Corcept Therapeutics Incorporated (CORT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Corcept Therapeutics Incorporated (CORT) emerge como una compañía farmacéutica pionera que revoluciona el panorama de los tratamientos de trastornos metabólicos y psiquiátricos a través de su innovadora estrategia de desarrollo de fármacos de receptor de cortisol. Al aprovechar las tecnologías de investigación de vanguardia y las colaboraciones estratégicas, Cort está a la vanguardia de las intervenciones médicas personalizadas, ofreciendo soluciones terapéuticas innovadoras que prometen transformar la atención del paciente y abordar desafíos de salud complejos con precisión y efectividad sin precedentes.

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: asociaciones clave

Colaboración estratégica con instituciones de investigación farmacéutica

Corcept Therapeutics mantiene asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad de Stanford	Investigación del receptor de glucocorticoides	2010
Universidad de California, San Francisco	Investigación del síndrome de Cushing	2015

Acuerdos de licencia con socios de desarrollo de medicamentos

Corcept ha establecido asociaciones críticas de licencia:

• Acuerdo de licencia de Korlym (Mifepristone) con NIH
• Colaboración de desarrollo relacorilantente con Ipsen Pharmaceuticals

Centros médicos académicos para ensayos clínicos

Las asociaciones de ensayos clínicos incluyen:

Centro médico	Pruebas activas	Enfoque de investigación
Centro de cáncer de MD Anderson	3 pruebas en curso	Síndrome de Cushing
Clínica de mayonesa	2 pruebas en curso	Antagonistas del receptor de glucocorticoides

Organizaciones de fabricación de contratos

Asociaciones de fabricación:

• Patheon Pharmaceuticals - Partner de fabricación primaria
• Lonza Group - Soporte de fabricación secundaria

Gasto total de asociación en 2023: $ 12.3 millones

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico

Corcept Therapeutics invirtió $ 57.1 millones en gastos de I + D en 2022. La compañía se enfoca en desarrollar medicamentos dirigidos a las interacciones del receptor de cortisol, con un énfasis primario en los medicamentos para los trastornos metabólicos y psiquiátricos.

I + D Métrica	Valor 2022
Gastos totales de I + D	$ 57.1 millones
Programas de investigación activos	3 pistas primarias de desarrollo de fármacos
Solicitudes de patentes	12 patentes activas

Diseño y ejecución del ensayo clínico

Corcept realiza múltiples ensayos clínicos simultáneamente, con un promedio de 4-5 ensayos activos por año dirigidos a áreas terapéuticas específicas.

• Ensayos clínicos en curso para el síndrome de Cushing
• Estudios de tratamiento de trastorno metabólico
• Ensayos de intervención de trastorno psiquiátrico

Cumplimiento regulatorio y procesos de aprobación de medicamentos

La Compañía mantiene los rigurosos estándares de cumplimiento con las regulaciones de la FDA, con un registro de cumplimiento del 100% para las solicitudes de medicamentos presentados.

Métrico regulatorio	Estado 2022-2023
Presentaciones de la FDA	2 nuevas aplicaciones de drogas
Tasa de cumplimiento regulatorio	100%
Medicamentos aprobados	Korlym, Isturisa

El receptor de cortisol se dirigió al desarrollo de fármacos

Corcept se especializa en el desarrollo de medicamentos que interactúan con los receptores de cortisol, con Korlímito Ser su producto insignia para el tratamiento del síndrome de Cushing.

• Mecanismo especializado de focalización de drogas
• Enfoque único de interacción molecular
• Centrado en raros trastornos endocrinos

Investigación médica continua en trastornos metabólicos y psiquiátricos

La compañía asignó $ 62.4 millones a programas de investigación en intervenciones de trastorno metabólico y psiquiátrico en 2022.

