Supernus Pharmaceuticals (SUPN) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover

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

Condensed Consolidated Balance

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

Condensed Consolidated Balanc_2

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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues		$ 168,325	$ 135,563	$ 311,969	$ 289,327
Costs and expenses
Cost of goods sold	[1]	17,916	21,091	34,225	44,551
Research and development		26,183	24,379	51,113	45,591
Selling, general and administrative		85,904	86,782	172,420	172,379
Amortization of intangible assets		20,108	20,108	40,245	40,074
Contingent consideration expense (gain)		(4,355)	790	(5,450)	(857)
Total costs and expenses		145,756	153,150	292,553	301,738
Operating earnings (loss)		22,569	(17,587)	19,416	(12,411)
Other income (expense)
Interest and other income, net		3,733	1,370	7,129	6,716
Interest expense		0	(910)	0	(2,415)
Total other income (expense)		3,733	460	7,129	4,301
Earnings (loss) before income taxes		26,302	(17,127)	26,545	(8,110)
Income tax expense (benefit)		6,386	(16,296)	6,505	(24,227)
Net earnings (loss)		$ 19,916	$ (831)	$ 20,040	$ 16,117
Earnings (loss) per share
Basic (in dollars per share)		$ 0.36	$ (0.02)	$ 0.37	$ 0.30
Diluted (in dollars per share)		$ 0.36	$ (0.02)	$ 0.36	$ 0.29
Weighted average shares outstanding
Basic (in shares)		54,978,781	54,502,993	54,890,265	54,442,463
Diluted (in shares)		55,724,283	54,502,993	55,675,474	59,035,154
Net product sales
Revenues
Total revenues		$ 162,538	$ 128,336	$ 300,999	$ 268,911
Royalty, licensing and other revenues
Revenues
Total revenues		$ 5,787	$ 7,227	$ 10,970	$ 20,416
[1] Excludes amortization of acquired intangible assets

Condensed Consolidated Statem_2

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

Condensed Consolidated Statem_3

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

Condensed Consolidated Statem_4

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

Business Organization

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

Summary of Significant Accounti

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

Disaggregated Revenues

Disaggregated Revenues	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Disaggregated Revenues	Disaggregated Revenues The following table summarizes the disaggregation of revenues by product (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Net product sales Qelbree $ 59,395 $ 30,977 $ 104,499 $ 56,759 GOCOVRI 31,703 28,751 58,265 54,761 Oxtellar XR 29,516 23,800 56,459 52,715 APOKYN 17,295 17,605 33,944 34,814 Trokendi XR 17,086 19,319 33,075 54,109 Other (1) 7,543 7,884 14,757 15,753 Total net product sales 162,538 128,336 300,999 268,911 Royalty, licensing and other revenues 5,787 7,227 10,970 20,416 Total revenues $ 168,325 $ 135,563 $ 311,969 $ 289,327 ___________________________________________ (1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER. The Company recognized noncash royalty revenue of $1.7 million and $4.0 million for the three and six months ended June 30, 2023, respectively. The Company no longer recognizes noncash royalty revenue as ownership of the royalty rights reverted back to the Company during the second quarter of 2023.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 December 31, 2023 (unaudited) Corporate, U.S. government agency and municipal debt securities Amortized cost $ 295,528 $ 197,153 Gross unrealized gains 1 5 Gross unrealized losses (431) (721) Total fair value $ 295,098 $ 196,437 The contractual maturities of the unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands): June 30, (unaudited) Less than 1 year $ 295,098

