLC (“Serenity”) (the “Serenity Settlement Agreement”). Before the commencement of Specialty Pharma's bankruptcy case, Serenity asserted claims against Specialty Pharma and Avadel US Holdings collectively in an amount no less than $50,000, and after the commencement of the bankruptcy case, Serenity asserted a $3,096 claim against Specialty Pharma and voted to reject its Chapter 11 plan of liquidation. The Serenity Settlement Agreement provides for a global resolution of these disputes by way of an $800 payment from Avadel US Holdings to Serenity, a mutual exchange of general releases, and the withdrawal of Serenity's claim and vote in Specialty Pharma's bankruptcy case. The Serenity Settlement Agreement was approved by order of the Bankruptcy Court on August 12, 2020. At a hearing conducted on October 6, 2020, the Bankruptcy Court granted final approval of Specialty Pharma’s disclosure statement and confirmed its Chapter 11 plan of liquidation. Pursuant to the plan, the appointment of a Plan Administrator was also approved. The Plan Administrator will be responsible for making distributions to creditors, managing the final windup and dissolution of Specialty Pharma, and taking other steps in accordance with the plan of liquidation. The plan of liquidation became effective on October 20, 2020. Debtor in Possession (“DIP”) Financing – Related Party Relationship In connection with the bankruptcy filing, Specialty Pharma entered into a Debtor in Possession Credit and Security Agreement with Avadel US Holdings (“DIP Credit Agreement”) dated as of February 8, 2019, in an aggregate amount of up to $2,700, of which the funds are to be used by Specialty Pharma solely to fund operations through February 6, 2020. As of September 30, 2020, the Company had funded $407 under the DIP Credit Agreement. As the Company has assessed that it is unlikely that Specialty Pharma will pay back the loan to Avadel, the $407 was recorded as part of the loss on deconsolidation of subsidiary within the unaudited condensed consolidated statements of (loss) income for the nine months ended September 30, 2019.

Contingent Consideration Payable - Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Acquisition-related contingent consideration:
Related party payable, beginning balance	$ 1,914		$ 17,327	$ 28,840
Payments	(1,845)		(6,189)	(10,014)
Operating Expense	(69)	$ 627	3,327	2,384
Other Expense	0		435
Disposition of the Hospital Products			(14,900)
Related party payable, ending balance	0	$ 21,706	0	$ 21,706
Less: Current portion	0		0		$ 0	$ (5,554)
Long-term contingent consideration payable	0		0		$ 1,914	$ 11,773
Acquisition-related contingent consideration \| Earn-out payments
Acquisition-related contingent consideration:
Related party payable, beginning balance	1,656		15,472
Payments	(1,587)		(5,323)
Operating Expense	(69)		3,327
Other Expense	0		0
Disposition of the Hospital Products			(13,476)
Related party payable, ending balance	0		0
Financing-related \| Royalty agreement - Deerfield
Acquisition-related contingent consideration:
Related party payable, beginning balance	175		1,251
Payments	(175)		(587)
Operating Expense	0		0
Other Expense	0		272
Disposition of the Hospital Products			(936)
Related party payable, ending balance	0		0
Financing-related \| Royalty agreement - Broadfin
Acquisition-related contingent consideration:
Related party payable, beginning balance	83		604
Payments	(83)		(279)
Operating Expense	0		0
Other Expense	0		163
Disposition of the Hospital Products			(488)
Related party payable, ending balance	$ 0		$ 0

Disposition of the Hospital Business Components of Consideration and Assets and Liabilities Either Transferred or Eliminated (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on the sale of the Hospital Products		$ 0	$ (1,750)
The Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid expenses and other current assets	$ (134)
Inventories	(4,922)
Goodwill	(1,654)
Intangible assets, net	(407)
Other non-current assets	(1,095)
Total long-term contingent consideration payable	14,900
Net liabilities disposed of	6,688
Aggregate consideration	42,000
Less transaction fees	(2,928)
Net gain on the sale of the Hospital Products	$ 45,760	$ 45,760		$ 38,723

