Supernus at Jefferies Global Healthcare Conference: Strategic Insights

On Wednesday, 04 June 2025, Supernus Pharmaceuticals Inc. (NASDAQ:SUPN) presented at the Jefferies Global Healthcare Conference 2025. CEO Jack Qatar highlighted the company’s robust financial standing and strategic growth plans, despite challenges like the loss of exclusivity on some products. Supernus is focusing on expanding its presence in the ADHD and Parkinson’s markets while advancing its pipeline.

Key Takeaways

• Supernus projects 2025 revenues between $600 million and $630 million, a dip from $660 million in 2023, due to generic competition.
• KELBRII, an ADHD treatment, is expected to reach $290 million in sales in 2025, driven by prescription volume growth.
• ONAPCO, a Parkinson’s treatment, shows early positive reception with potential peak sales of $200 million to $300 million.
• Pipeline investments include SPN-820 for major depressive disorder and SPN-817 for epilepsy, with data expected in 2027.
• Business development remains a priority, focusing on CNS assets for launches between 2026 and 2030.

Financial Results

• Revenue for 2025 is expected between $600 million and $630 million.
• 2025 is seen as a trough year due to generic competition for Oxtellar XR.
• KELBRII is forecasted to contribute $290 million in 2025.
• ONAPCO’s peak sales potential is estimated at $200 million to $300 million.
• Gross to Net for KELBRII is targeted at 50% to 55% for the year.

Operational Updates

• KELBRII’s market penetration remains under 1% of the 100 million annual ADHD prescriptions, with a 20% growth rate.
• ONAPCO, launched in April, has over 200 prescribers and 500 patient enrollment forms.
• The company is actively promoting KELBRII in both pediatric and adult markets.

Future Outlook

• SPN-820 is entering a Phase 2b study for major depressive disorder with data expected in 2027.
• SPN-817 is in Phase 2b for epilepsy, with cognitive benefits anticipated alongside seizure reduction.
• Business development focuses on acquiring CNS assets, leveraging a debt-free balance sheet.

Q&A Highlights

• KELBRII’s growth is primarily volume-driven, with modest price increases.
• ONAPCO shows promise but requires more time for precise sales predictions.
• Supernus is committed to expanding its portfolio through strategic acquisitions.

Readers are encouraged to refer to the full transcript for detailed insights.

Full transcript - Jefferies Global Healthcare Conference 2025:

Andrew Tsai, Senior Biotech Analyst, Jefferies: Session. I’m Andrew Tsai, senior biotech analyst at Jefferies. Thanks for joining today. It’s my pleasure to have Jack Qatar next to me, CEO of Supernus. Welcome, Jack.

Jack Qatar, CEO, Supernus: Thank you. Thanks for having us.

Andrew Tsai, Senior Biotech Analyst, Jefferies: As usual, those who may be less familiar with the Supernus story, any opening remarks you’d like to make about your story, what you’re working on and key priorities over the next year?

Jack Qatar, CEO, Supernus: Yes, sure. Good afternoon. And please, just as a quick reminder, I’ll be making forward looking statements. So please check the SEC filings for all the risk factors. Very quickly, for those of you who may not be familiar with us, we are a CNS focused biopharmaceutical company, have about eight products on the market, a good portfolio of products, some of which are legacy products that are going through LOE and then the others that are really significant growth drivers behind the business.

Our big product right now that is really carrying a lot of the burden is KELBRII, which is a novel ADHD treatment that we launched in May of twenty twenty one. Has been a fairly successful product and I’m sure we’ll talk about a little bit more later. Also we’re very excited about a very recent product that we launched only a few weeks ago and that is Onapco, which is an infusion device for Parkinson’s. We have a fairly strong presence in the Parkinson’s space with four products on the market, more than any other player in the space. And we also have a fairly good pipeline in Phase two or earlier.

At the same time, we have a strong balance sheet, good cash flows with profitable revenues around the $600,000,000 mark and still good profitability despite the loss of exclusivity on our flagship products.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Great. And in my notes, you’re expected to do $600,000,000 and $630,000,000 in revenue this year. You did $660,000,000 in 2023, but one of your or last year, I believe, but one of your products, OXYRA went generic last year. Is it fair to assume you’re doing a good job, by the way, offsetting the revenue loss. Is it fair to assume 2025 could be the trough year for your total revenue going forward?

