Supernus (SUPN) Insider Exercise and 10b5-1 Sales Total $11.19M

Rhea-AI Filing Summary

Form 144 filing for Supernus Pharmaceuticals, Inc. (SUPN) reports a proposed sale of 29,513 shares of common stock through Morgan Stanley Smith Barney on 09/23/2025 to be executed on the NASDAQ. The shares were acquired and paid for on 09/23/2025 by exercise of stock options, with payment in cash. The filing also lists multiple Rule 10b5-1 sales by Jack A. Khattar over August–September 2025, showing several transactions and gross proceeds. The notice includes the seller's representation regarding absence of undisclosed material information.

Positive

• None.

Negative

• Multiple recent 10b5-1 sales totaled approximately $11,194,631.04 in gross proceeds across transactions dated 08/06/2025–09/22/2025, as listed in the filing

Insights

Securities Analyst

TL;DR Insider exercised options and proposes an immediate sale of 29,513 shares; several prior 10b5-1 sales occurred in Aug–Sep 2025.

The filing shows a routine Form 144 notice: shares were acquired by exercise of stock options and payment was made in cash the same day, indicating these are not open-market transfers from inherited or gifted shares. The broker listed is Morgan Stanley Smith Barney and the transaction is slated for NASDAQ. The document documents numerous recent 10b5-1 sales by Jack A. Khattar, reflecting ongoing systematic disposition activity rather than a single ad-hoc sale.

Corporate Governance Expert

TL;DR This is a compliance-focused disclosure showing planned insider sales and prior 10b5-1 transactions, with standard attestations.

The notice includes the required attestation that the seller is not aware of undisclosed material adverse information and references a broker and planned sale date. The presence of multiple 10b5-1 entries demonstrates use of pre-arranged trading plans, which is consistent with governance best practices for scheduled insider sales. No new corporate actions or governance changes are disclosed in this filing.

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	29513	1386520.74	56073088	09/23/2025	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	09/23/2025	Exercise of Stock Options	Issuer			29513	09/23/2025	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	09/22/2025	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 report?

The filing reports a proposed sale of 29,513 common shares to be sold on 09/23/2025 on NASDAQ; the shares were acquired by exercise of stock options and paid in cash on 09/23/2025.

Who is the broker handling the proposed SUPN sale?

The broker named in the filing is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

Has the insider recently sold SUPN shares?

Yes. The filing lists multiple Rule 10b5-1 sales by Jack A. Khattar between 08/06/2025 and 09/22/2025, with aggregate gross proceeds of approximately $11,194,631.04.

How were the 29,513 shares acquired?

The shares were acquired on 09/23/2025 through exercise of stock options, and payment was made in cash on the same date, per the filing.

Does the filer assert possession of undisclosed material information?

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