Corcept Therapeutics (CORT) is a commercial-stage pharmaceutical company headquartered in Redwood City, California. The company has one marketed drug, Korlym, which generated $761.4 million in revenue in 2025 at a 98.3% gross margin. It carries no debt and holds $532 million in cash and marketable securities. Corcept has spent more than 25 years studying a single biological mechanism, cortisol modulation, and now has four next-generation drugs in clinical trials targeting ovarian cancer, Cushing’s syndrome, ALS, and liver disease. The stock trades at $32 (down from $117 in March 2025) after a patent loss to Teva, a CRL from the FDA, and a newly filed securities class action.
What Cortisol Modulation Actually Means
Cortisol is the body’s primary stress hormone. In normal amounts, it regulates blood sugar, blood pressure, immune response, and metabolism. In excess, it causes a cascade of serious problems: uncontrolled diabetes, hypertension, muscle wasting, bone loss, immune suppression, and psychiatric symptoms. Chronic excess cortisol activity is the hallmark of Cushing’s syndrome, but cortisol dysregulation also plays a role in cancer, liver disease, and neurodegeneration.
Most approaches to cortisol-related disease focus on reducing cortisol production. If a tumor is causing the overproduction, the preferred treatment is surgery, though it fails in roughly half of patients. Drug options include cortisol synthesis inhibitors like osilodrostat (Isturisa), pasireotide (Signifor), and ketoconazole, a generic antifungal used off-label because it happens to suppress cortisol production.
Corcept takes a different approach. Their drugs do not reduce cortisol production. Instead, they compete with cortisol for binding at the glucocorticoid receptor (GR), modulating cortisol’s effects on target tissues while preserving its normal daily rhythm.
The distinction matters because cortisol is essential for survival. Wiping it out creates its own set of dangerous problems (adrenal crisis). Blocking it selectively at the receptor is a more surgical approach.
Korlym: The Franchise Drug
Korlym (mifepristone) received FDA approval in 2012 for the treatment of hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing’s syndrome who have type 2 diabetes or glucose intolerance and have failed surgery or are not candidates for surgery.
The active ingredient is the same molecule used in Mifeprex (the “abortion pill” marketed by Danco Laboratories). The two products are completely separate: different companies, different FDA approvals, different indications, and different dosing regimens. Korlym is prescribed at 300-1200mg daily on an ongoing basis for an endocrine disorder. Mifeprex is a single 200mg dose for termination of pregnancy. Corcept did not develop mifepristone. The molecule was discovered by Roussel Uclaf in France in the 1980s, and Corcept licensed the rights to develop it for Cushing’s.
Korlym is distributed under a Risk Evaluation and Mitigation Strategy (REMS) program, which means it cannot be dispensed at a standard retail pharmacy. Prescribers must be certified, patients must be enrolled, and all prescriptions flow through a single specialty pharmacy. The REMS program limits diversion risk but does not eliminate the political exposure. If federal regulators were to restrict mifepristone as a molecule rather than restricting Mifeprex as a product, Korlym could be affected regardless of its medical use. Corcept acknowledges this risk in its 10-K, noting that HHS has been re-examining mifepristone safety. None of Corcept’s pipeline compounds use mifepristone, so this risk is confined to the current franchise.
Revenue Trajectory
| Year | Net Product Revenue | Growth |
|---|---|---|
| 2023 | $482.4M | — |
| 2024 | $675.0M | 40% |
| 2025 | $761.4M | 13% |
Revenue growth decelerated from 40% in 2024 to 13% in 2025. Prescription volume grew 37%, but average net revenue per prescription fell 17.7% due to the mix shift toward Corcept’s own authorized generic (launched June 2024 at a lower price point). Volume growth remains strong for now, but the price pressure is structural and will intensify as Teva and other generic entrants gain traction.