Jack Qatar, CEO, Supernus: Yes. I mean, 2025 will be the first year where Oxtellar XR has a full year of being generic because it went generic in September over last year. So theoretically, the answer would be yes from that perspective. Also because Calibri’s growth, GOCOVRI’s growth and ONAPCO now, so we have three growth drivers, should certainly more than compensate for the losses on the revenue side with the other products. Okay.

Andrew Tsai, Senior Biotech Analyst, Jefferies: And so maybe today, we’d love to talk about Calvary on APCO and then maybe your pipeline. So starting with Calvary, I always ask you, what inning are we are in with this launch? It’s launched in 2021. You’re at about a $260,000,000 run rate now. How big can this product become in Nirvio?

Jack Qatar, CEO, Supernus: I mean, I maintain to say we are in the early innings. This is a huge category, 100,000,000 prescriptions a year. We’re not even close to a little bit flirting with the 1% market penetration. So we still have a long way to go. But more importantly, I mean the product is really a great product clinically, medically, all the data we keep generating on it, not only the Phase III program of course, but also the other Phase IV clinical studies that we’ve done since the launch of the product.

So it continues to be a great product with a great response and our penetration specifically in the adult and also the pediatric is still in the early stages. So even if you assume 4% market share, five percent market share, mean, this is a multi hundred million dollar opportunity for us.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Great. And during first quarter earnings, it seemed as if you did bless 2025 consensus of around two ninety for the full year. Do you still feel good about that number following the Q2 trends of Calgary right now?

Jack Qatar, CEO, Supernus: Yes. I mean nothing really happened one way or the other other than continued to really perform pretty well. So we’re comfortable with that.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right. And remind us as we look ahead in 2025, the key growth drivers for this product, what is it fair to assume this year might be more driven by volume rather than price or not necessarily?

Jack Qatar, CEO, Supernus: Mean price increases have been very modest. We had some benefit like last year on the gross to net because of certain movements within the gross to net, different factors and dynamics there that were more favorable to us. But the bottom line, I mean, the product growth is mainly driven by its growth in prescriptions. I mean, it’s really very solid volume growth and that’s what’s driving the franchise. We’re into almost now year five into the launch and we’re still growing in the 20 plus percent from a prescription perspective.

So we’re very optimistic about the potential here.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Great. And speaking of volume, based on the weekly scripts, maybe you’re on pace to do 5% growth quarter over quarter this quarter. I could be wrong, correct me if I’m wrong. But regardless, it’s an acceleration from what you saw in first quarter. Could Q3 and Q4 look even stronger than Q2?

Jack Qatar, CEO, Supernus: Yes. I mean, typically Q3, you might get even another uptick because of the back to school season. I mean, although the back to school season is not always a calendar season. I try to remind folks a little bit about that. It’s not a pure calendar seasonality because clearly a lot of folks get out of school in May, some in June and then not everybody goes back to school exactly at the same time.

So certainly, Q3, if you look historically, tends to be of an uptick versus Q2. And then Q4 even sometimes does even better. And that was the trend we had last year actually. So there is no reason for us to believe it should be any different this year. It’s really all about continued promotion.

This is a very promotion sensitive category. So as long as we continue to push it, we’re very dedicated to it with a very significant investment on both on the pediatric side and the adult side. So we’re pushing on both patient populations clearly.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right. And you have a digital DTC running as well. That’s right. Yes, that’s right. And then gross to net, I think you’ve guided previously this year could be in the 50% to 55% range.

In first quarter, I believe it was 51% to 52%. Typically Q1 is the highest out of the year. So does that mean Q2, Q3, Q4 for you for Calibri could be lower than 51%?

Jack Qatar, CEO, Supernus: I mean that typically the normal trend and you would think that what would happen unless something happens on a quarter to quarter where sometimes we get these one time fluctuations or aberrations between the quarters that could push it one way or the other. But yes, I mean, our annual target has been the 50,000,000 to $55,000,000 We are starting position in Q1 around the 52%. It should improve unless something else happens that could push it in the other direction.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Yes. And as we think about the tail of CALBREIT, remind us the latest on when IP expires for this product?

Jack Qatar, CEO, Supernus: IP, the last expired is 02/1935. We had a patent extension recently that added two years. It used to be 02/1933. We do have another patent in 2033 and we have another one in 2029, but the last one to expire is 02/1935.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Great. And before this fireside, I had prepared some of these questions that we did learn. I was wondering were you typically for NCE generic ANDAs file I believe four years into the launch and I was wondering if four years into the anniversary of your launch would be April of this year and I hadn’t seen any filers basically, but we did learn about some filers in the register last week. So how many are there? What would be the next steps?

