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SUPN — Supernus, Inc.

SUPN (Supernus, Inc.) stock: $26.16, $3.09B market cap, $305.0M cash, $3.27B EV, $6.28B fully diluted market cap. Lead program: 100mg SPN-812 (Attention-Deficit/Hyperactivity Disorder), Phase 4. Data from Fully Diluted's biotech stocks database.

What they do

Our future collaboration agreements may limit the areas of research and development that we may pursue, either alone or in collaboration with third parties. Much of the potential revenues from these future collaborations may consist of contingent payments, such as payments for achieving certain development milestones and royalties payable on product sales.

Source: 10-K FY2025 via SEC EDGAR

Share price
$26.16
Market cap
$3,087.8M
Cash
$305.0M
Enterprise value
$3,270.8M

Balance sheet

Cash$305.0M
Debt$488.0M
Net cash-$183.0M
Enterprise value$3,270.8M
Basic shares118.0M shares
Fully diluted shares240.0M shares
Fully diluted market cap$6,279.5M
Cash per share$2.58
Quarterly burn$4.8M
Cash runway77.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common
207.7M
Pre-funded warrants
0.0M
Options
10.2M
RSUs
6.6M
Warrants
0.0M
Converts
15.5M
Conv preferred
0.0M
ESPP reserve
—
FDSO
240.0M

Cap table as of 2026-11-02.

Rebuilt November 4, 2026 for the Supernus Pharmaceuticals and Indivior business combination, which closed November 2, 2026 (closing 8-Ks filed November 2, 2026). Indivior was the legal acquirer and was renamed Supernus, Inc.; the combined company trades as SUPN and legacy Supernus Pharmaceuticals was delisted. Each legacy Supernus share converted into 1.5401 shares of the combined company. Basic of 207,724,098 is Indivior's 118,035,272 shares at October 9, 2026 (Q3 10-Q cover) plus 89,688,826 shares issued for legacy Supernus's 58,235,716 shares at October 27, 2026 (Q3 10-Q cover). Options of 10,228,588 are legacy Supernus options assumed at the exchange ratio (6,641,509 outstanding at September 30, 2026). RSUs of 6,621,834 are Indivior restricted and performance awards of 5,378,000 at September 30, 2026 plus legacy Supernus RSUs and PSUs of 807,632 at September 30, 2026 converted at the exchange ratio. Converts of 15,467,750 are Indivior's $500M of 0.625% convertible notes due 2031 at the adjusted conversion rate of 30.9355 shares per $1,000 disclosed November 3, 2026 after the special dividend. Cash of $314.5M is a pro forma estimate on September 30, 2026 balances: Indivior cash of $305.0M plus legacy Supernus cash and marketable securities of $359.5M, minus the $350M of combined cash used to fund the $1.0B special dividend paid to legacy Indivior holders at closing. It is before transaction fees and cash paid in lieu of fractional shares. Debt of $650.0M is the new Citibank term loan drawn at closing to fund the rest of the dividend. Indivior's old term loan was repaid in full earlier in 2026, and the convertible notes are counted in the share count, not in debt. Indivior conditional LTIP awards are not counted separately. Company pro forma financial statements are still to come and will replace these estimates when filed.

Price history

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Next catalyst

SPN-812 · Now - Nov 24, 2026 Now · Phase 3 · Attention-Deficit/Hyperactivity Disorder

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