Corcept Therapeutics Inc. is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. Corcept has focused on the adverse effects of excess cortisol, studying new compounds that may mitigate those effects. Its executive team is headed by CEO, president and director Joseph K. Belanoff, MD.3Wikipedia text CC BY-SA 4.0
Corcept Therapeutics Inc. is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. Corcept has focused on the adverse effects of excess cortisol, studying new compounds that may mitigate those effects. Its executive team is headed by CEO, president and director Joseph K. Belanoff, MD.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Share buybacks
Capital spending0¢$211.0K
Share buybacks100¢$172.9M
Out of $142.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9
Financial statements
Revenue101112139$761.4M in 2025+148% since 2019Operating income101112139$44.8M in 2025−60% since 2019Net income101112139$99.7M in 2025+6% since 2019
Revenue1415$256.1M in Q2 FY2026+55% since Q1 FY2026Operating income1415$41.3M in Q2 FY2026Net income1415$43.0M in Q2 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Product revenue, net
$761.4M
$675.0M
$482.4M
Cost of sales
$13.0M
$10.9M
$6.5M
Research and development
$254.9M
$246.9M
$184.4M
Selling, general and administrative
$448.7M
$280.3M
$184.3M
Total operating expenses
$716.6M
$538.1M
$375.1M
Income from operations
$44.8M
$137.0M
$107.3M
Interest and other income
$21.7M
$24.5M
$17.3M
Income before income taxes
$66.5M
$161.5M
$124.6M
Income tax benefit (expense)
$33.2M
-$20.3M
-$18.4M
Net income
$99.7M
$141.2M
$106.1M
Net income attributable to common stockholders, basic
$98.2M
$139.7M
$105.5M
Net income attributable to common stockholders, diluted
$98.2M
$139.7M
$105.5M
Basic net income per share (in dollars per share)
$0.95
$1.35
$1.02
Diluted net income per share (in dollars per share)
$0.82
$1.23
$0.94
Basic (in shares)
103.9M shares
103.2M shares
103.6M shares
Diluted (in shares)
120.0M shares
113.5M shares
111.7M shares
No quarter-by-quarter statement was filed.
Total assets16101112139$836.7M in 2025+103% since 2019Total liabilities16101112139$188.8M in 2025+359% since 2019Shareholders’ equity1112139$647.8M in 2025+75% since 2019Cash16101112139$120.5M in 2025+285% since 2019
Total assets1415$888.7M in Q2 FY2026+6% since Q1 FY2025Total liabilities1415$182.9M in Q2 FY2026−3% since Q1 FY2025Shareholders’ equity1415$705.8M in Q2 FY2026+9% since Q1 FY2025Cash1415$111.0M in Q2 FY2026−8% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$120.5M
$127.7M
Short-term marketable securities
$251.7M
$255.7M
Trade receivables, net of allowances
$59.8M
$54.0M
Inventory
$12.9M
$12.4M
Prepaid expenses and other current assets
$40.7M
$21.9M
Total current assets
$485.5M
$471.6M
Strategic inventory
$11.1M
$3.6M
Operating lease right-of-use asset
$4.6M
$5.3M
Property and equipment, net
$1.9M
$2.7M
Long-term marketable securities
$160.3M
$219.8M
Other assets
$5.2M
$6.6M
Deferred tax assets, net
$168.2M
$130.9M
Total assets
$836.7M
$840.6M
Accounts payable
$40.4M
$15.4M
Accrued research and development expenses
$34.0M
$33.9M
Accrued and other liabilities
$90.6M
$90.7M
Short-term operating lease liability
$1.1M
$829.0K
Total current liabilities
$166.1M
$140.8M
Long-term operating lease liability
$5.0M
$6.1M
Long-term accrued government rebates
$2.6M
$0
Long-term accrued income taxes payable
$15.2M
$14.1M
Total liabilities
$188.8M
$161.0M
