0001356576-24-000051 | 10-Q | XBRL Viewer | Supernus Pharmaceuticals INC

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Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (SEC) for interim financial information. As permitted under Generally Accepted Accounting Principles in the United States (U.S. GAAP), certain notes and other information have been omitted from the interim unaudited condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC. In management’s opinion, the unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. The results of operations for any interim period are not necessarily indicative of the Company’s future quarterly or annual results. The Company, which is primarily located in the U.S., operates in one operating segment. Reclassifications The prior year amount related to the caption Employee taxes paid related to net share settlement of equity awards in the condensed consolidated statements of cash flows has been reclassified to conform to current year presentation. The reclassification did not affect the other condensed consolidated financial statements. Consolidation The Company's unaudited condensed consolidated financial statements include the accounts of Supernus Pharmaceuticals, Inc. and its wholly owned subsidiaries. These are collectively referred to herein as "Supernus" or "the Company." Supernus Pharmaceuticals, Inc. and each of its subsidiaries are distinct legal entities. All material intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect the consolidation of entities in which the Company has a controlling financial interest. In determining whether there is a controlling financial interest, the Company considers if it has a majority of the voting interests of the entity, or if the entity is a variable interest entity (VIE) and if the Company is the primary beneficiary. In determining the primary beneficiary of a VIE, the Company evaluates whether it has both: the power to direct the activities of the VIE that most significantly impact the VIE's economic performance; and the obligation to absorb losses of, or the right to receive benefits from the VIE that could potentially be significant to that VIE. The Company's judgment with respect to its level of influence or control of an entity involves the consideration of various factors, including the form of an ownership interest; representation in the entity's governance; the size of the investment; estimates of future cash flows; the ability to participate in policymaking decisions; and the rights of the other investors to participate in the decision making process, including the right to liquidate the entity, if applicable. If the Company is not the primary beneficiary of the VIE, and an ownership interest is maintained in the entity, the interest is accounted for under the equity or cost methods of accounting, as appropriate. The Company continuously assesses whether it is the primary beneficiary of a VIE as changes to existing relationships or future transactions may affect its conclusions. Use of Estimates The Company bases its estimates on: historical experience; forecasts; information received from its service providers; information from other sources, including public and proprietary sources; and other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from the Company’s estimates. The Company periodically evaluates the methodologies employed in making its estimates. Advertising Expense Advertising expense includes the cost of promotional materials and activities, such as printed materials and digital marketing, marketing programs and speaker programs. The cost of the Company's advertising efforts is expensed as incurred. The Company incurred approximately $23.5 million and $47.9 million in advertising expense for the three and six months ended June 30, 2024, respectively, and approximately $25.9 million and $51.8 million for the three and six months ended June 30, 2023. These expenses are recorded as a component of Selling, general and administrative expenses in the unaudited condensed consolidated statements of earnings (loss). Recently Issued Accounting Pronouncements and Disclosure Rules New Accounting Pronouncements Not Yet Adopted Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) - The new standard, issued in November 2023, improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing reporting requirements under Topic 280. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company plans to adopt the guidance for the fiscal year ending December 31, 2024. The Company expects ASU 2023-07 to require additional disclosures in the notes to its consolidated financial statements. The Company is currently evaluating the effects the adoption of this guidance will have on the consolidated financial statements. ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) - The new standard, issued in December 2023, requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. The standard is effective with annual periods beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. The Company plans to adopt the guidance for the fiscal year ending December 31, 2025. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements. The Company is currently evaluating the effects the adoption of this guidance will have on the consolidated financial statements. SEC Final Climate Rule In March 2024, the U.S. Securities and Exchange Commission (SEC) adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (Final Rule). This rule will require registrants to disclose certain climate-related information in registration statements and annual reports with staggered compliance dates for large accelerated filers for the fiscal year beginning 2025 through 2033 for the various aspects of the Final Rule. On April 4, 2024, the SEC issued an order staying the Final Rule. The SEC’s administrative stay is expected to remain in place until the completion of litigation filed in various federal courts challenging, among other things, the agency’s authority to adopt the Final Rule. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

Income Tax Expense (Benefit)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

The following table provides information regarding the Company’s income tax expense (benefit) for the three and six months ended June 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(unaudited)						(unaudited)
Income tax expense (benefit)	$	6,386		$	(16,296)		$	6,505		$	(24,227)
Effective tax rate	24.3		%	95.1		%	24.5		%	298.7		%

Income tax expense was $6.4 million and $6.5 million for the three and six months ended June 30, 2024, as compared to an income tax benefit of $16.3 million and $24.2 million for the three and six months ended June 30, 2023. The change in both periods was primarily due to increased pre-tax income for the three and six months ended June 30, 2024 as compared to the same period in 2023. The effective tax rate for the three and six months ended June 30, 2024 was lower compared to the same period in 2023 primarily due to an increase in pre-tax income forecasted for the full year 2024 and the near break-even pre-tax losses forecast in 2023. The annual forecasted earnings represent the Company's best estimate as of June 30, 2024 and 2023, are subject to change and could have a material impact on the effective tax rate in subsequent periods. Accounting Standard Codification 740, Income Taxes (ASC 740), requires the Company to estimate the annual effective income tax rate for the full year and apply it to pre-tax income (loss) for each interim period, taking into account year-to-date amounts and projected results for the full year.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net earnings (loss)	$ 19,916	$ 124	$ (831)	$ 16,948	$ 20,040	$ 16,117
After-tax interest expense for 2023 Notes	0		0		0	892
Numerator for dilutive earnings (loss) per share	$ 19,916		$ (831)		$ 20,040	$ 17,009
Denominator:
Weighted average shares outstanding, basic (in shares)	54,978,781		54,502,993		54,890,265	54,442,463
Effect of dilutive securities:
Stock options, RSUs and SARs (in shares)	745,502		0		785,209	1,181,983
Convertible notes (in shares)	0		0		0	3,410,708
Weighted average shares outstanding, diluted (in shares)	55,724,283		54,502,993		55,675,474	59,035,154
Earnings (loss) per share, basic (in dollars per share)	$ 0.36		$ (0.02)		$ 0.37	$ 0.30
Earnings (loss) per share, diluted (in dollars per share)	$ 0.36		$ (0.02)		$ 0.36	$ 0.29

Disaggregated Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 168,325	$ 135,563	$ 311,969	$ 289,327
Net product sales
Disaggregation of Revenue [Line Items]
Total revenues	162,538	128,336	300,999	268,911
Qelbree
Disaggregation of Revenue [Line Items]
Total revenues	59,395	30,977	104,499	56,759
GOCOVRI
Disaggregation of Revenue [Line Items]
Total revenues	31,703	28,751	58,265	54,761
Oxtellar XR
Disaggregation of Revenue [Line Items]
Total revenues	29,516	23,800	56,459	52,715
APOKYN
Disaggregation of Revenue [Line Items]
Total revenues	17,295	17,605	33,944	34,814
Trokendi XR
Disaggregation of Revenue [Line Items]
Total revenues	17,086	19,319	33,075	54,109
Other
Disaggregation of Revenue [Line Items]
Total revenues	7,543	7,884	14,757	15,753
Royalty, licensing and other revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,787	$ 7,227	$ 10,970	$ 20,416

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 52,089	$ 75,054
Marketable securities	295,098	179,820
Accounts receivable, net	152,494	144,155
Inventories, net	68,155	77,408
Prepaid expenses and other current assets	23,166	16,676
Total current assets	591,002	493,113
Long-term marketable securities	0	16,617
Property and equipment, net	12,274	13,530
Intangible assets, net	559,644	599,889
Goodwill	117,019	117,019
Other assets	35,890	37,505
Total assets	1,315,829	1,277,673
Current liabilities
Accounts payable and accrued liabilities	82,611	79,569
Accrued product returns and rebates	175,119	154,274
Contingent consideration, current portion	47,303	52,070
Other current liabilities	3,623	4,283
Total current liabilities	308,656	290,196
Contingent consideration, long-term	697	1,380
Operating lease liabilities, long-term	30,294	33,196
Deferred income tax liabilities, net	11,440	24,963
Other liabilities	7,288	6,422
Total liabilities	358,375	356,157
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, $0.001 par value; 130,000,000 shares authorized; 55,046,049 and 54,723,356 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	55	55
Additional paid-in capital	455,170	439,493
Accumulated other comprehensive loss, net of tax	(372)	(593)
Retained earnings	502,601	482,561
Total stockholders’ equity	957,454	921,516
Total liabilities and stockholders’ equity	$ 1,315,829	$ 1,277,673

Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Operating lease assets	$ 27,766	$ 28,994
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Liabilities
Operating lease liabilities, current portion	$ 9,683	$ 8,331
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Operating lease liabilities, long-term	$ 30,294	$ 33,196
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating lease liabilities, long-term	Operating lease liabilities, long-term
Total lease liabilities	$ 39,977	$ 41,527

Composition of Other Balance Sheet Items

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Composition of Other Balance Sheet Items

The following details the composition of other balance sheet items (dollars in thousands for amounts in tables):

Inventories, Net


	June 30, 2024		December 31, 2023
	(unaudited)
Raw materials	$	15,899	$	16,274
Work in process	23,590		31,212
Finished goods	28,666		29,922
Total	$	68,155	$	77,408

Property and Equipment, Net


	June 30, 2024		December 31, 2023
	(unaudited)
Lab equipment and furniture	$	13,035	$	13,069
Leasehold improvements	14,023		14,023
Software	883		883
Computer equipment	960		960
	28,901		28,935
Less accumulated depreciation and amortization	(16,627)		(15,405)
Property and equipment, net	$	12,274	$	13,530

Depreciation and amortization expense on property and equipment was approximately $0.6 million and $1.2 million for the three and six months ended June 30, 2024, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively.

