Form 4: Corcept Therapeutics Executive Sean Maduck Reports Significant Share Transfers to Family Trust and Option Exercise

Corcept Therapeutics' President of Endocrinology, Sean Maduck, has filed a Form 4 detailing a series of share transfers to a family trust and the exercise of stock options, reflecting changes in beneficial ownership.

Summary

• Sean Maduck, President of Corcept Endocrinology at Corcept Therapeutics Inc. (CORT), filed a Form 4 reporting changes in his beneficial ownership of common stock.
• The filing primarily details a series of transactions where Mr. Maduck disposed of shares directly (via gift, transaction code 'G') and simultaneously acquired the same number of shares indirectly (via transfer, transaction code 'J') through the Sean and Molly Maduck Living Trust. These transactions occurred on multiple dates between May 2018 and March 2024, and also on May 29, 2025.
• On May 29, 2025, Mr. Maduck exercised a stock option to acquire 10,000 shares of common stock at an exercise price of $3.88 per share. This option was fully exercisable and had an expiration date of February 26, 2026.
• Following these reported transactions, Mr. Maduck directly beneficially owns 15,929 shares of common stock, which includes 458 shares, 265 shares, and 266 shares underlying unvested restricted stock awards granted on September 3, 2024, December 2, 2024, and March 3, 2025, respectively.
• These restricted stock awards are set to vest 100% on their one-year anniversary of the grant date, provided certain requirements are satisfied.
• Indirectly, Mr. Maduck beneficially owns 89,693 shares through the Sean and Molly Maduck Living Trust, where he is a co-trustee.
• Additionally, 10,000 shares are held indirectly by Duckhill Capital, LLC, where Mr. Maduck is President, though he disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a standard compliance filing detailing routine insider share transfers for estate planning and the exercise of stock options. It does not contain information that would significantly alter the company's financial outlook or operational status.

Positives

• The exercise of stock options at a low price ($3.88) indicates a significant unrealized gain for the insider, suggesting confidence in the company's long-term value.
• The overall beneficial ownership, including direct and indirect holdings, remains substantial, aligning insider interests with shareholders.

Future Outlook

The vesting schedule for restricted stock awards indicates future share ownership changes for the reporting person. Specifically, 458 shares will vest on September 3, 2025, 265 shares on December 2, 2025, and 266 shares on March 3, 2026.

Management Comments

• "President, Corcept Endocrinology."
• "The power of attorney under which this form was signed is on file with the Commission."

Industry Context

This Form 4 filing is a routine compliance disclosure for an executive at a publicly traded pharmaceutical company. It provides transparency into insider stock ownership and transactions, which is a standard practice across all industries, including the biotechnology and pharmaceutical sectors.

Related Party Transactions

• Transfer of shares without consideration to the Sean and Molly Maduck Living Trust, of which the Reporting Person is a co-trustee.
• Shares held by Duckhill Capital, LLC, of which the Reporting Person is President, with disclaimed beneficial ownership except for pecuniary interest.

Stakeholder Impact

• Shareholders: Provides transparency regarding executive stock ownership and long-term alignment of interests through significant holdings and option exercises.

Next Steps

• Vesting of 458 restricted stock awards on September 3, 2025.
• Vesting of 265 restricted stock awards on December 2, 2025.
• Vesting of 266 restricted stock awards on March 3, 2026.

Key Dates

Keywords

Corcept Therapeutics, CORT, Sean Maduck, Form 4, insider trading, beneficial ownership, stock options, restricted stock, trust, executive compensation