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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 11-K
 
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
 For the fiscal year ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 001-35006
 
 A.
    
    Full title of the plan and the address of the plan, if different from
that of the issuer named below:
 SPECTRUM PHARMACEUTICALS, INC.
 401(k) PLAN
 B.
    
    Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
 SPECTRUM PHARMACEUTICALS, INC.
11500 South Eastern Avenue, Suite 240
Henderson, Nevada 89052




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 Table of Contents
 Report of Independent Registered Public Accounting Firm
    
    
    2Financial Statements:Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009
    
    
    3Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010
    
    
    4Notes to Financial Statements
    
    
    5-11Supplemental Information:Schedule A, Part IV, Item 4a  Schedule of Delinquent Participant Contributions
    
    
    12Schedule of Assets (Held at Year-End)
    
    
    13Signatures
    
    
    14Exhibit Index
    
    
    15Exhibit 23.1
   1




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Report of Independent Registered Public Accounting Firm
 
      
  2




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 
 Statements of Net Assets Available for Benefits
 December 31,2010
    
    
    2009ASSETInvestments, at fair valueRegistered investment companies
    
    $
    3,001,835
    
    
    $
    2,070,093Common/collective trust
    
    
    775,958
    
    
    
    833,215Spectrum Pharmaceuticals, Inc. common stock fund
    
    
    1,892,537
    
    
    
    1,174,1685,670,330
    
    
    
    4,077,476Receivables:Employer contributions
    
    
    35,501
    
    
    
    Participant contributions
    
    
    666
    
    
    
    Notes receivable from participants
    
    
    96,433
    
    
    
    84,036132,600
    
    
    
    84,036NET ASSETS REFLECTING INVESTMENTS AT FAIR VALUE
    
    
    5,802,930
    
    
    
    4,161,512Adjustment from fair value to contract value for fully benefit-responsive investment contract
    
    
    (16,752
    )
    
    
    (1,668
    )NET ASSETS AVAILABLE FOR BENEFITS
    
    $
    5,786,178
    
    
    $
    4,159,844
   3




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 
 Statement of Changes in Net Assets Available for Benefits
 Year EndedDecember 31,2010ADDITIONS TO NET ASSETS ATTRIBUTED TO:Contributions:Participant
    
    $
    1,059,173Participant rollover contributions
    
    
    16,526Employer contributions
    
    
    600,1891,675,888Investment income (loss):Interest and dividends
    
    
    61,292Net appreciation in fair value of investments
    
    
    1,087,3461,148,638Interest
income from notes receivable from participants
    
    
    8,227Total additions
    
    
    2,832,753DEDUCTIONS TO NET ASSETS ATTRIBUTED TO:Distributions to participants
    
    
    1,205,144Administrative expenses
    
    
    1,275Total deductions from net assets
    
    
    1,206,419NET INCREASE IN PLAN NET ASSETS
    
    
    1,626,334NET ASSETS AVAILABLE FOR BENEFITS, AT BEGINNING OF YEAR
    
    
    4,159,844NET ASSETS AVAILABLE FOR BENEFITS, AT END OF YEAR
    
    $
    5,786,178
   4




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 
 Notes to Financial Statements
 December 31, 2010
 1. Description of the Plan
  General
      Administration
  Eligibility
   Contributions
    5




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 Notes to Financial Statements
December 31, 2010
 1. Description of the Plan (Continued)
 Participant Accounts
  Investment Options
  Vesting
  Years of Service(whole years)
    
    VestingLess than 2
    
    
    0
    %2
    
    
    20
    %3
    
    
    40
    %4
    
    
    60
    %5
    
    
    80
    %6 or more
    
    
    100
    %
 Distributions and Payments of Benefits
  Forfeitures
  Administrative Expenses
  Plan Termination
  Notes Receivable From Participants
   6




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 Notes to Financial Statements
December 31, 2010
 2. Summary of Significant Accounting Policies
 Basis of Accounting
  Plan Accounting Defined Contribution Pension Plans
 Use of Estimates
  Investment Valuation and Income Recognition
   Fully Benefit-Responsive Benefit Contracts
  Notes Receivable From Participants
  Risks and Uncertainties
  Payment of Benefits
  Contributions
  Operating Expenses
   7




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
Notes to Financial Statements
December 31, 2010
 2. Summary of Significant Accounting Policies (Continued)
 New Accounting Pronouncements
 Fair Value Measurements and
Disclosures  Improving Disclosures
 Reporting Loans to Participants by Defined
Contribution Pension Plans
 3. Fair Value Measurements
 Fair Value Measurements and Disclosures
 
    
    Level 1Quoted prices in active markets for identicalassets or liabilities.
 