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of an asset or liability represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants. The Company reports the fair value of assets and liabilities using a three level measurement hierarchy that prioritizes the inputs used to measure fair value. Fair value hierarchy consists of the following three levels: • Level 1—Valuations based on unadjusted quoted prices in active markets that are accessible at measurement date for identical assets. • Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and model-based valuations in which all significant inputs are observable in the market, either directly or indirectly (e.g., interest rates; yield curves). • Level 3—Valuations using significant inputs that are unobservable in the market and inputs that reflect the Company’s own assumptions. These are based on the best information available, including the Company’s own data. Financial Assets and Liabilities Recorded at Fair Value The Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis are as follows (dollars in thousands): Fair Value Measurements as of June 30, 2024 (unaudited) Total Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 27,111 $ 27,111 $ — $ — Money market funds 24,978 24,978 — — Marketable securities Corporate, U.S. government agency and municipal debt securities 295,098 — 295,098 — Other noncurrent assets Marketable securities - restricted (SERP) 596 17 579 — Total assets at fair value $ 347,783 $ 52,106 $ 295,677 $ — Liabilities: Contingent consideration $ 48,000 $ — $ — $ 48,000 Total liabilities at fair value $ 48,000 $ — $ — $ 48,000 Fair Value Measurements as of December 31, 2023 Total Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 35,957 $ 35,957 $ — $ — Money market funds 39,097 39,097 — — Marketable securities Corporate, U.S. government agency and municipal debt securities 179,820 — 179,820 — Long-term marketable securities Corporate and municipal debt securities 16,617 — 16,617 — Other noncurrent assets Marketable securities - restricted (SERP) 568 16 552 — Total assets at fair value $ 272,059 $ 75,070 $ 196,989 $ — Liabilities: Contingent consideration $ 53,450 $ — $ — $ 53,450 Total liabilities at fair value $ 53,450 $ — $ — $ 53,450 The fair value of restricted marketable securities is recorded in Other assets on the condensed consolidated balance sheets. There have been no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy. Other Financial Instruments