Korlym is distributed through a single specialty pharmacy, Curant Health (previously Optime Care, before Corcept terminated that arrangement in October 2025). Management noted in the 10-K that revenue “would have been materially higher” had the prior pharmacy vendor been able to keep up with demand. The transition to Curant is still in progress.
The CATALYST Revelation
For most of Korlym’s commercial life, Cushing’s syndrome was considered a rare disease affecting roughly 10,000 people in the United States. The CATALYST study, a Phase 4 trial, changed that understanding.
CATALYST screened 1,057 patients with difficult-to-control type 2 diabetes (defined as HbA1c above 7% despite optimal therapy, including GLP-1 agonists). Of those patients, 23.8% were identified as having hypercortisolism. That is nearly one in four. Patients who screened positive were offered the chance to enter a treatment phase; 136 eligible patients were randomized 2:1 to receive either Korlym or placebo for 24 weeks.
Korlym reduced HbA1c by 1.47 percentage points versus 0.15 for placebo. That is a clinically meaningful result in a patient population that had already failed first-line diabetes medications.
Millions of Americans have difficult-to-control diabetes, and if a quarter of them have undiagnosed hypercortisolism, the addressable market for cortisol modulation is orders of magnitude larger than the traditional Cushing’s estimate. Corcept is now running MOMENTUM, a similar screening study in patients with difficult-to-control hypertension, to test whether the same pattern holds.
Patents, Generics, and Why Revenue Is Still Growing
Corcept’s patents on methods of safely co-administering Korlym with CYP3A4 inhibitors were challenged by Teva Pharmaceuticals. Teva won at both the District Court and the Federal Circuit Court of Appeals (affirmed February 2026). Teva has its own FDA-approved generic mifepristone, launched it in January 2024, and has every legal right to sell it. Sun Pharma and Hikma have settlement agreements allowing them to launch their own generics once Teva’s product is commercially available.
The manufacturing side is not a barrier. Mifepristone is a well-characterized molecule that has been synthesized since the 1980s. Teva is one of the largest generic manufacturers in the world. Sourcing the raw material and pressing it into tablets is straightforward.
Despite all of this, Corcept’s prescription volume grew 37% in 2025. The generic is approved, manufactured, and legal, but it is struggling to reach patients.
Korlym is dispensed under a REMS (Risk Evaluation and Mitigation Strategy) program, which means it cannot be filled at a standard retail pharmacy. Prescribers must be certified, patients must be enrolled, and prescriptions flow through a certified specialty pharmacy. From 2017 through 2025, Corcept used Optime Care as its exclusive specialty pharmacy vendor. In June 2025, Corcept notified Optime it would cease to be the exclusive pharmacy, terminated the agreement in October 2025, and transitioned services to Curant Health. I was not able to find any public disclosure describing the Curant relationship as exclusive, though given the specialty pharmacy model and the fact that Optime’s arrangement was exclusive, it would be surprising if Curant’s were not.
In a normal generic launch, a pharmacist can substitute the generic version when filling a branded prescription. With Korlym, the prescription flows through a specialty pharmacy that has a commercial relationship with Corcept. If that pharmacy has no incentive or contractual ability to substitute Teva’s generic, then winning the patent case does not translate into winning patients.
Teva has sued Corcept over this, alleging that the exclusive Optime arrangement was designed to block generic access. A group of health insurers including Aetna filed a similar suit making the same argument. Both cases are set for trial in March 2027, and because antitrust damages are automatically tripled, the financial exposure is significant even if the underlying damages are modest.
Teva’s realistic path to market share runs through payer pressure (getting PBMs and insurers to mandate the generic through formulary preferences and prior authorization requirements), direct contracting with specialty pharmacies, and the FDA’s shared REMS pathway. These are slower and more uncertain than a typical generic substitution, which is why Corcept’s franchise has held up so far. But the antitrust trial in March 2027 could force structural changes to Korlym’s distribution, and payer pressure will build over time as more insurers push for generic substitution. The specialty pharmacy model is buying Corcept time that a typical branded drug would not have after a patent loss. How much time is the open question.
