Corcept Therapeutics Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose year on year: Product revenue, net was $164.9 million, against $157.2 million in the first quarter of 2025. Cost of sales was $2.9 million, against $2.4 million. Source
• Net loss replaced prior-year profit: Net loss was $31.8 million, or $0.30 per diluted share, against net income of $20.5 million, or $0.17 per diluted share, a year earlier. Source
• Record patient starts in spring: Management said March and April were all-time highs for patients starting treatment, and the new pharmacy vendor is fulfilling rising demand for Korlym and the authorized generic. Source
• Lifyorli approved ahead of PDUFA: The FDA approved Lifyorli in March 2026, more than three months before the July 11, 2026 PDUFA date stated in the February release.
• Operating expenses rose sharply: Total operating expenses were $214.5 million, against $153.8 million. Management attributed the increase to launch preparation for Lifyorli and growth initiatives in the Cushing’s business. Source
• Cash and investments declined: Cash and investments were $515.4 million at March 31, 2026, down from $532.4 million at December 31, 2025. Source
• DAZALS year-two survival benefit: Exploratory DAZALS analyses showed dazucorilant 300 mg cut risk of death by 84 percent in year one and 87 percent in year two, against placebo. Source

“The FDA’s approval of Lifyorli in platinum-resistant ovarian cancer is welcome news for women with this difficult-to-treat disease”

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

Guidance

What changed from last quarter

• Guidance raised: Full-year 2026 revenue guidance was $900 - $1,000 million in the February release, and is now $950 - $1,050 million.
• New: FDA approved Lifyorli (relacorilant) for platinum-resistant ovarian cancer in March 2026, more than three months before the PDUFA date. Source
• New: The Cushing’s syndrome business completed its transition to a new pharmacy vendor in February 2026. Source
• New guidance: A return to profitability in the second quarter of 2026 is stated as expected; the February release did not state it. Source
• Ended: This is the last quarter whose results reflect sales of one medication; later results will reflect more than one medication. Source

Results and growth drivers

• Revenue rose year on year: Product revenue, net was $164.9 million, against $157.2 million in the first quarter of 2025. Cost of sales was $2.9 million, against $2.4 million. Source
• Net loss replaced prior-year profit: Net loss was $31.8 million, or $0.30 per diluted share, against net income of $20.5 million, or $0.17 per diluted share, a year earlier. Source
• Pre-tax loss and tax benefit: Loss before income taxes was $44.7 million, against income of $9.6 million. The income tax benefit was $13.0 million, against $10.9 million. Source

Cushing’s syndrome business

• Record patient starts in spring: Management said March and April were all-time highs for patients starting treatment, and the new pharmacy vendor is fulfilling rising demand for Korlym and the authorized generic. Source
• Hypercortisolism prevalence data presented: MOMENTUM found hypercortisolism prevalence of 27.3 percent in 1,086 patients with resistant hypertension, presented at the American College of Cardiology in March. Source
• CATALYST findings in AACE guidance: CATALYST findings are referenced in the March 2026 AACE consensus algorithm for adults with type 2 diabetes, according to the release. Source

“Relacorilant has the potential to become the new standard of care.”

Bill Guyer, PharmD, Corcept’s Chief Development Officer

Lifyorli launch and oncology approval

• Lifyorli approved ahead of PDUFA: The FDA approved Lifyorli in March 2026, more than three months before the July 11, 2026 PDUFA date stated in the February release.
• NCCN lists Lifyorli as preferred: In April, Lifyorli with nab-paclitaxel was added to NCCN Guidelines as a preferred regimen; management said uptake has been vigorous. Source
• ROSELLA endpoints met and published: Both dual primary endpoints of Phase 3 ROSELLA, progression-free and overall survival, were met; complete results were presented at SGO and published in The Lancet. Source

Operating costs and profitability

• Operating expenses rose sharply: Total operating expenses were $214.5 million, against $153.8 million. Management attributed the increase to launch preparation for Lifyorli and growth initiatives in the Cushing’s business. Source
• Operating result turned to loss: Loss from operations was $49.6 million, against income from operations of $3.4 million a year earlier. Interest and other income was $4.9 million. Source
• Selling and R&D costs increased: Selling, general and administrative expense was $145.4 million, against $90.7 million. Research and development expense was $66.3 million, against $60.7 million. Source

