[144] Supernus Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Supernus Pharmaceuticals reported an insider notice to sell common stock following an option exercise. The filer plans to sell 55,578 shares through Morgan Stanley Smith Barney on NASDAQ with an aggregate market value of $2,524,908.54 and an approximate sale date of 09/05/2025. The shares were acquired and paid for in cash on 09/05/2025 via exercise of stock options from the issuer. The filing also discloses multiple 10b5-1 sales by Jack A Khattar in August 2025 totaling 170,300 shares with gross proceeds shown across transactions. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information.

Positive

• Full disclosure of planned sale and acquisition method including exercise date, payment method, broker, and aggregate market value
• Prior 10b5-1 sales disclosed, providing transparency on recent insider liquidity

Negative

• Insider selling is material in size with 55,578 shares ($2.52M) scheduled and 170,300 shares sold in August 2025, which may be viewed unfavorably by some investors

Insights

Securities Analyst

TL;DR: Routine insider exercise and planned sale disclosed; prior 10b5-1 sales in August show material insider liquidity.

The filing documents a contemporaneous option exercise and immediate planned sale of 55,578 shares valued at $2.52 million executed through Morgan Stanley Smith Barney on NASDAQ. The seller previously executed several 10b5-1 plan sales in August 2025 totaling 170,300 shares with reported gross proceeds across multiple dates. For investors, this is a disclosure of insider liquidity rather than operational or financial performance information; it provides transparency on insider dispositions but does not itself indicate company fundamentals.

Corporate Governance Expert

TL;DR: Disclosure is procedurally complete and includes 10b5-1 sales history; no governance red flags in form content.

The Form 144 lists the method of acquisition (option exercise) and payment in cash, the broker, the number of shares, aggregate value, and prior 10b5-1 sales by the named insider. The filing contains the required attestation about material non-public information. Based on the information provided, the notice meets Rule 144 disclosure requirements and evidences planned compliance with 10b5-1 procedures; it does not allege any governance concerns or undisclosed arrangements within this document.

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	55578	2524908.54	56073088	09/05/2025	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	09/05/2025	Exercise of Stock Options	Issuer			55578	09/05/2025	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	08/28/2025	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 is being sold in the SUPN Form 144?

The filer plans to sell 55,578 common shares acquired by option exercise, with an aggregate market value of $2,524,908.54.

When is the planned sale date reported in the filing for SUPN?

The approximate date of sale listed is 09/05/2025.

Through which broker will the SUPN shares be sold?

The filing identifies Morgan Stanley Smith Barney LLC, 1 New York Plaza as the broker for the transaction.

How were the shares acquired according to the Form 144?

The 55,578 shares were acquired on 09/05/2025 by exercise of stock options from the issuer and paid in cash.

Does the filing show any recent insider sales for SUPN?

Yes; multiple 10b5-1 sales by Jack A Khattar in August 2025 are reported, totaling 170,300 shares with gross proceeds shown per transaction.