[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 transactions on 08/22/2025 under Form 4. He exercised employee stock options to acquire 2,415 shares at an exercise price of $12.98 per share, and sold 1,500 shares at a weighted average price of $45.00 (sales executed at prices ranging from $45.00 to $45.01). Following these transactions his direct beneficial ownership is reported as 1,070,848 shares and he also has 1,005,600 shares indirectly beneficially owned through the KBT Trust. The exercised options relate to an award exercisable through 03/01/2026 and vesting began 03/01/2017. The sale was made pursuant to a 10b5-1 trading plan adopted on November 14, 2024. The Form 4 was signed by an attorney-in-fact on 08/26/2025.

Positive

• Sales executed under a 10b5-1 trading plan, indicating the transaction was pre-planned (adopted 11/14/2024).
• Substantial retained ownership: reporting person retains >1,070,000 direct shares plus 1,005,600 shares indirectly via KBT Trust.
• Disclosure includes option and sale details (exercise price, sale price range, option exercisability and expiration).

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider option exercise and partial sale under a pre-established 10b5-1 plan; no material change to control.

The reporting shows an exercise of 2,415 options at $12.98 and a contemporaneous sale of 1,500 shares at a weighted average of $45.00. These actions were executed under a 10b5-1 plan adopted 11/14/2024, which indicates the sales were preplanned and not opportunistic. Post-transaction direct ownership remains above one million shares with an additional 1,005,600 shares held indirectly via the KBT Trust. There is no indication of any new pledge, borrowing, or change in voting control in this filing.

Corporate Governance Expert

TL;DR: Insider activity is disclosed clearly; use of 10b5-1 plan reduces concerns about timing.

The Form 4 documents standard executive equity events: option exercise and small-scale disposition. The filer discloses the 10b5-1 trading plan adoption date (11/14/2024), supporting the affirmative defense for planned trades. The filing also lists remaining derivative holdings (132,585 options) and provides the option exercise schedule context. No amendments, related-party transactions, or governance changes are reported.

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)
08/22/2025

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		M(1)		2,415	A	$12.98	1,072,348	D
Common Stock	08/22/2025		S		1,500	D	$45(2)	1,070,848	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	08/22/2025		M			2,415	03/01/2017(3)	03/01/2026	Common Stock	2,415	$0	132,585	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 $45.01. 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 vested in four equal installments beginning on March 1, 2017.

Remarks:

	/s/ Timothy C. Dec, as attorney-in-fact	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

Who filed the Form 4 for SUPN and what is their role?

The Form 4 was filed for Jack A. Khattar, who is listed as President, CEO and a director of Supernus Pharmaceuticals, Inc.

What transactions did Jack A. Khattar report on 08/22/2025?

He reported exercising 2,415 employee stock options at $12.98 per share and selling 1,500 shares at a weighted average price of $45.00.

Was the sale part of a pre-existing trading plan?

Yes. The sale was made pursuant to a 10b5-1 trading plan adopted on November 14, 2024.

What is the reporting person's beneficial ownership after these transactions?

After the transactions, direct beneficial ownership is reported as 1,070,848 shares and indirect beneficial ownership via the KBT Trust is 1,005,600 shares.

How many unexercised options remain reported?

The filing shows 132,585 options held after the transactions (derivative securities beneficially owned).