Supernus (SUPN) CEO exercises options and completes $45/share sales under 10b5-1 plan
Rhea-AI Filing Summary
Insider transactions by Jack A. Khattar at Supernus Pharmaceuticals (SUPN) show option exercises and share sales completed under a 10b5-1 plan. On 08/27/2025 and 08/28/2025 Mr. Khattar acquired 17,195 and 38,779 shares by exercising employee stock options at an exercise price of $12.98 per share. He also sold 10,650 shares on 08/27/2025 at a weighted average price of $45.05 and 24,150 shares on 08/28/2025 at a weighted average price of $45.12. After these transactions his direct beneficial ownership is reported at 1,092,633 shares, with an additional 1,005,600 shares indirectly held by the KBT Trust. The Form 4 notes the 10b5-1 trading plan was adopted on November 14, 2024.
Positive
- Exercise of options at $12.98 increased direct holdings by 55,974 shares, demonstrating continued ownership concentration.
- Transactions executed under a disclosed 10b5-1 plan (adopted Nov 14, 2024), which provides a pre-established compliance framework.
- Filings provide weighted-average sale prices and offer to supply per-trade details, indicating disclosure thoroughness.
Negative
- Insider sold 34,800 shares in open-market transactions at weighted averages near $45, which may be perceived negatively by some investors.
- Significant portion of exercised shares were immediately sold, reducing the net increase in beneficial ownership despite exercising options.
Insights
TL;DR: Executive exercised options cheaply and sold a portion at ~$45 under a pre-established 10b5-1 plan, modestly changing direct share count.
The reporting shows exercise of employee stock options at $12.98 for a total of 55,974 shares and contemporaneous open-market sales of 34,800 shares at weighted averages near $45. This sequence is consistent with option liquidity events where gains are realized while maintaining substantial direct and indirect holdings (over 2.1 million shares combined). The transactions were executed under a disclosed 10b5-1 plan, which reduces timing concerns but does not eliminate investor questions about insider sentiment.
TL;DR: Transactions comply with a disclosed 10b5-1 plan; filings provide transparent pricing ranges and signature by attorney-in-fact.
The Form 4 discloses the trading plan adoption date and provides weighted-average sale prices with commitments to disclose per-price details on request, which supports compliance and transparency. The reporting person remains a significant holder both directly and indirectly (1,092,633 D and 1,005,600 I), and the form is properly signed by an attorney-in-fact. No amendments or corrective notes appear. From a governance standpoint, disclosures are complete and follow required Form 4 conventions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 38,779 | $0.00 | -- |
| Exercise | Common Stock | 38,779 | $12.98 | $503K |
| Sale | Common Stock | 24,150 | $45.12 | $1.09M |
| Exercise | Employee Stock Option (Right to Buy) | 17,195 | $0.00 | -- |
| Exercise | Common Stock | 17,195 | $12.98 | $223K |
| Sale | Common Stock | 10,650 | $45.05 | $480K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Transaction made pursuant to a 10b5-1 trading plan adopted November 14, 2024. 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 $45.10. 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. 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 $45.26. The Reporting Person undertakes to provide to 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. The option vested in four equal installments beginning on March 1, 2017.
