Supernus Pharmaceuticals (SUPN) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		54,632,847
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	2023
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 94,985	$ 93,120
Marketable securities	105,204	368,214
Accounts receivable, net	141,764	165,497
Inventories, net	83,480	91,541
Prepaid expenses and other current assets	23,927	15,779
Total current assets	449,360	734,151
Long-term marketable securities	25,125	93,896
Property and equipment, net	13,688	15,173
Intangible assets, net	641,147	702,463
Goodwill	117,019	117,019
Other assets	38,821	39,806
Total assets	1,285,160	1,702,508
Current liabilities
Accounts payable and accrued liabilities	78,471	96,342
Accrued product returns and rebates	162,473	151,665
Convertible notes, net	0	401,968
Contingent consideration, current portion	45,880	21,120
Other current liabilities	710	16,863
Total current liabilities	287,534	687,958
Contingent consideration, long-term	7,774	33,847
Operating lease liabilities, long-term	33,841	35,998
Deferred income tax liabilities, net	35,224	49,809
Other liabilities	8,596	8,692
Total liabilities	372,969	816,304
Stockholders’ equity
Common stock, $0.001 par value; 130,000,000 shares authorized; 54,630,758 and 54,253,796 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	55	54
Additional paid-in capital	431,956	408,115
Accumulated other comprehensive loss, net of tax	(1,206)	(3,210)
Retained earnings	481,386	481,245
Total stockholders’ equity	912,191	886,204
Total liabilities and stockholders’ equity	$ 1,285,160	$ 1,702,508

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	54,630,758	54,630,758
Common stock shares outstanding (in shares)	54,253,796	54,253,796

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 153,880	$ 177,353	$ 443,207	$ 499,910
Costs and expenses
Cost of goods sold	19,601	25,878	64,152	64,267
Research and development	22,655	19,554	68,246	56,778
Selling, general and administrative	82,700	112,314	255,079	303,249
Amortization of intangible assets	21,242	20,644	61,316	61,932
Contingent consideration expense (gain)	(456)	486	(1,313)	1,894
Total costs and expenses	145,742	178,876	447,480	488,120
Operating earnings (loss)	8,138	(1,523)	(4,273)	11,790
Other income (expense)
Interest expense	0	(1,724)	(2,415)	(5,476)
Interest and other income, net	1,751	2,803	8,467	19,289
Total other income (expense)	1,751	1,079	6,052	13,813
Earnings (loss) before income taxes	9,889	(444)	1,779	25,603
Income tax expense (benefit)	25,865	(2,193)	1,638	(9,627)
Net earnings (loss)	$ (15,976)	$ 1,749	$ 141	$ 35,230
Earnings (loss) per share
Basic (in dollars per share)	$ (0.29)	$ 0.03	$ 0	$ 0.66
Diluted (in dollars per share)	$ (0.29)	$ 0.03	$ 0	$ 0.62
Weighted average shares outstanding
Basic (in shares)	54,608,963	53,789,674	54,498,687	53,517,838
Diluted (in shares)	54,608,963	55,034,838	55,574,922	61,543,121
Net product sales
Revenues
Total revenues	$ 149,004	$ 172,724	$ 417,915	$ 485,647
Royalty revenues
Revenues
Total revenues	$ 4,876	$ 4,629	$ 25,292	$ 14,263

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (15,976)	$ 1,749	$ 141	$ 35,230
Other comprehensive gain (loss)
Unrealized gain (loss) on marketable securities, net of tax	569	(1,826)	2,004	(5,585)
Other comprehensive gain (loss)	569	(1,826)	2,004	(5,585)
Comprehensive earnings (loss)	$ (15,407)	$ (77)	$ 2,145	$ 29,645

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU 2020-06	Balance, January 1, 2022	Common Stock	Additional  Paid-in Capital	Additional  Paid-in Capital Cumulative effect of adoption of ASU 2020-06	Additional  Paid-in Capital Balance, January 1, 2022	Accumulated Other Comprehensive Earnings (Loss)	Retained Earnings	Retained Earnings Cumulative effect of adoption of ASU 2020-06	Retained Earnings Balance, January 1, 2022
Balance (in shares) at Dec. 31, 2021				53,256,094
Balance at Dec. 31, 2021	$ 815,851	$ (15,600)	$ 800,251	$ 53	$ 434,337	$ (56,212)	$ 378,125	$ 1,539	$ 379,922	$ 40,612	$ 420,534
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,025				4,025
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes (in shares)				130,211
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes	866				866
Net earnings (loss)	25,616								25,616
Unrealized gain (loss) on marketable securities, net of tax	(2,312)							(2,312)
Balance (in shares) at Mar. 31, 2022				53,386,305
Balance at Mar. 31, 2022	828,446			$ 53	383,016			(773)	446,150
Balance (in shares) at Dec. 31, 2021				53,256,094
Balance at Dec. 31, 2021	815,851	$ (15,600)	$ 800,251	$ 53	434,337	$ (56,212)	$ 378,125	1,539	379,922	$ 40,612	$ 420,534
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	35,230
Unrealized gain (loss) on marketable securities, net of tax	(5,585)
Balance (in shares) at Sep. 30, 2022				54,053,513
Balance at Sep. 30, 2022	852,798			$ 54	401,026			(4,046)	455,764
Balance (in shares) at Mar. 31, 2022				53,386,305
Balance at Mar. 31, 2022	828,446			$ 53	383,016			(773)	446,150
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,297				4,297
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes (in shares)				106,081
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes	2,273				2,273
Net earnings (loss)	7,865								7,865
Unrealized gain (loss) on marketable securities, net of tax	(1,447)							(1,447)
Balance (in shares) at Jun. 30, 2022				53,492,386
Balance at Jun. 30, 2022	841,434			$ 53	389,586			(2,220)	454,015
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,985				4,985
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes (in shares)				561,127
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes	6,456			$ 1	6,455
Net earnings (loss)	1,749								1,749
Unrealized gain (loss) on marketable securities, net of tax	(1,826)							(1,826)
Balance (in shares) at Sep. 30, 2022				54,053,513
Balance at Sep. 30, 2022	$ 852,798			$ 54	401,026			(4,046)	455,764
Balance (in shares) at Dec. 31, 2022	54,253,796			54,253,796
Balance at Dec. 31, 2022	$ 886,204			$ 54	408,115			(3,210)	481,245
Increase (Decrease) in Stockholders' Equity
Share-based compensation	6,306				6,306
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes (in shares)				216,826
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes	1,811				1,811
Net earnings (loss)	16,948								16,948
Unrealized gain (loss) on marketable securities, net of tax	881							881
Balance (in shares) at Mar. 31, 2023				54,470,622
Balance at Mar. 31, 2023	$ 912,150			$ 54	416,232			(2,329)	498,193
Balance (in shares) at Dec. 31, 2022	54,253,796			54,253,796
Balance at Dec. 31, 2022	$ 886,204			$ 54	408,115			(3,210)	481,245
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	141
Unrealized gain (loss) on marketable securities, net of tax	$ 2,004
Balance (in shares) at Sep. 30, 2023	54,253,796			54,630,758
Balance at Sep. 30, 2023	$ 912,191			$ 55	431,956			(1,206)	481,386
Balance (in shares) at Mar. 31, 2023				54,470,622
Balance at Mar. 31, 2023	912,150			$ 54	416,232			(2,329)	498,193
Increase (Decrease) in Stockholders' Equity
Share-based compensation	6,088				6,088
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes (in shares)				122,279
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes	1,947			$ 1	1,946
Net earnings (loss)	(831)								(831)
Unrealized gain (loss) on marketable securities, net of tax	554							554
Balance (in shares) at Jun. 30, 2023				54,592,901
Balance at Jun. 30, 2023	919,908			$ 55	424,266			(1,775)	497,362
Increase (Decrease) in Stockholders' Equity
Share-based compensation	7,920				7,920
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes (in shares)				37,857
Issuance of common stock under the equity award plans, net of shares withheld for employee taxes	(230)				(230)
Net earnings (loss)	(15,976)								(15,976)
Unrealized gain (loss) on marketable securities, net of tax	$ 569							569
Balance (in shares) at Sep. 30, 2023	54,253,796			54,630,758
Balance at Sep. 30, 2023	$ 912,191			$ 55	$ 431,956			$ (1,206)	$ 481,386

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net earnings (loss)	$ 141	$ 35,230
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	63,183	64,694
Other income from Navitor (see Note 4)	0	(12,888)
Amortization of deferred financing costs and debt discount	532	1,582
Realized gains from sales of marketable securities	0	(14)
Amortization of premium/discount on marketable securities	(849)	3,215
Change in fair value of contingent consideration	(1,313)	1,894
Other noncash adjustments, net	10,485	7,983
Share-based compensation expense	20,314	13,307
Deferred income tax benefit	(15,255)	(18,564)
Changes in operating assets and liabilities:
Accounts receivable	21,155	(14,958)
Inventories	1,082	(6,304)
Prepaid expenses and other assets	(8,138)	3,098
Accrued product returns and rebates	10,808	25,746
Accounts payable and other liabilities	(36,018)	(12,659)
Contingent consideration	0	(2,100)
Net cash provided by operating activities	66,127	89,262
Cash flows from investing activities
Purchases of marketable securities	0	(340,665)
Sales and maturities of marketable securities	335,297	173,189
Purchases of property and equipment	(587)	(422)
Net cash provided by (used in) investing activities	334,710	(167,898)
Cash flows from financing activities
Proceeds from Line of Credit	93,000	0
Payments on Line of Credit	(93,000)	0
Payment on convertible notes	(402,500)	0
Payment of contingent consideration	0	(22,900)
Proceeds from issuance of common stock	3,528	9,594
Net cash used in financing activities	(398,972)	(13,306)
Net change in cash and cash equivalents	1,865	(91,942)
Cash and cash equivalents at beginning of year	93,120	203,434
Cash and cash equivalents at end of period	94,985	111,492
Supplemental cash flow information
Cash paid for interest on debt	1,946	2,516
Cash paid for income taxes	27,055	14,558
Cash paid for operating leases	13,242	9,547
Noncash investing and financing activities
Lease assets obtained for new operating leases	5,903	973
Deferred legal fees and fixed assets included in accounts payable and accrued expenses	0	144
Property and equipment additions from utilization of tenant improvement allowance	$ 0	$ 580

