CORT · Corcept Therapeutics Incorporated

Revenue and Gross Profit

Revenue for the quarter totaled $164.9 million, an increase of 4.9% compared to $157.2 million in the prior-year period. This growth reflects higher sales volume from Korlym’s authorized generic, partially offset by a decrease in the average selling price of Hypercortisolism Products. Gross profit rose 4.7% to $162.0 million, and gross margin remained stable at 98.3%, underscoring the durable pricing power and low cost-of-goods structure inherent to the company’s approved therapies.

Operating and Net Income

Operating income declined to a loss of $49.6 million, compared to income of $3.4 million in Q1 FY2025. The shift reflects increased investment across commercial, medical affairs, and clinical functions in preparation for Lifyorli’s April 2026 launch and broader market expansion in Hypercortisolism. Net income was a loss of $31.8 million, versus income of $20.5 million in the prior year. The change was driven primarily by the operating loss and the resulting income tax benefit, which increased due to the generation of a year-to-date loss — partially offset by lower stock compensation deductions relative to the prior period.

Cash Flow and Liquidity

Net cash used in operating activities was $16.8 million, compared to $5.1 million provided in Q1 FY2025. This shift aligns with the net loss and reflects normal working capital dynamics associated with scaling distribution channels and commercial readiness. Capital expenditures were modest at $0.2 million, supporting ongoing facility operations. Free cash flow was -$17.0 million. Since 2015, the company has relied on revenues from Hypercortisolism Products to fund operations; no near-term funding need is indicated, though future capital requirements will depend on clinical trial outcomes and development plans. Research and development spending remains variable and contingent on pre-clinical and clinical progress — a dynamic explicitly noted in management’s forward-looking commentary.