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

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

Financial Analyst

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.

Corporate Governance Expert

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.

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^*

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)
08/27/2025

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	08/27/2025		M(1)		17,195	A	$12.98	1,088,654	D
Common Stock	08/27/2025		S		10,650	D	$45.05(2)	1,078,004	D
Common Stock	08/28/2025		M(1)		38,779	A	$12.98	1,116,783	D
Common Stock	08/28/2025		S		24,150	D	$45.12(3)	1,092,633	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)	$12.98	08/27/2025		M			17,195	03/01/2017(4)	03/01/2026	Common Stock	17,195	$0	113,779	D
Employee Stock Option (Right to Buy)	$12.98	08/28/2025		M			38,779	03/01/2017(4)	03/01/2026	Common Stock	38,779	$0	75,000	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 $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.

3. 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.

4. The option vested in four equal installments beginning on March 1, 2017.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	08/29/2025
	** 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?

The Form 4 reports Mr. Khattar exercised 17,195 shares on 08/27/2025 and 38,779 shares on 08/28/2025 at an exercise price of $12.98, and sold 10,650 shares on 08/27/2025 and 24,150 shares on 08/28/2025 at weighted average prices of $45.05 and $45.12, respectively.

Were the sales part of a pre-established trading plan for SUPN insider trades?

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

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

After the reported transactions Mr. Khattar beneficially owns 1,092,633 shares directly and 1,005,600 shares indirectly through the KBT Trust.

What prices were the sold SUPN shares executed at?

The Form 4 reports weighted average sale prices of $45.05 (sales on 08/27/2025) and $45.12 (sales on 08/28/2025) with noted price ranges for individual trades.

Who signed the Form 4 filing for Jack A. Khattar?

The Form 4 is signed by Timothy C. Dec, as attorney-in-fact on 08/29/2025.