Business Organization

Business Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization	Business Organization Supernus Pharmaceuticals, Inc. (the "Company", see Note 2, Consolidation ) is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. The Company's diverse neuroscience portfolio includes approved treatments for epilepsy, migraine, attention-deficit hyperactivity disorder (ADHD), hypomobility in Parkinson’s Disease (PD), cervical dystonia, chronic sialorrhea, dyskinesia in PD patients receiving levodopa-based therapy, and drug-induced extrapyramidal reactions in adult patients. The Company is developing a broad range of novel CNS product candidates including new potential treatments for hypomobility in PD, epilepsy, depression, and other CNS disorders. The Company has eight commercial products that it markets: Qelbree ® , GOCOVRI ® , Trokendi XR ® , Oxtellar XR ® , APOKYN ® , XADAGO ® , Osmolex ER ® , and MYOBLOC ® . In addition, SPN-830 (apomorphine infusion device) is a late-stage drug/device combination product candidate for the continuous treatment of motor fluctuations ("off" episodes) in PD patients that are not adequately controlled with oral levodopa and one or more adjunct PD medications.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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, 2022, 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. 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 significant intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect the consolidation of entities in which the Company has a controlling financial interest. In determining whether there is a controlling financial interest, the Company considers if it has a majority of the voting interests of the entity, or if the entity is a variable interest entity (VIE) and if the Company is the primary beneficiary. In determining the primary beneficiary of a VIE, the Company evaluates whether it has both: the power to direct the activities of the VIE that most significantly impact the VIE's economic performance; and the obligation to absorb losses of, or the right to receive benefits from the VIE that could potentially be significant to that VIE. The Company's judgment with respect to its level of influence or control of an entity involves the consideration of various factors, including the form of an ownership interest; representation in the entity's governance; the size of the investment; estimates of future cash flows; the ability to participate in policymaking decisions; and the rights of the other investors to participate in the decision making process, including the right to liquidate the entity, if applicable. If the Company is not the primary beneficiary of the VIE, and an ownership interest is maintained in the entity, the interest is accounted for under the equity or cost methods of accounting, as appropriate. The Company continuously assesses whether it is the primary beneficiary of a VIE as changes to existing relationships or future transactions may affect its conclusions. Use of Estimates The Company bases its estimates on: historical experience; forecasts; information received from its service providers; information from other sources, including public and proprietary sources; and other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from the Company’s estimates. The Company periodically evaluates the methodologies employed in making its estimates. Advertising Expense Advertising expense includes the cost of promotional materials and activities, such as printed materials and digital marketing, marketing programs and speaker programs. The costs of the Company's advertising efforts are expensed as incurred. The Company incurred approximately $25.1 million and $76.9 million in advertising expense for the three and nine months ended September 30, 2023, respectively, and approximately $52.0 million and $112.8 million for the three and nine months ended September 30, 2022. These expenses are recorded as a component of Selling, general and administrative expenses in the unaudited condensed consolidated statements of earnings (loss). Restricted Cash On March 30, 2023, the Company transferred funds totaling $403.8 million, which was reported as restricted cash in the first quarter of 2023, to the Trustee (Wilmington Trust) related to the repayment of the 2023 Notes. On April 1, 2023, the Company paid the total principal amount due of $402.5 million under the 2023 Notes and the remaining outstanding interest due of $1.3 million with the restricted cash. Refer to Note 8, Debt . Line of Credit Line of credit includes borrowings under the uncommitted demand secured line of credit. On February 8, 2023, the Company entered into a credit line agreement (the “Credit Line”) with UBS Bank USA (“UBS”). The Credit Line provides for a revolving line of credit of up to $150 million, which can be drawn at any time. Refer to Note 8, Debt . Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted Accounting Standards Update (ASU) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) : Accounting for Convertible Instruments and Contracts in an Entity's Own Equity - The new standard, issued in August 2020, simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible debt instruments with cash conversion and beneficial conversion features. ASU 2020-06 eliminates requirements to separately account for liability and equity components of such convertible debt instruments and eliminates the ability to use the treasury stock method for calculating diluted earnings per share for convertible instruments whose principal amount may be settled in whole or in part with equity. Instead, ASU 2020-06 requires (i) the entire amount of the security to be presented as a liability on the balance sheet and (ii) application of the “if-converted” method for calculating diluted earnings per share. This new standard also removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception.

Disaggregated Revenues

Disaggregated Revenues	9 Months Ended
	Sep. 30, 2023
Disaggregation of Revenue [Abstract]
Disaggregated Revenues	Disaggregated Revenues The following table summarizes the disaggregation of revenues by product or source, (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Net product sales Qelbree $ 37,081 $ 18,326 $ 93,840 $ 37,708 GOCOVRI 32,889 27,878 87,650 75,179 Oxtellar XR 29,644 30,528 82,359 88,007 Trokendi XR 20,625 69,599 74,734 204,033 APOKYN 21,510 18,261 56,324 57,156 Other (1) 7,255 8,132 23,008 23,564 Total net product sales $ 149,004 $ 172,724 $ 417,915 $ 485,647 Royalty revenues 4,876 4,629 25,292 14,263 Total revenues $ 153,880 $ 177,353 $ 443,207 $ 499,910 ___________________________________________ (1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER. The decrease in Trokendi XR net product sales for the three and nine months ended September 30, 2023, compared to the same period in 2022 was primarily attributable to the loss of exclusivity with generic entrants in January 2023. The following table shows the percentage of net product sales to total net product sales: Percentage of Net Product Sales Three Months Ended Nine Months Ended 2023 2022 2023 2022 Qelbree 25% 11% 22% 8% GOCOVRI 22% 16% 21% 15% Oxtellar XR 20% 18% 20% 18% Trokendi XR 14% 40% 18% 42% APOKYN 14% 10% 13% 12% Other (1) 5% 5% 6% 5% Total 100% 100% 100% 100% ___________________________________________ (1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER. Each of our three major customers, AmerisourceBergen Drug Corporation, Cardinal Health, Inc. and McKesson Corporation, individually accounted for more than 20% of our total net product sales and collectively accounted for more than 70% of our total net product sales for the three and nine months ended September 30, 2023 and 2022. The Company recognized noncash royalty revenue of $4.0 million for the nine months ended September 30, 2023. The Company recognized noncash royalty revenue of $2.5 million and $7.2 million for the three and nine months ended September 30, 2022, respectively. Refer to Note 15, Commitments and Contingencies

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Marketable Securities Unrestricted available-for-sale marketable securities held by the Company are as follows, (dollars in thousands): September 30, 2023 December 31, 2022 (unaudited) Corporate and municipal debt securities Amortized cost $ 131,891 $ 466,333 Gross unrealized gains 1 14 Gross unrealized losses (1,563) (4,237) Total fair value $ 130,329 $ 462,110 The contractual maturities of the unrestricted available-for-sale marketable securities held by the Company are as follows, (dollars in thousands): September 30, (unaudited) Less than 1 year $ 105,204 1 year to 2 years 25,125 Total $ 130,329 As of September 30, 2023, there was no impairment due to credit loss on any available-for-sale marketable securities. Investment in Navitor Development Agreement In April 2020, the Company entered into a development agreement (the 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 will bear all of the Phase I and Phase II development costs incurred by either party, up to a maximum of $50 million. In addition, the Company will incur certain other research and development support costs. There are certain additional payment amounts which could be incurred by the Company. These costs are contingent upon Navitor Inc. achieving defined development milestones. The Company has an option to acquire or license NV-5138 (SPN-820), for which additional payments would be required. Equity investment In addition to entering into the Development Agreement in April 2020, the Company acquired Series D Preferred Shares of Navitor Inc. for $15 million, representing an approximately 13% ownership position in Navitor Inc. In March 2021, Navitor Inc. underwent a legal restructuring. In the restructuring, Navitor Inc. became a wholly owned subsidiary of a newly formed limited liability company, Navitor Pharmaceuticals LLC (Navitor LLC), and the outstanding shares of stock in Navitor Inc. were exchanged for units of membership in Navitor LLC having equivalent rights and preferences (Navitor Restructuring). As part of the Navitor Restructuring, the Series D Preferred Shares previously held by the Company were exchanged for Series D Preferred Shares in Navitor LLC. In addition, certain assets that did not relate to NV-5138 (SPN-820) were transferred from Navitor Inc. to a newly formed entity that became a separate, wholly owned subsidiary of Navitor LLC. The Company had determined that Navitor LLC is a VIE. The Company does not consolidate this VIE because the Company lacks the power to direct the activities that most significantly impact Navitor’s economic performance. Prior to the Navitor Restructuring, the investment was accounted for under the practical expedient allowed for equity securities without readily determinable fair value, which is cost minus impairment plus any changes in observable price changes from an orderly transaction of similar investments in Navitor Inc. Following the legal restructuring and exchange of the preferred shares for member equity units of Navitor LLC, the investment was accounted for under the equity method of accounting due to the Company's ability to exert significant influence over but not control the financial and operating decisions of Navitor LLC. As a result of the change from a cost method investment to an equity method investment, the Company was required to measure its investment initially in accordance with the guidance in ASC 805. The majority of the assets and liabilities recorded in Navitor LLC's financial statements represent working capital items and cash that are being used for research and development purposes and are significantly lower than the Company's investment in Navitor LLC, which created a significant basis difference for the Company's investment in the underlying net assets. The Company determined that substantially all of the fair value of the investment was attributable to a single in-process research and development (IPR&D) asset. As a result, Navitor LLC was not considered a business as defined in ASC 805. In the first quarter of 2021, the $15 million investment, which was previously recorded in Other assets in the unaudited condensed consolidated balance sheets, was expensed and recorded in Research and development expense. The Company records its share of the results of Navitor LLC, a private company, on a quarter lag as the financial information of Navitor LLC is not available on a sufficiently timely basis for the Company to apply the equity method of accounting. In December 2021, Navitor LLC sold one of its subsidiaries and distributed cash to its members in accordance with each member's share of the proceeds from the sale. The Company received $12.9 million in December 2021 from Navitor LLC in connection with this sale. As the Company's policy is to record its share of the results in its equity method investment on a quarter lag as previously indicated, the Company recorded the cash amount received in Other current liabilities in the consolidated balance sheets as of December 31, 2021. In the first quarter of 2022, the Company determined its estimated share of Navitor LLC's year-end 2021 earnings and recorded a gain of $12.9 million in Interest and other income, net in the unaudited condensed consolidated statement of earnings (loss). The maximum exposure to losses related to Navitor LLC is a maximum of approximately $50 million in expense for Phase I and Phase II development of NV-5138 (SPN-820), and the cost of other development and formulation activities provided by the Company. Subsequent to the Development Agreement entered into in 2020, no additional equity investment has been made or financing has been provided to Navitor LLC.

