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xA9; 2023 Supernus Pharmaceuticals, Inc. All Rights Reserved. Supernus Pharmaceuticals R&D Day

Key Takeaway: Supernus Pharmaceuticals conducted an R&D Day, highlighting its product candidates SPN-443 and SPN-817. The presentation covered the compounds' mechanisms of action and their potential impact on conditions such as narcolepsy and refractory focal seizures. Market research indicated a positive perception of these candidates among adult treaters, while pediatric treaters exhibited caution in adoption. The company acknowledged the inherent risks associated with its operations and the uncertainties in its business strategy moving forward.
Price reaction · baseline $25.95 (2023-10-17 close) · hit after-hours · clean, no other SUPN news in the window
day 0 close · peak
-2.8%

Market Sentiment Analysis

POSITIVE FACTORS

  • Supernus is advancing its pipeline with promising compounds SPN-443 and SPN-817.
  • The company has identified unmet needs in narcolepsy treatment, indicating potential for future development.
  • Market research shows a positive perception of pro-cognitive benefits among treaters.

CONCERNS & RISKS

  • Pediatric treaters are more cautious and slow to adopt new treatments.
  • The drug development landscape has significant risks and uncertainties.
  • The reliance on efficacy for treatment adoption may limit market expansion.

BiopharmaWatch Analysis

From our catalyst data and publicly available data · not financial advice
Best trade, last catalyst
+34%
120-day peak, hindsight
Typical move
3.7%
average across 6 past catalysts
Cash runway
~232 mo
Minimal dilution risk
Lead asset
ADS-5102
Phase 3 · Multiple Sclerosis

Full Press Release Details

Nat Sci Sleep. 2015; 7:51 -61. Unmet needs of patients with narcolepsy: perspectives on emerging treatment options PMC (nih.gov) 2. Safety Overview of Post marketing and Clinical Experience of Sodium Oxybate (Xyrem): Abuse, Misuse, Dependence, and Diversion - PMC (nih.gov) 3. Unmet needs of patients with narcolepsy: perspectives on emerging treatment options - PMC (nih.gov) 2023 Supernus Pharmaceuticals, Inc.
Parent and Major Metabolites have NET, DAT & SERT Activity SPN-443 and its metabolites all bind to and inhibit NET, DAT, and SERT but with varying potencies Metabolites could provide longer duration of effect Functional Assay Transporters (IC50 in nM) SPN-443 Metabolite 1 Metabolite 2 NET 12 0.52 53 DAT 110 12 63 SERT 1200 680 1200 In vitro Binding Assay (Ki in nM) SPN-443 Metabolite 1 Metabolite 2 NET 25 0.71 270 DAT 120 6 10 SERT 670 40 110 MOP 280 160 >10000 Affinity (human isoforms) Functional Activity (human isoforms) 89 2023 Supernus Pharmaceuticals, Inc.
SPN-817: Current MoA Hypothesis for Seizure Control: Cholinergic Modulation of Neuronal Excitation Seizures are the result of the imbalance of the Excitation/Inhibition (E/I) ratio in susceptible regions of the brain Acetylcholine augmentation activates cholinergic pathways in different cellular types in the brain to restore E/I balance 71 Ach Activation of Ach receptors located on inhibitory interneurons, excitatory neurons, and glial cells Excitation/ Inhibition Restoration of E/I balance Seizure control AChE Inhibition 71 2023 Supernus Pharmaceuticals, Inc.
Efficacy is most important Efficacy is the single-most important motivator in driving treatment choice, followed by safety / drug interactions. Adoption is driven by adult treaters Pediatric treaters are more cautious and slower to adopt. 1 Supernus Conjoint Market Research Study (June 2023) 65 Adult and pediatric treaters see value in pro-cognitive and neuroprotection benefits 2023 Supernus Pharmaceuticals, Inc.
IQVIA Integrated NPA + NMTA, MAT April 2023 Refractory Focal Seizures (40%) 6.9M TRx Focal Seizures2 17.2M TRx Focal seizures represent 60% of all epilepsy/seizure disorder TRx Includes drugs that treat non-seizure disorders as well (e.g., gabapentin/neuropathic pain, lamotrigine/bipolar, etc.) US Market- $2.7B GlobalData Net Revenue Sept 2023 64 2023 Supernus Pharmaceuticals, Inc.
Moving towards molecules that can impact neuroplasticity Development of psychedelics is prevalent; however, they have significant AEs and intensive therapy will be required for use Could differentiate by remodeling neurological synapses to facilitate lasting benefits Anticipated to be a $5B market1 25 1 GlobalData Forecast 2029, Projected Combined Psychedelic Brands DSST: Digit Symbol Substitution Test 2023 Supernus Pharmaceuticals, Inc.
Supernus has filed with the U.S. Securities and Exchange Commission (SEC) reports and other documents required by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. Before you purchase any Supernus securities, you should read such reports and other documents to obtain more complete information about the company's operations and business and the risks and uncertainties that it faces in implementing its business plan.
Supernus' operations involve risks and uncertainties, many of which are outside its control, and any one of which, or a combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Supernus assumes no obligation to update any forward-looking statements except as required by applicable law.
These statements, among other things, relate to Supernus' business strategy, goals and expectations concerning its product candidates, future operations, prospects, plans and objectives of management. The words anticipate , believe , could , estimate , expect , intend , may , plan , predict , project , will , and similar terms and phrases are used to identify forward-looking statements in this presentation.

Frequently Asked Questions

What role do SPN-443 metabolites play?

SPN-443 metabolites inhibit NET, DAT, and SERT with varying potencies, potentially offering longer effects.

How does SPN-817 hypothesize to control seizures?

SPN-817 is believed to restore the excitation/inhibition balance in the brain through acetylcholine modulation.

What motivates treatment choice for seizures?

Efficacy is the primary motivator in treatment choice, followed by safety and drug interactions.

What is the current market value for seizure treatments?

The U.S. market for seizure disorder treatments is valued at approximately $2.7 billion.

What challenges do psychedelics face in treatment?

Psychedelics may offer benefits but come with significant adverse effects and require intensive therapy.

Last updated: Oct 18, 2023