Are you looking to settle? If so, what would be that settlement range or date do you think?

Jack Qatar, CEO, Supernus: Yes, mean, it’s correct. Typically in an NCE five year exclusivity after year four, you’ll have a bunch of ANDAs that get filed and that is the case here as well and we announced that. We have numerous parties that file. But now, I mean, it just takes its course. You just let the process take its course.

We’re reviewing these ANDAs. We’ll see what the issues are. And then typically within forty five days, if it merits it, you initiate a lawsuit potentially if these folks are infringing or and what’s what have you. And as far as what the potential outcomes, mean historically, you know, we we’ve done it as far as to what really merits from a case perspective. We’ve gone to trial.

We’re not afraid of going to trial. We’ve done it before and we’ve won and then we’ve settled as well. So I mean all outcomes are potential, you know, there could be potential outcomes out there. All the possibilities are open.

Andrew Tsai, Senior Biotech Analyst, Jefferies: And I should have emphasized that one of the value propositions of CALBRII is this is one of the only few non stimulants out there. Looking ahead, there are potential competitors. I think Osuka might be filing over the next twelve months and then you have Axsome working on their Phase III compound as well. What are your thoughts on competition and why it would not impact Calgary’s longer term growth trajectory?

Jack Qatar, CEO, Supernus: I mean from what I know on centifenadine which is the old sugarcane molecule, mean that we don’t know whether the jury is out, whether it’s a non stimulant or a stimulant. We’re not sure yet. It could actually be either way. It is a triple reuptake inhibitor from what we know and therefore it all depends on the abuse liability data that the company may have generated and whether they’ll be able to convince the FDA and the DEA that it shouldn’t be you classified. So that remains to be seen.

As far as the efficacy of the program of course I mean it does work you know they did show that in clinical trials. On the other side with Axsome you know with the Sunosi product they did recently publish some of the data. I think there is more work probably to be done there as far as the doses, the different range of doses that you might need, especially in an area like this for ADHD, and especially that you’re looking at different patient populations, from pediatric to adolescent to adult. So I think there might be some more work there that they might have to do to show the FDA the doses, the minimum effective dose, maximum effective dose and in between how can you titrate so that psychiatrists can be able to treat the different patients.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right, right. Okay. I mean big picture is multiple players can share the market or?

Jack Qatar, CEO, Supernus: I mean historically for those people who know us I mean we’re not afraid of competition. We know we’ve we compete pretty well in across all areas in epilepsy, migraine, ADHD, Parkinson’s it really doesn’t matter. I tend to be typically a believer that sometimes actually competition is good. It helps you build the market, especially in certain situations where you are trying to build a certain segment of the market and the more noise you have the better it is. So we would welcome like we’re doing now with on APCO, you know, not to change the subject, but pretty much we’re building a whole new segment in the Parkinson’s space with infusion devices.

Two companies doing that is still better than one.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Yeah. Okay. Yeah. And speaking on APCO, your Parkinson’s pump, apomorphine pump, it launched in April of this year. Big picture.

What’s the peak sales potential of this product? Why would Parkinson’s patients use this pump over AbbVie’s recently approved US product?

Jack Qatar, CEO, Supernus: I mean, our pump, just for the audience, has apomorphine in it. The AbbVie’s pump, Violav, has prodrug of levodopa carbidopa. So why would a physician choose one versus the other? If you look at the efficacy data, they’re pretty close. That’s not really, there’s not really a lot of differences there, although they’ve never been a head to head trial, but from what we know and from what our data looks like.

Therefore it’s up to the physician. So it depends on the patient that you’re looking at. If they have a patient that have been on levodopa, carbidopa for a long time, which most of patients are, especially as they get into the advanced stage of the disease and that’s the label they have and the label we have, which is advanced Parkinson’s. Are you going to stick with levodopa carbidopa or are you going to try something else that could work? And therefore based on that analysis and that equation for what’s right for that patient you might choose to continue with levodopacarbidopa but try the infusion, because it may work a little bit better than the oral or you might say you know what I want to try something else.

Apomorphine is very well established that it’s a very efficacious molecule and therefore I’ll try another product that could be a good dopamine agonist. And in that case you could use know Onabco. With Onabco you can continue with the oral levodopa, carbidopa they can be used together. With Vylev you have to replace the oral. You can’t have both of them.