Fair Value of Financial Measure

Fair Value of Financial Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Measurements	Fair Value of Financial Measurements 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. The fair value of the restricted marketable securities is recorded in Other assets on the unaudited condensed consolidated balance sheets. There have been no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy. Financial Assets and Liabilities Recorded at Fair Value The Company’s financial assets 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, 2023 (unaudited) Total Fair Value as of September 30, 2023 (unaudited) Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 38,302 $ 38,302 $ — $ — Money market securities and funds 56,683 56,683 — — Marketable securities Corporate and municipal debt securities 105,204 — 105,204 — Long-term marketable securities Corporate and municipal debt securities 25,125 — 25,125 — Other assets Marketable securities - restricted (SERP) 512 14 498 — Total assets at fair value $ 225,826 $ 94,999 $ 130,827 $ — Liabilities: Contingent consideration $ 53,654 $ — $ — $ 53,654 Total liabilities at fair value $ 53,654 $ — $ — $ 53,654 Fair Value Measurements as of December 31, 2022 Total Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 52,181 $ 52,181 $ — $ — Money market securities and funds 40,939 40,939 — — Marketable securities Corporate and municipal debt securities 368,214 — 368,214 — Long-term marketable securities Corporate and municipal debt securities 93,896 — 93,896 — Other assets Marketable securities - restricted (SERP) 496 11 485 — Total assets at fair value $ 555,726 $ 93,131 $ 462,595 $ — Liabilities: Contingent consideration $ 54,967 $ — $ — $ 54,967 Total liabilities at fair value $ 54,967 $ — $ — $ 54,967 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. Financial Liabilities Recorded at Carrying Value On April 1, 2023, the Company paid the total principal amount due of $402.5 million under the 2023 Notes and the outstanding interest due of $1.3 million. As of December 31, 2022, the carrying value and fair value of the 2023 Notes which were not carried at fair value was as follows (dollars in thousands): December 31, 2022 Carrying Value Fair Value (Level 2) Convertible notes, net $ 401,968 $ 395,959

Contingent Consideration

Contingent Consideration	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Contingent Consideration	Contingent Consideration The following table provides the current and long-term portions related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands): September 30, December 31, Reported under the following captions in the condensed consolidated balance sheets: (unaudited) Contingent consideration, current portion $ 45,880 $ 21,120 Contingent consideration, long-term 7,774 33,847 Total $ 53,654 $ 54,967 The Company's contingent consideration liabilities are related to the USWM Acquisition in 2020 and the Adamas Acquisition in 2021 (each acquisition as defined below). The contingent consideration liabilities are measured at fair value using either a Monte Carlo simulation or the income approach. The Company classifies its contingent consideration liabilities as Level 3 fair value measurements based on the significant unobservable inputs used to estimate fair value. These reflect the inputs and assumptions the Company believes would be made by market participants. Changes in any of those inputs together or in isolation may result in significantly lower or higher fair value measurement. The change in fair value is reported on the condensed consolidated statement of earnings (loss) in Contingent consideration (gain) expense . USWM Contingent Consideration On June 9, 2020 (the USWM Closing Date), the Company completed its acquisition of all the outstanding equity of USWM Enterprises, LLC (USWM Enterprises) (USWM Acquisition). The USWM Acquisition included potential additional contingent consideration payments for regulatory and development milestones and sales-based milestones. As of September 30, 2023, the potential contingent consideration payments are up to $85 million, which is comprised of the potential $55 million in regulatory and development milestones and $30 million in sales-based milestones. • Regulatory and development milestones: The potential $55 million in regulatory and development milestones is comprised of (1) $25 million related to the FDA's approval of the SPN-830 NDA and (2) $30 million related to the subsequent commercial product launch. • Sales-based milestones: The potential $30 million sales-based milestone relates to the achievement of certain net product sales of the acquired USWM products in 2023. As of September 30, 2023, the Company assessed that this remaining $30 million sales-based milestone will not be achieved based on net sales projections. The key assumptions considered in estimating the fair value include the estimated probability and timing of milestone achievement, such as the probability and timing of obtaining regulatory approval, discount rate, and the estimated amount and timing of projected revenues from the acquired USWM products. Adamas Contingent Consideration On November 24, 2021 (the Adamas Closing Date), the Company completed its acquisition of all the outstanding equity of Adamas (Adamas Acquisition). The Adamas Acquisition included payment of two non-tradable contingent value rights (CVRs) each of which represents the contractual right to receive a contingent payment upon the achievement of the applicable aggregate worldwide net product sales of GOCOVRI. Each CVR represents the contractual right to receive a contingent payment of $0.50 per share in cash, less any applicable withholding taxes and without interest, upon the achievement of the applicable milestone (each such amount, a Milestone Payment) in accordance with the terms of a Contingent Value Rights Agreement entered into between the Company and American Stock Transfer & Trust Company, LLC, as rights agent, as further defined in the CVR agreement. One Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $150 million during any consecutive 12-month period ending on or before December 31, 2024 (Milestone 2024). Another Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $225 million during any consecutive 12-month period ending on or before December 31, 2025 (Milestone 2025 and, together with Milestone 2024, the Milestones). Each Milestone may only be achieved once. The possible outcomes for the contingent consideration range from $0 to $50.9 million on an undiscounted basis. The key assumptions considered in estimating the fair value of the Adamas sales-based milestones include the estimated revenue projections, volatility, estimated discount rates and risk-free interest rate. Change in the Fair Value of Contingent Consideration The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands): USWM Acquisition Adamas Acquisition Total Balance at December 31, 2022 $ 46,270 $ 8,697 $ 54,967 Change in fair value recognized in earnings (1,710) 63 (1,647) Balance at March 31, 2023 (unaudited) 44,560 8,760 53,320 Change in fair value recognized in earnings 660 130 790 Balance at June 30, 2023 (unaudited) 45,220 8,890 54,110 Change in fair value recognized in earnings 660 (1,116) (456) Balance at September 30, 2023 (unaudited) $ 45,880 $ 7,774 $ 53,654 USWM Acquisition Adamas Acquisition Total Balance at December 31, 2021 $ 70,170 $ 10,307 $ 80,477 Milestone payments (25,000) — (25,000) Change in fair value recognized in earnings 1,720 (1,055) 665 Balance at March 31, 2022 (unaudited) 46,890 9,252 56,142 Change in fair value recognized in earnings 350 393 743 Balance at June 30, 2022 (unaudited) 47,240 9,645 56,885 Change in fair value recognized in earnings 350 136 486 Balance at September 30, 2022 (unaudited) $ 47,590 $ 9,781 $ 57,371 The Company recorded a $0.7 million expense and a $0.4 million gain 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, 2023 primarily driven by the passage of time in both periods, as well as the change in timing of milestone achievement and estimated discount rate in the first quarter of 2023. The Company recorded a $0.4 million expense and a $2.4 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, 2022 primarily driven by the passage of time and the accretion to the payout amount related to the milestone achieved in the first quarter of 2022. The Company recorded a $1.1 million gain and a $0.9 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, 2023 primarily driven by the passage of time. The Company recorded a $0.1 million expense and a $0.5 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, 2022 primarily driven by the passage of time. The Company paid $25 million in the first quarter of 2022 of which $22.9 million represents the acquisition date fair value of the contingent consideration liability and was reported under cash flows from financing activities. The remaining $2.1 million represents the excess of the acquisition date fair value and was reported under cash flows from operating activities. The amount paid was for the milestone that was due upon the FDA acceptance of the SPN-830 NDA for review, which was achieved in the first quarter of 2022.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net The following table sets forth the gross carrying amounts and related accumulated amortization of intangibles assets (dollars in thousands): September 30, December 31, (unaudited) Remaining Weighted Carrying Amount, Gross Accumulated Amortization Carrying Amount, Net Carrying Amount, Gross Accumulated Amortization Carrying Amount, Net Acquired in-process research and development $ 124,000 $ — $ 124,000 $ 124,000 $ — $ 124,000 Intangible assets subject to amortization: Acquired developed technology and product rights 7.08 681,500 (171,191) 510,309 681,500 (113,061) 568,439 Capitalized patent defense costs 0.92 43,820 (36,982) 6,838 43,820 (33,796) 10,024 Total intangible assets 7.00 $ 849,320 $ (208,173) $ 641,147 $ 849,320 $ (146,857) $ 702,463 Amortization expense for intangible assets was approximately $21.2 million and $61.3 million, for the three and nine months ended September 30, 2023 and approximately $20.6 million and $61.9 million for the three and nine months ended September 30, 2022, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Convertible Senior Notes Due 2023 The 0.625% Convertible Senior Notes Due 2023 (2023 Notes), which were issued in March 2018, bore interest at an annual rate of 0.625%, payable semi-annually in arrears on April 1 and October 1 of each year. The 2023 Notes matured on April 1, 2023. On March 30, 2023, the Company transferred funds totaling $403.8 million to the Trustee (Wilmington Trust) related to the repayment of the 2023 Notes which was reported as restricted cash in the first quarter of 2023. On April 1, 2023, the Company paid the total principal amount due of $402.5 million under the 2023 Notes and the remaining outstanding interest due of $1.3 million with the restricted cash. Contemporaneous with the issuance of the 2023 Notes, the Company also entered into separate privately negotiated convertible note hedge transactions (collectively, the Convertible Note Hedge Transactions) with each of the call spread counterparties. The Company issued 402,500 convertible note hedge options. As of March 31, 2023, the Convertible Note Hedges have expired. Concurrently with entering into the Convertible Note Hedge Transactions, the Company also entered into separate privately negotiated warrant transactions (collectively, the Warrant Transactions) with each of the call spread counterparties. The Company issued a total of 6,783,939 warrants. The warrants entitle the holder to one share per warrant. The strike price of the Warrant Transactions will initially be $80.91 per share of the Company’s common stock, and is subject to adjustment. The Warrant Transactions were intended to partially offset the cost to the Company of the purchased Convertible Note Hedge Transactions; however, the Warrant Transactions could have a dilutive effect with respect to the Company’s common stock, to the extent that the market price per share of the Company’s common stock, as measured under the terms of the Warrant Transactions, exceeds the strike price of the warrants. The warrants expire in tranches, if unexercised, on or before November 22, 2023. As of December 31, 2022, the liability component of the 2023 Notes consisted of the following, (dollars in thousands): December 31, 2023 Notes $ 402,500 Unamortized debt discount and deferred financing costs (532) Total carrying value $ 401,968 Uncommitted Demand Secured Line of Credit On February 8, 2023, the Company entered into a credit line agreement with UBS. The Credit Line provides for a revolving line of credit of up to $150 million, which can be drawn at any time. Any fixed rate borrowing will bear interest at a fixed interest rate, equal to the sum of (i) the UBS Fixed Funding Rate (as defined in the Credit Line) plus (ii) the applicable Percentage Spread established in the Credit Line. Any variable rate borrowing will bear interest at a variable interest rate, equal to the sum of (i) the UBS Variable Rate (as defined in the Credit Line) plus (ii) the applicable Percentage Spread established in the Credit Line. The Credit Line is secured by a first priority lien and security interest in certain of the Company’s assets, including each account of the Company at UBS Financial Services Inc. (the “Collateral Account”), and other such collateral (collectively, the "Collateral"), as further defined in the Credit Line. The Company may be required to post additional collateral if the value of the Collateral declines below the required collateral maintenance requirements. Upon certain customary events of default, all amounts due under the Credit Line will become immediately due and payable without demand, and UBS has the right, in its discretion, to liquidate, transfer, withdraw or sell all or any part of the Collateral and apply the proceeds to repay any borrowings pursuant to the Credit Line. The Company has the right to repay any variable rate advance under the Credit Line at any time, in whole or in part, without penalty. The Company may repay any fixed rate advance in whole, but may not repay any fixed rate advance in part. In its discretion and without cause, UBS has the right at any time to demand full or partial payment of amounts borrowed pursuant to the Credit Line and terminate the Credit Line. On March 30, 2023, the Company borrowed $93.0 million under the Credit Line, which bore a variable interest rate. The funds from this borrowing were used to repay outstanding indebtedness under the 2023 Notes as discussed above under the Convertible Senior Notes Due 2023. As of June 30, 2023, the Company repaid the total principal balance of $93.0 million under the Credit Line and the interest incurred on the Credit Line of $0.7 million. As of September 30, 2023, there was no outstanding debt under the Credit Line.