Preferred stock, par value $0.001 per share, 10,000 shares authorized and no shares outstanding as of December 31, 2025 and December 31, 2024
$0
$0
Common stock, par value $0.001 per share, 280,000 shares authorized and 142,518 issued and 105,966 outstanding as of December 31, 2025 and 137,753 shares issued and 105,113 outstanding as of December 31, 2024
$140.0K
$136.0K
Treasury stock; at cost; 36,552 shares of common stock as of December 31, 2025 and 32,640 shares of common stock as of December 31, 2024
-$966.6M
-$696.2M
Additional paid-in capital
$968.6M
$832.1M
Accumulated other comprehensive income (loss)
$2.3M
-$217.0K
Retained earnings
$643.4M
$543.7M
Total stockholders equity
$647.8M
$679.6M
$506.7M
$501.8M
Total liabilities and stockholders equity
$836.7M
$840.6M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
280.0M shares
280.0M shares
Common stock, shares, issued (in shares)
142.5M shares
137.8M shares
Common stock, shares, outstanding (in shares)
106.0M shares
105.1M shares
Treasury stock (in shares)
36.6M shares
32.6M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$120.5M
$127.7M
Short-term marketable securities
$251.7M
$255.7M
Trade receivables, net of allowances
$59.8M
$54.0M
Inventory
$12.9M
$12.4M
Prepaid expenses and other current assets
$40.7M
$21.9M
Total current assets
$485.5M
$471.6M
Strategic inventory
$11.1M
$3.6M
Operating lease right-of-use asset
$4.6M
$5.3M
Property and equipment, net
$1.9M
$2.7M
Long-term marketable securities
$160.3M
$219.8M
Other assets
$5.2M
$6.6M
Deferred tax assets, net
$168.2M
$130.9M
Total assets
$836.7M
$840.6M
Accounts payable
$40.4M
$15.4M
Accrued research and development expenses
$34.0M
$33.9M
Accrued and other liabilities
$90.6M
$90.7M
Short-term operating lease liability
$1.1M
$829.0K
Total current liabilities
$166.1M
$140.8M
Long-term operating lease liability
$5.0M
$6.1M
Long-term accrued government rebates
$2.6M
$0
Long-term accrued income taxes payable
$15.2M
$14.1M
Total liabilities
$188.8M
$161.0M
Preferred stock, par value $0.001 per share, 10,000 shares authorized and no shares outstanding as of December 31, 2025 and December 31, 2024
$0
$0
Common stock, par value $0.001 per share, 280,000 shares authorized and 142,518 issued and 105,966 outstanding as of December 31, 2025 and 137,753 shares issued and 105,113 outstanding as of December 31, 2024
$140.0K
$136.0K
Treasury stock; at cost; 36,552 shares of common stock as of December 31, 2025 and 32,640 shares of common stock as of December 31, 2024
-$966.6M
-$696.2M
Additional paid-in capital
$968.6M
$832.1M
Accumulated other comprehensive income (loss)
$2.3M
-$217.0K
Retained earnings
$643.4M
$543.7M
Total stockholders equity
$647.8M
$679.6M
$506.7M
$501.8M
Total liabilities and stockholders equity
$836.7M
$840.6M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
280.0M shares
280.0M shares
Common stock, shares, issued (in shares)
142.5M shares
137.8M shares
Common stock, shares, outstanding (in shares)
106.0M shares
105.1M shares
Treasury stock (in shares)
36.6M shares
32.6M shares
Cash from operations101112139$142.0M in 2025+4% since 2019Capital spending101112139$211.0K in 2025−81% since 2019Free cash flow101112139$141.8M in 2025+5% since 2019Share buybacks16139$172.9M in 2025+458% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$99.7M
$141.2M
$106.1M
Stock-based compensation
$84.5M
$61.4M
$48.9M
Accretion of discount on marketable securities, net
