Corcept (NASDAQ: CORT) grows 2025 sales and details late-stage pipeline

Rhea-AI Filing Summary

Corcept Therapeutics reported solid 2025 growth while earnings declined as it increased spending on development and commercialization. Revenue rose to $761.4 million from $675.0 million, and fourth-quarter revenue grew to $202.1 million from $181.9 million.

Full-year net income fell to $99.7 million from $141.2 million as selling, general and administrative expenses climbed to $448.7 million. The company ended 2025 with $532.4 million in cash and investments and spent $245.9 million on share repurchases and equity-related payments. It issued 2026 revenue guidance of $900–$1,000 million and highlighted an extensive pipeline, including NDAs for relacorilant in Cushing’s syndrome and platinum-resistant ovarian cancer, Phase 2b MASH data expected by the end of 2026, and plans for a Phase 3 ALS trial of dazucorilant.

Insights

Biopharma earnings and pipeline analyst

Revenue is growing and guidance is strong, but profitability is under pressure as Corcept invests heavily in its pipeline.

Corcept Therapeutics delivered 2025 revenue of $761.4 million, up from $675.0 million, reflecting robust demand in Cushing’s syndrome. However, operating expenses rose sharply, with selling, general and administrative costs increasing to $448.7 million, compressing operating income to $44.8 million from $137.0 million.

Net income declined to $99.7 million from $141.2 million, while cash and investments slipped to $532.4 million after $245.9 million of share repurchases and equity-related payments. The company set ambitious 2026 revenue guidance of $900–$1,000 million, indicating confidence in continued commercial growth.

Pipeline disclosures are extensive: FDA review of relacorilant for Cushing’s syndrome and platinum-resistant ovarian cancer, a July 11, 2026 PDUFA date in ovarian cancer, Phase 2b MONARCH MASH results expected by the end of 2026, and a planned Phase 3 ALS trial of dazucorilant following an exploratory 84% reduction in risk of death in the DAZALS study. Actual value will depend on regulatory outcomes and clinical readouts across 2026–2027.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

February 24, 2026

Date of Report (date of earliest event reported)

Corcept Therapeutics Incorporated

(Exact name of registrant as specified in its charter)

Delaware			000-50679						77-0487658
(State or other jurisdiction of incorporation)			(Commission File Number)						(I.R.S. Employer Identification No.)

101 Redwood Shores Parkway, Redwood City, CA 94065

(Address of Principal Executive Offices) (Zip Code)

(650) 327-3270

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.001 par value			CORT			The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02. Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

On February 24, 2026, Corcept Therapeutics Incorporated (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2025 and a corporate update. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02 and Item 7.01 and the information contained in the press release attached as Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Item 2.02 and Item 7.01 and the information contained in the press release attached as Exhibit 99.1 is not incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in the filing unless specifically stated so therein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibits No.			Description
99.1			Press Release of Corcept Therapeutics Incorporated, dated February 24, 2026
104.1			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CORCEPT THERAPEUTICS INCORPORATED

Date:

February 24, 2026

By:

/s/ Atabak Mokari

Name: Atabak Mokari

Title: Chief Financial Officer

EXHIBIT 99.1

Corcept Therapeutics Announces Fourth Quarter and Full-Year 2025 Audited Financial Results, Provides Corporate Update

•2025 revenue of $761.4 million

•Full year 2026 revenue guidance of $900 – $1,000 million

•2025 net income of $99.7 million

•Cash and investments of $532.4 million at December 31, 2025

REDWOOD CITY, Calif., (February 24, 2026) – Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol, today reported its results for the quarter and year ended December 31, 2025.

