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| | | | A-1 | | | |
| | | | B-1 | | |
Name
|
| |
Age
|
| |
Principal Occupation
|
| |
Director Since
|
|
Peter D. Staple | | |
72
|
| | Former President and Chief Executive Officer, Corium, Inc. | | |
2003
|
|
Sravan K. Emany | | |
46
|
| | Senior Vice President and Chief Financial Officer, Ironwood Pharmaceuticals, Inc. | | |
2023
|
|
Sigurd C. Kirk | | |
57
|
| | Former Executive Vice President, Allergan plc | | |
2024
|
|
Heather L. Mason
|
| |
63
|
| | Interim Chief Executive Officer, Assertio Holdings, Inc. | | |
2019
|
|
William T. McKee | | |
62
|
| | Chief Executive Officer, MBJC Associates, LLC | | |
2017
|
|
Jeffrey L. Vacirca | | |
55
|
| | CEO and Chairman of the Board of New York Cancer & Blood Specialists | | |
2023
|
|
Committee
|
| |
Committee Chair
|
| |
Additional Committee
Members |
| |
Audit Committee
Financial Experts |
|
Audit | | | Sravan K. Emany | | |
Sigurd C. Kirk
William T. McKee Peter D. Staple |
| |
Sravan K. Emany
Sigurd C. Kirk William T. McKee Peter D. Staple |
|
Compensation | | | James L. Tyree | | |
Sravan K. Emany
Sigurd C. Kirk William T. McKee |
| | — | |
Nominating and Corporate Governance
|
| |
William T. McKee
|
| | Peter D. Staple | | | — | |
Board Diversity Matrix (As of April 19, 2024)
|
| |
Female
|
| |
Male
|
| ||||||
Total Number of Directors
|
| |
7
|
| |||||||||
Part I: Gender Identity | | | | | | | | | | | | | |
Directors
|
| | | | 1 | | | | | | 6 | | |
Part II: Demographic Background | | | | | | | | | | | | | |
White
|
| | | | 1 | | | | | | 5 | | |
Asian
|
| | | | — | | | | | | 1 | | |
Name of Beneficial Owner(1)
|
| |
Aggregate
Number of Shares of Common Stock(2) |
| |
Number Subject
to Convertible Securities Exercisable Within 60 days(2) |
| |
Percentage
of Common Stock(2) |
| |||||||||
Nantahala Capital Management, LLC(3).
|
| | | | 7,619,440 | | | | | | — | | | | | | 8.0% | | |
BlackRock, Inc.(4).
|
| | | | 6,574,483 | | | | | | — | | | | | | 6.9% | | |
Armistice Capital, LLC(5)
|
| | | | 5,800,000 | | | | | | — | | | | | | 6.1% | | |
The Vanguard Group(6)
|
| | | | 4,878,543 | | | | | | — | | | | | | 5.1% | | |
Heather L. Mason
|
| | | | 156,456 | | | | | | 149,598(7) | | | | | | *% | | |
Ajay Patel
|
| | | | 133,254 | | | | | | 486,659(8) | | | | | | *% | | |
Paul Schwichtenberg
|
| | | | 103,924 | | | | | | 486,659(8) | | | | | | *% | | |
Daniel A. Peisert(9)
|
| | | | 607,457 | | | | | | 1,776,813(10) | | | | | | 2.5% | | |
Sravan K. Emany
|
| | | | — | | | | | | — | | | | | | *% | | |
Sigurd C. Kirk
|
| | | | — | | | | | | 118,702(11) | | | | | | *% | | |
William T. McKee
|
| | | | 12,334 | | | | | | 202,569(12) | | | | | | *% | | |
Peter D. Staple
|
| | | | 280,496(13) | | | | | | 51,255(14) | | | | | | *% | | |
James L. Tyree
|
| | | | 157,057 | | | | | | 39,636(15) | | | | | | *% | | |
Jeffrey L. Vacirca
|
| | | | 52,642 | | | | | | — | | | | | | *% | | |
All current directors and executive officers as a group (10 persons)
|
| | | | 1,007,292 | | | | | | 2,056,752(16) | | | | | | 3.2% | | |
Name
|
| |
Age
|
| |
Position
|
|
Heather L. Mason* | | |
63
|
| | Interim Chief Executive Officer and Director | |
Ajay Patel | | |
40
|
| | Senior Vice President and Chief Financial Officer | |
Paul Schwichtenberg | | |
53
|
| | Senior Vice President and Chief Commercial Officer | |
Sam Schlessinger | | |
42
|
| | Senior Vice President and General Counsel | |
Name & Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Options
