Company: SUPN
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001356576-25-000017
Chunk: 82

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1C
Chunk 82
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,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 realizability of deferred income tax assets, the Company considers whether it is more-likely-than-not that some or all of the deferred income tax assets will not be realized. The ultimate realization of the deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the net operating loss (NOL) is available. The Company considers projected future taxable income, the scheduled reversal of deferred income tax liabilities, and available tax planning strategies that can be implemented by the Company in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the NOL and credit carryforwards are available to reduce income taxes payable, management had determined it is not more-likely-than-not to realize all such net deferred tax assets.A reconciliation of the deferred tax asset valuation allowance is as follows (dollars in thousands):Year Ended December 31,202420232022Beginning balance$60,866 $59,598 $70,529 Acquisition Accounting(1)— — (2,305)Additions6,785 1,268 435 Deductions(926)— (9,061)Ending balance$66,725 $60,866 $59,598 (1)    Amount comprised principally of acquisitions and purchase accounting adjustments in connect with acquisitionsThe Company recorded a net valuation allowance addition of $5.9 million for the year ended December 31, 2024. The valuation allowance is primarily related to federal and state net operating losses carryforwards acquired from the Adamas Acquisition that are not expected to be realizable in the future.The Company has NOL carryforwards in several jurisdictions. Due to changes in the Company's ownership, the utilization of net operating loss carryforwards that can be used to offset future taxable income are subject to annual limits in 

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