supn-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35518

SUPERNUS PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware

20-2590184

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

9715 Key West Avenue

Rockville

20850

(Address of principal executive offices)

(Zip Code)

(301) 838-2500

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Securities registered pursuant to Section 12(b) of the Exchange Act

Title of each class

Outstanding at April 28, 2026

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.001 par value per share

58,039,721

SUPN

The Nasdaq Global Market

Table of Contents

SUPERNUS PHARMACEUTICALS, INC.

FORM 10-Q — QUARTERLY REPORT

FOR THE QUARTERLY PERIOD ENDED March 31, 2026


			Page No.
PART I — FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Loss			4
Condensed Consolidated Statements of Comprehensive Loss			5
Condensed Consolidated Statements of Changes in Stockholders ' Equity			6
Condensed Consolidated Statements of Cash Flows			7
Notes to Condensed Consolidated Financial Statements			8
Item 2. Management 's Discussion and Analysis of Financial Condition and Results of Operations			31
Item 3. Quantitative and Qualitative Disclosures about Market Risk			40
Item 4. Controls and Procedures			41
PART II — OTHER INFORMATION
Item 1. Legal Proceedings			41
Item 1A. Risk Factors			47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			48
Item 3. Defaults Upon Senior Securities			48
Item 4. Mine Safety Disclosures			48
Item 5. Other Information			48
Item 6. Exhibits			49
SIGNATURES			50

Table of Contents

PART I — FINANCIAL INFORMATION

Supernus Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)


	March 31,		December 31,
	2026		2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	184,869	$	128,448
Marketable securities	199,372		180,222
Accounts receivable, net	182,183		187,802
Inventories, net	87,062		82,385
Prepaid expenses and other current assets	78,094		65,325
Total current assets	731,580		644,182
Restricted cash	1,450		1,450
Property and equipment, net	10,042		10,531
Intangible assets, net	549,712		569,456
Goodwill	120,668		124,882
Deferred income tax assets, net	30,820		38,351
Other assets	56,453		63,796
Total assets	$	1,500,725	$	1,452,648

Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued liabilities	$	101,244	$	107,800
Accrued product returns and rebates	189,720		161,097
Contingent consideration, current portion	—		31,052
Other current liabilities	82,965		38,222
Total current liabilities	373,929		338,171
Contingent consideration, long-term	206		206
Operating lease liabilities, long-term	30,267		30,365
Other liabilities	19,518		22,192
Total liabilities	423,920		390,934

Commitments and contingencies (Note 17)

Stockholders' equity
Common stock, $0.001 par value; 130,000,000 shares authorized; 58,039,721 and 57,457,462 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	58		57
Additional paid-in capital	561,419		543,825
Accumulated other comprehensive loss, net of tax	(255)		(44)
Retained earnings	515,583		517,876
Total stockholders' equity	1,076,805		1,061,714
Total liabilities and stockholders' equity	$	1,500,725	$	1,452,648

See accompanying notes.

Table of Contents

Supernus Pharmaceuticals, Inc.

Condensed Consolidated Statements of Loss

(in thousands, except share and per share data)


	Three Months Ended March 31,
	2026		2025
	(unaudited)
Revenues
Net product sales	$	150,753	$	141,988
Collaboration revenue (ZURZUVAE)	27,643		—
Royalty, licensing, and other revenues	29,309		7,836
Total revenues	207,705		149,824

Costs and expenses
Cost of revenues(a)	23,391		15,763
Research and development	39,438		26,927
Selling, general and administrative	125,173		89,944
Amortization of intangible assets	25,644		19,786
Contingent consideration loss	2,391		7,660
Total costs and expenses	216,037		160,080

Operating loss	(8,332)		(10,256)

Other income (expense)
Interest and other income, net	2,382		4,425
Total other income (expense), net	2,382		4,425

Loss before income taxes	(5,950)		(5,831)

Income tax expense (benefit)	(3,657)		5,996
Net loss	$	(2,293)	$	(11,827)

Loss per share
Basic	$	(0.04)	$	(0.21)
Diluted	$	(0.04)	$	(0.21)

Weighted average shares outstanding
Basic	57,647,548		55,864,692
Diluted	57,647,548		55,864,692

_____________________________

(a) Excludes amortization of intangible assets

See accompanying notes.

Table of Contents

Supernus Pharmaceuticals, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)


	Three Months Ended March 31,
	2026		2025
	(unaudited)
Net loss	$	(2,293)	$	(11,827)
Other comprehensive gain (loss)
Unrealized gain (loss) on marketable securities, net of tax	(211)		30
Other comprehensive gain (loss)	(211)		30
Comprehensive loss	$	(2,504)	$	(11,797)

See accompanying notes.

Table of Contents

Supernus Pharmaceuticals, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited, in thousands, except share data)


j	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Stockholders' Equity
	Shares	Amount
Balance, December 31, 2025	57,457,462	$	57	$	543,825	$	(44)	$	517,876	$	1,061,714
Share-based compensation expense related to employee stock purchase plan and share-based awards	—	—		8,480		—		—		8,480
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	582,259	1		9,114		—		—		9,115
Net loss	—	—		—		—		(2,293)		(2,293)
Unrealized loss on marketable securities, net of tax	—	—		—		(211)		—		(211)
Balance, March 31, 2026	58,039,721	$	58	$	561,419	$	(255)	$	515,583	$	1,076,805


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Stockholders' Equity
	Shares	Amount
Balance, December 31, 2024	55,743,095	$	56	$	479,440	$	(189)	$	556,426	$	1,035,733
Share-based compensation expense related to employee stock purchase plan and share-based awards	—	—		8,068		—		—		8,068
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	246,153	—		(1,299)		—		—		(1,299)
Net loss	—	—		—		—		(11,827)		(11,827)
Unrealized gain on marketable securities, net of tax	—	—		—		30		—		30
Balance, March 31, 2025	55,989,248	$	56	$	486,209	$	(159)	$	544,599	$	1,030,705

See accompanying notes.

Table of Contents

Supernus Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)


	Three Months Ended March 31,
	2026		2025
	(unaudited)
Cash flows from operating activities
Net loss	$	(2,293)	$	(11,827)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	26,132		20,383
Amortization of premium/discount on marketable securities	(192)		(1,074)
Change in fair value of contingent consideration	2,391		7,660
Realized loss (gain) from sale of marketable securities	(21)		9
Share-based compensation expense	8,480		8,068
Deferred income tax expense (benefit)	5,916		(3,990)
Noncash lease expense	2,258		1,341
Inventory valuation write-down	1,815		547
Payment of contingent consideration	—		(4,900)
Other noncash adjustments, net	284		476
Changes in operating assets and liabilities:
Accounts receivable	5,619		(3,563)
Inventories	(105)		4,731
Prepaid expenses and other assets	(12,432)		7,372
Accrued product returns and rebates	28,623		1,428
Accounts payable and other liabilities	49		3,938
Net cash provided by operating activities	66,524		30,599

Cash flows from investing activities
Purchases of marketable securities	(78,438)		(118,557)
Maturities of marketable securities	59,220		156,201
Purchases of property and equipment	—		(327)
Net cash provided by (used in) investing activities	(19,218)		37,317

Cash flows from financing activities
Proceeds from issuance of common stock	13,670		2,042
Employee taxes paid related to net share settlement of equity awards	(4,555)		(3,341)
Payment of contingent consideration	—		(20,100)
Net cash provided by (used in) financing activities	9,115		(

SEC Form 10-Q filed by Supernus Pharmaceuticals Inc.