SUPN Form 144: Insider to Sell 1,904 Shares Worth $91,468

Supernus Pharmaceuticals (SUPN) filed a Form 144 reporting a proposed sale of 1,904 common shares by an insider through Morgan Stanley Smith Barney, with an aggregate market value of $91,468.16 and an approximate sale date of 10/02/2025 on NASDAQ.

Rhea-AI Filing Summary

Supernus Pharmaceuticals (SUPN) filed a Form 144 reporting a proposed sale of 1,904 common shares by an insider through Morgan Stanley Smith Barney, with an aggregate market value of $91,468.16 and an approximate sale date of 10/02/2025 on NASDAQ. The filing states the shares were acquired the same day by exercise of stock options and paid in cash.

The notice also lists multiple prior 10b5-1 sales by the same account during Aug–Oct 2025, including transactions such as 40,173 shares for $1,931,063.89 on 10/01/2025 and several large sales in August and September 2025. The filer certifies no undisclosed material adverse information and references reliance on Rule 10b5-1 trading instructions where applicable.

Positive

• Proposed sale is disclosed via Form 144, providing regulatory transparency
• Shares to be sold (1,904) are from an option exercise, clarifying the source
• Use of Rule 10b5-1 sales is documented, indicating sales follow a prearranged plan

Negative

• Insider completed multiple large 10b5-1 sales in Aug–Oct 2025 (e.g., 40,173 shares for $1,931,063.89 on 10/01/2025)
• Concentrated selling activity by the same account across weeks may be viewed as material by investors

Insights

Insider Transactions Analyst

TL;DR: Insider plans to sell 1,904 shares (worth $91,468.16) after exercising options; multiple prior 10b5-1 sales are listed.

The filing shows the proposed sale is tied to an option exercise completed on 10/02/2025 with payment in cash, and the broker is Morgan Stanley Smith Barney. This indicates the immediate source of the shares is compensation-related rather than open-market purchases.

The document also discloses a series of recent 10b5-1 programmed sales by the same account across Aug–Oct 2025, including large single-day proceeds such as $1,931,063.89 on 10/01/2025. Those entries are explicit in the filing and show ongoing monetization of holdings via a prearranged plan.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the SUPN Form 144 report?

The filing reports a proposed sale of 1,904 common shares valued at $91,468.16, to be sold on or about 10/02/2025 on NASDAQ.

Who is facilitating the proposed sale in the SUPN Form 144?

The broker named is Morgan Stanley Smith Barney LLC, 1 New York Plaza, 8th Floor, New York, NY.

What was the source of the shares being sold?

The filing states the shares were acquired on 10/02/2025 by exercise of stock options and paid in cash.

Does the filing show prior insider selling activity for SUPN?

Yes. The filing lists multiple 10b5-1 sales in Aug–Oct 2025, including a 40,173-share sale for $1,931,063.89 on 10/01/2025.

Does the filer assert knowledge of undisclosed material information?

Yes. By signing, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/02/2025 - 04:23 PM Learn about SEC filing dates

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	0001539937
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	SUPERNUS PHARMACEUTICALS, INC.
SEC File Number	001-35518
Address of Issuer	9715 Key West Avenue Rockville MARYLAND 20850
Phone	3018382500
Name of Person for Whose Account the Securities are To Be Sold	JACK A. KHATTAR
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	Director
Relationship to Issuer	Officer

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	1904	91468.16	56073088	10/02/2025	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	10/02/2025	Exercise of Stock Options	Issuer			1904	10/02/2025	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	10/01/2025	40173	1931063.89
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	09/30/2025	8588	414379.59
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	09/29/2025	10235	491464.23
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	09/23/2025	29513	1394034.75
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	09/22/2025	16587	779948.94
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	09/08/2025	6322	292654.86
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	09/05/2025	55578	2556888.12
10b5-1 Sales for JACK A. KHATTAR 9715 Key West Avenue Rockville MD 20850	Common	08/28/2025	24150	1089575.55
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	10/02/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	11/14/2024
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	/s/ Jack A. Khattar
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)