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments Share-based compensation expense is as follows (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Research and development $ 1,254 $ 825 $ 3,458 $ 2,284 Selling, general and administrative 6,666 4,160 16,856 11,023 Total $ 7,920 $ 4,985 $ 20,314 $ 13,307 Stock Option and Stock Appreciation Rights The following table summarizes stock option and stock appreciation rights (SAR) activities: Number of Weighted Weighted Outstanding, December 31, 2022 5,797,569 $ 26.99 6.11 Granted 1,148,143 $ 38.28 Exercised (228,628) $ 17.50 Forfeited (91,986) $ 33.24 Outstanding, September 30, 2023 (unaudited) 6,625,098 $ 29.17 6.14 As of September 30, 2023 (unaudited): Vested and expected to vest 6,625,098 $ 29.17 6.14 Exercisable 4,116,000 $ 26.44 4.65 As of December 31, 2022: Vested and expected to vest 5,797,569 $ 26.99 6.11 Exercisable 3,541,395 $ 25.08 4.68 Restricted Stock Units The following table summarizes restricted stock unit (RSU) activities: Number of Weighted Average Nonvested, December 31, 2022 131,960 $ 32.17 Granted 227,980 $ 38.60 Vested (47,049) $ 32.18 Forfeited (6,375) $ 34.63 Nonvested, September 30, 2023 (unaudited) 306,516 $ 36.90 Performance Share Units The following table summarizes performance share unit (PSU) activities: Performance-Based Units Market-Based Units Total PSUs Number of PSUs Weighted Number of PSUs Weighted Number of PSUs Weighted Nonvested, December 31, 2022 181,750 $ 29.07 20,000 $ 28.63 201,750 $ 29.03 Granted 205,000 $ 34.00 — $ — 205,000 $ 34.00 Vested (102,520) $ 31.04 — $ — (102,520) $ 31.04 Forfeited (3,000) $ 28.93 — $ — (3,000) $ 28.93 Nonvested, September 30, 2023 (unaudited) 281,230 $ 31.95 20,000 $ 28.63 301,230 $ 31.73

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding. Diluted earnings (loss) per share is calculated using the weighted average number of common shares outstanding, including the dilutive effect of the Company’s stock option grants, SARs, RSUs, employee stock purchase plan (ESPP) awards as determined per the treasury method, and the 2023 Notes, as determined per the if-converted method. Effect of Convertible Notes and Related Convertible Note Hedges and Warrants In connection with the issuance of the 2023 Notes, the Company entered into Convertible Note Hedge and Warrant Transactions as described further in Note 8, Debt . The expected collective impact of the Convertible Note Hedge and Warrant Transactions is to reduce the potential dilution that would occur if the price of the Company's common stock was between the conversion price of $59.33 per share and the strike price of the warrants of $80.91 per share. Diluted earnings (loss) per share related to the 2023 Notes is calculated using the if-converted method. The number of dilutive shares is based on the initial conversion rate associated with the 2023 Notes. The Convertible Note Hedge and Warrant Transactions are excluded in the calculation of diluted earnings (loss) per share because inclusion would be anti-dilutive. Specifically, the denominator of the diluted earnings (loss) per share calculation excludes the additional shares related to the warrants because the average price of the Company's common stock was less than the strike price of the warrants of $80.91 per share. The Convertible Note Hedge Transactions are not considered in calculating diluted earnings (loss) per share as their impact would be anti-dilutive. In addition to the above described effect of the 2023 Notes and the related Convertible Note Hedge and Warrant Transactions, the Company also excluded the common stock equivalents of the following outstanding stock-based awards and shares associated with the conversion of the 2023 Notes in the calculation of diluted earnings (loss) per share, because their inclusion would be anti-dilutive: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) 2023 Notes — 6,783,936 2,261,312 — Stock options, RSUs, PSUs 411,506 792,904 486,080 470,822 The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2023 and 2022 under the if-converted method (dollars in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Numerator: Net earnings (loss) $ (15,976) $ 1,749 $ 141 $ 35,230 After-tax interest expense for 2023 Notes — — — 2,664 Numerator for dilutive earnings (loss) per share $ (15,976) $ 1,749 $ 141 $ 37,894 Denominator: Weighted average shares outstanding, basic 54,608,963 53,789,674 54,498,687 53,517,838 Effect of dilutive securities: Stock options, RSUs and SARs — 1,245,164 1,076,235 1,241,347 Convertible notes — — — 6,783,936 Weighted average shares outstanding, diluted 54,608,963 55,034,838 55,574,922 61,543,121 Earnings (loss) per share, basic $ (0.29) $ 0.03 $ 0.00 $ 0.66 Earnings (loss) per share, diluted $ (0.29) $ 0.03 $ 0.00 $ 0.62

Income Tax Expense (Benefit)

Income Tax Expense (Benefit)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	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, 2023 and 2022 (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Income tax expense (benefit) $ 25,865 $ (2,193) $ 1,638 $ (9,627) Effective tax rate 261.6 % 493.9 % 92.1 % (37.6) % Income tax expense was $25.9 million for the three months ended September 30, 2023, as compared to income tax benefit of $2.2 million for the same period in the prior year. The change was primarily due to the larger pretax income in the third quarter of 2023. Income tax expense was $1.6 million for the nine months ended September 30, 2023, as compared to income tax benefit of $9.6 million for the same period in the prior year. The change was primarily due to certain tax benefits recognized with certain reorganization activities that occurred during the first quarter of 2022. The change in the effective tax rates for both the three months ended September 30, 2023 and nine months ended September 30, 2023, as compared to the same periods in prior year, were primarily due to lower pretax earnings forecasted for 2023. ASC 740, Income Taxes (ASC 740), requires an estimate of the annual effective income tax rate for the full year and apply it to pretax income (loss) for each interim period, taking into account year-to-date amounts and projected results for the full year. The annual forecasted earnings represent the Company's best estimate as of September 30, 2023 and is subject to changes, which could have a material impact on the effective tax rate in subsequent periods.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Operating lease assets and lease liabilities as reported on the unaudited condensed consolidated balance sheets are as follows (dollars in thousands): Balance Sheet Classification September 30, 2023 December 31, 2022 (unaudited) Assets Operating lease assets Other assets $ 29,456 $ 28,904 Total lease assets $ 29,456 $ 28,904 Liabilities Operating lease liabilities, current portion Accounts payable and accrued liabilities $ 8,480 $ 6,791 Operating lease liabilities, long-term Operating lease liabilities, long-term 33,841 35,998 Total lease liabilities $ 42,321 $ 42,789

Composition of Other Balance Sh

Composition of Other Balance Sheet Items	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Other Balance Sheet Items	Composition of Other Balance Sheet ItemsThe following details the composition of other balance sheet items (dollars in thousands for amounts in tables): Accounts Receivables, Net As of September 30, 2023 and December 31, 2022, the Company has reduced accounts receivable by approximately $10.8 million and $13.0 million, respectively. Prompt pay discount and contractual service fees, which were originally recorded as a reduction to revenues, represents estimated amounts not expected to be paid by our customers. The Company's customers are primarily pharmaceutical wholesalers and distributors and specialty pharmacies. Inventories September 30, December 31, (unaudited) Raw materials $ 21,556 $ 24,820 Work in process 26,966 31,710 Finished goods 34,958 35,011 Total $ 83,480 $ 91,541 Property and Equipment September 30, December 31, (unaudited) Lab equipment and furniture $ 12,620 $ 12,127 Leasehold improvements 14,023 14,023 Software 883 883 Computer equipment 1,078 983 Construction-in-progress — 206 28,604 28,222 Less accumulated depreciation and amortization (14,916) (13,049) Property and equipment, net $ 13,688 $ 15,173 Depreciation and amortization expense on property and equipment was approximately $0.6 million and $1.9 million for the three and nine months ended September 30, 2023, and approximately $0.8 million and $2.2 million for the three and nine months ended September 30, 2022, respectively. Accounts Payable and Accrued Liabilities September 30, December 31, (unaudited) Accounts payable $ 3,389 $ 10,543 Accrued compensation, benefits, & related accruals 19,025 16,963 Accrued sales & marketing 11,656 16,783 Accrued R&D expenses 9,659 7,490 Accrued manufacturing expenses 9,569 15,216 Accrued royalties (1) 8,852 12,022 Operating lease liabilities, current portion (2) 8,480 6,791 Other accrued expenses 7,841 10,534 Total $ 78,471 $ 96,342 _______________________________ (1) Refer to Note 15, Commitments and Contingencies . (2) Refer to Note 12, Leases . Accrued Product Returns and Rebates September 30, December 31, (unaudited) Accrued product rebates $ 108,129 $ 106,657 Accrued product returns 54,344 45,008 Total $ 162,473 $ 151,665