Financial Results

“In 2025, our Cushing’s syndrome business experienced a surge in demand due to growing recognition among physicians of hypercortisolism’s true prevalence and the necessity of appropriate treatment. We had a record number of new prescriptions written for our medications and a record number of new prescribers in 2025, which translated to a 37 percent increase in the number of tablets sold compared to the prior year. We should have achieved higher growth but were not able to fully meet demand because of capacity constraints at our previous specialty pharmacy vendor. There were also operational disruptions in the fourth quarter as we transitioned our business to our new specialty pharmacy. This transition is now fully complete and February is on track to be a record month for the number of new patients that have started treatment with our medications. We expect that our Cushing’s syndrome business will expand for many years,” said Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer.

Corcept’s fourth quarter 2025 revenue was $202.1 million, compared to $181.9 million in the fourth quarter of 2024. Revenue for the full year was $761.4 million, compared to $675.0 million in 2024.

Net income was $24.3 million in the fourth quarter, or $0.20 diluted net income per common share, compared to net income of $30.7 million, or $0.26 diluted net income per common share, in the fourth quarter of 2024. For the full year, net income was $99.7 million, or $0.82 diluted net income per common share, compared to net income of $141.2 million, or $1.23 diluted net income per common share, in 2024.

Cash and investments were $532.4 million at December 31, 2025, compared to $603.2 million at December 31, 2024. In 2025, Corcept paid $245.9 million to purchase its common stock, pursuant to the company’s stock repurchase program, net exercise of employee stock options and net vesting of restricted stock grants.

Clinical Development

“We are engaged with the FDA to determine the best path forward for our New Drug Application (NDA) for relacorilant in Cushing’s syndrome and are confident that the ultimate outcome will be approval,” said Dr. Belanoff. “Our NDA for relacorilant in platinum-resistant ovarian cancer, which is now bolstered by the final overall survival results from our ROSELLA study, has a Prescription Drug User Fee Act (PDUFA) date of July 11, 2026.

In addition, our ongoing clinical studies will soon produce important data. Results from MOMENTUM, our trial evaluating the prevalence of hypercortisolism in patients with resistant hypertension, will be featured in an oral presentation at the American College of Cardiology (ACC) meeting in March. Results from our BELLA trial in patients with advanced ovarian cancer will be available by the end of this year, as will results from MONARCH, our Phase 2b trial in patients with metabolic dysfunction-associated steatohepatitis (MASH). By the end of next year, we expect results from our studies in platinum-sensitive ovarian, endometrial, cervical and pancreatic cancers.”

“We are also planning to start a Phase 3 trial of dazucorilant in patients with ALS, which will seek to replicate the benefit patients exhibited in our DAZALS trial, by the middle of this year,” added Dr. Belanoff.

Hypercortisolism (Cushing’s Syndrome)

•New Drug Application – Engaged with FDA to determine best path forward to approval following Complete Response Letter for relacorilant in patients with Cushing’s syndrome

•GRACE – Pivotal Phase 3 trial of relacorilant in 152 patients with Cushing’s syndrome – Results published in The Lancet Diabetes & Endocrinology (Pivonello et al, February 2026)

•MOMENTUM – Enrollment completed in 1,000-patient trial examining the prevalence of hypercortisolism in patients with resistant hypertension; results will be presented at ACC meeting in March

“Relacorilant has the potential to become the new standard of care for patients with Cushing’s syndrome. In its Phase 2 and Phase 3 studies, patients treated with relacorilant showed clinically meaningful and statistically significant improvements in hypertension and a wide range of Cushing’s syndrome’s other signs and symptoms. Importantly, these benefits were observed without off-target effects and toxicities such as drug-induced hypokalemia, endometrial hypertrophy, vaginal bleeding, adrenal insufficiency and QT prolongation. These adverse events can have serious health consequences and are associated with currently available treatments. We are working with the FDA to bring relacorilant to patients as soon as possible,” said Bill Guyer, PharmD, Corcept’s Chief Development Officer.