Accounts Payable and Accrued Liabilities


	June 30, 2024		December 31, 2023
	(unaudited)
Accounts payable	$	4,628	$	1,964
Accrued compensation, benefits, & related accruals	17,039		20,722
Accrued sales & marketing	16,444		11,666
Accrued manufacturing expenses	8,745		11,652
Accrued R&D expenses	9,847		10,530
Operating lease liabilities, current portion (1)	9,683		8,331
Accrued royalties (2)	6,861		7,918
Other accrued expenses	9,364		6,786
Total	$	82,611	$	79,569

_______________________________

(1) Refer to Note 12, Leases.

(2) Refer to Note 15, Commitments and Contingencies.

Accrued Product Returns and Rebates


	June 30, 2024		December 31, 2023
	(unaudited)
Accrued product rebates	$	116,582	$	96,984
Accrued product returns	58,537		57,290
Total	$	175,119	$	154,274

Commitments and Contingencies (Details) € in Millions, $ in Millions		1 Months Ended
	Apr. 01, 2019 USD ($)	Apr. 30, 2020 USD ($)	Jun. 30, 2024 EUR (€)
Navitor Pharmaceuticals, Inc.
Long-term Purchase Commitment [Line Items]
Collaborative arrangement agreement termination notice period		30 days
Threshold for development costs payments		$ 50.0
Collaborative arrangement, payment for one time fee		10.0
Collaborative arrangement, upfront development costs		25.0
Navitor Pharmaceuticals, Inc. \| Minimum
Long-term Purchase Commitment [Line Items]
Collaborative arrangement, expected development costs		410.0
Navitor Pharmaceuticals, Inc. \| Maximum
Long-term Purchase Commitment [Line Items]
Collaborative arrangement, expected development costs		475.0
Navitor Pharmaceuticals, Inc. \| Variable Interest Entity, Not Primary Beneficiary
Long-term Purchase Commitment [Line Items]
Investments		$ 15.0
VIE, qualitative or quantitative information, ownership percentage		13.00%
NAMENDA XR/Namzaric Qui Tam Litigation
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought, value	$ 2,500.0
USWM Acquisition
Long-term Purchase Commitment [Line Items]
Annual minimum purchase quantity requirement amount \| €			€ 3.9
Litigation settlement	$ 17.5

Disaggregated Revenues

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Abstract]

Disaggregated Revenues

The following table summarizes the disaggregation of revenues by product (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Net product sales
Qelbree	$	59,395	$	30,977	$	104,499	$	56,759
GOCOVRI	31,703		28,751		58,265		54,761
Oxtellar XR	29,516		23,800		56,459		52,715
APOKYN	17,295		17,605		33,944		34,814
Trokendi XR	17,086		19,319		33,075		54,109
Other(1)	7,543		7,884		14,757		15,753
Total net product sales	162,538		128,336		300,999		268,911
Royalty, licensing and other revenues	5,787		7,227		10,970		20,416
Total revenues	$	168,325	$	135,563	$	311,969	$	289,327

___________________________________________

(1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.

The Company recognized noncash royalty revenue of $1.7 million and $4.0 million for the three and six months ended June 30, 2023, respectively. The Company no longer recognizes noncash royalty revenue as ownership of the royalty rights reverted back to the Company during the second quarter of 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product Licenses The Company has obtained exclusive licenses from third parties for proprietary rights to support the product candidates in the Company's CNS portfolio. Under these license agreements, the Company may be required to pay certain amounts upon the achievement of defined milestones. If these products are ultimately commercialized, the Company is also obligated to pay royalties to third parties, computed as a percentage of net product sales, for each respective product under a license agreement. Through the USWM Acquisition, the Company acquired licensing agreements with other pharmaceutical companies for APOKYN, XADAGO, and MYOBLOC. The Company is obligated to pay royalties to third parties, computed as a percentage of net product sales, for each of the products under the respective license agreements. The royalty expense incurred for these acquired products is recognized as Cost of goods sold in the condensed consolidated statements of earnings (loss). Navitor Development Agreement In April 2020, the Company entered into a development agreement (Development Agreement) with Navitor Pharmaceuticals, Inc. (Navitor Inc.). The Company can terminate the Development Agreement upon 30 days' notice. Under the terms of the Development Agreement, the Company and Navitor Inc. will jointly conduct a Phase II clinical program for NV-5138 (SPN-820) for treatment-resistant depression. The Company agreed to bear certain Phase I and Phase II development costs incurred by either party, up to a maximum of $50 million, which amount could be increased under the terms of the Development Agreement upon Navitor’s request and the Company’s consent. In 2020, the Company paid a one-time, nonrefundable, and non-creditable fee of $10 million for the option to acquire or license NV-5138 (SPN-820) and made a $15 million equity investment representing approximately 13% ownership in Navitor Inc. There are also certain additional payments which could be incurred by the Company that are contingent upon Navitor Inc. achieving defined milestones. These payments include an additional license or acquisition fee depending on whether the Company ultimately licenses or acquires NV-5138 (SPN-820), and subsequent clinical, regulatory and sales milestone payments. The total payments, exclusive of the royalty payments on net sales of NV-5138 (SPN-820) and development costs paid by the Company under the agreement, have the potential to reach $410 million to $475 million, which includes an aggregate upfront payment of $25 million paid in 2020 for the option to acquire or license NV-5138 (SPN-820) and the equity investment, an additional license or acquisition fee depending on whether the Company ultimately licenses or acquires NV-5138 (SPN-820), and subsequent clinical, regulatory and sales based milestone payments. The Company also will have the first right of refusal for any compound with a similar mechanism of action to NV-5138 (SPN-820) on mTORC1 in the central nervous system. In addition to entering into the Development Agreement in April 2020, as above mentioned, the Company acquired Series D Preferred Shares of Navitor Inc. (the Navitor Shares), an equity investment representing an approximately 13% ownership position in Navitor Inc. As part of a legal restructuring in March 2021, the Company's Navitor Inc. Shares were exchanged for membership interests in Navitor Pharmaceutics LLC (Navitor LLC), which became the sole shareholder of Navitor Inc. The Company has determined that although Navitor LLC is a VIE, the Company does not consolidate the results of this VIE into its financial results because the Company lacks the power to direct the activities that most significantly impact Navitor’s economic performance. In the second quarter of 2024, the Company consented to payment of additional Phase II development costs for NV-5138 (SPN-820) as they are incurred, but reserves the right to terminate payment of future development costs at its discretion. The maximum exposure to losses related to Navitor LLC includes the approximately $50 million for Phase I and Phase II development of NV-5138 (SPN-820) already paid by the Company, plus the cost of other development and formulation activities provided by the Company and additional Phase II development costs the Company agreed to pay pursuant to the Development Agreement. Subsequent to the Development Agreement entered into in 2020, no additional equity investment has been made or financing has been provided to Navitor Inc. or Navitor LLC. USWM Enterprise Commitments Assumed As part of the USWM Acquisition, the Company assumed the remaining commitments of USWM Enterprises and its subsidiaries, which are discussed below. The Company assumed the annual minimum purchase requirement of MYOBLOC, amounting to an estimated €3.9 million annually, under the contract manufacturing agreement with Merz for manufacture and supply. MDD US Operations, LLC (formerly US WorldMeds, LLC) and its subsidiary, Solstice Neurosciences, LLC (US) (collectively, the MDD Subsidiaries) entered into a Corporate Integrity Agreement (CIA) with the Office of Inspector General of the U.S. Department of Health and Human Services which was effective in April 2019. Under the CIA, the MDD Subsidiaries agreed to and paid $17.5 million to resolve U.S. Department of Justice allegations that it violated the False Claims Act and committed to the establishment and ongoing maintenance of an effective compliance program. The fine was paid by the MDD Subsidiaries prior to closing of the USWM Acquisition. As part of the USWM Acquisition, the Company assumed the obligations of the CIA and could become liable for payment of certain stipulated monetary penalties in the event of any CIA violations. In addition, the Company continues to maintain a broad array of processes, policies and procedures necessary to comply with the CIA and submitted its final report during the second quarter of 2024. Claims and Litigation From time to time, the Company may be involved in various claims, litigation and legal proceedings. These matters may involve patent litigation, product liability and other product-related litigation, commercial and other matters, and government investigations, among others. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company will accrue a liability for the estimated loss. Because of uncertainties related to claims, legal proceedings and litigation, accruals will be based on the Company's best estimates based on available information. The Company does not believe that any of these matters will have a material adverse effect on our financial position. The Company may reassess the potential liability related to these matters and may revise these estimates. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters will adversely affect the Company, its results of operations, financial condition and cash flows. NAMENDA XR/Namzaric Qui Tam Litigation On April 1, 2019, Adamas was served with a complaint filed in the United States District Court for the Northern District of California (the District Court) (Case No. 3:18-cv-03018-JCS) against it and several Allergan entities alleging violations of federal and state false claims acts (FCA) in connection with the commercialization of NAMENDA XR and Namzaric by Allergan. The lawsuit is a qui tam complaint brought by an individual, asserting rights of the federal government and various state governments. The lawsuit was originally filed in May 2018 under seal, and Adamas became aware of the lawsuit when it was served. The complaint alleges that patents held by Allergan and Adamas covering NAMENDA XR and Namzaric were procured through fraud on the United States Patent and Trademark Office and that these patents were asserted against potential generic manufacturers of NAMENDA XR and Namzaric to prevent the generic manufacturers from entering the market, thereby wrongfully excluding generic competition resulting in artificially high price being charged to government payors. Adamas' patents in question were licensed exclusively to Forest Laboratories Holdings Limited. The complaint includes a claim for damages of "potentially more than $2.5 billion dollars," treble damages and statutory penalties. To date the federal and state governments have declined to intervene in this action. This case is currently stayed pending Adamas's and Allergan's interlocutory appeal of the District Court's December 11, 2020 order denying Adamas's and Allergan's motion to dismiss the complaint. The appeal is pending in the United States Court of Appeals for the Ninth Circuit (Case No. 21-80005). Argument was held on January 10, 2022. On August 25, 2022, the Ninth Circuit sided with the defendants by reversing the District Court’s public disclosure bar rulings and remanding the case back to the District Court to decide certain issues in the first instance. On October 11, 2022, the plaintiff filed a petition for rehearing with the Ninth Circuit which was denied on November 3, 2022. On December 23, 2022, the defendants filed renewed motions to dismiss directed to the remaining unresolved issue. On March 20, 2023, the District Court entered an order and final judgement dismissing with prejudice the FCA claim while declining to exercise supplemental jurisdiction over the state false claims act claims which were dismissed without prejudice. On April 19, 2023, the plaintiff appealed the District Court's dismissal of the Federal False Claims Act claim. On February 20, 2024, the plaintiff filed a motion for an indicative ruling and to set aside the judgment in the District Court, based on the same arguments raised in his appeal. That motion was fully briefed and the District Court determined that the motion for an indicative ruling was suitable for determination without a hearing. On May 7, 2024, the District Court denied the plaintiff’s motion for an indicative ruling. The plaintiff’s appeal remains pending in the United States Court of Appeals for the Ninth Circuit. APOKYN Litigation On October 3, 2022, Sage Chemical, Inc. and TruPharma, LLC filed a lawsuit in the United States District Court for the District of Delaware (Case No.22-cv-1302) alleging that Supernus Pharmaceuticals, Inc., Britannia Pharmaceuticals Limited, and US WorldMeds Partners, LLC violated state and federal antitrust law in connection with APOKYN. On January 10, 2023, the Company filed motions to dismiss all claims and the lawsuit in its entirety. Between May 9, 2024 and June 4, 2024, the Court ruled on all motions to dismiss, declining to dismiss any claims against the Company, its subsidiaries, or Britannia Pharmaceuticals Limited and dismissing US WorldMeds Partners, LLC, USWM, LLC, and all of the individual defendants (former US WorldMeds executives) out of the case completely. On June 13, 2024, the Court issued a scheduling order that provides for a pretrial conference on September 12, 2025 and a jury trial beginning on September 22, 2025. Pre-trial discovery is ongoing as of the date of this filing. The Company intends to defend itself vigorously. However, the Company can offer no assurances that it will be successful in a litigation.