-$5.1M
-$10.9M
-$9.1M
Depreciation and amortization
$1.1M
$795.0K
$1.0M
Deferred income taxes
-$37.5M
-$40.2M
-$29.5M
Amortization of right-of-use asset
$741.0K
$541.0K
$1.3M
Trade receivables
-$5.8M
-$12.9M
-$10.1M
Insurance recovery receivable related to Melucci litigation (Note 10)
$0
$14.0M
$0
Inventory
-$7.5M
$305.0K
$1.3M
Prepaid expenses and other current assets
-$18.9M
$5.4M
-$11.6M
Other assets
$1.5M
-$69.0K
-$1.5M
Accounts payable
$25.1M
-$2.0M
$5.4M
Accrued research and development expenses
$86.0K
$12.5M
$6.8M
Accrued and other liabilities
$3.9M
$38.2M
$17.6M
Accrued settlement related to Melucci litigation (Note 10)
$0
-$14.0M
$0
Long-term accrued income taxes
$1.1M
$3.8M
$1.2M
Operating lease liability
-$829.0K
$183.0K
-$1.3M
Net cash provided by operating activities
$142.0M
$198.3M
$126.7M
Purchases of property and equipment
-$211.0K
-$2.2M
-$139.0K
Proceeds from maturities of marketable securities
$389.6M
$412.9M
$419.8M
Purchases of marketable securities
-$319.6M
-$588.3M
-$328.7M
Net cash provided (used in) by investing activities
$69.8M
-$177.6M
$90.9M
Proceeds from stock option exercises, net of issuance costs
$15.9M
$4.2M
$2.0M
Proceeds from purchases under the Employee Stock Purchase Program
$9.6M
$5.5M
$3.8M
Repurchases of common stock in connection with Stock Repurchase Program
-$172.9M
-$15.7M
$0
Repurchase of common stock in connection with Tender Offer
$0
$0
-$145.4M
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants
-$72.9M
-$22.3M
-$9.1M
Net cash used in financing activities
-$220.4M
-$28.3M
-$148.7M
Net effect of exchange rate changes on cash and cash equivalents
$1.4M
-$228.0K
$358.0K
Net (decrease) increase in cash and cash equivalents
-$7.2M
-$7.9M
$69.2M
Income taxes paid
$13.0M
$60.3M
$47.6M
Exercise cost of shares repurchased for net settlement of cashless option exercises
Corcept Therapeutics sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Corcept Therapeutics
RENAISSANCE TECHNOLOGIES LLCFiled SCHEDULE 13G/A on Corcept Therapeutics, latest Aug 13, 2026 (5 filings since Feb 11, 2022)
INGALLS & SNYDER LLCFiled SCHEDULE 13G/A on Corcept Therapeutics, latest Apr 21, 2026 (5 filings since Feb 4, 2022)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Corcept Therapeutics, latest Mar 26, 2026 (5 filings since Feb 9, 2022)
BlackRockFiled SCHEDULE 13G/A on Corcept Therapeutics, latest Jul 17, 2025 (6 filings since Jan 28, 2022)
Joseph K. BelanoffFiled SCHEDULE 13G/A on Corcept Therapeutics, latest Feb 14, 2025 (4 filings since Feb 11, 2022)
G. Leonard Baker Jr.Filed SC 13G/A on Corcept Therapeutics, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
Corcept TherapeuticsMenlo Park, California, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Corcept Therapeutics reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease 50,632 square feet of office space in Redwood City, California for our corporate facilities. In December 2025, we exercised an expansion option of this lease for additional office space of 40,884 square feet, which commenced during the first quarter of 2026. Our current lease expires in June 2030.
Backed by Silicon Valley biotech investors, Corcept Therapeutics was founded in May 1998 by psychiatrists Alan Schatzberg and Joseph K. Belanoff. Eight years later, Corcept remained a small firm with 11 full-time employees. Much of its work (e.g., drug manufacturing and testing on patients) was farmed out to others.