98% Gross Margins and Where the Money Actually Goes
Korlym is a small molecule oral tablet manufactured by contract manufacturers. The raw material is inexpensive, the manufacturing process is straightforward, and there is no cold chain or complex logistics. Cost of sales was $13.0 million on $761 million in revenue, producing a 98.3% gross margin.
That number, while eye-catching, does not tell the full economic story. Here is the full income statement picture for FY2025:
| Line Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net Revenue | $761.4M | $675.0M | $482.4M |
| Cost of Sales | $13.0M | $10.9M | $6.5M |
| Gross Profit | $748.4M | $664.2M | $475.9M |
| R&D | $254.9M | $246.9M | $184.4M |
| SG&A | $448.7M | $280.3M | $184.3M |
| Operating Income | $44.8M | $137.0M | $107.3M |
| Net Income | $99.7M | $141.2M | $106.1M |
The operating margin went from 20.3% in 2024 to 5.9% in 2025. This was intentional. SG&A jumped $168 million year-over-year because Corcept is pre-building a full oncology commercial organization in advance of the relacorilant ovarian cancer launch (PDUFA date: July 11, 2026). They are hiring a salesforce, building market access capabilities, and establishing oncology-specific infrastructure before the drug is approved. Stock-based compensation accounted for $85.4 million of total operating expenses.
If the oncology drug is approved, this spending positions them to generate revenue immediately. If it is not, the spending was premature and will need to be reversed.
Balance Sheet
| Item | 2025 | 2024 |
|---|---|---|
| Cash and Cash Equivalents | $55.6M | $35.6M |
| Marketable Securities | $476.8M | $567.6M |
| Total Cash + Securities | $532.4M | $603.2M |
| Total Debt | $0 | $0 |
| Stockholders’ Equity | $726.2M | $694.1M |
| Share Repurchases | $245.9M | $38.0M |
| Shares Outstanding | ~106M | ~110M |
The company carries no debt. Cash declined $71 million year-over-year despite generating $142 million in operating cash flow because they spent $246 million on share repurchases. They also hold $398 million in federal NOL carryforwards that do not expire.
The Pipeline: Four Shots at Replacing the Franchise
Corcept has discovered over 1,000 proprietary selective cortisol modulators across four distinct chemical series. Unlike mifepristone, these next-generation compounds bind the GR without binding the progesterone receptor. That eliminates the side effects that limit Korlym’s utility: vaginal bleeding, endometrial thickening, and the political association with abortion. Four compounds are in clinical development.
Relacorilant in Ovarian Cancer (NDA Filed, PDUFA July 11, 2026)
Relacorilant in ovarian cancer is the nearest-term pipeline catalyst, with an NDA already filed and a PDUFA date of July 11, 2026. It is also the program Corcept is spending the most to commercialize, having added roughly $168 million in SG&A in 2025 to build an oncology salesforce ahead of a potential launch. Platinum-resistant ovarian cancer (PROC) is a disease with limited treatment options and poor survival outcomes. About 22,000 women are diagnosed with ovarian cancer annually in the U.S., and the majority eventually develop platinum resistance.
The ROSELLA trial was a randomized, double-blind, placebo-controlled Phase 3 study of relacorilant plus nab-paclitaxel versus placebo plus nab-paclitaxel in 401 patients with PROC. Results:
| Endpoint | Relacorilant + nab-paclitaxel | Placebo + nab-paclitaxel |
|---|---|---|
| Median PFS | 6.5 months | 5.5 months |
| PFS Hazard Ratio | 0.70 (p=0.007) | — |
| Median OS | 16.0 months | 11.9 months |
| OS Hazard Ratio | 0.65 (p=0.0004) | — |
The overall survival result is notable. A 35% reduction in risk of death in a disease with few effective treatments is a meaningful clinical advance. The data was published in The Lancet. Corcept filed the NDA in July 2025, the FDA accepted it in September 2025, and the PDUFA target action date is July 11, 2026. A marketing application has also been submitted to the EMA, with a decision expected in Q4 2026.
