A rare disease drug developer, similar to Vertex Pharmaceuticals, but specializing in conditions caused by excess cortisol.

A specialized pharmaceutical company, akin to how Jazz Pharmaceuticals targets specific unmet needs in areas like narcolepsy and oncology, but focused on disorders related to cortisol modulation.

• Korlym (mifepristone): An oral medication for adult patients with endogenous Cushing's syndrome to treat hyperglycemia secondary to hypercortisolism.
• Relacorilant: A drug in development primarily for treating patients with Cushing's syndrome.
• Nab-paclitaxel in combination with relacorilant: A therapeutic combination under development for advanced ovarian tumors and cortisol excess.
• Selective cortisol modulator (for metastatic castration-resistant prostate cancer): A selective cortisol modulator in development to treat metastatic castration-resistant prostate cancer.
• Selective cortisol modulator (for antipsychotic-induced weight gain and other disorders): A selective cortisol modulator in development for antipsychotic-induced weight gain and other disorders.
• FKBP5 gene expression assays: Diagnostic or research tools for analyzing FKBP5 gene expression.

Corcept Therapeutics (CORT) is a pharmaceutical company that develops and commercializes prescription drugs. As such, it primarily sells its products to other companies within the healthcare supply chain, rather than directly to individual patients.

The major customers for pharmaceutical companies like Corcept are typically large drug wholesale distributors, who then distribute the medications to pharmacies, hospitals, and other healthcare providers. Based on industry standards, the major customers for Corcept Therapeutics are likely:

• McKesson Corporation (MCK)
• AmerisourceBergen Corporation (ABC)
• Cardinal Health, Inc. (CAH)

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

Dr. Belanoff is a co-founder of Corcept Therapeutics, which was established in May 1998. He has served as the company's Chief Executive Officer since 1999 and as President since 2014. He has been an Adjunct Professor of Psychiatry at Stanford University since 1992. Dr. Belanoff holds a B.A. from Amherst College and an M.D. from Columbia University's College of Physicians & Surgeons. He has been instrumental in guiding Corcept from a research-focused entity to a commercial biopharmaceutical company with the approval of Korlym.

Atabak Mokari, Chief Financial Officer and Treasurer

Mr. Mokari joined Corcept Therapeutics as Chief Financial Officer in March 2021. He brings nearly 20 years of leadership experience in life sciences and healthcare finance. Before joining Corcept, he served as Chief Financial Officer and Vice President of Corporate Development at Bellicum Pharmaceuticals, Inc. from 2018 to 2020. From 2016 to 2018, he held the same role at medical device manufacturer IRIDEX Corporation. Mr. Mokari also worked as a director in healthcare investment banking at Wells Fargo Securities LLC (2013-2016), UBS (2009-2013), and Credit Suisse (2005-2009).

Charles Robb, Chief Business Officer and Secretary

Mr. Robb has served as Corcept's Chief Business Officer since March 2021, and as Secretary since January 2014. Prior to this, he was the company's Chief Financial Officer from September 2011 to March 2021. He possesses over 30 years of experience in executive management, operations, and finance. His past roles include Senior Vice President of Operations, Administration and Finance at Fitness Anywhere, Inc. He also founded a division at Citadon, Inc., focusing on workflow and analytic software for real estate lenders from 2000 to 2002. Mr. Robb practiced law from 1992 to 1996. He earned a B.A. from Yale University and a J.D. from Harvard Law School.

William Guyer, Pharm.D., Chief Development Officer

Dr. Guyer oversees Corcept Therapeutics' development pipeline, which includes the promising relacorilant program.

Hazel Hunt, Ph.D., Chief Scientific Officer

Dr. Hunt leads the discovery efforts for new selective cortisol modulators at Corcept Therapeutics.