Interest Expense

Interest Expense	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Interest Expense	Interest Expense The following details the composition of interest expense (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Interest expense $ — $ (629) $ (1,321) $ (1,906) Noncash interest expense on nonrecourse liability related to sale of future royalties — (566) (562) (1,988) Noncash interest expense on debt — (529) (532) (1,582) Total $ — $ (1,724) $ (2,415) $ (5,476) Noncash interest expense on debt is related to amortization of deferred financing costs on the 2023 Notes. The Company fully amortized the deferred financing costs on the 2023 Notes in the first quarter of 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product Licenses The Company has obtained exclusive licenses from third parties for proprietary rights to support the product candidates in the Company's CNS portfolio. Under these license agreements, the Company may be required to pay certain amounts upon the achievement of defined milestones. If these products are ultimately commercialized, the Company is also obligated to pay royalties to third parties, computed as a percentage of net product sales, for each respective product under a license agreement. Through the USWM Acquisition, the Company acquired licensing agreements with other pharmaceutical companies for APOKYN, XADAGO, and MYOBLOC. The Company is obligated to pay royalties to third parties, computed as a percentage of net product sales, for each of the products under the respective license agreements. The royalty expense incurred for these acquired products is recognized as Cost of goods sold in the unaudited condensed consolidated statements of earnings (loss). Royalty Agreement In the third quarter of 2014, the Company received $30 million pursuant to a Royalty Interest Acquisition Agreement related to the purchase by HC Royalty of certain of the Company's rights under the Company's agreement with United Therapeutics related to the commercialization of Orenitram (treprostinil) Extended-Release Tablets. Full ownership of the royalty rights have reverted back to the Company as the cumulative payment threshold has been reached as of June 30, 2023 (see Note 3, Disaggregated Revenues ). As of December 31, 2022, the nonrecourse liability related to the sale of future royalties was $6.0 million and was included in Other current liabilities as reported on the condensed consolidated balance sheet. USWM Enterprise Commitments Assumed As part of the USWM Acquisition, the Company assumed the remaining commitments of USWM Enterprises and its subsidiaries, which are discussed below. The Company assumed the annual minimum purchase requirement of MYOBLOC, amounting to an estimated €3.9 million annually, under the contract manufacturing agreement with Merz for manufacture and supply. MDD US Operations, LLC (formerly US WorldMeds, LLC) and its subsidiary, Solstice Neurosciences, LLC (US) (collectively, the MDD Subsidiaries) entered into a Corporate Integrity Agreement (CIA) with the Office of Inspector General of the U.S. Department of Health and Human Services which was effective in April 2019. Under the CIA, the MDD Subsidiaries agreed to and paid $17.5 million to resolve U.S. Department of Justice allegations that it violated the False Claims Act and committed to the establishment and ongoing maintenance of an effective compliance program. The fine was paid by the MDD Subsidiaries prior to closing of the USWM Acquisition. As part of the USWM Acquisition, the Company assumed the obligations of the CIA and could become liable for payment of certain stipulated monetary penalties in the event of any CIA violations. In addition, the Company will continue to maintain a broad array of processes, policies and procedures necessary to comply with the CIA through March 2024. Data Breach-related Contingency On November 24, 2021, the Company announced that we were the target of a ransomware attack. The attack had no significant impact on our business and did not cause any long-term disruption to our operations. Based on its internal investigation, the Company believes the criminal ransomware groups ("criminal groups") copied certain data from our systems, encrypted certain data on the Company's systems, and then deployed malware designed to impede access to our systems. Thereafter the criminal groups contacted the Company and threatened to publish certain data copied from the Company's systems. Upon detection of the ransomware attack, the Company notified government authorities, engaged third-party cybersecurity experts through our outside counsel, and commenced its recovery process. The Company maintains redundant off-site data backups, which were verified to have not been compromised by the ransomware attack and were utilized to restore the data encrypted by the criminal groups. In the fourth quarter of 2021, the Company had successfully recovered the impacted files and took additional steps designed to further protect its networks and files. Furthermore, while the Company has not been the subject of any legal proceedings involving the attack, the likelihood that the Company could be the subject of claims from persons alleging they suffered damages from the incident, or actions by governmental authorities is possible, but the amount of such fines, penalties or costs, if any, cannot be estimated at this time. The Company continues to monitor the situation. Claims and Litigation From time to time, the Company may be involved in various claims, litigation and legal proceedings. These matters may involve patent litigation, product liability and other product-related litigation, commercial and other matters, and government investigations, among others. On a quarterly basis, the Company reviews the status of each significant matter and assesses its potential financial exposure. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount can be reasonably estimated, the Company will accrue a liability for the estimated loss. Because of uncertainties related to claims, legal proceedings and litigation, accruals will be based on the Company's best estimates based on available information. The Company does not believe that any of these matters will have a material adverse effect on our financial position. The Company may reassess the potential liability related to these matters and may revise these estimates. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters will adversely affect the Company, its results of operations, financial condition and cash flows. NAMENDA XR/Namzaric Qui Tam Litigation On April 1, 2019, Adamas was served with a complaint filed in the United States District Court for the Northern District of California (the District Court) (Case No. 3:18-cv-03018-JCS) against it and several Allergan entities alleging violations of federal and state false claims acts (FCA) in connection with the commercialization of NAMENDA XR and Namzaric by Allergan. The lawsuit is a qui tam complaint brought by an individual, asserting rights of the federal government and various state governments. The lawsuit was originally filed in May 2018 under seal, and Adamas became aware of the lawsuit when it was served. The complaint alleges that patents held by Allergan and Adamas covering NAMENDA XR and Namzaric were procured through fraud on the United States Patent and Trademark Office and that these patents were asserted against potential generic manufacturers of NAMENDA XR and Namzaric to prevent the generic manufacturers from entering the market, thereby wrongfully excluding generic competition resulting in artificially high price being charged to government payors. Adamas' patents in question were licensed exclusively to Forest Laboratories Holdings Limited. The complaint includes a claim for damages of "potentially more than $2.5 billion dollars," treble damages and statutory penalties. To date the federal and state governments have declined to intervene in this action. This case is currently stayed pending Adamas's and Allergan's interlocutory appeal of the District Court's December 11, 2020 order denying Adamas's and Allergan's motion to dismiss the complaint. The appeal was heard by 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 Silbersher’s Federal False Claims Act 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. APOKYN Litigation On October 3, 2022, Sage Chemical, Inc. and TruPharma, LLC filed a lawsuit in the United States District Court for the District of Delaware (Case No.22-cv-1302) alleging that Supernus Pharmaceuticals, Inc., Britannia Pharmaceuticals Limited, and US WorldMeds Partners, LLC violated state and federal antitrust law in connection with APOKYN. On January 10, 2023, the Company filed motions to dismiss all claims. On January 25, 2023, Defendants filed a motion to stay discovery and stay the deadline to submit a proposed scheduling order pending resolutions of Defendants’ motions to dismiss. On March 7, 2023, the Court denied the Company's motion to stay and ordered that the parties commence discovery. On April 10, 2023, the Court issued a scheduling order that provides for a Pretrial Conference on March 7, 2025 and a jury trial beginning on March 24, 2025. Pretrial discovery is ongoing as the date of this letter. The Company intends to defend itself vigorously. However, the Company can offer no assurances that it will be successful in a litigation. Apotex Settlement and License Agreements The Company entered into a settlement and license agreements dated June 21, 2023 with Apotex Inc. to settle ongoing patent litigation regarding Apotex ANDA filings seeking approval to market a generic version of the Company's 150mg, 300mg, and 600mg strength Oxtellar XR (extended-release oxcarbazepine) tablets in September 2024, or sooner under certain conditions.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2023, the Company resubmitted its New Drug Application (NDA) for its apomorphine infusion device (SPN-830) for the continuous treatment of motor fluctuations ("off" episodes) in Parkinson’s disease. In November 2023. the FDA accepted the resubmission of the NDA for SPN-830. The NDA is now considered filed, with a user fee goal date (PDUFA date) of April 5, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net earnings (loss)	$ (15,976)	$ (831)	$ 16,948	$ 1,749	$ 7,865	$ 25,616	$ 141	$ 35,230

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarter, the following trading arrangements were adopted or terminated as indicated below: 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 Jack Khattar, President, Chief Executive Officer and Director Yes Adopted August 27, 2023 First Transaction Date (1) through March 3, 2025 75,037 75,037 (2) Padmanabh P. Bhatt, Ph.D, Senior Vice President of Intellectual Property and Chief Scientific Officer Yes Adopted September 7, 2023 First Transaction Date (1) through April 30, 2024 109,250 109,250 (2) ___________________________________________ (1) First Transaction Date means the date that is the later of (i) the 91 st day after the Date of Adoption, or (ii) the earlier of: (a) the third business day following the disclosure of the Company’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the trading arrangement was adopted, or (b) the 121 st day after the Date of Adoption. (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.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jack Khattar [Member]
Trading Arrangements, by Individual
Name	Jack Khattar
Title	President, Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 27, 2023
Arrangement Duration	554 days
Aggregate Available	75,037	75,037
Padmanabh P. Bhatt [Member]
Trading Arrangements, by Individual
Name	Padmanabh P. Bhatt, Ph.D
Title	Senior Vice President of Intellectual Property and Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 7, 2023
Arrangement Duration	236 days
Aggregate Available	109,250	109,250

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022, 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.
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 significant intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect the consolidation of entities in which the Company has a controlling financial interest. In determining whether there is a controlling financial interest, the Company considers if it has a majority of the voting interests of the entity, or if the entity is a variable interest entity (VIE) and if the Company is the primary beneficiary. In determining the primary beneficiary of a VIE, the Company evaluates whether it has both: the power to direct the activities of the VIE that most significantly impact the VIE's economic performance; and the obligation to absorb losses of, or the right to receive benefits from the VIE that could potentially be significant to that VIE. The Company's judgment with respect to its level of influence or control of an entity involves the consideration of various factors, including the form of an ownership interest; representation in the entity's governance; the size of the investment; estimates of future cash flows; the ability to participate in policymaking decisions; and the rights of the other investors to participate in the decision making process, including the right to liquidate the entity, if applicable. If the Company is not the primary beneficiary of the VIE, and an ownership interest is maintained in the entity, the interest is accounted for under the equity or cost methods of accounting, as appropriate. The Company continuously assesses whether it is the primary beneficiary of a VIE as changes to existing relationships or future transactions may affect its conclusions.
Use of Estimates	Use of Estimates The Company bases its estimates on: historical experience; forecasts; information received from its service providers; information from other sources, including public and proprietary sources; and other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from the Company’s estimates. The Company periodically evaluates the methodologies employed in making its estimates.
Advertising Expense	Advertising Expense Advertising expense includes the cost of promotional materials and activities, such as printed materials and digital marketing, marketing programs and speaker programs. The costs of the Company's advertising efforts are expensed as incurred.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted Accounting Standards Update (ASU) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) : Accounting for Convertible Instruments and Contracts in an Entity's Own Equity - The new standard, issued in August 2020, simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible debt instruments with cash conversion and beneficial conversion features. ASU 2020-06 eliminates requirements to separately account for liability and equity components of such convertible debt instruments and eliminates the ability to use the treasury stock method for calculating diluted earnings per share for convertible instruments whose principal amount may be settled in whole or in part with equity. Instead, ASU 2020-06 requires (i) the entire amount of the security to be presented as a liability on the balance sheet and (ii) application of the “if-converted” method for calculating diluted earnings per share. This new standard also removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception.

Disaggregated Revenues (Tables)

Disaggregated Revenues (Tables)	9 Months Ended
	Sep. 30, 2023
Disaggregation of Revenue [Abstract]
Summary of disaggregation of revenues by nature	The following table summarizes the disaggregation of revenues by product or source, (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Net product sales Qelbree $ 37,081 $ 18,326 $ 93,840 $ 37,708 GOCOVRI 32,889 27,878 87,650 75,179 Oxtellar XR 29,644 30,528 82,359 88,007 Trokendi XR 20,625 69,599 74,734 204,033 APOKYN 21,510 18,261 56,324 57,156 Other (1) 7,255 8,132 23,008 23,564 Total net product sales $ 149,004 $ 172,724 $ 417,915 $ 485,647 Royalty revenues 4,876 4,629 25,292 14,263 Total revenues $ 153,880 $ 177,353 $ 443,207 $ 499,910 ___________________________________________ (1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER. The decrease in Trokendi XR net product sales for the three and nine months ended September 30, 2023, compared to the same period in 2022 was primarily attributable to the loss of exclusivity with generic entrants in January 2023. The following table shows the percentage of net product sales to total net product sales: Percentage of Net Product Sales Three Months Ended Nine Months Ended 2023 2022 2023 2022 Qelbree 25% 11% 22% 8% GOCOVRI 22% 16% 21% 15% Oxtellar XR 20% 18% 20% 18% Trokendi XR 14% 40% 18% 42% APOKYN 14% 10% 13% 12% Other (1) 5% 5% 6% 5% Total 100% 100% 100% 100% ___________________________________________ (1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (unaudited) Corporate and municipal debt securities Amortized cost $ 131,891 $ 466,333 Gross unrealized gains 1 14 Gross unrealized losses (1,563) (4,237) Total fair value $ 130,329 $ 462,110
Schedule of contractual maturities of the unrestricted available-for-sale marketable securities held	The contractual maturities of the unrestricted available-for-sale marketable securities held by the Company are as follows, (dollars in thousands): September 30, (unaudited) Less than 1 year $ 105,204 1 year to 2 years 25,125 Total $ 130,329