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Interest Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest expense	$ 0	$ (665)	$ 0	$ (1,321)
Interest expense on nonrecourse liability related to sale of future royalties	0	(245)	0	(562)
Noncash interest expense on debt	0	0	0	(532)
Total	$ 0	$ (910)	$ 0	$ (2,415)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net earnings (loss)	$ 20,040	$ 16,117
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	41,467	41,326
Amortization of deferred financing costs and debt discount	0	532
Amortization of premium/discount on marketable securities	1,531	(917)
Change in fair value of contingent consideration	(5,450)	(857)
Other noncash adjustments, net	6,623	8,427
Share-based compensation expense	12,449	12,394
Deferred income tax benefit	(13,597)	(5,989)
Changes in operating assets and liabilities:
Accounts receivable	(8,339)	26,364
Inventories	8,015	(5,830)
Prepaid expenses and other assets	(6,789)	(28,544)
Accrued product returns and rebates	20,845	(2,839)
Accounts payable and other liabilities	(2,770)	(29,932)
Net cash provided by operating activities	74,025	30,252
Cash flows from investing activities
Purchases of marketable securities	(317,680)	0
Maturities of marketable securities	217,774	300,513
Purchases of property and equipment	(312)	(437)
Net cash provided by (used in) investing activities	(100,218)	300,076
Cash flows from financing activities
Proceeds from Credit Line	0	93,000
Payments on Credit Line	0	(93,000)
Payment on convertible notes	0	(402,500)
Proceeds from issuance of common stock	4,569	4,778
Employee taxes paid related to net share settlement of equity awards	(1,341)	(1,020)
Net cash provided by (used in) financing activities	3,228	(398,742)
Net change in cash and cash equivalents	(22,965)	(68,414)
Cash and cash equivalents at beginning of year	75,054	93,120
Cash and cash equivalents at end of period	52,089	24,706
Supplemental cash flow information
Cash paid for interest on debt	0	1,946
Cash paid for income taxes	20,762	20,434
Cash paid for operating leases	8,138	8,709
Noncash operating activities
Lease assets obtained for new operating leases	$ 3,525	$ 3,938

Share-Based Payments - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based payments
Share-based compensation expense	$ 6,552	$ 6,088	$ 12,449	$ 12,394
Research and development
Share-based payments
Share-based compensation expense	1,231	1,246	2,596	2,204
Selling, general and administrative
Share-based payments
Share-based compensation expense	$ 5,321	$ 4,842	$ 9,853	$ 10,190

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of an asset or liability represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants.

The Company reports the fair value of assets and liabilities using a three level measurement hierarchy that prioritizes the inputs used to measure fair value. Fair value hierarchy consists of the following three levels:

•Level 1—Valuations based on unadjusted quoted prices in active markets that are accessible at measurement date for identical assets.

•Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and model-based valuations in which all significant inputs are observable in the market, either directly or indirectly (e.g., interest rates; yield curves).

•Level 3—Valuations using significant inputs that are unobservable in the market and inputs that reflect the Company’s own assumptions. These are based on the best information available, including the Company’s own data.

Financial Assets and Liabilities Recorded at Fair Value

The Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis are as follows (dollars in thousands):


			Fair Value Measurements as of June 30, 2024 (unaudited)
	Total Fair Value as of June 30, 2024		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	27,111	$	27,111	$	—	$	—
Money market funds	24,978		24,978		—		—
Marketable securities
Corporate, U.S. government agency and municipal debt securities	295,098		—		295,098		—


Other noncurrent assets
Marketable securities - restricted (SERP)	596		17		579		—
Total assets at fair value	$	347,783	$	52,106	$	295,677	$	—
Liabilities:
Contingent consideration	$	48,000	$	—	$	—	$	48,000
Total liabilities at fair value	$	48,000	$	—	$	—	$	48,000


			Fair Value Measurements as of December 31, 2023
	Total Fair Value as of December 31, 2023		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	35,957	$	35,957	$	—	$	—
Money market funds	39,097		39,097		—		—
Marketable securities
Corporate, U.S. government agency and municipal debt securities	179,820		—		179,820		—
Long-term marketable securities
Corporate and municipal debt securities	16,617		—		16,617		—
Other noncurrent assets
Marketable securities - restricted (SERP)	568		16		552		—
Total assets at fair value	$	272,059	$	75,070	$	196,989	$	—
Liabilities:
Contingent consideration	$	53,450	$	—	$	—	$	53,450
Total liabilities at fair value	$	53,450	$	—	$	—	$	53,450

The fair value of restricted marketable securities is recorded in Other assets on the condensed consolidated balance sheets. There have been no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy.

