0001012477-22-000010 | 10-Q | XBRL Viewer | Avadel Pharmaceuticals PLC

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Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2022	Aug. 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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, Postal Zip Code	D02 T380
Entity Address, Country	IE
Country Region	353
City Area Code	1
Local Phone Number	901-5201
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share**
No Trading Symbol	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		59,793,371
Entity Central Index Key	0001012477
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
NASDAQ/NMS (GLOBAL MARKET)
Entity Information [Line Items]
Title of 12(b) Security	American Depositary Shares*
Trading Symbol	AVDL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED STATEMENTS OF LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development expenses	$ 4,541	$ 6,762	$ 11,532	$ 10,614
Selling, general and administrative expenses	21,804	15,174	43,439	26,186
Restructuring expense (income)	3,592	0	3,592	(53)
Total operating expense	29,937	21,936	58,563	36,747
Operating loss	(29,937)	(21,936)	(58,563)	(36,747)
Investment and other income, net	192	432	55	1,042
Interest expense	(3,506)	(1,930)	(5,523)	(3,859)
Gain from release of certain liabilities	0	88	33	166
Loss before income taxes	(33,251)	(23,346)	(63,998)	(39,398)
Income tax provision (benefit)	30,193	(3,765)	25,870	(6,372)
Net loss	$ (63,444)	$ (19,581)	$ (89,868)	$ (33,026)
Net loss per share - basic (in dollars per share)	$ (1.07)	$ (0.33)	$ (1.52)	$ (0.56)
Net loss per share - diluted (in dollars per share)	$ (1.07)	$ (0.33)	$ (1.52)	$ (0.56)
Weighted average number of shares outstanding - basic (in shares)	59,037	58,488	58,931	58,465
Weighted average number of shares outstanding - diluted (in shares)	59,037	58,488	58,931	58,465

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (63,444)	$ (19,581)	$ (89,868)	$ (33,026)
Other comprehensive loss, net of tax:
Foreign currency translation (loss) income	(657)	116	(842)	(602)
Net other comprehensive loss, net of income tax expense of $330, $78, $— and $133, respectively	(629)	(160)	(1,546)	(697)
Total other comprehensive loss, net of tax	(1,286)	(44)	(2,388)	(1,299)
Total comprehensive loss	$ (64,730)	$ (19,625)	$ (92,256)	$ (34,325)

- 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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on marketable securities, tax expense	$ 330	$ 78	$ 0	$ 133

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 54,128	$ 50,708
Marketable securities	49,993	106,513
Research and development tax credit receivable	2,205	2,443
Prepaid expenses and other current assets	19,387	32,826
Total current assets	125,713	192,490
Property and equipment, net	252	285
Operating lease right-of-use assets	2,180	2,652
Goodwill	16,836	16,836
Research and development tax credit receivable	1,187	1,225
Other non-current assets	11,770	33,777
Total assets	157,938	247,265
Current liabilities:
Current portion of long-term debt	26,241	0
Current portion of operating lease liability	932	900
Accounts payable	7,318	7,679
Accrued expenses	9,675	7,151
Other current liabilities	2,051	5,270
Total current liabilities	46,217	21,000
Long-term debt	108,074	142,397
Long-term operating lease liability	1,263	1,707
Other non-current liabilities	5,716	3,917
Total liabilities	161,270	169,021
Shareholders’ (deficit) equity:
Preferred shares, nominal value of $0.01 per share; 50,000 shares authorized; 488 issued and outstanding at June 30, 2022 and 488 issued and outstanding at December 31, 2021	5	5
Ordinary shares, nominal value of $0.01 per share; 500,000 shares authorized; 59,038 issued and outstanding at June 30, 2022 and 58,620 issued and outstanding at December 31, 2021	590	586
Additional paid-in capital	560,025	549,349
Accumulated deficit	(537,624)	(447,756)
Accumulated other comprehensive loss	(26,328)	(23,940)
Total shareholders’ (deficit) equity	(3,332)	78,244
Total liabilities and shareholders’ (deficit) equity	$ 157,938	$ 247,265

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred shares, nominal value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	50,000	50,000
Preferred shares, shares issued (in shares)	488	488
Preferred shares, shares outstanding (in shares)	488	488
Ordinary shares, nominal value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, shares authorized (in shares)	500,000	500,000
Ordinary shares, shares issued (in shares)	59,038	58,620
Ordinary shares, shares outstanding (in shares)	59,038	58,620

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ (DEFICIT) EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Ordinary shares	Preferred shares	Additional paid-in capital	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive (loss) income
Beginning balance (in shares) at Dec. 31, 2020			58,396	488
Beginning balance at Dec. 31, 2020	$ 162,266	$ (12,939)	$ 583	$ 5	$ 566,916	$ (26,699)	$ (384,187)	$ 13,760	$ (21,051)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(13,445)						(13,445)
Other comprehensive loss	(1,255)								(1,255)
Exercise of stock options (in shares)			23
Exercise of stock options	106				106
Vesting of restricted shares (in shares)			61
Vesting of restricted shares	0		$ 1		(1)
Employee share purchase plan share issuance (in shares)			8
Employee share purchase plan share issuance	43				43
Stock-based compensation expense	1,728				1,728
Ending balance (in shares) at Mar. 31, 2021			58,488	488
Ending balance at Mar. 31, 2021	136,504		$ 584	$ 5	542,093		(383,872)		(22,306)
Beginning balance (in shares) at Dec. 31, 2020			58,396	488
Beginning balance at Dec. 31, 2020	162,266	$ (12,939)	$ 583	$ 5	566,916	$ (26,699)	(384,187)	$ 13,760	(21,051)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(33,026)
Ending balance (in shares) at Jun. 30, 2021			58,488	488
Ending balance at Jun. 30, 2021	118,880		$ 584	$ 5	544,094		(403,453)		(22,350)
Beginning balance (in shares) at Mar. 31, 2021			58,488	488
Beginning balance at Mar. 31, 2021	136,504		$ 584	$ 5	542,093		(383,872)		(22,306)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,581)						(19,581)
Other comprehensive loss	(44)								(44)
Stock-based compensation expense	2,001				2,001
Ending balance (in shares) at Jun. 30, 2021			58,488	488
Ending balance at Jun. 30, 2021	118,880		$ 584	$ 5	544,094		(403,453)		(22,350)
Beginning balance (in shares) at Dec. 31, 2021			58,620	488
Beginning balance at Dec. 31, 2021	78,244		$ 586	$ 5	549,349		(447,756)		(23,940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26,424)						(26,424)
Other comprehensive loss	(1,102)								(1,102)
Exercise of stock options (in shares)			275
Exercise of stock options	1,906		$ 3		1,903
Vesting of restricted shares (in shares)			119
Vesting of restricted shares	0		$ 1		(1)
Employee share purchase plan share issuance (in shares)			18
Employee share purchase plan share issuance	103				103
Stock-based compensation expense	2,505				2,505
Ending balance (in shares) at Mar. 31, 2022			59,032	488
Ending balance at Mar. 31, 2022	55,232		$ 590	$ 5	553,859		(474,180)		(25,042)
Beginning balance (in shares) at Dec. 31, 2021			58,620	488
Beginning balance at Dec. 31, 2021	78,244		$ 586	$ 5	549,349		(447,756)		(23,940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(89,868)
Ending balance (in shares) at Jun. 30, 2022			59,038	488
Ending balance at Jun. 30, 2022	(3,332)		$ 590	$ 5	560,025		(537,624)		(26,328)
Beginning balance (in shares) at Mar. 31, 2022			59,032	488
Beginning balance at Mar. 31, 2022	55,232		$ 590	$ 5	553,859		(474,180)		(25,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(63,444)						(63,444)
Other comprehensive loss	(1,286)								(1,286)
Vesting of restricted shares (in shares)			6
Change in fair value of October 2023 Notes conversion feature	5,508				5,508
Stock-based compensation expense	658				658
Ending balance (in shares) at Jun. 30, 2022			59,038	488
Ending balance at Jun. 30, 2022	$ (3,332)		$ 590	$ 5	$ 560,025		$ (537,624)		$ (26,328)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (89,868)	$ (33,026)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	506	417
Amortization of debt discount and debt issuance costs	2,229	625
Change in deferred taxes	25,870	(6,228)
Stock-based compensation expense	3,163	3,729
Gain from release of certain liabilities	(33)	(166)
Other adjustments	1,239	757
Net changes in assets and liabilities
Prepaid expenses and other current assets	13,305	(3,106)
Research and development tax credit receivable	30	3,078
Accounts payable & other current liabilities	(4,457)	176
Accrued expenses	2,559	1,199
Other assets and liabilities	(2,678)	(1,021)
Net cash used in operating activities	(48,135)	(33,566)
Cash flows from investing activities:
Purchases of property and equipment	0	(26)
Proceeds from the disposition of the hospital products	0	16,500
Proceeds from sales of marketable securities	56,501	66,213
Purchases of marketable securities	(2,202)	(53,372)
Net cash provided by investing activities	54,299	29,315
Cash flows from financing activities:
Payments for debt issuance costs	(4,803)	0
Proceeds from stock option exercises and employee share purchase plan	2,009	149
Net cash (used in) provided by financing activities	(2,794)	149
Effect of foreign currency exchange rate changes on cash and cash equivalents	50	(478)
Net change in cash and cash equivalents	3,420	(4,580)
Cash and cash equivalents at January 1,	50,708	71,722
Cash and cash equivalents at June 30,	54,128	67,142
Supplemental disclosures of cash flow information:
Interest paid	6,455	3,234
Income taxes (refund) paid	$ (14,096)	$ 7

