Form 4: Corcept CEO Exercises Options, Transfers Shares to Trust

Corcept Therapeutics CEO Joseph K. Belanoff exercised 550,000 stock options and transferred the resulting net shares to a revocable living trust.

Summary

• Joseph K. Belanoff, CEO and Director of Corcept Therapeutics Inc. (CORT), exercised 550,000 stock options on December 24, 2025, at an exercise price of $3.88 per share.
• To satisfy the exercise price and tax liabilities, 306,846 shares were withheld at a price of $83.59 per share.
• The remaining 243,154 shares were transferred without consideration to the Joseph K. Belanoff and Katherine A. Blenko Revocable Living Trust DTD 04/29/02.
• Following these transactions, Mr. Belanoff's direct beneficial ownership of common stock is 0 shares.
• The Joseph K. Belanoff and Katherine A. Blenko Revocable Living Trust DTD 04/29/02 now beneficially owns 2,944,524 shares, over which Mr. Belanoff retains voting power and pecuniary interest.

Sentiment

Score: 6

Explanation: The filing reports a routine insider transaction involving the exercise of stock options, tax withholding, and transfer to a trust. While the exercise of options can be seen as a positive signal, the overall activity is standard and does not indicate a significant shift in company prospects or insider sentiment beyond routine compensation and estate planning.

Positives

• The exercise of 550,000 stock options by the CEO could signal continued confidence in the company's long-term prospects.
• The transaction involved a significant number of shares, indicating substantial personal investment or compensation.

Negatives

• A substantial number of shares (306,846) were disposed of to cover tax liabilities and exercise costs, which is a common practice but reduces direct holdings.
• The transfer of shares to a trust, while common for estate planning, means these shares are no longer directly held by the CEO.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Transfer of 243,154 shares without consideration to the Joseph K. Belanoff and Katherine A. Blenko Revocable Living Trust DTD 04/29/02, where the reporting person retains voting power and pecuniary interest.

Stakeholder Impact

• Shareholders: The transaction is a routine insider compensation event and is unlikely to have a material direct impact on other shareholders beyond standard disclosure requirements.
• Employees: No direct impact on employees is indicated.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated.

Key Dates

Keywords

Corcept Therapeutics, CORT, Joseph K. Belanoff, insider transaction, stock options, CEO, beneficial ownership, trust, SEC Form 4