[144] SUPERNUS PHARMACEUTICALS, INC. SEC Filing

Rhea-AI Filing Summary

Form 144 filing for SUPN reports a proposed sale of 8,588 shares of common stock to be executed through Morgan Stanley Smith Barney LLC on 09/30/2025 on NASDAQ with an aggregate market value of $408,788.80. The filing states these shares were acquired and will be paid for on 09/30/2025 by exercise of stock options from the issuer. The document also lists multiple recent Rule 10b5-1 sales by Jack A. Khattar totaling numerous transactions in August and September 2025, including sales on 09/29/2025, 09/23/2025, 09/22/2025, and earlier dates, each showing amounts and gross proceeds. The filing shows total shares outstanding of 56,073,088, providing context for the size of the proposed sale within the company's capitalization.

Insights

Securities Analyst

TL;DR: Routine insider option exercise and small proposed sale versus total shares outstanding; appears procedural and compliance-focused.

The filing documents an officer or insider exercising stock options and proposing to sell 8,588 shares valued at $408,788.80 on 09/30/2025 via Morgan Stanley Smith Barney LLC. With 56,073,088 shares outstanding, this block represents a very small percentage of float. The filing also discloses multiple recent 10b5-1 sales by Jack A. Khattar across August–September 2025, indicating scheduled, pre-planned dispositions rather than ad hoc large divestitures. From a market-impact perspective, the size and nature of the transactions suggest limited immediate pricing pressure. This is a routine disclosure required by Rule 144 and contains no operating results or forward-looking items.

Corporate Governance Expert

TL;DR: Proper Rule 144 notice and 10b5-1 sales shown; disclosure aligns with compliance expectations for insider transactions.

The form includes the required representation that the selling person does not possess undisclosed material adverse information and references adoption of trading plans where applicable. Multiple 10b5-1 sales are itemized with dates and gross proceeds, demonstrating adherence to pre-established plan mechanics. There are no indications in this filing of unusual governance events, acceleration clauses, or extraordinary insider transfers. The filing serves its compliance purpose but does not provide information on motives, compensation arrangements, or broader governance implications beyond standard insider sales reporting.

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	8588	408788.80	56073088	09/30/2025	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	09/30/2025	Exercise of Stock Options	Issuer			8588	09/30/2025	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	09/29/2025	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 does the SUPN Form 144 propose to sell?

The notice proposes sale of 8,588 common shares with an aggregate market value of $408,788.80 to be sold on 09/30/2025 on NASDAQ through Morgan Stanley Smith Barney LLC.

How were the 8,588 shares acquired according to the filing?

The filing states the shares were acquired on 09/30/2025 by exercise of stock options from the issuer and payment was made in cash on the same date.

Who has recent 10b5-1 sales disclosed in the filing?

The filing lists multiple 10b5-1 sales for Jack A. Khattar with transactions dated in August and September 2025 and showing amounts and gross proceeds for each sale.

What is SUPN's shares outstanding shown in the filing?

The form reports 56,073,088 shares outstanding, which provides context for the relative size of the proposed sale.

Which broker is handling the proposed sale on Form 144?

The broker named for the proposed sale is Morgan Stanley Smith Barney LLC, 1 New York Plaza, New York, NY.

Does the filing indicate any undisclosed material information?

By signing, the person selling represents they do not know any material adverse information about the issuer that has not been publicly disclosed; the filing contains that certification language.