Company: SUPN
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001356576-25-000055
Chunk: 79

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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as (Adamas Acquisition). The Adamas Acquisition included payment of two non-tradable contingent value rights (CVRs) each of which represents the contractual right to receive a contingent payment upon the achievement of the applicable aggregate worldwide net product sales of GOCOVRI. Each CVR represents the contractual right to receive a contingent payment of $0.50 per share in cash, less any applicable withholding taxes and without interest, upon the achievement of the applicable milestone (each such amount, a Milestone Payment) in accordance with the terms of a Contingent Value Rights Agreement entered into between the Company and American Stock Transfer & Trust Company, LLC, as rights agent, as further defined in the CVR agreement. Achievement of the first milestone did not occur, and accordingly the first Milestone Payment did not become payable. As of June 30, 2025, only one of the CVR remains. The remaining Milestone Payment is payable (subject to certain terms and conditions) upon the first occurrence of the achievement of aggregate worldwide net sales of GOCOVRI in excess of $225 million during any consecutive 12-month period ending on or before December 31, 2025 (2025 Milestone). The 2025 Milestone may only be achieved once.As of June 30, 2025, the possible outcomes for the remaining 2025 Milestone contingent consideration is $0 or $25.0 million on an undiscounted basis. As of June 30, 2025, the probability of achievement of 2025 Milestone is remote. The fair 

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value of the contingent consideration liability related to the 2025 Milestone was $0 as of June 30, 2025 and December 31, 2024. The Company classified the contingent consideration liability as Level 3 fair value measurements as of June 30, 2025 and December 31, 2024. The key assumptions considered in estimating the fair value of the Adamas sales-based milestones include the estimated revenue projections and probability of achievement of milestone. Change in the Fair Value of Contingent ConsiderationThe following tables provide a reconciliation of the beginning and ending balances related to the contingent consideration for the USWM Acquisition and Adamas Acquisition (dollars in thousands):USWM AcquisitionAdamas AcquisitionTotalBalance at December 31, 2024$47,340 $— $47,340 Change in fair value recognized in earnings7,660 — 7,660 Milestone payments