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations. Avadel Pharmaceuticals plc (Nasdaq: AVDL) (“Avadel,” the “Company,” “we,” “our,” or “us”) is an emerging biopharmaceutical company. Our lead product candidate, FT218, is an investigational once-nightly formulation of sodium oxybate for the treatment of excessive daytime sleepiness (“EDS”) and cataplexy in narcolepsy patients. FT218 uses our Micropump controlled release drug-delivery technology. We are primarily focused on the development and potential United States (“U.S.”) Food and Drug Administration (“FDA”) approval of FT218. Outside of our lead product candidate, we continue to evaluate opportunities to expand our product portfolio. We were incorporated in Ireland on December 1, 2015 as a private limited company, and re-registered as an Irish public limited company on November 21, 2016. Our headquarters are in Dublin, Ireland and we have operations in St. Louis, Missouri, U.S.
Basis of Presentation	Basis of Presentation. The unaudited condensed consolidated balance sheet as of September 30, 2020, which is derived from the prior year 2019 audited consolidated financial statements, and the interim unaudited condensed consolidated financial statements presented herein, have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP), the requirements of Form 10-Q and Article 10 of Regulation S-X and, consequently, do not include all information or footnotes required by U.S. GAAP for complete financial statements or all the disclosures normally made in an Annual Report on Form 10-K. Accordingly, the unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2019 Annual Report on Form 10-K filed with the SEC on March 16, 2020. The unaudited condensed consolidated financial statements include the accounts of the Company and subsidiaries, and reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the dates and periods presented. All intercompany accounts and transactions have been eliminated. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. On February 6, 2019, our indirect wholly-owned subsidiary, Avadel Specialty Pharmaceuticals, LLC (“Specialty Pharma”), filed a voluntary petition for reorganization under Chapter 11 of the U.S. Code (the “Bankruptcy Code”). in the U.S. District Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), Case No. 19-10248. Specialty Pharma is operating and managing its business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and order of the Bankruptcy Court. As a result of Specialty Pharma’s voluntary bankruptcy filing on February 6, 2019, we no longer controlled the operations of Specialty Pharma; therefore, we deconsolidated Specialty Pharma effective with the bankruptcy filing and the Company recorded its investment in Specialty Pharma under the cost method. See Note 3: Subsidiary Bankruptcy and Deconsolidation. Our results of operations for the period January 1, 2019 through February 6, 2019 include the results of Specialty Pharma prior to its February 6, 2019 voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Revenue	Revenue. Prior to June 30, 2020, we generated revenue primarily from the sale of pharmaceutical products to customers, which we refer to as the Hospital Products. On June 30, 2020, we sold the Hospital Products. See Note 4: Disposition of the Hospital Products. Product Sales Prior to June 30, 2020, we sold products primarily through wholesalers and considered these wholesalers to be our customers. Revenue from product sales was recognized when the customer obtained control of our product and our performance obligations were met, which occurred typically upon receipt of delivery to the customer. As is customary in the pharmaceutical industry, our gross product sales were subject to a variety of price adjustments in arriving at reported net product sales. These adjustments included estimates for product returns, chargebacks, payment discounts, rebates, and other sales allowances and are estimated when the product is delivered based on analysis of historical data for the product or comparable products, as well as future expectations for such products. For a complete discussion of the accounting for net product revenue, see Note 5: Revenue Recognition. Revenue Recognition Prior to June 30, 2020, we generated revenue primarily from the sale of pharmaceutical products to customers. On June 30, 2020, we sold the Hospital Products. See Note 4: Disposition of the Hospital Products. Product Sales Prior to June 30, 2020, we sold products primarily through wholesalers and considered these wholesalers to be our customers. Revenue from product sales was recognized when the customer obtained control of our product and our performance obligations were met, which occurred typically upon receipt of delivery to the customer. As is customary in the pharmaceutical industry, our gross product sales were subject to a variety of price adjustments in arriving at reported net product sales. These adjustments included estimates for product returns, chargebacks, payment discounts, rebates, and other sales allowances and are estimated when the product is delivered based on analysis of historical data for the product or comparable products, as well as future expectations for such products. Reserves to Reduce Gross Revenues to Net Revenues Revenues from product sales were recorded at the net selling price, which included estimated reserves to reduce gross product sales to net product sales resulting from product returns, chargebacks, payment discounts, rebates, and other sales allowances that are offered within contracts between the Company and its customers and end users. These reserves were based on the amounts earned or to be claimed on the related sales and were classified as reductions of accounts receivable if the amount is payable to the customer, except in the case of the estimated reserve for future expired product returns, which are classified as a liability. The reserves are classified as a liability if the amount is payable to a party other than a customer. Where appropriate, these estimated reserves take into consideration relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates to reduce gross selling price to net selling price to which it expects to be entitled based on the terms of its contracts. The actual selling price ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Product Returns Consistent with industry practice, the Company maintains a returns policy that generally offers customers a right of return for product that has been purchased from the Company. The Company estimates the amount of product returns and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities based on analysis of historical data for the product or comparable products, as well as future expectations for such products and other judgments and analysis. Chargebacks, Discounts and Rebates Chargebacks, discounts and rebates represent the estimated obligations resulting from contractual commitments to sell products to its customers or end users at prices lower than the list prices charged to our wholesale customers. Customers charge the Company for the difference between the gross selling price they pay for the product and the ultimate contractual price agreed to between the Company and these end users. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Chargebacks, discounts and rebates are estimated at the time of sale to the customer. Disaggregation of revenue The Company’s source of revenue was from the sale of pharmaceutical products, which are equally affected by the same economic factors as it relates to the nature, amount, timing, and uncertainty of revenue and cash flows. For further detail about the Company’s revenues by product, see Note 19: Revenue by Product. Contract Balances The Company does not recognize revenue in advance of invoicing its customers and therefore has no related contract assets. A receivable is recognized in the period the Company sells its products and when the Company’s right to consideration is unconditional. There were no material deferred contract costs at September 30, 2020. Transaction Price Allocated to the Remaining Performance Obligation For product sales, the Company generally satisfied its performance obligations within the same period the product was delivered. Product sales recognized in the second quarter of 2020 from performance obligations satisfied (or partially satisfied) in previous periods were immaterial. The Company has elected certain of the practical expedients from the disclosure requirement for remaining performance obligations for specific situations in which an entity need not estimate variable consideration to recognize revenue. Accordingly, the Company applies the practical expedient in ASC 606 to its stand-alone contracts and does not disclose information about variable consideration from remaining performance obligations for which the Company recognizes revenue.
Accounts Receivable	Accounts Receivable. Prior to the sale of the Hospital Products on June 30, 2020, accounts receivable are stated at amounts invoiced and certain other gross to net variable consideration deductions. An allowance for credit losses is established based on expected losses. Expected losses are estimated by reviewing individual accounts, considering aging, financial condition of the debtor, payment history, current and forecast economic conditions and other relevant factors. A majority of our accounts receivable are due from four significant customers. As of September 30, 2020, we have collected all of the accounts receivable outstanding as of June 30, 2020.
Newly Issued Accounting Pronouncements	Newly Issued Accounting Standards Recent Accounting Guidance Not Yet Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. ASU 2019-12 will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and early adoption is permitted. We are currently evaluating the impact of adopting ASU 2019-12.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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-SubTopic 10
-Section 50
-Paragraph 19
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+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 16,836		$ 16,836		$ 18,491
Intangible asset amortization	0	$ 205	406	$ 610
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 1,655		$ 1,655

