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

Rhea-AI Filing Summary

Jack A. Khattar, President & CEO and a director of Supernus Pharmaceuticals, Inc. (SUPN), reported option-related and open-market transactions on 09/29/2025. He acquired 13,688 shares by exercising employee stock options at an exercise price of $25.30 and, on the same date, sold 10,235 shares in transactions at a weighted average price of $48.02 (sales ranged from $48.00 to $48.14). After these transactions he beneficially owns 1,144,336 shares directly and 1,005,600 shares indirectly through the KBT Trust; he also holds 148,812 option shares underlying employee stock options. The exercise was recorded as part of an option vesting schedule; the sales were made pursuant to a 10b5-1 trading plan adopted November 14, 2024. The form was signed by an attorney-in-fact on 09/30/2025.

Positive

• Transactions executed under a 10b5-1 plan adopted November 14, 2024, indicating pre-planned sales and reduced appearance of opportunistic timing
• Detailed disclosure of weighted-average sale price range ($48.00–$48.14) and an offer to provide per-price breakdowns on request
• Timely reporting with Form 4 signed by attorney-in-fact on 09/30/2025, showing compliance with Section 16 reporting obligations

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider exercised options and partially sold shares under a 10b5-1 plan; net direct holdings remain substantial.

The filing shows a routine insider exercise of 13,688 option shares at $25.30 and the sale of 10,235 shares at a weighted average of $48.02, executed under a pre-established 10b5-1 plan. The transactions modestly changed direct ownership from 1,154,571 to 1,144,336 shares, while the reporting person retains significant indirect holdings via the KBT Trust (1,005,600 shares) and retains 148,812 option shares outstanding. From a capital-structure viewpoint, these actions are routine liquidity and option-exercise events rather than material shifts in control or strategy.

Corporate Governance Expert

TL;DR: Disclosure follows standard practice; use of a 10b5-1 plan indicates pre-planned sales and reduces informational asymmetry.

The Form 4 discloses timely reporting of option exercise and contemporaneous open-market sales executed under a 10b5-1 plan adopted on November 14, 2024. The reporting includes the weighted-average sale price range and an undertaking to provide per-price breakdowns if requested, which enhances transparency. The filing was executed by an attorney-in-fact and includes vesting detail for the option tranche, aligning with standard governance and compliance protocols.

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).

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)
09/29/2025

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	09/29/2025		M(1)		13,688	A	$25.3	1,154,571	D
Common Stock	09/29/2025		S		10,235	D	$48.02(2)	1,144,336	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	09/29/2025		M			13,688	02/24/2018(3)	02/24/2027	Common Stock	13,688	$0	148,812	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 $48.00 to $48.14. 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 vests in four equal installments beginning on February 24, 2018

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	09/30/2025
	** 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 transactions did SUPN insider Jack A. Khattar report on Form 4?

He reported exercising 13,688 option shares at $25.30 and selling 10,235 shares at a weighted average price of $48.02 on 09/29/2025.

Were the sales by Jack A. Khattar part of a prearranged trading plan (10b5-1)?

Yes. The Form 4 states the sales were made pursuant to a 10b5-1 trading plan adopted November 14, 2024.

How many Supernus shares does Jack A. Khattar beneficially own after these transactions?

Following the reported transactions he beneficially owns 1,144,336 shares directly and 1,005,600 shares indirectly through the KBT Trust.

What option holdings does the filing disclose for the reporting person?

The filing shows 148,812 option shares beneficially owned following the exercise tranche, with the exercised tranche vesting in four instalments beginning February 24, 2018.

At what prices were the shares sold?

The shares were sold at prices ranging from $48.00 to $48.14, with a weighted average reported as $48.02.