Contingent Consideration

Contingent Consideration	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 (as defined below) (dollars in thousands): June 30, December 31, Reported under the following captions in the condensed consolidated balance sheets: (unaudited) Contingent consideration, current portion $ 47,303 $ 52,070 Contingent consideration, long-term 697 1,380 Total $ 48,000 $ 53,450 The Company's contingent consideration liabilities are related to the USWM Acquisition in 2020 and the Adamas Acquisition in 2021. The contingent consideration liabilities are measured at fair value using either a Monte Carlo simulation or the income approach. The Company classifies its contingent consideration liabilities as Level 3 fair value measurements based on the significant unobservable inputs used to estimate fair value. These reflect the inputs and assumptions the Company believes would be made by market participants. Changes in any of those inputs together or in isolation may result in significantly lower or higher fair value measurement. The change in fair value is reported on the condensed consolidated statement of earnings (loss) in Contingent consideration expense (gain) . USWM Contingent Consideration On June 9, 2020 (the USWM Closing Date), the Company completed its acquisition of all the outstanding equity of USWM Enterprises, LLC (USWM Enterprises) (USWM Acquisition). The USWM Acquisition included potential additional contingent consideration payments for regulatory and development milestones and sales-based milestones. As of June 30, 2024, the remaining potential contingent consideration payments are up to $55 million in regulatory and development milestones comprised of (1) $25 million related to the FDA's approval of the SPN-830 New Drug Application (NDA) and (2) $30 million related to the subsequent commercial product launch. The key assumptions considered in estimating the fair value include the estimated probability and timing of milestone achievement, such as the probability and timing of obtaining regulatory approval, timing of projected revenues, and the discount rate. Adamas Contingent Consideration On November 24, 2021 (the Adamas Closing Date), the Company completed its acquisition of all the outstanding equity of Adamas (Adamas Acquisition). The Adamas Acquisition included payment of two non-tradable contingent value rights (CVRs) each of which represents the contractual right to receive a contingent payment upon the achievement of the applicable aggregate worldwide net product sales of GOCOVRI. Each CVR represents the contractual right to receive a contingent payment of $0.50 per share in cash, less any applicable withholding taxes and without interest, upon the achievement of the applicable milestone (each such amount, a Milestone Payment) in accordance with the terms of a Contingent Value Rights Agreement entered into between the Company and American Stock Transfer & Trust Company, LLC, as rights agent, as further defined in the CVR agreement. One Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $150 million during any consecutive 12-month period ending on or before December 31, 2024 (Milestone 2024). Another Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $225 million during any consecutive 12-month period ending on or before December 31, 2025 (Milestone 2025 and, together with Milestone 2024, the Milestones). Each Milestone may only be achieved once. The possible outcomes for the contingent consideration range from $0 to $50.9 million on an undiscounted basis. The key assumptions considered in estimating the fair value of the Adamas sales-based milestones include the estimated revenue projections, volatility, estimated discount rates and risk-free interest rate. Change in the Fair Value of Contingent Consideration The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands): USWM Acquisition Adamas Acquisition Total Balance at December 31, 2023 $ 46,400 $ 7,050 $ 53,450 Change in fair value recognized in earnings (1,170) (4,280) (5,450) Balance at June 30, 2024 (unaudited) $ 45,230 $ 2,770 $ 48,000 USWM Acquisition Adamas Acquisition Total Balance at December 31, 2022 $ 46,270 $ 8,697 $ 54,967 Change in fair value recognized in earnings (1,050) 193 (857) Balance at June 30, 2023 (unaudited) $ 45,220 $ 8,890 $ 54,110 The Company recorded the following changes in fair value of the contingent consideration liability for the USWM milestones: • The Company recorded a $1.9 million gain and a $1.2 million gain due to the change in fair value of contingent consideration liabilities for the USWM milestones for the three and six months ended June 30, 2024, respectively. The change in fair value of contingent consideration for the USWM milestones was primarily due to the change in timing of milestone achievement and estimated discount rate in the second quarter of 2024 and passage of time in both periods. • The Company recorded a $0.7 million expense and a $1.1 million gain due to the change in the fair value of the contingent consideration liabilities for the USWM milestones for the three and six months ended June 30, 2023, respectively. The change in the fair value of contingent consideration for the USWM milestones was primarily driven by the change in estimated fair value of regulatory and developmental milestones due to passage of time in both periods, as well as the change in timing of milestone achievement and estimated discount rate in the first quarter of 2023. The Company recorded the following changes in fair value of the contingent consideration liabilities for the Adamas CVRs: • The Company recorded a $2.5 million gain and a $4.3 million gain due to the change in fair value of the contingent consideration liabilities for the Adamas CVRs for the three and six months ended June 30, 2024, respectively. The change in fair value of contingent consideration was primarily due to passage of time. • The Company recorded a $0.1 million expense and a $0.2 million expense due to the change in fair value of the contingent consideration liabilities for the Adamas CVRs for the three and six months ended June 30, 2023, respectively. The change in fair value of contingent consideration for the Adamas milestones was primarily due to passage of time and changes in the estimated discount rate.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangibles Assets, Net The following table sets forth the gross carrying amounts and related accumulated amortization of intangibles assets (dollars in thousands): June 30, 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 6.38 661,311 (226,911) 434,400 661,311 (190,395) 470,916 Capitalized patent defense costs 0.17 43,820 (42,576) 1,244 43,820 (38,847) 4,973 Total intangible assets 6.36 $ 829,131 $ (269,487) $ 559,644 $ 829,131 $ (229,242) $ 599,889 Amortization expense for intangible assets was $20.1 million and $40.2 million for the three and six months ended June 30, 2024, and $20.1 million and $40.1 million for the three and six months ended June 30, 2023, respectively. U.S. patents covering Trokendi XR and Oxtellar XR will expire no earlier than 2027. The Company entered into settlement agreements that allowed third parties to enter the Trokendi XR market on January 1, 2023. The Company entered into settlement and license agreements that allows a third party to enter the Oxtellar XR market in September 2024, or sooner under certain conditions. The Company entered into settlement and license agreements that allows third parties to enter the XADAGO market in December 2027, or sooner under certain conditions.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Uncommitted Demand Secured Line of Credit On February 8, 2023, the Company entered into a credit line agreement with UBS (the Credit Line). The Credit Line provides for a revolving line of credit of up to $150 million, which can be drawn at any time. Any fixed rate borrowing will bear interest at a fixed interest rate, equal to the sum of (i) the UBS Fixed Funding Rate (as defined in the Credit Line) plus (ii) the applicable Percentage Spread established in the Credit Line. Any variable rate borrowing will bear interest at a variable interest rate, equal to the sum of (i) the UBS Variable Rate (as defined in the Credit Line) plus (ii) the applicable Percentage Spread established in the Credit Line. The Credit Line is secured by a first priority lien and security interest in certain of the Company’s assets, including each account of the Company at UBS Financial Services Inc. (the Collateral Account), and other such collateral (collectively, the Collateral), as further defined in the Credit Line. The Company may be required to post additional collateral if the value of the Collateral declines below the required collateral maintenance requirements. Upon certain customary events of default, all amounts due under the Credit Line will become immediately due and payable without demand, and UBS has the right, in its discretion, to liquidate, transfer, withdraw or sell all or any part of the Collateral and apply the proceeds to repay any borrowings pursuant to the Credit Line. The Company has the right to repay any variable rate advance under the Credit Line at any time, in whole or in part, without penalty. The Company may repay any fixed rate advance in whole, but may not repay any fixed rate advance in part. In its discretion and without cause, UBS has the right at any time to demand full or partial payment of amounts borrowed pursuant to the Credit Line and terminate the Credit Line. On March 30, 2023, the Company borrowed $93.0 million under the Credit Line, which bore a variable interest rate. The funds from this borrowing were used to repay outstanding indebtedness under the 0.625% Convertible Senior Notes Due 2023 (2023 Notes). In the second quarter of 2023, the Company repaid the total principal balance of $93.0 million under the Credit

