[Form 4] Corcept Therapeutics Inc. Insider Trading Activity

Rhea-AI Filing Summary

Corcept Therapeutics (CORT) – Form 4 filing, 08/05/2025: Chief Accounting & Technology Officer Joseph Douglas Lyon exercised 5,823 employee stock options at an exercise price of $13.56 (cost ≈ $79k) and immediately sold the same 5,823 shares under a pre-arranged 10b5-1 plan at a weighted-average $67.5129, generating gross proceeds of ≈ $393k and a spread of ≈ $314k before taxes.

Following the transactions Lyon directly owns 10,066 CORT common shares, including 1,552 unvested RSAs that vest one year from their respective grant dates, and retains 31,571 vested options. No other classes of securities were affected. The transaction neither alters total shares outstanding nor signals corporate fundamentals, but it represents a partial monetisation by a senior officer at ~5× the option strike.

Insights

Equity Analyst

TL;DR: Neutral—routine option exercise & sale under 10b5-1 plan; modest insider ownership remains.

The filing shows a standard cashless exercise: Lyon converts 5,823 options struck at $13.56 and sells the same number at ~$67.51. Proceeds likely cover taxes and diversify personal holdings. Post-sale he still holds ~10k shares plus ~31.6k options, keeping incentive alignment. Volume is immaterial relative to CORT’s 102 m share float (<0.01%) and is unlikely to move the stock. No signal on operational outlook; therefore impact on valuation is minimal.

Corporate Governance Specialist

TL;DR: Slightly negative optics—C-level officer liquidates ~$0.4 m, but plan pre-arranged mitigates concern.

Insider sales can be perceived bearish, yet the 10b5-1 plan (adopted 08/30/2024) reduces information-asymmetry risk. Remaining equity stake and unvested RSAs suggest continued commitment. No red flags such as accelerated vesting or option repricing. Governance impact: low.

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^*

Lyon Joseph Douglas

(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)
08/01/2025

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	08/01/2025		M		5,823	A	$13.56	15,889(1)	D
Common Stock	08/01/2025		S(2)		5,823	D	$67.5129(3)	10,066(1)	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)	$13.56	08/01/2025		M			5,823	(4)	02/07/2030	Common Stock	5,823	$0	31,571	D

Explanation of Responses:

1. Includes 372 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on September 3, 2024, 215 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 2, 2024, 216 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on March 3, 2025 and 749 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. The transaction was made pursuant to a 10b5-1 plan adopted by the Reporting Person on August 30, 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 $67.24 to $67.945 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:

Chief Accounting & Technology Officer

	/s/ Joseph Douglas Lyon	08/05/2025
	** 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 Corcept (CORT) shares did the insider sell?

Joseph Douglas Lyon sold 5,823 shares of common stock on 08/01/2025.

What was the sale price of the CORT shares?

The weighted-average sale price was $67.5129 per share, with trades ranging $67.24–$67.945.

Were the sales under a 10b5-1 plan?

Yes. The filing states the transaction was executed under a 10b5-1 plan adopted 08/30/2024.

How many CORT shares does the officer still own?

After the sale, Lyon directly owns 10,066 common shares plus 31,571 vested options.

What was the exercise price of the options?

The options were exercised at $13.56 per share.

Does this filing impact Corcept’s share count or earnings?

No. The transactions involve existing options and have no effect on outstanding share count or earnings.