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

Rhea-AI Filing Summary

Jack A. Khattar, President, CEO and a director of Supernus Pharmaceuticals (SUPN), reported transactions on 09/22/2025. He exercised 27,060 employee stock options with an exercise price of $12.98 (resulting from options granted earlier) and acquired 27,060 shares. On the same date he sold 16,587 shares at a weighted-average price of $47.02. Following these transactions the filing shows 1,122,456 shares beneficially owned directly and 1,005,600 shares indirectly through the KBT Trust. The exercise and acquisition were reported as made pursuant to a 10b5-1 trading plan adopted November 14, 2024. The Form 4 was signed by an attorney-in-fact on 09/23/2025.

Positive

• Option exercise at $12.98 allows realization of value given the later sale price range
• Sales executed under a 10b5-1 trading plan adopted November 14, 2024, indicating preplanned compliance with insider-trading rules
• Substantial retained ownership: 1,122,456 shares directly and 1,005,600 shares indirectly via the KBT Trust

Negative

• Insider sale of 16,587 shares was reported, which reduces direct share holdings
• Form 4 shows multiple transactions (exercise plus sale) on the same date, requiring investors to reconcile timing and volumes if monitoring insider activity

Insights

Financial Analyst

TL;DR: Insider exercised options at $12.98 and sold a portion at ~$47.02, increasing realized proceeds while retaining substantial ownership.

The filing documents a routine option exercise and partial sale by the company’s President and CEO. Exercising 27,060 options at a $12.98 strike and selling 16,587 shares at a weighted-average of $47.02 implies a material spread between exercise price and sale price, producing realized value for the reporting person. The disclosure shows continued significant ownership both directly and indirectly, which preserves alignment with shareholders. The transactions were executed under a 10b5-1 plan, indicating preplanned, rule-compliant trading rather than opportunistic timing.

Corporate Governance Expert

TL;DR: Transactions are documented, 10b5-1 plan referenced, and insider retains sizable direct and indirect holdings—governance disclosure appears complete.

The Form 4 includes required details: transaction dates, codes, quantities, prices, post-transaction beneficial ownership, and a statement that the trades were pursuant to a 10b5-1 plan adopted November 14, 2024. The filing also notes the option vesting schedule (vested in four equal installments beginning March 1, 2017). The signature by an attorney-in-fact is provided. From a governance and compliance perspective, the disclosure is granular and conforms to Section 16 reporting expectations.

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).

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)
09/22/2025

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	09/22/2025		M(1)		27,060	A	$12.98	1,139,043	D
Common Stock	09/22/2025		S		16,587	D	$47.02(2)	1,122,456	D
Common Stock								1,005,600	I	By the KBT Trust

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)	$12.98	09/22/2025		M			27,060	03/01/2017(3)	03/01/2026	Common Stock	27,060	$0	47,940	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 $47.00 to $47.08. 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 option vested in four equal installments beginning on March 1, 2017.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	09/23/2025
	** 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

When did Jack A. Khattar report the transactions on his Form 4 for SUPN?

The transactions are dated 09/22/2025 and the Form 4 was signed by attorney-in-fact on 09/23/2025.

How many options were exercised and at what price?

The filing reports the exercise of 27,060 employee stock options with an exercise price of $12.98.

How many shares were sold and at what price?

The filing reports the sale of 16,587 shares at a weighted-average price of $47.02 (sales ranged from $47.00 to $47.08).

What is Khattar's beneficial ownership after these transactions?

The Form 4 shows 1,122,456 shares beneficially owned directly and 1,005,600 shares indirectly through the KBT Trust.

Were these trades executed under a 10b5-1 plan?

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