[Form 4] ANI Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

ANI Pharmaceuticals insider sale by Shanmugam Muthusamy — The filing shows the company director and Head of R&D/COO-Novitium Ops executed sales of ANI Pharmaceuticals (ANIP) common stock on August 20–21, 2025. On 08/20/2025 the reporting person sold 47,012 shares at a weighted average price of $90.27, and on 08/21/2025 sold 52,988 shares at a weighted average price of $90.44. After these transactions the reporting person retained indirect beneficial ownership of 431,920 shares through Esjay LLC and an additional 5,000 shares held by SS Pharma LLC, with voting and dispositive power over those LLC-held shares. The form is signed by attorney-in-fact Meredith W. Cook.

Positive

• Retains substantial indirect ownership of 431,920 shares via Esjay LLC plus 5,000 shares via SS Pharma LLC, indicating continued alignment with shareholders
• Complete disclosure of sale dates, weighted-average prices, and nature of indirect ownership, satisfying Form 4 reporting requirements

Negative

• Insider sold a total of 100,000 shares (47,012 and 52,988) across two days, which may be viewed negatively by some investors
• Sales occurred at market prices (weighted averages $90.27 and $90.44), representing realized liquidity rather than retention of all holdings

Insights

Securities Analyst

TL;DR: Insider executed sizable open-market sales totaling ~100,000 shares at ~ $90 per share while retaining substantial indirect holdings.

The transactions reported are routine disclosed insider sales rather than option exercises or derivative transactions. The reporting person sold 47,012 shares on 08/20/2025 at a weighted average of $90.27 and 52,988 shares on 08/21/2025 at a weighted average of $90.44. Post-sale beneficial ownership remains concentrated indirectly in Esjay LLC (431,920 shares) plus 5,000 shares via SS Pharma LLC. The filing states the reporting person has voting and dispositive power over the LLC-held shares, indicating continued influence despite the liquidity events. No derivatives, grants, or purchases are reported in this Form 4.

Corporate Governance Expert

TL;DR: Significant insider sales disclosed, but continued indirect ownership suggests retention of influence and alignment with shareholders.

The form identifies the filer as both a director and an officer, increasing the governance relevance of these trades. Sales occurred in multiple trades with weighted-average prices reported; the filer retains substantial indirect holdings through controlled entities. From a governance standpoint, disclosure is complete and shows the filer exercised permitted sale transactions rather than any undisclosed transfer to related parties. The filing does not allege any pledging, transfers among related parties, or changes to officer or director status.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shanmugam Muthusamy

(Last) (First) (Middle)

C/O ANI PHARMACEUTICALS, INC.

210 MAIN STREET WEST

(Street)

BAUDETTE MN 56623

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ANI PHARMACEUTICALS INC [ ANIP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	HEAD OF R&D, COO-NOVITIUM OPS

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								92,588	D
Common Stock	08/20/2025		S		47,012	D	$90.27(1)	484,908	I	Held by Esjay LLC(2)
Common Stock	08/21/2025		S		52,988	D	$90.44(3)	431,920	I	Held by Esjay LLC(2)
Common Stock								5,000	I	Held by SS Pharma LLC(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were sold in multiple trades at prices ranging from $89.21 to $90.83. The price reported above reflects the weighted average sales price.

2. The reporting person holds voting and dispositive power over the shares held by Esjay LLC.

3. The shares were sold in multiple trades at prices ranging from $89.90 to $91.44. The price reported above reflects the weighted average sales price.

4. The Reporting Person holds voting and dispositive power over the shares held by SS Pharma LLC.

Remarks:

	/s/ Muthusamy Shanmugam, by attorney-in-fact Meredith W. Cook	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ANI Pharmaceuticals insider Shanmugam Muthusamy sell?

The filer sold 47,012 shares on 08/20/2025 at a weighted average price of $90.27 and 52,988 shares on 08/21/2025 at $90.44.

How many ANIP shares does the reporting person still beneficially own?

After the reported transactions the reporting person beneficially owns 431,920 shares indirectly via Esjay LLC and 5,000 shares via SS Pharma LLC.

What is the reporting person’s relationship to ANI Pharmaceuticals?

The reporting person is a Director and an Officer, listed as Head of R&D and COO-Novitium Ops, and has voting and dispositive power over the LLC-held shares.

Were any derivative or option transactions reported in this Form 4?

No derivatives, options, or convertible security transactions are reported in Table II; only non-derivative common stock sales are listed.

Who signed the Form 4 filing?

The form was signed by attorney-in-fact Meredith W. Cook on behalf of Muthusamy Shanmugam on 08/22/2025.