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments Equity Incentive Plan On June 14, 2024, the Company's shareholders approved and the Company has adopted the Amended and Restated 2021 Equity Incentive Plan (the Amended 2021 Plan) to increase the number of shares of the Company's common stock available for issuance under the 2021 Plan by 4,000,000. Share-based compensation expense is as follows (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Research and development $ 1,231 $ 1,246 $ 2,596 $ 2,204 Selling, general and administrative 5,321 4,842 9,853 10,190 Total $ 6,552 $ 6,088 $ 12,449 $ 12,394 Stock Option and Stock Appreciation Rights The following table summarizes stock option and stock appreciation rights (SAR) activities: Number of Weighted Weighted Outstanding, December 31, 2023 6,583,822 $ 29.20 5.90 Granted 1,149,012 $ 28.02 Exercised (176,255) $ 19.01 Forfeited (146,322) $ 29.34 Outstanding, June 30, 2024 (unaudited) 7,410,257 $ 29.25 5.99 As of June 30, 2024 (unaudited): Vested and expected to vest 7,410,257 $ 29.25 5.99 Exercisable 4,725,409 $ 27.87 4.42 As of December 31, 2023: Vested and expected to vest 6,583,822 $ 29.20 5.90 Exercisable 4,110,537 $ 26.58 4.43 Restricted Stock Units The following table summarizes restricted stock unit (RSU) activities: Number of Weighted Average Nonvested, December 31, 2023 300,141 $ 36.90 Granted 198,414 $ 28.06 Vested (100,891) $ 36.51 Forfeited (14,312) $ 34.64 Nonvested, June 30, 2024 (unaudited) 383,352 $ 32.51 Performance Share Units The following table summarizes performance share unit (PSU) activities: Performance-Based Units Market-Based Units Total PSUs Number of PSUs Weighted Number of PSUs Weighted Number of PSUs Weighted Nonvested, December 31, 2023 251,630 $ 32.22 20,000 $ 28.63 271,630 $ 31.96 Granted 252,700 $ 26.91 — $ — 252,700 $ 26.91 Vested (39,080) $ 33.47 — $ — (39,080) $ 33.47 Forfeited (58,050) $ 29.37 — $ — (58,050) $ 29.37 Nonvested, June 30, 2024 (unaudited) 407,200 $ 29.21 20,000 $ 28.63 427,200 $ 29.19

Earnings (Loss) per Share

Earnings (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Numerator: Net earnings (loss) $ 19,916 $ (831) $ 20,040 $ 16,117 After-tax interest expense for 2023 Notes — — — 892 Numerator for dilutive earnings (loss) per share $ 19,916 $ (831) $ 20,040 $ 17,009 Denominator: Weighted average shares outstanding, basic 54,978,781 54,502,993 54,890,265 54,442,463 Effect of dilutive securities: Stock options, RSUs and SARs 745,502 — 785,209 1,181,983 Convertible notes — — — 3,410,708 Weighted average shares outstanding, diluted 55,724,283 54,502,993 55,675,474 59,035,154 Earnings (loss) per share, basic $ 0.36 $ (0.02) $ 0.37 $ 0.30 Earnings (loss) per share, diluted $ 0.36 $ (0.02) $ 0.36 $ 0.29 The following table sets forth the common stock equivalents of outstanding stock-based awards and shares associated with the conversion of the 2023 Notes excluded in the calculation of diluted earnings (loss) per share, because their inclusion would be anti-dilutive: Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) 2023 Notes — 74,549 — — Stock options, RSUs, PSUs 971,683 537,762 799,798 482,447