Other Financial Instruments

The carrying amounts of other financial instruments, including accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,386	$ (16,296)	$ 6,505	$ (24,227)
Effective tax rate	24.30%	95.10%	24.50%	298.70%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Contingent Consideration - Reconciliation of the Beginning and Ending Balances Related to the Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			$ 53,450	$ 54,967
Change in fair value recognized in earnings			(5,450)	(857)
Balance at end of period	$ 48,000	$ 54,110	48,000	54,110
USWM Acquisition
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			46,400	46,270
Change in fair value recognized in earnings	(1,900)	700	(1,170)	(1,050)
Balance at end of period	45,230	45,220	45,230	45,220
Adamas Acquisition
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			7,050	8,697
Change in fair value recognized in earnings	(2,500)	100	(4,280)	193
Balance at end of period	$ 2,770	$ 8,890	$ 2,770	$ 8,890

Composition of Other Balance Sheet Items - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 15,899	$ 16,274
Work in process	23,590	31,212
Finished goods	28,666	29,922
Total	$ 68,155	$ 77,408

Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangibles Assets, Net

The following table sets forth the gross carrying amounts and related accumulated amortization of intangibles assets (dollars in thousands):


		June 30, 2024						December 31, 2023
		(unaudited)
	Remaining Weighted Average Life (Years)	Carrying Amount, Gross		Accumulated Amortization		Carrying Amount, Net		Carrying Amount, Gross		Accumulated Amortization		Carrying Amount, Net
Acquired in-process research and development		$	124,000	$	—	$	124,000	$	124,000	$	—	$	124,000
Intangible assets subject to amortization:
Acquired developed technology and product rights	6.38	661,311		(226,911)		434,400		661,311		(190,395)		470,916
Capitalized patent defense costs	0.17	43,820		(42,576)		1,244		43,820		(38,847)		4,973
Total intangible assets	6.36	$	829,131	$	(269,487)	$	559,644	$	829,131	$	(229,242)	$	599,889

Amortization expense for intangible assets was $20.1 million and $40.2 million for the three and six months ended June 30, 2024, and $20.1 million and $40.1 million for the three and six months ended June 30, 2023, respectively.

U.S. patents covering Trokendi XR and Oxtellar XR will expire no earlier than 2027. The Company entered into settlement agreements that allowed third parties to enter the Trokendi XR market on January 1, 2023. The Company entered into settlement and license agreements that allows a third party to enter the Oxtellar XR market in September 2024, or sooner under certain conditions.

The Company entered into settlement and license agreements that allows third parties to enter the XADAGO market in December 2027, or sooner under certain conditions.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35518
Entity Registrant Name	SUPERNUS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2590184
Entity Address, Address Line One	9715 Key West Avenue
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	838-2500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Entity Common Stock, Shares Outstanding		55,105,387
Trading Symbol	SUPN
Security Exchange Name	NASDAQ
Entity Central Index Key	0001356576
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable securities
Corporate, U.S. government agency and municipal debt securities	$ 295,098	$ 179,820
Long-term marketable securities
Corporate and municipal debt securities	0	16,617
Liabilities:
Contingent consideration	48,000	53,450
Recurring
Other noncurrent assets
Marketable securities - restricted (SERP)	596	568
Total assets at fair value	347,783	272,059
Liabilities:
Contingent consideration	48,000	53,450
Total liabilities at fair value	48,000	53,450
Recurring \| Corporate, U.S. government agency and municipal debt securities
Marketable securities
Corporate, U.S. government agency and municipal debt securities	295,098	179,820
Recurring \| Corporate and municipal debt securities
Long-term marketable securities
Corporate and municipal debt securities		16,617
Recurring \| Cash
Cash and cash equivalents
Cash and Money market funds	27,111	35,957
Recurring \| Money market funds
Cash and cash equivalents
Cash and Money market funds	24,978	39,097
Recurring \| Level 1
Other noncurrent assets
Marketable securities - restricted (SERP)	17	16
Total assets at fair value	52,106	75,070
Liabilities:
Contingent consideration	0	0
Total liabilities at fair value	0	0
Recurring \| Level 1 \| Corporate, U.S. government agency and municipal debt securities
Marketable securities
Corporate, U.S. government agency and municipal debt securities	0	0
Recurring \| Level 1 \| Corporate and municipal debt securities
Long-term marketable securities
Corporate and municipal debt securities		0
Recurring \| Level 1 \| Cash
Cash and cash equivalents
Cash and Money market funds	27,111	35,957
Recurring \| Level 1 \| Money market funds
Cash and cash equivalents
Cash and Money market funds	24,978	39,097
Recurring \| Level 2
Other noncurrent assets
Marketable securities - restricted (SERP)	579	552
Total assets at fair value	295,677	196,989
Liabilities:
Contingent consideration	0	0
Total liabilities at fair value	0	0
Recurring \| Level 2 \| Corporate, U.S. government agency and municipal debt securities
Marketable securities
Corporate, U.S. government agency and municipal debt securities	295,098	179,820
Recurring \| Level 2 \| Corporate and municipal debt securities
Long-term marketable securities
Corporate and municipal debt securities		16,617
Recurring \| Level 2 \| Cash
Cash and cash equivalents
Cash and Money market funds	0	0
Recurring \| Level 2 \| Money market funds
Cash and cash equivalents
Cash and Money market funds	0	0
Recurring \| Level 3
Other noncurrent assets
Marketable securities - restricted (SERP)	0	0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	48,000	53,450
Total liabilities at fair value	48,000	53,450
Recurring \| Level 3 \| Corporate, U.S. government agency and municipal debt securities
Marketable securities
Corporate, U.S. government agency and municipal debt securities	0	0
Recurring \| Level 3 \| Corporate and municipal debt securities
Long-term marketable securities
Corporate and municipal debt securities		0
Recurring \| Level 3 \| Cash
Cash and cash equivalents
Cash and Money market funds	0	0
Recurring \| Level 3 \| Money market funds
Cash and cash equivalents
Cash and Money market funds	$ 0	$ 0

Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
Debt (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 30, 2023	Feb. 08, 2023
Notes payable
Interest expense	$ 0	$ 665,000	$ 0	$ 1,321,000
2023 Notes
Notes payable
Debt instrument, interest rate, stated percentage					0.625%
Uncommitted Secured Credit Line \| Line of Credit
Notes payable
Line of credit facility, maximum borrowing capacity						$ 150,000,000
Debt instrument, face amount					$ 93,000,000.0
Revolving Credit Facility \| Line of Credit
Notes payable
Interest expense		$ 700,000
Short-term debt	$ 0		$ 0

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 19,916	$ (831)	$ 20,040	$ 16,117
Other comprehensive gain
Unrealized gain on marketable securities, net of tax	162	554	221	1,435
Other comprehensive gain	162	554	221	1,435
Comprehensive earnings (loss)	$ 20,078	$ (277)	$ 20,261	$ 17,552

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Composition of Other Balance Sheet Items - Accrued Product Returns and Rebates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued product rebates	$ 116,582	$ 96,984
Accrued product returns	58,537	57,290
Total	$ 175,119	$ 154,274

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (SEC) for interim financial information. As permitted under Generally Accepted Accounting Principles in the United States (U.S. GAAP), certain notes and other information have been omitted from the interim unaudited condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC. In management’s opinion, the unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. The results of operations for any interim period are not necessarily indicative of the Company’s future quarterly or annual results. The Company, which is primarily located in the U.S., operates in one operating segment.
Reclassifications	Reclassifications The prior year amount related to the caption Employee taxes paid related to net share settlement of equity awards in the condensed consolidated statements of cash flows has been reclassified to conform to current year presentation. The reclassification did not affect the other condensed consolidated financial statements.
Consolidation	Consolidation The Company's unaudited condensed consolidated financial statements include the accounts of Supernus Pharmaceuticals, Inc. and its wholly owned subsidiaries. These are collectively referred to herein as "Supernus" or "the Company." Supernus Pharmaceuticals, Inc. and each of its subsidiaries are distinct legal entities. All material intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect the consolidation of entities in which the Company has a controlling financial interest. In determining whether there is a controlling financial interest, the Company considers if it has a majority of the voting interests of the entity, or if the entity is a variable interest entity (VIE) and if the Company is the primary beneficiary. In determining the primary beneficiary of a VIE, the Company evaluates whether it has both: the power to direct the activities of the VIE that most significantly impact the VIE's economic performance; and the obligation to absorb losses of, or the right to receive benefits from the VIE that could potentially be significant to that VIE. The Company's judgment with respect to its level of influence or control of an entity involves the consideration of various factors, including the form of an ownership interest; representation in the entity's governance; the size of the investment; estimates of future cash flows; the ability to participate in policymaking decisions; and the rights of the other investors to participate in the decision making process, including the right to liquidate the entity, if applicable. If the Company is not the primary beneficiary of the VIE, and an ownership interest is maintained in the entity, the interest is accounted for under the equity or cost methods of accounting, as appropriate. The Company continuously assesses whether it is the primary beneficiary of a VIE as changes to existing relationships or future transactions may affect its conclusions.
Use of Estimates	Use of Estimates The Company bases its estimates on: historical experience; forecasts; information received from its service providers; information from other sources, including public and proprietary sources; and other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from the Company’s estimates. The Company periodically evaluates the methodologies employed in making its estimates.
Advertising Expense	Advertising Expense Advertising expense includes the cost of promotional materials and activities, such as printed materials and digital marketing, marketing programs and speaker programs. The cost of the Company's advertising efforts is expensed as incurred.
Recently Issued Accounting Pronouncements and Disclosure Rules	Recently Issued Accounting Pronouncements and Disclosure Rules New Accounting Pronouncements Not Yet Adopted Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) - The new standard, issued in November 2023, improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing reporting requirements under Topic 280. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company plans to adopt the guidance for the fiscal year ending December 31, 2024. The Company expects ASU 2023-07 to require additional disclosures in the notes to its consolidated financial statements. The Company is currently evaluating the effects the adoption of this guidance will have on the consolidated financial statements. ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740) - The new standard, issued in December 2023, requires entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. The standard is effective with annual periods beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. The Company plans to adopt the guidance for the fiscal year ending December 31, 2025. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements. The Company is currently evaluating the effects the adoption of this guidance will have on the consolidated financial statements.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Operating lease assets and lease liabilities as reported on the condensed consolidated balance sheets are as follows (dollars in thousands):