Área de enfoque de investigación	Inversión	Proyectos de investigación activa
Trastornos metabólicos	$ 35.2 millones	3 programas de investigación activos
Trastornos psiquiátricos	$ 27.2 millones	2 programas de investigación activos

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: recursos clave

Tecnología de desarrollo de fármacos patentados

Corcept Therapeutics se centra en desarrollar medicamentos dirigidos a receptores de glucocorticoides. A partir de 2024, el medicamento principal de la compañía es Korlym (mifepristone), con una autorización del mercado para el síndrome de Cushing.

Métrica de tecnología	Datos específicos
Plataforma de desarrollo de drogas	Tecnología antagonista del receptor de glucocorticoides
Droga primaria	Korlym (mifepristone)
Inversión de I + D (2023)	$ 128.7 millones

Cartera de propiedades intelectuales

Corcept mantiene una sólida estrategia de propiedad intelectual.

• Patentes activas totales: 27
• Rango de vencimiento de patentes: 2028-2035
• Categorías de patentes: composición de medicamentos, proceso de fabricación, aplicaciones terapéuticas

Equipo de investigación científica especializada

La compañía emplea personal científico altamente especializado.

Composición del equipo de investigación	Número
Personal de investigación total	86
Investigadores de doctorado	42
Especialistas en investigación clínica	24

Investigación avanzada e instalaciones de laboratorio

Corcept opera infraestructura de investigación especializada.

• Ubicación de investigación principal: Menlo Park, California
• Espacio de laboratorio total: 35,000 pies cuadrados
• Inversión de equipos de investigación avanzados (2023): $ 4.2 millones

Datos de ensayos clínicos e información de investigación

La compañía mantiene bases de datos de investigación clínica integrales.

Métrico de ensayo clínico	Datos cuantitativos
Ensayos clínicos completados	18
Ensayos clínicos en curso	7
Datos totales del paciente recopilados	3,642 pacientes

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: propuestas de valor

Tratamientos innovadores para afecciones metabólicas y psiquiátricas

Corcept Therapeutics se centra en el desarrollo Drogas antagonistas del receptor de cortisol. Korlym (Mifepristone) generó $ 404.7 millones en ingresos netos de productos para todo el año 2022.

Producto	Indicación	Ingresos anuales
Korlímito	Hiperglucemia en el síndrome de Cushing	$ 404.7 millones (2022)

Soluciones terapéuticas dirigidas para trastornos relacionados con el cortisol

El enfoque principal de la compañía es el desarrollo de tratamientos para los trastornos relacionados con la desregulación del cortisol.

• Medicamento primario: Korlym para el síndrome de Cushing
• Recorlev (levoketoconazol) para el síndrome de Cushing endógeno
• Ensayos clínicos en curso para condiciones adicionales relacionadas con el cortisol

Intervenciones farmacéuticas personalizadas

Corcept desarrolla medicamentos de precisión dirigidos a vías moleculares específicas.

Área de investigación	Etapa de desarrollo	Mercado potencial
Antagonistas del receptor de cortisol	Comercializado	Tamaño estimado del mercado de $ 500 millones

Mejora potencial en la calidad de vida del paciente

Las drogas de Corcept tienen como objetivo abordar las complejas condiciones metabólicas y psiquiátricas con opciones de tratamiento limitadas.

• Reducción de síntomas de hiperglucemia
• Manejo de las complicaciones del síndrome de Cushing
• Intervenciones potenciales de trastorno neurológico

Investigación médica avanzada que aborda los desafíos de salud complejos

El gasto de investigación y desarrollo para 2022 fue de $ 146.8 millones, lo que demuestra un compromiso con soluciones terapéuticas innovadoras.

