Corcept Director Executes Option Exercise and Sale Under 10b5-1 Plan

Rhea-AI Filing Summary

Daniel N. Swisher Jr., a director of Corcept Therapeutics, executed transactions on 09/10/2025 under a 10b5-1 plan adopted August 1, 2024. He exercised 2,200 stock options with an exercise price of $14.08 and simultaneously sold the resulting 2,200 common shares at $72.45. Following the transactions, the Form 4 reports 0 shares of common stock beneficially owned from the sold shares. The filing also shows the exercised options were fully exercisable and references remaining derivative holdings totaling 3,300 (as reported in the derivative table). The Form 4 was signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Transaction executed under a 10b5-1 plan, indicating use of a pre-established trading arrangement
• Complete disclosure of both exercise and sale on the Form 4, including prices and quantities
• Options exercised were fully exercisable, as stated in the filing

Negative

• Reporting person sold the 2,200 shares acquired, resulting in 0 reported common shares remaining from that sale
• Filing provides no explanation for the purpose of the sale beyond the 10b5-1 plan adoption date

Insights

Securities Analyst

TL;DR: Director exercised 2,200 options and sold the resulting shares under a 10b5-1 plan, reporting no remaining common shares from that sale.

The transaction indicates routine option exercise and sale executed under a pre-established 10b5-1 trading plan adopted August 1, 2024. The exercise price was $14.08 with a contemporaneous sale price of $72.45, which generated gross proceeds from the sale of the 2,200 shares. The filing properly reports both the non-derivative acquisition and the sale, and discloses that the options were fully exercisable. For investors, this is a transparent disclosure of an insider liquidity event rather than a corporate operational development.

Corporate Governance Expert

TL;DR: Disclosure follows procedural norms: transaction executed under a 10b5-1 plan and signed by attorney-in-fact.

The Form 4 identifies the reporting person as a director and marks the sale as made pursuant to a 10b5-1 plan, which provides an affirmative defense to insider trading allegations when conditions are met. The presence of a power-of-attorney signature is noted. These elements suggest adherence to standard governance and disclosure protocols. The filing does not include any commentary on purpose or post-transaction intent, and contains only the transactional facts required by Section 16.

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)
09/10/2025

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	09/10/2025		M		2,200	A	$14.08	2,200	D
Common Stock	09/10/2025		S(1)		2,200	D	$72.45	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	09/10/2025		M			2,200	(2)	08/20/2028	Common Stock	2,200	$0	3,300	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.	09/11/2025
	** 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

Who filed the Form 4 for CORT?

The Form 4 was filed on behalf of Daniel N. Swisher Jr., identified as a director of Corcept Therapeutics.

What transactions were reported on the 09/10/2025 Form 4 for CORT?

The filing reports an exercise of 2,200 stock options at $14.08 and a sale of 2,200 common shares at $72.45 on 09/10/2025.

Was the sale executed under a 10b5-1 plan?

Yes. The filing states the transaction was made pursuant to a 10b5-1 plan adopted on August 1, 2024.

How many common shares did the reporting person own after the transactions?

Following the reported transactions, the Form 4 shows 0 common shares owned from the sold shares.

Are the exercised options listed as exercisable?

Yes. The filing notes the options were fully exercisable.