0001356576-25-000071 | 10-Q | XBRL Viewer | Supernus Pharmaceuticals INC

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Sage Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill		$ 119,080	$ 117,019
Fair value of contingent consideration		$ 11,448	$ 47,340
Sage Therapeutics, Inc.
Business Combination [Line Items]
Cash and cash equivalents	$ 243,197
Marketable securities	93,181
Accounts receivable, net	23,291
Inventories, net	50,714
Prepaid expenses and other current assets	18,674
Restricted cash	1,450
Operating lease asset	5,630
Intangible assets	166,500
Other assets	1,102
Total fair value of assets acquired	603,739
Accounts payable and accrued liabilities	44,232
Operating lease liability	12,380
Total fair value of liabilities assumed	56,612
Total identifiable net assets	547,127
Goodwill	2,061
Total purchase price	549,188
Cash consideration paid for Sage's common stock	561,000
Cash consideration paid for cash settlement of Sage's equity awards	4,073
Fair value of contingent consideration	11,448
Sage Therapeutics, Inc. \| Common Stock
Business Combination [Line Items]
Cash consideration paid for Sage's common stock	$ 533,667

Debt	9 Months Ended
Debt	Sep. 30, 2025
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. As of September 30, 2025 and December 31, 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.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 151,371	$ 69,331
Marketable securities	129,789	384,281
Accounts receivable, net	171,254	142,077
Inventories, net	79,399	54,293
Prepaid expenses and other current assets	62,078	36,088
Total current assets	593,891	686,070
Restricted cash	1,450	0
Property and equipment, net	10,627	11,545
Intangible assets, net	623,481	521,912
Goodwill	119,080	117,019
Deferred income tax assets, net	8,793	0
Other assets	62,432	31,527
Total assets	1,419,754	1,368,073
Current liabilities
Accounts payable and accrued liabilities	108,613	76,352
Accrued product returns and rebates	184,459	168,705
Contingent consideration, current portion	11,235	47,340
Other current liabilities	26,322	0
Total current liabilities	330,629	292,397
Contingent consideration, long-term	213	0
Operating lease liabilities, long-term	31,422	27,382
Deferred income tax liabilities, net	0	4,961
Other liabilities	7,823	7,600
Total liabilities	370,087	332,340
Commitments and contingencies (Note 17)
Stockholders' equity
Common stock, $0.001 par value; 130,000,000 shares authorized; 57,119,153 and 55,743,095 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	57	56
Additional paid-in capital	527,700	479,440
Accumulated other comprehensive loss, net of tax	(71)	(189)
Retained earnings	521,981	556,426
Total stockholders' equity	1,049,667	1,035,733
Total liabilities and stockholders' equity	$ 1,419,754	$ 1,368,073

Composition of Other Balance Sheet Items - Schedule of Accrued Product Returns and Rebates (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued product rebates	$ 141,190	$ 115,330
Accrued product returns	43,269	53,375
Total	$ 184,459	$ 168,705

Composition of Other Balance Sheet Items - Schedule of Accrued Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 8,177	$ 4,587
Accrued compensation, benefits, & related accruals	35,297	21,225
Accrued sales & marketing	14,838	11,007
Accrued manufacturing expenses	13,099	11,652
Accrued R&D expenses	9,109	5,898
Operating lease liabilities, current portion	10,790	6,889
Accrued royalties	3,868	8,105
Other accrued expenses	13,435	6,989
Total	$ 108,613	$ 76,352

Investments - Schedule of Unrestricted Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Amortized cost	$ 129,829	$ 384,481
Gross unrealized gains	6	89
Gross unrealized losses	(46)	(289)
Total fair value	$ 129,789	$ 384,281

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
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)	57,119,153	55,743,095
Common stock shares outstanding (in shares)	57,119,153	55,743,095

Debt (Details) - Revolving Credit Facility - Line of Credit - USD ($)	Sep. 30, 2025	Dec. 31, 2024	Feb. 08, 2023
Notes payable
Line of credit facility, maximum borrowing capacity			$ 150,000,000
Short-term debt	$ 0	$ 0

- 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.

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+ Details

Disaggregated Revenues (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Abstract]

Schedule of Disaggregation of Revenues

The following table provides information regarding total revenues (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Net product sales
Qelbree	$	81,416	$	62,359	$	223,708	$	166,857
GOCOVRI	40,849		35,657		108,198		93,922
APOKYN	10,387		19,867		38,183		53,811
Trokendi XR	10,043		15,318		34,037		48,393
Oxtellar XR	12,016		29,805		33,851		86,265
ONAPGO	6,806		—		8,410		—
Other(1)	7,025		7,296		22,138		22,053
Total net product sales	168,542		170,302		468,525		471,301
Collaboration revenue (ZURZUVAE)(2)	20,164		—		20,164		—
Royalty, licensing and other revenues	3,397		5,387		18,691		16,357
Total revenues	$	192,103	$	175,689	$	507,380	$	487,658

___________________________________________

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

(2) Includes the Company's proportionate share of net sales of ZURZUVAE.

Share-Based Payments - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based payments
Share-based compensation expense		$ 30,745	$ 7,674	$ 46,320	$ 20,123
Unrecognized compensation expense		14,400		14,400
Sage Therapeutics, Inc.
Share-based payments
Share-based compensation expense	$ 22,900
Research and development
Share-based payments
Share-based compensation expense		1,446	1,350	4,337	3,946
Selling, general and administrative
Share-based payments
Share-based compensation expense		$ 29,299	$ 6,324	$ 41,983	$ 16,177

Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net earnings (loss)	$ (45,117)	$ 22,499	$ (11,827)	$ 38,497	$ 19,916	$ 124	$ (34,445)	$ 58,537
Denominator:
Weighted average shares outstanding, basic (in shares)	56,552,741			55,149,760			56,133,918	54,977,199
Effect of dilutive securities:
Stock options and stock awards (in shares)	0			866,590			0	813,986
Weighted average shares outstanding, diluted (in shares)	56,552,741			56,016,350			56,133,918	55,791,185
Earnings (loss) per share, basic (in dollars per share)	$ (0.80)			$ 0.70			$ (0.61)	$ 1.06
Earnings (loss) per share, diluted (in dollars per share)	$ (0.80)			$ 0.69			$ (0.61)	$ 1.05

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2025

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	September 30, 2025		December 31, 2024
		(unaudited)
Assets
Operating lease assets	Other assets	$	28,761	$	24,477
Total lease assets		$	28,761	$	24,477

Liabilities
Operating lease liabilities, current portion	Accounts payable and accrued liabilities	$	10,790	$	6,889
Operating lease liabilities, long-term	Operating lease liabilities, long-term	31,422		27,382
Total lease liabilities		$	42,212	$	34,271

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to leases is as follows (dollars in thousands):


	Nine Months Ended September 30,
	2025		2024
	(unaudited)
Cash paid for operating leases	$	14,415	$	13,224
Lease assets obtained for new operating leases	9,941		3,547

Contingent Consideration - Schedule of Reconciliation of the Beginning and Ending Balances Related to the Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			$ 47,340	$ 53,450
Contingent consideration from Sage Acquisition			11,448
Change in fair value recognized in earnings			$ 7,660	$ (6,466)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Change in fair value of contingent consideration	Change in fair value of contingent consideration
Milestone payments through June 30, 2025			$ (27,295)
Reclassification to Other Current Liabilities			(27,705)
Balance at end of period	$ 11,448	$ 46,984	11,448	$ 46,984
USWM Acquisition
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			47,340	46,400
Contingent consideration from Sage Acquisition			0
Change in fair value recognized in earnings	0	1,300	7,660	130
Milestone payments through June 30, 2025			(27,295)
Reclassification to Other Current Liabilities			(27,705)
Balance at end of period	0	46,530	0	46,530
Adamas Acquisition
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			0	7,050
Contingent consideration from Sage Acquisition			0
Change in fair value recognized in earnings		(2,300)	0	(6,596)
Milestone payments through June 30, 2025			0
Reclassification to Other Current Liabilities
Balance at end of period	0	$ 454	0	$ 454
Sage Therapeutics, Inc.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of period			0
Contingent consideration from Sage Acquisition			11,448
Change in fair value recognized in earnings			0
Milestone payments through June 30, 2025			0
Reclassification to Other Current Liabilities			0
Balance at end of period	$ 11,448		$ 11,448

Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Advertising expense	$ 22.4	$ 19.6	$ 73.9	$ 67.5

Sage Acquisition

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Sage Acquisition

On July 31, 2025 (the "Sage Closing Date"), the Company completed its acquisition of all the outstanding equity of Sage Therapeutics, Inc. pursuant to the Merger Agreement dated June 13, 2025 (the "Sage Acquisition"). Under the terms of the Merger Agreement, the Company commenced a tender offer to acquire all outstanding shares of Sage, par value $0.0001 per share (the "Shares" and each, a "Share"), at an offer price of (i) $8.50 per share in cash, less any applicable withholding taxes and without interest (the "Cash Amount"; an aggregate of approximately $561 million), plus (ii) one contingent value right per Share (the "CVR"; an aggregate of approximately $234 million, subject to the achievement of specific contingencies), which represents the right to receive up to $3.50, which is governed by the terms of a contingent value rights agreement entered into between the Company and CVR Agent (the "Sage CVR Agreement"), in cash, less any applicable withholding taxes and without interest. The transaction provides Supernus with the right to develop and market ZURZUVAE® (zuranolone) capsules, the first and only U.S. Food and Drug Administration (FDA)-approved oral medicine indicated for the treatment of adults with postpartum depression (PPD), and a late-stage product candidate. For the three and nine months ended September 30, 2025, the Company incurred transaction costs of $8.6 million and $10.0 million, respectively, to complete the acquisition which were included in Selling, general and administrative expense in the condensed consolidated statements of earnings.

Contingent payments of up to $234 million are due to the sellers upon the achievement of certain milestones related to the development and commercial sale of ZURZUVAE. In connection therewith, the Company recorded a contingent consideration liability of $11.4 million as of the date of acquisition to reflect the estimated fair value of the contingent consideration. The estimated fair value of the contingent consideration was determined using a market participant with a Monte Carlo simulation for the sales-based milestones and income approach for the other milestones. The key assumptions considered include the estimated amount and timing of projected cash flows, probability of milestone achievement, volatility, estimated discount rates and risk-free interest rate. In each reporting period after the acquisition, the Company will revalue the contingent consideration liability and will record increases or decreases in the fair value of the liability in its condensed consolidated statements of earnings. Changes in fair value will result from changes in actual and projected milestone achievement, as well as changes to forecasts. The inputs and assumptions may not be observable in the market, but reflect the assumptions the Company believes would be made by a market participant. The possible outcomes for the contingent consideration range from $0 to $234 million on an undiscounted basis. See Note 7, Contingent Consideration, for further discussion.

In connection with the acquisition, the vesting of certain outstanding Sage stock options, restricted stock units, and performance stock units was accelerated upon closing of the acquisition and replaced with the right to receive one CVR per share. The purchase price for Sage includes $4.1 million related to Sage awards where vesting was accelerated in connection with the acquisition. The Company recognized compensation expense of $22.9 million immediately in the post-combination period related to awards that were accelerated to vest upon closing of the acquisition. See Note 10, Share-based Payments, for further discussion.

The acquisition is being accounted for as a business combination under the acquisition method of accounting, in accordance with ASC 805, Business Combinations. The excess of the purchase price over the fair value of the net assets acquired

was recorded as goodwill. The estimated fair values of the assets acquired and liabilities assumed, including goodwill, have been included in the Company's consolidated financial statements since the Sage Closing Date.

The Company's accounting for this acquisition is preliminary and fair value estimates for the assets acquired and liabilities assumed and the Company's estimates and assumptions are subject to change as the Company obtains additional information for its estimates during the measurement period. During the measurement period, if the Company obtains new information regarding facts and circumstances that existed as of the Sage Closing Date that, if known, would have resulted in revised estimated values of those assets or liabilities, the Company will accordingly revise its estimates of fair values and purchase price allocation. The effect of measurement period adjustments on the estimated fair value elements will be reflected as if the adjustments had been made as of the Sage Closing Date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings.

The Company expects to finalize its purchase price allocation within one year of the Sage Closing Date. In addition, the Company continues to analyze and assess relevant information necessary to determine, recognize and record at fair value the assets acquired and liabilities assumed in the following areas: inventory, prepaid and other assets, intangible assets, tax assets and liabilities, and certain existing or potential reserves, including those for legal or contract-related matters. The activities the Company is currently undertaking, include but are not limited to the following: review of acquired contracts and other contract-related and legal matters; review and evaluation of the accounting policies, tax positions, and other tax-related matters. Further, the Company is in the process of obtaining input from third party valuation firms with respect to the fair value of the acquired intangible assets and inventory, and other information necessary to record and measure the assets acquired and liabilities assumed. Accordingly, the preliminary recognition and measurement of assets acquired and liabilities assumed as of the Sage Closing Date are subject to change.

The following preliminary purchase price allocation table presents the Company' preliminary estimates of the fair value of assets acquired and liabilities assumed as of the Sage Closing Date (unaudited, dollars in thousands):


	Fair Value (unaudited)
Cash and cash equivalents	$	243,197
Marketable securities	93,181
Accounts receivable, net	23,291
Inventories, net	50,714
Prepaid expenses and other current assets	18,674
Restricted cash	1,450
Operating lease asset (1)	5,630
Intangible assets	166,500
Other assets	1,102
Total fair value of assets acquired	603,739
Accounts payable and accrued liabilities	44,232
Operating lease liability (1)	12,380
Total fair value of liabilities assumed	56,612
Total identifiable net assets	$	547,127
Goodwill	2,061
Total purchase price	$	549,188

Cash consideration paid for Sage's common stock	$	533,667
Cash consideration paid for cash settlement of Sage's equity awards	4,073
Fair value of contingent consideration	11,448
Total purchase price	$	549,188

______________________________

(1) Refer to Note 13, Leases, for further discussion of the acquired lease asset and assumed lease liability.

Acquired Inventory

The fair value of the inventory was estimated using the comparative sales method, which estimated the expected sales price of the product, reduced by all costs expected to be incurred to complete or to dispose of the inventory, as well as a profit on the sale.

Acquired Lease

As part of the Sage Acquisition, the Company acquired a lease for commercial real estate. The Company recognized a right-of-use asset and operating lease liability at the acquisition date. The amounts recognized reflect the present value of remaining lease payments, discounted at the Company's incremental borrowing rate. The fair value of the lease ROU asset was measured at an amount equal to the lease liability and evaluated for favorable or unfavorable lease terms when compared with market terms. Refer to Note 13, Leases, for further discussion of the acquired lease asset and assumed lease liability.

Acquired Intangible Assets

The acquired intangible asset include the acquired developed technology and product rights. The Company estimated the fair value of the acquired intangible asset as of the Sage Closing Date using the income approach. The fair value measurements of the acquired intangible assets were estimated based on significant unobservable inputs and therefore, represent a Level 3 fair value measurement. Some of the more significant inputs and assumptions used in the intangible assets valuation include: the estimated future cash flows from product sales, probability of achieving regulatory approval in ex-US territories, the timing and projection of costs and expenses, discount rates, and tax rates.

The following table summarizes the purchase price allocation, and the average remaining useful lives for identifiable intangible assets (unaudited, dollars in thousands):


	Fair Value (unaudited)		Estimated Useful Lives (in years)
Acquired developed technology and product rights	$	166,500	8
Total intangible assets	$	166,500

Acquired intangible assets are amortized over their estimated useful lives on a straight-line basis.

Goodwill

Goodwill was calculated as the excess of the consideration paid consequent to completing the acquisition, compared to

the net assets recognized. Goodwill represents the future economic benefits from the other acquired assets, and which could not be

individually identified and separately valued. Goodwill is primarily attributable to the additional acquired growth platforms and

an expanded revenue base. Goodwill is not deductible for tax purposes.

Revenues and Net Earnings of Sage

The operations of Sage and its subsidiaries have been included in the Company's condensed consolidated statements of earnings for the period subsequent to the Sage Closing Date, and through September 30, 2025. Total revenues of $20.1 million and net loss of $65.4 million were recorded from the Sage Closing Date through the period ended September 30, 2025.

Pro forma Information

The following table presents the unaudited pro forma combined financial information for each of the periods presented as if the Sage Acquisition had occurred on January 1, 2024 (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Pro forma total revenues	$	199,637	$	187,560	$	560,639	$	516,085
Pro forma net loss	$	(24,386)	$	(62,559)	$	(140,531)	$	(321,112)

The unaudited pro forma combined financial information is based on historical financial information and the Company's preliminary allocation of purchase price; therefore, it is subject to subsequent adjustment upon finalization of the purchase price allocation. In order to reflect the occurrence of the acquisition as if it had occurred on January 1, 2024, the unaudited pro forma combined financial information reflects the recognition of amortization expense on intangible asset; the estimated reduction in the Company's interest income generated from marketable securities that were liquidated to fund the purchase price of the Sage Acquisition, and the estimated tax impact of the pro forma adjustments.

The unaudited pro forma combined financial information also reflects the recognition of material non-recurring costs incurred directly as a result of the Sage Acquisition primarily pertaining to the following:

•Transaction-related expenses incurred by the Company of $10.0 million during the nine months ended September 30, 2025 are assumed to have occurred on the pro forma close date of January 1, 2024, and recognized as if incurred in the first quarter of 2024;

•Post-combination employee-related expenses incurred by the Company of $38.0 million that were incurred during the nine months ended September 30, 2025 are assumed to have occurred on the pro forma close date of January 1, 2024, and recognized as if incurred in the first quarter of 2024;

•Post-combination share-based compensation expense of $22.9 million incurred to accelerate the vesting of certain equity awards under the terms of the Merger Agreement are assumed to have occurred on the pro forma close date of January 1, 2024, and recognized as if incurred in the first quarter of 2024. This amount does not reflect any post-combination expense related to potential CVR payments to former Sage employees because payment is not considered probable under the employee compensation accounting model.

The unaudited pro forma combined financial information should not necessarily be considered indicative of the results that would have occurred if the acquisition had been consummated on the assumed completion date, nor are they indicative of future results.

- Definition

The entire disclosure for business combination.

