CORT Stock: Insider Activity, Filings & Research

Corcept Therapeutics Incorporated (CORT) — Drillr’s hub for CORT insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, CORT insiders filed 2 open-market buys and 12 sales (SEC Form 4).

Sentiment

16/100

Buys (3m)

Sells (3m)

Net (3m)

-$13.0M

Insiders buying

Insider trades by month Buys Sells

Jan

Feb

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Jun

Context3-month price +103.6%Institutions reducing (13F)

Date	Insider	Type	Shares	Price
Jun 3, 2026	Mokari Atabakofficer: Chief Financial Officer	Sell	40,000	$70.00
Jun 3, 2026	Guyer Williamofficer: Chief Development Officer	Grant	877	$70.44
Jun 3, 2026	Maduck Seanofficer: See Remarks	Option	25,000	$8.27
Jun 3, 2026	Maduck Seanofficer: See Remarks	Grant	615	$70.44
Jun 3, 2026	Maduck Seanofficer: See Remarks	Tax	452	$70.44
Jun 3, 2026	Maduck Seanofficer: See Remarks	Sell	21,069	$70.11
Jun 3, 2026	Mokari Atabakofficer: Chief Financial Officer	Grant	634	$70.44
Jun 3, 2026	Robb Gary Charlesofficer: Chief Business Officer	Tax	358	$70.44
Jun 3, 2026	Maduck Seanofficer: See Remarks	Sell	3,931	$70.75
Jun 3, 2026	Lyon Joseph Douglasofficer: See Remarks	Tax	269	$70.44
Jun 3, 2026	Mokari Atabakofficer: Chief Financial Officer	Option	40,000	$19.26
Jun 3, 2026	Mokari Atabakofficer: Chief Financial Officer	Tax	395	$70.44
Jun 3, 2026	Lyon Joseph Douglasofficer: See Remarks	Grant	537	$70.44
Jun 3, 2026	Robb Gary Charlesofficer: Chief Business Officer	Grant	776	$70.44
Jun 2, 2026	BELANOFF JOSEPH Kdirector, officer: Chief Executive Officer	Sell	12,837	$69.74

Source: CORT SEC Form 4 filings, latest Jun 3, 2026. For informational purposes only — not investment advice.

Overview

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a biotechnology company founded in 1998 and headquartered in Menlo Park, California. The company went public in 2004 and has evolved from a research-stage enterprise into a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for severe metabolic, oncologic, and neuropsychiatric disorders. Corcept's breakthrough lies in its expertise with cortisol modulation, a novel therapeutic approach that targets the harmful effects of excess cortisol in various disease states. The company has successfully commercialized its first drug, Korlym, and has built a robust pipeline of cortisol modulators targeting multiple therapeutic areas.

Business

Corcept operates in the specialized biotechnology sector, focusing on cortisol modulation therapy. Cortisol is a naturally occurring hormone that, when present in excess, can cause serious health problems including diabetes, hypertension, muscle weakness, and various metabolic disorders. The company's core innovation involves developing selective cortisol modulators that can block cortisol's harmful effects while preserving its beneficial functions. The company's primary commercial product is Korlym (mifepristone), an oral medication approved for treating hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome who have type 2 diabetes or glucose intolerance and have failed surgery or are not candidates for surgery. Cushing's syndrome is a rare disorder caused by prolonged exposure to high levels of cortisol, affecting approximately 40,000-70,000 people in the United States. Corcept's business consists of two main segments: 1. Commercial operations centered around Korlym sales, which represents virtually 100% of current revenue. 2. Research and development focused on expanding cortisol modulation applications across multiple therapeutic areas including additional treatments for Cushing's syndrome, oncology (particularly ovarian and prostate cancers), neurological disorders (ALS), liver disease (NASH/MASH), and psychiatric conditions (antipsychotic-induced weight gain). The company has developed a proprietary library of over 1,000 selective cortisol modulators, with several lead compounds in various stages of clinical development, including relacorilant (next-generation Cushing's treatment), dazucorilant (ALS treatment), and miricorilant (NASH and psychiatric applications).