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
| ||||||||||||||||||||||||
Danie1 A. Peisert
Former President & Chief Executive Officer |
| | | | 2023 | | | | | | 612,630 | | | | | | 137,500 | | | | | | 1,066,065 | | | | | | 999,845 | | | | | | 424,549 | | | | | | 23,400 | | | | | | 3,263,989 | | |
| | | 2022 | | | | | | 589,990 | | | | | | 137,500 | | | | | | 2,095,817 | | | | | | 1,717,937 | | | | | | 1,427,865 | | | | | | 24,709 | | | | | | 5,993,818 | | | ||
Ajay Patel(5)
Senior Vice President, Chief Financial Officer |
| | | | 2023 | | | | | | 362,512 | | | | | | 22,125 | | | | | | 266,516 | | | | | | 249,962 | | | | | | 131,051 | | | | | | 23,100 | | | | | | 1,055,266 | | |
| | | 2022 | | | | | | 349,115 | | | | | | 22,125 | | | | | | 747,954 | | | | | | 609,484 | | | | | | 342,583 | | | | | | 28,192 | | | | | | 2,099,453 | | | ||
Paul Schwichtenberg(6)
Senior Vice President, Chief Commercial Officer |
| | | | 2023 | | | | | | 373,155 | | | | | | 44,250 | | | | | | 266,516 | | | | | | 249,962 | | | | | | 132,363 | | | | | | 23,880 | | | | | | 1,090,127 | | |
| | | 2022 | | | | | | 359,365 | | | | | | 44,250 | | | | | | 747,954 | | | | | | 609,484 | | | | | | 354,266 | | | | | | 22,998 | | | | | | 2,138,318 | | |
For Stock and Option Awards Granted in Fiscal Year
|
| |
Consolidated
Financial Statements |
| |
Included with
Form 10-K Filed: |
| |
Note
|
| |||
2023
|
| |
December 31, 2023
|
| |
March 11, 2024
|
| | | | 17 | | |
2022
|
| |
December 31, 2022
|
| |
March 08, 2023
|
| | | | 15 | | |
NEO
|
| |
Base Salary
|
| |
Target Bonus
Opportunity (As a % of Salary) |
| ||||||
Daniel A. Peisert
|
| | | $ | 616,583 | | | | | | 110% | | |
Ajay Patel
|
| | | $ | 364,851 | | | | | | 45% | | |
Paul Schwichtenberg.
|
| | | $ | 375,563 | | | | | | 45% | | |
First Part of 2023
|
| |
Second Part of 2023
|
| ||||||
Corporate Performance Metric
|
| |
Weighting
|
| |
Corporate Performance Metric
|
| |
Weighting
|
|
Sympazan and Otrexup Net Sales and Volume(1) | | |
20%
|
| | Sympazan and Otrexup Net Sales and Volume(1) | | |
20%
|
|
Sympazan Net Sales for 2023
|
| |
5%
|
| |
Sympazan Net Sales for 2023
|
| |
5%
|
|
Sympazan Volume for 2023
|
| |
5%
|
| |
Sympazan Volume for 2023
|
| |
5%
|
|
Otrexup Net Sales for 2023
|
| |
5%
|
| |
Otrexup Net Sales for 2023
|
| |
5%
|
|
Otrexup Volume for 2023
|
| |
5%
|
| |
Otrexup Volume for 2023
|
| |
5%
|
|
Adj. Operating Cash Flow for the First Part of 2023(2)
|
| |
30%
|
| | Adj. Operating Cash Flow for the Second Part of 2023(2) | | |
30%
|
|
Acquired Annualized Gross Profit(3)
|
| |
15%
|
| |
Spectrum Deal Model(4)
|
| |
15%
|
|
Total Corporate Financial Goals
|
| |
65%
|
| |
Total Corporate Financial Goals
|
| |
65%
|
|
Indocin Volume Retention Goal
|
| |
20%
|
| |
Indocin Erosion Volume Goal
|
| |
20%
|
|
Indocin Clinical Goal
|
| |
15%
|
| |
Spectrum Integration
|
| |
15%
|
|
Total Corporate Business Process Goals
|
| |
35%
|
| |
Total Corporate Business Process Goals
|
| |
35%
|
|
Sympazan Net Sales (5% Weighting)
|
| |
Otrexup Net Sales (5% Weighting)
|
| ||||||||||||
Performance Level
|
| |
Payout
Percentage* |
| |
Actual
Result |
| |
Performance Level
|
| |
Payout
Percentage* |
| |
Actual
Result |
|
Less than $9.7M
|
| |
0%
|
| |
$9.9M
(88% Payout) |
| |
Less than $11.2M
|
| |
0%
|
| |
$12.0M
(75% Payout) |
|
$9.8M (97.5% of Target)
|
| |
88%
|
| | | | |
$11.8M (95% of Target)
|
| |
75%
|
| | | |
$10.0M (100% of Target)
|
| |
100%
|
| | | | |