	Balance Sheet Classification	June 30, 2024		December 31, 2023
		(unaudited)
Assets
Operating lease assets	Other assets	$	27,766	$	28,994
Total lease assets		$	27,766	$	28,994

Liabilities
Operating lease liabilities, current portion	Accounts payable and accrued liabilities	$	9,683	$	8,331
Operating lease liabilities, long-term	Operating lease liabilities, long-term	30,294		33,196
Total lease liabilities		$	39,977	$	41,527

Contingent Consideration (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The following table provides the current and long-term portions related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (as defined below) (dollars in thousands):


	June 30, 2024		December 31, 2023
Reported under the following captions in the condensed consolidated balance sheets:	(unaudited)
Contingent consideration, current portion	$	47,303	$	52,070
Contingent consideration, long-term	697		1,380
Total	$	48,000	$	53,450

Schedule of Reconciliation of the Beginning and Ending Balances Related to the Contingent Consideration

The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands):


	USWM Acquisition		Adamas Acquisition		Total
Balance at December 31, 2023	$	46,400	$	7,050	$	53,450
Change in fair value recognized in earnings	(1,170)		(4,280)		(5,450)
Balance at June 30, 2024 (unaudited)	$	45,230	$	2,770	$	48,000


	USWM Acquisition		Adamas Acquisition		Total
Balance at December 31, 2022	$	46,270	$	8,697	$	54,967
Change in fair value recognized in earnings	(1,050)		193		(857)
Balance at June 30, 2023 (unaudited)	$	45,220	$	8,890	$	54,110

Disaggregated Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Abstract]

Disaggregation of Revenues

The following table summarizes the disaggregation of revenues by product (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Net product sales
Qelbree	$	59,395	$	30,977	$	104,499	$	56,759
GOCOVRI	31,703		28,751		58,265		54,761
Oxtellar XR	29,516		23,800		56,459		52,715
APOKYN	17,295		17,605		33,944		34,814
Trokendi XR	17,086		19,319		33,075		54,109
Other(1)	7,543		7,884		14,757		15,753
Total net product sales	162,538		128,336		300,999		268,911
Royalty, licensing and other revenues	5,787		7,227		10,970		20,416
Total revenues	$	168,325	$	135,563	$	311,969	$	289,327

___________________________________________

(1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.

Interest Expense (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of interest expense

The following details the composition of interest expense (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Interest expense	$	—	$	(665)	$	—	$	(1,321)
Interest expense on nonrecourse liability related to sale of future royalties	—		(245)		—		(562)
Noncash interest expense on debt	—		—		—		(532)
Total	$	—	$	(910)	$	—	$	(2,415)

Summary of Significant Accounting Policies - Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1

Share-Based Payments (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

Share-based compensation expense is as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Research and development	$	1,231	$	1,246	$	2,596	$	2,204
Selling, general and administrative	5,321		4,842		9,853		10,190
Total	$	6,552	$	6,088	$	12,449	$	12,394

Summary of Stock Options and SAR Activities

The following table summarizes stock option and stock appreciation rights (SAR) activities:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding, December 31, 2023	6,583,822	$	29.20	5.90
Granted	1,149,012	$	28.02
Exercised	(176,255)	$	19.01
Forfeited	(146,322)	$	29.34
Outstanding, June 30, 2024 (unaudited)	7,410,257	$	29.25	5.99

As of June 30, 2024 (unaudited):
Vested and expected to vest	7,410,257	$	29.25	5.99
Exercisable	4,725,409	$	27.87	4.42

As of December 31, 2023:
Vested and expected to vest	6,583,822	$	29.20	5.90
Exercisable	4,110,537	$	26.58	4.43

Summary of Restricted Stock Units

The following table summarizes restricted stock unit (RSU) activities:


	Number of RSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2023	300,141	$	36.90
Granted	198,414	$	28.06
Vested	(100,891)	$	36.51
Forfeited	(14,312)	$	34.64
Nonvested, June 30, 2024 (unaudited)	383,352	$	32.51

Summary of Performance Stock Unit

The following table summarizes performance share unit (PSU) activities:


	Performance-Based Units			Market-Based Units			Total PSUs
	Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2023	251,630	$	32.22	20,000	$	28.63	271,630	$	31.96
Granted	252,700	$	26.91	—	$	—	252,700	$	26.91
Vested	(39,080)	$	33.47	—	$	—	(39,080)	$	33.47
Forfeited	(58,050)	$	29.37	—	$	—	(58,050)	$	29.37
Nonvested, June 30, 2024 (unaudited)	407,200	$	29.21	20,000	$	28.63	427,200	$	29.19

Share-Based Payments

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payments

Equity Incentive Plan

On June 14, 2024, the Company's shareholders approved and the Company has adopted the Amended and Restated 2021 Equity Incentive Plan (the Amended 2021 Plan) to increase the number of shares of the Company's common stock available for issuance under the 2021 Plan by 4,000,000.

Share-based compensation expense is as follows (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Research and development	$	1,231	$	1,246	$	2,596	$	2,204
Selling, general and administrative	5,321		4,842		9,853		10,190
Total	$	6,552	$	6,088	$	12,449	$	12,394

Stock Option and Stock Appreciation Rights

The following table summarizes stock option and stock appreciation rights (SAR) activities:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding, December 31, 2023	6,583,822	$	29.20	5.90
Granted	1,149,012	$	28.02
Exercised	(176,255)	$	19.01
Forfeited	(146,322)	$	29.34
Outstanding, June 30, 2024 (unaudited)	7,410,257	$	29.25	5.99

As of June 30, 2024 (unaudited):
Vested and expected to vest	7,410,257	$	29.25	5.99
Exercisable	4,725,409	$	27.87	4.42

As of December 31, 2023:
Vested and expected to vest	6,583,822	$	29.20	5.90
Exercisable	4,110,537	$	26.58	4.43

Restricted Stock Units

The following table summarizes restricted stock unit (RSU) activities:


	Number of RSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2023	300,141	$	36.90
Granted	198,414	$	28.06
Vested	(100,891)	$	36.51
Forfeited	(14,312)	$	34.64
Nonvested, June 30, 2024 (unaudited)	383,352	$	32.51

Performance Share Units

The following table summarizes performance share unit (PSU) activities:


	Performance-Based Units			Market-Based Units			Total PSUs
	Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share		Number of PSUs	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2023	251,630	$	32.22	20,000	$	28.63	271,630	$	31.96
Granted	252,700	$	26.91	—	$	—	252,700	$	26.91
Vested	(39,080)	$	33.47	—	$	—	(39,080)	$	33.47
Forfeited	(58,050)	$	29.37	—	$	—	(58,050)	$	29.37
Nonvested, June 30, 2024 (unaudited)	407,200	$	29.21	20,000	$	28.63	427,200	$	29.19

Share-Based Payments - SAR Activity (Details) - Stock option and Stock Appreciation Rights - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of Options
Outstanding at the beginning of the period (in shares)	6,583,822
Granted (in shares)	1,149,012
Exercised (in shares)	(176,255)
Forfeited (in shares)	(146,322)
Outstanding at the end of the period (in shares)	7,410,257	6,583,822
Vested and expected to vest (in shares)	7,410,257	6,583,822
Exercisable (in shares)	4,725,409	4,110,537
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 29.20
Granted (in dollars per share)	28.02
Exercised (in dollars per share)	19.01
Forfeited (in dollars per share)	29.34
Outstanding at the end of the period (in dollars per share)	29.25	$ 29.20
Vested and expected to vest (in dollars per share)	29.25	29.20
Exercisable (in dollars per share)	$ 27.87	$ 26.58
Weighted Average Remaining Contractual Term (in years)
Outstanding at the end of the period	5 years 11 months 26 days	5 years 10 months 24 days
Vested and expected to vest	5 years 11 months 26 days	5 years 10 months 24 days
Exercisable	4 years 5 months 1 day	4 years 5 months 4 days

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In August 2024, the Company resubmitted its NDA for SPN-830, apomorphine infusion device for the continuous treatment of motor fluctuations ("OFF" episodes) in Parkinson’s disease.

Investments - Contractual Maturities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Less than 1 year	$ 295,098

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings (loss)	$ 19,916	$ 124	$ (831)	$ 16,948	$ 20,040	$ 16,117

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Share-Based Payments - Restricted Stock Units (Details) - RSUs	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of RSUs
Nonvested, beginning balance (in shares) \| shares	300,141
Granted (in shares) \| shares	198,414
Vested (in shares) \| shares	(100,891)
Forfeited (in shares) \| shares	(14,312)
Nonvested, ending balance (in shares) \| shares	383,352
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 36.90
Granted (in dollars per share) \| $ / shares	28.06
Vested (in dollars per share) \| $ / shares	36.51
Forfeited (in dollars per share) \| $ / shares	34.64
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 32.51

Business Organization (Details)	6 Months Ended
Business Organization (Details)	Jun. 30, 2024 product
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of commercial products	7

Contingent Consideration

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Contingent Consideration

The following table provides the current and long-term portions related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (as defined below) (dollars in thousands):


	June 30, 2024		December 31, 2023
Reported under the following captions in the condensed consolidated balance sheets:	(unaudited)
Contingent consideration, current portion	$	47,303	$	52,070
Contingent consideration, long-term	697		1,380
Total	$	48,000	$	53,450

The Company's contingent consideration liabilities are related to the USWM Acquisition in 2020 and the Adamas Acquisition in 2021. The contingent consideration liabilities are measured at fair value using either a Monte Carlo simulation or the income approach. The Company classifies its contingent consideration liabilities as Level 3 fair value measurements based on the significant unobservable inputs used to estimate fair value. These reflect the inputs and assumptions the Company believes would be made by market participants. Changes in any of those inputs together or in isolation may result in significantly lower or higher fair value measurement. The change in fair value is reported on the condensed consolidated statement of earnings (loss) in Contingent consideration expense (gain).