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
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 a biopharmaceutical company. The Company is registered as an Irish public limited company. The Company’s headquarters are in Dublin, Ireland with operations in Dublin, Ireland and St. Louis, Missouri, United States (“U.S.”). The Company’s lead product candidate, LUMRYZ, also known as FT218, is an investigational once-at-bedtime, extended-release formulation of sodium oxybate for the treatment of cataplexy or excessive daytime sleepiness (“EDS”) in adults with narcolepsy. On July 18, 2022, the U.S. Food and Drug Administration (“FDA”) granted tentative approval to LUMRYZ for this indication. Tentative approval indicates that LUMRYZ has met all required quality, safety, and efficacy standards necessary for approval in the U.S. The Company is primarily focused on obtaining final FDA approval of LUMRYZ. A decision on final FDA approval of LUMRYZ is pending disposition of U.S. Patent No. 8731963 (the “REMS Patent”), which is listed in the FDA’s Orange Book. The decision on final FDA approval could occur on or about the expiration of the REMS Patent on June 17, 2023 or sooner if the patent is earlier removed from the FDA’s Orange Book or a court earlier determines that patent is not infringed, invalid or otherwise unenforceable. The FDA’s tentative approval can be subject to change based on new information that may come to the FDA’s attention between such time as the tentative approval and potential final approval. The Company cannot legally market LUMRYZ in the U.S. until final approval is granted by the FDA. Outside of the Company’s lead product candidate, the Company continues to evaluate opportunities to expand its product portfolio. As of the date of this Quarterly Report, the Company does not have any commercialized products in its portfolio. Basis of Presentation. The unaudited condensed consolidated balance sheet as of June 30, 2022, which is derived from the prior year 2021 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 2021 Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 16, 2022. 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.

Fair Value Measurement

6 Months Ended

Jun. 30, 2022

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, the Company uses 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, the Company 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 June 30, 2022						As of December 31, 2021
Fair Value Measurements:	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

Marketable securities (see Note 3)
Mutual and money market funds	$	35,094	$	—	$	—	$	78,098	$	—	$	—
Corporate bonds	—		9,403		—		—		16,479		—
Government securities - U.S.	—		3,766		—		—		9,471		—
Other fixed-income securities	—		1,730		—		—		2,465		—
Total assets	$	35,094	$	14,899	$	—	$	78,098	$	28,415	$	—

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 June 30, 2022 and December 31, 2021, respectively, there were no transfers in and out of Level 3. During the three and six months ended June 30, 2022 and 2021, respectively, the Company did not recognize any allowances for credit losses.

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

Debt

The Company estimates the fair value of its $26,375 aggregate principal amount of its 4.50% exchangeable senior notes due February 2023 (the “February 2023 Notes”) and its $117,375 aggregate principal amount of its 4.50% exchangeable senior notes due October 2023 (the “October 2023 Notes”) 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 (a Level 2 input). The estimated fair values of the February 2023 Notes and the October 2023 Notes at June 30, 2022 are $25,320 and $91,846, respectively. See Note 4: Long-Term Debt for additional information regarding the Company’s 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

Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities The Company has investments in available-for-sale debt securities which are recorded at fair market value. The change in the fair value of available-for-sale debt investments is recorded as accumulated other comprehensive loss in shareholders’ (deficit) equity, net of income tax effects. As of June 30, 2022, the Company considered any decreases in fair value on its 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 June 30, 2022 and December 31, 2021, respectively:


	June 30, 2022
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	35,860	$	293	$	(1,059)	$	35,094
Corporate bonds	9,962		1		(560)		9,403
Government securities - U.S.	4,028		1		(263)		3,766
Other fixed-income securities	1,774		—		(44)		1,730
Total	$	51,624	$	295	$	(1,926)	$	49,993


	December 31, 2021
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	78,331	$	813	$	(1,046)	$	78,098
Corporate bonds	16,478		94		(93)		16,479
Government securities - U.S.	9,530		39		(98)		9,471
Other fixed-income securities	2,473		2		(10)		2,465
Total	$	106,812	$	948	$	(1,247)	$	106,513

The Company determines realized gains or losses on the sale of marketable securities on a specific identification method. The Company reflects these gains and losses as a component of investment and other income, net in the accompanying unaudited condensed consolidated statements of loss.

The Company recognized gross realized gains of $4 and $41 for the three months ended June 30, 2022 and 2021, respectively. These realized gains were offset by realized losses of $241 and $39 for the three months ended June 30, 2022 and 2021, respectively. We recognized gross realized gains of $308 and $52 for the six months ended June 30, 2022 and 2021, respectively. These realized gains were offset by realized losses of $1,031 and $107 for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the estimated fair value of the Company’s 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 June 30, 2022:


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

Corporate bonds	$	785	$	8,618	$	—	$	—	$	9,403
Government securities - U.S.	—		2,129		665		972		3,766

Other fixed-income securities	—		1,503		227		—		1,730
Total	$	785	$	12,250	$	892	$	972	$	14,899

The Company has classified its investment in available-for-sale marketable debt securities as current assets in the 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 the Company’s investment portfolio.

The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale debt securities at June 30, 2022. The unrealized losses in the table below are driven by factors other than credit risk. The Company does not intend to sell the investments and it is not more likely than not that it will be required to sell the investments before recovery of their amortized cost bases.