    
    Level 2Inputs other than Level 1 that are observable, either directly or
indirectly; such as quoted prices for similarassets or liabilities, quoted
prices in markets that are not active; or other inputs that can be
corroborated by observable market data for substantially the full term of
the assets or liabilities.
 
    
    Level 3Unobservable inputs that are supported by little or no market
activity and that are significant to the fair value of the assets or
liabilities.
   8




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 Notes to Financial Statements
December 31, 2010
 3. Fair Value Measurements (Continued)
  Fair Value Measurements as of December 31, 2010Investment Category
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalRegistered Investment Companies:Large Growth Funds
    
    $
    1,298,432
    
    
    $
    
    
    
    $
    
    
    
    $
    1,298,432Small/Mid Growth Funds
    
    
    523,336
    
    
    
    
    
    
    
    
    
    
    
    523,336Balanced Funds
    
    
    762,085
    
    
    
    
    
    
    
    
    
    
    
    762,085Value Funds
    
    
    211,180
    
    
    
    
    
    
    
    
    
    
    
    211,180Fixed Income Funds
    
    
    206,802
    
    
    
    
    
    
    
    
    
    
    
    206,802Total Registered Investment Companies
    
    
    3,001,835
    
    
    
    
    
    
    
    
    
    
    
    3,001,835Common Stocks:Spectrum Pharmaceuticals Common Stock Fund
    
    
    1,892,537
    
    
    
    
    
    
    
    
    
    
    
    1,892,537Total Common Stocks
    
    
    1,892,537
    
    
    
    
    
    
    
    
    
    
    
    1,892,537Common/Collective Trust*
    
    
    
    
    
    
    775,958
    
    
    
    
    
    
    
    775,958Total Assets at Fair Value
    
    $
    4,894,372
    
    
    $
    775,958
    
    
    $
    
    
    
    $
    5,670,330
 Fair Value Measurements as of December 31, 2009Investment Category
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalRegistered Investment Companies:Large Growth Funds
    
    $
    838,675
    
    
    $
    
    
    
    $
    
    
    
    $
    838,675Small/Mid Growth Funds
    
    
    355,238
    
    
    
    
    
    
    
    
    
    
    
    355,238Balanced Funds
    
    
    591,444
    
    
    
    
    
    
    
    
    
    
    
    591,444Value Funds
    
    
    150,512
    
    
    
    
    
    
    
    
    
    
    
    150,512Fixed Income Funds
    
    
    134,224
    
    
    
    
    
    
    
    
    
    
    
    134,224Total Registered Investment Companies
    
    
    2,070,093
    
    
    
    
    
    
    
    
    
    
    
    2,070,093Common Stocks:Spectrum Pharmaceuticals Common Stock Fund
    
    
    1,174,168
    
    
    
    
    
    
    
    
    
    
    
    1,174,168Total Common Stocks
    
    
    1,174,168
    
    
    
    
    
    
    
    
    
    
    
    1,174,168Common/Collective Trust*
    
    
    
    
    
    
    833,215
    
    
    
    
    
    
    
    833,215Total Assets at Fair Value
    
    $
    3,244,261
    
    
    $
    833,215
    
    
    $
    
    
    
    $
    4,077,476
 *
    
    As stated in Note 2 above, the Stable Return Fund, which is deemed to be fully
benefit-responsive, is stated at fair value on the Statements of Net Assets Available for
Benefits, with a corresponding adjustment to reflect contract value. The fair value of this
fund as of December 31, 2010 and 2009 was $775,958 and $833,215, respectively. The contract
value of the fund as of December 31, 2010 and 2009, which is a component of net assets
available for benefits, totaled $759,206 and $831,547, respectively.  9




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 Notes to Financial Statements
December 31, 2010
 4. Investments
  As of December 31,Investment
    
    2010
    
    
    2009Spectrum Pharmaceuticals Common Stock
    
    $
    1,892,537
    
    
    $
    1,174,168Wells Fargo Stable Return
    
    
    775,958
    
    
    
    833,215Oppenheimer Developing Markets
    
    
    414,862
    
    
    
    297,992DWS Gold & Precious Metals Fund
    
    
    404,264
    
    
    
    234,644American Funds American Balanced R3
    
    
    **
    
    
    
    211,147American Funds EuroPacific R3
    
    
    **
    
    
    