“Our development program is dedicated to proving this idea”

Bill Guyer, PharmD, Corcept’s Chief Development Officer

Clinical readouts and timing

• BELLA Part A results by year-end: Results from BELLA Part A, relacorilant with nab-paclitaxel and bevacizumab in 95 patients with platinum-resistant ovarian cancer, are expected by the end of 2026. Source
• MONARCH MASH results by year-end: MONARCH, a Phase 2b trial of miricorilant in 175 patients with MASH, completed enrollment; results are expected by the end of 2026. Source
• STELLA cervical cancer trial started: The Phase 2 STELLA trial of relacorilant with nab-paclitaxel in 50 cervical cancer patients has been initiated, in collaboration with ARCAGY-GINECO. Source

Regulatory review status

• Cushing’s NDA path set with FDA: Management said it is engaged with the FDA on the best path forward for the relacorilant NDA in Cushing’s syndrome and is confident the ultimate outcome will be approval. Source
• EMA review of ovarian MAA: The European Medicines Agency is reviewing the MAA for relacorilant with nab-paclitaxel in platinum-resistant ovarian cancer; approval is expected by the end of 2026. Source
• GRACE Phase 3 results published: Results of the 152-patient GRACE Phase 3 trial of relacorilant in Cushing’s syndrome were published in The Lancet Diabetes & Endocrinology in February 2026. Source

Cash, balance sheet and capital

• Cash and investments declined: Cash and investments were $515.4 million at March 31, 2026, down from $532.4 million at December 31, 2025. Source
• Receivables fell, inventory rose: Trade receivables fell to $39.1 million from $59.8 million, while inventory rose to $27.4 million from $24.0 million. Source
• Stockholders’ equity lower: Stockholders’ equity was $638.0 million at March 31, 2026, against $647.8 million at December 31, 2025. Source
• 2025 stock repurchases disclosed: In 2025 the company paid $245.9 million for common stock under its repurchase program, net option exercises and net vesting of restricted grants. The first-quarter release gives no repurchase figure.

Pipeline strategy and ALS program

• Oncology program across tumor types: Management said the oncology program, based on ROSELLA and other data, is expected to produce medications for many tumor types and combination therapies. Source
• DAZALS year-two survival benefit: Exploratory DAZALS analyses showed dazucorilant 300 mg cut risk of death by 84 percent in year one and 87 percent in year two, against placebo. Source
• Dose-titration study for tolerability: An ongoing dazucorilant dose-titration study aims to improve gastrointestinal tolerability and inform the path forward for the ALS program. Source

Coming up, as management said on 30 April 2026

• Platinum-sensitive and other tumor results: Results from relacorilant studies in platinum-sensitive ovarian, endometrial, cervical and pancreatic cancers are expected by the end of 2027. Source
• SYNERGY nenocorilant results next year: Results from the Phase 1b SYNERGY study of nenocorilant with nivolumab are expected next year, in 2027. Source

Figures management reported

Risks management discussed

• Regulatory: The path forward for the Cushing’s syndrome NDA is still being set with the FDA; management did not give a timeline for it. Source
• Operational: Gastrointestinal tolerability of dazucorilant is being studied through a dose-titration study before the Phase 3 design is set. Source

Earlier plans management reported on

• Ahead: The FDA approved Lifyorli more than three months before the July 11, 2026 PDUFA date. Source
• Met: The transition to the new pharmacy vendor, planned in the February release, was completed in February 2026. Source
• Met: Complete ROSELLA results were presented at the SGO meeting in April and published in The Lancet. Source
• Met: MOMENTUM results were presented at the American College of Cardiology in March, as the February release said they would be. Source
• Met: The February release said the STELLA trial would begin in coming weeks; the first-quarter release says it has been initiated. Source
• Not stated: The February release planned the start by the middle of 2026; the first-quarter release says the start is planned for later this year. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

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.