Corcept director uses 10b5-1 plan to exercise options and sell 2,200 shares

Rhea-AI Filing Summary

On 08/11/2025, Daniel N. Swisher Jr., a director of Corcept Therapeutics (CORT), exercised stock options and sold the resulting shares under a pre-established plan. He exercised options with a $14.08 exercise price to acquire 2,200 common shares and sold 2,200 shares at $72.30, leaving him with 0 direct common shares following the transactions. The trades were executed pursuant to a 10b5-1 plan adopted August 1, 2024. After the transactions he retains beneficial ownership of 5,500 stock options that are reported as fully exercisable.

Positive

• Transaction executed pursuant to a 10b5-1 plan adopted August 1, 2024, indicating pre-established trading instructions
• Retains 5,500 stock options reported as fully exercisable, preserving future equity exposure

Negative

• Sold 2,200 common shares at $72.30, reducing direct common stock beneficial ownership to 0
• 5,500 outstanding options remain, representing potential dilution if exercised

Insights

Securities Analyst

TL;DR: Director exercised 2,200 options at $14.08 and sold 2,200 shares at $72.30 under a 10b5-1 plan; 5,500 options remain.

The transaction combines an option exercise and an immediate disposition of the resulting shares. The arithmetic is explicit: exercise price $14.08, sale price $72.30 for 2,200 shares. Because the sale occurred under a documented 10b5-1 trading plan, the execution follows a pre-set schedule, reducing concerns about opportunistic timing. Materially, the director holds no direct common stock after the sale but retains exposure via 5,500 outstanding options.

Corporate Governance Expert

TL;DR: Disclosure shows compliance with a 10b5-1 plan and continued derivative exposure; direct holdings reduced to zero.

The Form 4 discloses that the trades were made pursuant to a 10b5-1 plan adopted on August 1, 2024, and includes an explicit attorney-in-fact signature. The reporting indicates full exercisability for the options referenced. From a governance perspective, the filing is complete and transparent: it identifies the reporting person as a director and details the option exercise, sale, prices, and remaining option holdings. Investors can verify the sequential exercise-and-sale and the residual derivative position of 5,500 options.

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^*

Swisher Daniel N JR

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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	08/11/2025		M		2,200	A	$14.08	2,200	D
Common Stock	08/11/2025		S(1)		2,200	D	$72.3	0	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)	$14.08	08/11/2025		M			2,200	(2)	08/20/2028	Common Stock	2,200	$0	5,500	D

Explanation of Responses:

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

2. 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 Daniel N. Swisher, Jr.	08/12/2025
	** 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 Corcept (CORT) director Daniel Swisher report on Form 4?

On 08/11/2025 he exercised options at an exercise price of $14.08 to acquire 2,200 shares and sold 2,200 shares at $72.30.

Were these trades part of a planned trading program for CORT?

Yes. The Form 4 states the transactions were executed pursuant to a 10b5-1 plan adopted on August 1, 2024.

How many Corcept common shares does the reporting person own after the transactions?

Following the reported transactions the Form 4 shows 0 direct common shares beneficially owned.

Does Daniel Swisher retain any derivative holdings in CORT after the transactions?

Yes. The filing reports continued beneficial ownership of 5,500 stock options, listed as fully exercisable.

At what prices were the Corcept shares acquired and sold in these transactions?

The options were exercised at $14.08 per share and the resulting shares were sold at $72.30 per share.