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Share-Based Payments (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Research and development	$	1,446	$	1,350	$	4,337	$	3,946
Selling, general and administrative(1)	29,299		6,324		41,983		16,177
Total	$	30,745	$	7,674	$	46,320	$	20,123

(1) Includes $22.9 million of compensation expense related to the acceleration of certain Sage equity awards in connection with the Sage Acquisition in July 2025. The Company has $14.4 million of unrecognized compensation expense related to CVRs granted to holders of the accelerated Sage equity awards. This unrecognized compensation expense will be recognized if and when the milestones associated with the CVRs become probable of achievement.

Schedule of Stock Options

The following table summarizes stock option activities:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding, December 31, 2024	6,719,073	$	30.44	5.9
Granted	1,101,645	$	33.82
Exercised	(1,171,953)	$	23.71
Forfeited	(128,117)	$	33.88
Outstanding, September 30, 2025 (unaudited)	6,520,648	$	32.15	6.3

As of September 30, 2025 (unaudited):
Vested and expected to vest	6,520,648	$	32.15	6.3
Exercisable	3,857,789	$	31.76	4.8

As of December 31, 2024:
Vested and expected to vest	6,719,073	$	30.44	5.9
Exercisable	4,137,283	$	29.54	4.4

Schedule 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, 2024	378,165	$	32.48
Granted	172,725	$	33.50
Vested	(137,923)	$	32.31
Forfeited	(15,424)	$	32.47
Nonvested, September 30, 2025 (unaudited)	397,543	$	32.98

Schedule 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, 2024	324,685	$	28.80	20,000	$	28.63	344,685	$	28.79
Granted	246,496	$	32.84	—	$	—	246,496	$	32.84
Vested	(138,510)	$	29.96	(20,000)	$	28.63	(158,510)	$	29.79
Forfeited	(38,800)	$	30.31	—	$	—	(38,800)	$	30.31
Nonvested, September 30, 2025 (unaudited)	393,871	$	30.77	—	$	—	393,871	$	30.77

Income Tax Expense (Benefit)

9 Months Ended

Sep. 30, 2025

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 nine months ended September 30, 2025 and 2024 (dollars in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(unaudited)						(unaudited)
Income tax expense (benefit)	$	(12,837)		$	6,446		$	(12,671)		$	12,951
Effective tax rate	22.2		%	14.3		%	26.9		%	18.1		%

Income tax benefit was $12.8 million (22.2% effective tax rate) and $12.7 million (26.9% effective tax rate) for the three and nine months ended September 30, 2025, as compared to an income tax expense of $6.4 million (14.3% effective tax rate) and $13.0 million (18.1% effective tax rate) for the three and nine months ended September 30, 2024. The change in income tax expense (benefit) in both periods was primarily due to decreased pre-tax book income for the three and nine months ended September 30, 2025, and higher forecasted earnings before taxes as compared to the same periods in 2024. The effective income tax rate for the three and nine months ended September 30, 2025 was higher compared to the same period in 2024 primarily due to a benefit for a state tax refund received in 2025 offset by costs related to the Sage Acquisition in July 2025.

The Company's effective income tax rates for the three months ended September 30, 2025 varies from the statutory federal tax rate in the United States (U.S. federal tax rate) of 21% primarily due to state taxes and non-deductible transaction costs, offset by tax benefits related to research and development tax credits. The Company's effective income tax rates for the nine months ended September 30, 2025 varies from the statutory federal tax rate in the United States (U.S. federal tax rate) of 21% primarily due to state taxes and non-deductible transaction costs, offset by tax benefits related to a state tax refund and research and development tax credits. The Company's effective income tax rates for the three and nine months ended September 30, 2024 vary from the statutory U.S. federal tax rate primarily due to state taxes, offset by tax benefits related to research and development tax credits.

The annual forecasted earnings represent the Company's best estimate as of September 30, 2025 and 2024, are subject to change and could have a material impact on the effective tax rate in subsequent periods. ASC 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.

On July 4, 2025, H.R.1, also referred to as the One Big Beautiful Bill Act (OBBBA), was signed into law in the U.S. The OBBBA includes changes to U.S. federal tax law, including extending and modifying certain key Tax Cuts and Jobs Act of 2017 provisions, and provisions allowing accelerated tax deductions for qualified property and research expenditures. The Company is currently planning to continue recovering the unamortized balance of research and development expenditures as of December 31, 2024, over the original five and fifteen year period, and will begin currently expensing research and development in 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Share-Based Payments

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Payments

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Research and development	$	1,446	$	1,350	$	4,337	$	3,946
Selling, general and administrative(1)	29,299		6,324		41,983		16,177
Total	$	30,745	$	7,674	$	46,320	$	20,123

Stock Option

The following table summarizes stock option activities:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)
Outstanding, December 31, 2024	6,719,073	$	30.44	5.9
Granted	1,101,645	$	33.82
Exercised	(1,171,953)	$	23.71
Forfeited	(128,117)	$	33.88
Outstanding, September 30, 2025 (unaudited)	6,520,648	$	32.15	6.3

As of September 30, 2025 (unaudited):
Vested and expected to vest	6,520,648	$	32.15	6.3
Exercisable	3,857,789	$	31.76	4.8

As of December 31, 2024:
Vested and expected to vest	6,719,073	$	30.44	5.9
Exercisable	4,137,283	$	29.54	4.4

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, 2024	378,165	$	32.48
Granted	172,725	$	33.50
Vested	(137,923)	$	32.31
Forfeited	(15,424)	$	32.47
Nonvested, September 30, 2025 (unaudited)	397,543	$	32.98

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, 2024	324,685	$	28.80	20,000	$	28.63	344,685	$	28.79
Granted	246,496	$	32.84	—	$	—	246,496	$	32.84
Vested	(138,510)	$	29.96	(20,000)	$	28.63	(158,510)	$	29.79
Forfeited	(38,800)	$	30.31	—	$	—	(38,800)	$	30.31
Nonvested, September 30, 2025 (unaudited)	393,871	$	30.77	—	$	—	393,871	$	30.77

Contingent Consideration - Schedule of Current and Long-Term Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Contingent consideration, current portion	$ 11,235	$ 47,340
Contingent consideration, long-term	213	0
Contingent consideration	$ 11,448	$ 47,340

Disaggregated Revenues - Narrative (Details)	9 Months Ended
Disaggregated Revenues - Narrative (Details)	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Abstract]
Prior year sale adjustments, percentage	3.00%	2.00%

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Cash paid for operating leases	$ 14,415	$ 13,224
Lease assets obtained for new operating leases	$ 9,941	$ 3,547

Composition of Other Balance Sheet Items - Schedule of Inventory, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 56,988	$ 11,127
Work in process	33,407	26,725
Finished goods	16,705	16,441
Total	$ 107,100	$ 54,293

Collaboration Agreements (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue, Cost of Revenues, and Expense

The following table summarizes the Company’s proportionate share of the activity under the Biogen Collaboration Agreement:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025			2025
	(unaudited)
Collaboration revenue (ZURZUVAE)	$	20,164		$	20,164
Cost of revenues	434			434
Research and development expenses	(928)			(928)
Selling, general and administrative expenses	13,561			13,561

Summary of Significant Accounting Policies - Insurance Recoveries (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Accounting Policies [Abstract]
Insurance recoveries	$ 0.8	$ 11.5	$ 6.2	$ 12.0
Insurance recovery receivable	$ 6.3		$ 6.3		$ 4.0

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table shows the segment revenue, significant segment expenses and net earnings (loss) (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Total revenues	$	192,103	$	175,689	$	507,380	$	487,658
Less: Significant segment expenses:
Cost of goods sold	18,965		17,583		51,555		51,808
Selling expenses	58,386		38,082		145,398		116,190
Marketing expenses	18,672		16,247		60,068		56,510
General and administrative expenses(a)	33,114		15,424		86,833		69,473
Acquisition-related expenses(b)	69,506		—		70,874		—
Research and development expenses
External development program expenses:
ONAPGO	352		71		1,613		1,164
SPN-820	1,111		6,668		8,073		20,010
SPN-817	4,872		2,815		11,889		5,835
Qelbree	3,168		5,621		9,805		11,552
ZURZUVAE	1,385		—		1,385		—
Early-stage programs and other expenses	5,173		4,343		11,865		12,516
Total external development program expenses	16,061		19,518		44,630		51,077
Internal employee-related expenses	13,305		9,518		33,778		29,072
Total research and development expenses	29,366		29,036		78,408		80,149
Other segment items(c)	9,211		20,820		48,689		54,991
Net earnings (loss)	$	(45,117)	$	38,497	$	(34,445)	$	58,537

(a) Excludes Sage Acquisition related expenses which are presented in the separate line item, Acquisition-related expenses, in the table above.

(b) Sage Acquisition related expenses includes primarily transaction costs incurred, post-combination employee-related expenses incurred by the Company, and share-based compensation expense for Sage incurred to accelerate the vesting of certain equity awards under the terms of the Merger Agreement.

(c) Other segment items include amortization of intangible assets, contingent consideration gain or loss, net interest and other income, and income tax expense or benefit whose amounts are disclosed in the condensed consolidated statement of earnings (loss).

Contingent Consideration (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Contingent Consideration

The following table sets forth the contingent consideration liabilities (dollars in thousands):


	September 30, 2025		December 31, 2024
	(unaudited)
Reported under the following captions in the consolidated balance sheets:
Contingent consideration, current portion	$	11,235	$	47,340
Contingent consideration, long-term	213		—
Total	$	11,448	$	47,340

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 liability for the USWM Acquisition, Adamas Acquisition, and Sage Acquisition (dollars in thousands):


	USWM Acquisition		Adamas Acquisition		Sage Acquisition		Total
Balance at December 31, 2024	$	47,340	$	—	$	—	$	47,340
Contingent consideration from Sage Acquisition	—		—		11,448		11,448
Change in fair value recognized in earnings	7,660		—		—		7,660
Milestone payments through June 30, 2025	(27,295)		—		—		(27,295)
Reclassification to Other Current Liabilities	(27,705)				—		(27,705)
Balance at September 30, 2025 (unaudited)	$	—	$	—	$	11,448	$	11,448


	USWM Acquisition		Adamas Acquisition		Total
Balance at December 31, 2023	$	46,400	$	7,050	$	53,450
Change in fair value recognized in earnings	130		(6,596)		(6,466)
Balance at September 30, 2024 (unaudited)	$	46,530	$	454	$	46,984

Investments - Narrative (Details)	9 Months Ended
Investments - Narrative (Details)	Sep. 30, 2025 USD ($)
Investments, Debt and Equity Securities [Abstract]
Impairment due to credit losses	$ 0

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
Beginning balance (in shares) at Dec. 31, 2023		54,723,356
Beginning 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 (loss) on marketable securities, net of tax	59			59
Ending balance (in shares) at Mar. 31, 2024		54,965,316
Ending balance at Mar. 31, 2024	929,166	$ 55	446,960	(534)	482,685
Beginning balance (in shares) at Dec. 31, 2023		54,723,356
Beginning balance at Dec. 31, 2023	921,516	$ 55	439,493	(593)	482,561
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	58,537
Unrealized gain (loss) on marketable securities, net of tax	671
Ending balance (in shares) at Sep. 30, 2024		55,219,273
Ending balance at Sep. 30, 2024	1,007,150	$ 55	465,919	78	541,098
Beginning balance (in shares) at Mar. 31, 2024		54,965,316
Beginning 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 (loss) on marketable securities, net of tax	162			162
Ending balance (in shares) at Jun. 30, 2024		55,046,049
Ending balance at Jun. 30, 2024	957,454	$ 55	455,170	(372)	502,601
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	7,674		7,674
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		173,224
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	3,075		3,075
Net earnings (loss)	38,497				38,497
Unrealized gain (loss) on marketable securities, net of tax	450			450
Ending balance (in shares) at Sep. 30, 2024		55,219,273
Ending balance at Sep. 30, 2024	$ 1,007,150	$ 55	465,919	78	541,098
Beginning balance (in shares) at Dec. 31, 2024	55,743,095	55,743,095
Beginning balance at Dec. 31, 2024	$ 1,035,733	$ 56	479,440	(189)	556,426
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	8,068		8,068
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		246,153
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	(1,299)		(1,299)
Net earnings (loss)	(11,827)				(11,827)
Unrealized gain (loss) on marketable securities, net of tax	30			30
Ending balance (in shares) at Mar. 31, 2025		55,989,248
Ending balance at Mar. 31, 2025	$ 1,030,705	$ 56	486,209	(159)	544,599
Beginning balance (in shares) at Dec. 31, 2024	55,743,095	55,743,095
Beginning balance at Dec. 31, 2024	$ 1,035,733	$ 56	479,440	(189)	556,426
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	(34,445)
Unrealized gain (loss) on marketable securities, net of tax	$ 118
Ending balance (in shares) at Sep. 30, 2025	57,119,153	57,119,153
Ending balance at Sep. 30, 2025	$ 1,049,667	$ 57	527,700	(71)	521,981
Beginning balance (in shares) at Mar. 31, 2025		55,989,248
Beginning balance at Mar. 31, 2025	1,030,705	$ 56	486,209	(159)	544,599
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	7,507		7,507
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		130,112
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	3,230		3,230
Net earnings (loss)	22,499				22,499
Unrealized gain (loss) on marketable securities, net of tax	(41)			(41)
Ending balance (in shares) at Jun. 30, 2025		56,119,360
Ending balance at Jun. 30, 2025	1,063,900	$ 56	496,946	(200)	567,098
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense related to employee stock purchase plan and share-based awards	7,825		7,825
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld (in shares)		999,793
Issuance of common stock related to employee stock purchase plan and share-based awards, net of taxes withheld	22,930	$ 1	22,929
Net earnings (loss)	(45,117)				(45,117)
Unrealized gain (loss) on marketable securities, net of tax	$ 129			129
Ending balance (in shares) at Sep. 30, 2025	57,119,153	57,119,153
Ending balance at Sep. 30, 2025	$ 1,049,667	$ 57	$ 527,700	$ (71)	$ 521,981

- 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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+ Details

Composition of Other Balance Sheet Items - Schedule of Inventory as Reported on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current inventory	$ 79,399	$ 54,293
Noncurrent inventory	27,701	0
Total	$ 107,100	$ 54,293

Business Organization	9 Months Ended
Business Organization	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization	Business Organization Supernus Pharmaceuticals, Inc. (the Company, see Consolidation in Note 2, Summary of Significant Accounting Policies) 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 attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson's Disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, postpartum depression (PPD), epilepsy, migraine, cervical dystonia, and chronic sialorrhea. The Company is developing a broad range of novel CNS product candidates including new potential treatments for epilepsy, depression, and other CNS disorders. The Company has nine commercial products that it markets: Qelbree®, GOCOVRI®, Oxtellar XR®, Trokendi XR®, APOKYN®, XADAGO®, MYOBLOC® , ONAPGOTM (formerly known as SPN-830), and ZURZUVAE® (see Note 3, Sage Acquisition). In February 2025, the FDA approved ONAPGO (apomorphine hydrochloride) injection as the first and only subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced PD. ONAPGO was launched in April 2025. In September 2025, the Federal Drug Administration (FDA) withdrew the New Drug Application (NDA) for OSMOLEX ER. Acquisition of Sage Therapeutics, Inc. and Reorganization On June 13, 2025, the Company entered into an Agreement and Plan of Merger (Merger Agreement) to acquire Sage Therapeutics, Inc. (Sage). The acquisition closed on July 31, 2025. Sage was a pharmaceutical company with a portfolio of product candidates to address a range of neurological diseases and a commercial product to treat PPD. Sage's commercialized product, ZURZUVAE® (zuranolone) capsules, is the first and only FDA-approved oral medicine indicated for the treatment of postpartum depression in adults. As of July 31, 2025, Sage became a wholly-owned subsidiary of the Company. With the acquisition of Sage, the Company acquired the rights to further develop and market ZURZUVAE. Through a collaboration agreement with Biogen MA Inc. (BIMA) and Biogen International GmbH (together with BIMA, "Biogen"), the Company reports collaboration revenue that is 50% of total net revenue recorded by Biogen for ZURZUVAE in the U.S. See Note 3, Sage Acquisition, for further details on the acquisition and Note 15, Collaboration Agreements, for further details on the collaboration agreement with Biogen. Following the Sage Acquisition, during the third quarter of 2025, Sage Therapeutics, Inc. was reorganized into Sage Therapeutics, LLC.

Investments (Tables)

9 Months Ended

Sep. 30, 2025

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):


	September 30, 2025		December 31, 2024
	(unaudited)
Corporate, U.S. government agency and municipal debt securities
Amortized cost	$	129,829	$	384,481
Gross unrealized gains	6		89
Gross unrealized losses	(46)		(289)
Total fair value	$	129,789	$	384,281

Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2025

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 per share for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Numerator:
Net earnings (loss)	$	(45,117)	$	38,497	$	(34,445)	$	58,537
Denominator:
Weighted average shares outstanding, basic	56,552,741		55,149,760		56,133,918		54,977,199
Effect of dilutive securities:
Stock options and stock awards	—		866,590		—		813,986
Weighted average shares outstanding, diluted	56,552,741		56,016,350		56,133,918		55,791,185

Earnings (loss) per share, basic	$	(0.80)	$	0.70	$	(0.61)	$	1.06
Earnings (loss) per share, diluted	$	(0.80)	$	0.69	$	(0.61)	$	1.05

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 excluded in the calculation of diluted earnings (loss) per share, because their inclusion would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(unaudited)		(unaudited)
Stock options and stock awards	647,044	712,457	743,145	772,255

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company operates in one operating segment and therefore has only one reportable segment. The Company derives revenue primarily from sales of its commercial products in the U.S.

The Company's chief operating decision maker (CODM) is the chief executive officer. The Company manages the business activities on a consolidated basis. The CODM assesses performance of the Company, decides how to allocate resources based on net earnings (loss), which is reported in the condensed consolidated statement of earnings (loss) as net earnings (loss), and allocates resources on a consolidated basis. The CODM uses net earnings (loss) to decide whether to reinvest profits into the Company's current products or into other research and development initiatives for the Company's product candidates. Net earnings (loss) is also used to monitor budget versus actual results.

The measure of the reportable segment assets is reported on the balance sheet as total assets.

