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

Rhea-AI Filing Summary

Charles W. Newhall III, a director of Supernus Pharmaceuticals, Inc. (SUPN), reported the sale of 1,000 shares of the issuer's common stock on 08/25/2025 pursuant to a 10b5-1 trading plan adopted March 3, 2025. The filing shows a weighted average sale price of $45 (individual trades ranged $45.00–$45.01) and indicates the reporting person beneficially owned 133,232 shares after the transaction. The Form 4 was signed by an attorney-in-fact on 08/27/2025 and was filed as a single-person report.

Positive

• Transaction executed under a documented 10b5-1 plan, indicating pre-planned trading and affirmative defense intent
• Weighted average price and execution range disclosed ($45.00–$45.01) and reporting person offers to provide detailed per-trade breakdown on request
• Filing by a single reporting person with attorney-in-fact signature, reflecting standard procedure and timely disclosure

Negative

• Director sold 1,000 shares, reducing beneficial ownership to 133,232 shares
• Sale represents insider liquidity, which some investors may view as minor negative signal despite 10b5-1 plan

Insights

Financial Analyst

TL;DR: Small, pre-planned sale by a director under a 10b5-1 plan; minimal ownership change relative to total stated holdings.

The sale of 1,000 shares against remaining beneficial ownership of 133,232 shares represents a modest reduction in holdings (under 1%). Because the transaction was executed under a documented 10b5-1 plan adopted March 3, 2025, it indicates pre-scheduled liquidity rather than an opportunistic insider trade. The filing discloses a weighted average price of $45 with a narrow execution range ($45.00–$45.01), which provides useful price transparency. Overall, this is a routine insider liquidity event with limited direct financial impact on the company.

Corporate Governance Expert

TL;DR: Proper procedural disclosure under Rule 10b5-1; filing meets transparency expectations for director trades.

The Form 4 clearly states the use of a 10b5-1 trading plan and provides an undertaking to supply detailed per-trade pricing to the company or SEC staff if requested, which enhances disclosure quality. The report was filed by one reporting person and signed by an attorney-in-fact, consistent with common practice. The transaction size is small relative to the director's remaining stake, suggesting routine portfolio rebalancing rather than a governance red flag.

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^*

NEWHALL CHARLES W III

(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
	Officer (give title below)		Other (specify below)

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		S(1)		1,000	D	$45(2)	133,232	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

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted March 3, 2025.

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.

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 transaction did Charles W. Newhall III report on Form 4 for SUPN?

He reported the sale of 1,000 common shares on 08/25/2025 executed under a 10b5-1 plan.

Was the sale by the SUPN director pre-planned under a 10b5-1 trading plan?

Yes. The Form 4 states the trades were made pursuant to a 10b5-1 plan adopted March 3, 2025.

What price did the SUPN Form 4 report for the sold shares?

Weighted average price $45; individual trades ranged from $45.00 to $45.01.

How many SUPN shares did the reporting person own after the transaction?

133,232 shares of common stock were beneficially owned following the reported sale.

When was the Form 4 signed and filed for the SUPN transaction?

Signed by an attorney-in-fact on 08/27/2025 as indicated in the filing.