Income Tax Expense (Benefit)

Income Tax Expense (Benefit)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) Income tax expense (benefit) $ 6,386 $ (16,296) $ 6,505 $ (24,227) Effective tax rate 24.3 % 95.1 % 24.5 % 298.7 % Income tax expense was $6.4 million and $6.5 million for the three and six months ended June 30, 2024, as compared to an income tax benefit of $16.3 million and $24.2 million for the three and six months ended June 30, 2023. The change in both periods was primarily due to increased pre-tax income for the three and six months ended June 30, 2024 as compared to the same period in 2023. The effective tax rate for the three and six months ended June 30, 2024 was lower compared to the same period in 2023 primarily due to an increase in pre-tax income forecasted for the full year 2024 and the near break-even pre-tax losses forecast in 2023. The annual forecasted earnings represent the Company's best estimate as of June 30, 2024 and 2023, are subject to change and could have a material impact on the effective tax rate in subsequent periods. Accounting Standard Codification 740, Income Taxes

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Operating lease assets and lease liabilities as reported on the condensed consolidated balance sheets are as follows (dollars in thousands): Balance Sheet Classification June 30, 2024 December 31, 2023 (unaudited) Assets Operating lease assets Other assets $ 27,766 $ 28,994 Total lease assets $ 27,766 $ 28,994 Liabilities Operating lease liabilities, current portion Accounts payable and accrued liabilities $ 9,683 $ 8,331 Operating lease liabilities, long-term Operating lease liabilities, long-term 30,294 33,196 Total lease liabilities $ 39,977 $ 41,527

Composition of Other Balance Sh

Composition of Other Balance Sheet Items	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Other Balance Sheet Items	Composition of Other Balance Sheet Items The following details the composition of other balance sheet items (dollars in thousands for amounts in tables): Inventories, Net June 30, December 31, (unaudited) Raw materials $ 15,899 $ 16,274 Work in process 23,590 31,212 Finished goods 28,666 29,922 Total $ 68,155 $ 77,408 Property and Equipment, Net June 30, December 31, (unaudited) Lab equipment and furniture $ 13,035 $ 13,069 Leasehold improvements 14,023 14,023 Software 883 883 Computer equipment 960 960 28,901 28,935 Less accumulated depreciation and amortization (16,627) (15,405) Property and equipment, net $ 12,274 $ 13,530 Depreciation and amortization expense on property and equipment was approximately $0.6 million and $1.2 million for the three and six months ended June 30, 2024, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively. Accounts Payable and Accrued Liabilities June 30, December 31, (unaudited) Accounts payable $ 4,628 $ 1,964 Accrued compensation, benefits, & related accruals 17,039 20,722 Accrued sales & marketing 16,444 11,666 Accrued manufacturing expenses 8,745 11,652 Accrued R&D expenses 9,847 10,530 Operating lease liabilities, current portion (1) 9,683 8,331 Accrued royalties (2) 6,861 7,918 Other accrued expenses 9,364 6,786 Total $ 82,611 $ 79,569 _______________________________ (1) Refer to Note 12, Leases . (2) Refer to Note 15, Commitments and Contingencies . Accrued Product Returns and Rebates June 30, December 31, (unaudited) Accrued product rebates $ 116,582 $ 96,984 Accrued product returns 58,537 57,290 Total $ 175,119 $ 154,274

Interest Expense

Interest Expense	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Interest Expense	Interest Expense The following details the composition of interest expense (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Interest expense $ — $ (665) $ — $ (1,321) Interest expense on nonrecourse liability related to sale of future royalties — (245) — (562) Noncash interest expense on debt — — — (532) Total $ — $ (910) $ — $ (2,415) Noncash interest expense on debt is related to amortization of deferred financing costs on the 2023 Notes. The Company fully amortized the deferred financing costs on the 2023 Notes in the first quarter of 2023.

