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

Rhea-AI Filing Summary

Insider transactions by the CEO/President and director Jack A. Khattar are reported on this Form 4. On 10/09/2025 Mr. Khattar exercised 81,250 employee stock options with an exercise price of $25.30 and immediately sold a total of 59,900 common shares in multiple transactions at weighted average prices of $50.55 and $51.46. After these transactions he directly beneficially owns 1,206,578 shares and indirectly holds 1,005,600 shares through the KBT Trust. The option grant vests in four equal installments that began on 02/24/2018.

Positive

• Sales executed under a 10b5-1 plan (adopted 11/14/2024) which indicates pre-planned trading
• Substantial retained ownership after transactions: 1,206,578 direct shares and 1,005,600 indirect via the KBT Trust

Negative

• Significant insider selling on 10/09/2025 totaling 59,900 shares, which may be viewed as liquidity-taking
• Concentration of indirect holdings (1,005,600 shares) which maintains insider influence but concentrates voting power

Insights

Corporate Governance Analyst

TL;DR: CEO exercised vested options and sold a portion of shares under a 10b5-1 plan.

The reporting shows an exercise of 81,250 employee stock options at an exercise price of $25.30, followed by multiple open-market sales totaling 59,900 shares executed at weighted average prices of $50.55 and $51.46. The filer notes the sales were made pursuant to a 10b5-1 trading plan adopted on 11/14/2024, which provides pre-structured execution timing for insiders.

Key dependencies include the plan's terms and vesting schedule for the options (vesting began on 02/24/2018). Monitor future Form 4s for additional scheduled sales under the plan or any changes in indirect holdings through the KBT Trust. Near-term visibility is limited to disclosed transactions on 10/09/2025.

Equity Compensation Specialist

TL;DR: Transaction is routine option exercise plus partial disposition, with material cash proceeds.

The exercise of 81,250 options at $25.30 and subsequent sales at ~$50–51 imply a pre-tax spread per share near $25, generating material gross proceeds for the reporting person. The Form discloses weighted average sale price ranges and offers to provide detailed breakdowns on request.

Risks include tax withholding or planned liquidity needs that the document does not specify. Investors can track realized insider liquidity and future option expirations; the option expiration date listed is 02/24/2027 for the series disclosed.

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)
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		M(1)		81,250	A	$25.3	1,266,478	D
Common Stock	10/09/2025		S		58,371	D	$50.55(2)	1,208,107	D
Common Stock	10/09/2025		S		1,529	D	$51.46(3)	1,206,578	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)	$25.3	10/09/2025		M			81,250	02/24/2018(4)	02/24/2027	Common Stock	81,250	$0	0	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 $50.11 to $51.09. 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 $51.14 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.

4. The option vests in four equal installments beginning on February 24, 2018

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 insider Jack A. Khattar do on 10/09/2025?

He exercised 81,250 employee stock options at $25.30 and sold 59,900 common shares in multiple transactions at weighted average prices of $50.55 and $51.46.

Were the sales part of a pre-approved plan for SUPN (ticker: SUPN)?

Yes. The Form 4 discloses the sales were made pursuant to a 10b5-1 trading plan adopted on 11/14/2024.

How many SUPN shares does Jack Khattar own after the transactions?

Following the transactions he directly beneficially owns 1,206,578 shares and indirectly beneficially owns 1,005,600 shares via the KBT Trust.

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

The exercised options had an exercise price of $25.30 and the option series shown expires on 02/24/2027.

Does the filing disclose sale price ranges for the shares sold?

Yes. Sales occurred at prices ranging $50.11–$51.09 for one block and $51.14–$51.76 for another; weighted averages are reported as $50.55 and $51.46.