[Form 4] SUPERNUS PHARMACEUTICALS, INC. Insider Trading Activity

SUPERNUS PHARMACEUTICALS, INC. senior vice president and chief scientific officer Padmanabh P. Bhatt reported a series of option exercises and share sales.

Rhea-AI Filing Summary

SUPERNUS PHARMACEUTICALS, INC. senior vice president and chief scientific officer Padmanabh P. Bhatt reported a series of option exercises and share sales. Over March 16–18, 2026, he exercised employee stock options to acquire 107,250 shares of common stock at strike prices between $27.94 and $39.40 per share.

Across the same dates, he sold 107,250 common shares in open-market transactions at weighted-average prices within ranges from $49.34 to $51.15, with details available in the price footnotes. The filing notes that at least one transaction was made under a Rule 10b5-1 trading plan adopted on December 12, 2025. Following these transactions, Bhatt directly holds 17,044 Supernus shares.

Insider Trade Summary 10b5-1

Exercise and Sale: 107,250 shares ($1.50M approx. pre-tax spread)

Exercise and Sale 22 txns

Insider Bhatt Padmanabh P.

Role Sr. VP of IP, CSO

Sold 107,250 shs ($5.39M)

Approx. gross sale proceeds $5.39M

Approx. exercise cost $3.89M

Approx. pre-tax spread $1.50M

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to Buy)	7,250	$0.00	$0.00
Exercise	Common Stock	7,250	$39.40	$286K
Sale	Common Stock	6,838	$49.55	$339K
Sale	Common Stock	412	$50.48	$21K
Exercise	Employee Stock Option (Right to Buy)	22,750	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	12,250	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	15,000	$0.00	$0.00
Exercise	Common Stock	22,750	$39.40	$896K
Exercise	Common Stock	12,250	$36.75	$450K
Exercise	Common Stock	15,000	$38.60	$579K
Sale	Common Stock	27,710	$49.95	$1.38M
Sale	Common Stock	22,290	$50.73	$1.13M
Exercise	Employee Stock Option (Right to Buy)	22,750	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	4,250	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	18,000	$0.00	$0.00
Exercise	Employee Stock Option (Right to Buy)	5,000	$0.00	$0.00
Exercise	Common Stock	22,750	$36.75	$836K
Exercise	Common Stock	4,250	$29.61	$126K
Exercise	Common Stock	18,000	$32.20	$580K
Exercise	Common Stock	5,000	$27.94	$140K
Sale	Common Stock	34,114	$50.18	$1.71M
Sale	Common Stock	15,886	$50.49	$802K

Holdings After Transaction: Employee Stock Option (Right to Buy) — 20,000 contracts (Direct); Common Stock — 17,044 shares (Direct)

Footnotes (12)

1. F1. Transaction made pursuant to a 10b5-1 trading plan adopted December 12, 2025.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.34 to $50.34. 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. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $50.35 to $50.77. The Reporting Person undertakes to provide to 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.
4. F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.40 to $50.39. The Reporting Person undertakes to provide to 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.
5. F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $50.40 to $51.15. The Reporting Person undertakes to provide to 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.
6. F6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.40 to $49.99. The Reporting Person undertakes to provide to 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.
7. F7. The option vested in four equal annual installments beginning on February 22, 2020.
8. F8. The option vested in four equal annual installments beginning on February 19, 2022.
9. F9. The option vests in four equal annual installments beginning on February 22, 2023.
10. F10. The option vests in four equal annual installments beginning on February 22, 2025.
11. F11. The option vested in four equal annual installments beginning on February 14, 2019.
12. F12. The option vests in four equal annual installments beginning on February 23, 2024.

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Accepted by SEC EDGAR 03/18/2026 - 05:18 PM Learn about SEC filing dates

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^*

Bhatt Padmanabh P.

(Last) (First) (Middle)

C/O SUPERNUS PHARMACEUTICALS, INC.

9715 KEY WEST AVENUE

(Street)

ROCKVILLE MARYLAND 20850

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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

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

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

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	03/16/2026		M(1)		22,750	A	$36.75	39,794	D
Common Stock	03/16/2026		M(1)		4,250	A	$29.61	44,044	D
Common Stock	03/16/2026		M(1)		18,000	A	$32.2	62,044	D
Common Stock	03/16/2026		M(1)		5,000	A	$27.94	67,044	D
Common Stock	03/16/2026		S(1)		34,114	D	$50.18(2)	32,930	D
Common Stock	03/16/2026		S(1)		15,886	D	$50.49(3)	17,044	D
Common Stock	03/17/2026		M(1)		22,750	A	$39.4	39,794	D
Common Stock	03/17/2026		M(1)		12,250	A	$36.75	52,044	D
Common Stock	03/17/2026		M(1)		15,000	A	$38.6	67,044	D
Common Stock	03/17/2026		S(1)		27,710	D	$49.95(4)	39,334	D
Common Stock	03/17/2026		S(1)		22,290	D	$50.73(5)	17,044	D
Common Stock	03/18/2026		M(1)		7,250	A	$39.4	24,294	D
Common Stock	03/18/2026		S(1)		6,838	D	$49.55(6)	17,456	D
Common Stock	03/18/2026		S(1)		412	D	$50.48	17,044	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
Employee Stock Option (Right to Buy)	$36.75	03/16/2026		M(1)			22,750	(7)	02/22/2029	Common Stock	22,750	$0	12,250	D
Employee Stock Option (Right to Buy)	$29.61	03/16/2026		M(1)			4,250	(8)	02/19/2031	Common Stock	4,250	$0	0	D
Employee Stock Option (Right to Buy)	$32.2	03/16/2026		M(1)			18,000	(9)	02/22/2032	Common Stock	18,000	$0	0	D
Employee Stock Option (Right to Buy)	$27.94	03/16/2026		M(1)			5,000	(10)	02/22/2034	Common Stock	5,000	$0	15,000	D
Employee Stock Option (Right to Buy)	$39.4	03/17/2026		M(1)			22,750	(11)	02/14/2028	Common Stock	22,750	$0	7,250	D
Employee Stock Option (Right to Buy)	$36.75	03/17/2026		M(1)			12,250	(7)	02/22/2029	Common Stock	12,250	$0	0	D
Employee Stock Option (Right to Buy)	$38.6	03/17/2026		M(1)			15,000	(12)	02/23/2033	Common Stock	15,000	$0	5,000	D
Employee Stock Option (Right to Buy)	$39.4	03/18/2026		M(1)			7,250	(11)	02/14/2028	Common Stock	7,250	$0	0	D

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted December 12, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.34 to $50.34. 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 price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $50.35 to $50.77. The Reporting Person undertakes to provide to 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.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.40 to $50.39. The Reporting Person undertakes to provide to 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.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $50.40 to $51.15. The Reporting Person undertakes to provide to 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.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.40 to $49.99. The Reporting Person undertakes to provide to 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.

7. The option vested in four equal annual installments beginning on February 22, 2020.

8. The option vested in four equal annual installments beginning on February 19, 2022.

9. The option vests in four equal annual installments beginning on February 22, 2023.

10. The option vests in four equal annual installments beginning on February 22, 2025.

11. The option vested in four equal annual installments beginning on February 14, 2019.

12. The option vests in four equal annual installments beginning on February 23, 2024.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	03/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)