Fair Value of Financial Measu_2

Fair Value of Financial Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value of the financial assets and liabilities	The Company’s financial assets 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, 2023 (unaudited) Total Fair Value as of September 30, 2023 (unaudited) Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 38,302 $ 38,302 $ — $ — Money market securities and funds 56,683 56,683 — — Marketable securities Corporate and municipal debt securities 105,204 — 105,204 — Long-term marketable securities Corporate and municipal debt securities 25,125 — 25,125 — Other assets Marketable securities - restricted (SERP) 512 14 498 — Total assets at fair value $ 225,826 $ 94,999 $ 130,827 $ — Liabilities: Contingent consideration $ 53,654 $ — $ — $ 53,654 Total liabilities at fair value $ 53,654 $ — $ — $ 53,654 Fair Value Measurements as of December 31, 2022 Total Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 52,181 $ 52,181 $ — $ — Money market securities and funds 40,939 40,939 — — Marketable securities Corporate and municipal debt securities 368,214 — 368,214 — Long-term marketable securities Corporate and municipal debt securities 93,896 — 93,896 — Other assets Marketable securities - restricted (SERP) 496 11 485 — Total assets at fair value $ 555,726 $ 93,131 $ 462,595 $ — Liabilities: Contingent consideration $ 54,967 $ — $ — $ 54,967 Total liabilities at fair value $ 54,967 $ — $ — $ 54,967
Schedule of financial liabilities that are not carried at fair value	As of December 31, 2022, the carrying value and fair value of the 2023 Notes which were not carried at fair value was as follows (dollars in thousands): December 31, 2022 Carrying Value Fair Value (Level 2) Convertible notes, net $ 401,968 $ 395,959

Contingent Consideration (Table

Contingent Consideration (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of business acquisitions by acquisition, contingent consideration	The following table provides the current and long-term portions related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands): September 30, December 31, Reported under the following captions in the condensed consolidated balance sheets: (unaudited) Contingent consideration, current portion $ 45,880 $ 21,120 Contingent consideration, long-term 7,774 33,847 Total $ 53,654 $ 54,967
Reconciliation of the beginning and ending balances related to the contingent consideration	The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands): USWM Acquisition Adamas Acquisition Total Balance at December 31, 2022 $ 46,270 $ 8,697 $ 54,967 Change in fair value recognized in earnings (1,710) 63 (1,647) Balance at March 31, 2023 (unaudited) 44,560 8,760 53,320 Change in fair value recognized in earnings 660 130 790 Balance at June 30, 2023 (unaudited) 45,220 8,890 54,110 Change in fair value recognized in earnings 660 (1,116) (456) Balance at September 30, 2023 (unaudited) $ 45,880 $ 7,774 $ 53,654 USWM Acquisition Adamas Acquisition Total Balance at December 31, 2021 $ 70,170 $ 10,307 $ 80,477 Milestone payments (25,000) — (25,000) Change in fair value recognized in earnings 1,720 (1,055) 665 Balance at March 31, 2022 (unaudited) 46,890 9,252 56,142 Change in fair value recognized in earnings 350 393 743 Balance at June 30, 2022 (unaudited) 47,240 9,645 56,885 Change in fair value recognized in earnings 350 136 486 Balance at September 30, 2022 (unaudited) $ 47,590 $ 9,781 $ 57,371

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table sets forth the gross carrying amounts and related accumulated amortization of intangibles assets (dollars in thousands): September 30, December 31, (unaudited) Remaining Weighted Carrying Amount, Gross Accumulated Amortization Carrying Amount, Net Carrying Amount, Gross Accumulated Amortization Carrying Amount, Net Acquired in-process research and development $ 124,000 $ — $ 124,000 $ 124,000 $ — $ 124,000 Intangible assets subject to amortization: Acquired developed technology and product rights 7.08 681,500 (171,191) 510,309 681,500 (113,061) 568,439 Capitalized patent defense costs 0.92 43,820 (36,982) 6,838 43,820 (33,796) 10,024 Total intangible assets 7.00 $ 849,320 $ (208,173) $ 641,147 $ 849,320 $ (146,857) $ 702,463

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of liability component of 2023 Notes	As of December 31, 2022, the liability component of the 2023 Notes consisted of the following, (dollars in thousands): December 31, 2023 Notes $ 402,500 Unamortized debt discount and deferred financing costs (532) Total carrying value $ 401,968

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of share-based compensation expense	Share-based compensation expense is as follows (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Research and development $ 1,254 $ 825 $ 3,458 $ 2,284 Selling, general and administrative 6,666 4,160 16,856 11,023 Total $ 7,920 $ 4,985 $ 20,314 $ 13,307
Summary of stock options and SAR activities	The following table summarizes stock option and stock appreciation rights (SAR) activities: Number of Weighted Weighted Outstanding, December 31, 2022 5,797,569 $ 26.99 6.11 Granted 1,148,143 $ 38.28 Exercised (228,628) $ 17.50 Forfeited (91,986) $ 33.24 Outstanding, September 30, 2023 (unaudited) 6,625,098 $ 29.17 6.14 As of September 30, 2023 (unaudited): Vested and expected to vest 6,625,098 $ 29.17 6.14 Exercisable 4,116,000 $ 26.44 4.65 As of December 31, 2022: Vested and expected to vest 5,797,569 $ 26.99 6.11 Exercisable 3,541,395 $ 25.08 4.68
Summary of restricted stock units	The following table summarizes restricted stock unit (RSU) activities: Number of Weighted Average Nonvested, December 31, 2022 131,960 $ 32.17 Granted 227,980 $ 38.60 Vested (47,049) $ 32.18 Forfeited (6,375) $ 34.63 Nonvested, September 30, 2023 (unaudited) 306,516 $ 36.90
Summary of performance stock unit	The following table summarizes performance share unit (PSU) activities: Performance-Based Units Market-Based Units Total PSUs Number of PSUs Weighted Number of PSUs Weighted Number of PSUs Weighted Nonvested, December 31, 2022 181,750 $ 29.07 20,000 $ 28.63 201,750 $ 29.03 Granted 205,000 $ 34.00 — $ — 205,000 $ 34.00 Vested (102,520) $ 31.04 — $ — (102,520) $ 31.04 Forfeited (3,000) $ 28.93 — $ — (3,000) $ 28.93 Nonvested, September 30, 2023 (unaudited) 281,230 $ 31.95 20,000 $ 28.63 301,230 $ 31.73

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of common stock equivalents excluded in the calculation of diluted earnings per share	In addition to the above described effect of the 2023 Notes and the related Convertible Note Hedge and Warrant Transactions, the Company also excluded the common stock equivalents of the following outstanding stock-based awards and shares associated with the conversion of the 2023 Notes in the calculation of diluted earnings (loss) per share, because their inclusion would be anti-dilutive: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) 2023 Notes — 6,783,936 2,261,312 — Stock options, RSUs, PSUs 411,506 792,904 486,080 470,822
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2023 and 2022 under the if-converted method (dollars in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Numerator: Net earnings (loss) $ (15,976) $ 1,749 $ 141 $ 35,230 After-tax interest expense for 2023 Notes — — — 2,664 Numerator for dilutive earnings (loss) per share $ (15,976) $ 1,749 $ 141 $ 37,894 Denominator: Weighted average shares outstanding, basic 54,608,963 53,789,674 54,498,687 53,517,838 Effect of dilutive securities: Stock options, RSUs and SARs — 1,245,164 1,076,235 1,241,347 Convertible notes — — — 6,783,936 Weighted average shares outstanding, diluted 54,608,963 55,034,838 55,574,922 61,543,121 Earnings (loss) per share, basic $ (0.29) $ 0.03 $ 0.00 $ 0.66 Earnings (loss) per share, diluted $ (0.29) $ 0.03 $ 0.00 $ 0.62

Income Tax Expense (Benefit) (T

Income Tax Expense (Benefit) (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and 2022 (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Income tax expense (benefit) $ 25,865 $ (2,193) $ 1,638 $ (9,627) Effective tax rate 261.6 % 493.9 % 92.1 % (37.6) %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of balance sheet information related to leases	Operating lease assets and lease liabilities as reported on the unaudited condensed consolidated balance sheets are as follows (dollars in thousands): Balance Sheet Classification September 30, 2023 December 31, 2022 (unaudited) Assets Operating lease assets Other assets $ 29,456 $ 28,904 Total lease assets $ 29,456 $ 28,904 Liabilities Operating lease liabilities, current portion Accounts payable and accrued liabilities $ 8,480 $ 6,791 Operating lease liabilities, long-term Operating lease liabilities, long-term 33,841 35,998 Total lease liabilities $ 42,321 $ 42,789

Composition of Other Balance _2

Composition of Other Balance Sheet Items (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of inventories	Inventories September 30, December 31, (unaudited) Raw materials $ 21,556 $ 24,820 Work in process 26,966 31,710 Finished goods 34,958 35,011 Total $ 83,480 $ 91,541
Schedule of property and equipment	Property and Equipment September 30, December 31, (unaudited) Lab equipment and furniture $ 12,620 $ 12,127 Leasehold improvements 14,023 14,023 Software 883 883 Computer equipment 1,078 983 Construction-in-progress — 206 28,604 28,222 Less accumulated depreciation and amortization (14,916) (13,049) Property and equipment, net $ 13,688 $ 15,173
Schedule of accrued expenses and other current liabilities	Accounts Payable and Accrued Liabilities September 30, December 31, (unaudited) Accounts payable $ 3,389 $ 10,543 Accrued compensation, benefits, & related accruals 19,025 16,963 Accrued sales & marketing 11,656 16,783 Accrued R&D expenses 9,659 7,490 Accrued manufacturing expenses 9,569 15,216 Accrued royalties (1) 8,852 12,022 Operating lease liabilities, current portion (2) 8,480 6,791 Other accrued expenses 7,841 10,534 Total $ 78,471 $ 96,342 _______________________________ (1) Refer to Note 15, Commitments and Contingencies . (2) Refer to Note 12, Leases .
Schedule of accrued product returns and rebates	Accrued Product Returns and Rebates September 30, December 31, (unaudited) Accrued product rebates $ 108,129 $ 106,657 Accrued product returns 54,344 45,008 Total $ 162,473 $ 151,665

Interest Expense (Tables)

Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of interest expense	The following details the composition of interest expense (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 (unaudited) (unaudited) Interest expense $ — $ (629) $ (1,321) $ (1,906) Noncash interest expense on nonrecourse liability related to sale of future royalties — (566) (562) (1,988) Noncash interest expense on debt — (529) (532) (1,582) Total $ — $ (1,724) $ (2,415) $ (5,476)

Business Organization (Details)

