Supernus (SUPN) Insider Files: Option Exercise and Partial Sale by CEO
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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 27,060 | $0.00 | -- |
| Exercise | Common Stock | 27,060 | $12.98 | $351K |
| Sale | Common Stock | 16,587 | $47.02 | $780K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Transaction made pursuant to a 10b5-1 trading plan adopted November 14, 2024. 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. The option vested in four equal installments beginning on March 1, 2017.