$12.5M (100% of Target)
|
| |
100%
|
| | | |
$12.0M (120% of Target)
|
| |
200%
|
| | | | |
$15.0M (120% of Target)
|
| |
200%
|
| | | |
Adjusted Operating Cash Flow for the First Part of 2023*
(30% Weighting) |
| |
Acquired Annualized Gross Profit* (15% Weighting)
|
| ||||||||||||
Performance Level
|
| |
Payout
Percentage** |
| |
Actual
Result |
| |
Performance Level
|
| |
Payout
Percentage** |
| |
Actual
Result |
|
Less than $26.6M | | |
0%
|
| |
$28.5M
(75% Payout) |
| | Less than $22.4M | | |
0%
|
| |
$45.7M
(150% Payout) |
|
$28.0M (95% of Target)
|
| |
75%
|
| | | | |
$22.4M (70% of Target)
|
| |
50%
|
| | | |
$29.5M (100% of Target)
|
| |
100%
|
| | | | |
$32.0M (100% of Target)
|
| |
100%
|
| | | |
$35.4M (120% of Target)
|
| |
200%
|
| | | | |
$40.0M (125% of Target)
|
| |
150%
|
| | | |
|
Indocin Volume Retention Goal
|
| | (20% of overall Corporate Goals bonus for NEOs) | |
| Indocin Clinical Goal | | | (15% of overall Corporate Goals bonus for NEOs) | |
NEO
|
| |
Individual Goals (30% Weighting)
|
|
Ajay Patel | | |
Financial Reporting Enhancements
Assertio Distribution Set-up Business Development Support Financial Management |
|
Paul Schwichtenberg | | |
Assertio Distribution Set-up
Commercial Strategy Financial Management Business Development Support |
|
Performance Level
|
| |
Payout
Percentage** |
| |
Actual
Result |
|
Less than $13.7M
|
| |
0%
|
| |
$28.2M
(200% Payout) |
|
$14.6M (95% of Target)
|
| |
75%
|
| | | |
$15.5M (100% of Target)
|
| |
100%
|
| | | |
$18.4M (120% of Target)
|
| |
200%
|
| | | |
|
Indocin Erosion Volume Goal
|
| | (20% of overall Corporate Goals bonus for NEOs) | |
| Spectrum Integration | | | (15% of overall Corporate Goals bonus for NEOs) | |
NEO
|
| |
Individual Goals (30% Weighting)
|
|
Ajay Patel | | |
Operating Cash Flow
Spectrum Integration Holding Company Structure Financial Compliance |
|
Paul Schwichtenberg | | |
Assertio Distribution Set-up
Rolvedon Strategy Financial Management Spectrum Integration |
|
NEO
|
| |
Base
Salary |
| |
Bonus
Target % |
| |
Total
Corporate Multiplier % |
| |
Corporate
Weighting % |
| |
Total
Corporate Payout $ |
| |
Total
Individual Multiplier % |
| |
Individual
Weighting % |
| |
Total
Individual Payout $ |
| |
Total
Payout $ |
| ||||||||||||||||||||||||
Daniel A. Peisert
|
| | | $ | 616,583 | | | | | | 110% | | | | | | 62.6% | | | | | | 100% | | | | | $ | 424,579 | | | |
N/A
|
| |
N/A
|
| |
N/A
|
| | | $ | 424,579 | | | ||||||
Ajay Patel
|
| | | $ | 364,096 | | | | | | 45% | | | | | | 62.6% | | | | | | 70% | | | | | $ | 142,279 | | | | | | 120.0% | | | |
30%
|
| | | $ | 59,106 | | | | | $ | 131,051 | | |
Paul Schwichtenberg
|
| | | $ | 375,563 | | | | | | 45% | | | | | | 62.6% | | | | | | 70% | | | | | $ | 74,057 | | | | | | 115.0% | | | |
30%
|
| | | $ | 58,306 | | | | | $ | 132,363 | | |
NEO
|
| |
RSU Value
|
| |
Stock Option
Value |
| ||||||
Daniel A. Peisert
|
| | | $ | 1,000,000 | | | | | $ | 1,000,000 | | |
Ajay Patel
|
| | | $ | 250,000 | | | | | $ | 250,000 | | |
Paul Schwichtenberg
|
| | | $ | 250,000 | | | | | $ | 250,000 | | |
Tier
|
| |
Covered Executives
|
| |
Multiple of Salary
|
|
Tier One | | | Chief Executive Officer | | |
4x Salary
|
|
Tier Two | | | Other NEOs | | |
2x Salary
|
|
| | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Award Type
|
| |
Grant
Date |
| |
Number
of Securities Underlying Unexercised Options (#) Exercisable |
| |
Number
of Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Expiration
Date |