Commitments and Contingencies

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

Subsequent Events

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

Pay vs Performance Disclosure

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

Insider Trading Arrangements

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

Summary of Significant Accoun_2

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

Disaggregated Revenues (Tables)

Disaggregated Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Disaggregation of Revenues	The following table summarizes the disaggregation of revenues by product (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Net product sales Qelbree $ 59,395 $ 30,977 $ 104,499 $ 56,759 GOCOVRI 31,703 28,751 58,265 54,761 Oxtellar XR 29,516 23,800 56,459 52,715 APOKYN 17,295 17,605 33,944 34,814 Trokendi XR 17,086 19,319 33,075 54,109 Other (1) 7,543 7,884 14,757 15,753 Total net product sales 162,538 128,336 300,999 268,911 Royalty, licensing and other revenues 5,787 7,227 10,970 20,416 Total revenues $ 168,325 $ 135,563 $ 311,969 $ 289,327 ___________________________________________ (1) Includes net product sales of MYOBLOC, XADAGO and Osmolex ER.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Unrestricted Available-for-Sale Marketable Securities	Unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands): June 30, 2024 December 31, 2023 (unaudited) Corporate, U.S. government agency and municipal debt securities Amortized cost $ 295,528 $ 197,153 Gross unrealized gains 1 5 Gross unrealized losses (431) (721) Total fair value $ 295,098 $ 196,437
Schedule of Contractual Maturities of the Unrestricted Available-for-Sale Marketable Securities Held	The contractual maturities of the unrestricted available-for-sale marketable securities held by the Company are as follows (dollars in thousands): June 30, (unaudited) Less than 1 year $ 295,098

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of the Financial Assets and Liabilities	The Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis are as follows (dollars in thousands): Fair Value Measurements as of June 30, 2024 (unaudited) Total Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 27,111 $ 27,111 $ — $ — Money market funds 24,978 24,978 — — Marketable securities Corporate, U.S. government agency and municipal debt securities 295,098 — 295,098 — Other noncurrent assets Marketable securities - restricted (SERP) 596 17 579 — Total assets at fair value $ 347,783 $ 52,106 $ 295,677 $ — Liabilities: Contingent consideration $ 48,000 $ — $ — $ 48,000 Total liabilities at fair value $ 48,000 $ — $ — $ 48,000 Fair Value Measurements as of December 31, 2023 Total Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash $ 35,957 $ 35,957 $ — $ — Money market funds 39,097 39,097 — — Marketable securities Corporate, U.S. government agency and municipal debt securities 179,820 — 179,820 — Long-term marketable securities Corporate and municipal debt securities 16,617 — 16,617 — Other noncurrent assets Marketable securities - restricted (SERP) 568 16 552 — Total assets at fair value $ 272,059 $ 75,070 $ 196,989 $ — Liabilities: Contingent consideration $ 53,450 $ — $ — $ 53,450 Total liabilities at fair value $ 53,450 $ — $ — $ 53,450

Contingent Consideration (Table

Contingent Consideration (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions by Acquisition, Contingent Consideration	The following table provides the current and long-term portions related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (as defined below) (dollars in thousands): June 30, December 31, Reported under the following captions in the condensed consolidated balance sheets: (unaudited) Contingent consideration, current portion $ 47,303 $ 52,070 Contingent consideration, long-term 697 1,380 Total $ 48,000 $ 53,450
Schedule of Reconciliation of the Beginning and Ending Balances Related to the Contingent Consideration	The following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands): USWM Acquisition Adamas Acquisition Total Balance at December 31, 2023 $ 46,400 $ 7,050 $ 53,450 Change in fair value recognized in earnings (1,170) (4,280) (5,450) Balance at June 30, 2024 (unaudited) $ 45,230 $ 2,770 $ 48,000 USWM Acquisition Adamas Acquisition Total Balance at December 31, 2022 $ 46,270 $ 8,697 $ 54,967 Change in fair value recognized in earnings (1,050) 193 (857) Balance at June 30, 2023 (unaudited) $ 45,220 $ 8,890 $ 54,110

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table sets forth the gross carrying amounts and related accumulated amortization of intangibles assets (dollars in thousands): June 30, 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 6.38 661,311 (226,911) 434,400 661,311 (190,395) 470,916 Capitalized patent defense costs 0.17 43,820 (42,576) 1,244 43,820 (38,847) 4,973 Total intangible assets 6.36 $ 829,131 $ (269,487) $ 559,644 $ 829,131 $ (229,242) $ 599,889

