CORCEPT THERAPEUTICS Q1 FY26 earnings call CORT

Corcept reported Q1 2026 revenue of $164.9 million, an increase from $157.2 million in the prior year period. Despite this growth, the quarter saw a net loss of $31.8 million compared to a net income of $20.5 million in Q1 2025. The company noted that Q1 revenue often experiences a dip due to annual insurance reauthorization procedures, which interrupt patient coverage and impact revenue recognition, despite free drug provision. New patient starts provide less initial revenue, with full impact realized in subsequent quarters.

The endocrinology division achieved record new prescriptions and new patient starts in Q1, with March and April setting new records for patient initiations. This growth is attributed to increasing awareness of hypercortisolism, driven by the landmark CATALYST and MOMENTUM trials. CATALYST showed 24% of resistant diabetes patients had hypercortisolism, with Korlym treatment reducing HbA1c, weight, and waist circumference. MOMENTUM found 27% of resistant hypertension patients had hypercortisolism. These findings are transforming medical practice, leading to expanded screening and increased demand for Cushing's syndrome medications, with the business projected to reach at least $2 billion in annual revenue by the end of the decade.

Lifyorli received FDA approval for platinum-resistant ovarian cancer 3.5 months ahead of its PDUFA date. The pivotal ROSELLA trial demonstrated a 35% reduction in the risk of death (HR 0.65, p=0.0004) for patients treated with Lifyorli and nab-paclitaxel. The drug's efficacy, safety, and convenient oral administration have led to strong early adoption, with over 200 physicians prescribing within the first month. Lifyorli's inclusion in NCCN guidelines as a preferred regimen just 15 days post-approval is expected to further support strong adoption and payer access, with projected annual U.S. revenue exceeding $1 billion by the end of the decade.

The company met with the FDA regarding relacorilant's New Drug Application (NDA) for Cushing's syndrome, supported by positive Phase III GRACE and GRADIENT trials. Relacorilant is expected to offer meaningful improvements without serious adverse events seen with other approved medications. In oncology, relacorilant is being evaluated in the BELLA trial for platinum-resistant ovarian cancer, with results expected by year-end, and in other solid tumors (endometrial, cervical, pancreatic, platinum-sensitive ovarian cancers) with results by end of next year. These studies aim to expand the potential patient population fivefold.

Corcept is exploring the potential of glucocorticoid receptor (GR) antagonism beyond current indications. Nenocorilant, a proprietary selective GR antagonist, is in a Phase Ib study combined with nivolumab (PD-1 immunotherapy) for solid tumors, based on strong activity in animal models. The hypothesis is that cortisol suppresses the immune system, and GR antagonism can augment immunotherapy effects. Additionally, a Phase II trial is studying relacorilant with enzalutamide in early-stage prostate cancer to block cortisol-mediated tumor escape routes.

Miricorilant, a selective cortisol modulator, is being developed for metabolic dysfunction-associated steatohepatitis (MASH). The 175-patient Phase IIb MONARCH study is fully enrolled, with results expected by year-end, and positive outcomes would lead to Phase III advancement. For ALS, the DAZALS trial of dazucorilant showed an 84% reduction in the risk of death at one year and 87% at two years for the 300mg dose. A dose titration study is underway to improve GI tolerability, with plans to start a pivotal Phase III trial later this year, focusing on survival as the primary endpoint.