Vertex Pharmaceuticals, but focused on rare endocrine diseases instead of Cystic Fibrosis.

Alexion Pharmaceuticals, specializing in rare hormonal disorders like Cushing's syndrome.

A focused biotech company similar to Jazz Pharmaceuticals, but specializing in rare endocrine conditions.

• Korlym (mifepristone): An oral medication approved for the treatment of hyperglycemia in adult patients with endogenous Cushing's syndrome who have type 2 diabetes mellitus or glucose intolerance and who have failed or are not candidates for surgery.
• Relacorilant: An investigational selective glucocorticoid receptor modulator currently in late-stage clinical trials for the treatment of endogenous Cushing's syndrome and other disorders.

Corcept Therapeutics (CORT) is a pharmaceutical company that develops and commercializes drugs. Like most pharmaceutical manufacturers in the United States, Corcept sells its prescription products primarily through a limited number of major pharmaceutical wholesale distributors. These distributors then supply the drugs to pharmacies, hospitals, and other healthcare providers.

Therefore, Corcept's major customers are these pharmaceutical wholesale distributors:

• McKesson Corporation (Symbol: MCK)
• Cencora, Inc. (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)

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

Dr. Joseph K. Belanoff is a co-founder of Corcept Therapeutics, having established the company in 1998. He has served as the Chief Executive Officer since Corcept's inception in 1999 and as its President since 2014. Before his tenure at Corcept, Dr. Belanoff served as the Director of Psychopharmacology at the outpatient division of the Palo Alto Veterans Affairs Hospital from 1997 to 2001. He has also held positions as an Adjunct Professor of Psychiatry at Stanford University School of Medicine since 1992.

Atabak Mokari Chief Financial Officer and Treasurer

Mr. Atabak Mokari joined Corcept Therapeutics as Chief Financial Officer in March 2021. He brings nearly two decades of leadership experience in life sciences and healthcare finance. Prior to Corcept, he was Chief Financial Officer and Vice President of Corporate Development at Bellicum Pharmaceuticals, Inc. from 2018 to 2020, and held the same role at medical device manufacturer IRIDEX from 2016 to 2018. Mr. Mokari's background also includes serving as a director in healthcare investment banking groups at Wells Fargo Securities, UBS, and Credit Suisse between 2005 and 2016. Notably, he was an analyst at the private equity firm Olympus Partners, indicating a pattern of involvement with private equity-backed companies.

Sean Maduck President, Endocrinology

Mr. Sean Maduck was appointed President of Endocrinology at Corcept in 2022. He previously held roles of increasing seniority within the company's Commercial organization, including Senior Vice President and Chief Commercial Officer, and Senior Vice President of Commercial since 2016. Mr. Maduck joined Corcept in 2012, bringing 12 years of pharmaceutical, biotechnology, and management experience. From 2002 to 2012, he worked at Genentech in various capacities within Finance, Portfolio Planning, and Commercial functions. He also served as an Investment Banking Analyst at W.R. Hambrecht + Company.

Gary Charles Robb Chief Business Officer and Secretary

Mr. Gary Charles Robb became Corcept's Chief Business Officer in March 2021. Prior to this, he served as the company's Chief Financial Officer for more than nine years, from September 2011. Mr. Robb has over 30 years of experience in executive management, operations, and finance. His previous roles include Senior Vice President of Operations, Administration and Finance at Fitness Anywhere, Inc. from 2005 to 2011, and Senior Vice President of Citadon, Inc. from 2000 to 2002. He also practiced law at Howard, Rice, Nemerovski, Canady, Falk & Rabkin from 1992 to 1996.

Hazel Hunt, Ph.D. Chief Scientific Officer

Dr. Hazel Hunt serves as Corcept Therapeutics' Chief Scientific Officer. She has held various positions within the company, including Senior Vice President of Research. Her background also includes experience as Director of Chemistry and Operations at Argenta and as a Senior Research Chemist at Glaxo Group Research. Dr. Hunt is actively involved in the research and development of new compounds for neurodegenerative diseases and other disorders, contributing to preclinical models and studies.

The key risks to Corcept Therapeutics' business include:

1. Patent Litigation and Generic Competition for Korlym: Corcept Therapeutics faces a significant risk due to ongoing patent litigation, particularly with Teva Pharmaceutical Industries Limited, concerning a generic version of its primary revenue-generating drug, Korlym. The outcome of this lawsuit could substantially impact Corcept's exclusive market position for Korlym and its revenue stream.
2. High Dependence on a Single Product and Pipeline Development Challenges: Corcept's current revenue is predominantly derived from Korlym, making the company highly dependent on this single product. The successful development, regulatory approval, and commercialization of new pipeline drugs, such as relacorilant for Cushing's syndrome and ovarian cancer, are crucial for the company's future growth and diversification. However, clinical trials for drug candidates, including relacorilant and dazucorilant, inherently carry risks of not meeting primary endpoints or failing to secure regulatory approvals.
3. Stock Valuation and Volatility: Corcept's stock has been noted for its high valuation metrics, including P/E, P/S, and P/B ratios near historical peaks, suggesting a potential for overvaluation. This elevated valuation, coupled with relatively high stock volatility, presents a risk of price corrections for investors.

The launch and market penetration of Recorlev (levoketoconazole) by Xeris Pharmaceuticals represents a clear emerging threat. Approved by the FDA in December 2021, Recorlev directly competes with Corcept's primary drug, Korlym, by offering another pharmacologic treatment option for patients with endogenous Cushing's syndrome. This new entrant provides physicians and patients with an additional choice, potentially eroding Korlym's market share as Recorlev gains adoption.

