Supernus (SUPN) Form 144 Shows Insider Sale and Recent 10b5-1 Dispositions

Rhea-AI Filing Summary

Form 144 filed for Supernus Pharmaceuticals, Inc. (SUPN) reports a proposed sale of 16,587 common shares with an aggregate market value of $763,665.48, representing securities listed on NASDAQ. The filing shows the shares were acquired and paid for on 09/22/2025 through exercise of stock options and paid in cash. The issuer’s outstanding common shares are reported as 56,073,088. The filing also discloses a series of prior 10b5-1 sales by JACK A KHATTAR over the past three months totaling 239,200 shares for gross proceeds of $10,414,682.10. The filer certifies no undisclosed material adverse information and references reliance on Rule 10b5-1 trading instructions where applicable.

Positive

• Planned resale follows an option exercise and was paid in cash, showing a clear acquisition-to-sale chain.
• Multiple 10b5-1 sales are disclosed, indicating the sales were likely executed under pre-established trading plans.
• Filer included outstanding share count (56,073,088), allowing readers to contextualize the sale size.

Negative

• Insider sold a material block over three months (239,200 shares) totaling $10,414,682.10, which may be perceived negatively by some investors.
• Form 144 contains no operational or financial metrics, limiting the filing's usefulness for assessing company performance.

Insights

Securities/Financial Analyst

TL;DR: Routine insider sale following option exercise; substantial recent 10b5-1 dispositions but no new financial statements or forward guidance disclosed.

The Form 144 documents a proposed resale of 16,587 shares by a person who exercised stock options and paid cash on the same date, a common mechanism for insiders to monetize option exercises. The filing explicitly states the company's outstanding share count of 56,073,088, which places the proposed sale at a de minimis percentage of total shares outstanding. Notably, the filing catalogs multiple 10b5-1 sales by JACK A KHATTAR totaling 239,200 shares and $10,414,682.10 in gross proceeds over the past three months, indicating ongoing planned dispositions rather than ad-hoc sales. No revenue, earnings, or other operational metrics are provided in this notice; its informational value is limited to share movement and compliance representation.

Compliance / Insider Transactions Specialist

TL;DR: Filing appears procedural and compliant, documenting exercise and planned resale with Rule 10b5-1 sales history.

The notice identifies the method of acquisition as an option exercise and confirms cash payment, and it lists the broker handling the resale. The inclusion of multiple dated 10b5-1 sales and the explicit representation that the seller does not possess undisclosed material information are consistent with standard disclosure and insider-trading compliance practices. This document does not show any qualifiers, legends, or indications of noncompliance within the text provided. Because the filing contains only sale-related facts and no material operational disclosures, its compliance implications are routine rather than indicative of regulatory concern.

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	16587	763665.48	56073088	09/22/2025	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	09/22/2025	Exercise of Stock Options	Issuer			16587	09/22/2025	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	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 does the Form 144 filed for SUPN report?

The Form 144 reports a proposed sale of 16,587 common shares with an aggregate market value of $763,665.48 to be sold on 09/22/2025 on NASDAQ.

How were the shares acquired that are being resold under this Form 144?

The shares were acquired on 09/22/2025 by exercise of stock options from the issuer and paid for in cash on the same date.

What is the issuer's outstanding share count reported in the filing?

The filing reports 56,073,088 shares outstanding for the issuer.

Were there prior insider sales disclosed in the filing?

Yes. The filing lists multiple 10b5-1 sales by JACK A KHATTAR totaling 239,200 shares and gross proceeds of $10,414,682.10 during the past three months.

Does the filing state whether the seller has undisclosed material information?

The filer represents by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed.