SUPN Stock — Supernus Inc.: Cash, EV, Pipeline

What they do

Our future collaboration agreements may limit the areas of research and development that we may pursue, either alone or in collaboration with third parties. Much of the potential revenues from these future collaborations may consist of contingent payments, such as payments for achieving certain development milestones and royalties payable on product sales.

Source: 10-K FY2025 via SEC EDGAR

Share price

$29.12

Market cap

$3,436.5M

Cash

$305.0M

Enterprise value

$3,619.5M

Balance sheet

Cash	$305.0M
Debt	$488.0M
Net cash	-$183.0M
Enterprise value	$3,619.5M
Basic shares	118.0M shares
Fully diluted shares	240.0M shares
Fully diluted market cap	$6,990.0M
Cash per share	$2.58
Quarterly burn	+$229.0M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

207.7M

Pre-funded warrants

0.0M

Options

10.2M

RSUs

6.6M

Warrants

0.0M

Converts

15.5M

Conv preferred

0.0M

ESPP reserve

—

FDSO

240.0M

Cap table as of 2026-11-02.

Price history

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Next catalyst

SPN-812 · Now - Nov 24, 2026 Now · Phase 3 · Attention-Deficit/Hyperactivity Disorder

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	SPN-812	Phase 3	Attention-Deficit/Hyperactivity Disorder	—
Feb 10 - Mar 24 in 13 wks	BIS-001ER	Phase 2	Focal Impaired Awareness Seizures	—
Feb 11 - Mar 25 in 13 wks	SPN-821 2400 mg	Phase 2	Major Depressive Disorder (MDD)	—
Sep 12 - Oct 24 in 10 mo	SPN-817	Phase 2	Focal Onset Seizures	—
Feb 11 - Mar 24 in 15 mo	SPN-817	Phase 2	Epilepsy; Seizures, Epileptic	—
Feb 11 - Mar 24 in 15 mo	SPN-817	Phase 2	Focal Onset Seizures	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Qelbree

Approved · Active

Target Norepinephrine/serotonin modulator (viloxazine)

Indications

Attention deficit hyperactivity disorder (ADHD) (Approved)

Status note One of nine commercial products marketed in the U.S. Indication not stated in the excerpts.

GOCOVRI

Approved · Active

Target NMDA receptor (amantadine)

Indications

Parkinson's disease dyskinesia (Approved)

Status note One of nine commercial products marketed in the U.S. Generic competition permitted beginning June 2029 (or sooner under certain conditions) under settlement agreements. Indication not stated in the excerpts.

Oxtellar XR

Approved · Active

Target Voltage-gated sodium channels (oxcarbazepine)

Indications

Partial-onset seizures (epilepsy) (Approved)

Status note One of nine commercial products marketed in the U.S. Indication not stated in the excerpts.

Trokendi XR

Approved · Active

Target Sodium channels / GABA / glutamate (topiramate)

Indications

Epilepsy (partial-onset; primary generalized tonic-clonic seizures) (Approved)
Migraine prophylaxis (Approved)

Status note One of nine commercial products marketed in the U.S. Indication not stated in the excerpts.

APOKYN

Approved · Active

Target Dopamine receptors (apomorphine)

Indications

Parkinson's disease OFF episodes (acute intermittent treatment) (Approved)

Status note One of nine commercial products marketed in the U.S. Company recognized $54.9M impairment charges on the APOKYN acquired intangible asset in Q2 2026. Indication not stated in the excerpts.

XADAGO

Approved · Active

Target MAO-B

Indications

Parkinson's disease (adjunctive to levodopa/carbidopa) (Approved)

Status note One of nine commercial products marketed in the U.S. Indication not stated in the excerpts.

MYOBLOC

Approved · Active

Target SNARE proteins (botulinum toxin type B)

Indications

Cervical dystonia (Approved)
Chronic sialorrhea (Approved)

Status note One of nine commercial products marketed in the U.S. Indication not stated in the excerpts.

ONAPGO

Approved · Active

Aliases SPN-830

Target Dopamine receptors (apomorphine)

Indications

Parkinson's disease motor fluctuations (subcutaneous infusion) (Approved)

Status note One of nine commercial products marketed in the U.S. FDA approved February 2025; acquired in-process R&D considered complete at approval. Supplier constraints impacted ability to meet demand (announced November 4, 2025). Indication not stated in the excerpts.

ZURZUVAE

Approved · Active Modality: small molecule

Aliases Zuranolone, SAGE-217

Target GABAA

Partnerships Biogen: co-commercialization of ZURZUVAE in the U.S. (co-exclusive license for SAGE-217 products; Biogen is principal in customer sales; costs shared equally); Shionogi: collaboration for zuranolone in MDD and other indications (Shionogi responsible for clinical development and regulatory filings; royalties and milestones to Supernus); acquired via Sage Therapeutics acquisition (closed July 31, 2025)

Indications

Postpartum depression (PPD) (Approved)

Status note Approved for the treatment of PPD in the U.S.; marketed in the U.S. Company generated $63.0M collaboration revenue (ZURZUVAE) in H1 2026. $20M licensing revenue recognized in H1 2026 on a commercial milestone under the Shionogi collaboration.

SPN-817

Stage not disclosed · Active

Target acetylcholinesterase

Indications

Focal Onset Seizures (Phase 2)
Epilepsy (Phase 2)
Seizures, Epileptic (Phase 2)

Status note Named product candidate with direct R&D program expenses; no indication, stage, modality, or target disclosed in the excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	100mg SPN-812
Lead indication	Attention-Deficit/Hyperactivity Disorder
Lead phase	Phase 4
Active trials	9
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT02339064	Phase 3	Active, not recruiting	Sponsor	SUPN	—	Idiopathic Parkinson's Disease	—
NCT02736656	Phase 3	Active, not recruiting	Sponsor	SUPN	—	Attention-Deficit/Hyperactivity Disorder	—
NCT03474770	Phase 2	Active, not recruiting	Sponsor	SUPN	—	Focal Impaired Awareness Seizures	—
NCT07226661	Phase 2	Recruiting	Sponsor	SUPN	—	Major Depressive Disorder (MDD)	—
NCT06798896	Phase 2	Recruiting	Sponsor	SUPN	—	Focal Onset Seizures	—
NCT05518578	Phase 2	Recruiting	Sponsor	SUPN	—	Epilepsy; Seizures, Epileptic	—
NCT07141329	Phase 2	Recruiting	Sponsor	SUPN	—	Focal Onset Seizures	—
NCT07219927	Not disclosed	Recruiting	Sponsor	SUPN	—	Parkinson Disease	—
NCT04781140	Not disclosed	Recruiting	Sponsor	SUPN	—	Attention-Deficit/Hyperactivity Disorder	—
NCT01246765	Not disclosed	Recruiting	Collaborator	Massachusetts General Hospital	BMY	Pregnant Women; Psychotropic Drugs	—

Sponsor-matched active trials from ClinicalTrials.gov (9 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 10 active trials for MDD US Operations, LLC a subsidiary of Supernus Pharmaceuticals on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	27,842	-1,800	0.06%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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SUPN — Supernus Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

SUPN — Supernus Inc.