United Therapeutics Insider Discloses 11,000-Share Sale via Morgan Stanley

Rhea-AI Filing Summary

Form 144 notice by an insider to sell 11,000 shares of Common stock via Morgan Stanley on 09/18/2025. The shares were acquired through a stock option exercise on 09/18/2025 and paid for in cash. The filing lists an aggregate market value of $4,467,907.40 for the 11,000 shares and shows 45,226,262 shares outstanding for the class. The filing also discloses six prior sales by the same person during the past three months, each for 11,000 shares between 06/26/2025 and 09/04/2025, with gross proceeds shown for each sale.

Positive

• Transaction disclosed via Form 144, showing regulatory transparency
• Securities were acquired by a stock option exercise and payment was in cash, clearly stated
• Broker details provided (Morgan Stanley Smith Barney LLC), supporting execution clarity

Negative

• Multiple identical insider sales (six prior sales of 11,000 shares each in the past three months) which could be interpreted negatively by some investors
• No trading plan date provided on the form, so it is unclear whether sales are under a Rule 10b5-1 plan

Insights

Securities Analyst

TL;DR: Insider executed option exercise and intends to sell 11,000 shares; multiple recent sales of the same size were disclosed.

The filer reports a contemporaneous option exercise and planned sale of 11,000 common shares through Morgan Stanley with an aggregate market value of $4,467,907.40 and 45,226,262 shares outstanding for the class. The record of six additional 11,000-share sales over the prior three months indicates recurring disposition activity by the same individual. For investors, this is a transparent, Rule 144-compliant disclosure of insider selling rather than new operational or financial information about the issuer.

Corporate Governance Expert

TL;DR: Repeated, same-size insider sales are disclosed; procedural compliance is evident but may prompt governance questions.

The filing shows the insider represented that no undisclosed material adverse information exists and documented the sales under Rule 144. The sale stems from a stock option exercise paid in cash, which is a common liquidity event for insiders. While the form demonstrates regulatory compliance, the pattern of multiple identical sales within months could attract attention from governance-focused stakeholders seeking context on insider intent, timing, or planned trading programs (none are stated here).

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	11000	4467907.40	45226262	09/18/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/18/2025	Stock Option Exercise	Issuer			11000	09/18/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
PAUL MAHON 1000 SPRING STREET SILVER SPRING MD 20910	Common	09/04/2025	11000	4237280.30
PAUL MAHON 1000 SPRING STREET SILVER SPRING MD 20910	Common	08/21/2025	11000	3396248.90
PAUL MAHON 1000 SPRING STREET SILVER SPRING MD 20910	Common	08/07/2025	11000	3299980.20
PAUL MAHON 1000 SPRING STREET SILVER SPRING MD 20910	Common	07/24/2025	11000	3345224.30
PAUL MAHON 1000 SPRING STREET SILVER SPRING MD 20910	Common	07/10/2025	11000	3303393.50
PAUL MAHON 1000 SPRING STREET SILVER SPRING MD 20910	Common	06/26/2025	11000	3142717.60

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed for UTHR show about the planned sale?

The Form 144 shows a proposed sale of 11,000 common shares through Morgan Stanley on 09/18/2025 with an aggregate market value of $4,467,907.40.

How were the 11,000 shares acquired according to the filing?

The shares were acquired on 09/18/2025 by a stock option exercise, and the payment was in cash.

Has this insider sold shares recently?

Yes. The filing lists six prior sales by the same person in the past three months, each of 11,000 shares on dates from 06/26/2025 to 09/04/2025, with gross proceeds shown for each sale.

Who is the broker handling the proposed sale?

The broker named is Morgan Stanley Smith Barney LLC Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

Does the Form 144 state whether a 10b5-1 trading plan was used?

No. The filing does not provide a date of plan adoption or indicate that the sale is under a Rule 10b5-1 trading plan.