Supernus Pharmaceuticals Files 2023 Annual Report on Form 10-K

TL;DR

<b>Supernus Pharmaceuticals filed its 2023 10-K report detailing financial performance and corporate information.</b>

AI Summary

SUPERNUS PHARMACEUTICALS, INC. (SUPN) filed a Annual Report (10-K) with the SEC on February 27, 2024. Supernus Pharmaceuticals, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 9715 Key West Avenue, Rockville, MD 20850. The filing covers the fiscal year 2023, with data from 2021, 2022, and 2023 being referenced. Key financial statement elements like common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are detailed for various periods. The report includes XBRL data tagged with USD currency and shares for financial reporting.

Why It Matters

For investors and stakeholders tracking SUPERNUS PHARMACEUTICALS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Supernus Pharmaceuticals' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including historical figures and balance sheet components, allows stakeholders to analyze trends, evaluate profitability, and understand the company's capital structure.

Risk Assessment

Risk Level: medium — SUPERNUS PHARMACEUTICALS, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains forward-looking statements and risk factors typical for a pharmaceutical company, requiring careful review by investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Supernus Pharmaceuticals' performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)
• 2023 — Reporting Fiscal Year (Filing values)
• 2022 — Previous Fiscal Year (Filing values)

Key Players & Entities

• SUPERNUS PHARMACEUTICALS, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 9715 KEY WEST AVENUE (address) — Business address
• ROCKVILLE (location) — Business address city
• MD (location) — Business address state
• 20850 (postal_code) — Business address zip
• 301-838-2500 (phone_number) — Business phone

FAQ

Industry Context

Supernus Pharmaceuticals operates within the pharmaceutical preparations industry, focusing on the development and commercialization of products for central nervous system (CNS) diseases.

Regulatory Implications

The company is subject to regulatory oversight by the U.S. Food and Drug Administration (FDA) and other health authorities regarding drug development, manufacturing, and marketing.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's product pipeline and any updates on clinical trials or regulatory approvals mentioned.
3. Assess the identified risk factors and their potential impact on future financial performance.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — NGE ON WHICH REGISTERED: Common Stock, $0.001 Par Value 54,734,956 SUPN NASDAQ Stock

Filing Documents

• supn-20231231.htm (10-K) — 2435KB
• supn-20231231xex1016.htm (EX-10.16) — 82KB
• supn-20231231xex1038.htm (EX-10.38) — 26KB
• supn-20231231xex1040.htm (EX-10.40) — 26KB
• supn-20231231xex1042.htm (EX-10.42) — 39KB
• supn-20231231xex1044.htm (EX-10.44) — 46KB
• supn-20231231xex1048.htm (EX-10.48) — 251KB
• supn-20231231xex19.htm (EX-19) — 51KB
• supn-20231231xex21.htm (EX-21) — 5KB
• supn-20231231xex231.htm (EX-23.1) — 2KB
• supn-20231231xex311.htm (EX-31.1) — 9KB
• supn-20231231xex312.htm (EX-31.2) — 10KB
• supn-20231231xex321.htm (EX-32.1) — 5KB
• supn-20231231xex322.htm (EX-32.2) — 5KB
• supn-20231231xex97.htm (EX-97) — 34KB
• image_1a.jpg (GRAPHIC) — 5KB
• supn-20231231_g1.jpg (GRAPHIC) — 88KB
• supn-20231231_g2.jpg (GRAPHIC) — 33KB
• 0001356576-24-000013.txt (&nbsp;) — 17509KB
• supn-20231231.xsd (EX-101.SCH) — 65KB
• supn-20231231_cal.xml (EX-101.CAL) — 112KB
• supn-20231231_def.xml (EX-101.DEF) — 323KB
• supn-20231231_lab.xml (EX-101.LAB) — 926KB
• supn-20231231_pre.xml (EX-101.PRE) — 614KB
• supn-20231231_htm.xml (XML) — 1622KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 27 Item 1B . Unresolved Staff Comments 66 Item 1C. Cybersecurit y 66 Item 2.