| |
Number
of Restricted Stock Units That have Not Vested (#) |
| |
Market
Value of Restricted Stock Units That have Not Vested ($)(1) |
| |||||||||||||||||||||
Daniel A. Peisert
|
| |
Stock Option(2)
|
| | | | 11/8/2017 | | | | | | 23,917 | | | | | | — | | | | | | 22.80 | | | | | | 11/8/2027 | | | | | | — | | | | | | — | | |
| Stock Option(3) | | | | | 5/19/2020 | | | | | | 50,001 | | | | | | — | | | | | | 3.20 | | | | | | 5/19/2030 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 189,394 | | | | | | 202,652 | | | ||
| Stock Option(5) | | | | | 12/1/2021 | | | | | | 623,334 | | | | | | 311,666 | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | | ||
| Stock Option(5) | | | | | 5/12/2022 | | | | | | 146,199 | | | | | | 292,397 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 304,137 | | | | | | 325,427 | | | ||
|
Performance Based
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Stock Option(6) | | | | | 5/12/2022 | | | | | | 400,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 205,804 | | | | | | 220,210 | | | ||
| Stock Option(5) | | | | | 2/21/2023 | | | | | | — | | | | | | 226,491 | | | | | | 5.18 | | | | | | 2/21/2029 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Award Type
|
| |
Grant
Date |
| |
Number
of Securities Underlying Unexercised Options (#) Exercisable |
| |
Number
of Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Expiration
Date |
| |
Number
of Restricted Stock Units That have Not Vested (#) |
| |
Market
Value of Restricted Stock Units That have Not Vested ($)(1) |
| |||||||||||||||||||||
Ajay Patel
|
| |
RSU(4)
|
| | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,348 | | | | | | 50,662 | | |
| Stock Option(5) | | | | | 12/1/2021 | | | | | | 156,667 | | | | | | 78,333 | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | | ||
| Stock Option(5) | | | | | 5/12/2022 | | | | | | 36,550 | | | | | | 73,099 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,034 | | | | | | 81,356 | | | ||
|
Performance Based
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Stock Option(6) | | | | | 5/12/2022 | | | | | | 200,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,451 | | | | | | 55,053 | | | ||
| Stock Option(5) | | | | | 2/21/2023 | | | | | | — | | | | | | 56,623 | | | | | | 5.18 | | | | | | 2/21/2029 | | | | | | — | | | | | | — | | | ||
Paul Schwichtenberg
|
| |
RSU(4)
|
| | | | 2/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,348 | | | | | | 50,662 | | |
| Stock Option(5) | | | | | 12/1/2021 | | | | | | 156,667 | | | | | | 78,333 | | | | | | 1.31 | | | | | | 12/1/2031 | | | | | | — | | | | | | — | | | ||
| Stock Option(5) | | | | | 5/12/2022 | | | | | | 36,550 | | | | | | 73,099 | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 5/12/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,034 | | | | | | 81,356 | | | ||
|
Performance Based
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Stock Option(6) | | | | | 5/12/2022 | | | | | | 200,000 | | | | | | — | | | | | | 2.63 | | | | | | 5/12/2032 | | | | | | — | | | | | | — | | | ||
| RSU(4) | | | | | 2/21/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,451 | | | | | | 55,053 | | | ||
| Stock Option(5) | | | | | 2/21/2023 | | | | | | — | | | | | | 56,623 | | | | | | 5.18 | | | | | | 2/21/2029 | | | | | | — | | | | | | — | | |
Year
|
| |
Summary
Compensation Table Total for PEO(1) |
| |
Compensation
Actually Paid to PEO(2) |
| |
Average
Summary Compensation Table Total for Non-PEO NEOs(3) |
