SUPN insider reports 25,000-share sale under 10b5-1 plan

Rhea-AI Filing Summary

Insider sale under 10b5-1 plan: A company director, Charles W. Newhall III, reported sales of a total of 25,000 shares of Supernus Pharmaceuticals, Inc. (SUPN) executed on 10/09/2025 under a trading plan adopted 03/03/2025. The sales are recorded as two blocks: 23,800 shares at a weighted average price of $50.73 and 1,200 shares at a weighted average price of $51.55, leaving beneficial ownership reported at 104,644 shares after the transactions.

The reporter certified the transactions were made pursuant to a Rule 10b5-1 plan and provided weighted-price ranges: $50.12–$51.08 for the larger block and $51.39–$51.76 for the smaller block. The Form 4 was signed by an attorney-in-fact on 10/10/2025.

Positive

• Transactions executed under a 10b5-1 plan, which provides an affirmative defense when plan conditions are met
• Complete disclosure of weighted-average price ranges for the multiple trades enhances transparency

Negative

• Director reduced beneficial ownership by 25,000 shares, lowering reported stake to 104,644 shares
• Sales occurred in two price bands, which may prompt investor questions about timing despite being plan-based

Insights

Corporate Governance Analyst

Director sold shares under a pre-established 10b5-1 plan; timing appears rule-compliant.

The reporter, a director, executed sales totaling 25,000 shares on 10/09/2025 under a 10b5-1 trading plan adopted on 03/03/2025. Using a plan provides an affirmative defense to insider trading claims when plan conditions are met.

Key dependencies include whether the plan was adopted when the reporting person was not in possession of material nonpublic information and whether trades followed the plan’s terms. Monitor any subsequent filings or disclosures that might indicate deviations from the plan in the near term.

Equity Markets Specialist

Sale size is modest relative to typical director holdings but reduces reported beneficial ownership.

The sale reduced reported ownership to 104,644 shares. The transactions were executed across price ranges with weighted averages of $50.73 and $51.55, which provides transparency about execution levels on 10/09/2025.

Market-impact risks are minor for most investors given the absolute size, but watch for further insider activity or clustered sales from other insiders over the next few weeks as potential signals to the market.

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)
10/09/2025

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	10/09/2025		S(1)		23,800	D	$50.73(2)	105,844	D
Common Stock	10/09/2025		S(1)		1,200	D	$51.55(3)	104,644	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 $50.12 to $51.08. 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 $51.39 to $51.76. 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.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	10/10/2025
	** 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 SUPN director Charles W. Newhall III report on Form 4?

The director reported selling 25,000 shares of SUPN on 10/09/2025 under a 10b5-1 trading plan, leaving 104,644 shares beneficially owned.

Were the sales made under a 10b5-1 plan for SUPN?

Yes. The Form 4 states the transactions were made pursuant to a Rule 10b5-1 trading plan adopted on 03/03/2025.

What prices were the SUPN shares sold at?

The sales were reported as two weighted averages: $50.73 for 23,800 shares (range $50.12–$51.08) and $51.55 for 1,200 shares (range $51.39–$51.76).

How does this Form 4 affect SUPN ownership disclosure?

After the reported sales, the filing shows the reporting person beneficially owns 104,644 shares directly.

Who signed the Form 4 filing for the SUPN director?

The document was signed by /s/ Timothy C. Dec, as attorney-in-fact on 10/10/2025.