AVADEL PHARMACEUTICALS PLC (AVDL) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — AVDL

Balance Sheet

(in millions USD)

Metric	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	79.81	63.40	56.37	28.58	28.85	35.79	51.81	49.99	83.39	60.72	54.13	60.87	58.17	67.14	59.17
Short-term Investments	11.76	18.15	10.11	37.23	42.54	53.00	101.37	110.53	17.53	45.76	49.99	62.61	122.92	135.70	145.80
Accounts Receivable	42.44	40.63	41.58	37.10	33.38	22.69	6.24	1.78	--	--	--	--	--	--	--
Inventory	23.91	23.48	20.41	16.10	13.31	11.93	5.29	1.44	--	--	--	--	--	--	--
Total Current Assets	172.23	159.10	139.26	127.26	125.78	136.04	172.26	171.23	109.47	113.22	125.71	160.74	205.82	230.70	242.31
Property, Plant & Equipment	0.47	0.47	0.31	0.47	0.48	0.53	0.65	0.72	0.78	0.90	0.25	0.27	0.30	0.32	0.34
Goodwill	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84	16.84
Total Non-current Assets*	27.22	28.05	28.69	31.00	31.74	31.86	30.85	29.75	31.27	32.54	32.23	60.39	58.27	51.89	50.63
Total Assets	199.45	187.16	167.95	158.25	157.52	167.90	203.10	200.98	140.74	145.76	157.94	221.13	264.09	282.59	292.94
Accounts Payable	12.58	10.11	9.12	7.92	9.79	18.96	13.26	11.79	10.02	2.48	7.32	6.05	6.87	5.12	2.82
Total Current Liabilities	62.49	57.07	50.93	42.78	44.61	47.81	54.05	51.50	79.36	41.51	46.22	44.02	17.59	16.28	9.12
Long-term Debt	--	--	--	--	--	--	--	0.00	93.14	109.93	108.07	116.53	142.09	141.77	141.46
Total Non-current Liabilities*	38.74	39.38	42.95	40.81	42.62	41.71	38.90	6.28	99.54	116.69	115.05	121.87	147.54	147.43	147.32
Total Liabilities	101.22	96.45	93.88	83.59	87.23	89.52	92.95	57.78	178.91	158.20	161.27	165.90	165.13	163.71	156.44
Retained Earnings	(789.56)	(789.58)	(799.25)	(789.28)	(786.66)	(772.84)	(716.71)	(680.44)	(616.00)	(557.77)	(537.62)	(474.18)	(425.45)	(403.45)	(383.87)
Total Stockholder Equity	98.23	90.71	74.07	74.66	70.29	78.38	110.15	143.19	(38.17)	(12.44)	(3.33)	55.23	98.96	118.88	136.50

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Total Revenue	77.47	68.13	52.51	50.41	50.03	41.50	27.18	19.45	7.01	1.50	0.00	0.00	0.00	0.00	--	0.00	0.00	0.00	0.00
Cost of Revenue	(4.12)	6.37	5.58	4.81	6.16	2.79	1.52	0.69	0.12	0.04	--	--	--	--	--	0.00	0.00	0.00	0.00
Gross Profit*	81.58	61.76	46.93	45.60	43.87	38.72	25.66	18.76	6.90	1.46	--	--	--	--	--	0.00	0.00	0.00	0.00
Research & Development	27.01	4.26	4.35	4.27	3.80	4.05	3.07	2.36	2.85	4.22	3.83	6.24	2.93	4.54	6.99	2.11	4.38	6.76	3.85
Selling, General & Admin	52.64	48.62	45.58	44.62	40.39	47.41	48.62	41.30	39.16	46.78	24.47	16.98	14.10	21.80	21.64	21.03	21.28	15.17	11.01
Total Operating Expenses*	79.65	52.88	49.94	48.89	44.20	51.46	51.69	23.04	42.01	51.00	--	--	16.96	29.94	--	23.14	25.66	21.94	14.81
Operating Income	1.94	8.88	(3.00)	(3.30)	(0.33)	(12.74)	(26.03)	(24.90)	(35.11)	(49.54)	(28.30)	(23.04)	(16.96)	(29.94)	(28.63)	(23.14)	(25.66)	(21.94)	(14.81)
Pretax Income	0.05	6.50	(4.84)	(4.96)	(2.54)	(14.33)	(27.25)	(28.89)	(36.18)	(64.34)	(31.36)	(27.36)	(20.08)	(33.25)	(30.75)	--	--	(23.35)	(16.05)
Tax Provision	0.03	(3.17)	0.08	0.08	0.09	(0.51)	0.09	(0.10)	0.09	0.09	(0.58)	0.09	0.07	30.19	(4.32)	(4.34)	(5.10)	(3.76)	(2.61)
Net Income	0.02	9.66	(4.92)	(5.04)	(2.62)	(13.82)	(27.34)	(28.79)	(36.27)	(64.43)	(30.78)	(27.45)	(20.15)	(63.44)	(26.42)	(22.30)	(22.00)	(19.58)	(13.44)
Basic EPS	0.00	0.10	(0.05)	(0.04)	(0.03)	(0.14)	(0.30)	(0.28)	(0.41)	(0.83)	(0.48)	(0.44)	(0.33)	(1.07)	(0.45)	(0.38)	(0.38)	(0.33)	(0.23)
Diluted EPS	0.00	0.10	(0.05)	(0.04)	(0.03)	(0.14)	(0.30)	(0.28)	(0.41)	(0.83)	(0.48)	(0.44)	(0.33)	(1.07)	(0.45)	(0.38)	(0.38)	(0.33)	(0.23)

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Operating Cash Flow	22.21	12.70	(8.23)	7.87	(6.89)	(18.19)	(29.70)	(28.03)	(38.23)	(32.02)	(30.23)	(15.37)	(6.80)	(14.09)	(34.04)	(22.51)	(21.24)	(10.15)	(23.41)
Capital Expenditures	0.01	0.18	--	--	--	--	--	0.00	0.00	--	--	0.00	0.72	0.00	0.00	0.00	0.00	0.00	0.03
Free Cash Flow*	22.20	12.52	--	--	--	--	--	(28.03)	(38.23)	--	--	(15.37)	(7.52)	(14.09)	(34.04)	(22.51)	(21.24)	(10.15)	(23.44)
Investing Cash Flow	(8.43)	(8.25)	12.32	14.91	4.93	10.55	21.39	27.93	9.82	(92.91)	5.07	22.88	2.52	12.05	42.25	15.32	12.29	18.12	11.19
Financing Cash Flow	2.51	0.98	0.69	0.88	1.18	0.72	13.19	(21.11)	30.46	91.54	34.44	6.62	10.72	(4.80)	2.01	0.00	0.11	0.00	0.15

* Derived from reported values