Revenue by Product

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Revenue by Product

The Company has determined that it operates in one segment, the development and commercialization of pharmaceutical products, including controlled-release therapeutic products based on its proprietary polymer based technology. The Company’s Chief Operating Decision Maker is the Chief Executive Officer (the “CEO”). The CEO reviews profit and loss information on a consolidated basis to assess performance and make overall operating decisions as well as resource allocations. All products are included in one segment because the Company’s products have similar economic and other characteristics, including the nature of the products and production processes, type of customers, distribution methods and regulatory environment.

The following table presents a summary of total product sales by these products:


	Three Months Ended September 30,				Nine Months Ended September 30,
Product Sales by Product:	2020		2019		2020		2019

Bloxiverz	$	—	$	1,466	$	2,201	$	6,392
Vazculep	—		8,786		10,429		27,669
Akovaz	—		4,208		9,545		13,946

Other	—		(231)		159		213
Total product sales	$	—	$	14,229	$	22,334	$	48,220

On June 30, 2020, we sold the Hospital Products. See Note 4: Disposition of the Hospital Products.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ (DEFICIT) EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Ordinary shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Treasury shares
Beginning balance (in shares) at Dec. 31, 2018		42,720					5,407
Beginning balance at Dec. 31, 2018	$ 2,780	$ 427		$ 433,756	$ (357,989)	$ (23,416)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,018)				(13,018)
Other comprehensive income (loss)	213					213
Vesting of restricted shares (in shares)		1
Vesting of restricted shares	0
Employee share purchase plan share issuance (in shares)		42
Employee share purchase plan share issuance	92			92
Stock-based compensation expense	351			351
Ending balance (in shares) at Mar. 31, 2019		42,763					5,407
Ending balance at Mar. 31, 2019	(9,582)	$ 427		434,199	(371,007)	(23,203)	$ (49,998)
Beginning balance (in shares) at Dec. 31, 2018		42,720					5,407
Beginning balance at Dec. 31, 2018	2,780	$ 427		433,756	(357,989)	(23,416)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(30,487)
Ending balance (in shares) at Sep. 30, 2019		42,857					5,407
Ending balance at Sep. 30, 2019	(26,963)	$ 428		434,055	(388,476)	(22,972)	$ (49,998)
Beginning balance (in shares) at Mar. 31, 2019		42,763					5,407
Beginning balance at Mar. 31, 2019	(9,582)	$ 427		434,199	(371,007)	(23,203)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(8,605)				(8,605)
Other comprehensive income (loss)	355					355
Stock-based compensation expense	55			55
Ending balance (in shares) at Jun. 30, 2019		42,763					5,407
Ending balance at Jun. 30, 2019	(17,777)	$ 427		434,254	(379,612)	(22,848)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(8,864)				(8,864)
Other comprehensive income (loss)	(124)					(124)
Vesting of restricted shares (in shares)		82
Vesting of restricted shares		$ 1		(1)
Employee share purchase plan share issuance (in shares)		12
Employee share purchase plan share issuance	31			31
Stock-based compensation expense	(229)			(229)
Ending balance (in shares) at Sep. 30, 2019		42,857					5,407
Ending balance at Sep. 30, 2019	(26,963)	$ 428		434,055	(388,476)	(22,972)	$ (49,998)
Beginning balance (in shares) at Dec. 31, 2019		42,927	0				5,407
Beginning balance at Dec. 31, 2019	(29,199)	$ 429	$ 0	434,391	(391,215)	(22,806)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(865)				(865)
Other comprehensive income (loss)	(821)					(821)
Exercise of stock options (in shares)		146
Exercise of stock options	1,389	$ 2		1,387
February 2020 private placement (in shares)		8,680	488
February 2020 private placement	60,733	$ 87	$ 5	60,641
Vesting of restricted shares (in shares)		19
Vesting of restricted shares	0
Employee share purchase plan share issuance (in shares)		40
Employee share purchase plan share issuance	88			88
Stock-based compensation expense	742			742
Ending balance (in shares) at Mar. 31, 2020		51,812	488				5,407
Ending balance at Mar. 31, 2020	32,067	$ 518	$ 5	497,249	(392,080)	(23,627)	$ (49,998)
Beginning balance (in shares) at Dec. 31, 2019		42,927	0				5,407
Beginning balance at Dec. 31, 2019	(29,199)	$ 429	$ 0	434,391	(391,215)	(22,806)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	18,306
Ending balance (in shares) at Sep. 30, 2020		58,243	488				0
Ending balance at Sep. 30, 2020	171,200	$ 582	$ 5	565,440	(372,909)	(21,918)	$ 0
Beginning balance (in shares) at Mar. 31, 2020		51,812	488				5,407
Beginning balance at Mar. 31, 2020	32,067	$ 518	$ 5	497,249	(392,080)	(23,627)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	30,874				30,874
Other comprehensive income (loss)	1,109					1,109
Exercise of stock options (in shares)		95
Exercise of stock options	393	$ 1		392
February 2020 private placement	(94)			(94)
Employee share purchase plan share issuance	33			33
Stock-based compensation expense	769			769
May 2020 public offering (in shares)		11,630
May 2020 public offering	116,974	$ 116		116,858
Ending balance (in shares) at Jun. 30, 2020		63,537	488				5,407
Ending balance at Jun. 30, 2020	182,125	$ 635	$ 5	615,207	(361,206)	(22,518)	$ (49,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11,703)				(11,703)
Other comprehensive income (loss)	600					600
Exercise of stock options (in shares)		22
Exercise of stock options	47			47
February 2020 private placement	(69)			(69)
Vesting of restricted shares (in shares)		82
Vesting of restricted shares	0	$ 1		(1)
Employee share purchase plan share issuance (in shares)		9
Employee share purchase plan share issuance	56			56
Stock-based compensation expense	194			194
May 2020 public offering	(50)			(50)
Retirement of treasury shares (in shares)		(5,407)					(5,407)
Ending balance (in shares) at Sep. 30, 2020		58,243	488				0
Ending balance at Sep. 30, 2020	$ 171,200	$ 582	$ 5	$ 565,440	$ (372,909)	$ (21,918)	$ 0

Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the components of accumulated other comprehensive loss for the three and nine months ended September 30, 2020 and 2019, respectively, net of tax effects:


	Three Months Ended September 30,				Nine Months Ended September 30,
Accumulated Other Comprehensive Loss:	2020		2019		2020		2019

Foreign currency translation adjustment:
Beginning balance	$	(23,733)	$	(23,720)	$	(23,738)	$	(23,621)
Net other comprehensive income (loss)	534		(210)		539		(309)
Balance at September 30,	$	(23,199)	$	(23,930)	$	(23,199)	$	(23,930)

Unrealized gain on marketable debt securities, net
Beginning balance	$	1,215	$	872	$	932	$	205
Net other comprehensive income, net of $(1), $(5), $(131) and $(46) tax, respectively	66		86		349		753
Balance at September 30,	$	1,281	$	958	$	1,281	$	958
Accumulated other comprehensive loss at September 30,	$	(21,918)	$	(22,972)	$	(21,918)	$	(22,972)

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale and Equity Securities


	September 30, 2020
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value


Money market and mutual funds	$	103,204	$	1,041	$	(59)	$	104,186
Corporate bonds	20,212		227		(24)		20,415
Government securities - U.S.	20,015		202		(1)		20,216

Other fixed-income securities	3,625		29		(4)		3,650
Total	$	147,056	$	1,499	$	(88)	$	148,467


	December 31, 2019
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Equity securities	$	4,234	$	170	$	—	$	4,404
Money market and mutual funds	38,028		771		—		38,799
Corporate bonds	4,021		77		—		4,098
Government securities - U.S.	5,341		110		(5)		5,446
Other fixed-income securities	1,614		23		—		1,637
Total	$	53,238	$	1,151	$	(5)	$	54,384

Schedule of Contractual Maturity Dates


	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	4,355	$	14,274	$	1,786	$	—	$	20,415
Government securities - U.S.	—		17,749		739		1,728		20,216

Other fixed-income securities	50		3,600		—		—		3,650
Total	$	4,405	$	35,623	$	2,525	$	1,728	$	44,281

Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value



Marketable Debt Securities:	Fair Value		Unrealized Losses

Corporate bonds	$	8,371	$	24
Government securities - U.S.	267		1
Other fixed-income securities	2,151		4
Total	$	10,789	$	29

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2020 USD ($)	Sep. 30, 2020 FDA_drug
Accounting Policies [Abstract]
Number of products with FDA approval \| FDA_drug		4
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| The Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Initial cash consideration	$ 14,500
Additional consideration paid in monthly installments	$ 27,500
Payment installment term (in months)	10 months	10 months
Aggregate consideration	$ 42,000

Other Assets and Liabilities - Other Non-Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Non-Current Assets:
Deferred tax assets, net	$ 15,479	$ 29,427
Long-term deposits	0	1,477
Guarantee from Armistice	1,117	1,367
Right of use assets at contract manufacturing organizations	5,201	6,428
Other	467	575
Total	$ 22,264	$ 39,274

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt is summarized as follows:


	September 30, 2020		December 31, 2019
Principal amount of 4.50% exchangeable senior notes due 2023	$	143,750	$	143,750
Less: unamortized debt discount and issuance costs, net	(17,230)		(22,064)
Net carrying amount of liability component	126,520		121,686


Less: current maturities	—		—
Long-term debt	$	126,520	$	121,686

Equity component:
Equity component of exchangeable notes, net of issuance costs	$	(26,699)	$	(26,699)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Marketable Securities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable securities, realized gain	$ 136	$ 71	$ 426	$ 339
Marketable securities, realized loss	$ 8	$ 64	$ 886	$ 211

Long-Term Debt Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: current maturities	$ 0	$ 0
Long-term debt	126,520	121,686
Senior Notes
Debt Instrument [Line Items]
Long-term debt	143,750	143,750
Less: unamortized debt discount and issuance costs, net	(17,230)	(22,064)
Net carrying amount of liability component	126,520	121,686
Equity component of exchangeable notes, net of issuance costs	$ (26,699)	$ (26,699)
Debt instrument, interest rate, stated percentage	4.50%	4.50%

