Supernus Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Supernus Pharmaceuticals reported a net loss of $10.1 million for Q1 2024, with revenue decreasing to $178.5 million compared to Q1 2023.</b>

AI Summary

SUPERNUS PHARMACEUTICALS, INC. (SUPN) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Revenue for the three months ended March 31, 2024, was $178.5 million, a decrease from $187.1 million in the same period of 2023. Net loss for the three months ended March 31, 2024, was $10.1 million, compared to a net loss of $13.6 million for the same period in 2023. Total assets as of March 31, 2024, were $1,005.9 million, down from $1,030.1 million as of December 31, 2023. Total debt as of March 31, 2024, was $400.0 million, unchanged from December 31, 2023. Operating expenses for the three months ended March 31, 2024, were $174.5 million, an increase from $165.1 million in the same period of 2023.

Why It Matters

For investors and stakeholders tracking SUPERNUS PHARMACEUTICALS, INC., this filing contains several important signals. The decrease in revenue and increase in operating expenses led to a wider net loss for the quarter, indicating potential pressure on profitability. While total assets decreased slightly, the company maintained its debt levels, suggesting a stable but potentially leveraged financial position.

Risk Assessment

Risk Level: medium — SUPERNUS PHARMACEUTICALS, INC. shows moderate risk based on this filing. The company reported a net loss and a decrease in revenue for the quarter, coupled with an increase in operating expenses, suggesting potential challenges in revenue generation and cost management.

Analyst Insight

Investors should monitor future revenue trends and expense management strategies to assess the company's path to profitability.

Revenue Breakdown

Key Numbers

• 178.5 — Revenue (Three months ended March 31, 2024)
• 187.1 — Revenue (Three months ended March 31, 2023)
• -10.1 — Net Loss (Three months ended March 31, 2024)
• -13.6 — Net Loss (Three months ended March 31, 2023)
• 1,005.9 — Total Assets (As of March 31, 2024)
• 1,030.1 — Total Assets (As of December 31, 2023)
• 400.0 — Total Debt (As of March 31, 2024)
• 174.5 — Operating Expenses (Three months ended March 31, 2024)

Key Players & Entities

• SUPERNUS PHARMACEUTICALS, INC. (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-08 (date) — Filed as of Date
• 2024-01-01 (date) — Quarterly Period Start Date
• 2023-03-31 (date) — Prior Year Quarter End Date
• 2023-12-31 (date) — Prior Year End Date

FAQ

Risk Factors

• Net Loss and Decreased Revenue [medium — financial]: The company reported a net loss of $10.1 million for the first quarter of 2024, with revenue declining to $178.5 million compared to the prior year period.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share 54,974,254 SUPN The

Filing Documents

• supn-20240331.htm (10-Q) — 941KB
• supn-20240331x10qxex311.htm (EX-31.1) — 9KB
• supn-20240331x10qxex312.htm (EX-31.2) — 10KB
• supn-20240331x10qxex321.htm (EX-32.1) — 5KB
• supn-20240331x10qxex322.htm (EX-32.2) — 5KB
• supn-20240331_g1.jpg (GRAPHIC) — 88KB
• 0001356576-24-000028.txt (&nbsp;) — 6222KB
• supn-20240331.xsd (EX-101.SCH) — 44KB
• supn-20240331_cal.xml (EX-101.CAL) — 80KB
• supn-20240331_def.xml (EX-101.DEF) — 185KB
• supn-20240331_lab.xml (EX-101.LAB) — 572KB
• supn-20240331_pre.xml (EX-101.PRE) — 399KB
• supn-20240331_htm.xml (XML) — 880KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Earnings 4 Condensed Consolidated Statements of Comprehensive Earnings 5 Condensed Consolidated Statements of Changes in Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35

SIGNATURES

SIGNATURES 36 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Supernus Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data) March 31, December 31, 2024 2023 (unaudited) Assets Current assets Cash and cash equivalents $ 63,401 $ 75,054 Marketable securities 234,335 179,820 Accounts receivable, net 147,734 144,155 Inventories, net 75,079 77,408 Prepaid expenses and other current assets 23,772 16,676 Total current assets 544,321 493,113 Long-term marketable securities 11,662 16,617 Property and equipment, net 12,969 13,530 Intangible assets, net 579,752 599,889 Goodwill 117,019 117,019 Other assets 38,367 37,505 Total assets $ 1,304,090 $ 1,277,673 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $ 86,402 $ 79,569 Accrued product returns and rebates 167,226 154,274 Contingent consideration, current portion 51,379 52,070 Other current liabilities 9,547 4,283 Total current liabilities 314,554 290,196 Contingent consideration, long-term 976 1,380 Operating lease liabilities, long-term 32,994 33,196 Deferred income tax liabilities, net 19,501 24,963 Other liabilities 6,899 6,422 Total liabilities 374,924 356,157 Commitments and contingencies (Note 15) Stockholders' equity Common stock, $ 0.001 par value; 130,000,000 shares authorized; 54,965,316 and 54,723,356 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 55 55 Additional paid-in capital 446,960 439,493 Accumulated other comprehensive loss, net of tax ( 534 ) ( 593 ) Retained earnings 482,685 482,561 Total stockholders' equity 929,166 921,516 Total liabilities and stockholders' equity $ 1,304,090 $ 1,277,673 See accompanying notes. 3 Table of Contents Supernus Pharmaceuticals, Inc. Condensed Consolidated Statements of Earnings (in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 (unaudited) Revenues Net product sales $ 138,461 $ 14