Guyer William 4

What Happened

• William Guyer, Chief Development Officer of Corcept Therapeutics (CORT), exercised 8,233 stock options on March 4, 2026 (exercise cost $21.65/share, $178,244 total) and immediately sold the 8,233 shares in the open market for a weighted-average price of $35.99/share (proceeds ~$296,346). The derivative underlying the options was converted/terminated as part of the exercise.

Key Details

• Transaction dates: March 4, 2026 (exercise and sale); Form 4 filed March 6, 2026 (timely).
• Exercise: 8,233 shares at $21.65 each — $178,244 total (transaction code M).
• Sale: 8,233 shares at weighted average $35.99 — $296,346 total (transaction code S); actual sale prices ranged $35.97–$36.05 (footnote F3).
• Plan/authorization: Sale executed pursuant to a 10b5-1 trading plan adopted Nov 27, 2024 (footnote F2).
• Options status: Fully exercisable (footnote F4).
• Unvested awards: Filing notes 224 unvested restricted shares granted Dec 1, 2025 and 498 unvested restricted shares granted Mar 2, 2026; those awards vest one year after grant if conditions are met (footnote F1).
• Shares owned after transaction: not specified in the filing.
• Power of attorney used to sign the form is on file with the SEC.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were immediately sold into the market, producing net proceeds (sale proceeds minus exercise cost and any fees/taxes). The sale was pre-planned under a 10b5-1 plan, which is a common way insiders automate sales and limits inferences about short-term intent.