[144] Supernus Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 filing for Supernus Pharmaceuticals, Inc. (SUPN) shows a proposed sale of 1,500 common shares to be executed on 08/22/2025 on NASDAQ through Morgan Stanley Smith Barney LLC. The shares were acquired the same day by exercise of stock options from the issuer and paid in cash. The filer discloses aggregated recent sales under 10b5-1 plans: three sales on 08/06/2025 totaling 140,000 shares with gross proceeds of $5,920,732.35 reported across three transactions. The notice includes the required representation that the seller is not aware of undisclosed material adverse information and references reliance on any 10b5-1 plan if applicable.

Positive

• Disclosure compliance: The filer provided the required Form 144 details including acquisition method, broker, and proposed sale date
• Use of broker and 10b5-1 sales: Sales were executed through Morgan Stanley Smith Barney and prior sales were executed under 10b5-1 plans, indicating pre-planned execution

Negative

• Insider selling volume: Three 10b5-1 transactions on 08/06/2025 totaled 140,000 shares generating approximately $5.92 million in gross proceeds, which may be viewed negatively by some investors

Insights

Securities Analyst

TL;DR: Routine insider sale notice tied to option exercise plus substantial 10b5-1 sales reported earlier in August.

The filing documents a small proposed sale of 1,500 shares following an option exercise, to be transacted through Morgan Stanley Smith Barney on NASDAQ the same day the options were exercised and paid in cash. Material context includes three 10b5-1 sales on 08/06/2025 totaling 140,000 shares that generated about $5.9 million in gross proceeds. For investors, this is a disclosure of insider liquidity rather than operational results; it provides transparency on insider selling but contains no company performance metrics.

Corporate Governance Expert

TL;DR: Compliance-oriented filing showing insider sales under Rule 144 and prior 10b5-1 activity, with standard seller attestations.

The form includes the mandatory seller representation regarding absence of undisclosed material adverse information and references potential reliance on a Rule 10b5-1 plan by listing plan sale transactions. Execution through an established broker is noted, and the transaction types (option exercise and planned 10b5-1 sales) are consistent with routine insider liquidity management. The filing does not disclose any governance changes or control transactions.

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	1500	64980.00	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	08/22/2025	Exercise of Stock Options	Issuer			1500	08/22/2025	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	08/06/2025	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 did the SUPN Form 144 disclose about the proposed sale?

The filing discloses a proposed sale of 1,500 common shares on 08/22/2025 via Morgan Stanley Smith Barney on NASDAQ, acquired by exercise of stock options and paid in cash.

Were there recent insider sales for SUPN before this Form 144?

Yes. The filing reports three 10b5-1 sales on 08/06/2025 totaling 140,000 shares with combined gross proceeds of about $5,920,732.35.

Did the filer represent possession of any undisclosed material information?

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

How were the 1,500 shares acquired according to the filing?

The shares were acquired on 08/22/2025 by exercise of stock options from the issuer, with payment made in cash on the same date.

Through which broker will the proposed sale be executed?

The proposed sale will be executed through Morgan Stanley Smith Barney LLC, 1 New York Plaza, 8th Floor, New York, NY, on NASDAQ.