Amarin Corporation (AMRN) presents a mixed but net-positive liquidation posture as of March 31, 2026, driven primarily by a large cash and short-term investment pool offset by a structurally oversized inventory position. Aggregate liquid assets (cash $131.1M, short-term investments $176.8M, net AR $108.1M) sum to approximately $416M at or near face value under liquidation assumptions. Against this, total liabilities stand at $196.4M at face value, with the current portion ($179.6M) dominated by accounts payable ($48.2M) and accrued liabilities. The company carries zero financial debt, which is a meaningful positive asymmetry in the liability stack. The MFFAIS operating liquidation value of $237.5M reflects the going-concern contribution of the inventory and AR base. The cash liquidation value of -$54.2M reflects the liability burden relative to the most conservative asset set (cash and equivalents alone). The liquid liquidation value of approximately $53.9M represents the residual after applying standard haircuts to current assets and settling all liabilities at face. The most significant liquidation risk is the $183.6M inventory balance, of which 65% is approved only for non-U.S. markets and thus faces materially lower realizability. At a 60% recovery rate, inventory yields roughly $110M, not book value. On the liability side, a $189M unconditional purchase obligation (supply chain commitments) does not extinguish on windup and is tagged in XBRL—this is a critical contingent liability that would crystallize in full in a liquidation scenario and is not reflected in the $196M total liabilities figure on the balance sheet. Including this obligation at face, effective liquidation liabilities approach $385M, which erodes the apparent positive recovery materially. Intangible assets ($12.7M net book value) receive zero recovery under the liquidation lens; they are not separately discussed as impaired in this period. Restructuring reserve ($5.2M) and other noncurrent liabilities ($11.1M) must be settled in full. The operating lease liability ($7.7M) does not extinguish; undiscounted payments total $9.6M through 2030. The Recordati partnership (June 2025) has restructured the European commercial operation, shifting it to a royalty model and eliminating direct European headcount, which has reduced the SG&A run rate from $36.6M to $21.1M QoQ and improved operating cash flow from -$12.5M to +$6.4M. This cost reduction is not a liquidation-value event but does reduce the rate of cash consumption. The deferred tax asset position is fully reserved (valuation allowance effectively eliminates it from liquidation recovery). No goodwill exists on the balance sheet. The accumulated deficit of $1.717B is a balance sheet artifact and does not affect liquidation recovery arithmetic directly.
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