2024 Q2 Form 10-Q Financial Statement

#000101247724000012 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $41.50M $27.18M $0.00
YoY Change 2674.33%
Cost Of Revenue $2.788M $1.522M $0.00
YoY Change 7644.44%
Gross Profit $38.72M $25.66M $0.00
YoY Change 2551.78%
Gross Profit Margin 93.28% 94.4%
Selling, General & Admin $47.41M $48.62M $24.47M
YoY Change 1.34% 98.72% 13.09%
% of Gross Profit 122.45% 189.52%
Research & Development $4.051M $3.068M $3.830M
YoY Change -4.07% -19.9% -45.22%
% of Gross Profit 10.46% 11.96%
Depreciation & Amortization $437.0K $541.0K $588.0K
YoY Change -27.29% -7.99% 127.03%
% of Gross Profit 1.13% 2.11%
Operating Expenses $51.46M $51.69M $28.30M
YoY Change 0.89% 82.67% -1.15%
Operating Profit -$12.74M -$26.04M -$28.30M
YoY Change -74.28% -8.0% -1.15%
Interest Expense -$2.716M -$2.592M -$3.259M
YoY Change 18.34% -20.47% 61.58%
% of Operating Profit
Other Income/Expense, Net $1.126M $1.378M $193.0K
YoY Change 80.74% 613.99% -285.58%
Pretax Income -$14.33M -$27.25M -$31.36M
YoY Change -77.73% -13.12% 2.01%
Income Tax -$509.0K $93.00K -$580.0K
% Of Pretax Income
Net Earnings -$13.82M -$27.34M -$30.78M
YoY Change -78.55% -11.18% 16.5%
Net Earnings / Revenue -33.3% -100.6%
Basic Earnings Per Share -$0.14 -$0.30 -$0.48
Diluted Earnings Per Share -$0.14 -$0.30 -$0.48
COMMON SHARES
Basic Shares Outstanding 96.12M shares 90.58M shares 64.48M shares
Diluted Shares Outstanding 96.15M shares 91.69M shares 63.89M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.38M $88.79M $100.9M
YoY Change -55.53% -12.02% -18.27%
Cash & Equivalents $28.85M $35.79M $83.39M
Short-Term Investments $42.54M $53.00M $17.53M
Other Short-Term Assets $672.0K $3.320M $542.0K
YoY Change -89.6% 512.55% 247.44%
Inventory $13.31M $11.93M
Prepaid Expenses $6.109M $8.013M $5.384M
Receivables $33.38M $22.69M $269.0K
Other Receivables $927.0K $1.293M $2.352M
Total Short-Term Assets $125.8M $136.0M $109.5M
YoY Change -26.54% 24.27% -31.9%
LONG-TERM ASSETS
Property, Plant & Equipment $484.0K $526.0K $782.0K
YoY Change -75.18% -32.74% 191.79%
Goodwill $16.84M $16.84M $16.84M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.02M $11.77M $10.93M
YoY Change 13.99% 7.66% -72.42%
Total Long-Term Assets $31.74M $31.86M $31.27M
YoY Change 6.71% 1.9% -48.22%
TOTAL ASSETS
Total Short-Term Assets $125.8M $136.0M $109.5M
Total Long-Term Assets $31.74M $31.86M $31.27M
Total Assets $157.5M $167.9M $140.7M
YoY Change -21.62% 19.3% -36.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.794M $18.96M $10.02M
YoY Change -16.9% 89.17% 65.72%
Accrued Expenses $33.71M $27.64M $7.683M
YoY Change 81.34% 259.78% -18.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.52M
YoY Change -21.65%
Total Short-Term Liabilities $44.61M $47.81M $79.36M
YoY Change -13.38% -39.76% 80.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $93.14M
YoY Change -100.0% -20.07%
Other Long-Term Liabilities $5.819M $5.925M $5.767M
YoY Change -7.37% 2.74% 49.91%
Total Long-Term Liabilities $5.819M $5.925M $98.91M
YoY Change -7.37% -94.01% -17.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.61M $47.81M $79.36M
Total Long-Term Liabilities $5.819M $5.925M $98.91M
Total Liabilities $87.23M $89.52M $178.9M
YoY Change 50.96% -49.97% 7.84%
SHAREHOLDERS EQUITY
Retained Earnings -$786.7M -$772.8M -$616.0M
YoY Change 15.61% 25.46% 29.91%
Common Stock $881.2M $875.0M $603.9M
YoY Change 3.72% 44.9% 8.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.29M $78.38M -$38.17M
YoY Change
Total Liabilities & Shareholders Equity $157.5M $167.9M $140.7M
YoY Change -21.62% 19.3% -36.35%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$13.82M -$27.34M -$30.78M
YoY Change -78.55% -11.18% 16.5%
Depreciation, Depletion And Amortization $437.0K $541.0K $588.0K
YoY Change -27.29% -7.99% 127.03%
Cash From Operating Activities -$18.19M -$29.70M -$30.23M
YoY Change -43.21% -1.75% -11.2%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.55M $21.39M $5.066M
YoY Change -111.36% 322.17% -88.01%
Cash From Investing Activities $10.55M $21.39M $5.066M
YoY Change -111.36% 322.17% -88.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 723.0K $13.19M $34.44M
YoY Change -99.21% -61.7% 1614.39%
NET CHANGE
Cash From Operating Activities -18.19M -$29.70M -$30.23M
Cash From Investing Activities 10.55M $21.39M $5.066M
Cash From Financing Activities 723.0K $13.19M $34.44M
Net Change In Cash -6.913M $4.627M $9.410M
YoY Change -79.29% -50.83% -7.43%
FREE CASH FLOW
Cash From Operating Activities -$18.19M -$29.70M -$30.23M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Payments To Acquire Marketable Securities
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97679000 usd
CY2023Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
10229000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
21387000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5066000 usd
CY2024Q1 avdl Proceeds Received In Advance Of Share Issuance
ProceedsReceivedInAdvanceOfShareIssuance
0 usd
CY2023Q1 avdl Proceeds Received In Advance Of Share Issuance
ProceedsReceivedInAdvanceOfShareIssuance
40000000 usd
CY2024Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 usd
CY2023Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
17500000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9250000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11913000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3940000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
29000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13190000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34442000 usd
CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-246000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4627000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9410000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31167000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73981000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35794000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
83391000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
730000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
3050000 usd
CY2023Q2 avdl Orphan Drug Exclusivity Term
OrphanDrugExclusivityTerm
P7Y
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified within the notes to the unaudited condensed consolidated financial statements to condense line items of the same nature to conform with the current year presentation.</span></div>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
52394000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
601000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
52995000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
72990000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
954000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
73944000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
398000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
1000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
61000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
52995000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
0 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
0 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
0 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
52995000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.003
CY2024Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
3368000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
5291000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1359000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2037000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7201000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3052000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
11928000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
10380000 usd
CY2023Q1 avdl Royalty Financing Proceeds Maximum
RoyaltyFinancingProceedsMaximum
75000000 usd
CY2023Q1 avdl Royalty Financing Quarterly Net Revenue Target
RoyaltyFinancingQuarterlyNetRevenueTarget
25000000 usd
CY2023Q1 avdl Royalty Financing Quarterly Royalty Payment Percentage
RoyaltyFinancingQuarterlyRoyaltyPaymentPercentage
0.0375
CY2023Q1 avdl Royalty Financing Proceeds Maximum
RoyaltyFinancingProceedsMaximum
75000000 usd
CY2023Q1 avdl Royalty Financing Proceeds Maximum
RoyaltyFinancingProceedsMaximum
75000000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
93000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-580000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.018
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8013000 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4373000 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
3320000 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
913000 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11333000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5286000 usd
CY2024Q1 avdl Operating Lease Right Of Use Asset Contract Manufacturing Noncurrent
OperatingLeaseRightOfUseAssetContractManufacturingNoncurrent
11575000 usd
CY2023Q4 avdl Operating Lease Right Of Use Asset Contract Manufacturing Noncurrent
OperatingLeaseRightOfUseAssetContractManufacturingNoncurrent
9905000 usd
CY2024Q1 avdl Other Noncurrent Receivables
OtherNoncurrentReceivables
193000 usd
CY2023Q4 avdl Other Noncurrent Receivables
OtherNoncurrentReceivables
247000 usd
CY2024Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11768000 usd
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10152000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15594000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
11961000 usd
CY2024Q1 avdl Remaining Performance Obligation Reserve Current
RemainingPerformanceObligationReserveCurrent
5712000 usd
CY2023Q4 avdl Remaining Performance Obligation Reserve Current
RemainingPerformanceObligationReserveCurrent
4044000 usd
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
5317000 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
7492000 usd
CY2024Q1 avdl Royalty Financing Liability Current
RoyaltyFinancingLiabilityCurrent
1019000 usd
CY2023Q4 avdl Royalty Financing Liability Current
RoyaltyFinancingLiabilityCurrent
730000 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27642000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24227000 usd
CY2024Q1 avdl Tax Liabilities And Other Noncurrent Liabilities
TaxLiabilitiesAndOtherNoncurrentLiabilities
5498000 usd
CY2023Q4 avdl Tax Liabilities And Other Noncurrent Liabilities
TaxLiabilitiesAndOtherNoncurrentLiabilities
5407000 usd
CY2024Q1 us-gaap Guaranty Liabilities
GuarantyLiabilities
427000 usd
CY2023Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
247000 usd
CY2024Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5925000 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5654000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-27342000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-30784000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91693000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63886000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91693000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63886000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
867000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12463000 shares
CY2024Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 usd
CY2023Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001012477-24-000012.txt Edgar Link pending
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avdl-20240331.htm Edgar Link pending
avdl-20240331.xsd Edgar Link pending
exhibit311q12024.htm Edgar Link pending
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exhibit321q12024.htm Edgar Link pending
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avdl-20240331_def.xml Edgar Link unprocessable
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avdl-20240331_htm.xml Edgar Link completed
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avdl-20240331_cal.xml Edgar Link unprocessable