Corcept Therapeutics (CORT) President Sean Maduck Sells Shares & Exercises

What Happened

• Sean Maduck, President of Corcept Endocrinology (Corcept Therapeutics, ticker CORT), exercised 25,000 options on Sep 1, 2026 (exercise price $8.27; cost $206,750) and the same day sold 25,000 corresponding shares in the open market for combined proceeds of approximately $2.86 million.
• He also had 117 shares withheld/sold on Sep 2, 2026 to satisfy tax withholding ($13,265), and acquired two small grants/purchases of 150 shares each (one recorded at $113.38/value $17,007 and one recorded at $0.00).

Key Details

• Transaction dates: primary activity on 2026-09-01 (exercise + open-market sales); tax withholding on 2026-09-02. Filing date: 2026-09-03 (timely).
• Sales: three reported blocks with weighted-average sale prices in ranges: ~$113.36–114.34, ~$114.365–115.295, and ~$115.37–115.82; combined reported sale proceeds ≈ $2,860,738.
• Exercise: 25,000 shares exercised at $8.27 ($206,750). A separate derivative line shows conversion related to the exercise.
• Tax withholding / payment: 117 shares disposed on Sep 2 to cover tax obligations (closing price used to compute withholding).
• Grants/unvested awards: filing shows multiple unvested restricted stock awards (grants on 9/2/2025, 12/1/2025, 3/2/2026, 6/1/2026) that vest 100% on the one-year anniversary of each grant, subject to conditions. Purchase-plan shares and related vesting are also noted.
• Plan/authorization notes: at least some sales were made pursuant to a pre-arranged 10b5-1 plan adopted Dec 8, 2025.
• Shares owned after transaction: total post-transaction beneficial holdings are not shown in the excerpt—see the full Form 4 for complete holdings across trusts/LLCs listed in the footnotes.
• Transaction codes: M = option exercise/conversion; S = sale; A = grant/award; F = tax withholding/payment.
• Filing timeliness: filed within required Form 4 window (not marked late).

Context

• This looks like a cashless exercise pattern: options exercised at a low strike ($8.27) and the acquired shares were sold the same day in the open market, generating net proceeds. Such transactions are common for executives exercising options to cover exercise costs and taxes.
• The presence of a 10b5-1 plan indicates at least some sales were pre-planned and not ad hoc. Awards and purchase-plan shares with one-year vesting remain subject to future vesting conditions and do not necessarily reflect immediate insider sentiment.

For full line-by-line details, post-transaction holdings, and the exact mapping of footnotes to each trade, consult the full Form 4 (Accession No. 0001193125-26-382474).