[144] Supernus Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Supernus Pharmaceuticals (SUPN) Form 144 notice reports an intended sale of 24,150 common shares through Morgan Stanley Smith Barney with an aggregate market value of $1,088,440.50, based on approximately 56,073,088 shares outstanding. The filing lists the approximate sale date as 08/28/2025.

The securities were acquired and are being sold on 08/28/2025 following the exercise of stock options, with payment in cash to the issuer. The filing also discloses multiple recent Rule 10b5-1 sales by Jack A. Khattar in August 2025 totaling sizable share amounts and gross proceeds across several dates, indicating ongoing disposition of shares by this insider.

Positive

• Transaction executed through an established broker (Morgan Stanley Smith Barney LLC), supporting orderly processing of the sale
• Seller used or disclosed Rule 10b5-1 sales in prior transactions, indicating reliance on preestablished trading plans for some disposals
• Securities were acquired by exercise of stock options and paid in cash on the acquisition date, showing a clear acquisition-to-sale link

Negative

• Concentrated insider selling in August 2025 with multiple large 10b5-1 transactions (e.g., 63,500 and 38,500 shares) which could increase supply pressure
• Large gross proceeds reported from recent sales (several transactions totaling millions of dollars), which may attract investor attention to insider dispositions
• Form 144 lacks certain timing details about plan adoption dates or explicit Form 4 references within the provided content, limiting completeness of oversight information

Insights

Securities Analyst

TL;DR: Routine insider sale following option exercise; size is modest relative to shares outstanding but notable in dollar terms.

The filing documents a planned disposal of 24,150 shares valued at approximately $1.09 million, executed through a major broker and tied to an option exercise on the same date. For a company with ~56.1 million shares outstanding, this single transaction represents roughly 0.043% of the share count, suggesting limited immediate dilution or market impact. However, the presence of several contemporaneous 10b5-1 sales by the same insider in August 2025 increases total insider supply to the market over a short period, which could put localized selling pressure depending on trading liquidity and market interest.

Compliance / Risk Analyst

TL;DR: Compliance disclosure appears standard, but concentrated insider sales warrant attention to plan timing and disclosure completeness.

The Form 144 indicates the seller represents no undisclosed material information and records multiple 10b5-1 transactions in August 2025 by Jack A. Khattar, including trades of 38,500; 38,000; 63,500; 10,650; 1,000; and 1,500 shares on various August dates with material gross proceeds reported. While use of a broker and 10b5-1 language aligns with standard compliance practice, the concentration and magnitude of sales within the month elevate monitoring needs for adherence to trading plan dates and insider reporting timelines. From a governance perspective, completeness of corresponding Form 4 filings and consistency with stated plan adoption dates (not provided here) are key compliance checkpoints.

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

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	24150	1088440.50	56073088	08/28/2025	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	08/28/2025	Exercise of Stock Options	Issuer			24150	08/28/2025	Cash

* 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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for JACK A KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/27/2025	10650	479826.17
10b5-1 Sales for JACK A KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/25/2025	1000	45001.00
10b5-1 Sales for JACK A KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/22/2025	1500	67504.05
10b5-1 Sales for JACK A KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/06/2025	38500	1549055.20
10b5-1 Sales for JACK A KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/06/2025	38000	1596000.00
10b5-1 Sales for JACK A KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/06/2025	63500	2738177.15

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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 shares and value does the SUPN Form 144 report for sale?

The notice reports 24,150 common shares for sale with an aggregate market value of $1,088,440.50.

When is the approximate sale date listed in the filing?

The filing lists the approximate date of sale as 08/28/2025.

How were the securities acquired prior to this sale?

The securities were acquired on 08/28/2025 by exercise of stock options, with payment in cash to the issuer.

Who executed the sale and through which broker?

The sale is to be executed through Morgan Stanley Smith Barney LLC (Executive Financial Services, New York address shown).

Has the seller made recent sales in the past three months?

Yes. The filing lists multiple 10b5-1 sales by Jack A. Khattar in August 2025, including transactions of 63,500, 38,500, 38,000, 10,650, 1,500, and 1,000 shares with reported gross proceeds for each.