Properties

Properties 68 Item 3.

Legal Proceedings

Legal Proceedings 68 Item 4. Mine Safety Disclosures 75 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 75 Item 6. Reserved 76 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 77 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 89 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 90 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 132 Item 9A.

Controls and Procedures

Controls and Procedures 132 Item 9B. Other Information 133 PART III Item 10. Directors, Executive Officers and Corporate Governance 133 Item 11.

Executive Compensation

Executive Compensation 133 Item 12.

Security Ownership of Certain Owners and Management and Related Stockholder Matters

Security Ownership of Certain Owners and Management and Related Stockholder Matters 133 Item 13. Certain Relationships and Related Transactions, and Director Independence 134 Item 14. Principal Accounting Fees and Services 134 PART IV Item 15. Exhibits, Financial Statement Schedules 135 Item 16. Form 10-K Summary 135

SIGNATURES

SIGNATURES 2 Table of Contents Unless the content requires otherwise, the words "Supernus," "we," "our" and "the Company" refer to Supernus Pharmaceuticals, Inc. and/or one or more of its subsidiaries, as the case may be. These terms are used solely for the convenience of the reader. Supernus Pharmaceuticals, Inc. and each of its subsidiaries are distinct legal entities. For example, MDD US Operations, LLC, a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., is the exclusive licensee and distributor of APOKYN in the United States and its territories. Adamas Operations, LLC ("Adamas Operations"), a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., wholly owns the patents and patent applications related to GOCOVRI and Osmolex ER and has a license agreement with Supernus Pharmaceuticals, Inc., granting Supernus Pharmaceuticals, Inc. rights to market and sell GOCOVRI and Osmolex ER. We, including our subsidiaries, are the owner/licensee of various U.S. federal trademark registrations () and registration applications (TM), including the following marks referred to in this Annual Report on Form 10-K, pursuant to applicable U.S. intellectual property laws: "Supernus ", "Microtrol ", "Solutrol ", "Trokendi XR ", "Oxtellar XR ", "Qelbree ", "XADAGO ", "MYOBLOC ", "APOKYN ", "GOCOVRI ", "Osmolex ER ", "Namzaric ", and the registered Supernus Pharmaceuticals logo. All trademarks or trade names referred to in this Annual Report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Annual Report on Form 10-K are referred to without the and symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. 3 Table of Contents PART I This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the

BUSINESS

ITEM 1. BUSINESS. Overview Supernus Pharmaceuticals, Inc. (the Company) is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. Our diverse neuroscience portfolio includes approved treatments for epilepsy, migraine, attention-deficit hyperactivity disorder (ADHD), hypomobility in Parkinson's Disease (PD), cervical dystonia, chronic sialorrhea, dyskinesia in PD patients receiving levodopa-based therapy, and drug-induced extrapyramidal reactions in adult patients. The Company is developing a broad range of novel CNS product candidates including new potential treatments for hypomobility in PD, epilepsy, depression, and other CNS disorders. The Company was incorporated in Delaware, commenced operations in 2005, became publicly traded in 2012, and is listed on the NASDAQ Stock Exchange under the ticker symbol SUPN. Our principal executive offices are located in Rockville, Maryland. Our extensive expertise in product development has been built over the past 30 years: initially as a stand-alone development organization; then, as a United States (U.S.) subsidiary of Shire Plc (Shire, a subsidiary of Takeda Pharmaceutical Company Ltd.); then upon our acquisition of substantially all of the assets of Shire Laboratories, Inc. in 2005, as Supernus Pharmaceuticals. 4 Table of Contents Our Strategy Our mission is to improve the lives of patients suffering from CNS diseases. Our vision is to be a leader in the CNS industry by developing and commercializing new medicines for the treatment of CNS diseases. Key elements of our strategy to achieve this vision include: Drive growth and profitability. Using dedicated sales and marketing resources in the U.S., we will continue to drive the revenue growth of our marketed products. Advance product candidates toward commercialization. Several product candidates in our pipeline are in early-to-late stage clinical testing, and moving toward being