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Share-based compensation expense is as follows (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Research and development $ 1,231 $ 1,246 $ 2,596 $ 2,204 Selling, general and administrative 5,321 4,842 9,853 10,190 Total $ 6,552 $ 6,088 $ 12,449 $ 12,394
Summary of Stock Options and SAR Activities	The following table summarizes stock option and stock appreciation rights (SAR) activities: Number of Weighted Weighted Outstanding, December 31, 2023 6,583,822 $ 29.20 5.90 Granted 1,149,012 $ 28.02 Exercised (176,255) $ 19.01 Forfeited (146,322) $ 29.34 Outstanding, June 30, 2024 (unaudited) 7,410,257 $ 29.25 5.99 As of June 30, 2024 (unaudited): Vested and expected to vest 7,410,257 $ 29.25 5.99 Exercisable 4,725,409 $ 27.87 4.42 As of December 31, 2023: Vested and expected to vest 6,583,822 $ 29.20 5.90 Exercisable 4,110,537 $ 26.58 4.43
Summary of Restricted Stock Units	The following table summarizes restricted stock unit (RSU) activities: Number of Weighted Average Nonvested, December 31, 2023 300,141 $ 36.90 Granted 198,414 $ 28.06 Vested (100,891) $ 36.51 Forfeited (14,312) $ 34.64 Nonvested, June 30, 2024 (unaudited) 383,352 $ 32.51
Summary of Performance Stock Unit	The following table summarizes performance share unit (PSU) activities: Performance-Based Units Market-Based Units Total PSUs Number of PSUs Weighted Number of PSUs Weighted Number of PSUs Weighted Nonvested, December 31, 2023 251,630 $ 32.22 20,000 $ 28.63 271,630 $ 31.96 Granted 252,700 $ 26.91 — $ — 252,700 $ 26.91 Vested (39,080) $ 33.47 — $ — (39,080) $ 33.47 Forfeited (58,050) $ 29.37 — $ — (58,050) $ 29.37 Nonvested, June 30, 2024 (unaudited) 407,200 $ 29.21 20,000 $ 28.63 427,200 $ 29.19

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Numerator: Net earnings (loss) $ 19,916 $ (831) $ 20,040 $ 16,117 After-tax interest expense for 2023 Notes — — — 892 Numerator for dilutive earnings (loss) per share $ 19,916 $ (831) $ 20,040 $ 17,009 Denominator: Weighted average shares outstanding, basic 54,978,781 54,502,993 54,890,265 54,442,463 Effect of dilutive securities: Stock options, RSUs and SARs 745,502 — 785,209 1,181,983 Convertible notes — — — 3,410,708 Weighted average shares outstanding, diluted 55,724,283 54,502,993 55,675,474 59,035,154 Earnings (loss) per share, basic $ 0.36 $ (0.02) $ 0.37 $ 0.30 Earnings (loss) per share, diluted $ 0.36 $ (0.02) $ 0.36 $ 0.29
Schedule of Common Stock Equivalents Excluded in the Calculation of Diluted Earnings Per Share	The following table sets forth the common stock equivalents of outstanding stock-based awards and shares associated with the conversion of the 2023 Notes excluded in the calculation of diluted earnings (loss) per share, because their inclusion would be anti-dilutive: Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) 2023 Notes — 74,549 — — Stock options, RSUs, PSUs 971,683 537,762 799,798 482,447

Income Tax Expense (Benefit) (T

Income Tax Expense (Benefit) (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table provides information regarding the Company’s income tax expense (benefit) for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) Income tax expense (benefit) $ 6,386 $ (16,296) $ 6,505 $ (24,227) Effective tax rate 24.3 % 95.1 % 24.5 % 298.7 %

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Balance Sheet Information Related to Leases	Operating lease assets and lease liabilities as reported on the condensed consolidated balance sheets are as follows (dollars in thousands): Balance Sheet Classification June 30, 2024 December 31, 2023 (unaudited) Assets Operating lease assets Other assets $ 27,766 $ 28,994 Total lease assets $ 27,766 $ 28,994 Liabilities Operating lease liabilities, current portion Accounts payable and accrued liabilities $ 9,683 $ 8,331 Operating lease liabilities, long-term Operating lease liabilities, long-term 30,294 33,196 Total lease liabilities $ 39,977 $ 41,527