Cortisol suppresses immune function and promotes cancer cell survival. In solid tumors, the tumor microenvironment is flooded with cortisol, which helps cancer evade immune detection and resist chemotherapy. By blocking cortisol at the receptor, relacorilant may make tumor cells more vulnerable to chemotherapy. The ROSELLA results support this hypothesis.
Corcept is also running relacorilant oncology expansion studies:
| Trial | Indication | Phase | Enrollment |
|---|---|---|---|
| BELLA | Ovarian + endometrial cancer (with bevacizumab) | Phase 2 | 95 patients (Part A) |
| TRIDENT | Pancreatic cancer | Phase 2 | ~50 patients |
| STELLA | Cervical cancer | Phase 2 | ~50 patients (starting Q1 2026) |
If the cortisol modulation mechanism works across tumor types, the oncology platform could be worth multiples of the current Cushing’s franchise.
Relacorilant in Cushing’s Syndrome (CRL Received)
Relacorilant was also developed as a next-generation replacement for Korlym in Cushing’s. Unlike mifepristone, it does not bind the progesterone receptor, eliminating vaginal bleeding and endometrial effects. It also avoids hypokalemia and QT prolongation.
GRACE was a randomized withdrawal study. Patients were first stabilized on relacorilant in an open-label phase, then those who responded were randomized to either continue treatment or switch to placebo. The primary endpoint measured whether patients lost blood pressure control after being switched off the drug. GRACE met this endpoint: patients randomized to placebo were 83% more likely to lose blood pressure control (OR: 0.17, p=0.02).
GRADIENT was a randomized, double-blind, placebo-controlled study that assigned 137 patients with hypercortisolism to either relacorilant or placebo from the start. Patients on relacorilant showed clinically meaningful improvements in blood pressure, glucose, weight, and body composition compared to baseline. However, the primary comparison of systolic blood pressure between the relacorilant and placebo groups did not reach statistical significance.
The FDA issued a CRL on December 30, 2025. In its press release, Corcept disclosed that the FDA acknowledged GRACE met its primary endpoint and that GRADIENT provided confirmatory evidence, but concluded it could not arrive at a favorable benefit-risk assessment without additional evidence of effectiveness. The specific contents of the CRL are not public. Relacorilant has orphan drug designation for Cushing’s in both the U.S. and EU, and Corcept has said it plans to meet with the FDA to discuss a path forward.
The CRL is a setback, not a termination. The unmet need is clear: Korlym’s side effects limit its use in women, who represent the majority of Cushing’s patients. Whether the FDA requires a new trial or will accept supplemental data from existing studies is not yet known.
Dazucorilant in ALS (Phase 3 Expected 2026)
ALS destroys motor neurons, the nerve cells that control voluntary movement. Patients gradually lose the ability to walk, speak, swallow, and eventually breathe. Median survival from diagnosis is two to five years, and the few approved treatments extend life by only a few months.
Cortisol levels are chronically elevated in ALS patients, and excess cortisol accelerates neuroinflammation. Dazucorilant blocks cortisol at the receptor, with the goal of slowing that cycle.
DAZALS randomized 249 ALS patients across three arms: 300mg dazucorilant (83 patients), 150mg dazucorilant (84 patients), or placebo (82 patients) for 24 weeks. The primary endpoint was the ALSFRS-R, a standardized questionnaire that scores a patient’s ability to perform daily tasks like writing, walking, dressing, and breathing on a 48-point scale. A declining score means the disease is progressing. Patients who completed the treatment period could enroll in an open-label extension study at 300mg.
Dazucorilant did not slow functional decline. ALSFRS-R scores fell at similar rates across all groups, meaning patients on the drug lost the ability to walk, speak, and care for themselves at the same pace as those on placebo.
