Supernus (SUPN) insider sales: 10,235-share planned sale; $12.6M sold in past 3 months

Rhea-AI Filing Summary

Form 144 notice for SUPN (Supernus Pharmaceuticals, Inc.) shows an insider sale filing for common stock scheduled with Morgan Stanley Smith Barney. The filer reports proposing to sell 10,235 shares on 09/29/2025 with an aggregate market value of $481,352.05. The shares were acquired the same day (09/29/2025) via exercise of stock options and payment was in cash. The filing lists total shares outstanding of 56,073,088, which places the proposed sale at a very small fraction of outstanding stock. The notice also discloses multiple Rule 10b5-1 sales by Jack A. Khattar during August–September 2025 totaling 285,300 shares for combined gross proceeds of approximately $12,588,665.79. The filer certifies no undisclosed material adverse information and references Rule 10b5-1 plan representations.

Positive

• Securities were acquired by exercise of stock options and paid in cash, indicating clear title to the shares
• Planned sale size (10,235 shares) is a very small fraction of the 56,073,088 shares outstanding

Negative

• Substantial insider selling in Aug–Sep 2025: 285,300 shares sold under 10b5-1 plans for approximately $12,588,665.79, which may signal insider liquidity
• Frequent 10b5-1 trades by the same insider over a short period could be viewed negatively by some investors seeking insider confidence

Insights

Securities Analyst

TL;DR: Insider exercised options and plans a small sale; recent 10b5-1 sales totaled ~285k shares for ~$12.6M.

The filing indicates a routine insider exercise and planned disposition of 10,235 shares via Morgan Stanley on 09/29/2025, acquired and to be sold the same day for cash. Relative to the reported 56,073,088 shares outstanding, the proposed sale is immaterial in size. However, the series of Rule 10b5-1 sales by Jack A. Khattar over August–September 2025 amount to 285,300 shares and roughly $12.59 million in proceeds, which is a non-trivial pace of insider selling over the past quarter. This pattern merits monitoring but does not by itself confirm any change in fundamentals.

Corporate Governance Expert

TL;DR: Disclosure aligns with Rule 144/10b5-1 norms; seller attests no undisclosed material information.

The document follows procedural requirements for reporting a proposed sale following option exercise and includes Rule 10b5-1 plan sales history. The signature/attestation language confirms the filer represents no knowledge of undisclosed material adverse information. From a governance standpoint, the filing is complete in the sections provided, showing use of a broker and structured plan-based sales, which tends to mitigate concerns about opportunistic timing but still reflects meaningful insider liquidity in recent months.

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	10235	481352.05	56073088	09/29/2025	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	09/29/2025	Exercise of Stock Options	Issuer			10235	09/29/2025	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	09/23/2025	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 show about the proposed sale?

The filing reports a proposed sale of 10,235 common shares on 09/29/2025 via Morgan Stanley, with an aggregate market value of $481,352.05.

How were the shares being sold acquired?

The shares were acquired on 09/29/2025 by exercise of stock options, and payment was made in cash.

How many SUPN shares were sold by the insider in the past three months?

The filing lists Rule 10b5-1 sales totaling 285,300 shares during August–September 2025, with combined gross proceeds of about $12,588,665.79.

What fraction of outstanding shares does the proposed sale represent?

With 56,073,088 shares outstanding reported, the proposed sale of 10,235 shares is a very small percentage of the float.

Who executed the prior 10b5-1 sales listed in the filing?

The prior sales are reported as 10b5-1 Sales for JACK A. KHATTAR at an address in Rockville, MD.