Corcept (CORT) Chief Accounting Officer Reports Option Exercise and 10b5-1 Sales

Rhea-AI Filing Summary

Corcept Therapeutics (CORT) insider Joseph D. Lyon, Chief Accounting & Technology Officer, reported multiple transactions on 09/02/2025 and 09/03/2025. He exercised a stock option with a $13.56 strike for 5,000 shares on 09/02/2025, increasing derivative-based beneficial ownership to 26,571 shares. On the same day he sold a total of 5,000 shares under a 10b5-1 plan (weighted average sale prices noted at $70.2386 and $70.7571), purchased 200 shares under the company Purchase Plan at the closing price ($71.38), received 200 restricted shares at $0 under the Purchase Plan, and had 189 shares withheld to satisfy tax withholding upon vesting. The reporting person adopted the 10b5-1 plan on 08/30/2024. All reported holdings are direct.

Positive

• Exercise of options at $13.56 increases long-term alignment with shareholders by converting low-strike options into owned shares
• Use of an established 10b5-1 plan (adopted 08/30/2024) indicates pre-planned, rule-compliant insider sales
• Participation in the Purchase Plan (200 shares bought) and receipt of restricted shares shows continued ownership accumulation and retention incentives

Negative

• Net sales of 5,000 shares under the 10b5-1 plan reduce the Reporting Person's direct share count
• 189 shares withheld for tax withholding reduced the immediate net increase in owned shares following vesting

Insights

Financial Analyst

TL;DR: Routine insider exercise and sales under a 10b5-1 plan, modest net change in direct holdings; not materially dilutive.

The Reporting Person exercised a low-strike option ($13.56) for 5,000 shares, realizing intrinsic value given market prices around $70–$71. Concurrent sales under a pre-existing 10b5-1 plan removed 5,000 shares from his holdings at weighted average prices reported. He also purchased 200 shares via the company Purchase Plan and received 200 restricted shares granted under that plan, offset partially by 189 shares withheld for taxes. These are standard compensation and trading-plan activities with limited immediate balance-sheet or market-impact implications for the issuer.

Corporate Governance Expert

TL;DR: Transactions follow governance best practices: use of 10b5-1 plan and clear tax withholding disclosures.

The filing discloses an established 10b5-1 plan adopted 08/30/2024 and shows routine option exercise and plan-based sales. Grant and Purchase Plan shares include one-year vesting conditions. Reporting is timely and includes weighted-average sale prices and withholding for taxes, consistent with transparent insider reporting and compensation-plan mechanics.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lyon Joseph Douglas

(Last) (First) (Middle)

C/O CORCEPT THERAPEUTICS INCORPORATED

101 REDWOOD SHORES PARKWAY

(Street)

REDWOOD CITY CA 94065

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CORCEPT THERAPEUTICS INC [ CORT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		M		5,000	A	$13.56	15,066(1)	D
Common Stock	09/02/2025		S(2)		4,895	D	$70.2386(3)	10,171(1)	D
Common Stock	09/02/2025		S(2)		105	D	$70.7571(4)	10,066(1)	D
Common Stock	09/02/2025		A		200(5)	A	$71.38(6)	10,266(1)	D
Common Stock	09/02/2025		A		200(7)	A	$0	10,466(1)	D
Common Stock	09/03/2025		F(8)		189	D	$71.38(9)	10,277(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock option (right to buy)	$13.56	09/02/2025		M			5,000	(10)	02/07/2030	Common Stock	5,000	$0	26,571	D

Explanation of Responses:

1. Includes 215 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 2, 2024, 216 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on March 3, 2025, and 749 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on June 2, 2025. 100% of the shares underlying the restricted stock awards will vest on the one-year anniversary of the grant date provided the Reporting Person satisfies certain requirements.

2. The transaction was made pursuant to a 10b5-1 plan adopted by the Reporting Person on August 30, 2024 in effect at the time of this transaction.

3. Represents the weighted average sale price for the entire number of shares sold. The actual sale prices range from $69.72 to $70.705 per share. Information on the exact number of shares sold at each sale price can be obtained from the Issuer upon request.

4. Represents the weighted average sale price for the entire number of shares sold. The actual sale prices range from $70.74 to $70.77 per share. Information on the exact number of shares sold at each sale price can be obtained from the Issuer upon request.

5. The Reporting Person purchased shares ("Purchase Plan Shares") of the Issuer's common stock pursuant to a purchase plan ("Purchase Plan") established under the Corcept Therapeutics Incorporated 2024 Incentive Award Plan on September 2, 2025.

6. In accordance with the Purchase Plan, the price was established based on the closing price on the day of the purchase.

7. Shares underlie unvested restricted stock awards granted to the Reporting Person by the Issuer under the Purchase Plan. 100% of the shares underlying the restricted stock awards will vest on the one-year anniversary of the grant date provided the Reporting Person remains the beneficial owner of the Purchase Plan Shares through such one-year anniversary.

8. These shares were withheld by the Issuer in order to satisfy certain tax withholding obligations in connection with the issuance of shares upon the vesting of restricted stock units.

9. The closing price on September 2, 2025 was used to calculate the withholding obligation.

10. Fully exercisable.

Remarks:

Chief Accounting & Technology Officer

	/s/ Joseph Douglas Lyon	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Joseph D. Lyon report on Form 4 for CORT?

The filing reports a 5,000-share option exercise at a $13.56 strike, sales of 5,000 shares under a 10b5-1 plan at weighted-average prices (~$70.24 and $70.76), a 200-share purchase under the Purchase Plan at $71.38, 200 restricted shares received at $0, and 189 shares withheld for taxes.

Was the sale made under a 10b5-1 trading plan for CORT?

Yes. The filing states the sales were made pursuant to a 10b5-1 plan adopted on 08/30/2024.

How many shares does Lyon beneficially own after these transactions?

Following the reported transactions, derivative-based beneficial ownership is 26,571 shares and the non-derivative reported totals after each transaction are shown in the filing (examples: 10,466 and 10,277 in successive lines).

What was the exercise price and expiration for the option exercised?

The exercised stock option had a $13.56 exercise price and is fully exercisable; the option expires on 02/07/2030.

What vesting conditions are attached to the restricted shares?

Restricted stock awards disclosed (including Purchase Plan restricted shares) vest 100% on the one-year anniversary of the grant date provided the Reporting Person satisfies certain requirements or remains beneficial owner through that date.