Company: SUPN
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001356576-25-000033
Chunk: 87

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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 31,20252024(unaudited)Income tax expense$5,996 $119 Effective tax rate(102.8)%49.0 %Income tax expense was $6.0 million ((102.8)% effective tax rate) for the three months ended March 31, 2025, as compared to an income tax expense of $0.1 million (49.0% effective tax rate) for the three months ended March 31, 2024. The 

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change was primarily due to near break-even pre-tax losses on both the three months ended March 31, 2025 and full year 2025 forecast as compared to the same periods in 2024. The Company's effective income tax rate for the three months ended March 31, 2025 varies from the statutory federal tax rate in United States (U.S. federal tax rate) of 21% primarily due to the impact of recurring permanent differences on a forecast near-break even loss. The Company's effective income tax rate for the three months ended March 31, 2024 varies from the statutory U.S. federal tax rate primarily due to the impact of discrete items on a year to date near break-even forecasted earnings before taxes.

The annual forecasted earnings represent the Company's best estimate as of March 31, 2025 and 2024, are subject to change and could have a material impact on the effective tax rate in subsequent periods. Accounting Standard Codification 740, Income Taxes (ASC 740), requires the Company to estimate the annual effective income tax rate for the full year and apply it to pre-tax income (loss) for each interim period, taking into account year-to-date amounts and projected results for the full year. 

12.    Leases

Operating lease assets and lease liabilities as reported on the condensed consolidated balance sheets are as follows (dollars in thousands):Balance Sheet ClassificationMarch 31, 2025December 31, 2024(unaudited)AssetsOperating lease assetsOther assets$22,724 $24,477 Total lease assets$22,724 $24,477 LiabilitiesOperating lease liabilities, current portionAccounts payable and accrued liabilities$5,937 $6,889 Operating lease liabilities, long-termOperating lease liabilities, long-term26,368 27,382 Total lease liabilities$32,305 $34,271 

13. Segment Reporting

The Company operates in one operating segment and therefore has only