So again it’s a choice that the physician will have to make based on the patient profile, the patient they’re looking at. It’s a little bit early for us now because we’re only about a month, month and a half into the launch and knowing exactly the patient profile based on the patients that we see are starting on APCO. So that’ll take us a while for it to decide where the therapy going and in which direction it will end up.

Andrew Tsai, Senior Biotech Analyst, Jefferies: And then the peak sales potential of your product do

Jack Qatar, CEO, Supernus: you think? I mean we’ve talked about a 200,000,000 to $300,000,000 peak. And I tell folks all the time because people challenge us and rightfully so that maybe we’re way too conservative. But again, it really depends on the patient profile, because advanced Parkinson’s could mean different things to different physicians. It could mean to one physician a patient who’s been diagnosed only three years ago but really struggling with a lot of the meds that they’re on, the oral therapies and so forth.

And therefore you might give them the infusion device at that time. For another physician maybe it has to be at least a ten year diagnosis. The patient has exhausted every single potential drug out there and then I consider them to be advanced progress. So, from the experience we know from Europe, the product has been on the market for thirty some years. Physicians do use it for earlier stage disease, mid stage disease and so forth.

So over time there is a possibility that it could, migrate towards more moderate, less severe patients. If that is the case, then clearly it opens up the opportunity and it could be a much bigger product from that I

Andrew Tsai, Senior Biotech Analyst, Jefferies: And so you mentioned early May that over 100 prescribers have submitted at least one patient enrollment form from ONAPGO. What is that latest number right now as of early June?

Jack Qatar, CEO, Supernus: Yeah, mean, right now we have data slightly a little bit different, but we have more than 200 actually prescribers of ONAPGO, which is fairly significant, much more than we thought initially we would get at this stage. As I said initially we’re very encouraged with the response we’re getting and we have 500 or more as far as enrollment for patient enrollment forms. So it’s really the funnel is getting filled up pretty nicely. But again, I caution folks because it’s early. Hopefully this is not a bolus rush on the product, which because people have been waiting for the product for a while.

So we very diligently monitor on a weekly basis, you know, that we have continued steady flow of these forms that are coming in initiation forms. It’s still like this and that continues to apply. So hopefully it won’t taper off and you know will change on a quarter to quarter basis but at this point very encouraging.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right and how how long does it take an enrollment form to translate to a reimbursed patient?

Jack Qatar, CEO, Supernus: Yeah, typically from the time the physician’s office sends that form, it takes several weeks for it to be completed. A lot of times the information is not complete back and forth between the physician, the patient, the hub, and then the insurance process. So it takes several weeks until the product gets shipped to the patient and the patient gets initiated by our nurse network.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Okay, got it. And consensus is $1,800,000 for the quarter seems is appropriate or any color on that?

Jack Qatar, CEO, Supernus: This one is going to be hard for me to predict because it is so early and it’s so bumpy and will probably be bumpy. So I will refrain from making specific Understood.

Andrew Tsai, Senior Biotech Analyst, Jefferies: But

Jack Qatar, CEO, Supernus: I mean for year, we’re sticking with the 7% to nine or high single digit, so to speak, annual guidance because as you might appreciate, it could be bumpy, especially quarter to quarter.

Andrew Tsai, Senior Biotech Analyst, Jefferies: So far so good, steady cadence is And then moving on to your other pipeline products, unless you wanted anything else to discuss on Onabco.

Jack Qatar, CEO, Supernus: No. Pretty pleased with how it’s going. Yeah.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Your other pipeline product, SPN eight twenty is a novel mTORC inhibitor. You decided to initiate pursue a phase two b study, I believe, in MDD depression even though, unfortunately, the prior phase prior phase two b study in TRD treatment resistant depression did not separate from placebo. So why is this going to be different this time?

Jack Qatar, CEO, Supernus: Yeah, sure. Let me back up a little bit so that folks can understand the background as to how we got to where we are today. So this is a molecule where initially the innovator had done a very small proof of concept study with one, just one single dose, two thousand four hundred milligram. And they measured the madras and it was a placebo controlled study, but very small. And it separated from placebo on Madras, and the effect was maintained with only one single dose two thousand four hundred milligram through seventy two hours.

So they didn’t give the drug every single day. They just gave it only once and measured the effect through day three. When we took on the program and we finished a lot of the phase one, SAD, MAD studies, everything, everything pointed to direction that probably we don’t need to be at two thousand four hundred milligram. We could be in the sixteen hundred milligram on a daily basis. And that’s what we chose to move forward with with the phase 2B study that we did.

