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

Rhea-AI Filing Summary

Insider transaction by Supernus Pharmaceuticals (SUPN) officer. Senior Vice-President & Chief Financial Officer Timothy C. Dec reported the sale of 11,780 shares of Supernus common stock on 08/22/2025 at a weighted average price of $44.49 per share. Following the disposition, the reporting person beneficially owned 1,246 shares in total, which includes 345 shares acquired through the company's Employee Stock Purchase Plan. The Form 4 discloses the sale as a non-derivative transaction and provides a price range for individual sale prices within $44.40 to $44.66.

Positive

• Required disclosure completed: Form 4 reports the insider sale and provides a weighted average price and price range.
• Post-transaction ownership detail: Filing discloses remaining beneficial ownership and notes 345 shares acquired via the Employee Stock Purchase Plan.

Negative

• Significant disposition: The reporting person disposed of 11,780 shares, materially reducing direct holdings to 1,246 shares.
• Concentration reduction: Direct beneficial ownership after the sale is low at 1,246 shares, which may be viewed as a meaningful decrease from pre-sale levels.

Insights

Financial Analyst

TL;DR: CFO sold a material block of stock, reducing direct holdings to 1,246 shares; transaction was executed at a weighted average of $44.49.

The reported sale of 11,780 shares by the company's CFO is a clear change in insider ownership concentration. The filing specifies a weighted average sale price of $44.49 with individual trades ranging from $44.40 to $44.66 and notes inclusion of 345 ESPP shares in post-transaction ownership. Because this is a direct, non-derivative disposition, it meaningfully decreases the reporting person's direct stake while remaining a single-period disclosure without further context about intent or planned future transactions.

Corporate Governance Expert

TL;DR: Form 4 was filed to report a routine non-derivative sale by an officer; disclosure is complete as presented.

The Form 4 provides the required transparency for an executive sale: identity and role of the reporting person, security class, transaction code indicating a sale, number of shares sold, weighted average price, and remaining beneficial ownership including ESPP-acquired shares. The footnote clarifies the transaction involved multiple executions at prices within a disclosed range and offers to provide breakdowns on request, which aligns with good disclosure practice under Section 16 reporting rules.

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).

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^*

DEC TIMOTHY C

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice-President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		S		11,780	D	$44.49(1)	1,246(2)	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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.40 to $44.66, inclusive. 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.

2. Includes an aggregate of 345 shares acquired by the Reporting Person through the Issuer's Employee Stock Purchase Plan.

Remarks:

	/s/ Timothy C. Dec	08/26/2025
	** 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 CFO Timothy C. Dec report on Form 4?

He reported a sale of 11,780 shares of Supernus common stock as a non-derivative transaction, with a weighted average price of $44.49.

How many Supernus shares does the reporting person own after the transaction?

1,246 shares beneficially owned following the reported sale, including 345 shares acquired through the Employee Stock Purchase Plan.

When was the sale executed and at what prices?

The sale occurred on 08/22/2025 in multiple transactions at prices ranging from $44.40 to $44.66, with a weighted average of $44.49.

Does the Form 4 indicate derivative transactions or option exercises?

No. The filing lists only a non-derivative common stock sale and contains no entries in the derivative securities section.

Is there additional price breakdown information available?

Yes. The footnote states the reporting person will provide full information on the number of shares sold at each separate price within the disclosed range upon request.