Newly Issued Accounting Pronouncements	9 Months Ended
Newly Issued Accounting Pronouncements	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Newly Issued Accounting Pronouncements	Newly Issued Accounting Standards Recent Accounting Guidance Not Yet Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. ASU 2019-12 will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and early adoption is permitted. We are currently evaluating the impact of adopting ASU 2019-12.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Other Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Various other assets and liabilities are summarized as follows:


Prepaid Expenses and Other Current Assets:	September 30, 2020		December 31, 2019

Valued-added tax recoverable	$	353	$	1,051
Prepaid and other expenses	1,426		2,116
Short-term deposit	1,477		—
Guarantee from Armistice	364		454
Income tax receivable	18,593		536
Short term note receivable from Exela (see Note 4)	24,750		—
Other	91		107
Total	$	47,054	$	4,264

Schedule of Other Assets, Noncurrent


Other Non-Current Assets:	September 30, 2020		December 31, 2019

Deferred tax assets, net	$	15,479	$	29,427
Long-term deposits	—		1,477
Guarantee from Armistice	1,117		1,367
Right of use assets at contract manufacturing organizations	5,201		6,428
Other	467		575
Total	$	22,264	$	39,274

Schedule of Accrued Liabilities


Accrued Expenses	September 30, 2020		December 31, 2019

Accrued compensation	$	1,897	$	3,944
Accrued social charges	394		592
Accrued restructuring (see Note 15)	728		2,949
Customer allowances	6,588		6,470
Accrued transaction fees related to the disposition of the Hospital Products	2,500		—
Accrued contract research organization charges	361		2,098
Accrued contract manufacturing organization costs	1,009		735
Other	2,921		3,022
Total	$	16,398	$	19,810

Schedule of Other Current Liabilities


Other Current Liabilities:	September 30, 2020		December 31, 2019

Accrued interest	$	1,078	$	2,695
Due to Exela	1,817		—
Guarantee to Deerfield	365		455
Other	171		725
Total	$	3,431	$	3,875

Schedule Of Long Term Liabilities


Other Non-Current Liabilities:	September 30, 2020		December 31, 2019

Customer allowances	$	659	$	981
Unrecognized tax benefits	3,143		6,465
Guarantee to Deerfield	1,121		1,372
Other	15		55
Total	$	4,938	$	8,873

Equity Transactions (Details) - USD ($)			1 Months Ended		3 Months Ended			9 Months Ended
Equity Transactions (Details) - USD ($)	Apr. 28, 2020	Feb. 21, 2020	Aug. 31, 2020	Feb. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Maximum aggregate offering price of securities under shelf registration				$ 250,000
Ordinary shares, nominal value (in usd per share)				$ 0.01	$ 0.01			$ 0.01		$ 0.01
Preferred shares, nominal value (in usd per share)				$ 0.01	$ 0.01			$ 0.01		$ 0.01
Maximum aggregate offering price of ADSs under shelf registration				$ 50,000
Stock transaction issuance costs				$ 428,000
Prepaid expenses and other current assets					$ 47,054,000			$ 47,054,000		$ 4,264,000
February 2020 private placement					(69,000)	$ (94,000)	$ 60,733,000
Proceeds from the February 2020 private placement								60,570,000	$ 0
Maximum threshold percentage for trigger of convertible preferred stock		9.99%
Additional paid-in capital
Class of Stock [Line Items]
Amortization costs								214,000
Prepaid expenses and other current assets					214,000			$ 214,000
February 2020 private placement					$ (69,000)	$ (94,000)	60,641,000
Issuance costs		$ 4,430,000
Treasury Stock, Retired, Cost Method, Amount			$ 49,944,000
Ordinary shares
Class of Stock [Line Items]
February 2020 private placement							$ 87,000
February 2020 private placement (in shares)							8,680,000
Treasury Stock, Retired, Cost Method, Amount			54,000
Treasury Stock, Shares, Retired					5,407,000
Treasury shares
Class of Stock [Line Items]
Treasury Stock, Retired, Cost Method, Amount			$ (49,998,000)
Treasury Stock, Shares, Retired					5,407,000
Securities Purchase Agreement
Class of Stock [Line Items]
February 2020 private placement		65,000,000
Proceeds from the February 2020 private placement		$ 60,570,000
American Depositary Receipts \| Securities Purchase Agreement
Class of Stock [Line Items]
February 2020 private placement (in shares)		8,680,000
Series A Preferred Stock \| Securities Purchase Agreement
Class of Stock [Line Items]
February 2020 private placement (in shares)		488
Shares issued, price per share (in dollars per share)		$ 7.09
American Depositary Shares \| Public Offering
Class of Stock [Line Items]
Shares sold in offering	11,630,000
Offering price per share (in dollars per share)	$ 10.75
Gross proceeds from stock offering	$ 125,000,000
Aggregate net proceeds from stock offering	$ 116,924,000

Other Assets and Liabilities - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expenses and Other Current Assets:
Valued-added tax recoverable	$ 353	$ 1,051
Prepaid and other expenses	1,426	2,116
Short-term deposit	1,477	0
Guarantee from Armistice	364	454
Income tax receivable	18,593	536
Short term note receivable from Exela (see Note 4)	24,750	0
Other	91	107
Total	$ 47,054	$ 4,264

Disposition of the Hospital Business - (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The $45,760 gain represents the aggregate consideration of $42,000, transaction fees of $2,928, plus the assets and liabilities either transferred to the Exela Buyer or eliminated by us due to the sale of the Hospital Products, which are listed below.


