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

Rhea-AI Filing Summary

Jack A. Khattar, President and Chief Executive Officer of Supernus Pharmaceuticals, reported option exercise and share sales on 09/08/2025. He exercised 8,074 employee stock options with an exercise price of $25.30 per share (options vesting began 02/24/2018 and expire 02/24/2027), resulting in 8,074 common shares issued. On the same date he sold 6,322 shares at a weighted average price of $46.29 per share (sales occurred at prices between $46.00 and $46.40). Following these transactions he beneficially owned 1,111,983 common shares. The exercise and sale were made pursuant to a 10b5-1 trading plan adopted November 14, 2024.

Positive

• Transactions executed pursuant to a 10b5-1 plan, adopted November 14, 2024, which documents prearranged trading instructions
• Detailed disclosure of sale price range ($46.00 to $46.40) with an offer to provide per-price breakdown on request

Negative

• Insider sold 6,322 shares on 09/08/2025, reducing direct holdings
• Exercise and sale represent realized share disposition by the CEO on the same date

Insights

Financial Analyst

TL;DR: Insider exercised options and sold a portion of shares under a 10b5-1 plan; change in holdings is modest relative to total shares held.

Jack Khattar exercised 8,074 options at $25.30 and sold 6,322 resulting shares at a weighted average price of $46.29 on 09/08/2025. The transactions were executed under a pre-established 10b5-1 plan adopted Nov 14, 2024, which provides pre-clearance for scheduled trades. Post-transaction beneficial ownership is 1,111,983 shares. For investors, these actions represent a routine option exercise and partial sale rather than an unplanned disposition; no other material corporate actions or financial results are disclosed in this filing.

Corporate Governance Expert

TL;DR: Use of a documented 10b5-1 plan suggests procedural compliance for insider trading; disclosure is complete about price ranges.

The Form 4 discloses that the sale prices ranged from $46.00 to $46.40 and that the reporting person will provide the breakdown of shares sold at each price upon request. The filing is signed by an attorney-in-fact and identifies the reporting person as both an officer (President, CEO) and director. The option vesting schedule and expiration are disclosed. There are no indications of amendments or other governance issues in the submission.

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^*

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)
09/08/2025

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	09/08/2025		M(1)		8,074	A	$25.3	1,118,305	D
Common Stock	09/08/2025		S		6,322	D	$46.29(2)	1,111,983	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)	$25.3	09/08/2025		M			8,074	02/24/2018(3)	02/24/2027	Common Stock	8,074	$0	162,500	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 $46.40. 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	09/09/2025
	** 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 insider Jack Khattar report on Form 4?

He exercised 8,074 employee stock options at $25.30 and sold 6,322 shares at a weighted average price of $46.29 on 09/08/2025.

Were the trades by SUPN's CEO part of a prearranged trading plan?

Yes. The Form 4 states the transactions were made pursuant to a 10b5-1 trading plan adopted November 14, 2024.

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

1,111,983 common shares are reported as beneficially owned following the reported transactions.

What was the exercise price and expiration for the options exercised?

The exercised employee stock options had an exercise price of $25.30 and an expiration date of 02/24/2027; vesting began in four installments starting 02/24/2018.

At what prices were the shares sold and is there pricing detail available?

Sales occurred at prices ranging from $46.00 to $46.40; the Form 4 reports a weighted average sale price of $46.29 and offers to provide the number of shares sold at each price on request.