USWM Contingent Consideration

On June 9, 2020 (the USWM Closing Date), the Company completed its acquisition of all the outstanding equity of USWM Enterprises, LLC (USWM Enterprises) (USWM Acquisition). The USWM Acquisition included potential additional contingent consideration payments for regulatory and development milestones and sales-based milestones. As of June 30, 2024, the remaining potential contingent consideration payments are up to $55 million in regulatory and development milestones comprised of (1) $25 million related to the FDA's approval of the SPN-830 New Drug Application (NDA) and (2) $30 million related to the subsequent commercial product launch.

The key assumptions considered in estimating the fair value include the estimated probability and timing of milestone achievement, such as the probability and timing of obtaining regulatory approval, timing of projected revenues, and the discount rate.

Adamas Contingent Consideration

On November 24, 2021 (the Adamas Closing Date), the Company completed its acquisition of all the outstanding equity of Adamas (Adamas Acquisition). The Adamas Acquisition included payment of two non-tradable contingent value rights (CVRs) each of which represents the contractual right to receive a contingent payment upon the achievement of the applicable aggregate worldwide net product sales of GOCOVRI.

Each CVR represents the contractual right to receive a contingent payment of $0.50 per share in cash, less any applicable withholding taxes and without interest, upon the achievement of the applicable milestone (each such amount, a Milestone Payment) in accordance with the terms of a Contingent Value Rights Agreement entered into between the Company and American Stock Transfer & Trust Company, LLC, as rights agent, as further defined in the CVR agreement. One Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $150 million during any consecutive 12-month period ending on or before December 31, 2024 (Milestone 2024). Another Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $225 million during any consecutive 12-month period ending on or before December 31, 2025 (Milestone 2025 and, together with Milestone 2024, the Milestones). Each Milestone may only be achieved once. The possible outcomes for the contingent consideration range from $0 to $50.9 million on an undiscounted basis.

The key assumptions considered in estimating the fair value of the Adamas sales-based milestones include the estimated revenue projections, volatility, estimated discount rates and risk-free interest rate.

Change in the Fair Value of Contingent Consideration

The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands):


	USWM Acquisition		Adamas Acquisition		Total
Balance at December 31, 2023	$	46,400	$	7,050	$	53,450
Change in fair value recognized in earnings	(1,170)		(4,280)		(5,450)
Balance at June 30, 2024 (unaudited)	$	45,230	$	2,770	$	48,000


	USWM Acquisition		Adamas Acquisition		Total
Balance at December 31, 2022	$	46,270	$	8,697	$	54,967
Change in fair value recognized in earnings	(1,050)		193		(857)
Balance at June 30, 2023 (unaudited)	$	45,220	$	8,890	$	54,110

The Company recorded the following changes in fair value of the contingent consideration liability for the USWM milestones:

•The Company recorded a $1.9 million gain and a $1.2 million gain due to the change in fair value of contingent consideration liabilities for the USWM milestones for the three and six months ended June 30, 2024, respectively. The change in fair value of contingent consideration for the USWM milestones was primarily due to the change in timing of milestone achievement and estimated discount rate in the second quarter of 2024 and passage of time in both periods.

•The Company recorded a $0.7 million expense and a $1.1 million gain due to the change in the fair value of the contingent consideration liabilities for the USWM milestones for the three and six months ended June 30, 2023, respectively. The change in the fair value of contingent consideration for the USWM milestones was primarily driven by the change in estimated fair value of regulatory and developmental milestones due to passage of time in both periods, as well as the change in timing of milestone achievement and estimated discount rate in the first quarter of 2023.

The Company recorded the following changes in fair value of the contingent consideration liabilities for the Adamas CVRs:

•The Company recorded a $2.5 million gain and a $4.3 million gain due to the change in fair value of the contingent consideration liabilities for the Adamas CVRs for the three and six months ended June 30, 2024, respectively. The change in fair value of contingent consideration was primarily due to passage of time.

•The Company recorded a $0.1 million expense and a $0.2 million expense due to the change in fair value of the contingent consideration liabilities for the Adamas CVRs for the three and six months ended June 30, 2023, respectively. The change in fair value of contingent consideration for the Adamas milestones was primarily due to passage of time and changes in the estimated discount rate.

Composition of Other Balance Sheet Items (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventories, Net


	June 30, 2024		December 31, 2023
	(unaudited)
Raw materials	$	15,899	$	16,274
Work in process	23,590		31,212
Finished goods	28,666		29,922
Total	$	68,155	$	77,408

Schedule of Property and Equipment

Property and Equipment, Net


	June 30, 2024		December 31, 2023
	(unaudited)
Lab equipment and furniture	$	13,035	$	13,069
Leasehold improvements	14,023		14,023
Software	883		883
Computer equipment	960		960
	28,901		28,935
Less accumulated depreciation and amortization	(16,627)		(15,405)
Property and equipment, net	$	12,274	$	13,530

Schedule of Accrued Expenses and Other Current Liabilities

Accounts Payable and Accrued Liabilities


	June 30, 2024		December 31, 2023
	(unaudited)
Accounts payable	$	4,628	$	1,964
Accrued compensation, benefits, & related accruals	17,039		20,722
Accrued sales & marketing	16,444		11,666
Accrued manufacturing expenses	8,745		11,652
Accrued R&D expenses	9,847		10,530
Operating lease liabilities, current portion (1)	9,683		8,331
Accrued royalties (2)	6,861		7,918
Other accrued expenses	9,364		6,786
Total	$	82,611	$	79,569

_______________________________

(1) Refer to Note 12, Leases.

(2) Refer to Note 15, Commitments and Contingencies.

Schedule of Accrued Product Returns and Rebates

Accrued Product Returns and Rebates


	June 30, 2024		December 31, 2023
	(unaudited)
Accrued product rebates	$	116,582	$	96,984
Accrued product returns	58,537		57,290
Total	$	175,119	$	154,274

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Balance Sheet Information Related to Leases

Operating lease assets and lease liabilities as reported on the condensed consolidated balance sheets are as follows (dollars in thousands):


	Balance Sheet Classification	June 30, 2024		December 31, 2023
		(unaudited)
Assets
Operating lease assets	Other assets	$	27,766	$	28,994
Total lease assets		$	27,766	$	28,994

Liabilities
Operating lease liabilities, current portion	Accounts payable and accrued liabilities	$	9,683	$	8,331
Operating lease liabilities, long-term	Operating lease liabilities, long-term	30,294		33,196
Total lease liabilities		$	39,977	$	41,527

Contingent Consideration - Current and Long-Term Contingent Consideration (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Contingent consideration, current portion	$ 47,303	$ 52,070
Contingent consideration, long-term	697	1,380
Contingent consideration	$ 48,000	$ 53,450

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	130,000,000	130,000,000
Common stock shares issued (in shares)	55,046,049	54,723,356
Common stock shares outstanding (in shares)	55,046,049	54,723,356

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Earnings (Loss)	Retained Earnings
Balance (in shares) at Dec. 31, 2022		54,253,796
Balance at Dec. 31, 2022	$ 886,204	$ 54	$ 408,115	$ (3,210)	$ 481,245
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	6,306		6,306
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		216,826
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	1,811		1,811
Net earnings (loss)	16,948				16,948
Unrealized gain on marketable securities, net of tax	881			881
Balance (in shares) at Mar. 31, 2023		54,470,622
Balance at Mar. 31, 2023	912,150	$ 54	416,232	(2,329)	498,193
Balance (in shares) at Dec. 31, 2022		54,253,796
Balance at Dec. 31, 2022	886,204	$ 54	408,115	(3,210)	481,245
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	16,117
Unrealized gain on marketable securities, net of tax	1,435
Balance (in shares) at Jun. 30, 2023		54,592,901
Balance at Jun. 30, 2023	919,908	$ 55	424,266	(1,775)	497,362
Balance (in shares) at Mar. 31, 2023		54,470,622
Balance at Mar. 31, 2023	912,150	$ 54	416,232	(2,329)	498,193
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	6,088		6,088
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		122,279
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	1,947	$ 1	1,946
Net earnings (loss)	(831)				(831)
Unrealized gain on marketable securities, net of tax	554			554
Balance (in shares) at Jun. 30, 2023		54,592,901
Balance at Jun. 30, 2023	$ 919,908	$ 55	424,266	(1,775)	497,362
Balance (in shares) at Dec. 31, 2023	54,723,356	54,723,356
Balance at Dec. 31, 2023	$ 921,516	$ 55	439,493	(593)	482,561
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	5,897		5,897
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		241,960
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	1,570		1,570
Net earnings (loss)	124				124
Unrealized gain on marketable securities, net of tax	59			59
Balance (in shares) at Mar. 31, 2024		54,965,316
Balance at Mar. 31, 2024	$ 929,166	$ 55	446,960	(534)	482,685
Balance (in shares) at Dec. 31, 2023	54,723,356	54,723,356
Balance at Dec. 31, 2023	$ 921,516	$ 55	439,493	(593)	482,561
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	20,040
Unrealized gain on marketable securities, net of tax	$ 221
Balance (in shares) at Jun. 30, 2024	55,046,049	55,046,049
Balance at Jun. 30, 2024	$ 957,454	$ 55	455,170	(372)	502,601
Balance (in shares) at Mar. 31, 2024		54,965,316
Balance at Mar. 31, 2024	929,166	$ 55	446,960	(534)	482,685
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	6,552		6,552
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		80,733
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	1,658		1,658
Net earnings (loss)	19,916				19,916
Unrealized gain on marketable securities, net of tax	$ 162			162
Balance (in shares) at Jun. 30, 2024	55,046,049	55,046,049
Balance at Jun. 30, 2024	$ 957,454	$ 55	$ 455,170	$ (372)	$ 502,601

