Bhatt Padmanabh P. 4

What Happened
Padmanabh P. Bhatt, Senior Vice President of Intellectual Property and Chief Scientific Officer at Supernus Pharmaceuticals (SUPN), exercised a series of stock options between March 16–18, 2026 to acquire a total of 107,250 shares (aggregate exercise cost ~$3.892M) and then sold all 107,250 shares in open-market transactions for aggregate proceeds of ~$5.388M. The exercises and subsequent sales occurred the same days, indicating the shares were effectively monetized after exercise (cashless in effect). Net proceeds were roughly $1.50M.

Key Details

• Dates: March 16–18, 2026.
• Options exercised (M): 107,250 shares total; exercise prices ranged (examples): $27.94, $29.61, $32.20, $36.75, $38.60, $39.40; total paid ≈ $3,892,394.
• Open-market sales (S): 107,250 shares total; weighted-average prices reported by groups (see footnotes) in ranges roughly $49.34–$51.15; total proceeds ≈ $5,388,433.
• Report shows corresponding derivative disposals at $0 — these reflect the cancellation/conversion of option interests upon exercise.
• Footnotes: sales were made pursuant to a 10b5-1 trading plan adopted Dec 12, 2025 (F1). Other footnotes (F2–F6) explain weighted-average sale-price ranges; F7–F12 describe various option vesting schedules (vesting dates 2019–2025).
• Shares owned after the transactions are not specified in the provided filing details.
• Filing date: March 18, 2026 (same-day/within required Form 4 window) — filing appears timely, not marked late.

Context

• For retail investors: this was an exercise of vested options followed by immediate open-market sales of the acquired shares — a common way executives monetize option vesting. Because the sales were made pursuant to a 10b5-1 plan, they were pre-authorized trades and may be routine rather than an ad hoc signal about company prospects.
• The derivative “Disposed” line items at $0 are standard bookkeeping showing the option/derivative was cancelled on exercise; they do not represent a separate cash sale.