Business Context and Reporting Period
Supernus Pharmaceuticals, Inc. filed a Form 8-K Current Report on February 27, 2018. The filing discloses the entry into a material definitive agreement regarding the company's new corporate headquarters.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on the terms of a new lease agreement.
- Lease Size: Approximately 118,834 square feet.
- Location: 700 Quince Orchard Road, Gaithersburg, Maryland.
- Initial Monthly Rent: $170,823.88 for the first 12 months.
- Rent Escalation: Automatic 2% increase on each anniversary of the Commencement Date.
- Security Deposit: $170,823.88.
- Additional Costs: Company responsible for all utility charges and pro rata share of real estate taxes.
Material Changes and Lease Terms
The company entered into a Lease Agreement with Rockside-700 LLC effective February 27, 2018. Key terms include:
- Commencement Date: Upon substantial completion of the initial buildout, but no later than July 10, 2019.
- Lease Term: Continues until April 30, 2033.
- Extension Options: The company has the option to extend the lease for two additional five-year periods.
Outlook, Risks, and Management Commentary
The filing does not provide financial guidance, management commentary on future performance, or specific risk factors beyond the obligations inherent in the lease agreement. The document serves as a formal disclosure of the contractual commitment to the new headquarters.
Investor Verification Checklist
- Verify the timeline for the "substantial completion of the initial buildout" to determine the actual Commencement Date.
- Review the full text of Exhibit 10.1 (Lease Agreement) for termination clauses and specific definitions of "pro rata share" for taxes.
- Assess the impact of the $170,823.88 monthly rent and security deposit on the company's cash flow projections starting in 2019.
- Confirm the status of the buildout project to ensure the July 10, 2019 deadline is realistic.