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

Rhea-AI Filing Summary

Charles W. Newhall III, a director of Supernus Pharmaceuticals, Inc. (SUPN), sold 3,588 shares of the company's common stock on 08/27/2025 under a pre-existing Rule 10b5-1 trading plan. The sales were executed at a weighted average price of $45.01 per share, with transaction prices in the range $45.00 to $45.04. After the reported dispositions, the reporting person beneficially owned 129,644 shares, reported as a direct holding. The filing includes a statement that the reporting person will provide detailed per-price sale quantities on request and notes the 10b5-1 plan was adopted March 3, 2025.

Positive

• Transaction executed under a 10b5-1 trading plan, indicating prearranged timing rather than opportunistic insider trading
• Reporting person retains a substantial direct holding of 129,644 shares after the sale
• Filing offers additional transparency by committing to provide per-price sale quantities upon request

Negative

• Director reduced holdings by 3,588 shares, which may be viewed negatively by some investors
• No contextual company financial information is provided in the filing to explain the reason for the sale beyond the 10b5-1 plan

Insights

Corporate Governance Expert

TL;DR: Director sale executed under a 10b5-1 plan reduces insider holdings but follows a prearranged program, limiting governance concerns.

The Form 4 shows a modest director share disposition of 3,588 shares executed pursuant to a 10b5-1 plan adopted March 3, 2025. Because the transaction is covered by a documented trading plan, timing is pre-specified and not an ad-hoc insider sale, which typically mitigates signaling risk. The director retains 129,644 shares post-sale, indicating continued ownership alignment with shareholders. The filing’s offer to provide per-price quantities on request increases transparency.

Securities Analyst

TL;DR: A small, preplanned disposition at ~$45/share marginally lowers insider stake; not materially informative about company performance.

The reported weighted average sale price of $45.01 and the narrow price range ($45.00–$45.04) indicate multiple executions on the reported date. The absolute share count sold (3,588) and remaining beneficial ownership (129,644) suggest the sale is relatively small versus typical institutional positions and was executed under a documented 10b5-1 program. There is no additional financial data or company-specific operational information in the filing to infer broader performance implications.

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
Estimated average burden
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).

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^*

NEWHALL CHARLES W III

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		S(1)		3,588	D	$45.01(2)	129,644	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

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted March 3, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.00 to $45.04. 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.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	08/29/2025
	** 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 SUPN director sell and when?

Charles W. Newhall III sold 3,588 shares of Supernus Pharmaceuticals common stock on 08/27/2025.

At what price were the SUPN shares sold in the Form 4?

Weighted average price was $45.01 per share, with individual sale prices ranging from $45.00 to $45.04.

Was the sale by the SUPN director part of a trading plan?

Yes. The sale was executed pursuant to a Rule 10b5-1 trading plan adopted on March 3, 2025.

How many SUPN shares does the reporting person own after the sale?

129,644 shares beneficially owned following the reported transactions, held directly.

Who signed the Form 4 filing for the reporting person?

Timothy C. Dec, as attorney-in-fact, signed the Form 4 on behalf of the reporting person on 08/29/2025.