Corcept director executes 11,000-option exercise; 3,607 shares withheld

Rhea-AI Filing Summary

Gillian M. Cannon, a director of Corcept Therapeutics (CORT), executed option activity on 09/04/2025. She exercised 11,000 stock options at an exercise price of $22.99 per share and received 11,000 shares. To cover the exercise cost in a net (cashless) exercise, 3,607 shares were withheld at an implied price of $70.13, leaving 7,393 shares issued to her from that portion. Following these transactions, the filing reports 11,000 common shares directly owned from the exercise and 49,000 derivative securities (stock options) beneficially owned and fully exercisable through their stated expiration date of 12/01/2030.

Positive

• Director exercised options to acquire 11,000 shares, demonstrating insider acquisition of company stock
• Complete disclosure with exercise price, withholding explanation, and signature by attorney-in-fact; power of attorney noted as on file

Negative

• Net cashless exercise required withholding of 3,607 shares to satisfy the exercise price, reducing newly issued shares to the reporting person

Insights

Securities Analyst

TL;DR: Director exercised options for 11,000 shares via net exercise; remaining option holdings are 49,000, a routine insider liquidity action.

This Form 4 discloses a standard net (cashless) exercise of options by a company director. The exercise price of the options was $22.99 and 3,607 shares were withheld to satisfy that obligation, consistent with the stated explanation. After the transaction the director holds 11,000 common shares from the exercise and retains 49,000 outstanding options that are fully exercisable with an expiration of 12/01/2030. There are no indications of new grants, extraordinary sales, or changes in control. For investors, this filing documents insider exercise activity but does not present material changes to ownership that would typically alter governance or capital structure.

Corporate Governance Expert

TL;DR: The filing shows routine option exercise and share withholding to cover exercise costs; disclosure and signature are in order.

The Form 4 is complete with required details: transaction date, codes, amounts, exercise price, and a clear explanation that shares were withheld to cover the exercise price in a net cashless exercise. The signature by an attorney-in-fact and the remark that the POA is on file are included. Ownership post-transaction is explicitly stated for both common stock and derivative securities. This is a standard insider transaction from a governance standpoint and does not indicate any unexplained related-party or compensatory anomalies.

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).

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^*

Cannon Gillian

(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)
09/04/2025

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	09/04/2025		M		11,000	A	$22.99	11,000	D
Common Stock	09/04/2025		F(1)		3,607	D	$70.13	7,393	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)	$22.99	09/04/2025		M			11,000	(2)	12/01/2030	Common Stock	11,000	$0	49,000	D

Explanation of Responses:

1. These shares were withheld so the Reporting Person could satisfy the exercise price from a net (cashless) exercise of options.

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 Gillian M. Cannon.	09/08/2025
	** 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 did Corcept Therapeutics director Gillian M. Cannon do on 09/04/2025?

She exercised 11,000 stock options at an exercise price of $22.99 per share and 3,607 shares were withheld in a net cashless exercise.

How many shares does Gillian M. Cannon beneficially own after the Form 4 transaction?

The filing reports 11,000 common shares from the exercise and 49,000 derivative securities (options) beneficially owned following the transaction.

What was the withholding and why was it done?

The filing explains that 3,607 shares were withheld so the reporting person could satisfy the option exercise price in a net (cashless) exercise.

What is the exercise price and expiration for the options referenced?

The exercised options had an exercise price of $22.99; the remaining options are fully exercisable and expire on 12/01/2030.

Who signed the Form 4 and is the power of attorney documented?

The form was signed by Joseph Douglas Lyon as attorney-in-fact for Gillian M. Cannon, and the power of attorney is noted as on file with the Commission.