SCHEDULE: Armistice Capital Discloses 5.06% Stake in Supernus Pharma

Armistice Capital, LLC and Steven Boyd have reported a 5.06% beneficial ownership stake in Supernus Pharmaceuticals, Inc., totaling 2,836,000 shares.

Summary

• Armistice Capital, LLC and Steven Boyd collectively reported beneficial ownership of 2,836,000 shares of Supernus Pharmaceuticals, Inc. Common Stock.
• This ownership represents 5.06% of the total class of securities outstanding.
• The shares are held with shared voting power and shared dispositive power by both Armistice Capital, LLC and Steven Boyd.
• Armistice Capital, LLC acts as the investment manager for Armistice Capital Master Fund Ltd., which is the direct holder of the shares.
• Steven Boyd is the managing member of Armistice Capital, LLC and is deemed to beneficially own the securities held by the Master Fund.
• The percentage of shares is based on 56,073,088 shares outstanding as of July 29, 2025, as reported in Supernus Pharmaceuticals' Form 10-Q filed on August 5, 2025.
• The reporting persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, except for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: The filing is a factual disclosure of beneficial ownership, which is generally neutral. However, the disclosure of a significant institutional stake (over 5%) can be interpreted as a slightly positive signal of investor interest in the company, even if passive.

Positives

• Disclosure of a significant institutional stake (5.06%) by Armistice Capital, LLC and Steven Boyd may signal investor confidence or interest in Supernus Pharmaceuticals, Inc.

Negatives

• NA

Risks

• NA

Future Outlook

This filing does not contain any forward-looking statements or guidance from the issuer, Supernus Pharmaceuticals, Inc. It solely reports beneficial ownership by Armistice Capital, LLC and Steven Boyd.

Management Comments

• Armistice Capital, LLC and Steven Boyd certified that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Supernus Pharmaceuticals, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

Supernus Pharmaceuticals, Inc. operates in the pharmaceutical industry. The disclosure of a significant passive stake by an investment firm like Armistice Capital is a routine event in the public markets, indicating an institutional investor's position in a company within its investment portfolio. It reflects an investment decision rather than an operational or strategic update from the company itself.

Related Party Transactions

• Armistice Capital Master Fund Ltd., a Cayman Islands exempted company and an investment advisory client of Armistice Capital, LLC, is the direct holder of the reported securities and has the right to receive dividends and proceeds from their sale.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may influence investor perception and potentially the stock's trading activity, signaling institutional interest in Supernus Pharmaceuticals, Inc.

Key Dates

Keywords

Supernus Pharmaceuticals, Armistice Capital, Steven Boyd, Beneficial Ownership, Schedule 13G, Common Stock, Investment Manager, Pharmaceuticals, Institutional Investor