Oncology

Relacorilant in Combination with Chemotherapy

•New Drug Application – FDA reviewing NDA for relacorilant plus nab-paclitaxel to treat patients with platinum-resistant ovarian cancer, with a July 11, 2026 PDUFA date

•Marketing Authorization Application (MAA) – European Medicines Agency reviewing MAA for relacorilant plus nab-paclitaxel to treat patients with platinum-resistant ovarian cancer – Approval expected by the end of this year

•ROSELLA – Both dual primary endpoints (progression-free and overall survival) met, without the need for biomarker selection and without increased safety burden – Complete results will be presented at the Society of Gynecology Oncology (SGO) meeting in April

•BELLA Part A – Enrollment completed in Phase 2 trial of relacorilant plus nab-paclitaxel and bevacizumab in 95 patients with platinum-resistant ovarian cancer – Results expected by the end of this year

•BELLA Part B – Enrollment underway in Phase 2 trial of relacorilant plus nab-paclitaxel and bevacizumab in 90 patients with platinum-sensitive ovarian cancer whose disease progressed while on a PARP inhibitor

•BELLA Part C – Enrollment underway in Phase 2 trial of relacorilant plus nab-paclitaxel in 90 patients with endometrial cancer (who have received one or two prior lines of therapy)

•STELLA – Phase 2 trial of relacorilant plus nab-paclitaxel in 50 patients with cervical cancer (received one or two prior lines of therapy) to begin in coming weeks, conducted in collaboration with ARCAGY-GINECO, an academic clinical research group specializing in gynecologic cancers

•TRIDENT – Enrollment underway in Phase 2 trial of relacorilant plus nab-paclitaxel and gemcitabine as first-line therapy in 50 patients with pancreatic cancer

Relacorilant in Combination with Androgen Deprivation Therapy

•Prostate cancer – Enrollment continues in randomized, placebo-controlled Phase 2 trial of relacorilant plus enzalutamide in 90 patients with early-stage prostate cancer, conducted in collaboration with the University of Chicago

Nenocorilant in Combination with Immunotherapy

•SYNERGY – Enrollment underway in Phase 1b dose-finding trial of nenocorilant plus nivolumab in 30 patients with a variety of solid tumors

“Results from our pivotal Phase 3 ROSELLA study demonstrate a 35 percent reduction in the risk of death in patients with platinum-resistant ovarian cancer (PROC). These results – without the need for biomarker selection, without increased safety burden and with oral administration – highlight relacorilant’s potential to become the new standard of care in PROC. Our applications are under review with regulatory authorities in both the United States and Europe, and we are working with urgency to bring this medication to patients with this highly challenging form of ovarian cancer,” said Dr. Guyer.

“Our ROSELLA results, as well as other pre-clinical and clinical oncology data, highlight the potential of glucocorticoid receptor antagonism to benefit patients across a wide variety of solid tumor types beyond PROC. We are currently studying relacorilant in other solid tumors, including platinum-sensitive ovarian, endometrial, cervical, pancreatic and prostate cancers, and we will continue to broaden our research to help as many patients as possible,” added Dr. Guyer.

Metabolic Dysfunction-Associated Steatohepatitis (MASH)

•MONARCH – Enrollment completed in randomized, double-blind, placebo-controlled, Phase 2b trial of miricorilant in 175 patients with biopsy-confirmed or presumed MASH – Results expected by the end of this year

“In our Phase 1b study, miricorilant was well-tolerated and very rapidly reduced liver fat while improving fibrosis, liver enzymes and other markers of liver health, as well as key metabolic and lipid measures. We look forward to building on these promising findings in our Phase 2b MONARCH study, with results expected by the end of this year,” said Dr. Guyer.

Amyotrophic Lateral Sclerosis (ALS)

•DAZALS – Exploratory analyses showed that patients who received dazucorilant 300 mg exhibited an 84 percent reduction in risk of death during the study’s first year compared to patients who received placebo (hazard ratio: 0.16, p-value: 0.0009)

•Phase 3 trial – Planned to begin by the middle of this year

“Elevated cortisol activity is linked to ALS. In our Phase 2 DAZALS study, patients who received dazucorilant experienced a profound reduction in early mortality – a period when many patients with ALS retain significant function and quality of life,” said Dr. Guyer. “We are currently conducting a dose titration study, with the goal of improving gastrointestinal tolerability, to inform the direction of our Phase 3 program.”

