Atabak Mokari
CORCEPT THERAPEUTICSAbout Atabak Mokari
Atabak Mokari, 48, has served as Chief Financial Officer and Treasurer of Corcept Therapeutics since March 1, 2021. He holds an MBA from the Tuck School of Business at Dartmouth and a B.S. in Chemistry and Biology from Duke University, with prior roles spanning CFO posts at Bellicum Pharmaceuticals and IRIDEX and a decade in healthcare investment banking (Credit Suisse, UBS, Wells Fargo) and business development at Forest Laboratories and private equity/IB analyst roles (Olympus Partners; Bowles Hollowell Conner) . During his tenure, Corcept’s revenue increased from $482.4M in 2023 to $675.0M in 2024, and the company’s cumulative TSR (from a 2019 base) improved from $268 to $416, supporting higher bonus achievement in 2024 versus 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bellicum Pharmaceuticals | Chief Financial Officer | 2018–2020 | Led finance during development-stage operations |
| IRIDEX | CFO & VP Corporate Development | 2016–2018 | Combined finance and corp dev leadership at a device manufacturer |
| Wells Fargo Securities | Director, Healthcare Investment Banking | 2013–2016 | Advised life sciences issuers on capital markets/M&A |
| UBS | Healthcare Investment Banking | 2009–2013 | Coverage and execution across biotech/pharma financing |
| Credit Suisse | Healthcare Investment Banking | 2005–2009 | Coverage/execution in healthcare banking |
| Forest Laboratories | Business Development | Prior to 2005 | Corporate development at specialty pharma |
| Olympus Partners; Bowles Hollowell Conner | Analyst | Prior to 2005 | Private equity and investment banking experience |
External Roles
No public company directorships or committee roles were disclosed for Mr. Mokari .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 527,000 | 548,080 |
| Target Bonus (% of salary) | 50% | 50% |
Notes: 2024 base salary reflects an approved 4.0% increase effective Feb 1, 2024 .
Performance Compensation
Annual Cash Bonus
| Metric | 2023 | 2024 |
|---|---|---|
| Target Bonus Achievement (%) | 120% | 150% |
| Bonus Paid ($) | 316,200 | 411,060 |
| Key Performance Drivers (Company) | Revenue to $482.4M; progress across pivotal/Phase 2–4 trials; IP strengthening | Revenue to $675.0M; NDA submitted for relacorilant; positive Phase 4 CATALYST; ROSELLA fully enrolled |
Program characteristics: Discretionary, committee-determined based on corporate and individual performance; targets set annually; no fixed metric weights disclosed .
Long-Term Equity Incentives (Stock Options; ESPP RSAs)
| Grant Type | Grant Date | Shares | Exercise/Grant Price ($/sh) | Vesting | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| Stock Option | 2/13/2023 | 200,000 | 23.06 | 48 equal monthly installments | 2,764,760 |
| ESPP Matching RSAs | 2023 (multiple) | 1,260; 1,651; 398; 508 | — | 1-year cliff (holding condition) | 25,024; 37,923; 13,174; 13,193 |
| Stock Option | 2/9/2024 | 200,000 | 23.01 | 48 equal monthly installments | 2,804,219 |
| ESPP Matching RSAs | 2024 (multiple) | 554; 1,448; 400; 231 | — | 1-year cliff (holding condition) | 13,329; 45,322; 13,704; 13,678 |
Equity design: Options are at-the-money at grant; 10-year life; monthly vesting encourages retention; ESPP matching shares vest after one year if the purchased share is held .
Performance Compensation Framework (qualitative)
| Metric Category | Weighting | 2023 Target | 2023 Actual | 2023 Payout | 2024 Target | 2024 Actual | 2024 Payout |
|---|---|---|---|---|---|---|---|
| Revenue growth | Not disclosed | Discretionary | $482.4M | Contributed to 120% | Discretionary | $675.0M | Contributed to 150% |
| Pipeline milestones | Not disclosed | Discretionary | Multiple Ph2–4 enrollments | Contributed | Discretionary | NDA submitted; positive Ph4 | Contributed |
| Strategic/IP progress | Not disclosed | Discretionary | IP strengthened | Contributed | Discretionary | IP/pipeline advanced | Contributed |
Equity Ownership & Alignment
- Beneficial Ownership (record dates):
- April 5, 2024: 467,869 shares (<1%); includes 9,536 shares held and 458,333 options exercisable within 60 days .
- April 17, 2025: 688,449 shares (<1%); includes 13,034 shares held and 675,415 options exercisable within 60 days .
- Outstanding Awards (12/31/2024 snapshot):
- Options exercisable/unexercisable (strike): 375,000/25,000 at $25.46 (3/1/2021); 70,833/29,167 at $19.26 (2/2/2022); 91,666/108,334 at $23.06 (2/13/2023); 41,666/158,334 at $23.01 (2/9/2024) .
- Unvested RSAs (2024 ESPP matching): 554 ($27,916 value), 1,448 ($72,965), 400 ($20,156), 231 ($11,640) .
- Pledging/Hedging: Company prohibits hedging for all employees, officers and directors, and prohibits pledging by directors and officers under its Insider Trading Policy .