	Less than 12 months				Greater than 12 months				Total
Marketable Debt Securities:	Fair value		Unrealized Losses		Fair value		Unrealized Losses		Fair value		Unrealized Losses
Corporate bonds	$	8,040	$	466	$	1,119	$	94	$	9,159	$	560
Government securities - U.S.	1,900		96		1,785		167		3,685		263
Other fixed-income securities	1,408		26		322		18		1,730		44
Total	$	11,348	$	588	$	3,226	$	279	$	14,574	$	867

Long-Term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt is summarized as follows:


	June 30, 2022		December 31, 2021
Principal amount of 4.50% exchangeable senior notes due February 2023	$	26,375	$	143,750
Principal amount of 4.50% exchangeable senior notes due October 2023	117,375		—
Less: unamortized debt discount and issuance costs, net	(9,435)		(1,353)
Net carrying amount of debt	134,315		142,397


Less: current maturities, net of $134 unamortized debt discount and issuance costs	26,241		—
Long-term debt	$	108,074	$	142,397

For the three months ended June 30, 2022 and 2021, the total interest expense was $3,506 and $1,930, respectively, with coupon interest expense of $1,589 and $1,617 for each period, respectively, and the amortization of debt issuance costs and debt discount, totaling $1,917 and $313 for each period, respectively.

For the six months ended June 30, 2022 and 2021, the total interest expense was $5,523 and $3,859, respectively, with coupon interest expense of $3,206 and $3,234 for each period, respectively, and the amortization of debt issuance costs and debt discount of $2,229 and $625 for each period, respectively. Current period interest expense also includes $88 of additional interest expense owed to be in compliance with certain terms of the February 2023 Notes indenture and is not applicable to future periods.

On February 16, 2018, Avadel Finance Cayman Limited, a Cayman Islands exempted company and an indirect wholly-owned subsidiary of the Company (the “Issuer”), issued $125,000 aggregate principal amount of its February 2023 Notes in a private placement (the “Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act. In connection with the Offering, the Issuer granted the initial purchasers of the February 2023 Notes a 30-day option to purchase up to an additional $18,750 aggregate principal amount of the February 2023 Notes, which was fully exercised on February 16, 2018. Net proceeds received by the Company, after issuance costs and discounts, were approximately $137,560. The February 2023 Notes are the Company’s senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future senior unsecured indebtedness and effectively junior to any of the Company’s existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness.

On April 5, 2022, the Issuer completed the exchange of $117,375 of its February 2023 Notes for a new series of its Exchangeable Senior Notes due October 2, 2023 (the “October 2023 Notes”, together with the February 2023 Notes, the “2023 Notes”) (the “Exchange Transaction”). The remaining $26,375 aggregate principal amount of the February 2023 Notes were not exchanged and maintain a maturity date of February 1, 2023.

The Company accounted for the October 2023 Notes as a modification to the February 2023 Notes. The Company paid $4,804 in fees to note holders of the October 2023 Notes that will be amortized over the remaining term of the October 2023 Notes. The Company paid approximately $5,450 in fees to third parties that were expensed as part of the completed Exchange Transaction. Additionally, the fair value of the unseparated, embedded conversion feature increased by $5,508, which reduced the carrying amount of the convertible debt instrument as an unamortized debt discount, with a corresponding increase in additional paid-in capital. The $5,508 will be amortized over the remaining term of the October 2023 Notes as a component of interest expense.

The 2023 Notes will be exchangeable at the option of the holders at an initial exchange rate of 92.6956 ADSs per $1 principal amount of 2023 Notes (so long as the principal amount of such holder’s 2023 Notes not exchanged is at least $200), which is equivalent to an initial exchange price of approximately $10.79 per ADS. Upon the exchange of any 2023 Notes, the Issuer will pay or cause to be delivered, as the case may be, cash, ADSs or a combination of cash and ADSs, at the Issuer’s election.

February 2023 Notes

Holders of the February 2023 Notes may convert their February 2023 Notes, at their option, only under the following circumstances prior to the close of business on the business day immediately preceding August 1, 2022, under the circumstances and during the periods set forth below and regardless of the conditions described below, on or after August 1, 2022 and prior to the close of business on the business day immediately preceding the maturity date:

•Prior to the close of business on the business day immediately preceding August 1, 2022, a holder of the February 2023 Notes may surrender all or any portion of its February 2023 Notes for exchange at any time during the five business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1 principal amount of February 2023 Notes, as determined following a request by a holder of the 2023 Notes, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the exchange rate on each such trading day.

•If a transaction or event that constitutes a fundamental change or a make-whole fundamental change occurs prior to the close of business on the business day immediately preceding August 1, 2022, regardless of whether a holder of the February 2023 Notes has the right to require the Company to repurchase the February 2023 Notes, or if Avadel is a party to a merger event that occurs prior to the close of business on the business day immediately preceding August 1, 2022, all or any portion of a holder’s February 2023 Notes may be surrendered for exchange at any time from or after the date that is 95 scheduled trading days prior to the anticipated effective date of the transaction (or, if later, the earlier of (x) the business day after the Company gives notice of such transaction and (y) the actual effective date of such transaction) until 35 trading days after the actual effective date of such transaction or, if such transaction also constitutes a fundamental change, until the related fundamental change repurchase date.

•Prior to the close of business on the business day immediately preceding August 1, 2022, a holder of the February 2023 Notes may surrender all or any portion of its February 2023 Notes for exchange at any time during any calendar quarter commencing after the calendar quarter ending on June 30, 2018 (and only during such calendar quarter), if the last reported sale price of the ADSs for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the exchange price on each applicable trading day.

•If the Company calls the February 2023 Notes for redemption pursuant to Article 16 to the Indenture prior to the close of business on the business day immediately preceding August 1, 2022, then a holder of the February 2023 Notes may surrender all or any portion of its February 2023 Notes for exchange at any time prior to the close of business on the second business day prior to the redemption date, even if the February 2023 Notes are not otherwise exchangeable at such time. After that time, the right to exchange shall expire, unless the Company defaults in the payment of the redemption price, in which case a holder of the February 2023 Notes may exchange its February 2023 Notes until the redemption price has been paid or duly provided for.

October 2023 Notes

Holders of the October 2023 Notes may convert their October 2023 Notes, at their option, only under the following circumstances prior to the close of business on the business day immediately preceding May 1, 2023, under the circumstances and during the periods set forth below and regardless of the conditions described below, on or after May 1, 2023 and prior to the close of business on the business day immediately preceding the maturity date:

•Prior to the close of business on the business day immediately preceding May 1, 2023, a holder of the October 2023 Notes may surrender all or any portion of its October 2023 Notes for exchange at any time during the five business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1 principal amount of October 2023 Notes, as determined following a request by a holder of the October 2023 Notes, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the exchange rate on each such trading day.

that is 95 scheduled trading days prior to the anticipated effective date of the transaction (or, if later, the earlier of (x) the business day after the Company gives notice of such transaction and (y) the actual effective date of such transaction) until 35 trading days after the actual effective date of such transaction or, if such transaction also constitutes a fundamental change, until the related fundamental change repurchase date.

•Prior to the close of business on the business day immediately preceding May 1, 2023, a holder of the October 2023 Notes may surrender all or any portion of its October 2023 Notes for exchange at any time during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the ADSs for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the exchange price on each applicable trading day.

•If the Company calls the October 2023 Notes for redemption pursuant to Article 16 to the Indenture prior to the close of business on the business day immediately preceding May 1, 2023, then a holder of the October 2023 Notes may surrender all or any portion of its October 2023 Notes for exchange at any time prior to the close of business on the second business day prior to the redemption date, even if the October 2023 Notes are not otherwise exchangeable at such time. After that time, the right to exchange shall expire, unless the Company defaults in the payment of the redemption price, in which case a holder of the October 2023 Notes may exchange its October 2023 Notes until the redemption price has been paid or duly provided for.

