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

Rhea-AI Filing Summary

Padmanabh P. Bhatt, Senior Vice President of IP and Chief Scientific Officer at Supernus Pharmaceuticals (SUPN), reported equity transactions dated 08/25/2025. The report shows the settlement of 1,250 shares upon vesting of Performance Share Units awarded on February 23, 2023, and 581 shares were withheld by the company to satisfy tax withholding at an indicated price of $41.46 per share. Following these transactions, the reporting person beneficially owned 13,718 shares of common stock. The filing explains the PSUs vested after achievement of individual performance objectives established June 12, 2023. The form was signed by an attorney-in-fact on behalf of the reporting person on 08/27/2025.

Positive

• Performance-based vesting occurred: 1,250 PSUs settled, indicating performance objectives were met as described in the filing.
• Administrative tax withholding was handled via withholding of 581 shares, demonstrating routine compliance with tax obligations on equity awards.

Negative

• Net beneficial ownership decreased to 13,718 shares after withholding, representing fewer shares retained by the reporting person.

Insights

Corporate Governance Expert

TL;DR: Routine executive equity settlement and tax withholding; shows performance-based compensation vesting without material change to control.

This Form 4 records a standard settlement of Performance Share Units (1,250 shares) and subsequent tax-withholding disposition (581 shares). The disclosure confirms the award was performance-based with objectives set June 12, 2023, and settled August 25, 2025. The net beneficial ownership reported (13,718 shares) is a factual update rather than a change in governance or control. There is no indication of option exercises, pledges, or transfers to related parties in the filing.

Equity Compensation Analyst

TL;DR: Indicates PSU vesting and routine tax-withholding; reflects compensation realization for the executive.

The transaction codes show Code M for settlement of PSUs and Code F for shares withheld to satisfy taxes at $41.46 per share. The filing identifies the original grant date (02/23/2023) and that vesting was tied to individual performance objectives. This is a standard post-vesting administrative outcome that converts long-term incentive units into common stock while covering withholding obligations, reducing share count delivered to the executive by 581 shares.

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).

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)
08/25/2025

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	08/25/2025		M		1,250	A	$0(1)	14,299	D
Common Stock	08/25/2025		F		581(2)	D	$41.46	13,718	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	08/25/2025		M			1,250	(3)	(3)	Common Stock	1,250	$0	0	D

Explanation of Responses:

1. Shares of common stock received upon the settlement of certain Performance Share Units granted to the Reporting Person on February 23, 2023.

2. Represents the number of shares of common stock withheld by the Company to satisfy tax withholding requirements in connection with the vesting of Performance Share Units.

3. 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	08/27/2025
	** 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 insider Padmanabh Bhatt report on Form 4?

The filing reports the settlement of 1,250 Performance Share Units on 08/25/2025 and the withholding of 581 shares to satisfy taxes, leaving 13,718 shares beneficially owned.

When were the Performance Share Units originally granted?

The Performance Share Units were awarded on February 23, 2023, with performance objectives established on June 12, 2023.

What was the tax withholding amount per share reported?

The filing shows shares withheld at an indicated price of $41.46 per share to satisfy tax withholding requirements.

What is the reporting person's role at SUPN?

The reporting person is identified as Sr. VP of IP, Chief Scientific Officer and an officer of Supernus Pharmaceuticals.

Who signed the Form 4 and when?

The form was signed by Timothy C. Dec as attorney-in-fact on 08/27/2025.