The following table shows the segment revenue, significant segment expenses and net earnings (loss) (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Total revenues	$	192,103	$	175,689	$	507,380	$	487,658
Less: Significant segment expenses:
Cost of goods sold	18,965		17,583		51,555		51,808
Selling expenses	58,386		38,082		145,398		116,190
Marketing expenses	18,672		16,247		60,068		56,510
General and administrative expenses(a)	33,114		15,424		86,833		69,473
Acquisition-related expenses(b)	69,506		—		70,874		—
Research and development expenses
External development program expenses:
ONAPGO	352		71		1,613		1,164
SPN-820	1,111		6,668		8,073		20,010
SPN-817	4,872		2,815		11,889		5,835
Qelbree	3,168		5,621		9,805		11,552
ZURZUVAE	1,385		—		1,385		—
Early-stage programs and other expenses	5,173		4,343		11,865		12,516
Total external development program expenses	16,061		19,518		44,630		51,077
Internal employee-related expenses	13,305		9,518		33,778		29,072
Total research and development expenses	29,366		29,036		78,408		80,149
Other segment items(c)	9,211		20,820		48,689		54,991
Net earnings (loss)	$	(45,117)	$	38,497	$	(34,445)	$	58,537

(a) Excludes Sage Acquisition related expenses which are presented in the separate line item, Acquisition-related expenses, in the table above.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets Gross Carrying Amount and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	6 years 7 months 6 days
Accumulated Amortization	$ (372,150)	$ (307,219)
Total intangible assets, carrying amount, gross	995,631	829,131
Intangible assets, net	623,481	521,912
Acquired in-process research and development
Indefinite-lived Intangible Assets [Line Items]
Acquired in-process research and development	$ 0	124,000
Acquired developed technology and product rights
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	6 years 7 months 6 days
Carrying Amount, Gross	$ 951,811	661,311
Accumulated Amortization	(328,330)	(263,399)
Carrying Amount, Net	$ 623,481	397,912
Capitalized patent defense costs
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	0 years
Carrying Amount, Gross	$ 43,820	43,820
Accumulated Amortization	(43,820)	(43,820)
Carrying Amount, Net	$ 0	$ 0

Share-Based Payments -Schedule of Performance Stock Units (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Total PSUs
Number of PSUs
Nonvested, beginning balance (in shares) \| shares	344,685
Granted (in shares) \| shares	246,496
Vested (in shares) \| shares	(158,510)
Forfeited (in shares) \| shares	(38,800)
Nonvested, ending balance (in shares) \| shares	393,871
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 28.79
Granted (in dollars per share) \| $ / shares	32.84
Vested (in dollars per share) \| $ / shares	29.79
Forfeited (in dollars per share) \| $ / shares	30.31
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 30.77
Performance-Based Units
Number of PSUs
Nonvested, beginning balance (in shares) \| shares	324,685
Granted (in shares) \| shares	246,496
Vested (in shares) \| shares	(138,510)
Forfeited (in shares) \| shares	(38,800)
Nonvested, ending balance (in shares) \| shares	393,871
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 28.80
Granted (in dollars per share) \| $ / shares	32.84
Vested (in dollars per share) \| $ / shares	29.96
Forfeited (in dollars per share) \| $ / shares	30.31
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 30.77
Market-Based Units
Number of PSUs
Nonvested, beginning balance (in shares) \| shares	20,000
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(20,000)
Forfeited (in shares) \| shares	0
Nonvested, ending balance (in shares) \| shares	0
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	28.63
Forfeited (in dollars per share) \| $ / shares	0
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 0

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The following table sets forth the gross carrying amounts of goodwill (dollars in thousands):


Balance as of December 31, 2024	$	117,019
Goodwill from Sage Acquisition	2,061
Balance as of September 30, 2025 (unaudited)	$	119,080

The increase in goodwill is from the Sage Acquisition. See Note 3, Sage Acquisition, for further discussion.

Intangible Assets, Net

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


	September 30, 2025							December 31, 2024
	(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
Intangible assets subject to amortization:
Acquired developed technology and product rights	6.6	951,811		(328,330)		623,481		661,311		(263,399)		397,912
Capitalized patent defense costs	—	43,820		(43,820)		—		43,820		(43,820)		—
Total intangible assets	6.6	$	995,631	$	(372,150)	$	623,481	$	829,131	$	(307,219)	$	521,912

Amortization expense for intangible assets was $24.3 million and $64.9 million for the three and nine months ended September 30, 2025, and $19.5 million and $59.7 million for the three and nine months ended September 30, 2024, respectively.

In February 2025, the FDA approved ONAPGO and as such, the research and development efforts for the Company's acquired in-process research and development asset is considered complete. As of the FDA approval date, the ONAPGO intangible asset is a definite-life intangible asset subject to amortization and has a useful life of 10 years.

In July 2025, the Company acquired ZURZUVAE® (zuranolone), the first and only FDA-approved oral medicine indicated for the treatment of PPD in adults. The ZURZUVAE intangible asset is a definite-lived intangible asset subject to amortization and has a useful life of 8 years.

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 allowed a third party to enter the Oxtellar XR market in September 2024.

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.

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Frank Mottola [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The table below lists the insider trading arrangements adopted or terminated during the third quarter of 2025:

Name and Title of Director or Officer

Rule 10b5-1 Trading Arrangement(1)

Trading Arrangement Adopted or Terminated

Date of Adoption or Termination

Duration of Trading Arrangement

Aggregate Number of Securities to be Purchased Pursuant to Trading Arrangement

Aggregate Number of Securities to be Sold Pursuant to Trading Arrangement

Frank Mottola SVP, Chief Technology Operations Officer

Yes

Adopted

September 15, 2025

January 14, 2026

—

20,000

____________________________________

(1) Indicates whether the trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

(2)This trading arrangement covers the exercise and sale of stock options, with a portion of such sales limited to an amount reasonably estimated such that the net proceeds from the sale are sufficient to cover the exercise cost and taxes associated with the exercise of the stock options.