And we chose TRD for all kind of different reasons at that time, commercial opportunity and so forth. And the phase 2b was sixteen hundred milligram every single day and this is an mTORC1 activator. So from a biology perspective that is very important in the analysis. Because when the study did not separate from placebo, and that’s the study that failed and we announced fairly recently, we suspected that it’s more related to the dosing regimen than anything else. Because at the same time after we had initiated the phase 2b that failed, we had initiated also an open label study repeating the once every three day dose that the innovator had done way back in the phase one and did it through day 10.

So we did three doses basically over that period of time, but they were intermittent dosing, two thousand four hundred milligram and that showed us phenomenal results. Now having said that, was open label, so just to be clear. But the results were really strong. Even if you apply average placebo effects in different studies to that open label data, it’s still like, wow, this is really a drug that potentially is working very well. So looking at that data, looking at the phase to be in the single, daily dose regimen and why it failed, looking at the biology of the mTORC1 activator, and there is more and more emerging data showing that not all targets in CNS really need to be engaged every single day.

Actually hitting them frequently every day could give you a counter effect. And we think mTORC1 is one of those type of mechanisms. And therefore because if you do the activation on the mTORC1 side, basically what you’re doing is you’re increasing protein synthesis. But if you don’t allow the system to kind of digest that impact, that effect, to get the most benefit out of it and therefore give it about a day or two to rest, reset, and then you hit it with a second dose on day three, you know, you may not get the best benefit out of it. So given the collective amount of data we have, understanding of the biology, the mechanism of action, that’s why we chose, you know, took certainly not a small decision, but to invest again in another phase 2b, in MDD, but only with intermittent dosing at the two thousand four hundred milligram.

Andrew Tsai, Senior Biotech Analyst, Jefferies: I see. Dosed every three days, twenty four hundred milligram.

Jack Qatar, CEO, Supernus: Two thousand four hundred milligram.

Andrew Tsai, Senior Biotech Analyst, Jefferies: And ultimately, what kind of placebo adjusted delta do you think you can show then with this drug?

Jack Qatar, CEO, Supernus: Mean, hopefully we’ll show something. I mean, not going be exactly like the open label of course because but open label adjusted to the placebo effects that we see normally. I mean, that could be very profound. Now clinically, we know and medically, a five point to seven point reduction on MADRS is a clinically meaningful reduction. So certainly we would hope to be in that region or even better than that.

Andrew Tsai, Senior Biotech Analyst, Jefferies: To be clear, placebo adjusted or just absolute reduction?

Jack Qatar, CEO, Supernus: Placebo. Wow.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Okay. Because other drugs show closer to two. Yeah. Okay. And your study starts when, and when can we get the data?

Jack Qatar, CEO, Supernus: We’re hoping to start the study before year end. I mean, we’re still working on the timelines. We haven’t finalized that yet because we as you might imagine, we have to do now clinical supply, everything else to get ready for the study. So most likely before year end, we’ll start it. And data, mean, you’re not looking at data until 2027 clearly.

We’ll be a little bit more specific as we get closer and find the timelines.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right. I think one silver lining from the failed study in TRD was that it seems as if the placebo behavior was typical or normal suggesting you can control for placebo.

Jack Qatar, CEO, Supernus: Yeah, absolutely. Mean the study that didn’t show separation, it wasn’t because of managing the study. I mean everything was so clean. All the sites were fairly consistent. We didn’t have like sites that were completely outliers that really caused aberrations in the data or anything.

We didn’t see anything among demographics. Even some patients were borderline MDD, TRD. We didn’t see a difference there, which led us to believe it’s not really the indication here that’s causing the difference between the open label and the placebo. It was more the dosing regimen.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Understood. And in the meantime, would you consider pursuing other indications for A20? Or is this it you’re just going to run this?

Jack Qatar, CEO, Supernus: For now we need to get an answer to the question on the intermittent dosing before we explore another indication. And

Andrew Tsai, Senior Biotech Analyst, Jefferies: then moving on to your other pipeline product SPN-eight seventeen acetylcholinease inhibitor, for epilepsy. It’s, I believe the phase two data could be year end of next year.

Jack Qatar, CEO, Supernus: I don’t know. Depending on the recruitment with epilepsy. Epilepsy studies are notorious for being slow unfortunately. And this is a multi country, multi site, so it’s a fairly complicated study, 200 plus patients. So we’ll see.