- Stock ownership guidelines: Not disclosed in proxy.
Insider selling/pressure indicators:
- Option exercises by Mokari: None reported in 2023 and 2024; RSAs vested were modest (793 shares in 2023; 3,817 shares in 2024), suggesting limited realized sales from equity in those years .
- Many options were in-the-money at 12/31/2024 (market $50.39), implying potential future sellable supply as monthly vesting continues .
Employment Terms
| Provision | Term |
|---|---|
| Employment start date | March 1, 2021 (CFO) |
| Base offer (2021) | Salary $468,000; target bonus 45% |
| Current salary framework | 2024 base $548,080; target bonus 50% |
| Severance (no CoC) | 12 months base salary; up to 12 months COBRA |
| CoC + qualifying termination (within 18 months) | 12 months base salary lump sum; up to 12 months COBRA; full vesting of all outstanding equity awards effective immediately prior to termination |
| Trigger structure | Equity acceleration requires termination in connection with a change in control (termination “without cause” or by executive for “good reason” within 18 months of CoC) |
| Restrictive covenants | Standard confidentiality/inventions; non-compete/non-solicit not disclosed |
| Clawback | Awards subject to company clawback policies |
| Indemnification | Standard officer indemnification agreement |
Change-in-control economics (illustrative, as of year-end reference prices):
- As of 12/31/2023: Base $527,000; CoC acceleration value $3,209,070; Total $3,736,377 .
- As of 12/31/2024: Base $548,080; CoC acceleration value $8,959,849 (on $50.39 close); Total $9,508,236 .
Governance, Say-on-Pay, and Compensation Process
- Compensation Committee: Independent directors (Mahoney, Alton, Baker, Swisher); sets goals, salaries, bonuses, and option grants; relies on industry knowledge (no external comp consultant disclosed) .
- Hedging/pledging policies: Hedging prohibited; pledging prohibited for directors and officers .
- Say-on-pay: At 2023 annual meeting, 69,095,025 For; 1,450,799 Against; 235,570 Abstain (~98% approval). Company cites strong support and continues annual vote cadence .
Investment Implications
- Pay-for-performance alignment: 2024 bonus payout at 150% (vs 120% in 2023) coincided with strong operational results (29.9% revenue growth and NDA submission), while equity remains primarily option-based with 4-year monthly vesting, tightly linking realized pay to stock performance .
- Retention and selling pressure: Large in-the-money option overhang (notably 2021–2024 grants) and continuous monthly vesting imply ongoing potential supply; however, no option exercises by the CFO were reported in 2023–2024, and company policies restrict hedging/pledging, moderating risk signals .
- Change-in-control leverage: Double-trigger equity acceleration with 12 months salary and medical benefits; acceleration value is materially sensitive to share price (rose from ~$3.2M at 12/31/2023 to ~$9.0M at 12/31/2024), increasing golden-parachute optics if a transaction occurs .
- Ownership alignment: Beneficial ownership grew to 688,449 shares (<1%) by April 2025, driven largely by options; prohibitions on hedging/pledging are shareholder-friendly; no related-party transactions disclosed .
Supporting Data
Revenues and Pay Versus Performance (context)
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue ($, thousands) | 482,375 | 675,040 |
| CEO/Company CAP vs TSR (Company TSR value of $100 from 2019) | $268 | $416 |
Beneficial Ownership (record date snapshots)
| Date | Shares Beneficially Owned | % Outstanding | Detail |
|---|---|---|---|
| Apr 5, 2024 | 467,869 | <1% | 9,536 held; 458,333 options exercisable within 60 days |
| Apr 17, 2025 | 688,449 | <1% | 13,034 held; 675,415 options exercisable within 60 days |
Outstanding Equity Awards (12/31/2024)
| Grant | Exercisable | Unexercisable | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| 3/1/2021 Option | 375,000 | 25,000 | 25.46 | 3/1/2031 |
| 2/2/2022 Option | 70,833 | 29,167 | 19.26 | 2/2/2032 |
| 2/13/2023 Option | 91,666 | 108,334 | 23.06 | 2/13/2033 |
| 2/9/2024 Option | 41,666 | 158,334 | 23.01 | 2/9/2034 |
Option Exercises and RSAs Vested
| Year | Options Exercised (# / $) | RSAs Vested (# / $) |
|---|---|---|
| 2023 | None | 793 / $26,248 |
| 2024 | None | 3,817 / $123,477 |
Severance/CoC Illustrations
| As of | Base Salary ($) | Health ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|
| 12/31/2023 (CoC + termination) | 527,000 | 307 | 3,209,070 | 3,736,377 |
| 12/31/2024 (CoC + termination) | 548,080 | 307 | 8,959,849 | 9,508,236 |
Biographical Snapshot
- Age 48; CFO and Treasurer; executive officers table
- Education and career progression (MBA—Tuck; B.S.—Duke; prior roles listed above)
- Appointment 3/1/2021; initial comp and option grant; severance/change-in-control agreement executed
Additional corporate policies: Prohibition of hedging; prohibition of pledging for directors/officers; clawback coverage of awards; no related-party transactions since Jan 1, 2024 .