Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 83

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1C
Chunk 83
---
 Taxes (Continued)

accordance with Internal Revenue Code (IRC) provisions, as well as similar state provisions. In addition, states may also impose other future limitations through state legislation or similar measures. Despite the NOL carryforwards, the Company may incur higher state income tax expense in the future. As of December 31, 2024, the U.S. federal and state NOL carryforwards amounted to approximately $340.6 million and $467.0 million, respectively, which will expire in various years beginning in 2031. For the year ended December 31, 2024, the Company utilized federal NOLs of approximately $33.5 million and state NOLs of approximately $17.1 million.The Company is no longer subject to U.S. Federal income tax examinations for years prior to 2021 with the exception that operating loss or tax credit carryforwards generated prior to 2021 may be subject to tax audit adjustment. The Company accounts for uncertain income tax positions pursuant to the guidance in ASC Topic 740, Income Taxes. The Company recognizes interest and penalties related to uncertain tax positions, if any, in Income Tax Expense. Some uncertain income tax position liabilities have been recorded against the Company's deferred income tax assets to offset such tax attribute carryforwards and other positions that cannot be offset by tax attributes until liability has been booked. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (dollars in thousands):Year Ended December 31,202420232022Balance as of January 1$2,149 $4,323 $6,100 Gross increases related to current year tax positions517 112 32 Gross increases related to prior year tax positions3,829 9 — Gross decreases related to prior year tax positions— — (39)Lapse of statute of limitations(655)$(2,295)(1,770)Balance as of December 31$5,840 $2,149 $4,323 The Company does not anticipate a material impact to the financial statements in the next twelve months as a result of a change in liabilities for uncertain tax positions. As of December 31, 2024, $3.5 million of the balance of unrecognized tax benefits was classified as Accounts payable and accrued liabilities.  At December 31, 2023 and 2022, respectively the balance of unrecognized tax benefits was classified as other long term liabilities.All of our liabilities