In June 2008, U.S. Senator Chuck Grassley, then the ranking Republican on the Senate Finance Committee, criticized Corcept cofounder and prominent psychiatrist Alan Schatzberg, chair of the psychiatry department at Stanford University School of Medicine, for not fully informing the university about the value of his shares in Corcept. According to Grassley, Schatzberg had reported stock holdings in Corcept worth "over $100,000," when, in fact, the psychiatrist's stake exceeded $6 million. In July, Stanford said that Schatzberg "appropriately disclosed any potential financial conflict of interest," but announced he would nevertheless step down temporarily as principal investigator on his National Institute of Mental Health grant to study the effectiveness of the abortion drug mifepristone as an antidepressant. Grassley also asked Stanford to explain its own financial ties with Corcept, saying the university held licensing agreements for mifepristone. The National Institutes of Health later reinstated Schatzberg as principal investigator.
Feb 26, 2025Reported quarterly or annual results66
Oct 30, 2024Reported quarterly or annual results67
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
663 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 47 major events, 381 insider forms, 28 large holders, 186 other. The latest 20:
205 open-market trades by officers, directors and large owners since October 2021: 1 buys and 204 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Corcept Therapeutics is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Corcept Therapeutics names in Item 1A of its 10-K filed Feb 24, 2026: 29 risks under these headings, as written.17
Risks Related to our Commercial Activities
Risks Related to our Research and Development Activities
Risks Related to our Intellectual Property
Risks Related to our Stock
General Risk Factors
Failure to generate sufficient revenue from the sale of our Products would harm our financial results and would likely cause our stock price to decline.
The availability of generic versions of Korlym could adversely affect our business, results of operations and financial position.
Public perception of mifepristone or legislation limiting or barring its distribution or use for termination of early pregnancy may limit our ability to sell our current Products.
New laws, government regulations, or changes to existing laws and regulations could make it difficult or impossible for us to obtain acceptable prices or adequate insurance coverage and reimbursement for our Products, which would adversely affect our results of operations and financial position.
We depend on vendors to manufacture the active pharmaceutical ingredient (“API”) and capsules or tablets for our commercialized products as well as our product candidates. We also depend on vendors to package our Products and dispense them to patients. If our vendors become unable or unwilling to perform these functions or are unable to meet demand for our Products and we cannot transfer these activities to other vendors in a timely manner, our business will be harmed.
Other companies offer medications that treat patients with hypercortisolism by mechanisms different than Korlym’s. The availability of such competing treatments could limit our product revenue.
Natural disasters, such as earthquakes, fires, extreme weather events or widespread outbreaks of a deadly disease, could disrupt our commercial and clinical activities or damage or destroy clinical trial sites, our office spaces, the residences of our employees or the facilities or residences of our vendors, contractors or consultants, which could significantly harm our operations.
The other 22 risks
If we are unable to maintain regulatory approval of our Products or if we fail to comply with other requirements, we will be unable to generate revenue and may be subject to penalties.
We may be subject to civil or criminal penalties if our marketing of our Products violates FDA regulations or health care fraud and abuse laws.
Vendors perform many of the activities necessary to carry out our clinical trials, including drug product distribution, trial management and oversight and data collection and analysis. Failure of these vendors to perform their duties or meet expected timelines may prevent or delay approval of our product candidates.
Our efforts to discover, develop and commercialize our product candidates may not succeed. Clinical drug development is lengthy, expensive and often unsuccessful. Results of early studies and trials are often not predictive of later trial results. Failure can occur at any time. Even if we deem that our product candidates’ clinical trial results demonstrate safety and efficacy, regulatory authorities may not agree. Failure to obtain or maintain regulatory approvals for our product candidates would prevent us from commercializing them.
Interim results from our clinical trials and preclinical studies that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
We may be unable to obtain or maintain regulatory approvals for our Products or product candidates, which would prevent us from commercializing our product candidates.