    208,009
 **
    
    Not applicable as amount represents less than 5% of the Plans net assets available for benefits as of the applicable year end.  Year EndedDecember 31,Description
    
    2010Registered Investment Companies
    
    $
    423,552Common/Collective Trust
    
    
    (526
    )Spectrum Common Stock
    
    
    664,320Net increase in fair value of investments
    
    $
    1,087,346
 5. Related Party Transactions
  6. Concentration, Market and Credit Risk
  7. Tax Status of the Plan
    10




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 Notes to Financial Statements
December 31, 2010
 8. Subsequent Event
   11




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 EIN: 93-0979187, PN: 001
Supplementary Information
 
 Schedule H, Part IV, Item 4a 
Schedule of Delinquent Participant Contributions
 For the Year Ended December 31, 2010
 ParticipantContributions
    
    
    
    
    Total That ConstituteTransferred Late to
    
    
    
    
    Nonexempt ProhibitedPlan
    
    
    
    
    Transactions$
    54,363
    
    
    
    
    $
    54,363
   12




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Spectrum Pharmaceuticals, Inc. 401(k) Plan
 EIN: 93-0979187, PN: 001
Supplementary Information
 
 Schedule
of Assets (Held at Year-End)
As of December 31, 2010
 Description of
    
    Type of
    
    CurrentIdentity of Issue
    
    Investment
    
    Investment
    
    ValueAllianceBernstein L.P.
    
    AllianceBernstein Small/Mid Cap Value
    
    RIC
    
    $
    109,762Capital Research and Management Co.
    
    American Funds American Balanced R3
    
    RIC
    
    
    272,955Capital Research and Management Co.
    
    American Funds Bond Fund America R3
    
    RIC
    
    
    137,320Capital Research and Management Co.
    
    American Funds Capital World Bond R3
    
    RIC
    
    
    69,482Capital Research and Management Co.
    
    American Funds Capital World Growth & Income R3
    
    RIC
    
    
    101,418Capital Research and Management Co.
    
    American Funds EuroPacific R3
    
    RIC
    
    
    282,323Capital Research and Management Co.
    
    American Funds Growth Fund R3
    
    RIC
    
    
    228,610Capital Research and Management Co.
    
    American Funds Small Cap World R3
    
    RIC
    
    
    109,923BlackRock Funds
    
    BlackRock Energy & Resources
    
    RIC
    
    
    181,482Columbia Management
    
    Columbia Technology
    
    RIC
    
    
    222,254DWS Mutual Funds, Inc.
    
    DWS Gold & Precious Metals Fund
    
    RIC
    
    
    404,264Federated Government Obligations
    
    Federated Government Obligations IC
    
    RIC
    
    
    28,442Janus Investment Funds
    
    Janus Enterprise Fund
    
    RIC
    
    
    46,323Lord, Abbett & Co.
    
    Lord Abbett Small Cap Blend
    
    RIC
    
    
    107,690Munder Capital Management
    
    Munder Micro Cap Equity
    
    RIC
    
    
    65,108Oppenheimer Funds
    
    Oppenheimer Developing Markets
    
    RIC
    
    
    414,862Selected Funds
    
    Selected American Shares
    
    RIC
    
    
    141,699*
    
    Spectrum Pharmaceuticals, Inc.
    
    Spectrum Pharmaceuticals Common Stock Fund
    
    SPCS
    
    
    1,892,537Victory Capital Management
    
    Victory Special Value
    
    RIC
    
    
    77,918Wells Fargo Bank, NA
    
    Wells Fargo Stable Return
    
    CCT*
    
    
    775,958Total Investments
    
    
    
    
    5,670,330*
    
    Notes Receivable from Participants
    
    Notes Receivable from Participant
(maturing 2011 to 2025) at interest rates of 5.25% to 10.25%.
    
    
    
    
    96,433
 *
    
    Indicates a party-in-interest to the Plan.RIC  Registered Investment CompanyCCT   Common Collective TrustSPCS  Spectrum Pharmaceutical Common Stock  13




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SIGNATURE
  SPECTRUM PHARMACEUTICALS, INC. 401(k) PLANDate: June 28, 2011
    By:
    /s/ Shyam KumariaShyam KumariaSenior Vice President, Finance of
Spectrum Pharmaceuticals,
Inc.,
and 
Plan Trustee of
Spectrum Pharmaceuticals,
Inc. 401(k) Plan  14




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ExhibitNumber
    
    Exhibit Title23.1
    
    
    Consent of Independent Registered Public Accounting Firm, Windes & McClaughry Accountancy Corporation
  15