[144] Supernus Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Supernus Pharmaceuticals (SUPN) notice of proposed sale reports an executive intends to sell 11,780 common shares via Morgan Stanley Smith Barney on 08/22/2025, with an aggregate market value of $524,133.43. The filing lists the acquisition history for the shares being sold: multiple restricted stock vestings between 2023 and 2025 and employee stock purchase plan purchases from 2022–2023, totaling the units specified. No sales by the same person in the prior three months are reported. The filer affirms no undisclosed material adverse information and includes the standard signature and certification language.

Positive

• Transparent disclosure of the broker, share count, aggregate market value, and acquisition history
• No sales by the filer in the prior three months reported, suggesting this is not part of a rapid disposal pattern
• Securities were acquired primarily via restricted stock vesting and ESPP, indicating standard compensation-related origin

Negative

• None.

Insights

Securities Analyst

TL;DR: Proposed sale is small relative to outstanding shares and appears routine for executive compensation liquidity.

The Form 144 shows an intended sale of 11,780 shares valued at $524,133.43, representing about 0.021% of the reported 56,073,088 shares outstanding. The shares originated largely from restricted stock vestings and employee purchase plans across 2022–2025, indicating these are realizations of compensated equity rather than open-market disposal of long-held blocks. No sales in the prior three months are reported, and the filer certifies no material nonpublic information. For investors, this filing signals routine insider liquidity rather than a significant dilution or ownership change.

Corporate Governance Expert

TL;DR: The filing documents a compliant insider sale under Rule 144 with customary disclosures and no red flags in the notice.

The document names Morgan Stanley Smith Barney as the broker and details the dates and mechanisms by which the securities were acquired (restricted stock vesting and ESPP purchases). The absence of aggregated sales in the prior three months and the inclusion of the standard attestation reduce governance concerns. The filing does not indicate adoption of a 10b5-1 plan within the form text; if a trading plan exists, it is not specified. Based solely on disclosed facts, this is a routine, procedurally compliant insider sale.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	11780	524133.43	56073088	08/22/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/22/2025	Restricted stock vesting under a registered plan	Issuer			1637	02/22/2025	Not Applicable
Common	02/16/2023	Restricted stock vesting under a registered plan	Issuer			711	02/16/2023	Not Applicable
Common	01/01/2023	Shares Purchased through Employee Stock Purchase Plan	Issuer			350	01/01/2023	Cash
Common	02/22/2024	Restricted stock vesting under a registered plan	Issuer			500	02/22/2024	Not Applicable
Common	02/23/2024	Restricted stock vesting under a registered plan	Issuer			1186	02/23/2024	Not Applicable
Common	05/04/2023	Restricted stock vesting under a registered plan	Issuer			791	05/04/2023	Not Applicable
Common	02/23/2025	Restricted stock vesting under a registered plan	Issuer			1170	02/23/2025	Not Applicable
Common	01/02/2022	Shares Purchased through Employee Stock Purchase Plan	Issuer			428	01/02/2022	Cash
Common	07/01/2023	Shares Purchased through Employee Stock Purchase Plan	Issuer			415	07/01/2023	Cash
Common	02/22/2023	Restricted stock vesting under a registered plan	Issuer			307	02/22/2023	Not Applicable
Common	07/01/2022	Shares Purchased through Employee Stock Purchase Plan	Issuer			413	07/01/2022	Cash
Common	10/04/2023	Restricted stock vesting under a registered plan	Issuer			2089	10/04/2023	Not Applicable
Common	02/28/2025	Restricted stock vesting under a registered plan	Issuer			1783	02/28/2025	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 for SUPN disclose about the proposed sale?

The form discloses an intended sale of 11,780 common shares via Morgan Stanley Smith Barney on 08/22/2025, valued at $524,133.43.

How were the shares being sold acquired according to the filing?

The shares were acquired through restricted stock vestings (multiple dates in 2023–2025) and employee stock purchase plan purchases (2022–2023).

Does the filing report any sales by the same person in the past three months?

No. The section for securities sold during the past three months states: Nothing to Report.

Who is the broker handling the proposed sale?

The broker named in the filing is Morgan Stanley Smith Barney LLC, Executive Financial Services, New York.

What certification does the filer make in the Form 144?

The filer represents they do not know any material adverse information about the issuer not publicly disclosed and includes the standard federal criminal liability notice for misstatements.