Name

Frank Mottola

Title

SVP, Chief Technology Operations Officer

Rule 10b5-1 Arrangement Adopted

true

September 15, 2025

January 14, 2026

121 days

20,000

Summary of Significant Accounting Policies - Revenue Recognition (Details)		9 Months Ended
	Jul. 31, 2025	Sep. 30, 2025 USD ($) performanceObligation	Dec. 31, 2024 USD ($)
Revenue Recognition
Contract assets		$ 0	$ 0
Contract liabilities		$ 0	$ 0
Sales return period prior to expiry date		6 months
Sales return period subsequent to expiry date		12 months
Collaboration revenue, percentage	50.00%
Maximum
Revenue Recognition
Product shelf life		48 months
Royalty revenue agreements
Revenue Recognition
Guaranteed minimum amounts		$ 0
Clinical Supply Agreement \| Biogen
Revenue Recognition
Number of performance obligations \| performanceObligation		1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
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, 2024, 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 amounts related to the caption Inventory valuation write-down have been reclassified from the caption Other noncash adjustments, net in the condensed consolidated statements of cash flows 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less to be cash equivalents.
Accounts Receivable, Net	Accounts Receivable, Net The Company's trade accounts receivable arise from product sales and represents amounts due from its customers. In addition, the Company records accounts receivable arising from its collaboration and licensing agreements. The Company monitors the financial performance and credit worthiness of its counterparties so that it can properly assess and respond to changes in their credit profile. The Company provides allowances against receivables for estimated losses, if any, that may result from a counterparty's inability to pay. Amounts determined to be uncollectible are written-off against the allowance.
Marketable Securities	Marketable Securities Marketable securities consist of investments in U.S. Treasury bills and notes; bank certificates of deposit; various U.S. government agency debt securities; corporate and municipal debt securities. The Company places all investments with governmental, industrial, or financial institutions whose debt is rated as investment grade. The Company's investments are classified as available-for-sale and are carried at fair value. The Company classifies all available-for-sale marketable securities with maturities greater than one year from the balance sheet date as non-current assets. Any unrealized holding gains or losses on debt securities, including their tax effect, are reported as components of Other comprehensive gain (loss) in the consolidated statement of comprehensive earnings. Realized gains and losses, included in Interest and other income, net in the consolidated statement of earnings (loss), are determined using the specific identification method for determining the cost of securities sold. Declines in fair value below amortized cost related to credit losses (i.e., impairment due to credit losses) are included in the consolidated statement of earnings (loss), with a corresponding allowance established. If the estimate of expected credit losses decreases in subsequent periods, the Company will reverse the credit losses through current period earnings and adjust the allowance accordingly.
Business Combinations and Contingent Considerations	Business Combinations and Contingent Considerations The Company determines whether an acquisition should be accounted for as a business combination or as an asset acquisition. If the acquired set of activities and assets does not meet the definition of a business, as defined by U.S. GAAP, the transaction is accounted for as an asset acquisition. In an asset acquisition, any acquired research and development that does not have an alternative future use is charged to expense as of the acquisition date, and no goodwill is recorded. If the acquired set of activities and assets meets the definition of a business, the Company applies the acquisition method of accounting and accounts for the transaction as a business combination. In a business combination, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired net assets, if applicable, is recorded as goodwill. In a business combination, the operating results of the acquired business are included in the Company's consolidated statement of earnings (loss), beginning on the effective acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Significant judgment is involved in the determination of the fair value assigned to assets acquired and liabilities assumed in a business combination, as well as the estimated useful lives of assets. These estimates can materially affect the Company's consolidated results of operations and financial position. The fair value of intangible assets are determined using information available as of the acquisition date and are based on estimates and assumptions that are deemed reasonable by management. Significant estimates and assumptions include but are not limited to: the probability of regulatory approval, revenue growth, and appropriate discount rate. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed as of the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to the Company's consolidated statements of earnings (loss) in the period that these adjustments are identified. Additional information regarding the Company's recent business combination is included in Note 3, Sage Acquisition. Contingent Consideration Business combinations often include provisions for additional consideration to be transferred to former shareholders based upon the achievement of certain milestones, referred to as contingent consideration. Contingent consideration from product development milestones and sales-based milestone payments on future product sales are included in the purchase price for business combinations. The fair value of the contingent consideration liability is determined as of the acquisition date using estimated or forecasted inputs. These inputs include the estimated amount and timing of projected revenues, probability and timing of milestone achievement, probability of achieving regulatory approval, revenue volatility, and the estimated discount rates and risk-free rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period prior to the resolution of the contingency, the contingent consideration liability is remeasured at current fair value, with changes recorded in earnings in the period of remeasurement. The determination of the initial and subsequent fair value of the contingent consideration liability may require significant judgment by management. Changes in any of the inputs not related to facts and circumstances existing as of the acquisition date may result in a significant fair value adjustment, which can impact the results of operations in the period in which the adjustment is made. Changes that are not measurement period adjustments are reported on the consolidated statement of earnings (loss) in Contingent consideration loss (gain).
Inventories	Inventories Inventories are recorded at the lower of cost or net realizable value, and include materials, labor, direct costs and indirect costs. These are valued using the first-in, first-out method. Prior to the initial date that regulatory approval is received for a product candidate of the Company, costs related to the production of inventory are recorded as research and development expense on the Company’s condensed consolidated statements of earnings (loss) in the period incurred. Raw and intermediate materials that may be utilized for either research and development or commercial purposes, after approval of the product by the FDA, are classified as inventory. Amounts in inventory that are used for research and development purposes are charged to research and development expense when the product enters the research and development process and can no longer be used for commercial purposes and, therefore, does not have an “alternative future use” as defined in authoritative guidance. The Company periodically reviews inventory and records write-downs for any excess, expired and obsolete inventory, and for inventory that has a cost basis in excess of its expected net realizable value based on estimates of product demand, production requirements, market conditions, regulatory requirements and spoilage. The write-down to net realizable value is recorded in the period in which impairment is identified and is recorded as a component of Cost of revenues in the condensed consolidated statement of earnings (loss). The Company expects to use the inventory that is classified within current assets on its condensed consolidated balance sheet over its operating cycle. Inventory that is not expected to be used over the Company’s operating cycle is classified as a non-current asset and is included in Other assets in the condensed consolidated balance sheet.
Intangible Assets	Intangible Assets Intangible assets consist of definite-lived intangible assets, including: acquired developed technology and product rights intangible, and patent defense costs. They also consist of indefinite-lived intangible assets, such as acquired IPR&D and goodwill. Patent defense costs are deferred legal fees that have been incurred in connection with legal proceedings related to the defense of patents for Oxtellar XR and Trokendi XR. Patent defense costs are charged to expense in the event of an unsuccessful outcome of the litigation. Definite-lived intangible assets (including acquired developed technology and product rights) are carried at acquisition date fair value less accumulated amortization, with amortization calculated on a straight line basis over the estimated useful lives. The Company evaluates the estimated remaining useful lives of its intangible assets annually or when events or changes in circumstances warrant a revision to the remaining periods of amortization. Acquired IPR&D in a business combination is considered an indefinite-lived intangible asset until the completion or abandonment of the associated research and development efforts. Upon successful completion of the project, the Company will determine the then-useful life of the intangible asset. This is generally determined as the period over which the substantial majority of the cash flows are expected to be generated. The capitalized amount is then amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. During the period prior to completion or abandonment, the IPR&D asset is not amortized but tested for impairment on an annual basis or when potential indicators of impairment are identified.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment, operating lease assets, and definite-lived intangible assets. The Company assesses the recoverability of its long-lived assets with definite lives whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset would be compared to the carrying value of the asset to determine whether the asset's value is recoverable. If impairment is determined, the Company writes down the asset to its estimated fair value and records an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made.
Goodwill and Goodwill Impairment Assessment	Goodwill and Goodwill Impairment Assessment Goodwill is calculated as the excess of the consideration paid consequent to completing the acquisition, compared to the net assets recognized in a business combination and is recognized at acquisition date. Goodwill represents the future economic benefits from the other acquired assets that could not be individually identified and separately quantified. The Company evaluates goodwill for possible impairment at least annually (during the fourth quarter of each fiscal year), or more often, if and when events and circumstances indicate that goodwill may be impaired. The annual evaluation is generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. This includes but is not limited to, significant adverse changes in the business climate, market conditions, or other events that indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the Company is unable to conclude whether the goodwill is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs a quantitative assessment by estimating the fair value of the reporting unit and comparing the fair value to the carrying amount. Evaluating for impairment requires judgment, including identifying reporting units and estimating future cash flows. The Company estimates the fair values of its reporting unit using discounted cash flow models or other valuation models, such as comparative transactions or market multiples. If the carrying amount of the reporting unit exceeds its fair value, the Company writes down the goodwill to the estimated fair value, and an impairment loss equal to the difference is recognized in the condensed consolidated statement of earnings (loss) in the period at which such determination is made.
Revenue Recognition	Revenue Recognition The Company determines revenue recognition for its contractual arrangements with customers based on the following five steps in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606): (1) identify each contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies the relevant performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company recognizes revenue in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company does not adjust revenue for any financing effects in transactions where the Company expects the period between the transfer of the goods or services and collection to be less than one year. No contract assets or liabilities were recorded as of September 30, 2025, or December 31, 2024. Revenue from Product Sales The Company's customers are primarily pharmaceutical wholesalers, specialty pharmacies, and pharmaceutical distributors. Customers purchase product to fulfill orders from retail pharmacy chains and independent pharmacies of varying size and purchasing power. The Company recognizes gross product sales when its customers take control of its products, including title and ownership. Customer orders are generally fulfilled within a few days of order receipt, resulting in minimal order backlog. The Company recognizes revenue from product sales in an amount that reflects the consideration the Company expects to ultimately receive in exchange for those goods. Product sales are recorded net of various forms of variable consideration, including: provision for estimated rebates; provision for estimated future product returns; and an estimated provision for discounts. These are collectively considered "sales deductions." Sales deductions are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of sale using the most likely value method. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal will not occur. Variability in the net transaction price for the Company's products arises primarily from the aforementioned sales deductions. Significant judgment is required in estimating certain sales deductions. In making these estimates, the Company considers: historical experience; product price increases; current contractual arrangements under applicable payor programs; unbilled claims; processing time lags for claims; inventory levels in the wholesale, specialty pharmacy, and retail distribution channel; and product life cycle. The Company adjusts its estimates of revenue either when the most likely amount of consideration it expects to receive changes, or when the consideration becomes fixed. If actual results in the future vary from its estimates, the Company adjusts its estimates in the period identified. These adjustments could materially affect net product sales and earnings in the period in which the adjustment(s) is recorded. Sales Deductions The Company records product sales net of rebates, returns and discounts. •Rebates - Rebates are discounts which the Company pays under either public sector or private sector health care programs. Rebates paid under public sector programs are generally mandated under law, whereas private sector rebates are generally contractually negotiated by the Company with managed care providers. Both types of rebates vary over time. Rebates are owed when the Company's customer dispenses its product to a patient; i.e., filling a prescription. For each of its products, the Company bases its estimates of expected rebate claims on multiple factors, including: historical levels of deductions; contractual terms with managed care providers; actual and anticipated changes in product price; prospective changes in managed care fee for service contracts; prospective changes in co-payment assistance programs; and anticipated changes in program utilization rates; i.e., patient participation rates under each specific program. The Company records an estimated liability for rebates at the time the customer takes title to the product (i.e., at the time of sale to wholesalers/distributors). This liability is recorded as a reduction to gross product sales, and an increase in Accrued product returns and rebates. The liability is recorded as a component of current liabilities on the consolidated balance sheets. •Returns - Sales of the Company's products are not subject to a general right of return. A product that has been used to fill patient prescriptions is no longer subject to any right of return. However, the Company will accept a return of product that is damaged or defective when shipped from its third party fulfillment centers. The Company will also accept a return of expired product six months prior to and up to twelve months subsequent to the product's expiry date for certain products. Expired or defective returned product cannot be re-sold and is therefore destroyed. The Company records an estimated liability for product returns at the time the customer takes title to the product (i.e., at time of sale). The liability is reflected as a reduction to gross product sales, and an increase in Accrued product returns and rebates. This liability is recorded as a component of current liabilities on the consolidated balance sheets. The Company estimates the liability for returns primarily based on the actual returns experience for its commercial products. Because the Company's products have a shelf life up to forty-eight months from the date of manufacture, and because the Company accepts return of product up to twelve months post its expiry date, there is a time lag of several years between the time when the product is sold and the time when the Company may issue credit on the expired product. •Sales discounts - Distributors and wholesalers of the Company's pharmaceutical products are generally offered various forms of consideration, including allowances, service fees and prompt payment discounts, for distributing the Company's products. Distributor and wholesaler allowances and service fees arise from contractual agreements and are estimated as a percentage of the price at which the Company sells product to them. In addition, distributors and wholesalers are offered a prompt pay discount for payment within a specified period. Prompt pay discounts are estimated as a percentage of the price at which the Company sells product. The Company accounts for these discounts at the time of sale as a reduction to gross product sales and accounts receivable, net. Royalty, Licensing, Collaboration, and Other Revenues Royalty Revenues Royalty revenues include cash royalty amounts received from third parties pursuant to settlement agreements and agreements with collaboration partners for the right to use the Company's intellectual property as a functional license. These agreements may include sales-based royalties on the licensed intellectual property to which the royalties relate and milestone payments based on the level of sales (collectively, "sales-based royalties"). For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). If it is probable that a significant revenue reversal will not occur, the Company will estimate the royalty revenues using the most likely amount method. Certain of the Company’s royalty revenues are recognized by the Company based on information supplied to the Company by its licensees and require estimates to be made. Sales-based royalties are recorded based on estimated net sales of the underlying product. Differences between actual royalty revenues and estimated royalty revenues are reconciled and adjusted for in the period in which they become known, which is generally within the following quarter. The difference between the Company’s actual and estimated royalty revenues has not been material to date. There are no guaranteed amounts owed to the Company related to any of these royalty revenue agreements. Licensing Revenues The Company's agreements with third parties generally involve the right to use the Company's intellectual property as a functional license. Certain agreements include an up-front license fee and ongoing milestone payments upon the achievement of specific events, and may also require minimum royalty payments based on in-country sales of products developed from the applicable intellectual property. In determining when to recognize the revenue under a collaboration agreement, the Company assesses whether the license is distinct, which depends upon whether the customer can benefit from the license and whether the license is separate from other performance obligations in the agreement. If the license is distinct, the Company must further assess whether the customer has a right to access or a right to use the license depending on whether the functionality of the license is expected to substantively change over time. If the license is not expected to substantively change, the revenue is recognized at the point in time when the license is provided. Generally, the Company recognizes revenues from non-refundable up-front fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Revenue recognition from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Generally, milestone payments under the Company’s collaboration agreements with third parties are non-refundable. The Company evaluates whether achieving the milestones is considered probable and estimates the amount to be included in the transaction price using the most likely amount method. This can involve management's judgment that includes assessing factors that are outside of the Company's influence, such as: likelihood of regulatory success; availability of third party information; and expected duration of time until achievement of event. These factors are evaluated based on the specific facts and circumstances. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Milestone payments based on a non-sales metric such as a development-based milestone (e.g. obtaining regulatory approval) represent variable consideration and would be included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience, the specific facts and circumstances, and the significance a third-party has on the outcome. Milestone payments that are not within the control of the Company, such as approval from regulatory authorities or where attainment of the specified event is dependent on the development activities of a third-party, are fully constrained and are not included in the transaction price until the period in which those regulatory approvals are obtained, or the specified event occurs due to the inherent uncertainty with the approval process. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales are incurred or the performance obligation to which the sales relate has been satisfied as noted below. Collaborative Arrangements At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company performs the five-step model under ASC 606 as noted above to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements and presents the arrangement as royalty, licensing and other revenue or collaboration revenue (ZURZUVAE) in the condensed consolidated statements of earnings. For those elements of the arrangement that are accounted for pursuant to ASC 808, the Company evaluates the income statement classification for presentation of amounts due from or owed to other participants associated with multiple activities in a collaboration arrangement based on the nature of each separate activity. Payments or reimbursements that are the result of a collaborative relationship instead of a vendor-customer relationship are recorded as an increase to collaboration revenue (ZURZUVAE), an increase to or reduction of cost of revenues, research and development expense, or selling, general and administrative expense, depending on the nature of the activity. The Company applies ASC 808 and ASC 606 to the following collaboration agreements: •Biogen - The Company has a collaboration agreement with Biogen (Biogen Collaboration Agreement) for the co-commercialization of ZURZUVAE in the U.S. Since the acquisition of Sage, revenues from the Biogen Collaboration Agreement include the Company’s share of ZURZUVAE revenues as that element of the agreement is accounted for under ASC Topic 808. The Company reports as collaboration revenue (ZURZUVAE) its share of ZURZUVAE revenues, which is 50% of total net revenue recorded by Biogen for ZURZUVAE in the U.S. The Company also identified the following promises in the Biogen Collaboration Agreement that were evaluated under the scope of ASC 606: delivery of (i) a co-exclusive license for SAGE-217 products in the U.S.; (ii) an exclusive license for SAGE-217 products in the Biogen Territory; and (iii) the clinical manufacturing supply of active pharmaceutical ingredient (API) and bulk drug product for SAGE-217 products in the Biogen Territory. The Company also evaluated whether certain options outlined within the Biogen Collaboration Agreement represented material rights that would give rise to a performance obligation and concluded that none of the options convey a material right to Biogen and therefore are not considered separate performance obligations within the Biogen Collaboration Agreement. The Company assessed the above promises at contract inception and determined that the co-exclusive license for SAGE-217 products in the U.S. is reflective of a vendor-customer relationship and therefore represent performance obligations within the scope of ASC 606. The co-exclusive license for SAGE-217 products in the U.S. is considered functional intellectual property and distinct from other promises under the contract. The exclusive license for SAGE-217 products in the Biogen Territory is considered a functional license that is distinct in the context of the Biogen Collaboration Agreement as Biogen can benefit from the license on its own or together with other readily available resources. As the co-exclusive license in the U.S. and the exclusive license in the Biogen Territory are delivered at the same time, they are considered one performance obligation at contract inception. The clinical manufacturing supply of API and bulk drug product for SAGE-217 products for the Biogen Territory is considered distinct in the context of the Biogen Collaboration Agreement as Biogen can benefit from the manufacturing services together with the licenses transferred by the Company at the inception of the Biogen Collaboration Agreement. Therefore, each represents a separate performance obligation within a contract with a customer under the scope of ASC 606 at contract inception. •Shionogi - The Company also has a collaboration agreement with Shionogi & Co., Ltd. (Shionogi) (Shionogi Collaboration Agreement) whereby the Company is entitled to receive royalties and milestone payments upon achievement of certain milestones. The Shionogi Collaboration Agreement also includes arrangement for the supply of drug product for Shionogi’s clinical trials. The Company concluded that Shionogi meets the definition of a customer because the Company is delivering intellectual property and know-how rights for the zuranolone program in support of territories in which the parties are not jointly sharing the risks and rewards. In addition, the Company determined that the Shionogi Collaboration Agreement met the requirements to be accounted for as a contract, including that it is probable that the Company will collect the consideration to which the Company is entitled in exchange for the goods or services that will be delivered to Shionogi. The Company assessed the promises at contract inception and determined that the license to zuranolone and supply of products to Shionogi are reflective of a vendor-customer relationship and therefore represent performance obligations within the scope of ASC 606. The Company determined that the performance obligations in the Shionogi Collaboration Agreement included the license to zuranolone and the supply of certain materials during the clinical development phase, which includes the supply of API. The performance obligation related to the license to zuranolone was determined to be distinct from other performance obligations and therefore was a separate performance obligation for which control was transferred upon signing. The obligation to provide certain clinical materials, including API for use during the development period, was determined to be a separate performance obligation. For additional information on the collaboration agreements with Biogen and Shionogi, as well as the Company's other collaboration arrangements, refer to Note 15, Collaboration Agreements.
Collaborative Arrangements	Collaborative Arrangements At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company performs the five-step model under ASC 606 as noted above to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements and presents the arrangement as royalty, licensing and other revenue or collaboration revenue (ZURZUVAE) in the condensed consolidated statements of earnings. For those elements of the arrangement that are accounted for pursuant to ASC 808, the Company evaluates the income statement classification for presentation of amounts due from or owed to other participants associated with multiple activities in a collaboration arrangement based on the nature of each separate activity. Payments or reimbursements that are the result of a collaborative relationship instead of a vendor-customer relationship are recorded as an increase to collaboration revenue (ZURZUVAE), an increase to or reduction of cost of revenues, research and development expense, or selling, general and administrative expense, depending on the nature of the activity. The Company applies ASC 808 and ASC 606 to the following collaboration agreements: •Biogen - The Company has a collaboration agreement with Biogen (Biogen Collaboration Agreement) for the co-commercialization of ZURZUVAE in the U.S. Since the acquisition of Sage, revenues from the Biogen Collaboration Agreement include the Company’s share of ZURZUVAE revenues as that element of the agreement is accounted for under ASC Topic 808. The Company reports as collaboration revenue (ZURZUVAE) its share of ZURZUVAE revenues, which is 50% of total net revenue recorded by Biogen for ZURZUVAE in the U.S. The Company also identified the following promises in the Biogen Collaboration Agreement that were evaluated under the scope of ASC 606: delivery of (i) a co-exclusive license for SAGE-217 products in the U.S.; (ii) an exclusive license for SAGE-217 products in the Biogen Territory; and (iii) the clinical manufacturing supply of active pharmaceutical ingredient (API) and bulk drug product for SAGE-217 products in the Biogen Territory. The Company also evaluated whether certain options outlined within the Biogen Collaboration Agreement represented material rights that would give rise to a performance obligation and concluded that none of the options convey a material right to Biogen and therefore are not considered separate performance obligations within the Biogen Collaboration Agreement. The Company assessed the above promises at contract inception and determined that the co-exclusive license for SAGE-217 products in the U.S. is reflective of a vendor-customer relationship and therefore represent performance obligations within the scope of ASC 606. The co-exclusive license for SAGE-217 products in the U.S. is considered functional intellectual property and distinct from other promises under the contract. The exclusive license for SAGE-217 products in the Biogen Territory is considered a functional license that is distinct in the context of the Biogen Collaboration Agreement as Biogen can benefit from the license on its own or together with other readily available resources. As the co-exclusive license in the U.S. and the exclusive license in the Biogen Territory are delivered at the same time, they are considered one performance obligation at contract inception. The clinical manufacturing supply of API and bulk drug product for SAGE-217 products for the Biogen Territory is considered distinct in the context of the Biogen Collaboration Agreement as Biogen can benefit from the manufacturing services together with the licenses transferred by the Company at the inception of the Biogen Collaboration Agreement. Therefore, each represents a separate performance obligation within a contract with a customer under the scope of ASC 606 at contract inception. •Shionogi - The Company also has a collaboration agreement with Shionogi & Co., Ltd. (Shionogi) (Shionogi Collaboration Agreement) whereby the Company is entitled to receive royalties and milestone payments upon achievement of certain milestones. The Shionogi Collaboration Agreement also includes arrangement for the supply of drug product for Shionogi’s clinical trials. The Company concluded that Shionogi meets the definition of a customer because the Company is delivering intellectual property and know-how rights for the zuranolone program in support of territories in which the parties are not jointly sharing the risks and rewards. In addition, the Company determined that the Shionogi Collaboration Agreement met the requirements to be accounted for as a contract, including that it is probable that the Company will collect the consideration to which the Company is entitled in exchange for the goods or services that will be delivered to Shionogi. The Company assessed the promises at contract inception and determined that the license to zuranolone and supply of products to Shionogi are reflective of a vendor-customer relationship and therefore represent performance obligations within the scope of ASC 606. The Company determined that the performance obligations in the Shionogi Collaboration Agreement included the license to zuranolone and the supply of certain materials during the clinical development phase, which includes the supply of API. The performance obligation related to the license to zuranolone was determined to be distinct from other performance obligations and therefore was a separate performance obligation for which control was transferred upon signing. The obligation to provide certain clinical materials, including API for use during the development period, was determined to be a separate performance obligation. For additional information on the collaboration agreements with Biogen and Shionogi, as well as the Company's other collaboration arrangements, refer to Note 15, Collaboration Agreements.
Costs of Revenues	Costs of Revenues Costs of revenues includes primarily cost of materials; third-party manufacturing costs; freight and distribution costs; direct labor; cost of royalties; cost to write down inventory to net realizable value; manufacturing overhead costs, including quality control and assurance; and may also include period costs related to certain inventory manufacturing services. Fair value of inventories acquired through business combinations or asset acquisitions include an inventory step-up within the value of inventories. The inventory step-up value is amortized as the related inventory is sold, and included in costs of revenues. Costs of revenues also includes our proportionate share of ZURZUVAE manufacturing costs under the Biogen Collaboration Agreement, (for additional information, refer to Note 15, Collaboration Agreements).
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.
Insurance Recoveries	Insurance Recoveries The Company has several policies with third-party insurers that provide for the recovery of certain costs incurred by the Company. The Company records its rights to insurance recoveries as a receivables when the respective costs are reimbursable under applicable insurance policies, it is probable that such costs will be reimbursed, and reimbursement can be reasonably estimated. As such, the Company estimates the percentage of costs that will be reimbursed by the insurance provider to determine the proper amount to record for the insurance recovery receivable.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted 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. ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220) - The new standard, issued in November 2024, requires additional disclosure in tabular format, about the nature of specific types of expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. The standard is effective with annual periods beginning after December 15, 2026. Early adoption and retrospective application are permitted. The Company plans to adopt the guidance for the fiscal year ending December 31, 2027. We expect ASU 2024-03 to require additional disclosures in the notes to our consolidated financial statements. The Company is currently evaluating the effects the adoption of this guidance will have on the consolidated financial statements. ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) - the new standard, issued in September 2025, modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. The Company plans to adopt the guidance for the fiscal year ending December 31, 2028. The Company is currently evaluating the timing and method of its adoption of ASU 2025-06 and the effects the adoption of this guidance will have on the consolidated financial statements.

Earnings (Loss) per Share - Schedule of Common Stock Equivalents Excluded in the Calculation of Diluted Earnings per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock options and stock awards
Income per share
Common stock equivalents excluded in the calculation of diluted income per share (in shares)	647,044	712,457	743,145	772,255

Sage Acquisition - Schedule of Acquired Intangible Assets (Details) - Sage Therapeutics, Inc. $ in Thousands	Jul. 31, 2025 USD ($)
Business Combination [Line Items]
Fair Value (unaudited)	$ 166,500
Acquired developed technology and product rights
Business Combination [Line Items]
Fair Value (unaudited)	$ 166,500
Estimated Useful Lives (in years)	8 years

- 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.

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+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 (unaudited)
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	56,614	$	56,614	$	—	$	—
Money market funds	94,757		94,757		—		—
Marketable securities
Corporate debt securities	109,947		—		109,947		—
Municipal debt securities	5,712		—		5,712		—
U.S government agency securities	14,130		—		14,130		—
Other noncurrent assets
Marketable securities - restricted (SERP)	692		25		667		—
Restricted cash	1,450		1,450		—		—
Total assets at fair value	$	283,302	$	152,846	$	130,456	$	—
Liabilities:
Contingent consideration	$	11,448	$	—	$	—	$	11,448
Total liabilities at fair value	$	11,448	$	—	$	—	$	11,448


	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	37,830	$	37,830	$	—	$	—
Money market funds	31,501		31,501		—		—
Marketable securities
Corporate debt securities	355,201		—		355,201		—
U.S. government agency debt securities	29,080		—		29,080		—
Other noncurrent assets
Marketable securities - restricted (SERP)	635		21		614		—
Total assets at fair value	$	454,247	$	69,352	$	384,895	$	—
Liabilities:
Contingent consideration	$	47,340	$	—	$	—	$	47,340
Total liabilities at fair value	$	47,340	$	—	$	—	$	47,340

Collaboration Agreements

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

Navitor

See Note 17, Commitments and Contingencies, for further details.

Shionogi

The Company is party to a collaboration and license agreement with Shionogi whereby Shionogi is responsible for all clinical development and regulatory filings for zuranolone in MDD and other indications in Japan, the Republic of Korea (South Korea), and Taiwan (together, the Shionogi Territory) and would be responsible for commercialization of zuranolone in the Shionogi Territory, if zuranolone is successfully developed and obtains marketing approval in any of the countries within the

Shionogi Territory. Shionogi was required to make an upfront payment to the Company of $90.0 million, and the Company is eligible to receive additional payments of up to $470.0 million if certain regulatory and commercial milestones are achieved by Shionogi. The potential future milestone payments include up to $55.0 million for the achievement of specified regulatory milestones, up to $30.0 million for the achievement of specified commercialization milestones, and up to $385.0 million for the achievement of specified net sales milestones. The Company is eligible to receive tiered royalties on sales of zuranolone in the Shionogi Territory, if development efforts are successful, with tiers averaging in the low to mid-twenty percent range, subject to other terms of the agreement. As between the Company and Shionogi, the Company maintains exclusive rights to develop and commercialize zuranolone outside of the Shionogi Territory. The upfront cash payment and any payments for milestones and royalties are non-refundable and non-creditable. Due to the uncertainty of pharmaceutical development and the high historical failure rates generally associated with drug development, the Company may not receive any milestone payments or any royalty payments from Shionogi.

Under the clinical supply agreement, the Company is obligated to manufacture and supply to Shionogi (i) clinical quantities of API reasonably required by Shionogi for the development of licensed products in the Shionogi Territory under the collaboration and license agreement and (ii) quantities of drug product reasonably required for use by Shionogi in Phase 1 clinical trials of zuranolone in the Shionogi Territory under the collaboration and license agreement, in the quantities agreed to by the parties. A commercial supply agreement has not yet been entered into and the parties are operating under the provisions of the existing clinical supply agreement. For the three and nine months ended September 30, 2025, the Company has not recognized any revenues under the Shionogi Collaboration Agreement.

Biogen

Under the terms of the Biogen Collaboration Agreement, the Company granted Biogen a co-exclusive license to develop and commercialize SAGE-217 products in the U.S., an exclusive license to develop and commercialize SAGE-217 products in all countries of the world other than the U.S. and the Shionogi Territory. The Company refers to the territories outside the U.S. to which Biogen has rights under the Biogen Collaboration Agreement with respect to SAGE-217 as the “Biogen Territory”.