Métrica financiera	Valor 2022
Gastos de I + D	$ 146.8 millones
Lngresos netos	$ 146.1 millones

Corcept Therapeutics Incorporated (CORT) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

Corcept Therapeutics mantiene el compromiso directo con los profesionales de la salud a través de estrategias de comunicación específicas:

Método de compromiso	Frecuencia	Público objetivo
Interacciones representativas de ventas	Semanalmente	Endocrinólogos, psiquiatras
Reuniones de enlace de ciencias médicas	Mensual	Líderes de opinión clave
Consultas clínicas individuales	Según sea necesario	Médicos especializados

Programas de apoyo y educación del paciente

CORCECT proporciona servicios integrales de apoyo al paciente para el síndrome de Cushing y las condiciones relacionadas:

• Inscripción del programa de asistencia al paciente: 1,247 pacientes (2023)
• Soporte de medicamentos gratuitos para pacientes elegibles: $ 2.3 millones en valor total del programa
• Línea directa de soporte del paciente 24/7: 1-800 Número de contacto dedicado

Conferencia médica y participación del simposio

Métricas de compromiso de la conferencia para 2023:

Tipo de conferencia	Número de conferencias	Presentaciones
Conferencias de endocrinología	7	12
Simposios de investigación psiquiátrica	5	8
Foros de investigación clínica	4	6

Plataformas de información de salud digital

Estadísticas de compromiso digital:

• Sitio web de la compañía Visitantes únicos: 87,500 por mes
• Usuarios registrados del portal profesional de la salud: 2,340
• Recursos de educación médica en línea: 45 documentos clínicos descargables

Comunicación de investigación clínica en curso

Investigación de canales de comunicación:

Canal de comunicación	Alcance anual	Volumen de contenido
Publicaciones de revistas revisadas por pares	25,000 investigadores	8 estudios publicados
Actualizaciones de ensayos clínicos	1.500 suscriptores directos	12 actualizaciones trimestrales
Investigar seminarios web	3.200 participantes	6 seminarios web anuales

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: canales

Ventas directas a instituciones de atención médica

Corcept Therapeutics mantiene una fuerza de ventas especializada dirigida a instituciones clave de atención médica. A partir del cuarto trimestre de 2023, la compañía empleó a 72 representantes de ventas directas centrados en los mercados de endocrinología y psiquiatría.

Tipo de canal de ventas	Número de representantes	Segmentos de atención médica objetivo
Equipo de ventas directas	72	Endocrinología, psiquiatría

Redes de distribución farmacéutica

La Compañía aprovecha múltiples canales de distribución farmacéutica para los medicamentos de Korlym e Isturisa.

• Salud cardinal
• AmerisourceBergen
• McKesson Corporation

Presentaciones de conferencia médica

CORTCE participa activamente en conferencias médicas, presentando investigaciones para Korlym e Isturisa. En 2023, la compañía presentó en 14 conferencias médicas especializadas.

Tipo de conferencia	Número de conferencias	Enfoque principal
Conferencias de endocrinología	8	Investigación del síndrome de Cushing
Conferencias de psiquiatría	6	Investigación de medicamentos psiquiátricos

Plataformas de información médica en línea

Los canales digitales incluyen el sitio web oficial de la compañía y los portales de información médica. El tráfico del sitio web en 2023 alcanzó aproximadamente 125,000 visitantes profesionales de atención médica únicos mensualmente.

Redes de consulta profesional de la salud

Corcept mantiene una red de 215 líderes de opinión clave y consultores médicos en varias especialidades a partir de 2024.

Composición de la red de consulta	Número de profesionales
Endocrinólogos	87
Psiquiatras	68
Oncólogos	60

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: segmentos de clientes

Endocrinólogos

La terapéutica de Corcept se dirige a endocrinólogos especializados en trastornos hormonales. A partir de 2024, aproximadamente 7.500 endocrinólogos certificados por la junta practican en los Estados Unidos.

Características de segmento	Tamaño del mercado	Enfoque de tratamiento
Especialistas en trastorno hormonal	7.500 practicantes	Gestión del síndrome de Cushing

Psiquiatras

La compañía se enfoca en psiquiatras que manejan pacientes con afecciones metabólicas y psiquiátricas relacionadas con la desregulación del cortisol.

