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

Rhea-AI Filing Summary

Insider sale by director under 10b5-1 plan. Bethany Sensenig, a director of Supernus Pharmaceuticals (SUPN), disposed of 5,369 shares of Common Stock on 08/14/2025 at a weighted average price of $42.25 per share. The sale was executed pursuant to a 10b5-1 trading plan adopted May 15, 2025. After the reported transactions the reporting person beneficially owned 0 shares. The Form 4 was filed with a signature executed by an attorney-in-fact on 08/18/2025. The filer committed to provide, upon request, details of the number of shares sold at each price within the $41.88 to $42.52 range.

Positive

• Transaction executed under a 10b5-1 trading plan, indicating the sale was preplanned and intended to provide compliance with insider trading rules
• Filer offers to provide detailed execution data for the trades within the reported $41.88 to $42.52 price range, enhancing transparency

Negative

• Reporting person reduced beneficial ownership to zero following the sale of 5,369 shares, which removes an insider equity stake disclosed in this filing

Insights

Financial Analyst

TL;DR: Director sold a modest block of shares under a pre-established plan; transaction appears routine and not materially transformative.

The sale of 5,369 shares at a weighted average of $42.25 was executed under a 10b5-1 plan adopted May 15, 2025. The filing indicates the director now holds no beneficial shares. For investors this is a clear disclosure of insider liquidity but the Form 4 does not include information on the relative size of the holding prior to sale or any corporate developments. Without further context on total outstanding director holdings or timing drivers, the transaction should be treated as a routine compliance disclosure rather than a material change to company fundamentals.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan signals preplanned trading; disclosure is complete and consistent with good governance practice.

The filer states the sale was pursuant to a 10b5-1 plan adopted May 15, 2025 and provides a weighted average price range for multiple transactions. The Form 4 includes the required undertaking to provide granular execution details if requested and is signed by an attorney-in-fact. From a governance perspective, adoption and use of a documented trading plan reduces concerns about opportunistic insider trading. The filing does not, however, disclose the director's prior holdings or motivations, which limits assessment of economic impact on alignment with shareholders.

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^*

Sensenig Bethany

(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)
08/14/2025

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	08/14/2025		S(1)		5,369	D	$42.25(2)	0	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 May 15, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $41.88 to $42.52. 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	08/18/2025
	** 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 Bethany Sensenig report on Form 4 for SUPN?

She reported the sale of 5,369 shares of Common Stock on 08/14/2025 at a weighted average price of $42.25 and now beneficially owns 0 shares.

Was the sale by the SUPN director part of a prearranged plan?

Yes. The filing states the transactions were made pursuant to a 10b5-1 trading plan adopted May 15, 2025.

What price range did the SUPN shares trade at in these transactions?

Shares were sold at prices ranging from $41.88 to $42.52, with a weighted average price reported as $42.25.

When was the Form 4 signed and by whom?

The filing was signed on 08/18/2025 by Timothy C. Dec as attorney-in-fact for the reporting person.

Does the Form 4 provide details on the number of shares sold at each price?

Not directly. The filer states they will provide full information regarding the number of shares sold at each separate price within the stated range upon request.