At the end of the 24-week randomized period, there were zero deaths among the 83 patients on 300mg compared to five deaths in the 82-patient placebo group (p=0.02). An exploratory analysis at the one-year mark, comparing patients originally randomized to 300mg against placebo patients who did not cross over to dazucorilant in the extension study, showed a Hazard Ratio of 0.16 (p=0.0009). But a drug that keeps patients alive without slowing the disease raises difficult questions about the nature of that benefit, and the one-year hazard ratio comes from a post-hoc exploratory analysis rather than a pre-specified endpoint.
The FDA granted Fast Track and orphan drug designations based on these results. Corcept has 118 patients in the long-term open-label extension study and is running a dose-titration study to address abdominal pain at higher doses. A pivotal Phase 3 trial is expected to start in 2026.
ALS has very few approved treatments and uniformly fatal outcomes. The survival signal, if confirmed in Phase 3, would be one of the most significant therapeutic advances in the disease. But Phase 2 survival signals that fail to replicate in Phase 3 are common in ALS research. Caution is warranted.
Miricorilant in MASH (Phase 2b Ongoing)
MASH is an advanced form of fatty liver disease. Fat accumulates in the liver, triggers chronic inflammation, and over time can cause scarring (fibrosis), cirrhosis, liver failure, and the need for a transplant. Millions of patients have MASH, and until Madrigal Pharmaceuticals’ Rezdiffra was approved in 2024, there were no approved treatments.
Miricorilant was not originally developed for liver disease. Corcept first tested it as a treatment for antipsychotic-induced weight gain, running two Phase 2 trials (GRATITUDE and GRATITUDE II) in patients with schizophrenia. Both failed to show meaningful weight reduction. But Corcept’s development team observed that miricorilant was clearly active in the liver, which led them to pivot.
Excess cortisol promotes fat accumulation in the liver and drives the inflammatory response that leads to fibrosis. Miricorilant blocks cortisol at the receptor, with the goal of reducing liver fat and slowing or reversing the damage. A Phase 1b dose-finding study tested a range of doses and schedules in patients with presumed MASH. An earlier attempt at higher doses had been suspended due to elevated liver enzymes, but at lower doses (100mg twice weekly), patients experienced a 30% reduction in liver fat over 12 weeks, along with improvements in liver enzymes, insulin resistance, triglycerides, and LDL cholesterol.
MONARCH is a randomized, double-blind, placebo-controlled Phase 2b trial with two cohorts. Cohort A enrolled 82 patients with biopsy-confirmed MASH, randomized 2:1 to receive either 100mg of miricorilant twice weekly or placebo for 48 weeks. The primary endpoint is reduction in liver fat, with MASH resolution and fibrosis improvement as secondary endpoints. Cohort B enrolled 93 patients with presumed MASH, randomized 2:1 to miricorilant (100mg twice weekly for 6 weeks, then 200mg twice weekly for 18 weeks) or placebo for 24 weeks. Enrollment in both cohorts is complete. As of Q3 2025 earnings, Corcept said MONARCH results are expected by the end of 2026.
Nenocorilant in Immuno-Oncology (Phase 1b/2)
Relacorilant works by making tumor cells more vulnerable to chemotherapy. Nenocorilant targets a different part of the cortisol problem: immune suppression.
Checkpoint inhibitors like nivolumab (Opdivo) work by releasing the brakes on the immune system, allowing T-cells to recognize and attack tumors. But cortisol actively suppresses T-cell activation, cytokine secretion, and immune cell trafficking into tumors. In a 2023 study published in International Immunopharmacology, Corcept’s researchers demonstrated that normal physiological levels of cortisol broadly suppress immune cell activation, and that blocking cortisol with a GR modulator reversed this suppression in both cell cultures and mouse tumor models. Mice treated with a cortisol modulator plus an anti-PD-1 antibody had better tumor control than those on anti-PD-1 alone.
