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                                                                  EXHIBIT 10.5

November 15, 2001

Andrew Galligan
c/o Corcept Therapeutics Incorporated
275 Middlefield Road
Menlo Park, CA 94025

Re:      Offer of Employment at Corcept Therapeutics Incorporated

Dear Andrew:

         We are very pleased to invite you to join Corcept Therapeutics
Incorporated (the "Company") in the role of Chief Financial Officer.

         1.       Duties and Responsibilities.  Your initial assignment will be
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as Chief Financial Officer, reporting to me in my capacity as Chief Executive
Officer. This offer is for a full-time position based at the Company's principal
place of business in Menlo Park.

         2.       Salary.  Your initial base salary will be $8,333.33 for
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full-time employment, payable bi-monthly in accordance with the Company's
customary payroll practice.  This equates to base compensation of $200,000.00
on an annual basis.  Salary is subject to periodic review and adjustment by the
Company's management.

         3.       Location.  As a general rule, you will work at the Company's
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principal offices in Menlo Park. Your position also will require occasional
travel to other locations as may be necessary to fulfill your responsibilities.
The Company will reimburse your reasonable and necessary travel expenses under
its standard travel reimbursement policy.

         4.       Medical, Dental and Insurance Benefits.  You will be eligible
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to receive the Company's standard employee benefits package. Please contact Mark
Strem, Director of Business Operations, for details regarding Corcept's
benefits.

         5.       Vacation and Holidays. You will accrue vacation at the rate of
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three weeks per year, assuming full-time employment; however, unused vacation
will not accrue in excess of twenty-five days. You also will be entitled to take
all paid holidays under the Company's then-current schedule.

         6.       Stock Option.  The executive management of the Company will
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recommend that the Board of Directors grant you a stock option to purchase
200,000 shares of the Company Common Stock under the terms of the Company's 2000
Stock Option Plan.  Options typically are granted at the next meeting of the
Company's Board of Directors following your commencement of employment. The
exercise price for this option will be the

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then-current fair market value of the Company Common Stock at the date
of grant. Following your formal written acceptance of the stock option award,
the option will become vested according to the following schedule:

                  (a) 20% of the option shares will vest after one year of
continuous employment; and

                  (b) an additional 1/60th of the option shares (1.667% of the
total option grant) will vest each succeeding month during the term of the
option, so that the entire option is vested after five years of continuous
employment.

         At present the Company's shares should be considered a highly
speculative investment. Please note that there is no public market for the
Company's shares, which are not listed on any stock exchange or qualified for
sale to the public. Any issuance, offer or sale of the Company's shares
(including shares issuable under your stock option) will be subject to
compliance with the Stock Option Plan, state and federal securities laws and the
terms of any underwriting, offering or listing agreements.

         7.       Confidential Information; Employee Inventions and
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Confidentiality Agreement. To enable the Company to safeguard its proprietary
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and confidential information, it is a condition of employment that you agree to
sign the Company's standard form of "Employee Inventions and Confidentiality
Agreement." A copy of this agreement is enclosed for your review. We understand
that you are likely to have signed similar agreements with prior employers, and
wish to impress upon you that the Company does not want to receive the
confidential or proprietary information of others, and will support you in
respecting your lawful obligations to prior employers.

         8.       At-Will Employment. While we look forward to a long and
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mutually beneficial relationship, should you decide to accept our offer you will
be an "at-will" employee of the Company. This means that the either you or the
Company may terminate the employment relationship with or without cause at any
time. Participation in any stock option, benefit or incentive program does not
assure continuing employment for any particular period of time.

         9.       Authorization to Work.  Federal government regulations require
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that all prospective employees present documentation their identity and
demonstrating that they are authorized to work in the United States. If you have
any questions about this requirement, which applies to U.S. citizens and
non-U.S. citizens alike, please contact Mark Strem, our Director of Business
Operations at (650) 688 - 8809.

        10.       Complete Offer and Agreement.  This letter contains our
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complete understanding and agreement regarding the terms of your employment by
the Company.

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There are no other, different or prior agreements or understandings on
this or related subjects. Changes to the terms of your employment can be made
only in a writing signed by you and an authorized executive of the Company.

         11.      Start Date; Acceptance of Offer. We hope that you will accept
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this offer promptly, and begin your full-time employment at Corcept Therapeutics
by November 21. If our offer is acceptable to you, please sign the enclosed copy
of this letter in the space indicated and return it to me in the envelope
provided.

         As we have discussed, Andrew, our team was impressed by your
accomplishments and potential, and we are enthusiastic at the prospect of your
joining us. I look forward to your early acceptance of this offer, and to your
contributions to the growth and success of Corcept Therapeutics Incorporated.

                                                     Very truly yours,

                                                    /s/ Joseph K. Belanoff, M.D.

                                                    Joseph K. Belanoff, M.D.
                                                    Chief Executive Officer

ACCEPTANCE OF EMPLOYMENT OFFER:

I accept the offer of employment by Corcept Therapeutics Incorporated on the
terms described in this letter.

Signature: /s/ Andrew Galligan
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Date: 11/20/01
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My start date will be: November 21, 2001