Corcept (CORT) Insider: 5,000 Options Acquired; Sales Withheld for Taxes
Rhea-AI Filing Summary
Corcept Therapeutics (CORT) Chief Business Officer Gary Charles Robb reported multiple transactions on 08/22/2025. He acquired 5,000 stock options with a $3.88 exercise price that are fully exercisable and result in 5,000 underlying shares upon exercise. On the same date he sold 2,326 shares at $71.27 and had 2,674 shares withheld at ~$71.17 to satisfy exercise price and taxes from a net exercise. Following these transactions Robb directly beneficially owns 13,364 common shares and indirectly holds 11,571 shares in custodial accounts for his children. The filing notes 2,082 unvested restricted shares (grants from 2024–2025) that vest one year after each grant date if conditions are met.
Positive
- Acquisition of 5,000 stock options at a $3.88 exercise price (fully exercisable) is documented
- Clear disclosure of custodial holdings (11,571 shares) and unvested restricted stock grants (2,082 shares) with vesting conditions
Negative
- 2,326 shares sold at $71.27 and 2,674 shares withheld at ~$71.17 to satisfy exercise/tax obligations, reducing direct holdings
- Direct beneficial ownership after transactions is 13,364 shares, indicating a modest position size
Insights
TL;DR: Routine insider option activity and small open-market sales; holdings remain modest relative to company size.
The filing documents a net (cashless) exercise and withholding to cover exercise price and taxes, plus an acquisition of 5,000 options at a low $3.88 strike. The sales of 2,326 shares at $71.27 and withholding of 2,674 shares are explicitly to satisfy obligations from the exercise. These actions are consistent with standard compensation exercises and tax-withholding mechanics rather than an outright liquidity-driven divestiture.
TL;DR: Disclosure is complete for Section 16 purposes; transactions include custodial holdings and unvested awards.
The Form 4 clearly identifies direct and indirect ownership, custodial accounts for minor children, and details on unvested restricted stock awards totaling 2,082 shares with one-year vesting conditions. The signature via power of attorney is noted and on file. From a governance and compliance standpoint the report fulfills required disclosures for insider transactions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock option (right to buy) | 5,000 | $0.00 | -- |
| Exercise | Common Stock | 5,000 | $3.88 | $19K |
| Sale | Common Stock | 2,326 | $71.27 | $166K |
| Tax Withholding | Common Stock | 2,674 | $71.17 | $190K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Includes 503 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on September 3, 2024, 290 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on December 2, 2024, 292 shares underlying unvested restricted stock awards granted to the Reporting Person by the Issuer on March 3, 2025 and 997 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. These shares were withheld so the Reporting Person could satisfy the exercise price and tax liability from a net (cashless) exercise of options. These shares are held by a child of the Reporting Person through a custodial account under the Uniform Transfers to Minors Act for which the Reporting Person is custodian. These shares are held by a child of the Reporting Person through a custodial account under the Uniform Transfers to Minors Act for which the Reporting Person is custodian. Fully exercisable.
