Corcept Therapeutics Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 24 February 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Fourth-quarter revenue rose about 11%: Fourth quarter revenue was $202.1 million against $181.9 million a year earlier. Full-year revenue was $761.4 million against $675.0 million in 2024; percentages are computed from the reported figures. Source
Full-year revenue came in under prior guidance: Full-year 2025 revenue of $761.4 million compares with the modified 2025 revenue guidance of $800 - $850 million given in the third quarter release of November 4, 2025. Source
Record prescriptions and new prescribers in 2025: Management said 2025 brought record new prescriptions and record new prescribers. It linked the rise to growing physician recognition of hypercortisolism's true prevalence and the need for appropriate treatment. Source
Tablets sold up 37% in 2025: Tablets sold rose 37 percent in 2025 against 2024. Management said growth would have been higher, given demand that the previous specialty pharmacy could not fully supply. Source
ROSELLA met both dual primary endpoints: The ROSELLA trial met both dual primary endpoints, progression-free and overall survival, without biomarker selection and without increased safety burden. Final overall survival results are now included in the application. Source
Ovarian cancer application has July PDUFA date: The FDA is reviewing the NDA for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer, with a PDUFA date of July 11, 2026. Source
SG&A rose sharply in the quarter: Fourth quarter SG&A was $130.2 million against $83.4 million a year earlier. Full-year SG&A was $448.7 million against $280.3 million in 2024. Source
Cash and investments declined in 2025: Cash and investments were $532.4 million at December 31, 2025, against $603.2 million a year earlier, a decrease of $70.8 million. Source

“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.”
Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Product revenue Source	Full year 2026	$900 - $1,000 million	New

What changed from last quarter

New guidance: First 2026 revenue guidance given, at $900 to $1,000 million for the full year. The prior release gave guidance only for 2025. Source
New: A Complete Response Letter was received for relacorilant in Cushing's syndrome, and the company is engaging FDA on the path to approval. The prior release said FDA review continued with a December 30, 2025 PDUFA date. Source
New: The transition to the new specialty pharmacy is complete, after operational disruptions in the fourth quarter. Source

Revenue and profit for 2025

Fourth-quarter revenue rose about 11%: Fourth quarter revenue was $202.1 million against $181.9 million a year earlier. Full-year revenue was $761.4 million against $675.0 million in 2024; percentages are computed from the reported figures. Source
Full-year revenue came in under prior guidance: Full-year 2025 revenue of $761.4 million compares with the modified 2025 revenue guidance of $800 - $850 million given in the third quarter release of November 4, 2025. Source
Fourth-quarter net income and EPS fell: Fourth quarter net income was $24.3 million, or $0.20 diluted per share, against $30.7 million, or $0.26, a year earlier. Full-year net income was $99.7 million, or $0.82 diluted, against $1.23 in 2024. Source

Cushing's demand and prescribing

Record prescriptions and new prescribers in 2025: Management said 2025 brought record new prescriptions and record new prescribers. It linked the rise to growing physician recognition of hypercortisolism's true prevalence and the need for appropriate treatment. Source
Cushing's business expected to keep growing: Management said it expects the Cushing's syndrome business to expand for many years. Source
Tablets sold up 37% in 2025: Tablets sold rose 37 percent in 2025 against 2024. Management said growth would have been higher, given demand that the previous specialty pharmacy could not fully supply. Source

“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”
Joseph K. Belanoff, M.D., Corcept’s Chief Executive Officer

Pivotal data and FDA review

ROSELLA met both dual primary endpoints: The ROSELLA trial met both dual primary endpoints, progression-free and overall survival, without biomarker selection and without increased safety burden. Final overall survival results are now included in the application. Source
Ovarian cancer application has July PDUFA date: The FDA is reviewing the NDA for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer, with a PDUFA date of July 11, 2026. Source
GRACE Cushing's trial results published: Results from the 152-patient GRACE pivotal Phase 3 trial of relacorilant in Cushing's syndrome were published in The Lancet Diabetes & Endocrinology in February 2026. Source

