Corcept CDO’s $1k Rule 10b5-1 sale shows minimal insider movement

Rhea-AI Filing Summary

On 08/05/2025, Corcept Therapeutics (CORT) Chief Development Officer William Guyer filed a Form 4 detailing a tiny, Rule 10b5-1-planned transaction. He exercised 14 stock options at an exercise price of $21.65 (code M) and immediately sold the same 14 common shares at $71.77 (code S). After the trades, Guyer directly holds 5,487 common shares and still owns 385,007 unexercised options expiring 09/01/2031.

The gross sale proceeds are roughly $1,000, an amount immaterial relative to Corcept’s market cap and Guyer’s remaining equity stake. No other insider activity or company developments are disclosed. Given the de-minimis size and pre-arranged nature, the filing is unlikely to influence investor sentiment or signal a change in management’s outlook.

Insights

Securities Analyst

TL;DR: Immaterial insider trade; no read-through for CORT valuation.

A 14-share option exercise/sale worth only about $1 k does not alter insider ownership meaningfully. Guyer still holds 5,487 shares plus 385 k options, indicating continued equity exposure. The Rule 10b5-1 plan further limits interpretive value. I view the event as neutral for the stock.

Corporate Governance Specialist

TL;DR: Routine Form 4; governance compliance intact.

The filing shows proper disclosure, adherence to a pre-existing 10b5-1 plan, and retention of a sizable option position. No red flags appear regarding timing, volume, or unreported relationships. Overall governance impact is negligible.

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^*

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)
08/05/2025

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	08/05/2025		M		14	A	$21.65	5,501	D
Common Stock	08/05/2025		S(1)		14	D	$71.77	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	08/05/2025		M			14	(2)	09/01/2031	Common Stock	14	$0.00	385,007	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. 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.	08/07/2025
	** 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.
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FAQ

How many CORT shares did William Guyer sell on 08/05/2025?

He sold 14 common shares at $71.77 each.

What was the exercise price of the options Guyer exercised?

The exercise price was $21.65 per share.

How many CORT shares does Guyer hold after the transaction?

He directly owns 5,487 common shares post-transaction.

Does Guyer still hold derivative securities after this Form 4?

Yes, he retains 385,007 stock options expiring 09/01/2031.

Was the sale conducted under a Rule 10b5-1 plan?

Yes. Footnote 1 states the trade was under a 10b5-1 plan adopted 11/27/2024.