Segmento psiquiátrico	Número de especialistas	Áreas de tratamiento potenciales
Profesionales psiquiátricos	45,000 psiquiatras en ejercicio	Manejo del trastorno metabólico

Pacientes con síndrome de Cushing

Corcept se dirige a pacientes diagnosticados con síndrome de Cushing, un trastorno endocrino raro.

• Población de pacientes estimada: 10-15 por millón de personas
• Recuento total de pacientes de EE. UU.: Aproximadamente 3,000-4,500 casos diagnosticados
• Nuevos diagnósticos anuales: estimados de 200-300 pacientes

Pacientes de trastorno metabólico

La compañía aborda a los pacientes con trastornos metabólicos asociados con los desequilibrios de cortisol.

Tipo de trastorno metabólico	Población de pacientes estimada	Potencial relevancia del tratamiento
Síndrome metabólico	23% de la población de adultos estadounidenses	Alto potencial para intervenciones de tratamiento

Instituciones de atención médica y centros de investigación

Corcept Therapeutics colabora con instituciones de investigación médica especializadas.

• Top 50 Centros de investigación médica académica
• Hospitales especializados endocrinos: 250 en todo el país
• Asociaciones de investigación de los Institutos Nacionales de Salud (NIH)

Mercado total direccionable para Korlym y tratamientos relacionados estimados en $ 500 millones anuales.

Corcept Therapeutics Incorporated (CORT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Corcept Therapeutics reportó gastos de I + D de $ 126.1 millones. El gasto de I + D de la compañía aumentó de $ 104.3 millones en 2021.

Año	Gastos de I + D	Cambio año tras año
2021	$ 104.3 millones	-
2022	$ 126.1 millones	+21%

Inversiones de ensayos clínicos

Corcept Therapeutics invirtió $ 58.4 millones específicamente en ensayos clínicos durante 2022, centrándose en Korlym y posibles nuevas indicaciones.

• Enfoque principal en la investigación del síndrome de Cushing
• Ensayos clínicos en curso para posibles nuevas aplicaciones terapéuticas
• Inversiones en estudios clínicos de fase II y fase III

Costos de cumplimiento regulatorio

La Compañía asignó aproximadamente $ 12.7 millones al cumplimiento regulatorio y los gastos administrativos relacionados en 2022.

Gastos de fabricación y producción

Los costos de fabricación para Corcept Therapeutics en 2022 fueron de $ 37.5 millones, lo que representa el 14.2% de los ingresos totales.

Categoría de gastos	Cantidad de 2022	Porcentaje de ingresos
Costos de fabricación	$ 37.5 millones	14.2%
Producción sobre la cabeza	$ 22.3 millones	8.5%

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para Corcept Therapeutics alcanzaron los $ 89.6 millones en 2022, lo que representa un aumento del 17% respecto al año anterior.

• Expansión de la fuerza de ventas
• Inversiones de marketing digital
• Programas de participación profesional de la salud

Gastos operativos totales para 2022: $ 264.3 millones

Corcept Therapeutics Incorporated (CORT) - Modelo de negocios: flujos de ingresos

Venta de productos farmacéuticos

A partir del cuarto trimestre de 2023, Corcept Therapeutics generó $ 119.1 millones en ingresos totales de las ventas de productos farmacéuticos, principalmente de Korlym (mifepristone) para el síndrome de Cushing.

Producto	Ingresos anuales (2023)	Segmento de mercado
Korlímito	$ 119.1 millones	Trastornos endocrinos
Regular	$ 12.3 millones	Síndrome de Cushing

Licencia de propiedad intelectual

Corcept ha desarrollado una sólida cartera de propiedades intelectuales con múltiples familias de patentes que protegen a sus candidatos a drogas.

• Portafolio de patentes activo que cubre los antagonistas del receptor de glucocorticoides
• Protección de patentes que se extiende a 2035 para las tecnologías centrales
• Ingresos de licencia potenciales de plataformas de desarrollo de medicamentos patentados

Subvenciones y colaboraciones de investigación

En 2023, Corept aseguró colaboraciones de investigación con un valor estimado de $ 5.2 millones.