Development and commercialization activities in the U.S. under the Biogen Collaboration Agreement are conducted pursuant to plans agreed to by the Company and Biogen and overseen by a joint steering committee that consists of an equal number of representatives of each party. The Company and Biogen share equally in the costs for development and commercialization, as well as the profits and losses upon FDA approval and commencement of product sales, in the U.S., subject to the Company’s opt-out right described below. Biogen is solely responsible for all development activities and costs related to any development and commercialization of SAGE-217 products for the Biogen Territory, and the Company will receive royalties on any sales in the Biogen Territory, as mentioned above. Biogen is the principal and records sales of SAGE-217 products globally. The Company is obligated to supply API and bulk drug product for the Biogen Territory and API, bulk drug product and final drug product for the U.S. to support development and commercialization activities. Biogen has the right to assume manufacturing responsibilities for API for the Biogen Territory at any time during the term of the Biogen Collaboration Agreement, and the Biogen Collaboration Agreement further provides that Biogen will, within a reasonable period of time, assume manufacturing responsibility for bulk drug product for the Biogen Territory.

Unless terminated earlier, the Biogen Collaboration Agreement will continue on a country-by-country basis until the date on which (a) in any country in the Biogen Territory, the royalty term has expired in such country, and (b) for the U.S., the parties agree to permanently cease to commercialize. Biogen also has the right to terminate the Biogen Collaboration Agreement for convenience in its entirety or as to a particular region, upon advance written notice. The Company has an opt-out right to convert the co-exclusive license in the U.S. to an exclusive license to Biogen. Following the exercise of the opt-out right, the Company would no longer share equally in the profits and losses in the U.S. and would be entitled to receive certain royalty payments at percentage rates ranging from the low to high twenties and additional sales milestones.

While Biogen is considered the principal in transactions with customers for the sale of ZURZUVAE globally, the Company is also engaged in significant commercialization activities, including maintaining its own U.S. direct sales force. The Company presents its proportionate share of Biogen’s ZURZUVAE sales to customers in the U.S. as Collaboration revenue (ZURZUVAE) within the condensed consolidated statements of earnings. Payments to or reimbursements from Biogen related to the agreement of the parties to share equally in all revenue and costs are accounted for as an increase to Collaboration revenue (ZURZUVAE), an increase to or reduction of cost of revenues, research and development expenses, or selling, general and administrative expenses, in the condensed consolidated statements of earnings, depending on the nature of the activity.

To record its proportionate share of collaboration revenue from Biogen’s sales of ZURZUVAE to customers in the U.S., the Company utilizes certain information from Biogen, including revenue from the sale of the product and associated reserves on revenue.

The following table summarizes the Company’s proportionate share of the activity under the Biogen Collaboration Agreement:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025			2025
	(unaudited)
Collaboration revenue (ZURZUVAE)	$	20,164		$	20,164
Cost of revenues	434			434
Research and development expenses	(928)			(928)
Selling, general and administrative expenses	13,561			13,561

Amounts receivable from Biogen related to the Biogen Collaboration Agreement are recorded within Accounts receivable, net on the condensed consolidated balance sheets and were $19.9 million as of September 30, 2025. There were no amounts receivable from Biogen as of December 31, 2024.

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Other noncurrent assets
Restricted cash	$ 1,450	$ 0	$ 0
Liabilities:
Contingent consideration	11,448	47,340
Recurring
Other noncurrent assets
Marketable securities - restricted (SERP)	692	635
Restricted cash	1,450
Total assets at fair value	283,302	454,247
Liabilities:
Contingent consideration	11,448	47,340
Total liabilities at fair value	11,448	47,340
Recurring \| Corporate debt securities
Marketable securities
Debt securities, available-for-sale, current	109,947	355,201
Recurring \| Municipal debt securities
Marketable securities
Debt securities, available-for-sale, current	5,712
Recurring \| U.S government agency securities
Marketable securities
Debt securities, available-for-sale, current	14,130	29,080
Recurring \| Cash
Cash and cash equivalents
Cash and Money market funds	56,614	37,830
Recurring \| Money market funds
Cash and cash equivalents
Cash and Money market funds	94,757	31,501
Recurring \| Level 1
Other noncurrent assets
Marketable securities - restricted (SERP)	25	21
Restricted cash	1,450
Total assets at fair value	152,846	69,352
Liabilities:
Contingent consideration	0	0
Total liabilities at fair value	0	0
Recurring \| Level 1 \| Corporate debt securities
Marketable securities
Debt securities, available-for-sale, current	0	0
Recurring \| Level 1 \| Municipal debt securities
Marketable securities
Debt securities, available-for-sale, current	0
Recurring \| Level 1 \| U.S government agency securities
Marketable securities
Debt securities, available-for-sale, current	0	0
Recurring \| Level 1 \| Cash
Cash and cash equivalents
Cash and Money market funds	56,614	37,830
Recurring \| Level 1 \| Money market funds
Cash and cash equivalents
Cash and Money market funds	94,757	31,501
Recurring \| Level 2
Other noncurrent assets
Marketable securities - restricted (SERP)	667	614
Restricted cash	0
Total assets at fair value	130,456	384,895
Liabilities:
Contingent consideration	0	0
Total liabilities at fair value	0	0
Recurring \| Level 2 \| Corporate debt securities
Marketable securities
Debt securities, available-for-sale, current	109,947	355,201
Recurring \| Level 2 \| Municipal debt securities
Marketable securities
Debt securities, available-for-sale, current	5,712
Recurring \| Level 2 \| U.S government agency securities
Marketable securities
Debt securities, available-for-sale, current	14,130	29,080
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
Restricted cash	0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	11,448	47,340
Total liabilities at fair value	11,448	47,340
Recurring \| Level 3 \| Corporate debt securities
Marketable securities
Debt securities, available-for-sale, current	0	0
Recurring \| Level 3 \| Municipal debt securities
Marketable securities
Debt securities, available-for-sale, current	0
Recurring \| Level 3 \| U.S government agency securities
Marketable securities
Debt securities, available-for-sale, current	0	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

Disaggregated Revenues

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Abstract]

Disaggregated Revenues

The following table provides information regarding total revenues (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Net product sales
Qelbree	$	81,416	$	62,359	$	223,708	$	166,857
GOCOVRI	40,849		35,657		108,198		93,922
APOKYN	10,387		19,867		38,183		53,811
Trokendi XR	10,043		15,318		34,037		48,393
Oxtellar XR	12,016		29,805		33,851		86,265
ONAPGO	6,806		—		8,410		—
Other(1)	7,025		7,296		22,138		22,053
Total net product sales	168,542		170,302		468,525		471,301
Collaboration revenue (ZURZUVAE)(2)	20,164		—		20,164		—
Royalty, licensing and other revenues	3,397		5,387		18,691		16,357
Total revenues	$	192,103	$	175,689	$	507,380	$	487,658

___________________________________________

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

(2) Includes the Company's proportionate share of net sales of ZURZUVAE.

In the third quarter of 2025, the Company continued to have favorable actual returns experience for Qelbree. As such, the Company changed its estimated provision for product returns based on the most recent experience. Provision for product returns related to prior year sales for the nine months period ended September 30, 2025 is approximately 3% of net product sales and is primarily attributable to Qelbree. Provision for product returns related to prior year sales for the nine months period ended September 30, 2024 was approximately 2% of net product sales.

We do not currently own or operate manufacturing facilities for the commercial production of any of our commercial products. We currently depend on third-party clinical manufacturing organizations (CMOs), who offer a comprehensive range of contract manufacturing and packaging services, in various countries for the supply of active product ingredients (API), finished goods for our commercial products. For most of our commercial products, we rely on single source suppliers to produce and package final dosage forms for our products and raw materials, including API.

On November 4, 2025, the Company announced that due to stronger than expected demand for ONAPGO, supplier constraints are impacting the Company's ability to fully meet this demand. ONAPGO is manufactured in Europe, supplied to us by our ONAPGO licensing partner, and packaged in the U.S. by a third-party CMO. We rely on single source suppliers to produce and package final dosage forms for ONAPGO. A change in supplier would require regulatory approval which could cause a delay in manufacturing and a possible loss of sales, which could affect future operating results adversely.

- 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.

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+ Details

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 117,019
Goodwill from Sage Acquisition	2,061
Ending balance	$ 119,080

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Collaboration Agreements - Schedule of Revenue, Cost of Revenues, and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses	$ (29,366)	$ (29,036)	$ (78,408)	$ (80,149)
Selling, general and administrative	179,678	$ 69,753	363,173	$ 242,173
Biogen Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue (ZURZUVAE)	20,164		20,164
Cost of revenues	434		434
Research and development expenses	(928)		(928)
Selling, general and administrative	$ 13,561		$ 13,561

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Share-Based Payments - Schedule of Stock Option (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of Options
Outstanding at the beginning of the period (in shares)	6,719,073
Granted (in shares)	1,101,645
Exercised (in shares)	(1,171,953)
Forfeited (in shares)	(128,117)
Outstanding at the end of the period (in shares)	6,520,648	6,719,073
Vested and expected to vest (in shares)	6,520,648	6,719,073
Exercisable (in shares)	3,857,789	4,137,283
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 30.44
Granted (in dollars per share)	33.82
Exercised (in dollars per share)	23.71
Forfeited (in dollars per share)	33.88
Outstanding at the end of the period (in dollars per share)	32.15	$ 30.44
Vested and expected to vest (in dollars per share)	32.15	30.44
Exercisable (in dollars per share)	$ 31.76	$ 29.54
Weighted Average Remaining Contractual Term (in years)
Outstanding at the end of the period	6 years 3 months 18 days	5 years 10 months 24 days
Vested and expected to vest	6 years 3 months 18 days	5 years 10 months 24 days
Exercisable	4 years 9 months 18 days	4 years 4 months 24 days

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
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, ONAPGO, 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. Through the Sage Acquisition, the Company acquired licensing agreements with other pharmaceutical companies for ZURZUVAE (zuranolone). See Note 2, Summary of Significant Accounting Policies - Revenue Recognition - Collaborative Arrangements and Note 15, Collaboration Agreements for further details. 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) (Purchase Option) 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. On May 5, 2025, the Company entered into a binding memorandum of understanding (MOU) with Navitor Inc. Under the MOU, the Company agreed to conduct further development activities at its own cost and Navitor Inc. agreed to waive its right to receive the $100 million Initial Acquisition Fee under the Development Agreement. In addition, pursuant to the MOU the Company exercised the Purchase Option to purchase all assets of Navitor and its affiliates pursuant to the Development Agreement, subject to, among other things, completion of satisfactory due diligence by the Company, and negotiation and execution of a definitive Purchase Agreement. 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. Other than as described herein, 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 €3.0 million annually, under the contract manufacturing agreement with Merz for manufacture and supply. An amendment to the contract manufacturing agreement with Merz was executed in July 2025. Amendments to the contract manufacturing agreement included among other things, the removal of the annual minimum purchase requirement of MYOBLOC, and the Company's agreement to pay a nonrefundable annual fee of €3.0 million to cover general maintenance and reservation costs for the manufacturing facilities. 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. The Company received an official notification of release from the Office of the Inspector General in April 2025 and thus no longer remains subject to its obligations under the CIA. Claims and Litigation From time to time, any of Supernus Pharmaceuticals, Inc. or one or more of its subsidiaries may be involved in various claims, litigation, legal proceedings, and governmental and regulatory investigations. These matters may involve patent litigation, product liability, product-related litigation, securities law-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 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 an 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 judgment 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 appeal is fully briefed, and the Ninth Circuit has set oral argument for November 21, 2024. On January 29, 2025, the Ninth Circuit affirmed the District Court's order dismissing the litigation. On March 31, 2025, the plaintiff filed a petition for rehearing by the Ninth Circuit, but the Ninth Circuit denied the Petition on April 15, 2025. The plaintiff opted not to seek review from the U.S. Supreme Court. It remains to be seen whether the plaintiff will attempt to refile any of his state-law FCA claims. The Company intends to defend itself vigorously. However, the Company can offer no assurances that it will be successful in a litigation. 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 October 16, 2022, Plaintiffs amended their complaint to add additional defendants MDD US Enterprises, LLC, MDD US Operations, LLC (each a subsidiary of Supernus Pharmaceuticals, Inc.), USWM, LLC, and individual defendants Paul Breckinridge Jones, Sr., Herbert Lee Warren, Jr., Henry Van Den Berg, and Kristin L. Gullo. On January 10, 2023, Defendants filed an Omnibus Motion to Dismiss the Amended Complaint seeking dismissal of each of Plaintiffs' claims and the lawsuit in its entirety and US WorldMeds with USWM, Britannia, and the group of individual defendants each filed separate motions to dismiss. On March 12, 2024, following oral argument before the Court on the afternoon of March 11, 2024, the Court issued an Oral Order granting Defendants' motion to stay depositions until the court resolved Defendants' motions to dismiss. On May 9, 2024, and May 28, 2024, respectively, the Court denied the Defendants' omnibus motion and the Britannia motion to dismiss. The Court lifted the stay on fact depositions, which are now mostly completed. The time period for completion of fact discovery concluded in February 2025, but Plaintiffs continue to seek depositions from two US WorldMeds’ executives, including its former CEO. Briefing on this dispute has been completed and a hearing was scheduled for August 4, 2025. Plaintiffs also are seeking to take international depositions of a Britannia employee and a former Britannia employee. Plaintiffs also are actively pursuing additional document production from the Company to which the Company objects. On May 31, 2024, and June 4, 2024, respectively, the Court granted the individual defendants' motion to dismiss and the US WorldMeds and USWM motion to dismiss. On August 29, 2024, the Court entered an Order that revived the claims against US WorldMeds Partners, LLC and USWM, LLC on December 5, 2024. On December 6, 2024, Plaintiffs filed a second amended complaint, which added US WorldMeds and USWM back to the case. US WorldMeds Partners, LLC and USWM, LLC have filed a Motion for Leave to File an Early Summary Judgment Motion. This Motion has been briefed but the Court has not made a ruling to date. On November 4, 2024, the Court issued a scheduling order that provides for a Pretrial Conference on December 10, 2025, and a jury trial beginning on January 5, 2026. On January 3, 2025, the Court issued an Oral Order requiring the parties to "engage in in-person mediation in good faith" and jointly select an agreed-upon mediator. The parties agreed jointly to a mediator and mediation was held in April 2025 that did not result in settlement for any of the parties. On May 12, 2025, after expert reports have been exchanged but prior to the start of the majority of expert depositions, Plaintiffs moved to strike or limit the testimony of seven of Defendant's ten experts. On same day, the parties jointly submitted a stipulation to suspend the operative Scheduling Order as to all dates related to discovery, dispositive motions, and Daubert motions. The Court approved this stipulation in its entirety on May 13, 2025 by issuance of an Oral Order reading "SO ORDERED" and listing the docket number for the stipulation. The parties did not explicitly stipulate to suspending pre-trial deadlines or the scheduled trial dates, which are currently set for two weeks beginning on January 5, 2026. In the stipulation, the parties jointly committed to submitting a proposed Amended Scheduling Orders as to all remaining deadlines, including trial, within ten business days of the Court's decision on the motion to strike. Briefing has concluded on the motion to Strike and the parties are awaiting a ruling from the Court. The Company intends to defend itself vigorously. However, the Company can offer no assurances that it will be successful in a litigation. Sage Legal Proceedings Merger Complaints In connection with the Merger Agreement and Sage's Board of Directors' (Sage Board) recommendation to Sage shareholders to tender their shares pursuant to the tender offer, two purported Sage shareholders filed complaints in state court against Sage and each member of the Sage Board. Among other things, the complaints assert claims for negligent misrepresentation and concealment and negligence under New York common law. Sage has also received certain demand letters from other purported shareholders with similar allegations to those contained in the complaints. Additional demand letters may be received by Sage and additional complaints may be filed against Sage, the Sage Board, Supernus and Saphire, Inc. in connection with the Merger Agreement and tender offer. Securities Class Action On August 28, 2024, named plaintiff Darren Korver filed a purported federal securities class action lawsuit in the Southern District of New York against Sage and individuals, Barry E. Greene and Kimi Iguchi (Securities Class Action). The complaint in the Securities Class Action alleges violations of U.S. securities laws under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks an as-yet unspecified amount of damages allegedly sustained by parties who purchased Sage stock between April 12, 2021 and July 23, 2024, as well as applicable attorneys’ fees and costs. Sage denies any allegations of wrongdoing and intends to vigorously defend against the Securities Class Action. U.S. Securities and Exchange Commission (SEC) Investigation On October 16, 2024, Sage received a subpoena from the Enforcement Division of the SEC requesting documents and information related to Sage’s NDA for zuranolone for the treatment of major depressive disorder (MDD), including communications with the FDA and any communications containing material nonpublic information. The Company is cooperating with the SEC and intends to continue to provide information responsive to the SEC’s requests. Consolidated Derivative Litigations On March 26, 2025, plaintiff shareholder Qingping Zhu commenced derivative litigation in the Southern District of New York, purportedly on behalf of Sage, against sixteen current and former officers and directors of Sage (the “Zhu Derivative Litigation”). Based significantly on the allegations underlying the Securities Class Action, the Zhu Derivative Litigation alleges violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks unspecified damages and various equitable relief. On April 14, 2025, the Southern District of New York granted a stay of the Zhu Derivative Litigation pending the resolution of the motion to dismiss the amended complaint in the Securities Class Action. On May 13, 2025, plaintiff shareholder Jurgen Matton commenced derivative litigation in the Southern District of New York, purportedly on behalf of Sage Therapeutics, against sixteen current and former officers and directors of Sage Therapeutics (the “Matton Derivative Litigation”). Based significantly on the allegations underlying the Securities Class Action, the Matton Derivative Litigation alleges violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks unspecified damages and various equitable relief. On May 22, 2025, plaintiff shareholder Joseph Pizzelanti commenced derivative litigation in the Southern District of New York, purportedly on behalf of Sage Therapeutics, against sixteen current and former officers and directors of the Company (the “Pizzelanti Derivative Litigation”). Based significantly on the allegations underlying the Securities Class Action, the Pizzelanti Derivative Litigation alleges violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks unspecified damages and various equitable relief. On June 20, 2025, Sage, along with other relevant parties, submitted for the Southern District of New York’s approval of a consolidation of the Zhu Derivative Litigation with the Matton Derivative Litigation and the Pizzelanti Derivative Litigation (the “Consolidated Derivative Litigation”). At this time, the Company is unable to predict the outcome of the Merger Complaints, Securities Class Action, the SEC investigation, or the Consolidated Derivative Litigation, or reasonably estimate a range of possible losses. The outcome of the matters described above cannot be predicted with certainty.

