Form 4: Supernus CEO Sells Shares Under Pre-Arranged Plan

Supernus Pharmaceuticals CEO Jack Khattar sold 1,000 shares of common stock for $45.00 per share after exercising options, as part of a pre-scheduled 10b5-1 trading plan.

Summary

• Jack A. Khattar, President, CEO, and Director of Supernus Pharmaceuticals, Inc. (SUPN), reported transactions on August 25, 2025.
• Exercised employee stock options to acquire 1,611 shares of common stock at an exercise price of $12.98 per share.
• Sold 1,000 shares of common stock at a weighted average price of $45.00 per share, with prices ranging from $45.00 to $45.01.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on November 14, 2024.
• Following these transactions, direct beneficial ownership of common stock is 1,071,459 shares, and indirect ownership via the KBT Trust is 1,005,600 shares.
• Remaining employee stock options total 130,974, after the exercise of 1,611 options.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While insider selling can sometimes be viewed negatively, the transaction was pre-planned under a 10b5-1 plan, indicating a scheduled event rather than a reaction to new information. The executive also realized a significant gain, which is positive for the individual.

Positives

• The CEO realized a significant gain by selling shares at $45.00 after exercising options at $12.98.
• The transactions were conducted under a pre-arranged 10b5-1 plan, indicating a planned diversification or liquidity event rather than a reaction to new, non-public information.

Negatives

• Insider selling, even under a 10b5-1 plan, can sometimes be perceived negatively by investors as it reduces the executive's direct equity stake in the company.

Risks

• No specific company-level risks are detailed. However, a reduction in insider ownership, even if planned, could be interpreted by some investors as a slight decrease in management's direct alignment with shareholder interests, though this is a minor transaction relative to total holdings.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance.

Management Comments

• No direct quotes from management are provided in this Form 4 filing, which primarily reports transaction details.

Industry Context

This Form 4 filing details an individual insider transaction and does not provide information relevant to broader industry trends or competitive analysis.

Comparison to Industry Standards

• This filing is a standard disclosure of insider trading activity and does not contain information suitable for comparison to global benchmarks, comparable companies, or projects.

Related Party Transactions

• The filing details transactions by a key executive, which are inherently related-party transactions in the context of insider reporting. No other related party dealings are disclosed.

Stakeholder Impact

• Shareholders: The sale of shares by the CEO, even if planned, could be interpreted by some shareholders as a slight reduction in direct insider alignment, though the amount is relatively small compared to total holdings.
• Employees: No direct impact on employees is indicated by this filing.
• Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Next Steps

• The filing does not specify any future actions, events, or milestones for the company or the reporting person beyond the completion of the reported transactions.

Key Dates

Recommendation

This Form 4 filing reports a routine, pre-scheduled insider transaction (option exercise and subsequent sale) by the CEO. It does not provide new fundamental information about the company's operations, financial health, or strategic direction that would warrant a change in investment recommendation. The sale was part of a 10b5-1 plan, indicating it was not based on new, non-public information. Therefore, a 'hold' recommendation is appropriate as this filing alone does not alter the investment thesis.

Keywords

Supernus Pharmaceuticals, SUPN, Jack Khattar, Insider Trading, Form 4, Stock Option Exercise, Share Sale, 10b5-1 Plan, CEO, Director