SUPERNUS PHARMACEUTICALS, INC.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
SUPN$28.75+4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net earnings (loss) | $(38,550) | $73,865 | $1,316 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 91,563 | 80,414 | 84,859 |
| Intangible asset impairment charges | — | — | 20,189 |
| Amortization of deferred financing costs and debt discount | — | — | 532 |
| Realized loss (gains) from sales of marketable securities | 439 | (9) | — |
| Amortization of premium/discount on marketable securities | (1,529) | 1,823 | (122) |
| Change in fair value of contingent consideration | 25,419 | (6,110) | (1,517) |
| Share-based compensation expense | 33,051 | 27,755 | 26,759 |
| Deferred income tax benefit | 5,206 | (20,136) | (25,714) |
| Inventory valuation write-down | 1,926 | 8,876 | 8,023 |
| Payment of contingent consideration | (4,900) | — | — |
| Noncash lease expense | 7,980 | 5,452 | 6,503 |
| Other noncash adjustments, net | 1,885 | 2,073 | (606) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (22,304) | 2,078 | 18,765 |
| Inventories | (7,502) | 15,806 | 6,110 |
| Prepaid expenses and other assets | (13,179) | (19,352) | (334) |
| Accrued product returns and rebates | (7,608) | 14,431 | 2,609 |
| Accounts payable and other liabilities | (24,566) | (15,015) | (36,287) |
| Net cash provided by operating activities | 47,331 | 171,951 | 111,085 |
| Cash flows from investing activities | |||
| Acquisition of Sage, net of cash acquired | (293,093) | — | — |
| Purchases of marketable securities | (475,941) | (688,013) | (101,621) |
| Maturities of marketable securities | 774,478 | 498,871 | 370,901 |
| Purchases of property and equipment | (1,338) | (725) | (551) |
| Net cash provided by (used in) investing activities | 4,106 | (189,867) | 268,729 |
| Cash flows from financing activities | |||
| Proceeds from Credit Line | — | — | 93,000 |
| Payments on Credit Line | — | — | (93,000) |
| Payment on convertible notes | — | — | (402,500) |
| Proceeds from issuance of common stock | 37,616 | 14,908 | 6,610 |
| Employee taxes paid related to net share settlement of equity awards | (4,229) | (2,715) | (1,990) |
| Payment of contingent consideration | (24,257) | — | — |
| Net cash provided by (used in) financing activities | 9,130 | 12,193 | (397,880) |
| Net change in cash, cash equivalents, and restricted cash | 60,567 | (5,723) | (18,066) |
| Cash and cash equivalents at beginning of year | 69,331 | 75,054 | 93,120 |
| Cash, cash equivalents, and restricted cash at end of year | $129,898 | $69,331 | $75,054 |
| Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets | |||
| Cash and cash equivalents | $128,448 | $69,331 | $75,054 |
| Restricted cash | 1,450 | — | — |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $129,898 | $69,331 | $75,054 |
| Supplemental cash flow information | |||
| Cash paid for income taxes | $16,051 | $53,254 | $36,602 |
| Cash paid for interest on debt | $— | $— | $1,946 |
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