Corcept Therapeutics' main products and pipeline candidates target several markets. The addressable market sizes are as follows:

Korlym (mifepristone)

• Korlym is indicated for the control of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome. The U.S. patient population who could potentially take the drug was estimated at 20,000 in 2019. However, Korlym's marketing exclusivity in the U.S. ended in 2019, and generic mifepristone products entered the market in January 2024, with Corcept also launching its own generic in June 2024. As a result, most national Medicare prescription drug plans have switched to covering generic mifepristone instead of branded Korlym for 2025.
• The market size for Cushing's disease in the 7MM (United States, EU4, United Kingdom, and Japan) was estimated at $1 billion in 2024.
• The global market for endogenous hypercortisolism is estimated at $5.89 billion in 2025, with a compound annual growth rate (CAGR) of 5.64% through 2030.

Relacorilant

• For Endogenous Hypercortisolism (Cushing's syndrome): Corcept estimates the addressable market in the U.S. to be $2.5 billion annually by 2030. Additionally, Corcept projects that Relacorilant could generate $3 billion to $5 billion in annual revenue in hypercortisolism alone within 3-5 years post-approval. The global market for endogenous hypercortisolism is estimated at $5.89 billion in 2025.
• For Platinum-Resistant Ovarian Cancer: The global market for platinum-resistant ovarian cancer is estimated to be $10 billion. Relacorilant's approval for this indication could unlock an additional $1 billion in annual sales.

1. Continued Growth and Improved Distribution of Korlym: Despite recent pharmacy capacity constraints that impacted Q3 2025 revenues, Corcept has reported robust underlying demand for Korlym, its treatment for Cushing's syndrome, with a record number of new prescriptions and prescribers. The company is actively addressing these constraints by transitioning to a new specialty pharmacy and plans to add additional partners, which is expected to enable them to meet the increasing demand and drive further sales growth for Korlym.
2. Launch of Relacorilant for Hypercortisolism (Cushing's Syndrome): Corcept's lead pipeline candidate, relacorilant, a next-generation cortisol modulator, is anticipated to be a major revenue driver. The New Drug Application (NDA) for relacorilant in hypercortisolism has a Prescription Drug User Fee Act (PDUFA) target action date of December 30, 2025. Management expects a substantial portion of current Korlym patients to transition to relacorilant upon approval, and analysts project relacorilant could generate $3 billion to $5 billion in annual revenue in hypercortisolism alone within three to five years.
3. Launch of Relacorilant for Platinum-Resistant Ovarian Cancer: Corcept has also submitted an NDA for relacorilant in combination with nab-paclitaxel for the treatment of patients with platinum-resistant ovarian cancer, with a PDUFA date of July 11, 2026. Additionally, a marketing authorization application (MAA) was submitted to the European Medicines Agency, with a regulatory decision expected by the end of 2026. This represents a significant expansion into a new oncology market.
4. Expansion of Relacorilant into Other Oncology Indications: Beyond platinum-resistant ovarian cancer, Corcept is actively expanding its oncology development programs for relacorilant. New Phase II studies are expected to begin or are underway for relacorilant in combination therapies for platinum-sensitive ovarian cancer (specifically in patients who have progressed on a PARP inhibitor), endometrial cancer, cervical cancer, and pancreatic cancer. These additional indications could triple the potential number of women with gynecological cancers Corcept can help in the United States, significantly broadening the market opportunity for relacorilant.

Share Repurchases

• Corcept Therapeutics announced a $200 million stock repurchase program in January 2024.
• In 2023, Corcept paid $154.5 million to purchase its common stock, including shares acquired through an April 2023 tender offer for 6.6 million shares at $22.00 per share.
• In 2024, the company purchased $38.0 million of its common stock.
• As of September 30, 2024, $184.3 million remained available under the $200 million stock repurchase program.
• During the second quarter of 2025, Corcept acquired $115.4 million of its common stock.
• In the third quarter of 2025, Corcept acquired $50.6 million of common stock under its stock repurchase program.

Share Issuance

• Share issuances primarily occurred in connection with the exercise of employee stock options and the vesting of restricted stock grants, rather than through direct capital raising from public or private placements.

Inbound Investments

• Information regarding large, strategic inbound investments made in Corcept Therapeutics by third-parties, such as strategic partners or private equity firms, is not available in the provided search results.

Outbound Investments

• Corcept Therapeutics' net acquisitions/divestitures for 2022, 2023, 2024, and for the quarter ending June 30, 2025, were reported as $0, indicating no significant strategic outbound investments or acquisitions of other companies during this period.
• The company's investment activities primarily focus on preserving capital through holdings in marketable securities, such as corporate notes, commercial paper, asset-backed securities, and U.S. Treasury and government agency securities.

Capital Expenditures

• Corcept Therapeutics incurred research and development (R&D) expenses of $184.4 million in 2023, $131.0 million in 2022, and $113.9 million in 2021, which were 49%, 45%, and 47% of total operating expenses, respectively.
• R&D expenses increased to $246.9 million in 2024.
• The company expects R&D expenses to be higher in 2024 than in 2023 as clinical programs advance. These expenditures are primarily focused on advancing clinical trials for medications to treat disorders by modulating cortisol, including Cushing's syndrome, various cancers, ALS, and NASH.