CORCEPT (CORT) President Sean Maduck Exercises Options, Sells 3,664 Shares

What Happened Sean Maduck, President of Corcept Endocrinology, exercised 3,664 derivative interests (options) on August 14, 2026 at $8.27 per share (cost $30,301) and sold the same 3,664 shares in an open-market transaction the same day at $114.49 per share for gross proceeds of $419,491. The Form 4 also reports a derivative disposition at $0, which reflects conversion/surrender of the derivative in the exercise process. The sale was executed under a prearranged 10b5-1 plan.

Key Details

• Transaction date: 2026-08-14 (filed 2026-08-18).
• Exercise: 3,664 shares acquired at $8.27 each — total cash paid $30,301.
• Sale: 3,664 shares sold at $114.49 each — gross proceeds $419,491.
• The sale was made pursuant to a 10b5-1 trading plan (Footnote F2).
• Footnote F1 lists 1,602 unvested restricted shares granted across 2025–2026 grants (vest 1 year after each grant if conditions met).
• Other footnotes (F3–F7) indicate shares held through trusts and entities for which Maduck is trustee/member/manager; F8 notes certain awards are fully exercisable.
• Shares owned after the transactions are not specified in the provided excerpt of the filing.
• Filing timeliness: Form filed 4 days after the transaction date; this appears later than the typical 2-business-day Form 4 deadline.

Context

• Because the exercise and sale occurred the same day, this was effectively a cashless exercise followed by an immediate open-market sale of the shares.
• Sales under a 10b5-1 plan are prearranged and are often routine; they do not necessarily indicate a change in the insider’s view of the company.
• The filing is factual and does not state the insider’s motivation.