SUPERNUS PHARMACEUTICALS, INC.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
SUPERNUS PHARMACEUTICALS, INC.
FORM 10-K
For the Year Ended December 31, 2025
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I | ||
| Item 1. | Business | 4 |
| Item 1A. | Risk Factors | 33 |
| Item 1B. | Unresolved Staff Comments | 72 |
| Item 1C. | Cybersecurity | 72 |
| Item 2. | Properties | 74 |
| Item 3. | Legal Proceedings | 74 |
| Item 4. | Mine Safety Disclosures | 83 |
| PART II | ||
| Item 5. | Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities | 83 |
| Item 6. | Reserved | 85 |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 86 |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | 100 |
| Item 8. | Financial Statements and Supplementary Data | 102 |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 159 |
| Item 9A. | Controls and Procedures | 159 |
| Item 9B. | Other Information | 160 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 160 |
| Item 11. | Executive Compensation | 160 |
| Item 12. | Security Ownership of Certain Owners and Management and Related Stockholder Matters | 160 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 161 |
| Item 14. | Principal Accounting Fees and Services | 161 |
| PART IV | ||
| Item 15. | Exhibits, Financial Statement Schedules | 162 |
| SIGNATURES | ||
Unless the content requires otherwise, the words "Supernus," "we," "our" and "the Company" refer to Supernus Pharmaceuticals, Inc. and/or one or more of its subsidiaries, as the case may be. These terms are used solely for the convenience of the reader. Supernus Pharmaceuticals, Inc. and each of its subsidiaries are distinct legal entities. For example, MDD US Operations, LLC, a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., is the exclusive licensee and distributor of APOKYN and ONAPGO in the United States and its territories. Adamas Operations, LLC (Adamas Operations), a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., wholly owns the patents and patent applications related to GOCOVRI and Osmolex ER and has a license agreement with Supernus Pharmaceuticals, Inc., granting Supernus Pharmaceuticals, Inc. rights to market and sell GOCOVRI. Sage Therapeutics, LLC, a wholly-owned subsidiary of Supernus Pharmaceuticals, Inc., has granted Supernus Pharmaceuticals, Inc. a license to market and sell products containing zuranolone in the United States.
We, including our subsidiaries, are the owner/licensee of various U.S. federal trademark registrations (®) and registration applications (TM), including the following marks referred to in this Annual Report on Form 10-K, pursuant to applicable U.S. intellectual property laws: "Supernus®", "Microtrol®", "Solutrol®", "Qelbree®", "GOCOVRI®", "Oxtellar XR®", "APOKYN®", "Trokendi XR®", "XADAGO®", "MYOBLOC®", "Osmolex ER®", "Namzaric®", "ONAPGOTM", ZURZUVAE®, and the registered Supernus Pharmaceuticals logo.
All trademarks or trade names referred to in this Annual Report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Annual Report on Form 10-K are referred to without the ® and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.