BAKER G LEONARD JR 4

What Happened

• Baker G. Leonard Jr, a director of Corcept Therapeutics (CORT), exercised a series of stock option/derivative awards on January 27, 2026. The filing shows acquisition of 140,000 shares through exercises at multiple strike prices for a total exercise cost of $1,608,700.
• Exercises by tranche: 30,000 shares @ $5.86 ( $175,800 ); 30,000 @ $12.13 ( $363,900 ); 25,000 @ $14.08 ( $352,000 ); 25,000 @ $10.50 ( $262,500 ); 30,000 @ $15.15 ( $454,500 ).
• The filing also records dispositions of 140,000 derivative securities at $0 (transaction code M), as reported in the same filing. The report does not show any open-market cash sales of the acquired shares.

Key Details

• Transaction date: 2026-01-27 (reported on Form 4 filed 2026-01-29 — timely filing).
• Total shares acquired via exercise: 140,000; total exercise cost reported: $1,608,700.
• Dispositions: 140,000 derivative securities disposed at $0 (reported as derivative conversions/exercises).
• Transaction code: M (exercise or conversion of derivative securities).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1–F2 note certain shares are held by trusts/partnerships (reporting person disclaims beneficial ownership except pecuniary interest). F3–F7 outline vesting schedules for earlier option grants (monthly ratable vesting from 2016–2020).

Context

• This filing reflects option exercises (an acquisition) rather than an open-market purchase or sale. Purchases via exercising options require paying the strike price; they do not by themselves indicate a market sale of shares.
• The presence of matching disposed derivative entries at $0 is consistent with conversion/retirement of the exercised derivative instruments; the Form 4 does not show proceeds from any immediate cash sales.