[144] SUPERNUS PHARMACEUTICALS, INC. SEC Filing

Rhea-AI Filing Summary

Supernus Pharmaceuticals (SUPN) notice reports a proposed sale of 59,900 common shares, with an aggregate market value of $2,875,200, to be sold on or about 10/09/2025 through Morgan Stanley Smith Barney LLC on NASDAQ. The shares were acquired the same day by exercise of stock options and paid in cash. The filer also disclosed multiple prior 10b5-1 plan sales across August–October 2025 totaling substantial proceeds (individual trades range from $45,001 to $2,558,888.12), showing ongoing systematic insider selling. The filer affirms no undisclosed material nonpublic information and provides standard Rule 144 representations.

Positive

• Securities acquired by exercise of options and paid in cash, indicating no contingent consideration
• Sales executed under 10b5-1 plans, which are pre‑arranged and reduce timing uncertainty about insider intent

Negative

• Substantial recent insider sales across Aug–Oct 2025 with large gross proceeds (multiple trades above $1M)
• Proposed sale on 10/09/2025 adds incremental supply equal to 59,900 shares (~0.11% of outstanding), potentially pressuring short-term liquidity

Insights

Insider Activity Analyst

TL;DR: A near-term insider sale of 59,900 shares follows option exercise and ongoing 10b5-1 sales.

The transaction shows the filer exercised options 10/09/2025 and intends to sell 59,900 shares through Morgan Stanley, generating an indicated market value of $2,875,200. The filing lists many 10b5-1 sales from 08/06/2025 through 10/02/2025, with individual gross proceeds up to $2.56M.

This pattern indicates planned liquidity events rather than ad-hoc disposals; monitor near-term total insider sell volume relative to the company’s outstanding shares (56,073,088) over the next few weeks for potential market supply effects.

Market Impact Analyst

TL;DR: The sale size is modest relative to shares outstanding but could add short-term supply pressure on trading days around 10/09/2025.

The proposed sale equals roughly 0.11% of the disclosed 56,073,088 shares outstanding, which is small in isolation. However, cumulative 10b5-1 sales listed (multiple trades across months) represent larger absolute proceeds and could affect intraday liquidity on sales dates.

Watch trading volume on 10/09/2025 and nearby sessions to see if the disclosed sales coincide with higher-than-normal supply; such effects typically appear within days of executed filings.

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	59900	2875200.00	56073088	10/09/2025	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	10/09/2025	Exercise of Stock Options	Issuer			59900	10/09/2025	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	10/02/2025	1904	91499.58
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

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 10/09/2025 sale?

It discloses a proposed sale of 59,900 common shares with an aggregate market value of $2,875,200, acquired by option exercise on 10/09/2025 and to be sold through Morgan Stanley Smith Barney LLC on NASDAQ.

Were the shares purchased or paid for on the same day in the SUPN filing?

Yes. The table shows the shares were acquired on 10/09/2025 by exercise of stock options and paid in cash on the same date.

Does the filing show prior insider sales for SUPN this year?

Yes. Multiple 10b5-1 sales are listed from 08/06/2025 through 10/02/2025, with individual gross proceeds ranging up to $2,558,888.12.

How large is the proposed sale relative to SUPN shares outstanding?

The sale of 59,900 shares represents about 0.11% of the disclosed 56,073,088 shares outstanding.

Who is the broker handling the sale in the SUPN Form 144?

The broker named is Morgan Stanley Smith Barney LLC, address listed as 1 New York Plaza, 8th Floor, New York, NY 10004.