Our Products and product candidates may cause undesirable side effects that halt their clinical development, prevent their regulatory approval, limit their commercial potential or cause us significant liability.
Risks Related to our Capital Needs and Financial Results
We may need additional capital to fund our operations or for strategic reasons. Such capital may not be available on acceptable terms or at all.
We may not be able to secure, maintain or effectively assert patent protection for the composition, manufacture, or methods of use of our proprietary, selective cortisol modulators and for the use of our Products to treat hypercortisolism. Litigation is slow and expensive and its outcome is uncertain and subject to challenge on appeal.
The price of our common stock fluctuates widely and is likely to continue to do so. Opportunities for investors to sell shares may be limited.
Our stock price may decline if our financial performance does not meet the guidance we have provided to the public, estimates published by research analysts or other investor expectations.
We have in the past and may in the future be subject to short selling strategies that may drive down the market price of our common stock and increase its volatility.
Actions by the federal government of the United States have created unprecedented legal, governmental, regulatory and economic uncertainty and risks that may adversely affect our business.
We need to increase the size of our organization and may experience difficulties in managing growth.
If we lose key personnel or are unable to attract more skilled personnel, we may be unable to pursue our product development and commercialization goals.
We are subject to regulations and other legal obligations relating to drug development and commercialization, the conduct of business as an issuer of publicly traded securities and individual privacy and data protection. Compliance with these obligations is complex and costly. Failure to comply could materially harm our business.
We rely on information technology to conduct our business. A breakdown or breach of our information technology systems or our failure to protect confidential information concerning our business, patients or employees could interrupt the operation of our business and subject us to liability.
Changes in federal, state and local tax laws may reduce our net earnings.
Research analysts may not continue to provide or initiate coverage of our common stock or may issue negative reports.
Any acquisition of Corcept shares through our stock repurchase program or, in certain cases, pursuant to the exercise of stock options, will reduce our cash reserves.
Anti-takeover provisions in our charter and bylaws and under Delaware law may make an acquisition of us or a change in our management more expensive or difficult, even if an acquisition or a management change would be beneficial to our stockholders.
Our officers, directors and principal stockholders, acting as a group, could significantly influence corporate actions.
Legal proceedings
Purported Securities Class Action
On February 20, 2026, a purported securities class action complaint was filed in the U.S. District Court for the Northern District of California by the Allegheny County Employees’ Retirement System (Allegheny County Employees’ Retirement System v. Corcept Therapeutics Incorporated, et al., Case No. 3:26-cv-1525). The complaint names Corcept and certain of its executive officers as defendants asserting violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder and alleges, among other things, that the defendants made or are responsible for making false and materially misleading statements and omissions regarding our NDA for our product candidate, relacorilant, as a treatment for patients with hypercortisolism. The complaint asserts a putative class period stemming from October 31, 2024, to December 30, 2025 and seeks damages, attorneys’ fees and costs and unspecified relief. We will vigorously defend ourselves against this lawsuit.
Teva Patent Litigation
In February 2018, we received a Paragraph IV Notice Letter advising that Teva Pharmaceuticals USA, Inc. (“Teva”) had submitted an Abbreviated New Drug Application (“ANDA”) to the FDA seeking authorization to manufacture and sell a generic version of Korlym prior to the expiration of patents related to Korlym that are listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”). In March 2018, we filed a lawsuit in the United States District Court for the District of New Jersey (“D.N.J.”) against Teva for infringement of our patents. In August 2020, Teva received final approval from the FDA for its ANDA in accordance with the Hatch-Waxman Act. And, in November 2020, the Patent Trial and Appeal Board (“PTAB”) issued a decision upholding the validity of U.S. Patent No. 10,195,214 (the “’214 patent”) in its entirety, which decision the Court of Appeals for the Federal Circuit upheld.