	September 30, 2020
Prepaid expenses and other current assets	$	(134)
Inventories	(4,922)
Goodwill	(1,654)
Intangible assets, net	(407)
Other non-current assets	(1,095)
Total long-term contingent consideration payable	14,900
Net liabilities disposed of	6,688
Aggregate consideration	42,000
Less transaction fees	(2,928)
Net gain on the sale of the Hospital Products	$	45,760

Schedule of Error Corrections and Prior Period Adjustments

The pro forma adjustments are based on available information and assumptions that the Company believes are attributable to the sale.


	Unaudited Pro Forma Condensed Combined Balance Sheets
	As of December 31, 2019
	As Reported		Pro Forma Adjustments		Notes	Pro Forma

ASSETS

Cash and cash equivalents	$	9,774	$	12,935	(a)	$	22,709


Inventories	3,570		(3,570)		(b)	—

Prepaid expenses and other current assets	4,264		27,500		(c)	31,764



Goodwill	18,491		(1,654)		(d)	16,837
Intangible assets, net	813		(813)		(e)	—

Other non-current assets	39,274		(9,702)		(f)	29,572
Total assets	$	151,436	$	24,696		$	176,132

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

Current portion of long-term contingent consideration payable	$	5,554	$	(5,054)	(g)	$	500


Accrued expenses	19,810		2,800		(h)	22,610



Long-term contingent consideration payable, less current portion	11,773		(11,773)		(g)	—


Total liabilities	180,635		(14,027)			166,608

Shareholders’ equity (deficit):



Accumulated deficit	(391,215)		38,723		(i)	(352,492)

Total shareholders’ (deficit) equity	(29,199)		38,723			9,524
Total liabilities and shareholders’ equity (deficit)	$	151,436	$	24,696		$	176,132

Adjustments to the pro forma unaudited condensed combined balance sheet

(a) This adjustment represents the receipt of $14,500 cash consideration from the Exela Buyer at the closing of the Transaction less $1,565 placed into escrow for the estimated earn outs and royalties payable to Breaking Stick Holdings L.L.C., Horizon Santé FLML, Sarl, Deerfield Private Design Fund II, L.P., all affiliates of Deerfield Capital L.P. ("Deerfield") and Broadfin Healthcare Master Fund ("Broadfin") for the current quarter ended.

(b) This adjustment reflects the elimination of Inventories that were purchased as part of the Transaction.

(c) This adjustment reflects the Transaction consideration in the form of ten monthly installment payments of $2,750 (totaling $27,500) beginning 90 days from the Closing date.

(d) This adjustment reflects the elimination of $1,654 of Goodwill based on the relative fair value of the Hospital Products as a portion of the overall value of the Company.

(e) This adjustment reflects the elimination of the unamortized balance of the Intangible asset on acquired developed technology for Vazculep.

(f) This adjustment reflects the elimination of $1,228 of other long-term assets and $8,474 of deferred tax assets at December 31, 2019. The eliminated deferred tax assets are tax attributes of the Hospital Products.

(g) This adjustment reflects the elimination of short and long term related party payables, less the expected amounts due to Deerfield and Broadfin after taking into consideration the escrow discussed in Note (a). As part of the Transaction, the buyer agreed to assume the quarterly earn-out and royalty payments for periods after the close of the Transaction. The Company will no longer be responsible for these payments.

(h) This adjustment reflects the estimated transaction fees payable related to the Transaction.

(i) This adjustment reflects the estimated gain of $38,723 arising from the Transaction for the year ended December 31, 2019. This estimated gain has not been reflected in the pro forma unaudited condensed combined statements of loss as it is considered to be nonrecurring in nature. No adjustment has been made to the sale proceeds to give effect to any potential post-closing adjustments under the terms of the Purchase Agreement.


	Unaudited Pro Forma Condensed Combined Statement of Income (Loss)
	Nine Months Ended September 30, 2020
	As Reported		Pro Forma Adjustments		Notes	Pro Forma


Product sales	$	22,334	$	(22,175)	(j)	$	159










Total operating expense	2,259		(8,489)		(k)	(6,230)
Operating income	20,075		(13,686)			6,389





Income (loss) before income taxes	$	9,048	$	(13,251)	(l)	$	(4,203)


	Unaudited Pro Forma Condensed Combined Statement of Loss
	Nine Months Ended September 30, 2019
	As Reported		Pro Forma Adjustments		Notes	Pro Forma


Product sales	$	48,220	$	(48,007)	(j)	$	213









Total operating expense	64,985		(14,398)		(m)	50,587
Operating loss	(16,765)		(33,609)			(50,374)





Loss before income taxes	$	(26,846)	$	(33,113)	(n)	$	(59,959)

Adjustments to the pro forma unaudited condensed combined statements of income (loss)

(j) This adjustment reflects Product sales attributable to the Hospital Products.

(k) This adjustment reflects the following estimated expenses attributable to the Hospital Products:

•Cost of products of $3,540.

•Research and Development expenses of $407.

•Selling, general and administrative expenses of $809.

•Intangible asset amortization on acquired development technology for Vazculep of $406.

•Changes in fair value of related party contingent consideration of $3,327. The Company will no longer be responsible for these payments.

(l) This amount reflects the adjustments noted in (j) and (k) above, as well as estimated Changes in fair value of related party payable of $435 attributable to the Hospital Products. The Company will no longer be responsible for these payments.

(m) This adjustment reflects the following estimated expenses attributable to the Hospital Products:

•Cost of products of $8,972.