The Company, at its option, may redeem for cash all of the October 2023 Notes if the last reported sale price (as defined by the indenture) of the ADSs has been at least 130% of the Exchange Price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice to redeem the October 2023 Notes.

The Company considered the guidance in ASC 815-15, Embedded Derivatives, to determine if this instrument contains an embedded feature that should be separately accounted for as a derivative. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company determined that this exception applies due, in part, to the Company’s ability to settle the 2023 Notes in cash, ADSs or a combination of cash and ADSs, at the Company’s option. The Company has therefore applied the guidance provided by ASC 470-20, Debt with Conversion and Other Options, as amended by ASU 2020-06.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision was $30,193 for the three months ended June 30, 2022 resulting in an effective tax rate of (90.8)%. The income tax benefit was $3,765 for the three months ended June 30, 2021 resulting in an effective tax rate of 16.1%. The change in the effective income tax rate for the three months ended June 30, 2022, as compared to the prior period in 2021, is primarily due to the valuation allowances that were recorded against the deferred tax assets during the period. The income tax provision was $25,870 for the six months ended June 30, 2022 resulting in an effective tax rate of (40.4)%. The income tax benefit was $6,372 for the six months ended June 30, 2021 resulting in an effective tax rate of 16.2%. The change in the effective income tax rate for the six months ended June 30, 2022, as compared to the prior period in 2021, is primarily due to the valuation allowances that were recorded against the deferred tax assets during this period. The Company's cumulative loss position was significant negative evidence in assessing the need for a valuation allowance on its deferred tax assets. Given the weight of objectively verifiable historical losses from operations, the Company has recorded a full valuation allowance on its deferred tax assets. The Company will be able to reverse the valuation allowance when it has shown its ability to generate taxable income on a consistent basis in future periods. The valuation allowance that was recorded against the deferred tax assets during the three and six month ended June 30, 2022 does not have an impact on the Company's ability to utilize any net operating losses or other tax attributes to offset cash taxes payable as these items are still eligible to be used. During the six months ended June 30, 2022, the Company received $14,096 of cash related to net operating loss carrybacks under the CARES Act for losses incurred during 2019, which were carried back to 2015.

- 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.

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+ Details

Other Assets and Liabilities

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Assets and Liabilities

Other Assets and Liabilities Various other assets and liabilities are summarized as follows:


Prepaid Expenses and Other Current Assets:	June 30, 2022		December 31, 2021

Income tax receivable	$	15,026	$	29,097
Prepaid and other expenses	3,881		3,179
Guarantee from Armistice	277		279
Other	203		271
Total	$	19,387	$	32,826


Other Non-Current Assets:	June 30, 2022		December 31, 2021

Right of use assets at contract manufacturing organizations	$	10,600	$	8,549
Guarantee from Armistice	633		771
Other	537		329
Deferred tax assets	—		24,128
Total	$	11,770	$	33,777


Accrued Expenses	June 30, 2022		December 31, 2021

Accrued restructuring	$	3,628	$	41
Accrued professional fees	3,188		2,678
Accrued compensation	1,592		3,167
Accrued outsource contract costs	1,267		1,048
Customer allowances	—		217
Total	$	9,675	$	7,151


Other Current Liabilities:	June 30, 2022		December 31, 2021

Accrued interest	$	1,757	$	4,920
Guarantee to Deerfield	278		280
Other	16		70
Total	$	2,051	$	5,270


Other Non-Current Liabilities:	June 30, 2022		December 31, 2021

Tax liabilities	$	5,081	$	3,143
Guarantee to Deerfield	635		774
Total	$	5,716	$	3,917

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

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

The Company has a choice to settle the conversion obligations under the 2023 Notes in cash, shares or any combination of the two. The Company utilizes 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 the Company’s ordinary shares and reflects the elimination of the interest expense related to the 2023 Notes.

The dilutive effect of the stock options, restricted stock units, preferred shares and ordinary shares expected to be issued under the Company’s ESPP has been calculated using the treasury stock method. The dilutive effect of the performance share unit awards (“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 per share, together with the related shares outstanding, in thousands, is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Net Loss Per Share:	2022		2021		2022		2021

Net loss	$	(63,444)	$	(19,581)	$	(89,868)	$	(33,026)



Weighted average shares:
Basic shares	59,037		58,488		58,931		58,465
Effect of dilutive securities—employee and director equity awards outstanding, preferred shares and 2023 Notes	—		—		—		—

Diluted shares	59,037		58,488		58,931		58,465

Net loss per share - basic	$	(1.07)	$	(0.33)	$	(1.52)	$	(0.56)
Net loss per share - diluted	$	(1.07)	$	(0.33)	$	(1.52)	$	(0.56)

Potential ordinary shares of 22,455 and 15,586 were excluded from the calculation of weighted average shares for the three months ended June 30, 2022 and 2021, respectively, and potential ordinary shares of 19,042 and 15,426 were excluded from the calculation of weighted average shares for the six months ended June 30, 2022 and 2021 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 and six months ended June 30, 2022 and 2021, the effects of dilutive securities were entirely excluded from the calculation of net loss per share as a net loss was reported in these periods.

Comprehensive Loss

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Comprehensive Loss

The following table shows the components of accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021, respectively, net of tax effects:


	Three Months Ended June 30,				Six Months Ended June 30,
Accumulated Other Comprehensive Loss:	2022		2021		2022		2021

Foreign currency translation adjustment:
Beginning balance	$	(24,040)	$	(23,345)	$	(23,855)	$	(22,627)
Net other comprehensive (loss) income	(657)		116		(842)		(602)
Balance at June 30,	$	(24,697)	$	(23,229)	$	(24,697)	$	(23,229)

Unrealized (loss) gain on marketable debt securities, net
Beginning balance	$	(1,002)	$	1,039	$	(85)	$	1,576
Net other comprehensive loss, net of income tax expense of $330, $78, $— and $133, respectively	(629)		(160)		(1,546)		(697)
Balance at June 30,	$	(1,631)	$	879	$	(1,631)	$	879
Accumulated other comprehensive loss at June 30,	$	(26,328)	$	(22,350)	$	(26,328)	$	(22,350)