Clinical data points in the same direction. Cancer patients given exogenous glucocorticoids (like dexamethasone) before starting checkpoint inhibitor therapy have worse outcomes across multiple tumor types. Patients with Cushing’s syndrome and adrenal tumors, who have chronically elevated cortisol, show diminished immune infiltration of their tumors and poor responses to immunotherapy.
Nenocorilant is a different molecule from relacorilant, specifically designed for immunotherapy combinations. Corcept has said nenocorilant has improved pharmacological properties that allow regular dosing and make it better suited for combining with PD-1 inhibitors than relacorilant. SYNERGY is a Phase 1b/2 study combining nenocorilant with nivolumab in up to 50 patients with advanced solid malignancies. The study began in January 2026. This is nenocorilant’s first study in humans.
This is the earliest-stage and most speculative program in the pipeline. But the scientific rationale is grounded in published preclinical evidence, and if cortisol modulation enhances immunotherapy the way the preclinical data suggests, the market opportunity would be vast. Checkpoint inhibitors generated over $40 billion in global sales in 2024, and even a modest improvement in response rates across broad tumor types would be commercially significant.
Legal and Regulatory Overhang
Corcept currently faces three unresolved legal or regulatory issues.
Securities Class Action: Filed February 20, 2026, alleging Corcept made misleading statements about the relacorilant Cushing’s NDA between October 2024 and December 2025 (the period before the CRL). This is a standard post-CRL plaintiff’s bar lawsuit. It is too early to assess the merit or potential liability.
New Jersey USAO Investigation: In November 2021, a subsidiary received a subpoena under HIPAA requesting records related to Korlym sales, promotion, and payments to healthcare providers. Corcept says it is not currently considered a defendant. The investigation has been open for over four years without a public resolution.
Teva Antitrust Litigation: Detailed in the patents and generics section above. Trial is set for March 2027, and because antitrust damages are automatically tripled, the financial exposure is significant even if the underlying damages are modest.
Valuation
Corcept currently trades at $32.15 per share with approximately 106 million shares outstanding, for a market capitalization of $3.4 billion. With $532 million in cash and no debt, EV is roughly $2.9 billion.
The valuation framework here is unusual because the stock is priced largely on the July 11 PDUFA binary event. The base Korlym business, the pipeline optionality, and the legal risks all layer on top.
Korlym Standalone Value
Korlym generated $761 million in revenue at 98% gross margins. If Corcept were to stop all pipeline spending and right-size the organization to a single-product specialty pharma company, the cost structure would look very different:
| Item | Current (2025) | Right-sized Estimate |
|---|---|---|
| Revenue | $761M | $761M |
| Cost of Sales | $13M | $13M |
| R&D | $255M | $20-30M |
| SG&A | $449M | $150-180M |
| Operating Income | $45M | $540-580M |
Apply a 10% discount rate and assume revenue declines as generics gain traction. Under those assumptions, Korlym’s standalone value is roughly $1.5 billion at 15% annual erosion and $2.5 billion at 10% erosion. At $2.9 billion EV, you are paying modestly above the standalone Korlym value and getting the pipeline for free (or close to it).
Probability-Weighted Pipeline Value
| Asset | Indication | Probability of Approval | Peak Revenue Estimate | Risk-Adjusted NPV |
|---|---|---|---|---|
| Relacorilant | Ovarian cancer | 60% | $1.5-2.0B | $900M-$1.2B |
| Relacorilant | Cushing’s (next-gen) | 40% | $500-800M | $200-320M |
| Dazucorilant | ALS | 15% | $500M-1.0B | $75-150M |
| Miricorilant | MASH | 15% | $500M-1.0B | $75-150M |
| Nenocorilant | Immuno-oncology | 5% | Unclear | Minimal |
The $1.5-2.0 billion peak revenue estimate for relacorilant in ovarian cancer assumes it captures a meaningful share of the platinum-resistant ovarian cancer market and expands into earlier lines of therapy over time. For context, nab-paclitaxel alone generates over $1 billion annually across its approved indications. The lower probabilities for ALS and MASH reflect the early clinical stage and the high failure rates in those therapeutic areas, though both are large markets with limited approved treatments.