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Marketable Securities

Unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands):


	June 30, 2024		December 31, 2023
	(unaudited)
Corporate, U.S. government agency and municipal debt securities
Amortized cost	$	295,528	$	197,153
Gross unrealized gains	1		5
Gross unrealized losses	(431)		(721)
Total fair value	$	295,098	$	196,437

The contractual maturities of the unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands):


	June 30, 2024
	(unaudited)
Less than 1 year	$	295,098

As of June 30, 2024, there was no impairment due to credit loss on any available-for-sale marketable securities.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Numerator:
Net earnings (loss)	$	19,916	$	(831)	$	20,040	$	16,117
After-tax interest expense for 2023 Notes	—		—		—		892
Numerator for dilutive earnings (loss) per share	$	19,916	$	(831)	$	20,040	$	17,009
Denominator:
Weighted average shares outstanding, basic	54,978,781		54,502,993		54,890,265		54,442,463
Effect of dilutive securities:
Stock options, RSUs and SARs	745,502		—		785,209		1,181,983
Convertible notes	—		—		—		3,410,708
Weighted average shares outstanding, diluted	55,724,283		54,502,993		55,675,474		59,035,154

Earnings (loss) per share, basic	$	0.36	$	(0.02)	$	0.37	$	0.30
Earnings (loss) per share, diluted	$	0.36	$	(0.02)	$	0.36	$	0.29

Schedule of Common Stock Equivalents Excluded in the Calculation of Diluted Earnings Per Share

The following table sets forth the common stock equivalents of outstanding stock-based awards and shares associated with the conversion of the 2023 Notes excluded in the calculation of diluted earnings (loss) per share, because their inclusion would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(unaudited)		(unaudited)
2023 Notes	—	74,549	—	—
Stock options, RSUs, PSUs	971,683	537,762	799,798	482,447

Disaggregated Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Disaggregation of Revenue [Abstract]
Non-cash royalty revenue	$ 1.7	$ 4.0

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Uncommitted Demand Secured Line of Credit On February 8, 2023, the Company entered into a credit line agreement with UBS (the Credit Line). The Credit Line provides for a revolving line of credit of up to $150 million, which can be drawn at any time. Any fixed rate borrowing will bear interest at a fixed interest rate, equal to the sum of (i) the UBS Fixed Funding Rate (as defined in the Credit Line) plus (ii) the applicable Percentage Spread established in the Credit Line. Any variable rate borrowing will bear interest at a variable interest rate, equal to the sum of (i) the UBS Variable Rate (as defined in the Credit Line) plus (ii) the applicable Percentage Spread established in the Credit Line. The Credit Line is secured by a first priority lien and security interest in certain of the Company’s assets, including each account of the Company at UBS Financial Services Inc. (the Collateral Account), and other such collateral (collectively, the Collateral), as further defined in the Credit Line. The Company may be required to post additional collateral if the value of the Collateral declines below the required collateral maintenance requirements. Upon certain customary events of default, all amounts due under the Credit Line will become immediately due and payable without demand, and UBS has the right, in its discretion, to liquidate, transfer, withdraw or sell all or any part of the Collateral and apply the proceeds to repay any borrowings pursuant to the Credit Line. The Company has the right to repay any variable rate advance under the Credit Line at any time, in whole or in part, without penalty. The Company may repay any fixed rate advance in whole, but may not repay any fixed rate advance in part. In its discretion and without cause, UBS has the right at any time to demand full or partial payment of amounts borrowed pursuant to the Credit Line and terminate the Credit Line. On March 30, 2023, the Company borrowed $93.0 million under the Credit Line, which bore a variable interest rate. The funds from this borrowing were used to repay outstanding indebtedness under the 0.625% Convertible Senior Notes Due 2023 (2023 Notes). In the second quarter of 2023, the Company repaid the total principal balance of $93.0 million under the Credit Line and the interest incurred on the Credit Line of $0.7 million. As of June 30, 2024, there was no outstanding debt under the Credit Line.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Share-Based Payments - Performance Stock Units (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Total PSUs
Number of PSUs
Nonvested, beginning balance (in shares) \| shares	271,630
Granted (in shares) \| shares	252,700
Vested (in shares) \| shares	(39,080)
Forfeited (in shares) \| shares	(58,050)
Nonvested, ending balance (in shares) \| shares	427,200
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 31.96
Granted (in dollars per share) \| $ / shares	26.91
Vested (in dollars per share) \| $ / shares	33.47
Forfeited (in dollars per share) \| $ / shares	29.37
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 29.19
Performance-Based Units
Number of PSUs
Nonvested, beginning balance (in shares) \| shares	251,630
Granted (in shares) \| shares	252,700
Vested (in shares) \| shares	(39,080)
Forfeited (in shares) \| shares	(58,050)
Nonvested, ending balance (in shares) \| shares	407,200
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 32.22
Granted (in dollars per share) \| $ / shares	26.91
Vested (in dollars per share) \| $ / shares	33.47
Forfeited (in dollars per share) \| $ / shares	29.37
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 29.21
Market-Based Units
Number of PSUs
Nonvested, beginning balance (in shares) \| shares	20,000
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Nonvested, ending balance (in shares) \| shares	20,000
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 28.63
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 28.63

Interest Expense

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Interest Expense

The following details the composition of interest expense (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Interest expense	$	—	$	(665)	$	—	$	(1,321)
Interest expense on nonrecourse liability related to sale of future royalties	—		(245)		—		(562)
Noncash interest expense on debt	—		—		—		(532)
Total	$	—	$	(910)	$	—	$	(2,415)

Noncash interest expense on debt is related to amortization of deferred financing costs on the 2023 Notes. The Company fully amortized the deferred financing costs on the 2023 Notes in the first quarter of 2023.

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 20,108	$ 20,108	$ 40,245	$ 40,074

Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following table sets forth the gross carrying amounts and related accumulated amortization of intangibles assets (dollars in thousands):


		June 30, 2024						December 31, 2023
		(unaudited)
	Remaining Weighted Average Life (Years)	Carrying Amount, Gross		Accumulated Amortization		Carrying Amount, Net		Carrying Amount, Gross		Accumulated Amortization		Carrying Amount, Net
Acquired in-process research and development		$	124,000	$	—	$	124,000	$	124,000	$	—	$	124,000
Intangible assets subject to amortization:
Acquired developed technology and product rights	6.38	661,311		(226,911)		434,400		661,311		(190,395)		470,916
Capitalized patent defense costs	0.17	43,820		(42,576)		1,244		43,820		(38,847)		4,973
Total intangible assets	6.36	$	829,131	$	(269,487)	$	559,644	$	829,131	$	(229,242)	$	599,889

Investments - Unrestricted Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized cost	$ 295,528	$ 197,153
Gross unrealized gains	1	5
Gross unrealized losses	(431)	(721)
Total fair value	$ 295,098	$ 196,437

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of the Financial Assets and Liabilities

The Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis are as follows (dollars in thousands):


			Fair Value Measurements as of June 30, 2024 (unaudited)
	Total Fair Value as of June 30, 2024		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	27,111	$	27,111	$	—	$	—
Money market funds	24,978		24,978		—		—
Marketable securities
Corporate, U.S. government agency and municipal debt securities	295,098		—		295,098		—


Other noncurrent assets
Marketable securities - restricted (SERP)	596		17		579		—
Total assets at fair value	$	347,783	$	52,106	$	295,677	$	—
Liabilities:
Contingent consideration	$	48,000	$	—	$	—	$	48,000
Total liabilities at fair value	$	48,000	$	—	$	—	$	48,000