Conference Call

We will hold a conference call on February 24, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants must register in advance of the conference call by clicking here. Upon registering, each participant will receive a dial-in number and a unique access PIN. Each access PIN will accommodate one caller. A listen-only webcast will be available by clicking here. A replay of the call will be available on the Investors / Events tab of Corcept.com.

About Corcept Therapeutics

For over 25 years, Corcept has focused on cortisol modulation and its potential to treat patients with a wide variety of serious disorders, leading to the discovery of more than 1,000 proprietary selective cortisol modulators and glucocorticoid receptor antagonists. Corcept is conducting advanced clinical trials in patients with Cushing’s syndrome, solid tumors, ALS and liver disease. In February 2012, the company introduced Korlym®, the first medication approved by the U.S. Food and Drug Administration for the treatment of patients with endogenous Cushing’s syndrome. Corcept is headquartered in Redwood City, California. For more information, visit Corcept.com.

Forward-Looking Statements

Statements in this press release, other than statements of historical fact, are forward-looking statements based on our current plans and expectations and are subject to risks and uncertainties that might cause our actual results to differ materially from any future results expressed or implied by such forward-looking statements.

In this press release, forward-looking statements include those concerning: our 2026 revenue guidance; our ability to achieve a record number of new patients that have started treatment with our medications in a month; the expected expansion of our Cushing’s syndrome business for many years; regulatory review of relacorilant, including engagement with the FDA regarding our NDA for relacorilant in Cushing’s syndrome and our confidence that the ultimate outcome will be approval, FDA review of our NDA for relacorilant plus nab-paclitaxel to treat patients with platinum-resistant ovarian cancer, and our expectation to receive approval of relacorilant plus nab-paclitaxel to treat patients with platinum-resistant ovarian cancer from the European Medicines Agency based on its review of our MAA; our ability to bring relacorilant to patients and the timing thereof; statements related to ongoing and planned clinical trials, including statements regarding the potential to produce important data, timing of such trials, expected patient enrollment, and the timing and publication or presentation of results; our ability to broaden our research to help as many patients as possible; relacorilant’s potential, including as a treatment for patients with Cushing’s syndrome, ovarian cancer and other cancers and as the new standard of care for patients with Cushing’s syndrome or platinum-resistant ovarian cancer; the potential of glucocorticoid receptor antagonism to benefit patients with a wide variety of solid tumors; nenocorilant as a treatment for patients with cancer; miricorilant as a treatment for patients with MASH; the expectation that we will have results from our Phase 2b Monarch study of miricorilant in patients with biopsy-confirmed or presumed MASH by the end of 2026 and our ability to build on the findings from this study; dazucorilant as a treatment for patients with ALS; our intent to replicate our DAZALS findings in a Phase 3 trial and to use a dose titration study to improve gastrointestinal tolerability of dazucorilant in patients with ALS and inform the design of the Phase 3 trial and the timing of this trial.

A further description of risks and uncertainties can be found in our SEC filings, which are available at our website and the SEC’s website. These risks and uncertainties include, but are not limited to, those related to our ability to: operate our business; study and develop Korlym, relacorilant, miricorilant, dazucorilant, nenocorilant and our other product candidates; those molecules’ clinical attributes, regulatory approvals, mandates, oversight and other requirements; and the scope and protective power of our intellectual property. We disclaim any intention or duty to update forward-looking statements made in this press release.

