[Form 4] Supernus Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider transactions at Supernus Pharmaceuticals (SUPN): Sr. VP of IP and CSO Padmanabh P. Bhatt reported a net change in holdings tied to stock compensation and disposition activity. The reporting form shows a disposition of 13,049 shares of Common Stock and an acquisition of 1,250 performance share units (PSUs) that correspond to 1,250 underlying common shares, both reported with a transaction date of 08/07/2025. The 13,049-share figure includes 345 shares acquired through the company’s Employee Stock Purchase Plan. The PSUs were originally awarded on 02/23/2023 with performance objectives set on 06/12/2023, and a portion vested upon satisfaction of those objectives.

Positive

• Acquisition of 1,250 PSUs reflecting vested performance-based compensation from the February 23, 2023 award
• Disclosure includes 345 ESPP shares, showing employee-plan participation and transparency about acquisition sources

Negative

• Disposition of 13,049 common shares by a senior officer, indicating insider liquidity that may reduce insider ownership

Insights

Securities Analyst

TL;DR: Insider reported a sizeable sale and concurrent vesting-related grant conversion; appears routine compensation and disposition activity.

The Form 4 discloses a disposition of 13,049 common shares and the acquisition of 1,250 PSUs tied to prior awards. The filing explicitly notes 345 ESPP shares included in the aggregate. These entries reflect recognized equity compensation mechanics: PSUs awarded in 2023 with performance objectives set in June 2023 that subsequently vested and converted to underlying shares. From a market-impact viewpoint the filing documents insider liquidity and standard compensation realization rather than an undisclosed corporate event.

Corporate Governance Expert

TL;DR: Transaction shows exercised/vested equity and an outright disposition; governance disclosure appears complete and typical.

The reporting individual, identified as an officer (Sr. VP of IP, CSO), reported both share dispositions and PSU acquisitions on the same transaction date. The Form 4 includes the required explanatory notes: ESPP purchases and the original PSU award date and performance objective date. The submission is signed by an attorney-in-fact, consistent with delegated filing practice. The disclosure provides the core elements stakeholders expect for insider equity events.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bhatt Padmanabh P.

(Last) (First) (Middle)

C/O SUPERNUS PHARMACEUTICALS, INC.

9715 KEY WEST AVENUE

(Street)

ROCKVILLE MD 20850

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SUPERNUS PHARMACEUTICALS, INC. [ SUPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP of IP, CSO

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								13,049(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Share Unit	$0	08/07/2025		A		1,250		(2)	(2)	Common Stock	1,250	$0	1,250	D

Explanation of Responses:

1. Includes an aggregate of 345 shares acquired by the Reporting Person through the Issuer's Employee Stock Purchase Plan.

2. On February 23, 2023, the Reporting Person was awarded Performance Share Units a portion of which vested upon the achievement of individual performance objectives within a defined performance period, which objectives were established on June 12, 2023.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 for Supernus (SUPN) report?

The Form 4 reports a disposition of 13,049 common shares and an acquisition of 1,250 performance share units (PSUs) with a transaction date of 08/07/2025.

Who filed the Form 4 for SUPN and what is their role?

The reporting person is Padmanabh P. Bhatt, identified as an officer with the title Sr. VP of IP, CSO.

Do the PSUs relate to a prior award?

Yes. The PSUs were awarded on 02/23/2023 and a portion vested after performance objectives were established on 06/12/2023.

Does the filing mention purchases through an employee plan?

Yes. The filing states it includes 345 shares acquired through the Issuer's Employee Stock Purchase Plan (ESPP).

Was the Form 4 submitted by the reporting person directly?

The Form indicates it was filed by one reporting person and the signature block shows filing by an attorney-in-fact on behalf of the reporting person.