Business Organization (Details)	9 Months Ended
	Sep. 30, 2023 product
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of commercial products	8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Advertising costs	$ 25.1	$ 52	$ 76.9	$ 112.8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands			9 Months Ended
	Apr. 01, 2023	Mar. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash paid for interest on debt			$ 1,946	$ 2,516
Convertible Debt
Restricted Cash and Cash Equivalents Items [Line Items]
Repayments of debt		$ 403,800
Extinguishment of debt	$ 402,500
Cash paid for interest on debt	$ 1,300

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Line of Credit (Details) - Revolving Credit Facility - Line of Credit	Feb. 08, 2023 USD ($)
Notes payable
Line of credit facility, maximum borrowing capacity	$ 150,000,000
USB Bank USA Credit Facility
Notes payable
Line of credit facility, maximum borrowing capacity	$ 150,000,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 912,191	$ 919,908	$ 912,150	$ 886,204	$ 852,798	$ 841,434	$ 828,446		$ 815,851
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt								$ 20,600
Net deferred tax liabilities								(5,000)
Cumulative effect of adoption of ASU 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity									(15,600)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	481,386	497,362	498,193	481,245	455,764	454,015	446,150		379,922
Retained Earnings | Cumulative effect of adoption of ASU 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity									40,612
Retained Earnings | Cumulative effect of adoption of ASU 2020-06 | Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity								40,600
Additional  Paid-in Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 431,956	$ 424,266	$ 416,232	$ 408,115	$ 401,026	$ 389,586	$ 383,016		434,337
Additional  Paid-in Capital | Cumulative effect of adoption of ASU 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity									$ (56,212)
Additional  Paid-in Capital | Cumulative effect of adoption of ASU 2020-06 | Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity								$ (56,200)

Disaggregated Revenues - Summar

Disaggregated Revenues - Summary of Revenues and Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 153,880	$ 177,353	$ 443,207	$ 499,910
Net product sales
Disaggregation of Revenue [Line Items]
Total revenues	$ 149,004	$ 172,724	$ 417,915	$ 485,647
Net product sales | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	100%	100%	100%	100%
Qelbree
Disaggregation of Revenue [Line Items]
Total revenues	$ 37,081	$ 18,326	$ 93,840	$ 37,708
Qelbree | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	25%	11%	22%	8%
GOCOVRI
Disaggregation of Revenue [Line Items]
Total revenues	$ 32,889	$ 27,878	$ 87,650	$ 75,179
GOCOVRI | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	22%	16%	21%	15%
Oxtellar XR
Disaggregation of Revenue [Line Items]
Total revenues	$ 29,644	$ 30,528	$ 82,359	$ 88,007
Oxtellar XR | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	20%	18%	20%	18%
Trokendi XR
Disaggregation of Revenue [Line Items]
Total revenues	$ 20,625	$ 69,599	$ 74,734	$ 204,033
Trokendi XR | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	14%	40%	18%	42%
APOKYN
Disaggregation of Revenue [Line Items]
Total revenues	$ 21,510	$ 18,261	$ 56,324	$ 57,156
APOKYN | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	14%	10%	13%	12%
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,255	$ 8,132	$ 23,008	$ 23,564
Other | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	5%	5%	6%	5%
Royalty revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,876	$ 4,629	$ 25,292	$ 14,263

Disaggregated Revenues - Narrat

Disaggregated Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Non-cash royalty revenue		$ 2.5	$ 4	$ 7.2
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Three Major Customers
Disaggregation of Revenue [Line Items]
Concentration risk percentage	20%	70%	20%	70%

Investments - Unrestricted Mark

Investments - Unrestricted Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized cost	$ 131,891	$ 466,333
Gross unrealized gains	1	14
Gross unrealized losses	(1,563)	(4,237)
Total fair value	$ 130,329	$ 462,110

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Less than 1 year	$ 105,204
1 year to 2 years	25,125
Total	$ 130,329	$ 462,110

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended			9 Months Ended
	Dec. 31, 2021	Apr. 30, 2020	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Impairment due to credit losses						$ 0
Variable Interest Entity [Line Items]
Research and development			$ 22,655,000	$ 19,554,000		$ 68,246,000	$ 56,778,000
Cash distributions received	$ 12,900,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Research and development					$ 15,000,000
Navitor Pharmaceuticals, Inc. | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Agreement termination notice period		30 days
Threshold for development costs payments		$ 50,000,000
Investments		$ 15,000,000
VIE, qualitative or quantitative information, ownership percentage		13%

Fair Value of Financial Measu_3

Fair Value of Financial Measurements - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities:
Contingent consideration	$ 53,654	$ 54,967
Recurring
Other assets
Marketable securities - restricted (SERP)	512	496
Total assets at fair value	225,826	555,726
Liabilities:
Contingent consideration	53,654	54,967
Total liabilities at fair value	53,654	54,967
Recurring | Corporate and municipal debt securities
Marketable securities
Corporate and municipal debt securities	105,204	368,214
Long-term marketable securities
Corporate and municipal debt securities	25,125	93,896
Recurring | Cash
Cash and cash equivalents
Cash and money market funds	38,302	52,181
Recurring | Money market securities and funds
Cash and cash equivalents
Cash and money market funds	56,683	40,939
Recurring | Level 1
Other assets
Marketable securities - restricted (SERP)	14	11
Total assets at fair value	94,999	93,131
Liabilities:
Contingent consideration	0	0
Total liabilities at fair value	0	0
Recurring | Level 1 | Corporate and municipal debt securities
Marketable securities
Corporate and municipal debt securities	0	0
Long-term marketable securities
Corporate and municipal debt securities	0	0
Recurring | Level 1 | Cash
Cash and cash equivalents
Cash and money market funds	38,302	52,181
Recurring | Level 1 | Money market securities and funds
Cash and cash equivalents
Cash and money market funds	56,683	40,939
Recurring | Level 2
Other assets
Marketable securities - restricted (SERP)	498	485
Total assets at fair value	130,827	462,595
Liabilities:
Contingent consideration	0	0
Total liabilities at fair value	0	0
Recurring | Level 2 | Corporate and municipal debt securities
Marketable securities
Corporate and municipal debt securities	105,204	368,214
Long-term marketable securities
Corporate and municipal debt securities	25,125	93,896
Recurring | Level 2 | Cash
Cash and cash equivalents
Cash and money market funds	0	0
Recurring | Level 2 | Money market securities and funds
Cash and cash equivalents
Cash and money market funds	0	0
Recurring | Level 3
Other assets
Marketable securities - restricted (SERP)	0	0
Total assets at fair value	0	0
Liabilities:
Contingent consideration	53,654	54,967
Total liabilities at fair value	53,654	54,967
Recurring | Level 3 | Corporate and municipal debt securities
Marketable securities
Corporate and municipal debt securities	0	0
Long-term marketable securities
Corporate and municipal debt securities	0	0
Recurring | Level 3 | Cash
Cash and cash equivalents
Cash and money market funds	0	0
Recurring | Level 3 | Money market securities and funds
Cash and cash equivalents
Cash and money market funds	$ 0	$ 0

Fair Value of Financial Measu_4

Fair Value of Financial Measurements - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 01, 2023	Sep. 30, 2023	Sep. 30, 2022
Fair value of financial instruments
Cash paid for interest on debt		$ 1,946	$ 2,516
Convertible Debt
Fair value of financial instruments
Extinguishment of debt	$ 402,500
Cash paid for interest on debt	$ 1,300

Fair Value of Financial Measu_5

Fair Value of Financial Measurements - Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Convertible notes, net
Carrying Value	$ 0	$ 401,968
Level 2 | Convertible Notes
Convertible notes, net
Carrying Value		401,968
Fair Value (Level 2)		$ 395,959

Contingent Consideration - Curr

Contingent Consideration - Current and Long-Term Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Contingent consideration, current portion	$ 45,880	$ 21,120
Contingent consideration, long-term	7,774	33,847
Total	$ 53,654	$ 54,967

Contingent Consideration - Narr

Contingent Consideration - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Nov. 24, 2021 USD ($) right $ / shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Change in fair value recognized in earnings		$ (456)	$ 790	$ (1,647)	$ 486	$ 743	$ 665
Milestone payments							25,000
Payment for contingent consideration liability, financing activities						22,900		$ 0	$ 22,900
Payment for contingent consideration liability, operating activities						2,100
USWM Acquisition
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		85,000						85,000
Change in fair value recognized in earnings		660	660	(1,710)	350	350	1,720	(400)	2,400
Milestone payments							25,000
USWM Acquisition | SPN-30 Regulatory and Commercial Activities
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		55,000						55,000
USWM Acquisition | SPN-830 NDA Approval Milestone
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		25,000						25,000
USWM Acquisition | APOKYN and SPN-830
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		30,000						30,000
USWM Acquisition | Subsequent Commercial Product Launch
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum		30,000						30,000
Adamas Acquisition
Business Acquisition [Line Items]
Additional cash payments upon milestone achievements maximum	$ 50,900
Contingents value rights | right	2
Contingent consideration arrangements, value (in dollars per share) | $ / shares	$ 0.50
Additional cash payments upon milestone achievements minimum	$ 0
Change in fair value recognized in earnings		$ (1,116)	$ 130	$ 63	$ 136	$ 393	(1,055)	$ (900)	$ (500)
Milestone payments							$ 0
Adamas Acquisition | The Milestones
Business Acquisition [Line Items]
Contingent consideration arrangements, excess acquisition date fair value	$ 225,000
Contingent consideration arrangements, excess acquisition date fair value, term	12 months
Adamas Acquisition | Milestone 2024
Business Acquisition [Line Items]
Contingent consideration arrangements, excess acquisition date fair value	$ 150,000
Contingent consideration arrangements, excess acquisition date fair value, term	12 months

Contingent Consideration - Reco

Contingent Consideration - Reconciliation of the Beginning and Ending Balances Related to the Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2022	$ 54,110	$ 53,320	$ 54,967	$ 56,885	$ 56,142	$ 80,477	$ 54,967	$ 80,477
Milestone payments						(25,000)
Change in fair value recognized in earnings	(456)	790	(1,647)	486	743	665
Balance at September 30, 2023 (unaudited)	53,654	54,110	53,320	57,371	56,885	56,142	53,654	57,371
USWM Acquisition
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2022	45,220	44,560	46,270	47,240	46,890	70,170	46,270	70,170
Milestone payments						(25,000)
Change in fair value recognized in earnings	660	660	(1,710)	350	350	1,720	(400)	2,400
Balance at September 30, 2023 (unaudited)	45,880	45,220	44,560	47,590	47,240	46,890	45,880	47,590
Adamas Acquisition
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2022	8,890	8,760	8,697	9,645	9,252	10,307	8,697	10,307
Milestone payments						0
Change in fair value recognized in earnings	(1,116)	130	63	136	393	(1,055)	(900)	(500)
Balance at September 30, 2023 (unaudited)	$ 7,774	$ 8,890	$ 8,760	$ 9,781	$ 9,645	$ 9,252	$ 7,774	$ 9,781