Posibles acuerdos de regalías

Los acuerdos de regalías actuales estimados generan aproximadamente $ 2.7 millones anuales a partir de asociaciones de desarrollo de fármacos.

Comercialización de drogas terapéuticas

La estrategia comercial de Corcept se centra en trastornos endocrinos raros con intervenciones terapéuticas dirigidas.

Candidato a la droga	Valor de mercado potencial	Etapa de desarrollo
Regular	$ 150-200 millones	Aprobado por la FDA
Cort125134	$ 75-100 millones	Ensayos clínicos

Corcept Therapeutics Incorporated (CORT) - Canvas Business Model: Value Propositions

Corcept Therapeutics Incorporated's value proposition centers on delivering first-in-class or best-in-class therapies by modulating the effects of cortisol, targeting serious, often rare, diseases.

Korlym, the company's sole marketed product, represents a foundational value pillar. It is the first FDA-approved medication for endogenous hypercortisolism, a severe endocrine disorder. The commercial performance reflects its unique market position, with first nine months of 2025 sales reaching $559.3 million, up around 13.4% year over year. Management's full-year 2025 revenue guidance has been revised to the $800-$850 million range, following strong Q3 2025 revenue of $207.6 million.

The pipeline is anchored by relacorilant, positioned as a next-generation, selective cortisol modulator. This asset targets both endocrinologic and oncologic disorders, offering a potentially improved safety profile over existing treatments. For endogenous hypercortisolism, the FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of Dec. 30, 2025. The global market for endogenous hypercortisolism is estimated at $5.89 billion in 2025.

Relacorilant's value extends into oncology, specifically for platinum-resistant ovarian cancer (PROC). Data from the Phase III ROSELLA trial showed that adding relacorilant to nab-paclitaxel resulted in a 30% reduction in the risk of progression (HR 0.70) and a 31% reduction in the risk of death (HR 0.69) compared to monotherapy. The FDA accepted the New Drug Application (NDA) for this indication, with a PDUFA date of July 11, 2026. Analysts project relacorilant's total global sales could reach $3.38bn by 2031.

Corcept Therapeutics Incorporated's focus is on treatment for rare, severe endocrinologic and oncologic disorders where current therapeutic options are limited or inadequate. The company is also developing relacorilant for other indications, including prostate cancer.

The pricing power derived from these unique, often orphan, indications is reflected in the company's exceptional profitability structure, as evidenced by the high gross margin.

Value Metric	Financial/Statistical Data (Late 2025)
Korlym (Endogenous Hypercortisolism)	First FDA-approved medication for the indication.
Relacorilant (Hypercortisolism PDUFA)	Dec. 30, 2025
Relacorilant (Ovarian Cancer PDUFA)	July 11, 2026
Hypercortisolism Market Size (2025 Est.)	$5.89 billion
Relacorilant Ovarian Cancer Efficacy	30% risk reduction in progression
Gross Margin (Stated Value)	98.37%
Gross Margin (Q2 2025 Actual)	98.23%
Korlym Sales (H1 2025)	$351.6 million
2025 Revenue Guidance (Revised)	$800 - $850 million

The value proposition is further supported by the company's operational focus:

• Korlym: Sole-marketed drug for Cushing's syndrome.
• Relacorilant: Selective glucocorticoid receptor antagonist.
• Orphan Drug Designation: Granted in U.S. and EU for hypercortisolism.
• Pipeline Expansion: Studies in ovarian, endometrial, cervical, and pancreatic cancers.

The company's market capitalization as of early December 2025 was $8.83 billion.

Corcept Therapeutics Incorporated (CORT) - Canvas Business Model: Customer Relationships

High-touch, specialized patient support programs for rare disease management are central to Corcept Therapeutics Incorporated's commercial structure for Korlym. The company ensures deep patient engagement through its Corcept Cares Patient Advocate Program. Over 85% of patients shipped medication from the SPARK specialty pharmacy participated in this program.

