Corcept Therapeutics (CORT) FY2025 results: revenue $761 million, up 12.8% on the year

Corcept Therapeutics discovers and develops medications for endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol. Since 2012 it has marketed Korlym in the United States for patients with hypercortisolism, also known as Cushing's syndrome, and in June 2024 it made an authorized generic version of Korlym available for the same indication.

The science

Korlym's active ingredient, mifepristone, reduces the binding of excess cortisol to the glucocorticoid receptor (GR). Mifepristone also binds to the progesterone receptor (PR), which terminates pregnancy and causes other adverse effects, including endometrial thickening and vaginal bleeding. The company has discovered more than 1,000 proprietary cortisol modulators that bind to the GR but have no affinity for the PR. They fall into four structurally distinct series and include relacorilant, nenocorilant, miricorilant and dazucorilant.

Hypercortisolism

The company sells Korlym and its generic version through sales representatives who call on physicians treating patients with hypercortisolism, supported by a field-based force of medical science liaisons. From 2017 until 2025 it used Optime Care as its exclusive specialty pharmacy; in the fourth quarter of 2025 substantially all of those services were transferred to Curant Health Georgia. The CATALYST study enrolled 1,057 patients with difficult-to-control diabetes in its first phase, of whom 23.8 percent were found to have hypercortisolism. A second screening trial, MOMENTUM, in patients with resistant hypertension, completed enrollment of over 1,000 patients in December 2025. In December 2024 the company submitted a New Drug Application for relacorilant in endogenous hypercortisolism, based on the GRACE trial, which enrolled 152 patients, with confirmatory evidence from trials including the Phase 3 GRADIENT trial, which enrolled 137. On December 30, 2025 the FDA issued a Complete Response Letter declining to approve relacorilant and stated that additional evidence of efficacy would be required.

Oncology

In September 2025 the FDA accepted a New Drug Application for relacorilant combined with the chemotherapy nab-paclitaxel in platinum-resistant ovarian cancer and assigned a PDUFA date of July 11, 2026. In October 2025 the company submitted a marketing authorization application to the European Medicines Agency. Both rest on the Phase 3 ROSELLA trial and a Phase 2 trial in platinum-resistant ovarian cancer. A further Phase 2 trial, BELLA, completed enrollment of 95 patients in its first part in December 2025. Collaborators at the University of Chicago have started a Phase 2 trial of relacorilant with enzalutamide in prostate cancer.

Liver disease and ALS

Miricorilant is in MONARCH, a Phase 2b trial in metabolic dysfunction-associated steatohepatitis (MASH), whose first cohort enrolled 82 patients. Dazucorilant was tested in DAZALS, a Phase 2 trial in amyotrophic lateral sclerosis that randomized two hundred forty-nine patients; it did not meet its primary endpoint on the ALS functional rating scale.

Patents, manufacturing and people

The composition of matter patent on mifepristone has expired; the company owns U.S. method of use patents on Korlym in hypercortisolism with expiration dates ranging from 2028 to 2038. Patents on its next-generation cortisol modulators expire between 2028 and 2042. It relies on contract manufacturers to produce its products and product candidates. As of December 31, 2025 it had 730 employees, none covered by a collective bargaining agreement.

From Corcept Therapeutics' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.