Intangible Assets, Net - Intang

Intangible Assets, Net - Intangible Assets Gross Carrying Amount and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	7 years		7 years
Accumulated Amortization	$ (208,173)		$ (208,173)		$ (146,857)
Amortization of intangible assets	21,242	$ 20,644	61,316	$ 61,932
Total intangible assets, carrying amount, gross	849,320		849,320		849,320
Intangible assets, net	641,147		641,147		702,463
Amortization of intangible assets	21,242	20,644	61,316	$ 61,932
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		20,600
Amortization of intangible assets		$ 20,600
Acquired in-process research and development
Indefinite-lived Intangible Assets [Line Items]
Acquired in-process research and development	$ 124,000		$ 124,000		124,000
Acquired developed technology and product rights
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	7 years 29 days		7 years 29 days
Carrying Amount, Gross	$ 681,500		$ 681,500		681,500
Accumulated Amortization	(171,191)		(171,191)		(113,061)
Carrying Amount, Net	$ 510,309		$ 510,309		568,439
Capitalized patent defense costs
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Life (Years)	11 months 1 day		11 months 1 day
Carrying Amount, Gross	$ 43,820		$ 43,820		43,820
Accumulated Amortization	(36,982)		(36,982)		(33,796)
Carrying Amount, Net	$ 6,838		$ 6,838		$ 10,024

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 01, 2023	Mar. 30, 2023	Mar. 31, 2018	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Feb. 08, 2023
Debt Instrument [Line Items]
Cash paid for interest on debt							$ 1,946,000	$ 2,516,000
Strike price of the warrant transactions (in dollars per share)				$ 80.91			$ 80.91
Interest expense				$ 0	$ 629,000		$ 1,321,000	$ 1,906,000
Convertible Debt
Debt Instrument [Line Items]
Interest rate				0.625%			0.625%
Repayments of debt		$ 403,800,000
Extinguishment of debt	$ 402,500,000
Cash paid for interest on debt	$ 1,300,000
Convertible note hedge options issued (in shares)			402,500
Warrants issued (in shares)				6,783,939			6,783,939
Number of shares per warrant entitled to holder (in shares)							1
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of debt						$ 93,000,000
Line of credit facility, maximum borrowing capacity									$ 150,000,000
Proceeds from issuance of debt		$ 93,000,000
Interest expense						$ 700,000
Short-term debt				$ 0			$ 0

Debt - Summary of liability com

Debt - Summary of liability component of 2023 Notes (Details) - Convertible Debt $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023 Notes	$ 402,500
Unamortized debt discount and deferred financing costs	(532)
Total carrying value	$ 401,968

Share-Based Payments - Share-ba

Share-Based Payments - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based payments
Total	$ 7,920	$ 4,985	$ 20,314	$ 13,307
Research and development
Share-based payments
Total	1,254	825	3,458	2,284
Selling, general and administrative
Share-based payments
Total	$ 6,666	$ 4,160	$ 16,856	$ 11,023

Share-Based Payments - SAR Acti

Share-Based Payments - SAR Activity (Details) - Stock option and Stock Appreciation Rights - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Options
Outstanding at the beginning of the period (in shares)	5,797,569
Granted (in shares)	1,148,143
Exercised (in shares)	(228,628)
Forfeited (in shares)	(91,986)
Outstanding at the end of the period (in shares)	6,625,098	5,797,569
Vested and expected to vest (in shares)	6,625,098	5,797,569
Exercisable (in shares)	4,116,000	3,541,395
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 26.99
Granted (in dollars per share)	38.28
Exercised (in dollars per share)	17.50
Forfeited (in dollars per share)	33.24
Outstanding at the end of the period (in dollars per share)	29.17	$ 26.99
Vested and expected to vest (in dollars per share)	29.17	26.99
Exercisable (in dollars per share)	$ 26.44	$ 25.08
Weighted Average Remaining Contractual Term (in years)
Outstanding at the end of the period	6 years 1 month 20 days	6 years 1 month 9 days
Vested and expected to vest	6 years 1 month 20 days	6 years 1 month 9 days
Exercisable	4 years 7 months 24 days	4 years 8 months 4 days

Share-Based Payments - Restrict

Share-Based Payments - Restricted Stock Units (Details) - RSUs	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of RSUs
Nonvested, beginning balance (in shares) | shares	131,960
Granted (in shares) | shares	227,980
Vested (in shares) | shares	(47,049)
Forfeited (in shares) | shares	(6,375)
Nonvested, ending balance (in shares) | shares	306,516
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 32.17
Granted (in dollars per share) | $ / shares	38.60
Vested (in dollars per share) | $ / shares	32.18
Forfeited (in dollars per share) | $ / shares	34.63
Nonvested, ending balance (in dollars per share) | $ / shares	$ 36.90

Share-Based Payments - Performa

Share-Based Payments - Performance Stock Units (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Total PSUs
Number of PSUs
Nonvested, beginning balance (in shares) | shares	201,750
Granted (in shares) | shares	205,000
Vested (in shares) | shares	(102,520)
Forfeited (in shares) | shares	(3,000)
Nonvested, ending balance (in shares) | shares	301,230
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 29.03
Granted (in dollars per share) | $ / shares	34
Vested (in dollars per share) | $ / shares	31.04
Forfeited (in dollars per share) | $ / shares	28.93
Nonvested, ending balance (in dollars per share) | $ / shares	$ 31.73
Performance-Based Units
Number of PSUs
Nonvested, beginning balance (in shares) | shares	181,750
Granted (in shares) | shares	205,000
Vested (in shares) | shares	(102,520)
Forfeited (in shares) | shares	(3,000)
Nonvested, ending balance (in shares) | shares	281,230
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 29.07
Granted (in dollars per share) | $ / shares	34
Vested (in dollars per share) | $ / shares	31.04
Forfeited (in dollars per share) | $ / shares	28.93
Nonvested, ending balance (in dollars per share) | $ / shares	$ 31.95
Market-Based Units
Number of PSUs
Nonvested, beginning balance (in shares) | shares	20,000
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Nonvested, ending balance (in shares) | shares	20,000
Weighted Average Grant Date Fair Value per Share
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 28.63
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Nonvested, ending balance (in dollars per share) | $ / shares	$ 28.63

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Income per share
Strike price of the warrant transactions (in dollars per share)	$ 80.91						$ 80.91
Numerator:
Net earnings (loss)	$ (15,976)	$ (831)	$ 16,948	$ 1,749	$ 7,865	$ 25,616	$ 141	$ 35,230
After-tax interest expense for 2023 Notes	0			0			0	2,664
Numerator for dilutive earnings (loss) per share	$ (15,976)			$ 1,749			$ 141	$ 37,894
Denominator:
Weighted average shares outstanding, basic (in shares)	54,608,963			53,789,674			54,498,687	53,517,838
Effect of dilutive securities:
Stock options, RSU and SAR (in shares)	0			1,245,164			1,076,235	1,241,347
Convertible notes	0			0			0	6,783,936
Weighted average shares outstanding, diluted (in shares)	54,608,963			55,034,838			55,574,922	61,543,121
Earnings per share, basic (in dollars per share)	$ (0.29)			$ 0.03			$ 0	$ 0.66
Earnings per share, diluted (in dollars per share)	(0.29)			$ 0.03			0	$ 0.62
Convertible Debt
Income per share
Conversion price, per share of common stock (in dollars per share)	$ 59.33						$ 59.33
2023 Notes
Income per share
Common stock equivalents excluded in the calculation of diluted income per share (in shares)	0			6,783,936			2,261,312	0
Stock options, RSUs, PSUs
Income per share
Common stock equivalents excluded in the calculation of diluted income per share (in shares)	411,506			792,904			486,080	470,822

Income Tax Expense (Benefit) (D

Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 25,865	$ (2,193)	$ 1,638	$ (9,627)
Effective tax rate	261.60%	493.90%	92.10%	(37.60%)

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 29,456	$ 28,904
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Liabilities
Operating lease liabilities, current portion	$ 8,480	$ 6,791
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	$ 33,841	$ 35,998
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Operating lease liabilities, long-term	Operating lease liabilities, long-term
Total lease liabilities	$ 42,321	$ 42,789

Composition of Other Balance _3

Composition of Other Balance Sheet Items - Accounts Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for expected sales discounts and allowances	$ 10.8	$ 13

Composition of Other Balance _4

Composition of Other Balance Sheet Items - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 21,556	$ 24,820
Work in process	26,966	31,710
Finished goods	34,958	35,011
Total inventories	$ 83,480	$ 91,541

Composition of Other Balance _5

Composition of Other Balance Sheet Items - Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property and equipment
Property and equipment, gross	$ 28,604		$ 28,604		$ 28,222
Less accumulated depreciation and amortization	(14,916)		(14,916)		(13,049)
Property and equipment, net	13,688		13,688		15,173
Depreciation and amortization expense	600	$ 800	1,900	$ 2,200
Lab equipment and furniture
Property and equipment
Property and equipment, gross	12,620		12,620		12,127
Leasehold improvements
Property and equipment
Property and equipment, gross	14,023		14,023		14,023
Software
Property and equipment
Property and equipment, gross	883		883		883
Computer equipment
Property and equipment
Property and equipment, gross	1,078		1,078		983
Construction-in-progress
Property and equipment
Property and equipment, gross	$ 0		$ 0		$ 206

Composition of Other Balance _6

Composition of Other Balance Sheet Items - Accrued Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 3,389	$ 10,543
Accrued compensation, benefits, & related accruals	19,025	16,963
Accrued sales & marketing	11,656	16,783
Accrued R&D expenses	9,659	7,490
Accrued manufacturing expenses	9,569	15,216
Accrued royalties	8,852	12,022
Operating lease liabilities, current portion	8,480	6,791
Other accrued expenses	7,841	10,534
Total	$ 78,471	$ 96,342

Composition of Other Balance _7

Composition of Other Balance Sheet Items - Accrued Product Returns and Rebates (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued product rebates	$ 108,129	$ 106,657
Accrued product returns	54,344	45,008
Total	$ 162,473	$ 151,665

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Interest expense	$ 0	$ (629)	$ (1,321)	$ (1,906)
Noncash interest expense on nonrecourse liability related to sale of future royalties	0	(566)	(562)	(1,988)
Noncash interest expense on debt	0	(529)	(532)	(1,582)
Total	$ 0	$ (1,724)	$ (2,415)	$ (5,476)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) € in Millions, $ in Millions	Apr. 01, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Sep. 30, 2014 USD ($)
Long-term Purchase Commitment [Line Items]
Nonrecourse liability related to sale of future royalties, long term				$ 30
Other Current Liabilities | Nonrecourse Royalty Liabilities
Long-term Purchase Commitment [Line Items]
Other commitment		$ 6
NAMENDA XR/Namzaric Qui Tam Litigation
Long-term Purchase Commitment [Line Items]
Loss contingency, damages sought, value	$ 2,500
USWM Acquisition
Long-term Purchase Commitment [Line Items]
Annual minimum purchase quantity requirement amount | €			€ 3.9
Payment to resolve U.S. Department of Justice allegations	$ 17.5

Uncategorized Items - supn-2023

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]