Form 4: Corcept Officer's Stock Transactions Revealed

Corcept Therapeutics' President of Endocrinology, Sean Maduck, reported exercising stock options, selling shares under a 10b5-1 plan, and acquiring new shares through a company purchase plan.

Summary

• Sean Maduck, President of Corcept Endocrinology, reported multiple transactions in Corcept Therapeutics common stock.
• Exercised 20,000 stock options at an exercise price of $8.27 per share on December 1, 2025.
• Sold 20,000 shares of common stock at a weighted average price of $79.5245 per share on December 1, 2025, under a Rule 10b5-1 plan adopted on September 5, 2024. Actual sale prices ranged from $79.40 to $79.81.
• Purchased 205 shares of common stock at $79.78 per share on December 1, 2025, through the Corcept Therapeutics Incorporated 2024 Incentive Award Plan's Purchase Plan.
• Received 205 shares underlying unvested restricted stock awards at $0.00 per share on December 1, 2025, also under the Purchase Plan. These shares vest on the one-year anniversary of the grant date.
• 135 shares were withheld by the Issuer on December 2, 2025, at $79.78 per share to satisfy tax withholding obligations related to the vesting of restricted stock units.
• Following these transactions, direct beneficial ownership is 8,179 shares.
• Indirect beneficial ownership includes 59,717 shares via Sean and Molly Maduck Living Trust, 40,000 shares via SNM 2025 Grantor Retained Annuity Trust, and 10,000 shares via Duckhill Capital, LLC.
• Remaining stock options beneficially owned: 241,986.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions, including option exercise, stock sale under a pre-arranged plan, and participation in an employee stock purchase plan. These are standard activities for executives and do not inherently indicate positive or negative sentiment about the company's future performance.

Positives

• Exercise of stock options at a significantly lower price ($8.27) compared to the market price ($79.5245 sale price), indicating a profitable transaction for the insider.
• Acquisition of additional shares through the company's Purchase Plan, indicating continued investment in the company.
• Receipt of unvested restricted stock awards at no cost, providing future equity upside and aligning the insider's interests with long-term company performance.

Negatives

• Sale of 20,000 shares, reducing direct common stock holdings.
• Shares withheld for tax obligations (135 shares), reducing the net shares received from vesting of restricted stock units.

Future Outlook

The filing indicates future vesting events for restricted stock awards. Specifically, 205 shares received under the Purchase Plan on December 1, 2025, will vest on their one-year anniversary, provided the reporting person remains the beneficial owner of the Purchase Plan Shares. Other unvested restricted stock awards (266, 888, and 228 shares) granted on March 3, 2025, June 2, 2025, and September 2, 2025, respectively, will also vest on their one-year anniversaries subject to certain requirements.

Management Comments

• The transaction involving the sale of 20,000 shares was made pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on September 5, 2024.

Industry Context

This Form 4 filing is a routine disclosure of insider trading activity and does not provide specific industry context or trends. It reflects an individual officer's equity compensation and personal investment strategy within the biotechnology or pharmaceutical sector, where stock options and restricted stock awards are common forms of executive compensation.

Corporate Governance

Related Party Transactions

• Indirect ownership of 59,717 shares held by Sean and Molly Maduck Living Trust, where the Reporting Person is a co-trustee.
• Indirect ownership of 40,000 shares held by SNM 2025 Grantor Retained Annuity Trust, where the Reporting Person is the trustee.
• Indirect ownership of 10,000 shares held by Duckhill Capital, LLC, where the Reporting Person is President and disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: The sale of shares by an officer could be perceived as a slight negative, but the concurrent acquisition of shares and the use of a 10b5-1 plan mitigate concerns. The overall impact is likely minimal as it represents routine compensation and personal financial management.
• Employees: The existence of an Incentive Award Plan and Purchase Plan indicates ongoing equity compensation programs, which can be positive for employee retention and motivation.

Next Steps

• Vesting of 205 restricted stock awards on December 1, 2026 (one-year anniversary of grant).
• Vesting of 266 restricted stock awards on March 3, 2026 (one-year anniversary of grant).
• Vesting of 888 restricted stock awards on June 2, 2026 (one-year anniversary of grant).
• Vesting of 228 restricted stock awards on September 2, 2026 (one-year anniversary of grant).

Key Dates

Keywords

Corcept Therapeutics, CORT, Sean Maduck, Insider Trading, Form 4, Stock Options, 10b5-1 Plan, Restricted Stock Units, Beneficial Ownership, Officer Transactions