Oncology development programs

BELLA Part A enrollment complete: Enrollment is complete in BELLA Part A, a Phase 2 trial in 95 patients with platinum-resistant ovarian cancer. Parts B and C are enrolling. Source
Gynecologic and pancreatic Phase 2 trials: Phase 2 trials are underway in platinum-sensitive ovarian (Part B, 90 patients), endometrial (Part C, 90 patients) and first-line pancreatic cancer (TRIDENT, 50 patients). The cervical STELLA trial, 50 patients, was to begin in coming weeks. Source
Relacorilant studied beyond ovarian cancer: Management said glucocorticoid receptor antagonism may benefit a wide range of solid tumors. Relacorilant is being studied in prostate cancer as well as the gynecologic and pancreatic cancers. Source
Nenocorilant combination study underway: Enrollment is underway in the Phase 1b SYNERGY trial of nenocorilant plus nivolumab in 30 patients with a variety of solid tumors. Source

“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).”
Bill Guyer, PharmD, Corcept’s Chief Development Officer

MASH and ALS programs

MONARCH enrollment complete in MASH: MONARCH, a randomized, double-blind, placebo-controlled Phase 2b trial of miricorilant, has completed enrollment in 175 patients with biopsy-confirmed or presumed MASH. Source
DAZALS shows first-year mortality reduction: Exploratory DAZALS analyses showed an 84 percent reduction in risk of death in the first year on dazucorilant 300 mg versus placebo (hazard ratio 0.16, p-value 0.0009). Source
Dose titration ahead of ALS Phase 3: A dose titration study aims to improve gastrointestinal tolerability of dazucorilant and will inform the direction of the Phase 3 program. Source

Operating costs and tax

SG&A rose sharply in the quarter: Fourth quarter SG&A was $130.2 million against $83.4 million a year earlier. Full-year SG&A was $448.7 million against $280.3 million in 2024. Source
R&D spend eased in the quarter: Fourth quarter R&D was $64.9 million against $70.3 million a year earlier. Full-year R&D was $254.9 million against $246.9 million in 2024. Source
Operating income fell sharply: Income from operations was $4.5 million in the fourth quarter against $25.3 million a year earlier, and $44.8 million for the full year against $137.0 million in 2024. Source
Income tax benefit in the quarter: The company recorded an income tax benefit of $14.4 million in the fourth quarter, against a $1.2 million expense a year earlier. The full-year benefit was $33.2 million. Source

Cash, equity and share repurchases

Cash and investments declined in 2025: Cash and investments were $532.4 million at December 31, 2025, against $603.2 million a year earlier, a decrease of $70.8 million. Source
$245.9 million paid for stock in 2025: The company paid $245.9 million in 2025 for common stock, covering its repurchase program, net option exercises and net vesting of restricted stock grants. Source

Coming up, as management said on 24 February 2026

BELLA and MONARCH results by year-end: BELLA results in advanced ovarian cancer and MONARCH results are expected by the end of 2026. Source
MOMENTUM results at ACC in March: MOMENTUM results on hypercortisolism prevalence in resistant hypertension will be presented as an oral presentation at the ACC meeting in March. Source
EMA approval expected by year-end: The European Medicines Agency is reviewing the MAA for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer, with approval expected by the end of this year. Source
Full ROSELLA results at SGO in April: Complete ROSELLA results are to be presented at the Society of Gynecology Oncology meeting in April. Source
ALS Phase 3 start by mid-year: A Phase 3 trial of dazucorilant in ALS is planned to begin by the middle of 2026. Source
Other solid tumor data by end-2027: Results from the platinum-sensitive ovarian, endometrial, cervical and pancreatic studies are expected by the end of 2027. Source

Figures management reported

Figure	Reported
Product sales, net Source	$202.1 million in Q4 2025; $761.4 million for full year 2025
R&D spend Source	$64.9 million in Q4 2025; $254.9 million for full year 2025
Trial readout: ROSELLA overall survival Source	35 percent reduction in risk of death in platinum-resistant ovarian cancer
Approval decision date (PDUFA) Source	July 11, 2026, relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer

Risks management discussed

Operational: Capacity limits at the previous specialty pharmacy vendor meant the company could not fully meet demand in 2025. Source
Regulatory: After the Complete Response Letter for relacorilant in Cushing's syndrome, the path to approval is still being determined with FDA. Source

Earlier plans management reported on

On track: Management said February is on track to be a record month for new patients starting treatment with its medications. Source
Not stated: The NDA is described as now bolstered by final overall survival results from ROSELLA. The release does not state a status against the earlier timing. Source
Not stated: MOMENTUM enrollment is complete, and the release places results at the ACC meeting in March; the prior release had given an early-next-year timing. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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.

Forward-looking statements notice

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	December 31, 2024
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
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

Contacts
Corcept Therapeutics
ir@corcept.com
communications@corcept.com www.corcept.com