Summary of Significant Accounting Policies - Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 (unaudited)
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	56,614	$	56,614	$	—	$	—
Money market funds	94,757		94,757		—		—
Marketable securities
Corporate debt securities	109,947		—		109,947		—
Municipal debt securities	5,712		—		5,712		—
U.S government agency securities	14,130		—		14,130		—
Other noncurrent assets
Marketable securities - restricted (SERP)	692		25		667		—
Restricted cash	1,450		1,450		—		—
Total assets at fair value	$	283,302	$	152,846	$	130,456	$	—
Liabilities:
Contingent consideration	$	11,448	$	—	$	—	$	11,448
Total liabilities at fair value	$	11,448	$	—	$	—	$	11,448


	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	37,830	$	37,830	$	—	$	—
Money market funds	31,501		31,501		—		—
Marketable securities
Corporate debt securities	355,201		—		355,201		—
U.S. government agency debt securities	29,080		—		29,080		—
Other noncurrent assets
Marketable securities - restricted (SERP)	635		21		614		—
Total assets at fair value	$	454,247	$	69,352	$	384,895	$	—
Liabilities:
Contingent consideration	$	47,340	$	—	$	—	$	47,340
Total liabilities at fair value	$	47,340	$	—	$	—	$	47,340

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Business Organization (Details) - product		9 Months Ended
Business Organization (Details) - product	Jul. 31, 2025	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of commercial products		9
Collaboration revenue, percentage	50.00%

Disaggregated Revenues - Schedule of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 192,103	$ 175,689	$ 507,380	$ 487,658
Net product sales
Disaggregation of Revenue [Line Items]
Total revenues	168,542	170,302	468,525	471,301
Qelbree
Disaggregation of Revenue [Line Items]
Total revenues	81,416	62,359	223,708	166,857
GOCOVRI
Disaggregation of Revenue [Line Items]
Total revenues	40,849	35,657	108,198	93,922
APOKYN
Disaggregation of Revenue [Line Items]
Total revenues	10,387	19,867	38,183	53,811
Trokendi XR
Disaggregation of Revenue [Line Items]
Total revenues	10,043	15,318	34,037	48,393
Oxtellar XR
Disaggregation of Revenue [Line Items]
Total revenues	12,016	29,805	33,851	86,265
ONAPGO
Disaggregation of Revenue [Line Items]
Total revenues	6,806	0	8,410	0
Other
Disaggregation of Revenue [Line Items]
Total revenues	7,025	7,296	22,138	22,053
Collaboration revenue (ZURZUVAE)
Disaggregation of Revenue [Line Items]
Total revenues	20,164	0	20,164	0
Royalty, licensing and other revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,397	$ 5,387	$ 18,691	$ 16,357

Leases - Schedule of Leases Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Operating lease assets	$ 28,761	$ 24,477
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Liabilities
Operating lease liabilities, current portion	$ 10,790	$ 6,889
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	$ 31,422	$ 27,382
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating lease liabilities, long-term	Operating lease liabilities, long-term
Total lease liabilities	$ 42,212	$ 34,271

Composition of Other Balance Sheet Items - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property and equipment
Subtotal	$ 30,087		$ 30,087		$ 29,388
Less accumulated depreciation and amortization	(19,460)		(19,460)		(17,843)
Property and equipment, net	10,627		10,627		11,545
Depreciation and amortization expense	500	$ 600	1,600	$ 1,800
Lab equipment and furniture
Property and equipment
Subtotal	13,916		13,916		13,370
Leasehold improvements
Property and equipment
Subtotal	14,024		14,024		14,023
Software
Property and equipment
Subtotal	883		883		883
Computer equipment
Property and equipment
Subtotal	$ 1,264		$ 1,264		$ 1,112

Composition of Other Balance Sheet Items (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventories, Net


	September 30, 2025		December 31, 2024
	(unaudited)
Raw materials	$	56,988	$	11,127
Work in process	33,407		26,725
Finished goods	16,705		16,441
Total	$	107,100	$	54,293

Inventories, net as reported on the condensed consolidated balance sheets are as follows (dollars in thousands):


	Balance Sheet Classification	September 30, 2025		December 31, 2024
		(unaudited)

Current inventory	Inventories, net	$	79,399	$	54,293
Noncurrent inventory	Other Assets	27,701		—
Total		$	107,100	$	54,293

Schedule of Property and Equipment

Property and Equipment, Net


	September 30, 2025		December 31, 2024
	(unaudited)
Lab equipment and furniture	$	13,916	$	13,370
Leasehold improvements	14,024		14,023
Software	883		883
Computer equipment	1,264		1,112
Subtotal	30,087		29,388
Less accumulated depreciation and amortization	(19,460)		(17,843)
Property and equipment, net	$	10,627	$	11,545

Schedule of Accrued Expenses and Other Current Liabilities

Accounts Payable and Accrued Liabilities


	September 30, 2025		December 31, 2024
	(unaudited)
Accounts payable	$	8,177	$	4,587
Accrued compensation, benefits, & related accruals	35,297		21,225
Accrued sales & marketing	14,838		11,007
Accrued manufacturing expenses	13,099		11,652
Accrued R&D expenses	9,109		5,898
Operating lease liabilities, current portion(1)	10,790		6,889
Accrued royalties(2)	3,868		8,105
Other accrued expenses	13,435		6,989
Total	$	108,613	$	76,352

_______________________________

(1) Refer to Note 13, Leases.

(2) Refer to Note 17, Commitments and Contingencies.

Schedule of Accrued Product Returns and Rebates

Accrued Product Returns and Rebates


	September 30, 2025		December 31, 2024
	(unaudited)
Accrued product rebates	$	141,190	$	115,330
Accrued product returns	43,269		53,375
Total	$	184,459	$	168,705

Sage Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2025 USD ($) right $ / shares	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Jun. 16, 2025 $ / shares	Dec. 31, 2024 USD ($) $ / shares
Business Combination [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001			$ 0.001
Contingent consideration		$ 11,448	$ 11,448		$ 11,448			$ 47,340
Share-based compensation expense			30,745	$ 7,674	46,320	$ 20,123
Sage Therapeutics, Inc.
Business Combination [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Sage Therapeutics, Inc.
Business Combination [Line Items]
Business combination, price per share (in dollars per share) \| $ / shares	$ 8.50
Aggregate consideration paid	$ 561,000
Contingents value rights \| right	1
Contingent consideration, maximum	$ 234,000
Rights per share (in dollars per share) \| $ / shares	$ 3.50						$ 3.50
Acquisition-related expenses			$ 8,600		10,000
Contingent consideration	$ 11,448
Contingent consideration, minimum	0
Business combination, consideration transferred, liabilities incurred	4,100
Share-based compensation expense	$ 22,900
Business combination, total revenue		20,100
Business combination, net loss		$ 65,400
Post-combination employee-related expenses					$ 38,000

Contingent Consideration - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended			9 Months Ended
	Jul. 31, 2025 USD ($) right $ / shares	Nov. 24, 2021 USD ($) right $ / shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 16, 2025 $ / shares	Dec. 31, 2024 USD ($) milestone
Business Combination [Line Items]
Fair value gain (loss) recognized in earnings						$ (7,660)	$ 6,466
Payment of contingent consideration						24,257	0
Contingent consideration			$ 11,448			11,448			$ 47,340
Change in fair value of contingent consideration			0		$ (1,016)	7,660	(6,466)
USWM Acquisition
Business Combination [Line Items]
Number of outstanding milestones \| milestone									2
Fair value gain (loss) recognized in earnings			0		(1,300)	(7,660)	(130)
Contingent consideration, maximum			25,000			25,000
USWM Acquisition \| ONAPGO
Business Combination [Line Items]
Number of outstanding milestones \| milestone									1
USWM Acquisition \| Subsequent Commercial Product Launch
Business Combination [Line Items]
Contingent consideration, maximum			30,000			30,000
Payment of contingent consideration			1,900	$ 2,300
Contingent consideration			25,800			25,800
Adamas Acquisition
Business Combination [Line Items]
Fair value gain (loss) recognized in earnings					$ 2,300	0	$ 6,596
Contingent consideration, maximum			25,000			25,000
Contingent consideration			0			0			$ 0
Contingents value rights \| right		2
Contingent consideration arrangements, value (in dollars per share) \| $ / shares		$ 0.50
Contingent consideration, minimum			0			0
Adamas Acquisition \| The Milestones
Business Combination [Line Items]
Contingent consideration arrangements, excess acquisition date fair value		$ 225,000
Contingent consideration arrangements, excess acquisition date fair value, term		12 months
Sage Therapeutics, Inc.
Business Combination [Line Items]
Fair value gain (loss) recognized in earnings						0
Contingent consideration, maximum	$ 234,000
Contingent consideration	$ 11,448
Contingents value rights \| right	1
Contingent consideration, minimum	$ 0
Rights per share (in dollars per share) \| $ / shares	$ 3.50							$ 3.50
Change in fair value of contingent consideration			$ 0			$ 0
Sage Therapeutics, Inc. \| CVR Agreement
Business Combination [Line Items]
Rights per share (in dollars per share) \| $ / shares	3.50
Sage Therapeutics, Inc. \| Annual Net Sales of ZURZUVAE 2027 \| CVR Agreement
Business Combination [Line Items]
Rights per share (in dollars per share) \| $ / shares	$ 1.00
Business combination, contingent consideration, threshold, annual net sales	$ 250,000
Sage Therapeutics, Inc. \| Annual Net Sales of ZURZUVAE 2028 \| CVR Agreement
Business Combination [Line Items]
Rights per share (in dollars per share) \| $ / shares	$ 1.00
Business combination, contingent consideration, threshold, annual net sales	$ 300,000
Sage Therapeutics, Inc. \| Annual Net Sales of ZURZUVAE 2030 \| CVR Agreement
Business Combination [Line Items]
Rights per share (in dollars per share) \| $ / shares	$ 1.00
Business combination, contingent consideration, threshold, annual net sales	$ 375,000
Sage Therapeutics, Inc. \| First Commercial Sale In Japan For ZURZUVAE \| CVR Agreement
Business Combination [Line Items]
Rights per share (in dollars per share) \| $ / shares	$ 0.50

Share-Based Payments - Schedule of Restricted Stock Units (Details) - RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of RSUs
Nonvested, beginning balance (in shares) \| shares	378,165
Granted (in shares) \| shares	172,725
Vested (in shares) \| shares	(137,923)
Forfeited (in shares) \| shares	(15,424)
Nonvested, ending balance (in shares) \| shares	397,543
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 32.48
Granted (in dollars per share) \| $ / shares	33.50
Vested (in dollars per share) \| $ / shares	32.31
Forfeited (in dollars per share) \| $ / shares	32.47
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 32.98

Sage Acquisition - Schedule of Pro Forma Information (Details) - Sage Therapeutics, Inc. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Pro forma total revenues	$ 199,637	$ 187,560	$ 560,639	$ 516,085
Pro forma net loss	$ (24,386)	$ (62,559)	$ (140,531)	$ (321,112)

- 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

+ Details

Leases

9 Months Ended

Sep. 30, 2025

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	September 30, 2025		December 31, 2024
		(unaudited)
Assets
Operating lease assets	Other assets	$	28,761	$	24,477
Total lease assets		$	28,761	$	24,477

Liabilities
Operating lease liabilities, current portion	Accounts payable and accrued liabilities	$	10,790	$	6,889
Operating lease liabilities, long-term	Operating lease liabilities, long-term	31,422		27,382
Total lease liabilities		$	42,212	$	34,271

Supplemental cash flow information related to leases is as follows (dollars in thousands):


	Nine Months Ended September 30,
	2025		2024
	(unaudited)
Cash paid for operating leases	$	14,415	$	13,224
Lease assets obtained for new operating leases	9,941		3,547

Lease obtained from Sage Acquisition

As part of the Sage Acquisition, the Company acquired a lease for office space located in a multi-tenant building located in Cambridge, Massachusetts and classified this as an operating lease. Sages's office space lease term continues through February 28, 2030. See Note 3, Sage Acquisition, for the further discussion on the acquired lease asset and assumed lease liability.

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (45,117)	$ 38,497	$ (34,445)	$ 58,537
Other comprehensive gain (loss)
Unrealized gain (loss) on marketable securities, net of tax	129	450	118	671
Other comprehensive gain (loss)	129	450	118	671
Comprehensive earnings (loss)	$ (44,988)	$ 38,947	$ (34,327)	$ 59,208

- 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

+ Details

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table sets forth the gross carrying amounts of goodwill (dollars in thousands):


Balance as of December 31, 2024	$	117,019
Goodwill from Sage Acquisition	2,061
Balance as of September 30, 2025 (unaudited)	$	119,080

Schedule of Intangible Assets

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


	September 30, 2025							December 31, 2024
	(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
Intangible assets subject to amortization:
Acquired developed technology and product rights	6.6	951,811		(328,330)		623,481		661,311		(263,399)		397,912
Capitalized patent defense costs	—	43,820		(43,820)		—		43,820		(43,820)		—
Total intangible assets	6.6	$	995,631	$	(372,150)	$	623,481	$	829,131	$	(307,219)	$	521,912

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net earnings (loss)	$ (34,445)	$ 58,537
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	66,547	61,569
Amortization of premium/discount on marketable securities	(2,027)	2,497
Change in fair value of contingent consideration	7,660	(6,466)
Realized gains from sales of marketable securities	0	(9)
Share-based compensation expense	23,400	20,123
Deferred income tax benefit	(13,797)	(20,064)
Inventory valuation write-down	1,228	1,993
Payment of contingent consideration	(4,900)	0
Other noncash adjustments, net	7,606	6,288
Changes in operating assets and liabilities:
Accounts receivable	(5,885)	(1,253)
Inventories	(3,322)	12,619
Prepaid expenses and other assets	(6,274)	(8,542)
Accrued product returns and rebates	15,754	14,850
Accounts payable and other liabilities	(24,075)	(14,597)
Net cash provided by operating activities	27,470	127,545
Cash flows from investing activities
Purchases of marketable securities	(385,741)	(542,608)
Maturities of marketable securities	735,161	365,891
Acquisition of Sage, net of cash acquired	(293,093)	0
Purchases of property and equipment	(911)	(512)
Net cash provided by (used in) investing activities	55,416	(177,229)
Cash flows from financing activities
Proceeds from issuance of common stock	29,059	8,031
Employee taxes paid related to net share settlement of equity awards	(4,198)	(1,728)
Payment of contingent consideration	(24,257)	0
Net cash provided by financing activities	604	6,303
Net change in cash, cash equivalents, and restricted cash	83,490	(43,381)
Cash and cash equivalents at beginning of year	69,331	75,054
Cash, cash equivalents, and restricted cash at end of period	152,821	31,673
Reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	151,371	31,673
Restricted cash	1,450	0
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	152,821	31,673
Supplemental cash flow information
Cash paid for income taxes	$ 15,780	$ 40,343

Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings (Loss) per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Numerator:
Net earnings (loss)	$	(45,117)	$	38,497	$	(34,445)	$	58,537
Denominator:
Weighted average shares outstanding, basic	56,552,741		55,149,760		56,133,918		54,977,199
Effect of dilutive securities:
Stock options and stock awards	—		866,590		—		813,986
Weighted average shares outstanding, diluted	56,552,741		56,016,350		56,133,918		55,791,185

Earnings (loss) per share, basic	$	(0.80)	$	0.70	$	(0.61)	$	1.06
Earnings (loss) per share, diluted	$	(0.80)	$	0.69	$	(0.61)	$	1.05


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(unaudited)		(unaudited)
Stock options and stock awards	647,044	712,457	743,145	772,255

Collaboration Agreements - Narrative (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities	$ 0	$ 0
Accounts receivable, net	171,254,000	142,077,000
Biogen Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accounts receivable, net	19,900,000	$ 0
Shionogi \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities	90,000,000
Revenue, remaining performance obligation, variable consideration amount	470,000,000
Shionogi \| License \| Achievement Of Specified Regulatory Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount	55,000,000
Shionogi \| License \| Achievement Of Specified Commercialization Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount	30,000,000
Shionogi \| License \| Achievement Of Specified Net Sales Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount	$ 385,000,000

Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Jun. 30, 2025

Mar. 31, 2025

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2025

Sep. 30, 2024

Segment Reporting, Asset Reconciling Item [Line Items]

Total revenues

$ 192,103

$ 175,689

$ 507,380

$ 487,658

Cost of goods sold

^[1]

18,965

17,583

51,555

51,808

Total research and development expenses

29,366

29,036

78,408

80,149

Net earnings (loss)

(45,117)

$ 22,499

$ (11,827)

38,497

$ 19,916

$ 124

(34,445)

58,537

Reportable Segment

Segment Reporting, Asset Reconciling Item [Line Items]

Total revenues

192,103

175,689

507,380

487,658

Cost of goods sold

18,965

17,583

51,555

51,808

Selling expenses

58,386

38,082

145,398

116,190

Marketing expenses

18,672

16,247

60,068

56,510

General and administrative expenses

33,114

15,424

86,833

69,473

Acquisition-related expenses

69,506

70,874

Total external development program expenses

16,061

19,518

44,630

51,077

Internal employee-related expenses

13,305

9,518

33,778

29,072

Total research and development expenses

29,366

29,036

78,408

80,149

Other segment items

9,211

20,820

48,689

54,991

Net earnings (loss)

(45,117)

38,497

(34,445)

58,537

Reportable Segment | ONAPGO

Segment Reporting, Asset Reconciling Item [Line Items]

Total external development program expenses

352

1,613

1,164

Reportable Segment | SPN-820

Segment Reporting, Asset Reconciling Item [Line Items]

Total external development program expenses

1,111

6,668

8,073

20,010

Reportable Segment | SPN-817

Segment Reporting, Asset Reconciling Item [Line Items]

Total external development program expenses

4,872

2,815

11,889

5,835

Reportable Segment | Qelbree

Segment Reporting, Asset Reconciling Item [Line Items]

Total external development program expenses

3,168

5,621

9,805

11,552

Reportable Segment | ZURZUVAE

Segment Reporting, Asset Reconciling Item [Line Items]

Total external development program expenses

1,385

Reportable Segment | Early stage programs and other expenses

Segment Reporting, Asset Reconciling Item [Line Items]

Total external development program expenses

$ 5,173

$ 4,343

$ 11,865

$ 12,516

[1]	Excludes amortization of intangible assets

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jul. 31, 2025	Feb. 28, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 24,325	$ 19,488	$ 64,930	$ 59,733
USWM Acquisition
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (in years)						10 years
Sage Therapeutics, Inc
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (in years)					8 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- 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.

