Form 4: Corcept Therapeutics Officer Sells Shares Post-Option Exercise

Corcept Therapeutics officer Sean Maduck exercised stock options and subsequently sold a significant number of common shares on October 1, 2025, under a pre-arranged 10b5-1 plan.

Summary

• Sean Maduck, President of Corcept Endocrinology, engaged in multiple transactions on October 1, 2025.
• Exercised stock options to acquire 1,986 shares of Common Stock at an exercise price of $5.05 per share.
• Exercised stock options to acquire 18,014 shares of Common Stock at an exercise price of $8.27 per share.
• Disposed of 959 shares of Common Stock at a weighted average sale price of $83.7344 per share.
• Disposed of 16,394 shares of Common Stock at a weighted average sale price of $85.0562 per share.
• Disposed of 2,647 shares of Common Stock at a weighted average sale price of $85.5758 per share.
• All disposition transactions were conducted pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on September 5, 2024.
• Following these reported transactions, Sean Maduck directly owns 7,904 shares of Common Stock.
• Direct holdings include 1,647 shares underlying unvested restricted stock awards, which vest on the one-year anniversary of their grant dates.
• Indirectly owns 59,717 shares through the Sean and Molly Maduck Living Trust, where the Reporting Person is a co-trustee.
• Indirectly owns 40,000 shares through the SNM 2025 Grantor Retained Annuity Trust, where the Reporting Person is the trustee.
• Indirectly owns 10,000 shares through Duckhill Capital, LLC, where the Reporting Person is President and disclaims beneficial ownership except to the extent of his pecuniary interest.
• Holds 281,986 unexercised stock options after the reported transactions.

Sentiment

Score: 6

Explanation: The officer exercised options at low prices and sold shares at high prices, indicating personal profit. The transactions were pre-planned under a 10b5-1 plan, making them expected and generally neutral for market sentiment, though a reduction in direct ownership.

Positives

• The officer exercised stock options at significantly lower prices ($5.05 and $8.27) compared to the sale prices ($83.73 to $85.58), indicating a substantial personal gain from the company's stock appreciation.
• The sale prices reflect a strong market valuation for Corcept Therapeutics common stock at the time of the transactions.

Negatives

• Sean Maduck disposed of a total of 19,000 shares of common stock through multiple sales transactions, representing a reduction in direct ownership.

Future Outlook

NA

Management Comments

• Sean Maduck serves as President, Corcept Endocrinology.

Industry Context

NA

Related Party Transactions

• Shares held by Sean and Molly Maduck Living Trust (59,717 shares) where the Reporting Person is a co-trustee.
• Shares held by SNM 2025 Grantor Retained Annuity Trust (40,000 shares) where the Reporting Person is the trustee.
• Shares held by Duckhill Capital, LLC (10,000 shares) where the Reporting Person is President, with beneficial ownership disclaimed except for pecuniary interest.

Stakeholder Impact

• Shareholders: The sale of shares by an officer, even if pre-planned, can sometimes be viewed with caution, but the pre-arranged nature and continued significant indirect holdings mitigate concerns. The high sale prices could be seen as positive for the company's valuation.

Next Steps

• Vesting of remaining unvested restricted stock awards on their one-year anniversaries, provided certain requirements are met.

Key Dates

Recommendation

The filing details routine insider transactions under a pre-arranged 10b5-1 plan, involving the exercise of options and subsequent sale of shares. While an officer selling shares might typically be viewed negatively, the pre-planned nature and the officer's continued significant indirect holdings suggest these are personal financial management actions rather than a reflection of a change in company outlook. The high sale prices indicate strong current valuation. Therefore, the filing itself does not provide new information to warrant a change in investment thesis, suggesting a 'hold' recommendation.

Keywords

Corcept Therapeutics, CORT, Insider Transaction, Form 4, Stock Options, Share Sale, Beneficial Ownership, Sean Maduck, 10b5-1 Plan