[Form 4] Corcept Therapeutics Inc. Insider Trading Activity

Rhea-AI Filing Summary

On June 17, 2025, Stardust Power Inc. (SDST) signed an Underwriting Agreement with Aegis Capital Corp. for a firm-commitment public offering of 21,500,000 common shares at $0.20 per share. Gross proceeds total approximately $4.3 million before underwriting discounts and offering expenses, with an additional 45-day over-allotment option for up to 3,225,000 shares.

The shares were issued under the Company’s Form S-1 (File No. 333-287939) declared effective on June 16, 2025; closing for the Firm Shares occurred on June 18, 2025. Net proceeds are earmarked to complete the Definitive Feasibility Study (DFS/FEL-3) for the proposed lithium processing facility in Muskogee, Oklahoma, supporting the Company’s strategy to become a domestic lithium supplier.

The Underwriting Agreement includes standard representations, warranties, indemnification, and termination provisions and is filed as Exhibit 1.1. Press releases covering pricing (June 17) and closing (June 18) are attached as Exhibits 99.1 and 99.2, respectively.

This capital raise supplies near-term liquidity for project development but also introduces material shareholder dilution at a relatively low offering price, indicating a higher cost of capital for the Company and underscoring the importance of executing the DFS on schedule.

Positive

• Secures approximately $4.3 million in gross proceeds, providing immediate liquidity for critical feasibility work.
• Use of proceeds directly targets DFS/FEL-3 completion, advancing the Muskogee lithium project toward a final investment decision.
• Over-allotment option could increase proceeds by up to 15% if exercised, offering additional funding flexibility.

Negative

• Issuance of 21.5 million shares at $0.20 represents significant dilution at a low valuation.
• Total proceeds are limited relative to anticipated plant capex, indicating likely need for further financing.
• Potential additional dilution if the 3.225 million-share over-allotment is exercised.

Insights

Financial Analyst

TL;DR – Modest cash infusion aids DFS but dilution offsets benefit; overall neutral for near-term valuation.

The $4.3 million gross raise increases cash reserves needed to finalize the Muskogee lithium facility’s DFS, a critical de-risking milestone. However, issuing 21.5 million shares at only $0.20 materially dilutes existing holders and signals limited pricing power. Even if the 3.225 million over-allotment is exercised, proceeds remain small relative to typical lithium-processing capex, implying further financing rounds ahead. Because the transaction neither dramatically improves liquidity nor jeopardizes solvency, I consider the impact neutral with execution risk unchanged.

Risk Analyst

TL;DR – Low-priced equity raise highlights funding risk; dilution increases downside, mildly negative.

Selling shares at $0.20—well below typical lithium peers—suggests constrained capital access. The raise covers only feasibility-study costs, not construction, so shareholders face potential future dilution. While customary indemnities limit legal exposure, the Company’s reliance on additional equity rounds elevates financing and execution risk. Unless the DFS yields compelling economics, the current offering could merely postpone larger funding challenges.

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).

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^*

Robb Gary Charles

(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)
	Chief Business Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2025

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	06/16/2025		S		3,185	D	$70.77	13,364(1)	D
Common Stock								11,571	I	Custodial Account for Child(2)
Common Stock								11,571	I	Custodial Account for Child(3)

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

Explanation of Responses:

1. Includes 503 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on September 3, 2024, 290 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 2, 2024, 292 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on March 3, 2025 and 997 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. These shares are held by a child of the Reporting Person through a custodial account under the Uniform Transfers to Minors Act for which the Reporting Person is custodian.

3. These shares are held by a child of the Reporting Person through a custodial account under the Uniform Transfers to Minors Act for which the Reporting Person is custodian.

Remarks:

The power of attorney under which this form was signed is on file with the Commission.

	/s/ Joseph Douglas Lyon, as attorney-in-fact for Gary Charles Robb.	06/18/2025
	** 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

How many Stardust Power (SDST) shares were sold in the June 2025 offering?

The Company sold 21,500,000 Firm Shares and granted an option for up to 3,225,000 additional shares.

What price did Stardust Power receive per share in the public offering?

Shares were priced at $0.20 per share.

How much capital did SDST raise from the offering?

Gross proceeds are approximately $4.3 million before underwriting discounts and expenses.

What will Stardust Power use the proceeds for?

The Company intends to fund completion of the Definitive Feasibility Study (DFS/FEL-3) for its Muskogee, Oklahoma lithium processing facility.

Who acted as underwriter for Stardust Power’s equity offering?

The sole underwriter was Aegis Capital Corp.