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.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to potential liabilities generally incidental to the Company’s 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 June 30, 2022 and December 31, 2021, 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 consolidated financial position, results of operations, cash flows or liquidity. First Jazz Complaint On May 12, 2021, Jazz Pharmaceuticals, Inc. (“Jazz”) filed a formal complaint (the “First Complaint”) initiating a lawsuit in the United States District Court for the District of Delaware (the “Court”) against Avadel Pharmaceuticals plc, Avadel US Holdings, Inc., Avadel Management Corporation, Avadel Legacy Pharmaceuticals, LLC, Avadel Specialty Pharmaceuticals, LLC, and Avadel CNS Pharmaceuticals, LLC (collectively, the “Avadel Parties”). In the First Complaint, Jazz alleges the sodium oxybate product (“Proposed Product”) described in the NDA owned by Avadel CNS Pharmaceuticals, LLC (“Avadel CNS”) will infringe at least one claim of U.S. Patent No. 8731963, 10758488, 10813885, 10959956 and/or 10966931 (collectively, the “patents-in-suit”). The First Complaint further includes typical relief requests such as preliminary and permanent injunctive relief, monetary damages and attorneys’ fees, costs and expenses. On June 3, 2021, the Avadel Parties timely filed their Answer and Counterclaims (the “Avadel Answer”) with the Court in response to the First Complaint. The Avadel Answer generally denies the allegations set forth in the First Complaint, includes numerous affirmative defenses (including, but not limited to, non-infringement and invalidity of the patents-in-suit), and asserts a number of counterclaims seeking i) a declaratory judgment of non-infringement of each patent-in-suit, and ii) a declaratory judgment of invalidity of each patent-in-suit. On June 18, 2021, Jazz filed its Answer (“Jazz Answer”) with the Court in response to the Avadel Answer. The Jazz Answer generally denies the allegations set forth in the Avadel Answer and sets forth a single affirmative defense asserting that Avadel has failed to state a claim for which relief can be granted. On June 21, 2021, the Court issued an oral order requiring the parties to i) confer regarding proposed dates to be included in the Court’s scheduling order for the case, and ii) submit a proposed order, including a proposal for the length and timing of trial, to the Court by no later than July 21, 2021. On July 30, 2021, the Court issued a scheduling order establishing timing for litigation events including i) a claim construction hearing date of August 2, 2022, and ii) a trial date of October 30, 2023. On October 18, 2021, consistent with the scheduling order, Jazz filed a status update with the Court indicating that Jazz did not intend to file a preliminary injunction with the Court at this time. Jazz further indicated that it would provide the Court with an update regarding whether preliminary injunction proceedings may be necessary after receiving further information regarding the FDA’s action on Avadel CNS’s NDA. On January 4, 2022, the Court entered an agreed order dismissing this case with respect to Avadel Pharmaceuticals plc, Avadel US Holdings, Inc., Avadel Specialty Pharmaceuticals, LLC, Avadel Legacy Pharmaceuticals, LLC, and Avadel Management Corporation. A corresponding order was entered in the two below cases on the same day. On February 25, 2022, Jazz filed an amended Answer to the Avadel Parties’ Counterclaims (“the Jazz First Amended Answer”). The Jazz First Amended Answer is substantially similar to the Jazz Answer except insofar as it adds an affirmative defense for judicial estoppel and unclean hands. Corresponding amended answers were filed in the two below cases on the same day. On June 23, 2022, Avadel CNS filed a Renewed Motion for Judgment on the Pleadings, with respect to its counterclaim seeking to have U.S. Patent No. 8731963 (the “REMS Patent”) de-listed from the Orange Book and seeking to have the motion resolved concurrent with the parties’ Markman hearing on August 31, 2022. On July 7, 2022, Jazz filed a response it styled as Objections to Avadel CNS’ Motion for Judgment on the Pleadings. On July 14, 2022, Avadel CNS’ replied to Jazz’ response, and on July 21, Avadel CNS requested oral argument on its delisting motion simultaneous with the Markman hearing. Second Jazz Complaint On August 4, 2021, Jazz filed another formal complaint (the “Second Complaint”) initiating a lawsuit in the Court against the Avadel Parties. In the Second Complaint, Jazz alleges the Proposed Product described in the NDA owned by Avadel CNS will infringe at least one claim of U.S. Patent No. 11077079. The Second Complaint further includes typical relief requests such as preliminary and permanent injunctive relief, monetary damages and attorneys’ fees, costs and expenses. On September 9, 2021, the Avadel Parties timely filed their Answer and Counterclaims (the “Second Avadel Answer”) with the Court in response to the Second Complaint. The Second Avadel Answer generally denies the allegations set forth in the Second Complaint, includes numerous affirmative defenses (including, but not limited to, non-infringement and invalidity of the patent-in-suit), and asserts a number of counterclaims seeking i) a declaratory judgment of non-infringement of the patent-in-suit, and ii) a declaratory judgment of invalidity of the patent-in-suit. On October 22, 2021, the Court issued an oral order stating that this case should proceed on the same schedule as the case filed on May 12, 2021. Third Jazz Complaint On November 10, 2021, Jazz filed another formal complaint (the “Third Complaint”) initiating a lawsuit in the Court against the Avadel Parties. In the Third Complaint, Jazz alleges the Proposed Product described in the NDA owned by Avadel CNS will infringe at least one claim of U.S. Patent No. 11147782. The Third Complaint further includes typical relief requests such as preliminary and permanent injunctive relief, monetary damages and attorneys’ fees, costs and expenses. This case will proceed on the same schedule as the cases associated with the First and Second Complaints above. On December 21, 2021, the Court entered a revised schedule for the First, Second and Third Complaints, setting a new claim construction date of August 31, 2022. On January 7, 2022, Avadel CNS timely filed its Answer and Counterclaims (the “Third Avadel Answer”) with the Court in response to the Third Complaint. The Third Avadel Answer generally denies the allegations set forth in the Third Complaint, includes numerous affirmative defenses (including, but not limited to, non-infringement and invalidity of the patent-in-suit), and asserts a number of counterclaims seeking i) a declaratory judgment of non-infringement of the patent-in-suit, and ii) a declaratory judgment of invalidity/unenforceability of the patent-in-suit. Avadel Complaint On April 14, 2022, Avadel CNS and Avadel Pharmaceuticals plc (collectively the “Avadel Plaintiffs”) filed a formal complaint (the “Avadel Complaint”) initiating a lawsuit in the Court against Jazz and Jazz Pharmaceuticals Ireland Ltd. (collectively, the “Jazz Parties”). In the Avadel Complaint, the Avadel Plaintiffs allege that the Jazz Parties breached certain confidential disclosure agreements and misappropriated certain of the Avadel Plaintiffs’ trade secrets. The Avadel Complaint further includes typical relief requests such as injunctive relief, monetary damages and attorneys’ fees, costs and expenses, as well as seeking correction of inventorship of certain Jazz patents, for which the Jazz Parties claim ownership, to include former Avadel Plaintiffs’ scientists. On June 2, 2022, Jazz answered the Avadel Complaint. The Answer generally denies the allegations set forth in the Avadel Complaint and includes various affirmative defenses. On July 8, 2022, Jazz filed a Motion for Judgment on the Pleadings seeking to have all Counts dismissed for failure to state a claim upon which relief can be granted. The Avadel Plaintiffs’ response to that Motion was filed with the Court on July 29, 2022. Jazz’s reply was filed with the Court on August 5, 2022. Material Commitments Other than commitments disclosed in Note 15: Contingent Liabilities and Commitments to the Company's consolidated financial statements included in the 2021 Annual Report on Form 10-K, there were no other material commitments outside of the normal course of business. Guarantees The fair values of the Company’s guarantee to Deerfield and the guarantee received by the Company from Armistice Capital Master Fund, Ltd. largely offset and when combined are not material. Deerfield Guarantee In connection with the Company’s February 2018 divestiture of the Company’s pediatric assets, the Company 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 the Company’s explicit guarantee to Deerfield, the Company recorded the guarantee in accordance with ASC 460. The balance of this guarantee liability was $913 at June 30, 2022. This liability is being amortized proportionately based on undiscounted cash outflows through the remainder of the contract with Deerfield. Armistice Guarantee In connection with the Company’s February 2018 divestiture of the pediatric assets, Armistice Capital Master Fund, Ltd., the majority shareholder of Cerecor, Inc., guaranteed to the Company the FSC Product Royalties. The Company recorded the guarantee in accordance with ASC 460. The balance of this guarantee asset was $910 at June 30, 2022. 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 June 30, 2022, the Company did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.