| |
Average
Compensation Actually Paid to Non-PEO NEOs(4) |
| |
Value of Initial
Fixed $100 Investment Based On Total Shareholder Return(5) |
| |
Net Income
(Loss)(6) (in thousands) |
| ||||||||||||||||||
2023
|
| | | $ | 3,263,989 | | | | | $ | (3,632,048) | | | | | $ | 1,072,697 | | | | | $ | (1,186,801) | | | | | $ | 74 | | | | | $ | (331,942) | | |
2022
|
| | | $ | 5,993,818 | | | | | $ | 10,805,836 | | | | | $ | 2,118,886 | | | | | $ | 3,643,883 | | | | | $ | 299 | | | | | $ | 109,625 | | |
2021
|
| | | $ | 5,216,713 | | | | | $ | 4,561,299 | | | | | $ | 1,483,676 | | | | | $ | 1,326,543 | | | | | $ | 151 | | | | | $ | (1,281) | | |
Year
|
| |
Reported
Summary Compensation Table Total for PEO |
| |
Deduct
Reported Value of Equity Awards(a) |
| |
Add (Deduct)
Equity Award Adjustments(b) |
| |
Compensation
Actually Paid to PEO |
| ||||||||||||
2023
|
| | | $ | 3,263,989 | | | | | $ | 2,065,909 | | | | | $ | (4,830,128) | | | | | $ | (3,632,048) | | |
Year
|
| |
Year End
Fair Value of Equity Awards Granted in the Year and Unvested at Year End |
| |
Year over
Year Change in Fair Value of Outstanding and Unvested Equity Awards |
| |
Fair Value
as of Vesting Date of Equity Awards Granted and Vested in the Year |
| |
Year over
Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |
| |
Fair Value
at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year |
| |
Value of
Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value |
| |
Total
Equity Award Adjustments |
| |||||||||||||||||||||
2023
|
| | | $ | 270,139 | | | | | $ | (5,323,325) | | | | | | — | | | | | $ | 223,059 | | | | | | — | | | | | | — | | | | | $ | (4,830,128) | | |
Year
|
| |
Average
Reported Summary Compensation Table Total for Non-PEO NEOs |
| |
Deduct
Average Reported Value of Equity Awards |
| |
Add (Deduct)
Average Equity Award Adjustments(a) |
| |
Average
Compensation Actually Paid to Non-PEO NEOs |
| ||||||||||||
2023
|
| | | $ | 1,072,697 | | | | | $ | 516,478 | | | | | $ | (1,743,019) | | | | | $ | (1,186,801) | | |
Year
|
| |
Average
Year End Fair Value of Equity Awards Granted in the Year and Unvested at Year End |
| |
Year over
Year Average Change in Fair Value of Outstanding and Unvested Equity Awards |
| |
Average
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year |
| |
Year over
Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |
| |
Average Fair
Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year |
| |
Average
Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value |
| |
Total
Average Equity Award Adjustments |
| |||||||||||||||||||||
2023
|
| | | $ | 74,593 | | | | | $ | (1,872,218) | | | | | | — | | | | | $ | 54,605 | | | | | | — | | | | | | — | | | | | $ | (1,743,019) | | |
Committee Name
|
| |
Committee
Chair Retainer |
| |
Non-Chair Committee
Member Retainer |
| ||||||
Audit
|
| | | $ | 25,000 | | | | | $ | 12,500 | | |
Compensation
|
| | | $ | 20,000 | | | | | $ | 10,000 | | |
Nominating and Corporate Governance
|
| | | $ | 15,000 | | | | | $ | 6,000 | | |
Name
|
| |
Fees Earned
or Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(2) |
| |
Paid in
Total ($) |
| ||||||||||||
Heather L. Mason
|
| | | $ | 92,500 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 353,015 | | |
William T. McKee
|
| | | $ | 96,000 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 356,515 | | |
Peter D. Staple
|
| | | $ | 116,933 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 377,448 | | |
James L. Tyree
|
