Corcept (CORT) Form 4: William Guyer Sells 20,000 Shares Under 10b5-1

Rhea-AI Filing Summary

William Guyer, Chief Development Officer of Corcept Therapeutics (CORT), reported multiple transactions dated 09/02/2025. The filing shows an acquisition of 20,000 common shares and contemporaneous sales of 15,594 and 4,406 common shares at weighted-average prices of $70.392 and $70.8478, respectively, for total shares sold of 20,000. The sales were made pursuant to a 10b5-1 trading plan adopted on 11/27/2024. The report also records a transaction in a derivative security: 20,000 stock options with a $21.65 exercise/conversion price and noted as fully exercisable, and the filing indicates 330,000 derivative securities beneficially owned following the transaction. Following these trades, Mr. Guyer beneficially owns 25,487 common shares directly.

Positive

• Sales executed under a 10b5-1 plan, indicating preplanned, compliant trading activity
• Detailed disclosure of option holdings including exercise price ($21.65) and fully exercisable status
• Clear beneficial ownership figures after transactions (25,487 common shares direct; 330,000 derivative securities)

Negative

• Insider sold 20,000 common shares, reducing direct common holdings from prior levels
• Weighted-average sale prices (~$70.39 and ~$70.85) indicate notable insider liquidity at current market levels

Insights

Financial Analyst

TL;DR Insider used a pre-established 10b5-1 plan to sell 20,000 shares while acquiring option-related equity, leaving meaningful derivative holdings.

The filing shows an orderly, plan-driven sale of 20,000 common shares at weighted-average prices around $70.40, consistent with automated execution under a 10b5-1 plan. Simultaneously, an acquisition entry and a derivative entry increase option-related exposure: 20,000 common shares acquired and 20,000 stock options recorded with a $21.65 strike, noted as fully exercisable. The large post-transaction derivative position of 330,000 suggests material in-the-money/options exposure relative to direct common shares. For investors, these are disclosure-level developments showing insider liquidity activity executed under an established plan rather than ad-hoc disposition.

Corporate Governance Expert

TL;DR Transactions were executed under a documented 10b5-1 plan and signed by an attorney-in-fact, demonstrating procedural compliance.

The report explicitly states the sales were pursuant to a 10b5-1 plan adopted on 11/27/2024 and the Form 4 is signed by an attorney-in-fact, indicating proper procedural steps for insider trading compliance. The mix of acquisitions, disposals, and option-related reporting is sufficiently detailed to satisfy Section 16 disclosure norms. No amendments or qualifiers are shown, and the filing includes exercised/fully exercisable option details and the resulting beneficial ownership figures, supporting transparent governance reporting.

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
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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^*

Guyer William

(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 Development Officer

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		20,000	A	$21.65	25,487	D
Common Stock	09/02/2025		S(1)		15,594	D	$70.392(2)	9,893	D
Common Stock	09/02/2025		S(1)		4,406	D	$70.8478(3)	5,487	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)	$21.65	09/02/2025		M			20,000	(4)	09/01/2031	Common Stock	20,000	$0.00	330,000	D

Explanation of Responses:

1. The transaction was made pursuant to a 10b5-1 plan adopted by the Reporting Person on November 27, 2024 in effect at the time of this transaction.

2. Represents the weighted average sale price for the entire number of shares sold. The actual sale prices range from $69.725 to $70.72 per share. Information on the exact number of shares sold at each sale price can be obtained from the Issuer upon request.

3. Represents the weighted average sale price for the entire number of shares sold. The actual sale prices range from $70.725 to $71.08 per share. Information on the exact number of shares sold at each sale price can be obtained from the Issuer upon request.

4. Fully exercisable.

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 William Guyer.	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 William Guyer report on Form 4 for CORT?

The Form 4 reports an acquisition of 20,000 common shares, sales of 15,594 and 4,406 shares (total 20,000 sold), and a derivative entry for 20,000 stock options.

Were the sales made under a 10b5-1 trading plan?

Yes. The filing states the sales were pursuant to a 10b5-1 plan adopted on 11/27/2024.

What prices were the shares sold at in the Form 4?

The filing gives weighted-average sale prices of $70.392 (range $69.725–$70.72) and $70.8478 (range $70.725–$71.08) for the two sales.

How many shares does Mr. Guyer beneficially own after these transactions?

The Form 4 reports 25,487 common shares beneficially owned directly following the reported transactions.

What derivative holdings are reported?

The filing shows 20,000 stock options with a $21.65 conversion/exercise price, noted as fully exercisable, and 330,000 derivative securities beneficially owned following the transactions.