Composition of Other Balance _2

Composition of Other Balance Sheet Items (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Inventories	Inventories, Net June 30, December 31, (unaudited) Raw materials $ 15,899 $ 16,274 Work in process 23,590 31,212 Finished goods 28,666 29,922 Total $ 68,155 $ 77,408
Schedule of Property and Equipment	Property and Equipment, Net June 30, December 31, (unaudited) Lab equipment and furniture $ 13,035 $ 13,069 Leasehold improvements 14,023 14,023 Software 883 883 Computer equipment 960 960 28,901 28,935 Less accumulated depreciation and amortization (16,627) (15,405) Property and equipment, net $ 12,274 $ 13,530
Schedule of Accrued Expenses and Other Current Liabilities	Accounts Payable and Accrued Liabilities June 30, December 31, (unaudited) Accounts payable $ 4,628 $ 1,964 Accrued compensation, benefits, & related accruals 17,039 20,722 Accrued sales & marketing 16,444 11,666 Accrued manufacturing expenses 8,745 11,652 Accrued R&D expenses 9,847 10,530 Operating lease liabilities, current portion (1) 9,683 8,331 Accrued royalties (2) 6,861 7,918 Other accrued expenses 9,364 6,786 Total $ 82,611 $ 79,569 _______________________________ (1) Refer to Note 12, Leases . (2) Refer to Note 15, Commitments and Contingencies .
Schedule of Accrued Product Returns and Rebates	Accrued Product Returns and Rebates June 30, December 31, (unaudited) Accrued product rebates $ 116,582 $ 96,984 Accrued product returns 58,537 57,290 Total $ 175,119 $ 154,274

Interest Expense (Tables)

Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of interest expense	The following details the composition of interest expense (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (unaudited) (unaudited) Interest expense $ — $ (665) $ — $ (1,321) Interest expense on nonrecourse liability related to sale of future royalties — (245) — (562) Noncash interest expense on debt — — — (532) Total $ — $ (910) $ — $ (2,415)

Business Organization (Details)

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

Summary of Significant Accoun_3

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

Disaggregated Revenues - Disagg

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

Disaggregated Revenues - Narrat

Disaggregated Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Disaggregation of Revenue [Abstract]
Non-cash royalty revenue	$ 1.7	$ 4

Investments - Unrestricted Mark

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

Investments - Contractual Matur

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

Investments - Narrative (Detail

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

Fair Value of Financial Instr_3

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

Contingent Consideration - Curr

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

Contingent Consideration - Narr

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

Contingent Consideration - Reco

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

Intangible Assets, Net - Intang

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

Intangible Assets, Net - Narrat

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

Debt (Details)

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

Share-Based Payments - Narrativ

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

Share-Based Payments - Share-ba

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

Share-Based Payments - SAR Acti

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

Share-Based Payments - Restrict

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

Share-Based Payments - Performa

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

Earnings (Loss) per Share - Sch

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

Earnings (Loss) per Share - S_2

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

Income Tax Expense (Benefit) (D

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

Leases (Details)

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

Composition of Other Balance _3

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

Composition of Other Balance _4

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

Composition of Other Balance _5

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

Composition of Other Balance _6

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

Interest Expense (Details)

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

Commitments and Contingencies (

Commitments and Contingencies (Details) € in Millions, $ in Millions		1 Months Ended
	Apr. 01, 2019 USD ($)	Apr. 30, 2020 USD ($)	Jun. 30, 2024 EUR (€)
Navitor Pharmaceuticals, Inc.
Long-term Purchase Commitment [Line Items]
Collaborative arrangement agreement termination notice period		30 days
Threshold for development costs payments		$ 50
Collaborative arrangement, payment for one time fee		10
Collaborative arrangement, upfront development costs		25
Navitor Pharmaceuticals, Inc. | Minimum
Long-term Purchase Commitment [Line Items]
Collaborative arrangement, expected development costs		410
Navitor Pharmaceuticals, Inc. | Maximum
Long-term Purchase Commitment [Line Items]
Collaborative arrangement, expected development costs		475
Navitor Pharmaceuticals, Inc. | Variable Interest Entity, Not Primary Beneficiary
Long-term Purchase Commitment [Line Items]
Investments		$ 15
VIE, qualitative or quantitative information, ownership percentage		13%
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
Litigation settlement	$ 17.5