Revenue model

Corcept generates revenue primarily through product sales of Korlym, sold directly to specialty pharmacies and distributed to patients through a controlled network. The company employs a direct-pay model where patients, insurance companies, or patient assistance programs pay for the medication. Korlym is a high-priced specialty drug, reflecting both its orphan drug status for the rare Cushing's syndrome indication and the significant value it provides to patients with limited treatment alternatives. The company's customers are primarily endocrinologists and other specialists who treat patients with Cushing's syndrome and related cortisol excess disorders. Corcept maintains a specialized sales force of clinical specialists who educate physicians about hypercortisolism recognition and treatment. The company has been expanding this sales force significantly, growing from 45 to 175 clinical specialists to support market expansion. Several factors influence Corcept's margins and growth potential. Positive margin drivers include the growing recognition of hypercortisolism prevalence (with studies showing 1 in 4 difficult-to-control diabetes patients have the condition), expanding physician awareness through disease education campaigns, the company's monopoly position in cortisol modulation therapy, and premium pricing supported by strong clinical outcomes. Margin pressures come from increasing research and development investments across multiple clinical programs, sales force expansion costs, potential generic competition (though limited due to complex manufacturing), and the inherent risks of clinical trial failures in the biotechnology sector. The company's future revenue growth depends heavily on successful clinical trial outcomes and regulatory approvals for its pipeline candidates, particularly relacorilant, which could significantly expand the addressable patient population for cortisol modulation therapy.

Competitive moat

Corcept possesses a strong but narrow moat built primarily on its deep scientific expertise in cortisol modulation, a therapeutic area the company essentially pioneered commercially. The company's moat consists of several key elements: extensive intellectual property portfolio covering cortisol modulators and their therapeutic applications, regulatory barriers given the complex manufacturing and safety profile of these compounds, and significant clinical expertise accumulated over decades of cortisol research. The company's competitive advantages include first-mover advantage in commercializing cortisol modulators, with Korlym being the only FDA-approved treatment specifically for Cushing's syndrome-related diabetes. Corcept has built specialized commercial infrastructure including disease education programs, physician training, and patient support services that would be difficult for competitors to replicate quickly. The company's proprietary library of 1,000+ cortisol modulators provides multiple shots-on-goal for various therapeutic applications. However, the moat faces potential competitive threats. Large pharmaceutical companies could develop competing cortisol modulators or alternative approaches to treating hypercortisolism. Generic competition exists but has been limited due to manufacturing complexity and the specialized nature of patient populations. The biggest long-term risk comes from alternative therapeutic approaches that could address the underlying conditions Corcept targets through different mechanisms, potentially making cortisol modulation less relevant. The moat's strength is also limited by the company's dependence on a single commercial product and a relatively small addressable market, though ongoing research suggesting broader hypercortisolism prevalence could significantly expand this market opportunity.

Risks & safety

Corcept demonstrates a strong financial safety profile with minimal solvency risk and reasonable valuation metrics for a growth-stage biotechnology company. • Cash and liquidity: $570.8 million in cash and investments as of Q1 2025, providing substantial runway for operations and clinical development programs • Debt levels: Minimal debt with debt-to-equity ratio of just 0.01, indicating very low financial leverage • Cash generation: Positive operating cash flow of $198 million in 2024, demonstrating strong underlying business profitability • Current ratio: 3.07, indicating strong short-term liquidity position • Valuation metrics: - P/E ratio of approximately 25-43x based on recent quarters - EV/EBITDA of 37x for 2024, reflecting growth premium - Price-to-book ratio of 7.7x, typical for profitable biotech companies - Revenue growing 40% annually with strong profit margins • Other considerations: Single-product revenue concentration creates some risk, but strong pipeline provides multiple value creation opportunities; regulatory approval risk for relacorilant represents key near-term catalyst; established commercial infrastructure reduces execution risk compared to earlier-stage biotechs.

Recent development

Over the past few years, Corcept has executed several key strategic initiatives to expand beyond its initial Cushing's syndrome focus. The company's most significant development is the advancement of relacorilant, a next-generation cortisol modulator that completed successful Phase 3 trials (GRACE and GRADIENT) and received New Drug Application submission in December 2024, with FDA action date of December 30, 2025. Relacorilant demonstrated superior efficacy and tolerability compared to Korlym, potentially becoming the new standard-of-care for hypercortisolism treatment. The company has made substantial investments in market expansion, nearly tripling its sales force from 60 to 175 clinical specialists and launching its first direct-to-patient disease awareness campaign. This expansion was supported by groundbreaking research from the CATALYST study, which revealed that 1 in 4 patients with difficult-to-control diabetes have hypercortisolism, suggesting a much larger addressable market than previously understood. Corcept has also diversified into oncology by establishing a standalone oncology division and advancing relacorilant in cancer treatment. The ROSELLA trial in platinum-resistant ovarian cancer showed a 30% reduction in disease progression, leading to initiation of the BELLA study exploring combination therapies. The company is planning expansion into earlier stages of ovarian cancer and other solid tumors. Additional pipeline developments include advancing dazucorilant for ALS treatment, which showed promising survival data in clinical trials, and miricorilant for NASH/MASH liver disease, with encouraging Phase 1b results leading to larger studies. These programs represent Corcept's strategy to leverage its cortisol modulation expertise across multiple high-value therapeutic areas beyond the original Cushing's syndrome indication.

CORT company profile · for informational purposes only — not investment advice.

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