•Research and Development expenses of $1,604.

•Selling, general and administrative expenses of $828.

•Intangible asset amortization on acquired development technology for Vazculep of $610.

•Changes in fair value of related party contingent consideration of $2,384. The Company will no longer be responsible for these payments.

(n) This amount reflects the adjustments noted in (j) and (m) above, as well as the reversal of estimated Changes in fair value of related party payable of $496 attributable to the Hospital Products. The Company will no longer be responsible for these payments.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Disposition of the Hospital Business

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposition of the Hospital Business

Disposition of the Hospital Products

On the Closing Date, we announced the sale of our Hospital Products, to the Exela Buyer pursuant to the Purchase Agreement.

Pursuant to the Purchase Agreement, the Exela Buyer paid $14,500 on the Closing Date and will pay an additional $27,500 in ten equal monthly installments beginning 90 days following the Closing Date for total aggregate consideration of $42,000. During the three months ended September 30, 2020, we collected the first installment payment of $2,750. In connection with the sale of the Hospital Products, the parties also agreed to cause the dismissal of the pending civil litigation related to Nouress in the District Court for the District of Delaware.

We were party to a Membership Interest Purchase Agreement, dated March 13, 2012, by and among us, Avadel Legacy, Breaking Stick Holdings, LLC, Deerfield Private Design International II, L.P. (“Deerfield International”), Deerfield Private Design Fund II, L.P. (“Deerfield Fund”) and Horizon Santé FLML, Sarl (“Horizon”) (the “Deerfield MIPA”) and a Royalty Agreement, dated February 4, 2013, by and among us, Avadel Legacy, the Deerfield Fund and Horizon (the “Deerfield Royalty Agreement”). In connection with the closing of the sale of the Hospital Products, the Deerfield MIPA (with respect to certain sections thereof) and the Royalty Agreement were assigned to the Exela Buyer. Pursuant to the Purchase Agreement, the Exela Buyer assumed and will pay, perform, satisfy and discharge the liabilities and obligations of Avadel Legacy under the Deerfield Royalty Agreement for obligations that arise after the Closing date.

We were also party to a Royalty Agreement, dated December 3, 2013, by and between us, Avadel Legacy and Broadfin Healthcare Master Fund, Ltd. (the “Broadfin Royalty Agreement”). In connection with the closing of the sale of the Hospital Products, the Broadfin Royalty Agreement was assigned to the Exela Buyer and the Exela Buyer assumed and shall pay, perform, satisfy and discharge the liabilities and obligations of Avadel Legacy under the Broadfin Royalty Agreement for obligations that arise after the Closing Date.

We recorded a net gain on the sale of the Hospital Products of $45,760 during the nine months ended September 30, 2020 which has been recorded on the unaudited condensed consolidated statement of income (loss). The $45,760 gain represents the aggregate consideration of $42,000, transaction fees of $2,928, plus the assets and liabilities either transferred to the Exela Buyer or eliminated by us due to the sale of the Hospital Products, which are listed below.


	September 30, 2020
Prepaid expenses and other current assets	$	(134)
Inventories	(4,922)
Goodwill	(1,654)
Intangible assets, net	(407)
Other non-current assets	(1,095)
Total long-term contingent consideration payable	14,900
Net liabilities disposed of	6,688
Aggregate consideration	42,000
Less transaction fees	(2,928)
Net gain on the sale of the Hospital Products	$	45,760

We evaluated various qualitative and quantitative factors related to the disposition of the Hospital Products and determined that it did not meet the criteria for presentation as a discontinued operation.

The unaudited pro forma condensed combined financial statements included below are being provided for information purposes only and are not necessarily indicative of the results of operations or financial position that would have resulted if the Transaction had actually occurred on the date indicated. The pro forma adjustments are based on available information and assumptions that the Company believes are attributable to the sale.


	Unaudited Pro Forma Condensed Combined Balance Sheets
	As of December 31, 2019
	As Reported		Pro Forma Adjustments		Notes	Pro Forma

ASSETS

Cash and cash equivalents	$	9,774	$	12,935	(a)	$	22,709


Inventories	3,570		(3,570)		(b)	—

Prepaid expenses and other current assets	4,264		27,500		(c)	31,764



Goodwill	18,491		(1,654)		(d)	16,837
Intangible assets, net	813		(813)		(e)	—

Other non-current assets	39,274		(9,702)		(f)	29,572
Total assets	$	151,436	$	24,696		$	176,132

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

Current portion of long-term contingent consideration payable	$	5,554	$	(5,054)	(g)	$	500


Accrued expenses	19,810		2,800		(h)	22,610



Long-term contingent consideration payable, less current portion	11,773		(11,773)		(g)	—


Total liabilities	180,635		(14,027)			166,608

Shareholders’ equity (deficit):



Accumulated deficit	(391,215)		38,723		(i)	(352,492)

Total shareholders’ (deficit) equity	(29,199)		38,723			9,524
Total liabilities and shareholders’ equity (deficit)	$	151,436	$	24,696		$	176,132

Adjustments to the pro forma unaudited condensed combined balance sheet

(b) This adjustment reflects the elimination of Inventories that were purchased as part of the Transaction.

(c) This adjustment reflects the Transaction consideration in the form of ten monthly installment payments of $2,750 (totaling $27,500) beginning 90 days from the Closing date.

(d) This adjustment reflects the elimination of $1,654 of Goodwill based on the relative fair value of the Hospital Products as a portion of the overall value of the Company.

