Guyer William 4

What Happened
William Guyer, Chief Development Officer of Corcept Therapeutics (CORT), exercised 11,767 option-derived shares on 2026-03-20 at an exercise price of $21.65 per share (total exercise cost $254,756) and sold the same 11,767 shares the same day for total gross proceeds of $423,730 (weighted average sale price $36.01). The filings show the derivative position was converted (reported as disposed at $0) as part of the exercise/sale transaction.

Key Details

• Transaction date: March 20, 2026 (Form 4 filed March 24, 2026). Filing occurred 4 days after the transaction; Form 4s are typically due within 2 business days, so this appears late.
• Exercise: 11,767 shares at $21.65 each — total paid $254,756.
• Sale: 11,767 shares at a weighted average price $36.01 — gross proceeds $423,730. Actual sale prices ranged $35.97–$36.24 (footnote F3).
• Plan/authorization: Sale executed pursuant to a 10b5-1 trading plan adopted November 27, 2024 (footnote F2).
• Unvested awards: Reporting person also has 224 and 498 unvested restricted shares (granted Dec 1, 2025 and Mar 2, 2026) that vest one year after grant if conditions are met (footnote F1).
• Derivative reporting: The filing shows the derivative converted/disposed at $0 in connection with the exercise (footnote F4 notes fully exercisable).
• Shares owned after transaction: not specified in the provided excerpt — see the full Form 4 for the post-transaction ownership total.

Context
This was a same-day exercise and sale (a cashless exercise): the options were exercised and the resulting shares were sold immediately, a common way insiders realize value. The use of a 10b5-1 plan means the sales were made under a pre-established trading arrangement. This is a sale (liquidity event) rather than an open-market purchase, so it is generally considered routine insider activity rather than a direct bullish signal.