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

			December 31, 2025(1)						December 31, 2024(1)
Assets
Cash and investments			$	532,422					$	603,165
Trade receivables, net of allowances			59,786						53,976
Inventory			23,962						15,995
Operating lease right-of-use asset			4,583						5,324
Deferred tax assets, net			168,197						130,914
Other assets			47,701						31,179
Total assets			$	836,651					$	840,553
Liabilities and Stockholders’ Equity
Accounts payable			$	40,444					$	15,376
Operating lease liabilities			6,107						6,936
Other liabilities			142,295						138,652
Stockholders’ equity			647,805						679,589
Total liabilities and stockholders’ equity			$	836,651					$	840,553
(1) Derived from audited financial statements at that date

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

			Three Months Ended												Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
Revenues
Product revenue, net			$	202,125					$	181,890					$	761,407					$	675,040
Operating expenses
Cost of sales			2,545						2,956						12,977						10,882
Research and development			64,856						70,300						254,908						246,887
Selling, general and administrative			130,237						83,372						448,725						280,320
Total operating expenses			197,638						156,628						716,610						538,089
Income from operations			4,487						25,262						44,797						136,951
Interest and other income			5,423						6,698						21,666						24,542
Income before income taxes			9,910						31,960						66,463						161,493
Income tax benefit (expense)			14,378						(1,214)						33,189						(20,284)
Net income			$	24,288					$	30,746					$	99,652					$	141,209
Net income attributable to common stockholders			$	23,905					$	30,395					$	98,171					$	139,733
Basic net income per common share			$	0.23					$	0.29					$	0.95					$	1.35
Diluted net income per common share			$	0.20					$	0.26					$	0.82					$	1.23
Weighted-average shares outstanding used in computing net income per common share
Basic			103,695						103,643						103,862						103,232
Diluted			119,855						118,459						119,987						113,480

CONTACT:

Corcept Therapeutics

Investor inquiries:

ir@corcept.com

Media inquiries:

communications@corcept.com

www.corcept.com

FAQ

How did Corcept Therapeutics (CORT) perform financially in 2025?

Corcept generated strong 2025 revenue of $761.4 million, up from $675.0 million in 2024. However, full-year net income declined to $99.7 million from $141.2 million as operating expenses, particularly selling, general and administrative costs, increased significantly during the year.

What 2026 revenue guidance did Corcept Therapeutics (CORT) provide?

Corcept issued 2026 revenue guidance of $900–$1,000 million, implying continued growth from 2025’s $761.4 million. This outlook reflects expectations for ongoing demand in its Cushing’s syndrome franchise and potential contributions from its advancing pipeline, subject to regulatory and clinical outcomes.

What were Corcept Therapeutics’ (CORT) fourth-quarter 2025 results?

In the fourth quarter of 2025, Corcept reported $202.1 million in revenue, up from $181.9 million a year earlier. Quarterly net income was $24.3 million, compared with $30.7 million in the prior-year quarter, as higher operating expenses reduced profitability despite revenue growth.

What is the status of Corcept Therapeutics’ relacorilant programs?

Corcept is engaged with the FDA on its NDA for relacorilant in Cushing’s syndrome and believes the ultimate outcome will be approval. An NDA for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer has a July 11, 2026 PDUFA date, with a European MAA also under review.

How strong is Corcept Therapeutics’ (CORT) balance sheet at year-end 2025?

Corcept ended 2025 with $532.4 million in cash and investments, down from $603.2 million at year-end 2024. During 2025 it paid $245.9 million to repurchase common stock and settle equity-related obligations, while maintaining substantial liquidity to support operations and development programs.

What late-stage clinical programs did Corcept Therapeutics highlight?

Corcept highlighted several advanced programs, including pivotal work on relacorilant in Cushing’s syndrome and ovarian cancer, the Phase 2b MONARCH trial in MASH with results expected by end of 2026, and a planned Phase 3 ALS trial of dazucorilant following encouraging mortality findings in DAZALS.

What did Corcept Therapeutics report about its ALS candidate dazucorilant?

In the Phase 2 DAZALS study, exploratory analyses showed patients on 300 mg dazucorilant had an 84% reduction in risk of death during the first year versus placebo. Corcept plans a Phase 3 trial and is running a dose-titration study to improve gastrointestinal tolerability.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 83.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB