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.
Positive
- None.
Negative
- None.
Insights
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 233 | $71.38 | $17K |
| Exercise | Stock option (right to buy) | 20,000 | $0.00 | -- |
| Exercise | Common Stock | 20,000 | $5.05 | $101K |
| Sale | Common Stock | 15,070 | $70.3787 | $1.06M |
| Sale | Common Stock | 4,930 | $70.8359 | $349K |
| Grant/Award | Common Stock | 228 | $71.38 | $16K |
| Grant/Award | Common Stock | 228 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (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. 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. 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. 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. 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. In accordance with the Purchase Plan, the price was established based on the closing price on the day of the purchase. 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. 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. The closing price on September 2, 2025 was used to calculate the withholding obligation. Represents the shares held by Sean and Molly Maduck Living Trust of which the Reporting Person is a co-trustee. Represents the shares held by SNM 2025 Grantor Retained Annuity Trust of which the Reporting Person is the trustee. 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. Fully exercisable.