| | | $ | 86,379 | | | | | $ | 235,515 | | | | | $ | 25,000 | | | | | $ | 346,894 | | |
Sravan K. Emany
|
| | | $ | 8,804 | | | | | $ | 190,000 | | | | | $ | 25,000 | | | | | $ | 223,804 | | |
Jeffrey L. Vacirca
|
| | | $ | 23,016 | | | | | $ | 197,824 | | | | | $ | 25,000 | | | | | $ | 245,840 | | |
Name
|
| |
Options
|
| |
Restricted
Stock Units |
| ||||||
Heather L. Mason
|
| | | | 3,821 | | | | | | 31,194 | | |
William T. McKee
|
| | | | 11,138 | | | | | | 226,446 | | |
Peter D. Staple
|
| | | | 10,165 | | | | | | 44,565 | | |
James L. Tyree
|
| | | | 8,442 | | | | | | 31,194 | | |
Sravan K. Emany
|
| | | | 26,308 | | | | | | 177,570 | | |
Jeffrey L. Vacirca
|
| | | | 5,005 | | | | | | 34,767 | | |
Plan category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-
average exercise price of outstanding options, warrants and rights(1) |
| |
Number of
securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) |
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 6,998,734(2) | | | | | | 2.83(3) | | | | | | 5,345,943(4) | | |
Equity compensation plans not approved by security holders
|
| | | | 260,045(5) | | | | | | 3.15 | | | | | | 449,993(6) | | |
| | | | | 7,258,780 | | | | | | 2.84(3) | | | | | | 5,795,936 | | |
|
Number of new shares being authorized under 2014 Plan
|
| |
3,390,000
|
|
|
Number of shares available for future awards under 2014 Plan (no shares are available for future awards under the 2004 Plan or 2019 Zyla Plan)
|
| |
2,018,216
|
|
|
Number of shares relating to outstanding stock options
|
| |
7,566,350
|
|
|
Number of shares relating to awards of unvested restricted stock units
|
| |
2,564,724
|
|
|
Weighted average remaining term of outstanding stock options
|
| |
8.30 years
|
|
|
Weighted average exercise price of outstanding stock options . . . . . . . . . . . . . . . . . . . .
|
| |
$2.79
|
|
|
Total number of shares available for future awards under 2014 Plan if this proposal is
approved |
| |
5,408,216
|
|
| | |
Time-Based
Options Granted |
| |
Performance-
Based Options Granted |
| |
Performance-
Based Options Vested |
| |
RSU
Shares Granted |
| |
PSU
Shares Granted |
| |
PSU
Shares Vested |
| |
Net
Forfeitures/ Expirations(1) |
| |
Weighted
Average Number of Common Shares Outstanding |
| |
Burn
Rate (incl. PSUs & Performance- Based Options at Grant)(2) |
| |
Burn
Rate (incl. Vested PSUs & Vested Performance- Based Options)(3) |
| |
Burn
Rate (incl. Vested PSUs & Vested Performance- Based Options and Forfeitures/ Expirations)(4) |
| |||||||||||||||||||||||||||||||||
Fiscal 2023
|
| | | | 755,680 | | | | | | — | | | | | | 1,000,000 | | | | | | 977,425 | | | | | | — | | | | | | 1,000,000(5) | | | | | | 158,768 | | | | | | 71,031,000 | | | | | | 2.4% | | | | | | 5.2% | | | | | | 5.0% | | |
Fiscal 2022
|
| | | | 1,048,487 | | | | | | 1,000,000 | | | | | | — | | | | | | 1,460,515 | | | | | | 1,000,000 | | | | | | — | | | | | | 146,530 | | | | | | 47,003,524 | | | | | | 9.6% | | | | | | 5.3% | | | | | | 5.0% | | |
Fiscal 2021
|
| | | | 2,100,000 | | | | | | — | | | | | | — | | | | | | 2,230,065 | | | | | | — | | | | | | 19,054 | | | | | | 416,601 | | | | | | 43,169,000 | | | | | | 10.0% | | | | | | 10.1% | | | | | | 9.1% | | |
Name of Individual or Group
|
| |
Number of Options
Granted (#) |
| |
Number of Shares
Subject to Stock Awards Granted (#) |
| ||||||
Daniel A. Peisert
Former President & Chief Executive Officer |
| | | | 2,074,055 | | | | | | 1,818,781 | | |
Ajay Patel