Restructuring Costs

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Costs

2022 Corporate Restructuring Plan

In June 2022, the Company announced a plan to optimize its cost structure to reduce total quarterly cash operating expenses, excluding inventory purchases.

The Company’s cost structure optimization efforts will include a nearly 50% reduction in its workforce by the end of August 2022 (the “2022 Corporate Restructuring Plan”). Restructuring charges of $3,592 associated with this plan, comprised primarily of severance related costs, were recorded in the three months ended June 30, 2022.

The following table sets forth activities for the Company’s 2022 Corporate Restructuring Plan obligations as of June 30, 2022:


2022 Corporate Restructuring Plan Obligation:	2022

Balance of 2022 Corporate Restructuring Plan accrual at January 1,	$	—
Charges for employee severance, benefits and other costs	3,592
Balance of 2022 Corporate Restructuring Plan accrual at June 30,	$	3,592

The 2022 Corporate Restructuring Plan liabilities of $3,592 are included in the unaudited condensed consolidated balance sheet in accrued expenses at June 30, 2022.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Fourth Jazz Complaint On July 15, 2022, Jazz filed another formal complaint (the “Fourth Complaint”) initiating a lawsuit in the Court against Avadel CNS. In the Fourth Complaint, Jazz alleges the Proposed Product described in the NDA owned by Avadel CNS will infringe at least one claim of the REMS Patent, which was asserted in the First Complaint. The FDA required Avadel CNS to file a Paragraph IV certification against the REMS Patent, which Avadel CNS did under protest. Avadel CNS provided the required notice of its Paragraph IV certification to Jazz, and Jazz reasserted the REMS Patent in a separate action following receipt of that notice. The Fourth Complaint further includes typical relief requests such as preliminary and permanent injunctive relief, monetary damages and attorneys’ fees, costs and expenses. Administrative Procedure Act Complaint On July 21, 2022, Avadel CNS filed an Administrative Procedure Act suit against the FDA, the U.S. Department of Health and Human Services, the Secretary of Health and Human Services and the Commissioner of Food and Drugs in the United States District Court for the District of Columbia (the “DC Court”) related to the NDA for LUMRYZ (sodium oxybate). This suit alleges that the FDA’s decision requiring Avadel CNS to file a patent certification concerning the REMS Patent was arbitrary, capricious and contrary to law and asks the DC Court to vacate the FDA’s decision and order the FDA to take final action on the LUMRYZ NDA. On July 28, 2022, the DC Court granted Jazz’s unopposed motion to intervene in the case to defend the FDA’s decision. The DC Court also entered an expedited briefing schedule governing Avadel CNS’s motion for preliminary injunction or, in the alternative, summary judgment, and the FDA’s and Jazz’s oppositions to that motion and anticipated cross-motions for summary judgment. Under the DC Court’s schedule, the final briefs will be filed on September 14, 2022, and the parties were instructed to prepare for a hearing tentatively scheduled for September 30, 2022, which may be modified depending on the DC Court’s schedule.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations. Avadel Pharmaceuticals plc (Nasdaq: AVDL) (“Avadel,” the “Company,” “we,” “our,” or “us”) is a biopharmaceutical company. The Company is registered as an Irish public limited company. The Company’s headquarters are in Dublin, Ireland with operations in Dublin, Ireland and St. Louis, Missouri, United States (“U.S.”). The Company’s lead product candidate, LUMRYZ, also known as FT218, is an investigational once-at-bedtime, extended-release formulation of sodium oxybate for the treatment of cataplexy or excessive daytime sleepiness (“EDS”) in adults with narcolepsy. On July 18, 2022, the U.S. Food and Drug Administration (“FDA”) granted tentative approval to LUMRYZ for this indication. Tentative approval indicates that LUMRYZ has met all required quality, safety, and efficacy standards necessary for approval in the U.S. The Company is primarily focused on obtaining final FDA approval of LUMRYZ. A decision on final FDA approval of LUMRYZ is pending disposition of U.S. Patent No. 8731963 (the “REMS Patent”), which is listed in the FDA’s Orange Book. The decision on final FDA approval could occur on or about the expiration of the REMS Patent on June 17, 2023 or sooner if the patent is earlier removed from the FDA’s Orange Book or a court earlier determines that patent is not infringed, invalid or otherwise unenforceable. The FDA’s tentative approval can be subject to change based on new information that may come to the FDA’s attention between such time as the tentative approval and potential final approval. The Company cannot legally market LUMRYZ in the U.S. until final approval is granted by the FDA. Outside of the Company’s lead product candidate, the Company continues to evaluate opportunities to expand its product portfolio. As of the date of this Quarterly Report, the Company does not have any commercialized products in its portfolio.
Basis of Presentation	Basis of Presentation. The unaudited condensed consolidated balance sheet as of June 30, 2022, which is derived from the prior year 2021 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 2021 Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on March 16, 2022. 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.

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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


	As of June 30, 2022						As of December 31, 2021
Fair Value Measurements:	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3

Marketable securities (see Note 3)
Mutual and money market funds	$	35,094	$	—	$	—	$	78,098	$	—	$	—
Corporate bonds	—		9,403		—		—		16,479		—
Government securities - U.S.	—		3,766		—		—		9,471		—
Other fixed-income securities	—		1,730		—		—		2,465		—
Total assets	$	35,094	$	14,899	$	—	$	78,098	$	28,415	$	—

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale and Equity Securities


	June 30, 2022
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	35,860	$	293	$	(1,059)	$	35,094
Corporate bonds	9,962		1		(560)		9,403
Government securities - U.S.	4,028		1		(263)		3,766
Other fixed-income securities	1,774		—		(44)		1,730
Total	$	51,624	$	295	$	(1,926)	$	49,993


	December 31, 2021
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	78,331	$	813	$	(1,046)	$	78,098
Corporate bonds	16,478		94		(93)		16,479
Government securities - U.S.	9,530		39		(98)		9,471
Other fixed-income securities	2,473		2		(10)		2,465
Total	$	106,812	$	948	$	(1,247)	$	106,513

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	$	785	$	8,618	$	—	$	—	$	9,403
Government securities - U.S.	—		2,129		665		972		3,766

Other fixed-income securities	—		1,503		227		—		1,730
Total	$	785	$	12,250	$	892	$	972	$	14,899

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


	Less than 12 months				Greater than 12 months				Total
Marketable Debt Securities:	Fair value		Unrealized Losses		Fair value		Unrealized Losses		Fair value		Unrealized Losses
Corporate bonds	$	8,040	$	466	$	1,119	$	94	$	9,159	$	560
Government securities - U.S.	1,900		96		1,785		167		3,685		263
Other fixed-income securities	1,408		26		322		18		1,730		44
Total	$	11,348	$	588	$	3,226	$	279	$	14,574	$	867

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt is summarized as follows:


	June 30, 2022		December 31, 2021
Principal amount of 4.50% exchangeable senior notes due February 2023	$	26,375	$	143,750
Principal amount of 4.50% exchangeable senior notes due October 2023	117,375		—
Less: unamortized debt discount and issuance costs, net	(9,435)		(1,353)
Net carrying amount of debt	134,315		142,397


Less: current maturities, net of $134 unamortized debt discount and issuance costs	26,241		—
Long-term debt	$	108,074	$	142,397

- 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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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

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:	June 30, 2022		December 31, 2021

Income tax receivable	$	15,026	$	29,097
Prepaid and other expenses	3,881		3,179
Guarantee from Armistice	277		279
Other	203		271
Total	$	19,387	$	32,826

Schedule of Other Assets, Noncurrent


Other Non-Current Assets:	June 30, 2022		December 31, 2021

Right of use assets at contract manufacturing organizations	$	10,600	$	8,549
Guarantee from Armistice	633		771
Other	537		329
Deferred tax assets	—		24,128
Total	$	11,770	$	33,777

Schedule of Accrued Liabilities


Accrued Expenses	June 30, 2022		December 31, 2021

Accrued restructuring	$	3,628	$	41
Accrued professional fees	3,188		2,678
Accrued compensation	1,592		3,167
Accrued outsource contract costs	1,267		1,048
Customer allowances	—		217
Total	$	9,675	$	7,151

Schedule of Other Current Liabilities


Other Current Liabilities:	June 30, 2022		December 31, 2021

Accrued interest	$	1,757	$	4,920
Guarantee to Deerfield	278		280
Other	16		70
Total	$	2,051	$	5,270

Schedule Of Long Term Liabilities


Other Non-Current Liabilities:	June 30, 2022		December 31, 2021

Tax liabilities	$	5,081	$	3,143
Guarantee to Deerfield	635		774
Total	$	5,716	$	3,917

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

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


	Three Months Ended June 30,				Six Months Ended June 30,
Net Loss Per Share:	2022		2021		2022		2021

Net loss	$	(63,444)	$	(19,581)	$	(89,868)	$	(33,026)



Weighted average shares:
Basic shares	59,037		58,488		58,931		58,465
Effect of dilutive securities—employee and director equity awards outstanding, preferred shares and 2023 Notes	—		—		—		—

Diluted shares	59,037		58,488		58,931		58,465

Net loss per share - basic	$	(1.07)	$	(0.33)	$	(1.52)	$	(0.56)
Net loss per share - diluted	$	(1.07)	$	(0.33)	$	(1.52)	$	(0.56)

Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and 2021, respectively, net of tax effects:


	Three Months Ended June 30,				Six Months Ended June 30,
Accumulated Other Comprehensive Loss:	2022		2021		2022		2021

Foreign currency translation adjustment:
Beginning balance	$	(24,040)	$	(23,345)	$	(23,855)	$	(22,627)
Net other comprehensive (loss) income	(657)		116		(842)		(602)
Balance at June 30,	$	(24,697)	$	(23,229)	$	(24,697)	$	(23,229)

Unrealized (loss) gain on marketable debt securities, net
Beginning balance	$	(1,002)	$	1,039	$	(85)	$	1,576
Net other comprehensive loss, net of income tax expense of $330, $78, $— and $133, respectively	(629)		(160)		(1,546)		(697)
Balance at June 30,	$	(1,631)	$	879	$	(1,631)	$	879
Accumulated other comprehensive loss at June 30,	$	(26,328)	$	(22,350)	$	(26,328)	$	(22,350)

Restructuring Costs (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table sets forth activities for the Company’s 2022 Corporate Restructuring Plan obligations as of June 30, 2022:


2022 Corporate Restructuring Plan Obligation:	2022

Balance of 2022 Corporate Restructuring Plan accrual at January 1,	$	—
Charges for employee severance, benefits and other costs	3,592
Balance of 2022 Corporate Restructuring Plan accrual at June 30,	$	3,592

Fair Value Measurement - Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	$ 49,993	$ 106,513
Mutual and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	35,094	78,098
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	9,403	16,479
Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	3,766	9,471
Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	1,730	2,465
Fair Value Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	35,094	78,098
Fair Value Measurements, Recurring \| Level 1 \| Mutual and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	35,094	78,098
Fair Value Measurements, Recurring \| Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 1 \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 1 \| Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	14,899	28,415
Fair Value Measurements, Recurring \| Level 2 \| Mutual and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	9,403	16,479
Fair Value Measurements, Recurring \| Level 2 \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	3,766	9,471
Fair Value Measurements, Recurring \| Level 2 \| Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	1,730	2,465
Fair Value Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value Measurements, Recurring \| Level 3 \| Mutual and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 3 \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	0	0
Fair Value Measurements, Recurring \| Level 3 \| Other fixed-income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual and money market funds	$ 0	$ 0

Fair Value Measurement - Narrative (Details) - Senior Notes - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
4.50% Exchangeable Senior Notes Due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 26,375	$ 143,750
Debt instrument, interest rate, stated percentage	4.50%	4.50%
Estimated fair value of long-term debt	$ 25,320
4.50 Percent Exchangeable Senior Notes Due October 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 117,375	$ 0
Debt instrument, interest rate, stated percentage	4.50%
Estimated fair value of long-term debt	$ 91,846

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	$ 51,624	$ 106,812
Unrealized Gains	295	948
Unrealized Losses	(1,926)	(1,247)
Fair Value	49,993	106,513
Mutual and money market funds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	35,860	78,331
Unrealized Gains	293	813
Unrealized Losses	(1,059)	(1,046)
Fair Value	35,094	78,098
Corporate bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	9,962	16,478
Unrealized Gains	1	94
Unrealized Losses	(560)	(93)
Fair Value	9,403	16,479
Government securities - U.S.
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	4,028	9,530
Unrealized Gains	1	39
Unrealized Losses	(263)	(98)
Fair Value	3,766	9,471
Other fixed-income securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Adjusted Cost	1,774	2,473
Unrealized Gains	0	2
Unrealized Losses	(44)	(10)
Fair Value	$ 1,730	$ 2,465

Marketable Securities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable securities, realized gain	$ 4	$ 41	$ 308	$ 52
Marketable securities, realized loss	$ 241	$ 39	$ 1,031	$ 107

Marketable Securities - Schedule of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total	$ 49,993	$ 106,513
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	785
1-5 Years	8,618
5-10 Years	0
Greater than 10 Years	0
Total	9,403	16,479
Government securities - U.S.
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	0
1-5 Years	2,129
5-10 Years	665
Greater than 10 Years	972
Total	3,766	9,471
Other fixed-income securities
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	0
1-5 Years	1,503
5-10 Years	227
Greater than 10 Years	0
Total	1,730	$ 2,465
Total
Debt Securities, Available-for-sale [Line Items]
Less than 1 Year	785
1-5 Years	12,250
5-10 Years	892
Greater than 10 Years	972
Total	$ 14,899

Marketable Securities - Schedule of Unrealized Loss on Investments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 11,348
Unrealized losses, less than 12 months	588
Fair value, greater than 12 months	3,226
Unrealized losses, greater than 12 months	279
Total fair value	14,574
Total unrealized losses	867
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	8,040
Unrealized losses, less than 12 months	466
Fair value, greater than 12 months	1,119
Unrealized losses, greater than 12 months	94
Total fair value	9,159
Total unrealized losses	560
Government securities - U.S.
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	1,900
Unrealized losses, less than 12 months	96
Fair value, greater than 12 months	1,785
Unrealized losses, greater than 12 months	167
Total fair value	3,685
Total unrealized losses	263
Other fixed-income securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	1,408
Unrealized losses, less than 12 months	26
Fair value, greater than 12 months	322
Unrealized losses, greater than 12 months	18
Total fair value	1,730
Total unrealized losses	$ 44

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: unamortized debt discount and issuance costs, net	$ (134)
Less: current maturities, net	26,241	$ 0
Long-term debt	108,074	142,397
Senior Notes
Debt Instrument [Line Items]
Less: unamortized debt discount and issuance costs, net	(9,435)	(1,353)
Net carrying amount of debt	134,315	142,397
Senior Notes \| 4.50% Exchangeable Senior Notes Due 2023
Debt Instrument [Line Items]
Principle amount of exchangeable senior notes	$ 26,375	$ 143,750
Debt instrument, interest rate, stated percentage	4.50%	4.50%
Senior Notes \| 4.50 Percent Exchangeable Senior Notes Due October 2023
Debt Instrument [Line Items]
Principle amount of exchangeable senior notes	$ 117,375	$ 0
Debt instrument, interest rate, stated percentage	4.50%