Drugs with positive Phase 3 overall survival data are historically approved at rates above 80%. The discount to 60% reflects the Cushing’s CRL, which raises questions about whether the FDA has broader concerns with Corcept’s data packages or development approach.
Scenario Analysis
Per share values assume $532 million in cash added back to EV and approximately 106 million shares outstanding.
| Scenario | Assumptions | EV | Per Share |
|---|---|---|---|
| Bear | Ovarian cancer CRL, Korlym erodes to $400M by 2028, pipeline stalls, antitrust liability | $1.5B | $19 |
| Base | Ovarian cancer approved, Korlym stabilizes at $600M, Cushing’s CRL resolved in 2027 | $5.5B | $57 |
| Bull | Ovarian cancer blockbuster ($2B+), ALS Phase 3 succeeds, oncology platform validated | $10B+ | $99+ |
| Scenario | Probability | Per Share | Weighted |
|---|---|---|---|
| Bear | 25% | $19 | $4.75 |
| Base | 50% | $57 | $28.50 |
| Bull | 25% | $99 | $24.75 |
| Expected Value | $58 |
At $32, the stock is trading well below the probability-weighted expected value of $58, largely because the market is pricing in substantial risk around the PDUFA decision, the legal overhang, and Korlym’s generic exposure. If the ovarian cancer NDA is approved, the re-rating would likely be swift. If it is rejected, the bear case becomes more probable and the stock has further downside.
The biggest risk to this analysis is binary: if the ovarian cancer NDA is rejected, the base and bull cases collapse and the pipeline optionality that justifies the current price evaporates. The stock would likely trade down to the standalone Korlym value or below, and the $168 million in pre-built oncology infrastructure becomes a sunk cost.
What to Watch
| Catalyst | Why It Matters | Timeline |
|---|---|---|
| Relacorilant ovarian cancer PDUFA | Binary event that determines whether the oncology pivot succeeds | July 11, 2026 |
| MONARCH MASH data readout | Phase 2b results for miricorilant in liver disease | End of 2026 |
| Dazucorilant ALS Phase 3 initiation | Confirms commitment to the ALS program after Phase 2 survival signal | 2026 |
| SYNERGY nenocorilant data | Phase 1b safety and dosing data from immunotherapy combination | September 2026 |
| FDA path forward on Cushing’s CRL | Determines whether relacorilant can eventually replace Korlym | 2026 |
| Teva antitrust trial | Treble damages could be material | March 2027 |
| Q1 2026 earnings | First full quarter with Curant Health as pharmacy partner; reveals demand trajectory | Late April 2026 |
| EMA relacorilant decision | European approval for ovarian cancer | Q4 2026 |
| MOMENTUM study results | Prevalence of undiagnosed hypercortisolism in hypertension patients | 2026-2027 |
Sources:
- 10-K filed February 24, 2026
- 8-K filed February 24, 2026 (Q4 2025 earnings)
- 8-K filed February 19, 2026 (Teva patent appeal decision)
- 8-K filed January 22, 2026 (ROSELLA overall survival results)
- 8-K filed December 31, 2025 (Cushing’s CRL announcement)
- 8-K filed October 14, 2025 (Optime Care termination)
- ROSELLA Phase 3 results, The Lancet, June 2025
- DAZALS Phase 2 results, ENCALS 2024 presentation
- SYNERGY trial listing (NCT07276373), ClinicalTrials.gov
- MONARCH trial listing (NCT05918445), ClinicalTrials.gov
- Corcept press release: miricorilant Phase 1b NASH results, July 2023
- Corcept press release: miricorilant clinical development update (GRATITUDE results)
- Oncology Pipeline: “Corcept tries to repeat the glucocorticoid trick,” December 2025
Research and analysis conducted with AI assistance using SEC EDGAR filings as primary sources.