[144] SUPERNUS PHARMACEUTICALS, INC. SEC Filing

Rhea-AI Filing Summary

Insider notice to sell 40,173 common shares of Supernus Pharmaceuticals (SUPN) is reported under Form 144. The sale is scheduled for 10/01/2025 through Morgan Stanley Smith Barney and the aggregate market value of the proposed sale is $1,919,867.67. The shares were acquired on 10/01/2025 by exercise of stock options and payment was made in cash on the same date. The filing shows 56,073,088 shares outstanding for the class referenced. The filing also lists multiple prior 10b5-1 sales by the same account over the past three months totaling 304,123 shares.

Positive

• Transparent disclosure of the option exercise, payment method, broker and planned sale date
• Use of Rule 10b5-1 for prior sales indicates prearranged trading plans rather than opportunistic sales

Negative

• None.

Insights

Securities Analyst

TL;DR: Executive option exercise and planned sale; recent systematic 10b5-1 dispositions totaled a material number of shares.

The filing documents an option exercise and immediate proposed sale of 40,173 common shares valued at $1.92 million on 10/01/2025 through a registered broker. The seller used a Rule 10b5-1 program for multiple prior disposals over the prior three months, totaling 304,123 shares, which indicates a pre-arranged trading pattern rather than ad hoc insider selling. For investors, this is a disclosure of insider liquidity activity and option monetization; the filing itself does not disclose any undisclosed material information about the company’s operations or financial results.

Compliance/Risk Analyst

TL;DR: Procedural compliance appears consistent—exercise, cash payment, brokered sale, and 10b5-1 history are disclosed.

The Form 144 lists acquisition via stock option exercise with cash payment and the broker handling the sale. The signature attestation language and the 10b5-1 references are present, aligning with standard insider reporting and prearranged sale practices. No statement in the filing alleges undisclosed material adverse information. From a regulatory disclosure perspective, the form contains the expected elements required for a proposed insider sale.

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	40173	1919867.67	56073088	10/01/2025	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	10/01/2025	Exercise of Stock Options	Issuer			40173	10/01/2025	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	09/30/2025	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 does the Form 144 for SUPN report?

The form reports a proposed sale of 40,173 common shares of Supernus Pharmaceuticals with an aggregate market value of $1,919,867.67, to occur on 10/01/2025 through Morgan Stanley Smith Barney.

How were the 40,173 shares acquired?

They were acquired on 10/01/2025 by exercise of stock options and paid for in cash on the same date.

How many shares does the filing say are outstanding?

The filing lists 56,073,088 shares outstanding for the class referenced.

Has the filer sold shares recently?

Yes. The filing lists multiple 10b5-1 sales over the past three months totaling 304,123 shares sold by the same account.

Who is the broker handling the proposed sale?

The proposed sale is to be executed through Morgan Stanley Smith Barney LLC.