We need probably another quarter or so, see how recruitment goes and then we can firm up the dates but most likely we’re talking about ’27 as well as far as data.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Understood. And big picture backtrack is remind us the intended profile of this compound why you think it could be competitive in the epilepsy marketplace?

Jack Qatar, CEO, Supernus: Yeah, mean this product is a little bit different. We do have actually data from patients have been on the drug although very small and for years, know, three, four, five years actually one of the patients still seizure free despite very severe epilepsy that this patient used to have. So in a way we know it’s not placebo. Placebo doesn’t last that long. So clearly the drug is working.

And of course we had the open label study that we did last year and the data was fairly profound as far as the efficacy. I mean we had seizure reduction in the fifty eight percent in the maintenance period and I think it continued to about sixty six percent, if I’m not mistaken, through the post maintenance period. So the efficacy of the drug seems to be really good. We bumped against some tolerability issues on the titration side, though, which didn’t allow us to get as many patients as we would have liked on the open label. But when we looked at the data, especially with the three to four milligram BID, the data seemed to be fairly consistent about the efficacy of the drug.

And that’s what we’re taking to the next step into the Phase 2b study. So differentiation clearly a good efficacy, strong efficacy but also given that the product as you mentioned is an acetylcholinesterase inhibitor this class of drug is known to be pro cognition. And in epilepsy cognition is a major issue. Actually a lot of the drugs cause cognitive deficits and the disease itself does cause also cognitive deficits because every seizure brings in more cell death in the brain and therefore causes or contributes to potential cognitive deficits. So to have a molecule that can be efficacious, treats the seizures very well, but also helps either stabilize or improve cognition, that will be a major differentiation.

And we did see a signal of that in the open label because we measured cognition through EpiTrack. EpiTrack which is a very well validated measure of cognition, specifically was developed for epilepsy drugs. So we use that in our open label and we did see that a very big portions, about seventy five percent of patients either stayed stable, which is a win for epilepsy patients not to get further decline or improved. So we’re optimistic that we should have an impact on that. And we’re using that measure in the Phase 2B as well.

Andrew Tsai, Senior Biotech Analyst, Jefferies: I see. And what do you envision the peak sales potential for this drug to be if the profile doesn’t

Jack Qatar, CEO, Supernus: It’s really, I mean, really early for us to predict because now we are going after the focal seizures, which is the biggest segment clearly. But all ends up being, I mean, if this profile sticks, this is a multi hundred million dollar opportunity by all means you know this is something that can be very very impactful to a lot of patients.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right. And data in 2027 how did you power the study? What is the placebo adjusted seizure reduction you power to show?

Jack Qatar, CEO, Supernus: I don’t remember the exact number, but I mean it’s the thing is we didn’t have any other placebo data from the previous from the open label and so forth, but using average kind of placebo rates and so forth. That’s what we try to use in the design of the study. But we feel pretty good about the 200 plus patients. That’s the size of the study across the two potencies.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Right. And then big picture in the last minute or two, you know, as I think about the cadence of your catalyst, we’re watching the on NAPCO CALBRII launch, and then we have your pipeline data sets later in 2027 more likely. So there is a technical gap here. So that raises a question of BD. Are you looking to in license something?

So the latest and greatest on that front and Yeah.

Jack Qatar, CEO, Supernus: Mean, I how to be progressive. BD is always a top priority for us. You know, I to emphasize that all the time. This is not something one day you say I’m going to take a break this quarter. I’m not the one to do BD.

I’ll do it next quarter. So we’re very serious about BD and we’re always very active. And it’s been a very active, actually more active than we’ve ever had in the last interestingly twelve months ago given the environment and a lot of the companies having issues or not able to fund certain projects or move to the next step. So now our top priority is we’re looking for commercial assets, but then right after that assets that could be launched between 2026 and 02/1930. So that’s the timeframe that we’re looking at to potentially add more products to the portfolio where we can launch such product and add to our portfolio.

We do have a very clean balance sheet, zero debt. So we have a great capability and financing flexibility as to how we can fund those type of transaction, that’s for sure.

Andrew Tsai, Senior Biotech Analyst, Jefferies: And then your agnostic to indication area as well?

Jack Qatar, CEO, Supernus: Yes, mean we are since CNS whether psychiatry or neurology also we’ve looked at other areas outside CNS so we’re not afraid in going into other areas as long as those targets are multi asset targets.

Andrew Tsai, Senior Biotech Analyst, Jefferies: Okay, very good. Thank you so much for the update Jack and thanks everyone for listening. You.

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