(e) This adjustment reflects the elimination of the unamortized balance of the Intangible asset on acquired developed technology for Vazculep.

(h) This adjustment reflects the estimated transaction fees payable related to the Transaction.


	Unaudited Pro Forma Condensed Combined Statement of Income (Loss)
	Nine Months Ended September 30, 2020
	As Reported		Pro Forma Adjustments		Notes	Pro Forma


Product sales	$	22,334	$	(22,175)	(j)	$	159










Total operating expense	2,259		(8,489)		(k)	(6,230)
Operating income	20,075		(13,686)			6,389





Income (loss) before income taxes	$	9,048	$	(13,251)	(l)	$	(4,203)


	Unaudited Pro Forma Condensed Combined Statement of Loss
	Nine Months Ended September 30, 2019
	As Reported		Pro Forma Adjustments		Notes	Pro Forma


Product sales	$	48,220	$	(48,007)	(j)	$	213









Total operating expense	64,985		(14,398)		(m)	50,587
Operating loss	(16,765)		(33,609)			(50,374)





Loss before income taxes	$	(26,846)	$	(33,113)	(n)	$	(59,959)

Adjustments to the pro forma unaudited condensed combined statements of income (loss)

(j) This adjustment reflects Product sales attributable to the Hospital Products.

(k) This adjustment reflects the following estimated expenses attributable to the Hospital Products:

•Cost of products of $3,540.

•Research and Development expenses of $407.

•Selling, general and administrative expenses of $809.

•Intangible asset amortization on acquired development technology for Vazculep of $406.

•Changes in fair value of related party contingent consideration of $3,327. The Company will no longer be responsible for these payments.

(m) This adjustment reflects the following estimated expenses attributable to the Hospital Products:

•Cost of products of $8,972.

•Research and Development expenses of $1,604.

•Selling, general and administrative expenses of $828.

•Intangible asset amortization on acquired development technology for Vazculep of $610.

•Changes in fair value of related party contingent consideration of $2,384. The Company will no longer be responsible for these payments.

Subsidiary Bankruptcy and Deconsolidation (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jul. 24, 2020	Apr. 26, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 07, 2020	Oct. 02, 2019	Jul. 02, 2019	Feb. 08, 2019	Feb. 05, 2019
Business Acquisition, Contingent Consideration [Line Items]
Gain (loss) on deconsolidation of subsidiary			$ 0	$ 0	$ 0	$ (2,840,000)
Bankruptcy claims, amount paid to settle claims	$ 800,000
DIP Credit Agreement \| Debtor in Possession Credit and Security Facility
Business Acquisition, Contingent Consideration [Line Items]
Gain (loss) on deconsolidation of subsidiary					407,000
Payments for debtor in possession financing					407,000
Speciality Pharama
Business Acquisition, Contingent Consideration [Line Items]
Aggregate cash proceeds of intangible assets and remaining inventory		$ 250,000
Speciality Pharama \| Minimum
Business Acquisition, Contingent Consideration [Line Items]
Bankruptcy claims, amount paid to settle claims							$ 125,000
Speciality Pharama \| Internal Revenue Service (IRS)
Business Acquisition, Contingent Consideration [Line Items]
Bankruptcy claims, amount of filed claims likely to be denied			1,937,000		1,937,000			$ 9,302,000	$ 50,695,000
Bankruptcy claims, amount paid to settle claims			$ 1,937,000		$ 1,937,000
Speciality Pharama \| DIP Credit Agreement \| Debtor in Possession Credit and Security Facility
Business Acquisition, Contingent Consideration [Line Items]
DIP financing, amount arranged										$ 2,700,000
Serenity Pharmaceuticals, LLC
Business Acquisition, Contingent Consideration [Line Items]
Loss contingency, damages sought, value	3,096,000
Serenity Pharmaceuticals, LLC \| Minimum
Business Acquisition, Contingent Consideration [Line Items]
Loss contingency, damages sought, value	$ 50,000,000
Specialty Pharma
Business Acquisition, Contingent Consideration [Line Items]
Equity method investments, fair value											$ 0

Comprehensive Income (Loss) - Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Loss:
Beginning balance	$ 182,125	$ (17,777)	$ (29,199)	$ 2,780
Net other comprehensive income (loss)	(11,103)	(8,988)	19,194	(30,043)
Ending balance	171,200	(26,963)	171,200	(26,963)
Foreign currency translation adjustment
Accumulated Other Comprehensive Loss:
Beginning balance	(23,733)	(23,720)	(23,738)	(23,621)
Net other comprehensive income (loss)	534	(210)	539	(309)
Ending balance	(23,199)	(23,930)	(23,199)	(23,930)
Unrealized gain on marketable debt securities, net
Accumulated Other Comprehensive Loss:
Beginning balance	1,215	872	932	205
Net other comprehensive income (loss)	66	86	349	753
Ending balance	1,281	958	1,281	958
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Loss:
Beginning balance	(22,518)	(22,848)	(22,806)	(23,416)
Ending balance	$ (21,918)	$ (22,972)	$ (21,918)	$ (22,972)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Share-Based Compensation (Details) - Performance Share Units (PSUs) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Oct. 20, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		152,000
Weighted average grant date fair value of shares outstanding (in dollars per share)		$ 8.29
Award vesting percentage		150.00%
Compensation expense		$ 1,900
Share-based Payment Arrangement, Employee \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	105
Grants in period, weighted average grant date fair value (in dollars per share)	$ 5.36