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
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, 2024, 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 amounts related to the caption Inventory valuation write-down have been reclassified from the caption Other noncash adjustments, net in the condensed consolidated statements of cash flows 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. Cash and Cash Equivalents The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less to be cash equivalents. Accounts Receivable, Net The Company's trade accounts receivable arise from product sales and represents amounts due from its customers. In addition, the Company records accounts receivable arising from its collaboration and licensing agreements. The Company monitors the financial performance and credit worthiness of its counterparties so that it can properly assess and respond to changes in their credit profile. The Company provides allowances against receivables for estimated losses, if any, that may result from a counterparty's inability to pay. Amounts determined to be uncollectible are written-off against the allowance. Marketable Securities Marketable securities consist of investments in U.S. Treasury bills and notes; bank certificates of deposit; various U.S. government agency debt securities; corporate and municipal debt securities. The Company places all investments with governmental, industrial, or financial institutions whose debt is rated as investment grade. The Company's investments are classified as available-for-sale and are carried at fair value. The Company classifies all available-for-sale marketable securities with maturities greater than one year from the balance sheet date as non-current assets. Any unrealized holding gains or losses on debt securities, including their tax effect, are reported as components of Other comprehensive gain (loss) in the consolidated statement of comprehensive earnings. Realized gains and losses, included in Interest and other income, net in the consolidated statement of earnings (loss), are determined using the specific identification method for determining the cost of securities sold. Declines in fair value below amortized cost related to credit losses (i.e., impairment due to credit losses) are included in the consolidated statement of earnings (loss), with a corresponding allowance established. If the estimate of expected credit losses decreases in subsequent periods, the Company will reverse the credit losses through current period earnings and adjust the allowance accordingly. Business Combinations and Contingent Considerations The Company determines whether an acquisition should be accounted for as a business combination or as an asset acquisition. If the acquired set of activities and assets does not meet the definition of a business, as defined by U.S. GAAP, the transaction is accounted for as an asset acquisition. In an asset acquisition, any acquired research and development that does not have an alternative future use is charged to expense as of the acquisition date, and no goodwill is recorded. If the acquired set of activities and assets meets the definition of a business, the Company applies the acquisition method of accounting and accounts for the transaction as a business combination. In a business combination, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired net assets, if applicable, is recorded as goodwill. In a business combination, the operating results of the acquired business are included in the Company's consolidated statement of earnings (loss), beginning on the effective acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Significant judgment is involved in the determination of the fair value assigned to assets acquired and liabilities assumed in a business combination, as well as the estimated useful lives of assets. These estimates can materially affect the Company's consolidated results of operations and financial position. The fair value of intangible assets are determined using information available as of the acquisition date and are based on estimates and assumptions that are deemed reasonable by management. Significant estimates and assumptions include but are not limited to: the probability of regulatory approval, revenue growth, and appropriate discount rate. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed as of the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to the Company's consolidated statements of earnings (loss) in the period that these adjustments are identified. Additional information regarding the Company's recent business combination is included in Note 3, Sage Acquisition. Contingent Consideration Business combinations often include provisions for additional consideration to be transferred to former shareholders based upon the achievement of certain milestones, referred to as contingent consideration. Contingent consideration from product development milestones and sales-based milestone payments on future product sales are included in the purchase price for business combinations. The fair value of the contingent consideration liability is determined as of the acquisition date using estimated or forecasted inputs. These inputs include the estimated amount and timing of projected revenues, probability and timing of milestone achievement, probability of achieving regulatory approval, revenue volatility, and the estimated discount rates and risk-free rate used to present value the probability-weighted cash flows. Subsequent to the acquisition date, at each reporting period prior to the resolution of the contingency, the contingent consideration liability is remeasured at current fair value, with changes recorded in earnings in the period of remeasurement. The determination of the initial and subsequent fair value of the contingent consideration liability may require significant judgment by management. Changes in any of the inputs not related to facts and circumstances existing as of the acquisition date may result in a significant fair value adjustment, which can impact the results of operations in the period in which the adjustment is made. Changes that are not measurement period adjustments are reported on the consolidated statement of earnings (loss) in Contingent consideration loss (gain). Additional information regarding contingent consideration, including the contingent consideration arrangement resulting from the Company's recent business combination, is included in Note 7, Contingent Consideration. Inventories Inventories are recorded at the lower of cost or net realizable value, and include materials, labor, direct costs and indirect costs. These are valued using the first-in, first-out method. Prior to the initial date that regulatory approval is received for a product candidate of the Company, costs related to the production of inventory are recorded as research and development expense on the Company’s condensed consolidated statements of earnings (loss) in the period incurred. Raw and intermediate materials that may be utilized for either research and development or commercial purposes, after approval of the product by the FDA, are classified as inventory. Amounts in inventory that are used for research and development purposes are charged to research and development expense when the product enters the research and development process and can no longer be used for commercial purposes and, therefore, does not have an “alternative future use” as defined in authoritative guidance. The Company periodically reviews inventory and records write-downs for any excess, expired and obsolete inventory, and for inventory that has a cost basis in excess of its expected net realizable value based on estimates of product demand, production requirements, market conditions, regulatory requirements and spoilage. The write-down to net realizable value is recorded in the period in which impairment is identified and is recorded as a component of Cost of revenues in the condensed consolidated statement of earnings (loss). The Company expects to use the inventory that is classified within current assets on its condensed consolidated balance sheet over its operating cycle. Inventory that is not expected to be used over the Company’s operating cycle is classified as a non-current asset and is included in Other assets in the condensed consolidated balance sheet. Intangible Assets Intangible assets consist of definite-lived intangible assets, including: acquired developed technology and product rights intangible, and patent defense costs. They also consist of indefinite-lived intangible assets, such as acquired IPR&D and goodwill. Patent defense costs are deferred legal fees that have been incurred in connection with legal proceedings related to the defense of patents for Oxtellar XR and Trokendi XR. Patent defense costs are charged to expense in the event of an unsuccessful outcome of the litigation. Definite-lived intangible assets (including acquired developed technology and product rights) are carried at acquisition date fair value less accumulated amortization, with amortization calculated on a straight line basis over the estimated useful lives. The Company evaluates the estimated remaining useful lives of its intangible assets annually or when events or changes in circumstances warrant a revision to the remaining periods of amortization. Acquired IPR&D in a business combination is considered an indefinite-lived intangible asset until the completion or abandonment of the associated research and development efforts. Upon successful completion of the project, the Company will determine the then-useful life of the intangible asset. This is generally determined as the period over which the substantial majority of the cash flows are expected to be generated. The capitalized amount is then amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. During the period prior to completion or abandonment, the IPR&D asset is not amortized but tested for impairment on an annual basis or when potential indicators of impairment are identified. Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment, operating lease assets, and definite-lived intangible assets. The Company assesses the recoverability of its long-lived assets with definite lives whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indications of impairment exist, projected future undiscounted cash flows associated with the asset would be compared to the carrying value of the asset to determine whether the asset's value is recoverable. If impairment is determined, the Company writes down the asset to its estimated fair value and records an impairment loss equal to the excess of the carrying value of the long-lived asset over its estimated fair value in the period at which such a determination is made. Goodwill and Goodwill Impairment Assessment Goodwill is calculated as the excess of the consideration paid consequent to completing the acquisition, compared to the net assets recognized in a business combination and is recognized at acquisition date. Goodwill represents the future economic benefits from the other acquired assets that could not be individually identified and separately quantified. The Company evaluates goodwill for possible impairment at least annually (during the fourth quarter of each fiscal year), or more often, if and when events and circumstances indicate that goodwill may be impaired. The annual evaluation is generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. This includes but is not limited to, significant adverse changes in the business climate, market conditions, or other events that indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the Company is unable to conclude whether the goodwill is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs a quantitative assessment by estimating the fair value of the reporting unit and comparing the fair value to the carrying amount. Evaluating for impairment requires judgment, including identifying reporting units and estimating future cash flows. The Company estimates the fair values of its reporting unit using discounted cash flow models or other valuation models, such as comparative transactions or market multiples. If the carrying amount of the reporting unit exceeds its fair value, the Company writes down the goodwill to the estimated fair value, and an impairment loss equal to the difference is recognized in the condensed consolidated statement of earnings (loss) in the period at which such determination is made. Revenue Recognition The Company determines revenue recognition for its contractual arrangements with customers based on the following five steps in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606): (1) identify each contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies the relevant performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company recognizes revenue in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The Company does not adjust revenue for any financing effects in transactions where the Company expects the period between the transfer of the goods or services and collection to be less than one year. No contract assets or liabilities were recorded as of September 30, 2025, or December 31, 2024. Revenue from Product Sales The Company's customers are primarily pharmaceutical wholesalers, specialty pharmacies, and pharmaceutical distributors. Customers purchase product to fulfill orders from retail pharmacy chains and independent pharmacies of varying size and purchasing power. The Company recognizes gross product sales when its customers take control of its products, including title and ownership. Customer orders are generally fulfilled within a few days of order receipt, resulting in minimal order backlog. The Company recognizes revenue from product sales in an amount that reflects the consideration the Company expects to ultimately receive in exchange for those goods. Product sales are recorded net of various forms of variable consideration, including: provision for estimated rebates; provision for estimated future product returns; and an estimated provision for discounts. These are collectively considered "sales deductions." Sales deductions are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of sale using the most likely value method. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal will not occur. Variability in the net transaction price for the Company's products arises primarily from the aforementioned sales deductions. Significant judgment is required in estimating certain sales deductions. In making these estimates, the Company considers: historical experience; product price increases; current contractual arrangements under applicable payor programs; unbilled claims; processing time lags for claims; inventory levels in the wholesale, specialty pharmacy, and retail distribution channel; and product life cycle. The Company adjusts its estimates of revenue either when the most likely amount of consideration it expects to receive changes, or when the consideration becomes fixed. If actual results in the future vary from its estimates, the Company adjusts its estimates in the period identified. These adjustments could materially affect net product sales and earnings in the period in which the adjustment(s) is recorded. Sales Deductions The Company records product sales net of rebates, returns and discounts. •Rebates - Rebates are discounts which the Company pays under either public sector or private sector health care programs. Rebates paid under public sector programs are generally mandated under law, whereas private sector rebates are generally contractually negotiated by the Company with managed care providers. Both types of rebates vary over time. Rebates are owed when the Company's customer dispenses its product to a patient; i.e., filling a prescription. For each of its products, the Company bases its estimates of expected rebate claims on multiple factors, including: historical levels of deductions; contractual terms with managed care providers; actual and anticipated changes in product price; prospective changes in managed care fee for service contracts; prospective changes in co-payment assistance programs; and anticipated changes in program utilization rates; i.e., patient participation rates under each specific program. The Company records an estimated liability for rebates at the time the customer takes title to the product (i.e., at the time of sale to wholesalers/distributors). This liability is recorded as a reduction to gross product sales, and an increase in Accrued product returns and rebates. The liability is recorded as a component of current liabilities on the consolidated balance sheets. •Returns - Sales of the Company's products are not subject to a general right of return. A product that has been used to fill patient prescriptions is no longer subject to any right of return. However, the Company will accept a return of product that is damaged or defective when shipped from its third party fulfillment centers. The Company will also accept a return of expired product six months prior to and up to twelve months subsequent to the product's expiry date for certain products. Expired or defective returned product cannot be re-sold and is therefore destroyed. The Company records an estimated liability for product returns at the time the customer takes title to the product (i.e., at time of sale). The liability is reflected as a reduction to gross product sales, and an increase in Accrued product returns and rebates. This liability is recorded as a component of current liabilities on the consolidated balance sheets. The Company estimates the liability for returns primarily based on the actual returns experience for its commercial products. Because the Company's products have a shelf life up to forty-eight months from the date of manufacture, and because the Company accepts return of product up to twelve months post its expiry date, there is a time lag of several years between the time when the product is sold and the time when the Company may issue credit on the expired product. •Sales discounts - Distributors and wholesalers of the Company's pharmaceutical products are generally offered various forms of consideration, including allowances, service fees and prompt payment discounts, for distributing the Company's products. Distributor and wholesaler allowances and service fees arise from contractual agreements and are estimated as a percentage of the price at which the Company sells product to them. In addition, distributors and wholesalers are offered a prompt pay discount for payment within a specified period. Prompt pay discounts are estimated as a percentage of the price at which the Company sells product. The Company accounts for these discounts at the time of sale as a reduction to gross product sales and accounts receivable, net. Royalty, Licensing, Collaboration, and Other Revenues Royalty Revenues Royalty revenues include cash royalty amounts received from third parties pursuant to settlement agreements and agreements with collaboration partners for the right to use the Company's intellectual property as a functional license. These agreements may include sales-based royalties on the licensed intellectual property to which the royalties relate and milestone payments based on the level of sales (collectively, "sales-based royalties"). For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). If it is probable that a significant revenue reversal will not occur, the Company will estimate the royalty revenues using the most likely amount method. Certain of the Company’s royalty revenues are recognized by the Company based on information supplied to the Company by its licensees and require estimates to be made. Sales-based royalties are recorded based on estimated net sales of the underlying product. Differences between actual royalty revenues and estimated royalty revenues are reconciled and adjusted for in the period in which they become known, which is generally within the following quarter. The difference between the Company’s actual and estimated royalty revenues has not been material to date. There are no guaranteed amounts owed to the Company related to any of these royalty revenue agreements. Licensing Revenues The Company's agreements with third parties generally involve the right to use the Company's intellectual property as a functional license. Certain agreements include an up-front license fee and ongoing milestone payments upon the achievement of specific events, and may also require minimum royalty payments based on in-country sales of products developed from the applicable intellectual property. In determining when to recognize the revenue under a collaboration agreement, the Company assesses whether the license is distinct, which depends upon whether the customer can benefit from the license and whether the license is separate from other performance obligations in the agreement. If the license is distinct, the Company must further assess whether the customer has a right to access or a right to use the license depending on whether the functionality of the license is expected to substantively change over time. If the license is not expected to substantively change, the revenue is recognized at the point in time when the license is provided. Generally, the Company recognizes revenues from non-refundable up-front fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Revenue recognition from milestone payments is dependent upon the facts and circumstances surrounding the milestone payments. Generally, milestone payments under the Company’s collaboration agreements with third parties are non-refundable. The Company evaluates whether achieving the milestones is considered probable and estimates the amount to be included in the transaction price using the most likely amount method. This can involve management's judgment that includes assessing factors that are outside of the Company's influence, such as: likelihood of regulatory success; availability of third party information; and expected duration of time until achievement of event. These factors are evaluated based on the specific facts and circumstances. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. Milestone payments based on a non-sales metric such as a development-based milestone (e.g. obtaining regulatory approval) represent variable consideration and would be included in the transaction price subject to any constraints. If the milestone payments relate to future development, the timing of recognition depends upon historical experience, the specific facts and circumstances, and the significance a third-party has on the outcome. Milestone payments that are not within the control of the Company, such as approval from regulatory authorities or where attainment of the specified event is dependent on the development activities of a third-party, are fully constrained and are not included in the transaction price until the period in which those regulatory approvals are obtained, or the specified event occurs due to the inherent uncertainty with the approval process. For milestone payments to be received upon the achievement of a sales threshold, the revenue from the milestone payments is recognized at the later of when the actual sales are incurred or the performance obligation to which the sales relate has been satisfied as noted below. Collaborative Arrangements At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. For those elements of the arrangement that are accounted for pursuant to ASC 606, the Company performs the five-step model under ASC 606 as noted above to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements and presents the arrangement as royalty, licensing and other revenue or collaboration revenue (ZURZUVAE) in the condensed consolidated statements of earnings. For those elements of the arrangement that are accounted for pursuant to ASC 808, the Company evaluates the income statement classification for presentation of amounts due from or owed to other participants associated with multiple activities in a collaboration arrangement based on the nature of each separate activity. Payments or reimbursements that are the result of a collaborative relationship instead of a vendor-customer relationship are recorded as an increase to collaboration revenue (ZURZUVAE), an increase to or reduction of cost of revenues, research and development expense, or selling, general and administrative expense, depending on the nature of the activity. The Company applies ASC 808 and ASC 606 to the following collaboration agreements: •Biogen - The Company has a collaboration agreement with Biogen (Biogen Collaboration Agreement) for the co-commercialization of ZURZUVAE in the U.S. Since the acquisition of Sage, revenues from the Biogen Collaboration Agreement include the Company’s share of ZURZUVAE revenues as that element of the agreement is accounted for under ASC Topic 808. The Company reports as collaboration revenue (ZURZUVAE) its share of ZURZUVAE revenues, which is 50% of total net revenue recorded by Biogen for ZURZUVAE in the U.S. The Company also identified the following promises in the Biogen Collaboration Agreement that were evaluated under the scope of ASC 606: delivery of (i) a co-exclusive license for SAGE-217 products in the U.S.; (ii) an exclusive license for SAGE-217 products in the Biogen Territory; and (iii) the clinical manufacturing supply of active pharmaceutical ingredient (API) and bulk drug product for SAGE-217 products in the Biogen Territory. The Company also evaluated whether certain options outlined within the Biogen Collaboration Agreement represented material rights that would give rise to a performance obligation and concluded that none of the options convey a material right to Biogen and therefore are not considered separate performance obligations within the Biogen Collaboration Agreement. The Company assessed the above promises at contract inception and determined that the co-exclusive license for SAGE-217 products in the U.S. is reflective of a vendor-customer relationship and therefore represent performance obligations within the scope of ASC 606. The co-exclusive license for SAGE-217 products in the U.S. is considered functional intellectual property and distinct from other promises under the contract. The exclusive license for SAGE-217 products in the Biogen Territory is considered a functional license that is distinct in the context of the Biogen Collaboration Agreement as Biogen can benefit from the license on its own or together with other readily available resources. As the co-exclusive license in the U.S. and the exclusive license in the Biogen Territory are delivered at the same time, they are considered one performance obligation at contract inception. The clinical manufacturing supply of API and bulk drug product for SAGE-217 products for the Biogen Territory is considered distinct in the context of the Biogen Collaboration Agreement as Biogen can benefit from the manufacturing services together with the licenses transferred by the Company at the inception of the Biogen Collaboration Agreement. Therefore, each represents a separate performance obligation within a contract with a customer under the scope of ASC 606 at contract inception. •Shionogi - The Company also has a collaboration agreement with Shionogi & Co., Ltd. (Shionogi) (Shionogi Collaboration Agreement) whereby the Company is entitled to receive royalties and milestone payments upon achievement of certain milestones. The Shionogi Collaboration Agreement also includes arrangement for the supply of drug product for Shionogi’s clinical trials. The Company concluded that Shionogi meets the definition of a customer because the Company is delivering intellectual property and know-how rights for the zuranolone program in support of territories in which the parties are not jointly sharing the risks and rewards. In addition, the Company determined that the Shionogi Collaboration Agreement met the requirements to be accounted for as a contract, including that it is probable that the Company will collect the consideration to which the Company is entitled in exchange for the goods or services that will be delivered to Shionogi. The Company assessed the promises at contract inception and determined that the license to zuranolone and supply of products to Shionogi are reflective of a vendor-customer relationship and therefore represent performance obligations within the scope of ASC 606. The Company determined that the performance obligations in the Shionogi Collaboration Agreement included the license to zuranolone and the supply of certain materials during the clinical development phase, which includes the supply of API. The performance obligation related to the license to zuranolone was determined to be distinct from other performance obligations and therefore was a separate performance obligation for which control was transferred upon signing. The obligation to provide certain clinical materials, including API for use during the development period, was determined to be a separate performance obligation. For additional information on the collaboration agreements with Biogen and Shionogi, as well as the Company's other collaboration arrangements, refer to Note 15, Collaboration Agreements. Costs of Revenues Costs of revenues includes primarily cost of materials; third-party manufacturing costs; freight and distribution costs; direct labor; cost of royalties; cost to write down inventory to net realizable value; manufacturing overhead costs, including quality control and assurance; and may also include period costs related to certain inventory manufacturing services. Fair value of inventories acquired through business combinations or asset acquisitions include an inventory step-up within the value of inventories. The inventory step-up value is amortized as the related inventory is sold, and included in costs of revenues. Costs of revenues also includes our proportionate share of ZURZUVAE manufacturing costs under the Biogen Collaboration Agreement, (for additional information, refer to Note 15, Collaboration Agreements). 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 $22.4 million and $73.9 million in advertising expense for the three and nine months ended September 30, 2025 and $19.6 million and $67.5 million for the three and nine months ended September 30, 2024, respectively. These expenses are recorded as a component of Selling, general and administrative expenses in the unaudited condensed consolidated statements of earnings. Insurance Recoveries The Company has several policies with third-party insurers that provide for the recovery of certain costs incurred by the Company. The Company records its rights to insurance recoveries as a receivables when the respective costs are reimbursable under applicable insurance policies, it is probable that such costs will be reimbursed, and reimbursement can be reasonably estimated. As such, the Company estimates the percentage of costs that will be reimbursed by the insurance provider to determine the proper amount to record for the insurance recovery receivable. Insurance recoveries recognized in fiscal year 2025 were recorded as a reduction to Selling, general and administrative expenses. The Company had $0.8 million and $6.2 million of insurance recoveries during the three and nine months ended September 30, 2025. The Company recorded approximately $11.5 million and $12.0 million of insurance recoveries during the three and nine months ended September 30, 2024. Insurance recovery receivable was $6.3 million and $4.0 million as of September 30, 2025 and December 31, 2024, respectively. Recently Issued Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted 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. ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220) - The new standard, issued in November 2024, requires additional disclosure in tabular format, about the nature of specific types of expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. The standard is effective with annual periods beginning after December 15, 2026. Early adoption and retrospective application are permitted. The Company plans to adopt the guidance for the fiscal year ending December 31, 2027. We expect ASU 2024-03 to require additional disclosures in the notes to our consolidated financial statements. The Company is currently evaluating the effects the adoption of this guidance will have on the consolidated financial statements. ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) - the new standard, issued in September 2025, modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. The Company plans to adopt the guidance for the fiscal year ending December 31, 2028. The Company is currently evaluating the timing and method of its adoption of ASU 2025-06 and the effects the adoption of this guidance will have on the consolidated financial statements.

Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (12,837)	$ 6,446	$ (12,671)	$ 12,951
Effective tax rate	22.20%	14.30%	26.90%	18.10%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Income Tax Expense (Benefit) (Tables)

9 Months Ended

Sep. 30, 2025

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 nine months ended September 30, 2025 and 2024 (dollars in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(unaudited)						(unaudited)
Income tax expense (benefit)	$	(12,837)		$	6,446		$	(12,671)		$	12,951
Effective tax rate	22.2		%	14.3		%	26.9		%	18.1		%

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

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenues

Total revenues

$ 192,103

$ 175,689

$ 507,380

$ 487,658

Costs and expenses

Cost of revenues

^[1]

18,965

17,583

51,555

51,808

Research and development

29,366

29,036

78,408

80,149

Selling, general and administrative

179,678

69,753

363,173

242,173

Amortization of intangible assets

24,325

19,488

64,930

59,733

Contingent consideration loss (gain)

(1,016)

7,660

(6,466)

Total costs and expenses

252,334

134,844

565,726

427,397

Operating earnings (loss)

(60,231)

40,845

(58,346)

60,261

Other income (expense)

Interest and other income, net

2,277

4,098

11,230

11,227

Total other income (expense), net

2,277

4,098

11,230

11,227

Earnings (loss) before income taxes

(57,954)

44,943

(47,116)

71,488

Income tax expense (benefit)

(12,837)

6,446

(12,671)

12,951

Net earnings (loss)

$ (45,117)

$ 38,497

$ (34,445)

$ 58,537

Earnings (Loss) per share

Basic (in dollars per share)

$ (0.80)

$ 0.70

$ (0.61)

$ 1.06

Diluted (in dollars per share)

$ (0.80)

$ 0.69

$ (0.61)

$ 1.05

Weighted average shares outstanding

Basic (in shares)

56,552,741

55,149,760

56,133,918

54,977,199

Diluted (in shares)

56,552,741

56,016,350

56,133,918

55,791,185

Net product sales

Revenues

Total revenues

$ 168,542

$ 170,302

$ 468,525

$ 471,301

Collaboration revenue (ZURZUVAE)

Revenues

Total revenues

20,164

Royalty, licensing and other revenues

Revenues

Total revenues

$ 3,397

$ 5,387

$ 18,691

$ 16,357

[1]	Excludes amortization of intangible assets

Composition of Other Balance Sheet Items

9 Months Ended

Sep. 30, 2025

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


	September 30, 2025		December 31, 2024
	(unaudited)
Raw materials	$	56,988	$	11,127
Work in process	33,407		26,725
Finished goods	16,705		16,441
Total	$	107,100	$	54,293

Inventories, net as reported on the condensed consolidated balance sheets are as follows (dollars in thousands):


	Balance Sheet Classification	September 30, 2025		December 31, 2024
		(unaudited)

Current inventory	Inventories, net	$	79,399	$	54,293
Noncurrent inventory	Other Assets	27,701		—
Total		$	107,100	$	54,293

Property and Equipment, Net


	September 30, 2025		December 31, 2024
	(unaudited)
Lab equipment and furniture	$	13,916	$	13,370
Leasehold improvements	14,024		14,023
Software	883		883
Computer equipment	1,264		1,112
Subtotal	30,087		29,388
Less accumulated depreciation and amortization	(19,460)		(17,843)
Property and equipment, net	$	10,627	$	11,545

Depreciation and amortization expense on property and equipment was approximately $0.5 million and $1.6 million for the three and nine months ended September 30, 2025 and $0.6 million and $1.8 million for the three and nine months ended September 30, 2024, respectively.

Accounts Payable and Accrued Liabilities


	September 30, 2025		December 31, 2024
	(unaudited)
Accounts payable	$	8,177	$	4,587
Accrued compensation, benefits, & related accruals	35,297		21,225
Accrued sales & marketing	14,838		11,007
Accrued manufacturing expenses	13,099		11,652
Accrued R&D expenses	9,109		5,898
Operating lease liabilities, current portion(1)	10,790		6,889
Accrued royalties(2)	3,868		8,105
Other accrued expenses	13,435		6,989
Total	$	108,613	$	76,352

_______________________________

(1) Refer to Note 13, Leases.

(2) Refer to Note 17, Commitments and Contingencies.

Accrued Product Returns and Rebates


	September 30, 2025		December 31, 2024
	(unaudited)
Accrued product rebates	$	141,190	$	115,330
Accrued product returns	43,269		53,375
Total	$	184,459	$	168,705

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 29, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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		57,339,350
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	2025
Document Fiscal Period Focus	Q3

Investments

9 Months Ended

Sep. 30, 2025

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):


	September 30, 2025		December 31, 2024
	(unaudited)
Corporate, U.S. government agency and municipal debt securities
Amortized cost	$	129,829	$	384,481
Gross unrealized gains	6		89
Gross unrealized losses	(46)		(289)
Total fair value	$	129,789	$	384,281

As of September 30, 2025, all of the Company's unrestricted available-for-sale marketable securities have contractual maturities of one year or less.

As of September 30, 2025, there was no impairment due to credit loss on any available-for-sale marketable securities.

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Sage Acquisition (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation


	Fair Value (unaudited)
Cash and cash equivalents	$	243,197
Marketable securities	93,181
Accounts receivable, net	23,291
Inventories, net	50,714
Prepaid expenses and other current assets	18,674
Restricted cash	1,450
Operating lease asset (1)	5,630
Intangible assets	166,500
Other assets	1,102
Total fair value of assets acquired	603,739
Accounts payable and accrued liabilities	44,232
Operating lease liability (1)	12,380
Total fair value of liabilities assumed	56,612
Total identifiable net assets	$	547,127
Goodwill	2,061
Total purchase price	$	549,188

Cash consideration paid for Sage's common stock	$	533,667
Cash consideration paid for cash settlement of Sage's equity awards	4,073
Fair value of contingent consideration	11,448
Total purchase price	$	549,188

______________________________

(1) Refer to Note 13, Leases, for further discussion of the acquired lease asset and assumed lease liability.

Schedule of Acquired Intangible Assets

The following table summarizes the purchase price allocation, and the average remaining useful lives for identifiable intangible assets (unaudited, dollars in thousands):


	Fair Value (unaudited)		Estimated Useful Lives (in years)
Acquired developed technology and product rights	$	166,500	8
Total intangible assets	$	166,500

Schedule of Pro Forma Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Pro forma total revenues	$	199,637	$	187,560	$	560,639	$	516,085
Pro forma net loss	$	(24,386)	$	(62,559)	$	(140,531)	$	(321,112)

Commitments and Contingencies (Details) € in Millions, $ in Millions						1 Months Ended	9 Months Ended
	May 22, 2025 defendant	May 13, 2025 defendant	May 05, 2025 USD ($)	Mar. 26, 2025 defendant	Apr. 01, 2019 USD ($)	Apr. 30, 2020 USD ($)	Sep. 30, 2025 EUR (€) plaintiff
NAMENDA XR/Namzaric Qui Tam Litigation
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought, value					$ 2,500.0
Merger Agreement \| Sage Litigation
Long-term Purchase Commitment [Line Items]
Number of plaintiff \| plaintiff							2
Derivative Litigation \| Sage Litigation
Long-term Purchase Commitment [Line Items]
Number of defendants \| defendant	16	16		16
USWM Acquisition
Long-term Purchase Commitment [Line Items]
Annual minimum purchase quantity requirement amount \| €							€ 3.0
Litigation settlement					$ 17.5
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
Collaborative agreement, acquisition-related cost, expense			$ 100.0
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%

Contingent Consideration

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Contingent Consideration

The following table sets forth the contingent consideration liabilities (dollars in thousands):


	September 30, 2025		December 31, 2024
	(unaudited)
Reported under the following captions in the consolidated balance sheets:
Contingent consideration, current portion	$	11,235	$	47,340
Contingent consideration, long-term	213		—
Total	$	11,448	$	47,340

The Company's contingent consideration liabilities are related to the USWM Acquisition in 2020, the Adamas Acquisition in 2021, and the Sage Acquisition in 2025. The contingent consideration liabilities are measured at fair value using either a Monte Carlo simulation or the income approach. The Company classifies contingent consideration liabilities as Level 3 fair value measurements in the period where significant unobservable inputs were 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 loss (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. At December 31, 2024, there were two remaining outstanding milestones, one related to the approval of ONAPGO and the other related to the commercial launch of ONAPGO. Both milestones were met in 2025 and the liability was accreted to the milestone amounts due resulting in the recognition of $7.7 million change in fair value of contingent consideration during 2025. In February 2025, the Company paid the $25 million milestone related to the FDA's approval of ONAPGO in February 2025. ONAPGO was launched in April 2025 and the $30 million milestone payment related to the commercial launch of ONAPGO, subject to certain holdbacks as permitted under the Sale and Purchase Agreement Relating to USWM Enterprises, LLC, dated April 28, 2020, by and between US WorldMeds Partners, LLC and Supernus Pharmaceuticals, Inc., (USWM Sale and Purchase Agreement) became due and payable. Of the $30 million, the Company paid $2.3 million in the second quarter and the remaining amount held was reclassified

to Other current liabilities in the condensed consolidated balance sheet in the second quarter of 2025 as the milestone had been met but payment remains subject to certain holdbacks permitted under the USWM Sale and Purchase Agreement. The Company paid $1.9 million in the third quarter of 2025. The outstanding liability as of September 30, 2025 was $25.8 million, which included the principal amount held back and the interest. During the third quarter of 2025, USWorldsMeds Partners, LLC filed a complaint in the Superior Court of the State of Delaware seeking payment for the withheld amount, plus interest, attorney's fees and costs.

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 (Adamas 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 Adamas 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 Adamas CVR agreement. Achievement of the first milestone did not occur, and accordingly the first Milestone Payment did not become payable. As of September 30, 2025, only one of the Adamas CVRs remain. The remaining 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 (2025 Milestone). The 2025 Milestone may only be achieved once.

As of September 30, 2025, the possible outcomes for the remaining 2025 Milestone contingent consideration is $0 or $25 million on an undiscounted basis. As of September 30, 2025, the probability of achievement of the 2025 Milestone is remote. The fair value of the contingent consideration liability related to the 2025 Milestone was $0 as of September 30, 2025 and December 31, 2024. The Company classified the contingent consideration liability as Level 3 fair value measurements as of September 30, 2025 and December 31, 2024.

The key assumptions considered in estimating the fair value of the Adamas sales-based milestones include the estimated revenue projections and probability of achievement of milestone.

Sage Contingent Consideration

On July 31, 2025, the Company completed the Sage Acquisition. The Sage Acquisition included payment of one contingent value right (Sage CVR) which represents the right to receive up to $3.50, which is governed by the terms of a contingent value rights agreement entered into between the Company and CVR Agent (Sage CVR Agreement), in cash, less any applicable withholding taxes and without interest.

Subject to the terms of the Sage CVR Agreement, (1) $1.00 per share would be payable if in any calendar year between closing and end of 2027, annual net sales (as defined in the Sage CVR Agreement) of ZURZUVAE allocable to Supernus or any of its affiliates reach $250 million or more in the U.S., (2) $1.00 per share would be payable if in any calendar year between closing and end of 2028, annual net sales (as defined in the Sage CVR Agreement) of ZURZUVAE allocable to Supernus or any of its affiliates reach $300 million or more in the U.S., (3) $1.00 per share would be payable if in any calendar year between closing and end of 2030, annual net sales (as defined in the Sage CVR Agreement) of ZURZUVAE allocable to Supernus or any of its affiliates reach $375 million or more in the U.S., and (4) $0.50 per share would be payable upon the first commercial sale in Japan to a third-party customer after regulatory approval for ZURZUVAE for the treatment of major depressive disorder (MDD) in Japan by June 30, 2026. The maximum amount payable with respect to a CVR issued in respect to each Share is $3.50, an aggregate of approximately $234 million. See Note 3, Sage Acquisition, for the key assumptions used in the valuation of the contingent consideration liability related to the Sage Acquisition.

Change in the Fair Value of Contingent Consideration


	USWM Acquisition		Adamas Acquisition		Sage Acquisition		Total
Balance at December 31, 2024	$	47,340	$	—	$	—	$	47,340
Contingent consideration from Sage Acquisition	—		—		11,448		11,448
Change in fair value recognized in earnings	7,660		—		—		7,660
Milestone payments through June 30, 2025	(27,295)		—		—		(27,295)
Reclassification to Other Current Liabilities	(27,705)				—		(27,705)
Balance at September 30, 2025 (unaudited)	$	—	$	—	$	11,448	$	11,448

As aforementioned, the remaining liability as of June 30, 2025 for the contingent consideration related to the USWM Acquisition was reclassified to Other Current Liabilities in the second quarter of 2025. Thereafter, the Company made an additional milestone payment of $1.9 million in the third quarter of 2025.


	USWM Acquisition		Adamas Acquisition		Total
Balance at December 31, 2023	$	46,400	$	7,050	$	53,450
Change in fair value recognized in earnings	130		(6,596)		(6,466)
Balance at September 30, 2024 (unaudited)	$	46,530	$	454	$	46,984

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

•The Company recorded a $7.7 million expense due to the change in fair value of contingent consideration liabilities for the USWM milestones for the nine months ended September 30, 2025. No expense was recorded during the three months ended September 30, 2025. The Company recorded a $1.3 million expense and a $0.1 million expense due to the change in the fair value of the contingent consideration liabilities for the USWM milestones for the three and nine months ended September 30, 2024, respectively. The change in fair value of contingent consideration was primarily due to accretion to the full milestone payment amount with the achievement of the milestones. ONAPGO was approved by the FDA in February 2025 and was launched in April 2025.

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

•The Company recorded a $2.3 million gain and a $6.6 million gain due to the change in fair value of the contingent consideration liabilities for the Adamas CVRs for the three and nine months ended September 30, 2024, respectively. The change in fair value of contingent consideration was primarily due to passage of time.

The Company recorded the following changes in the fair value of contingent consideration liability for the Sage CVRs:

•The Company recorded a contingent consideration liability of $11.4 million at Sage Closing Date. No change in fair value was recorded during the three and nine months ended September 30, 2025 given the proximity of the Sage Acquisition to the reporting period end date.