v3.26.1
Share-Based Payments
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
Equity Incentive Plan
The Company has adopted the Supernus Pharmaceuticals, Inc. 2021 Equity Incentive Plan (2021 Plan) which was approved by the stockholders in June 2021. The 2021 Plan is the successor to, and replaced the 2012 Equity Incentive Plan, as amended (the 2012 Plan). The 2021 Plan is administered by the Company's Board of Directors and the Company's Compensation Committee of the Board. The 2021 Plan provides for the grant of stock options and certain other equity awards, including: stock appreciation rights (SARs); restricted and unrestricted stock; stock units; performance awards; cash awards; and other awards that are convertible into or otherwise based on the Company's common stock, to the Company's key employees, directors, consultants, and advisors. In June 2026, the Company's shareholders approved, and the Company has adopted, the Amended and Restated 2021 Equity Incentive Plan (the Amended 2021 Plan) to increase the number of shares of the Company's common stock available for issuance under the 2021 Plan by 4,000,000 shares. The maximum number of shares that can be issued under the Amended 2021 Plan is 19,012,893 shares of the Company's common stock which includes the (i) 4,000,000 shares added pursuant to the adoption of the Amended 2021 Plan, (ii) the number of shares that remain available to be issued or transferred pursuant to awards under the 2021 Equity Incentive Plan as of the adoption date of the Amended 2021 Plan, and (iii) the number of shares that have already been issued or transferred pursuant to awards under the 2021 Plan prior to the approval by the Company’s stockholders of the Amended 2021 Plan.
Share-based compensation expense is as follows (dollars in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(unaudited)(unaudited)
Research and development$1,389 $1,479 $2,924 $2,891 
Selling, general and administrative7,251 6,028 14,196 12,684 
Total$8,640 $7,507 $17,120 $15,575 
The Company has $12.3 million of unrecognized compensation expense related to CVRs granted to holders of the accelerated Sage equity awards as of June 30, 2026. This unrecognized compensation expense will be recognized if and when the milestones associated with the CVRs become probable of achievement.
Stock Options
The following table summarizes stock option activities:
Number of
Options		Weighted
Average
Exercise Price		Weighted
Average
Remaining
Contractual
Term (in years)
Outstanding, December 31, 20256,343,009 $32.63 6.3
Granted 933,392 $50.13 
Exercised (524,249)$30.85 
Forfeited (98,940)$38.94 
Outstanding, June 30, 2026 (unaudited)6,653,212 $35.13 6.4
As of June 30, 2026 (unaudited):
Vested and expected to vest6,653,212 $35.13 6.4
Exercisable 4,075,789 $32.46 5.0
As of December 31, 2025:
Vested and expected to vest6,343,009 $32.63 6.3
Exercisable3,636,073 $32.08 4.8
Restricted Stock Units
The following table summarizes restricted stock unit (RSU) activities:
Number of
RSUs		Weighted Average
Grant Date Fair Value per Share
Nonvested, December 31, 2025396,693 $32.98 
Granted122,609 $50.20 
Vested(165,678)$33.43 
Forfeited(8,332)$37.81 
Nonvested, June 30, 2026 (unaudited)345,292 $38.77 
Performance Share Units
The following table summarizes performance share unit (PSU) activities:
Number of PSUsWeighted
Average
Grant Date Fair Value per Share
Nonvested, December 31, 2025390,496 $30.80 
Granted— $— 
Vested(65,240)$27.41 
Forfeited(55,840)$28.19 
Nonvested, June 30, 2026 (unaudited)269,416$32.16