Corcept (CORT) Insider Sells Shares Under 10b5-1 After Option Exercise

Rhea-AI Filing Summary

Sean Maduck, President of Corcept Endocrinology, reported multiple transactions in Corcept Therapeutics (CORT) on 09/02/2025 and 09/03/2025. He exercised options to acquire 20,000 shares at $5.05 on 09/02/2025 and immediately sold portions under a 10b5-1 plan, selling 15,070 shares at a weighted average price of $70.3787 and 4,930 shares at a weighted average price of $70.8359. He purchased 228 shares under the company Purchase Plan at a closing price and received 228 restricted shares (zero price) that vest in one year. The report discloses indirect holdings via trusts and an LLC and shows tax-withheld shares upon vesting.

Insights

Financial Analyst

TL;DR: Insider exercised low-cost options and monetized a large portion of shares via a pre-established 10b5-1 plan, crystallizing substantial gains.

The exercise of 20,000 options at $5.05 followed by sales at ~ $70.38 and ~$70.84 indicates realization of significant intrinsic value by the reporting person. The transaction is structured under a 10b5-1 plan, reducing likelihood of timing concerns. Purchases under the company Purchase Plan and issuance of restricted shares that vest in one year show continued ownership alignment, while withheld shares for taxes are routine. Overall, activity reallocates holdings but leaves meaningful indirect positions via trusts and an LLC.

Corporate Governance Expert

TL;DR: Transactions are well-documented and include a rule-compliant 10b5-1 sale and typical tax withholding on vesting.

The report includes clear disclosures: the use of a 10b5-1 plan adopted on September 5, 2024 is noted for the sales; restricted stock awards granted on specified prior dates vest in one year subject to ownership conditions; and addressable indirect holdings are disclosed (trusts and an LLC). Signature by attorney-in-fact and statement that power of attorney is on file align with procedural requirements. The filing provides required transparency on direct and indirect beneficial ownership.

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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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^*

Maduck Sean

(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		20,000	A	$5.05	27,681(1)	D
Common Stock	09/02/2025		S(2)		15,070	D	$70.3787(3)	12,611(1)	D
Common Stock	09/02/2025		S(2)		4,930	D	$70.8359(4)	7,681(1)	D
Common Stock	09/02/2025		A		228(5)	A	$71.38(6)	7,909(1)	D
Common Stock	09/02/2025		A		228(7)	A	$0	8,137(1)	D
Common Stock	09/03/2025		F(8)		233	D	$71.38(9)	7,904(1)	D
Common Stock								59,717	I	See Footnote(10)
Common Stock								40,000	I	See Footnote(11)
Common Stock								10,000	I	See Footnote(12)

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)	$5.05	09/02/2025		M			20,000	(13)	05/02/2026	Common Stock	20,000	$0	1,986	D

Explanation of Responses:

1. Includes 265 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 2, 2024, 266 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on March 3, 2025, and 888 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. This transaction was made pursuant to a 10b5-1 plan adopted by the Reporting Person on September 5, 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 $70.715 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 $70.72 to $71.09 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. Represents the shares held by Sean and Molly Maduck Living Trust of which the Reporting Person is a co-trustee.

11. Represents the shares held by SNM 2025 Grantor Retained Annuity Trust of which the Reporting Person is the trustee.

12. Represents the shares held by Duckhill Capital, LLC of which the Reporting Person is President and disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein.

13. Fully exercisable.

Remarks:

President, Corcept Endocrinology 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 Sean Maduck	09/04/2025
	** Signature of Reporting Person	Date
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