Dedicated patient access services are managed through the Support Program for Access and Reimbursement for Korlym (SPARK), which is the sole commercial distribution channel for Korlym tablets. This dedicated coordination helps navigate insurance and affordability hurdles. As a result of these efforts, over 90% of patients who received medication from SPARK paid $25 or less for a 30-day supply.

The investment in these relationships is substantial, as evidenced by the company's operating expenses. Third quarter 2025 operating expenses were $197.4 million, which included spending to prepare for the launches of relacorilant for hypercortisolism and platinum-resistant ovarian cancer.

Relationship Metric	Value/Statistic	Context/Program
Patient Advocate Program Participation	Over 85%	Patients receiving Korlym via SPARK
Affordable Supply Rate	Over 90% paid $25 or less	For a 30-day supply via SPARK
Sales Force Size (Target End of 2025)	175 clinical specialists	Expansion from 125
Estimated Revenue Per New Rep	$2-$3 million annually	Analyst estimate for new hires

Direct engagement with endocrinologists and oncologists is being aggressively scaled up to address the underdiagnosed patient population. Only an estimated 10%-15% of hypercortisolism patients are currently diagnosed. To capture this opportunity, Corcept Therapeutics Incorporated is expanding its clinical specialist team from 125 to a target of 175 by the end of 2025. Analysts project each new sales representative could generate $2-$3 million in annual revenue.

Medical information and support for key prescribers are critical, especially as Corcept Therapeutics Incorporated expands its oncology focus with relacorilant. The company supports physicians with educational materials to help them identify and manage hypercortisolism, alongside peer-to-peer programs featuring leading experts. The clinical data supporting the oncology push, such as the ROSELLA trial in platinum-resistant ovarian cancer, involved 381 patients.

For patients who may not qualify for clinical trials or need access to investigational medications, Corcept Therapeutics Incorporated offers compassionate use (expanded access). Physicians can initiate this process by contacting the company directly. The company held $524.2 million in cash and investments as of September 30, 2025, supporting these extensive commercial and medical affairs activities.

• Physicians request investigational access by contacting Corcept Therapeutics Incorporated at 650-327-3270 or emailing access@corcept.com.
• The company is preparing for the launch of relacorilant, with an NDA submission for ovarian cancer expected by Q3 2025.
• Corcept Therapeutics Incorporated is focused on meeting increasing demand, having modified its 2025 revenue guidance to $800 - $850 million.

Corcept Therapeutics Incorporated (CORT) - Canvas Business Model: Channels

You're looking at how Corcept Therapeutics Incorporated gets its value proposition-medications like Korlym-to the customer base, and the data shows a clear pivot toward expansion in late 2025.

Exclusive network of specialty pharmacy vendors for dispensing Korlym.

Corcept Therapeutics Incorporated has been actively managing its specialty pharmacy distribution for Korlym. The company experienced fulfillment capacity constraints earlier in 2025 due to its previous vendor, Optime Care, which had been the exclusive provider since 2017.

The channel strategy shifted significantly in the third quarter of 2025:

• The company delivered a notice of termination to Optime Care on October 10, 2025, with the agreement ending effective January 8, 2026.
• Corcept Therapeutics Incorporated added a new specialty pharmacy on October 1st.
• The company stated plans to add others in the coming months following the Q3 2025 update.

This operational change is intended to meet the surge in demand, which saw Korlym generate $559.3 million in sales for the first nine months of 2025. The full-year 2025 revenue guidance was modified to the range of $800 - $850 million.

Direct sales force targeting endocrinology and oncology specialists.

Corcept Therapeutics Incorporated is aggressively scaling its commercial presence to capture more of the underdiagnosed hypercortisolism patient population and to prepare for potential oncology indications.

