SUPERNUS PHARMACEUTICALS, INC.

Signal Note: Deerfield Exit from SUPN

Deerfield Management's complete exit of ~5.3K shares (-$255K) from Supernus is a modest position reduction but notable given Deerfield's healthcare multi-strategy mandate and typical conviction holds. Supernus' pipeline centers on CNS/psychiatry assets (primarily Trokendi XR and pain management programs); lack of major near-term catalyst visibility or recent clinical setback would better contextualize this exit. Cash position and runway data needed to assess dilution risk relative to current market cap.