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

Rhea-AI Filing Summary

Insider transactions by Supernus Pharmaceuticals (SUPN): Jack A. Khattar, President & CEO and a director, exercised 1,611 employee stock options with an exercise price of $12.98 on 08/25/2025, acquiring 1,611 shares. The exercise was made pursuant to an employee option that vested in four equal installments beginning March 1, 2017. On the same date he sold 1,000 shares at an average price of $45.00 (reported weighted average $45, range $45.00–$45.01).

Following these transactions Khattar beneficially owned 1,072,459 shares directly and 1,005,600 shares indirectly through the KBT Trust. The exercise and sale were executed under a 10b5-1 trading plan adopted November 14, 2024. The Form 4 was signed by an attorney-in-fact on 08/27/2025.

Positive

• Exercise of in-the-money options at $12.98 locks in gains while allowing continued ownership
• Significant remaining ownership: 1,072,459 shares direct and 1,005,600 shares indirect via the KBT Trust
• Trade executed under a 10b5-1 plan (adopted 11/14/2024), which supports compliance and reduces timing concerns

Negative

• Disposition of 1,000 shares at an average of $45.00 reduces direct holdings, though the sale size is small relative to total ownership

Insights

Financial Analyst

TL;DR: CEO exercised in-the-money options and sold a small tranche under a pre-established 10b5-1 plan; holdings remain substantial.

The exercise of 1,611 options at $12.98 and the concurrent sale of 1,000 shares at ~$45 is a common insider liquidity event that realizes option gains while retaining significant equity exposure. Direct beneficial ownership remains at 1,072,459 shares with an additional 1,005,600 indirectly held, indicating sustained alignment with shareholders. The use of a 10b5-1 plan adds procedural clarity and reduces concerns about opportunistic timing.

Corporate Governance Expert

TL;DR: Transactions appear routine and compliant; the 10b5-1 plan and signed Form 4 support governance controls.

The filing discloses that the sale was made pursuant to a 10b5-1 plan adopted on 11/14/2024, which typically mitigates insider trading risk by pre-scheduling trades. The Form 4 includes required explanations and an attorney-in-fact signature, meeting disclosure norms. No unusual timing, large one-off disposition, or change in officer/director status is reported.

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)
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)		1,611	A	$12.98	1,072,459	D
Common Stock	08/25/2025		S		1,000	D	$45(2)	1,071,459	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	08/25/2025		M			1,611	03/01/2017(3)	03/01/2026	Common Stock	1,611	$0	130,974	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 $45.00 to $45.01. 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	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 insider transactions did Jack A. Khattar report for SUPN on 08/25/2025?

He exercised 1,611 employee stock options at $12.98 and sold 1,000 shares at an average price of $45.00 on 08/25/2025.

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

Yes. The transactions were made pursuant to a 10b5-1 trading plan adopted on 11/14/2024.

How many SUPN shares does Jack Khattar beneficially own after these transactions?

He beneficially owned 1,072,459 shares directly and 1,005,600 shares indirectly through the KBT Trust following the reported transactions.

What was the exercise price and vesting detail for the exercised options?

The exercised employee stock option had an exercise price of $12.98 and vested in four equal installments beginning on 03/01/2017.

Was the reported sale price for the 1,000 shares a single price?

No. The Form 4 reports a weighted average price of $45.00 with sales executed at prices ranging from $45.00 to $45.01.