			Fair Value Measurements as of December 31, 2023
	Total Fair Value as of December 31, 2023		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	35,957	$	35,957	$	—	$	—
Money market funds	39,097		39,097		—		—
Marketable securities
Corporate, U.S. government agency and municipal debt securities	179,820		—		179,820		—
Long-term marketable securities
Corporate and municipal debt securities	16,617		—		16,617		—
Other noncurrent assets
Marketable securities - restricted (SERP)	568		16		552		—
Total assets at fair value	$	272,059	$	75,070	$	196,989	$	—
Liabilities:
Contingent consideration	$	53,450	$	—	$	—	$	53,450
Total liabilities at fair value	$	53,450	$	—	$	—	$	53,450

Business Organization	6 Months Ended
Business Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization	Business Organization Supernus Pharmaceuticals, Inc. (the Company, see Note 2, Consolidation) is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. The Company's diverse neuroscience portfolio includes approved treatments for epilepsy, migraine, attention-deficit hyperactivity disorder (ADHD), hypomobility in Parkinson’s Disease (PD), cervical dystonia, chronic sialorrhea, and dyskinesia in PD patients receiving levodopa-based therapy. 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 has seven commercial products that it markets: Qelbree®, GOCOVRI®, Oxtellar XR®, Trokendi XR®, APOKYN®, XADAGO®, and MYOBLOC®. In addition, SPN-830 (apomorphine infusion device) is a late-stage drug/device combination product candidate for the continuous treatment of motor fluctuations ("OFF" episodes) in PD patients that are not adequately controlled with oral levodopa and one or more adjunct PD medications. In December 2023, the Company submitted to the U.S. Food and Drug Administration (FDA) a notification of discontinuance to withdraw Osmolex ER from distribution. Distribution of Osmolex ER ceased on April 1, 2024.

Income Tax Expense (Benefit) (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table provides information regarding the Company’s income tax expense (benefit) for the three and six months ended June 30, 2024 and 2023 (dollars in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(unaudited)						(unaudited)
Income tax expense (benefit)	$	6,386		$	(16,296)		$	6,505		$	(24,227)
Effective tax rate	24.3		%	95.1		%	24.5		%	298.7		%

Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Numerator:
Net earnings (loss)	$	19,916	$	(831)	$	20,040	$	16,117
After-tax interest expense for 2023 Notes	—		—		—		892
Numerator for dilutive earnings (loss) per share	$	19,916	$	(831)	$	20,040	$	17,009
Denominator:
Weighted average shares outstanding, basic	54,978,781		54,502,993		54,890,265		54,442,463
Effect of dilutive securities:
Stock options, RSUs and SARs	745,502		—		785,209		1,181,983
Convertible notes	—		—		—		3,410,708
Weighted average shares outstanding, diluted	55,724,283		54,502,993		55,675,474		59,035,154

Earnings (loss) per share, basic	$	0.36	$	(0.02)	$	0.37	$	0.30
Earnings (loss) per share, diluted	$	0.36	$	(0.02)	$	0.36	$	0.29


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(unaudited)		(unaudited)
2023 Notes	—	74,549	—	—
Stock options, RSUs, PSUs	971,683	537,762	799,798	482,447

Composition of Other Balance Sheet Items - Accrued Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 4,628	$ 1,964
Accrued compensation, benefits, & related accruals	17,039	20,722
Accrued sales & marketing	16,444	11,666
Accrued manufacturing expenses	8,745	11,652
Accrued R&D expenses	9,847	10,530
Operating lease liabilities, current portion	9,683	8,331
Accrued royalties	6,861	7,918
Other accrued expenses	9,364	6,786
Total	$ 82,611	$ 79,569

Earnings (Loss) per Share - Schedule of Common Stock Equivalents Excluded in the Calculation of Diluted Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
2023 Notes
Income per share
Common stock equivalents excluded in the calculation of diluted income per share (in shares)	0	74,549	0	0
Stock options, RSUs, PSUs
Income per share
Common stock equivalents excluded in the calculation of diluted income per share (in shares)	971,683	537,762	799,798	482,447

Contingent Consideration - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 24, 2021 USD ($) right $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Fair value gain (loss) recognized in earnings				$ 5,450	$ 857
USWM Acquisition
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		$ 55,000		55,000
Fair value gain (loss) recognized in earnings		1,900	$ (700)	1,170	1,050
USWM Acquisition \| SPN-830 NDA Approval Milestone
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		25,000		25,000
USWM Acquisition \| Subsequent Commercial Product Launch
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		30,000		30,000
Adamas Acquisition
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum	$ 50,900
Contingents value rights \| right	2
Contingent consideration arrangements, value (in dollars per share) \| $ / shares	$ 0.50
Additional cash payments upon milestone achievements minimum	$ 0
Fair value gain (loss) recognized in earnings		$ 2,500	$ (100)	$ 4,280	$ (193)
Adamas Acquisition \| The Milestones
Business Acquisition [Line Items]
Contingent consideration arrangements, excess acquisition date fair value	$ 225,000
Contingent consideration arrangements, excess acquisition date fair value, term	12 months
Adamas Acquisition \| Milestone 2024
Business Acquisition [Line Items]
Contingent consideration arrangements, excess acquisition date fair value	$ 150,000
Contingent consideration arrangements, excess acquisition date fair value, term	12 months

Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Advertising expense	$ 23.5	$ 25.9	$ 47.9	$ 51.8

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Unrestricted Available-for-Sale Marketable Securities

Unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands):


	June 30, 2024		December 31, 2023
	(unaudited)
Corporate, U.S. government agency and municipal debt securities
Amortized cost	$	295,528	$	197,153
Gross unrealized gains	1		5
Gross unrealized losses	(431)		(721)
Total fair value	$	295,098	$	196,437

Schedule of Contractual Maturities of the Unrestricted Available-for-Sale Marketable Securities Held

The contractual maturities of the unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands):


	June 30, 2024
	(unaudited)
Less than 1 year	$	295,098

Condensed Consolidated Statements of Earnings (Loss) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenues

Total revenues

$ 168,325

$ 135,563

$ 311,969

$ 289,327

Costs and expenses

Cost of goods sold

^[1]

17,916

21,091

34,225

44,551

Research and development

26,183

24,379

51,113

45,591

Selling, general and administrative

85,904

86,782

172,420

172,379

Amortization of intangible assets

20,108

40,245

40,074

Contingent consideration expense (gain)

(4,355)

790

(5,450)

(857)

Total costs and expenses

145,756

153,150

292,553

301,738

Operating earnings (loss)

22,569

(17,587)

19,416

(12,411)

Other income (expense)

Interest and other income, net

3,733

1,370

7,129

6,716

Interest expense

(910)

(2,415)

Total other income (expense)

3,733

460

7,129

4,301

Earnings (loss) before income taxes

26,302

(17,127)

26,545

(8,110)

Income tax expense (benefit)

6,386

(16,296)

6,505

(24,227)

Net earnings (loss)

$ 19,916

$ (831)

$ 20,040

$ 16,117

Earnings (loss) per share

Basic (in dollars per share)

$ 0.36

$ (0.02)

$ 0.37

$ 0.30

Diluted (in dollars per share)

$ 0.36

$ (0.02)

$ 0.36

$ 0.29

Weighted average shares outstanding

Basic (in shares)

54,978,781

54,502,993

54,890,265

54,442,463

Diluted (in shares)

55,724,283

54,502,993

55,675,474

59,035,154

Net product sales

Revenues

Total revenues

$ 162,538

$ 128,336

$ 300,999

$ 268,911

Royalty, licensing and other revenues

Revenues

Total revenues

$ 5,787

$ 7,227

$ 10,970

$ 20,416

[1]	Excludes amortization of acquired intangible assets

Investments - Narrative (Details)	6 Months Ended
Investments - Narrative (Details)	Jun. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Impairment due to credit losses	$ 0

Composition of Other Balance Sheet Items - Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and equipment
Property and equipment, gross	$ 28,901		$ 28,901		$ 28,935
Less accumulated depreciation and amortization	(16,627)		(16,627)		(15,405)
Property and equipment, net	12,274		12,274		13,530
Depreciation and amortization expense	600	$ 600	1,200	$ 1,300
Lab equipment and furniture
Property and equipment
Property and equipment, gross	13,035		13,035		13,069
Leasehold improvements
Property and equipment
Property and equipment, gross	14,023		14,023		14,023
Software
Property and equipment
Property and equipment, gross	883		883		883
Computer equipment
Property and equipment
Property and equipment, gross	$ 960		$ 960		$ 960

Share-Based Payments - Narratives (Details)	Jun. 14, 2024 shares
2021 Equity Incentive Plan
Share-Based Payments
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	4,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets, Net - Intangible Assets Gross Carrying Amount and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	6 years 4 months 9 days
Accumulated Amortization	$ (269,487)	$ (229,242)
Total intangible assets, carrying amount, gross	829,131	829,131
Intangible assets, net	559,644	599,889
Acquired in-process research and development
Indefinite-lived Intangible Assets [Line Items]
Acquired in-process research and development	$ 124,000	124,000
Acquired developed technology and product rights
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	6 years 4 months 17 days
Carrying Amount, Gross	$ 661,311	661,311
Accumulated Amortization	(226,911)	(190,395)
Carrying Amount, Net	$ 434,400	470,916
Capitalized patent defense costs
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	2 months 1 day
Carrying Amount, Gross	$ 43,820	43,820
Accumulated Amortization	(42,576)	(38,847)
Carrying Amount, Net	$ 1,244	$ 4,973