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

Rhea-AI Filing Summary

Insider transactions by Jack A. Khattar, President and CEO of Supernus Pharmaceuticals (SUPN): On 09/05/2025 Mr. Khattar exercised 73,176 employee stock options with a $25.30 exercise price and acquired those shares. The same day he sold 55,578 shares at a weighted average price of $46.01 (sales ranged $46.00–$46.09). After these transactions he beneficially owned 1,110,231 shares directly and 1,005,600 shares indirectly through the KBT Trust. The exercise was reported under a 10b5-1 plan adopted November 14, 2024.

Positive

• Option exercise of 73,176 shares at $25.30 increased vested ownership and aligns management with shareholder interests
• Transactions executed under a 10b5-1 plan, indicating preplanned trading and reducing appearance of opportunistic timing
• Clear reporting with post-transaction beneficial ownership totals and footnotes offering to provide granular sale prices on request

Negative

• Insider sale of 55,578 shares reduces direct shareholdings and may be perceived negatively by some investors
• Lack of per-trade price breakdown in the Form 4 (only a weighted average provided), though the filer offers to supply details on request

Insights

Securities Analyst

TL;DR: Routine insider option exercise and partial sale under a 10b5-1 plan; no new material corporate disclosure.

These entries show an option exercise (73,176 shares at $25.30) and contemporaneous open-market sales (55,578 shares at a weighted $46.01). The filing notes the trades were made pursuant to a 10b5-1 plan adopted Nov 14, 2024, which signals preplanned disposition rather than ad hoc sales. Post-transaction direct beneficial ownership remains above one million shares, with an additional 1,005,600 shares held indirectly via the KBT Trust.

Corporate Governance Expert

TL;DR: Insider activity is transparent and documented; 10b5-1 plan and signed Form 4 provide clear compliance trail.

The Form 4 discloses both acquisition via option exercise and disposals, with an explicit footnote on the 10b5-1 trading plan and a commitment to provide trade-level price details on request. Signature executed by an attorney-in-fact is included, meeting routine reporting formalities. This is a governance-compliant disclosure of executive-level transactions.

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

X

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^*

Khattar Jack A.

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

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	09/05/2025		M(1)		73,176	A	$25.3	1,165,809	D
Common Stock	09/05/2025		S		55,578	D	$46.01(2)	1,110,231	D
Common Stock								1,005,600	I	By the KBT Trust

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
Employee Stock Option (Right to Buy)	$25.3	09/05/2025		M			73,176	02/24/2018(3)	02/24/2027	Common Stock	73,176	$0	170,574	D

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted November 14, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $46.00 to $46.09. The Reporting Person undertakes to provide to Supernus Pharmaceuticals, Inc. ("Supernus"), any security holder of Supernus, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4.

3. The option vests in four equal installments beginning on February 24, 2018.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	09/08/2025
	** 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 transactions did SUPN CEO Jack Khattar report on the Form 4?

The Form 4 reports an exercise of 73,176 employee stock options at a $25.30 exercise price and a sale of 55,578 shares at a weighted average price of $46.01 on 09/05/2025.

Were these trades part of a prearranged plan (10b5-1)?

Yes. The filing states the transactions were made pursuant to a 10b5-1 trading plan adopted November 14, 2024.

How many SUPN shares does Jack Khattar beneficially own after the transactions?

After the reported transactions he beneficially owns 1,110,231 shares directly and 1,005,600 shares indirectly through the KBT Trust.

At what prices were the sold shares executed?

The Form 4 reports a weighted average sale price of $46.01, with individual sale prices ranging from $46.00 to $46.09; the filer offers to provide the per-trade breakdown on request.

Who signed the Form 4 and when?

The Form 4 was signed by Timothy C. Dec as attorney-in-fact on 09/08/2025 on behalf of the reporting person.