• Regulatory Setback and Litigation for Relacorilant: The U.S. Food and Drug Administration (FDA) issued a Complete Response Letter (CRL) for relacorilant, Corcept's drug candidate for hypercortisolism, citing the need for additional evidence of effectiveness. This decision followed FDA concerns about the adequacy of the clinical development program, potential overestimation of efficacy in one trial, and safety concerns including drug-induced liver injury. This regulatory setback led to a significant decline in Corcept's stock price and has resulted in multiple shareholder class-action lawsuits alleging that the company misrepresented FDA communications and the likelihood of approval for relacorilant. The company will likely need to generate new clinical data to address the FDA's concerns.
• Patent Litigation and Generic Competition for Korlym: Corcept's current primary revenue-generating product, Korlym, is protected by patents with expiration dates ranging from 2028 to 2037. However, Korlym has been the subject of ongoing patent litigations, with companies like Teva Pharmaceuticals and Neptune Generics LLC challenging the validity of these patents. Successful challenges could lead to an earlier-than-expected entry of generic versions of Korlym, which would significantly impact Corcept's revenue and market share.
• Dependence on a Concentrated Product Portfolio: With Korlym as its main commercial product and relacorilant facing significant regulatory delays, Corcept Therapeutics remains highly dependent on a concentrated product portfolio. The setback for relacorilant, which was expected to be a key driver for future growth and diversification, highlights the risk associated with relying heavily on a limited number of drugs. Any adverse developments related to Korlym, such as increased competition or safety concerns, could have a disproportionately large impact on the company's financial performance.

Here's the information on the addressable markets for Corcept Therapeutics' main products:

• Korlym (mifepristone) for Cushing's syndrome and relacorilant for Cushing's syndrome: The Cushing's disease market in the seven major markets (7MM: United States, EU4, UK, and Japan) was approximately USD 1,089 million in 2025. In 2024, the United States accounted for nearly USD 930 million of this market.
• Nab-paclitaxel in combination with relacorilant for advanced ovarian tumors: The global advanced recurrent ovarian cancer market was valued at USD 3.70 billion in 2023 and is projected to reach USD 5.79 billion by the end of 2030.
• Selective cortisol modulator to treat patients with metastatic castration-resistant prostate cancer: The total metastatic castration-resistant prostate cancer (mCRPC) market size across the seven major markets (7MM) was estimated at nearly USD 7,275.4 million in 2024. The United States market alone was approximately USD 4.4 billion in 2023.
• Selective cortisol modulator for the treatment of antipsychotic-induced weight gain and other disorders: null

1. Continued Growth of Korlym Sales: The company's sole marketed drug, Korlym, for Cushing's syndrome, is expected to continue its growth trajectory. Corcept anticipates sustained demand and has enhanced its specialty pharmacy capacity to meet this demand. For example, 2025 revenue from Korlym was $761 million, an increase from the prior year. Management forecasts a 2026 revenue guidance of $900 million to $1 billion, largely attributed to the Cushing's syndrome business.
2. Launch and Commercialization of Relacorilant for Platinum-Resistant Ovarian Cancer: A significant near-term revenue driver is the anticipated approval and launch of relacorilant in combination with nab-paclitaxel for patients with platinum-resistant ovarian cancer. The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of July 11, 2026, for this indication. Positive Phase 3 ROSELLA trial results demonstrated a 35% reduction in the risk of death, leading to high expectations for approval and market adoption. Additionally, European approval is expected by the end of 2026.
3. Re-engagement and Potential Approval Pathway for Relacorilant in Cushing's Syndrome: While the FDA issued a Complete Response Letter (CRL) for relacorilant in Cushing's syndrome in December 2025, Corcept is actively engaged with the FDA to determine the best path forward for approval. The company remains confident in the ultimate approval of relacorilant for this indication, which, once resolved, could significantly contribute to revenue as it is expected to eventually replace Korlym and address a broader patient population.
4. Advancement and Expansion into Additional Oncology Indications: Corcept is expanding its pipeline for relacorilant beyond platinum-resistant ovarian cancer, exploring its potential in other oncology areas. This includes ongoing studies in earlier-stage ovarian, endometrial, cervical, and pancreatic cancers. Results from the Phase 2 BELLA trial in additional ovarian and endometrial cancer settings are expected in late 2026, potentially opening new markets within the next two to three years as these trials progress toward further regulatory submissions.

Share Repurchases

• Corcept Therapeutics announced a program in January 2024 to repurchase up to $200 million of its common stock.
• In 2025, the company paid $245.9 million to purchase its common stock, which included amounts from its stock repurchase program, net exercise of employee stock options, and net vesting of restricted stock grants.
• In April 2023, Corcept purchased 6.6 million shares of its common stock for $145.4 million.

Share Issuance

• Shares outstanding were 106 million in Q4 2025, an increase of 0.7% from the prior quarter.

Capital Expenditures

• Corcept Therapeutics invested $50,000 in capital expenditures in Q4 2025.
• Capital expenditures for the fiscal year ending December 31, 2025, were reported as -$211,000 (implying a net inflow, or very low investment).