secwatch.observer — SEC 8-K summary
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Issuer:     Keenova Therapeutics plc (—)
CIK:        0001567892
Form:       8-K
Filed at:   2026-03-31T23:59:59+00:00
Accession:  0001628280-26-022200
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Keenova reports Q4 results above expectations but warns of potential debt defaults due to 10-K delay
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- Q4 continuing ops net sales $543M; Acthar Gel $205.6M, XIAFLEX $156.5M; adjusted EBITDA $210-220M.
- 2026 guidance: net sales $1.94-2.00B, adjusted EBITDA $730-760M; pursuing NYSE listing in H2 2026.
- Delay in 2025 10-K filing due to merger/spin-off accounting; will file by April 15, 2026.
- Covenant defaults triggered under $1.48B term loan and $1.0B notes if audited statements not delivered within grace periods.
- Exploring sale of Percocet opioid business (~$65M sales, $64M adjusted EBITDA in 2026).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1567892/000162828026022200/0001628280-26-022200-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1567892/000162828026022200/mnk-20260331.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-022200

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