Senior Vice President, Chief Financial Officer |
| | | | 941,272 | | | | | | 621,677 | | |
Paul Schwichtenberg
Senior Vice President, Chief Commercial Officer |
| | | | 941,272 | | | | | | 644,372 | | |
Sam Schlessinger
Senior Vice President, General Counsel |
| | | | 884,772 | | | | | | 564,438 | | |
All current executive officers as a group
|
| | | | 3,321,137 | | | | | | 2,107,424 | | |
All current non-executive directors as a group
|
| | | | 104,808 | | | | | | 1,081,004 | | |
Peter D. Staple
Non-executive director |
| | | | 10,165 | | | | | | 291,211 | | |
Sravan K. Emany
Non-executive director |
| | | | 26,308 | | | | | | 177,570 | | |
Sigurd C. Kirk
Non-executive director |
| | | | 118,702 | | | | | | — | | |
Heather L. Mason
Interim Chief Executive Officer and a director |
| | | | 553,821 | | | | | | 276,937 | | |
William T. McKee
Non-executive director |
| | | | 11,138 | | | | | | 288,728 | | |
Jeffrey L. Vacirca
Non-executive director |
| | | | 5,005 | | | | | | 34,767 | | |
All current employees, including all current officers who are not executive officers, as a group
|
| | | | 3,869,418 | | | | | | 1,169,198 | | |
| | |
Twelve Months Ended
December 31, |
| | | | |||||||||
| | |
2023
|
| |
2022
|
| |
Financial Statement Classification
|
| ||||||
GAAP Net (Loss) Income
|
| | | $ | (331,942) | | | | | $ | 109,625 | | | | | |
Interest expense
|
| | | | 3,380 | | | | | | 7,961 | | | | Interest expense | |
Income tax (expense) benefit
|
| | | | 77,888 | | | | | | (78,459) | | | | Income tax (expense) benefit | |
Depreciation expense
|
| | | | 702 | | | | | | 787 | | | | Selling, general and administrative expenses | |
Amortization of intangible
assets |
| | | | 27,527 | | | | | | 32,608 | | | | Amortization of intangible assets | |
EBITDA (Non-GAAP)
|
| | | | (222,445) | | | | | | 72,522 | | | | | |
Adjustments:
|
| | | | | | | | | | | | | | | |
Legacy product reserves(1)
|
| | | | (185) | | | | | | 1,290 | | | | Other revenue | |
Stock-based compensation
|
| | | | 9,158 | | | | | | 7,504 | | | | Selling, general and administrative expenses | |
Change in fair value of contingent
consideration(2) |
| | | | (25,538) | | | | | | 18,687 | | | |
Change in fair value of contingent consideration
|
|
Debt-related expenses(3)
|
| | | | 9,918 | | | | | | — | | | | Debt-related expenses | |
Transaction-related
expenses(4) |
| | | | 8,900 | | | | | | — | | | | Selling, general and administrative expenses | |
Loss on impairment of intangible assets(5)
|
| | | | 279,639 | | | | | | — | | | | Loss on impairment of intangible assets | |
Restructuring costs(6)
|
| | | | 5,476 | | | | | | — | | | | Restructuring charges | |
Other(7)
|
| | | | 2,820 | | | | | | 1,592 | | | | Multiple | |
Adjusted EBITDA (Non-GAAP)
|
| | | $ | 67,743 | | | | | $ | 101,595 | | | | | |
| | |
Twelve Months Ended December 31,
|
| |
Financial Statement
Classification |
| |||||||||
| | |
2023
|
| |
2022
|
| |||||||||
Amortization of inventory step-up
|
| | | $ | 5,167 | | | | | $ | 807 | | | | Cost of sales | |
Interest income on short-term investments
|
| | | | (2,403) | | | | | | — | | | |
Other gain (loss)
|
|
Derivative fair value adjustment
|
| | | | 56 | | | | | | 252 | | | |
Other gain (loss)
|
|
Gain on debt extinguishment
|
| | | | — | | | | | | (1,046) | | | |
Other gain (loss)
|
|
Loss recognized for expected credit loss
reserve |
| | | | — | | | | | | 1,579 | | | |
Other gain (loss)
|
|
Total Other
|
| | | $ | 2,820 | | | | | $ | 1,592 | | | | | |