The sales force expansion is a key metric here:

Metric	Value as of Late 2025
Sales Force Size (Previous)	125 clinical specialists
Sales Force Size (Target End of 2025)	175 clinical specialists
Annualized Expansion Cost (Projected)	$20-$30 million annually

This growth is specifically aimed at increasing education among endocrinologists, as only an estimated 10%-15% of hypercortisolism patients are currently diagnosed. Furthermore, the sales force build-out supports the oncology push, targeting specialists for indications like platinum-resistant ovarian cancer, where the potential market is estimated at $1 billion in annual sales if relacorilant is approved.

Medical science liaisons (MSLs) for scientific exchange with key opinion leaders.

While a specific headcount for the Medical Science Liaison (MSL) team isn't explicitly stated, Corcept Therapeutics Incorporated is actively adding personnel across its commercial and development functions to support its expanding pipeline, which includes relacorilant for hypercortisolism (PDUFA date December 30, 2025) and oncology indications. The company has a stated need to 'continue to add talented, experienced personnel to our endocrine, oncology and emerging markets businesses'.

Clinical trial sites for patient recruitment and drug delivery.

The channel for clinical development involves a global infrastructure of ongoing trials across multiple therapeutic areas, which necessitates engagement with numerous investigator sites. Corcept Therapeutics Incorporated is running several key studies that define this channel:

• Hypercortisolism: Trials include GRACE, GRADIENT, CATALYST (which found 23.8% prevalence in difficult-to-control diabetes patients in Phase 1), and MOMENTUM.
• Oncology: The pivotal Phase 3 ROSELLA trial in platinum-resistant ovarian cancer enrolled 381 women. New studies are expanding into endometrial, cervical, and pancreatic cancers.
• Other Areas: Trials are ongoing or planned for ALS (DAZALS) and MASH/NASH.

The company is focused on managing these clinical trials effectively as part of its growth strategy.

Corcept Therapeutics Incorporated (CORT) - Canvas Business Model: Customer Segments

You're looking at the specific groups Corcept Therapeutics Incorporated (CORT) targets with its cortisol modulation platform, which is a mix of established revenue drivers and high-potential pipeline expansion areas as of late 2025.

The core customer segment remains patients with endogenous hypercortisolism, also known as Cushing's syndrome. This is currently served by Korlym (mifepristone), which is indicated for treating hyperglycemia secondary to this condition in adult patients with type 2 diabetes or glucose intolerance for whom surgery failed or who are not candidates for surgery. The company is awaiting a decision on its next-generation selective cortisol modulator, relacorilant, for this indication, with the FDA PDUFA date set for December 30, 2025.

The financial performance tied to this segment shows strong momentum. For the first nine months of 2025, Korlym recorded sales of $559.3 million, representing an increase of around 13.4% year over year. Corcept Therapeutics has a revised 2025 revenue guidance range of $800 - $850 million, though prior guidance was as high as $900-950 million. The total Cushing's syndrome diagnostics and therapeutics market is valued at $383.04 million in 2025.

Here's a breakdown of the key patient populations and the associated market scope:

Customer Segment	Primary Product/Indication Focus	Key Statistical Data Point (as of late 2025)
Endogenous Hypercortisolism (Cushing's Syndrome)	Korlym (current); Relacorilant (near-term)	Korlym sales: $559.3 million (first nine months of 2025)
Oncologists treating Platinum-Resistant Ovarian Cancer (PROC)	Relacorilant + nab-paclitaxel (ROSELLA trial)	Estimated annual US candidates for new therapy: 20,000 women
Physicians treating Difficult-to-Control Type 2 Diabetes (T2D)	Korlym (current); Relacorilant (potential)	Hypercortisolism prevalence in refractory T2D cohort: 23.8%

The potential future segment of oncologists treating PROC is supported by strong Phase 3 ROSELLA trial data. The combination therapy showed a median Progression-Free Survival (PFS-BICR) of 6.5 months compared to 5.5 months for chemotherapy alone, a 30% reduction in progression risk. An interim look at Overall Survival (OS) showed a median of 16 months versus 11.5 months for the control arm. The PDUFA date for relacorilant in this indication is July 11, 2026.

