Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 554

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 554
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CurrentFederal$31,217 $20,772 $17,515 State12,925 6,395 8,846 DeferredFederal(18,920)(21,351)(6,802)State(1,217)(4,363)(19,527)Total income tax expense$24,005 $1,453 $32  A reconciliation of income tax expense at the U.S. federal statutory income tax rate to annual income tax expense at the Company's effective tax rate is as follows (dollars in thousands):Year Ended December 31,202420232022Income tax expense computed at U.S. federal statutory income tax rate$20,553 $581 $12,756 State income taxes5,114 (330)(3,198)Permanent items131 3,028 399 Research and development credits(8,628)(1,117)237 Loss on investment(2,147)— — Uncertain income tax position2,620 (2,529)(1,992)Change in valuation allowance5,859 1,267 (8,626)Other503 553 456 Income tax expense$24,005 $1,453 $32 

Table of ContentsSupernus Pharmaceuticals, Inc.Notes to Financial Statements (Continued)11. Income Taxes (Continued)

The significant components of the Company's deferred income tax assets (liabilities) are as follows (dollars in thousands):As of December 31,20242023Deferred tax assets:Net operating loss carryforwards$93,109 $101,325 Accrued product returns and rebates20,627 22,150 Accrued compensation and stock based compensation15,912 15,613 Operating lease liability8,608 10,374 Capitalized research and development47,103 29,953 Other14,100 12,755 Total deferred tax assets199,459 192,170 Less: valuation allowance(66,725)(60,866)Total deferred tax asset, net of valuation allowance132,734 131,304 Deferred tax liabilities:Intangibles(128,188)(144,327)Operating lease assets(6,159)(7,251)Other(3,348)(4,689)Total deferred tax liabilities(137,695)(156,267)Net deferred tax liabilities$(4,961)$(24,963)In assessing the