Long-Term Debt - Narrative (Details)			3 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Details)	Apr. 05, 2022 USD ($) day	Feb. 16, 2018 USD ($) day $ / shares Rate	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Schedule of Capitalization, Long-term Debt [Line Items]
Interest expense, debt			$ 3,506,000	$ 1,930,000	$ 5,523,000	$ 3,859,000
Coupon interest expense			1,589,000	1,617,000	3,206,000	3,234,000
Amortization of debt discount and debt issuance costs			1,917,000	$ 313,000	2,229,000	625,000
Additional interest expense					88,000
Payments of debt issuance costs					$ 4,803,000	$ 0
Increase in fair value of unseparated embedded conversion feature	$ 5,508,000
Change in fair value of October 2023 Notes conversion feature	5,508,000		$ 5,508,000
ADSs, conversion ratio \| Rate		9269.56%
4.50% Exchangeable Senior Notes Due 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, face amount		$ 125,000
Option to purchase aggregate principal amount, term		30 days
Option to increase aggregate principal amount		$ 18,750,000
Proceeds from loans or conditional grants		137,560,000
ADS, minimum amount of principal amount for exchange		$ 200,000
ADS, option price per share (in dollars per share) \| $ / shares		$ 10.79
4.50% Exchangeable Senior Notes Due October 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, exchange amount	117,375,000
4.50% Exchangeable Senior Notes Due 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, face amount	26,375,000
4.50 Percent Exchangeable Senior Notes Due October 2023 \| Senior Notes
Schedule of Capitalization, Long-term Debt [Line Items]
Payments of debt issuance costs	4,804,000
4.50 Percent Exchangeable Senior Notes Due October 2023 \| Senior Notes \| Third Party
Schedule of Capitalization, Long-term Debt [Line Items]
Payments of debt issuance costs	$ 5,450,000
Debt Instrument, Redemption, Period One \| 4.50% Exchangeable Senior Notes Due 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Number of business days		5 days
Consecutive business days		5 days
Percentage of product of the last reported sale price of the American Depositary Shares and the exchange rate on each such trading day		98.00%
Debt Instrument, Redemption, Period One \| 4.50% Exchangeable Senior Notes Due October 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Number of business days	5 days
Consecutive business days	5 days
Percentage of product of the last reported sale price of the American Depositary Shares and the exchange rate on each such trading day	98.00%
Debt Instrument, Redemption, Period Two \| 4.50% Exchangeable Senior Notes Due 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Threshold trading days \| day		95
Scheduled threshold trading days		35 days
Debt Instrument, Redemption, Period Two \| 4.50% Exchangeable Senior Notes Due October 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Threshold trading days \| day	95
Scheduled threshold trading days	35 days
Debt Instrument, Redemption, Period Three \| 4.50% Exchangeable Senior Notes Due 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Threshold trading days \| day		20
Consecutive trading days \| day		30
Threshold percentage of stock price trigger		130.00%
Debt Instrument, Redemption, Period Three \| 4.50% Exchangeable Senior Notes Due October 2023 \| Convertible Debt
Schedule of Capitalization, Long-term Debt [Line Items]
Threshold trading days \| day	20
Consecutive trading days \| day	30
Threshold percentage of stock price trigger	130.00%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 30,193	$ (3,765)	$ 25,870	$ (6,372)
Effective income tax rate	(90.80%)	16.10%	(40.40%)	16.20%
Proceeds from income tax refunds			$ 14,096

- Definition

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

+ References + Details

Other Assets and Liabilities - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets:
Income tax receivable	$ 15,026	$ 29,097
Prepaid and other expenses	3,881	3,179
Guarantee from Armistice	277	279
Other	203	271
Total	$ 19,387	$ 32,826

Other Assets and Liabilities - Other Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Non-Current Assets:
Right of use assets at contract manufacturing organizations	$ 10,600	$ 8,549
Guarantee from Armistice	633	771
Other	537	329
Deferred tax assets	0	24,128
Total	$ 11,770	$ 33,777

Other Assets and Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued restructuring	$ 3,628	$ 41
Accrued professional fees	3,188	2,678
Accrued compensation	1,592	3,167
Accrued outsource contract costs	1,267	1,048
Customer allowances	0	217
Total	$ 9,675	$ 7,151

Other Assets and Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities, Current [Abstract]
Accrued interest	$ 1,757	$ 4,920
Guarantee to Deerfield	278	280
Other	16	70
Total	$ 2,051	$ 5,270

Other Assets and Liabilities - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Non-Current Liabilities:
Tax liabilities	$ 5,081	$ 3,143
Guarantee to Deerfield	635	774
Total	$ 5,716	$ 3,917

Net Loss Per Share - Reconciliation of Basic and Diluted Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (63,444)	$ (26,424)	$ (19,581)	$ (13,445)	$ (89,868)	$ (33,026)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic shares (in shares)	59,037		58,488		58,931	58,465
Effect of dilutive securities (in shares)	0		0		0	0
Diluted shares (in shares)	59,037		58,488		58,931	58,465
Net loss per share - basic (in dollars per share)	$ (1.07)		$ (0.33)		$ (1.52)	$ (0.56)
Net loss per share - diluted (in dollars per share)	$ (1.07)		$ (0.33)		$ (1.52)	$ (0.56)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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- Definition

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

+ References

+ Details

Net Loss Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	22,455	15,586	19,042	15,426

Comprehensive Income (Loss) - Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Loss:
Beginning balance			$ (23,940)
Net other comprehensive (loss) income	$ (64,730)	$ (19,625)	(92,256)	$ (34,325)
Ending balance	(26,328)		(26,328)
Unrealized gain (loss) on marketable securities, tax expense	330	78	0	133
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Loss:
Ending balance	(26,328)	(22,350)	(26,328)	(22,350)
Foreign currency translation adjustment
Accumulated Other Comprehensive Loss:
Beginning balance	(24,040)	(23,345)	(23,855)	(22,627)
Net other comprehensive (loss) income	(657)	116	(842)	(602)
Ending balance	(24,697)	(23,229)	(24,697)	(23,229)
Unrealized (loss) gain on marketable debt securities, net
Accumulated Other Comprehensive Loss:
Beginning balance	(1,002)	1,039	(85)	1,576
Net other comprehensive (loss) income	(629)	(160)	(1,546)	(697)
Ending balance	$ (1,631)	$ 879	$ (1,631)	$ 879

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Commitments and Contingencies (Details) $ in Thousands	6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Percentage of royalty payable on net sales	15.00%
Guarantee, liability	$ 913
Guarantee from Armistice	910
Maximum
Loss Contingencies [Line Items]
Guarantee, liability	$ 10,300

Restructuring Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Aug. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring expense (income)		$ 3,592	$ 0	$ 3,592	$ (53)
Restructuring reserve		$ 3,592		$ 3,592		$ 0
2022 Corporate Restructuring Plan \| Scenario, Forecast
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated (as a percent)	50.00%

Restructuring Costs - Severance Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 0
Charges for employee severance, benefits and other costs	$ 3,592	$ 0	3,592	$ (53)
Restructuring reserve, ending balance	$ 3,592		$ 3,592

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

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