For the potential future indication in T2D, the CATALYST study provided concrete numbers on the addressable patient pool. You should note that:

• 23.8% of patients with difficult-to-control T2D (HbA1c >7.5%) had hypercortisolism.
• Korlym treatment led to a 1.47% reduction in HbA1c versus 0.15% for placebo in this group.
• This T2D sub-segment is estimated to represent a $2.8 billion market opportunity.

The specialists driving the current business are physicians in endocrinology and rare metabolic disorders. Corcept Therapeutics Incorporated has been actively building out its commercial reach to capture this market:

• Sales force expanded to 125 specialists, with a goal of reaching 175 by year-end 2025.
• The company reported a record rate of new prescribers over five consecutive quarters as of Q1 2025.

Looking further out, Corcept Therapeutics projects that relacorilant, once approved across its pipeline indications, could achieve peak annual revenues of $3 billion to $5 billion in the hypercortisolism market alone within three to five years. The company also maintains a strong cash position, reported at $515 million at the end of Q2 2025, which supports the commercial and clinical expansion targeting these segments.

Corcept Therapeutics Incorporated (CORT) - Canvas Business Model: Cost Structure

You're looking at the expense side of Corcept Therapeutics Incorporated's business, which is heavily weighted toward scaling commercial operations and advancing the pipeline. The total operating expenses for the second quarter of 2025 hit $\mathbf{\$167.8 \text{ million}}$, a noticeable increase from $\mathbf{\$128.2 \text{ million}}$ in the same period last year.

Here's a quick look at some of the key financial figures that define the cost base as of late 2025:

Metric	Value (Q2 2025 or Latest)	Period/Date
Total Operating Expenses	$\mathbf{\$167.8 \text{ million}}$	Q2 2025
Selling, General, and Administrative (SG&A) Expenses	$\mathbf{\$103.9 \text{ million}}$	Q2 2025
SG&A Year-over-Year Growth	$\mathbf{55.3\%}$	Q2 2025 vs Q2 2024
Accrued Research and Development Expenses	$\mathbf{\$28,322 \text{ thousand}}$	September 30, 2025
Cash and Investments	$\mathbf{\$515.0 \text{ million}}$	June 30, 2025

The push for commercialization is clearly visible in the Selling, General, and Administrative (SG&A) line item. This expense category surged $\mathbf{55.3\%}$ year-over-year in Q2 2025, reaching $\mathbf{\$103.9 \text{ million}}$. This reflects the scaling of the commercial organization, including the growth in clinical specialists, which was reported to be around $\mathbf{145}$ versus approximately $\mathbf{60}$ in 2024, with a target of $\mathbf{175}$ by year-end. That rapid scaling compresses operational leverage, as this SG&A growth substantially outpaced the $\mathbf{18.7\%}$ year-over-year revenue growth in the quarter.

Heavy investment in Research and Development (R&D) remains a core cost driver, underpinning pipeline expansion. While R&D is bundled into the total operating expenses, the balance sheet shows accrued research and development expenses stood at $\mathbf{\$28,322 \text{ thousand}}$ as of September 30, 2025. This spending supports the New Drug Applications (NDAs) in progress for relacorilant in hypercortisolism (PDUFA December 30, 2025) and platinum-resistant ovarian cancer.

Costs associated with patent defense and litigation represent a defintely persistent risk. Corcept Therapeutics Incorporated is currently involved in an appeal of the Teva Pharmaceuticals USA, Inc. patent litigation, which stems from Teva's Abbreviated New Drug Application (ANDA) filing for a generic version of Korlym. The company noted in its February 2025 10-K that such litigation is costly and diverts management's attention from productive efforts.

Manufacturing costs for Korlym are relatively low compared to the revenue generated, which supports a high gross margin profile, though this is being challenged by generic entry. The authorized generic (AG) version of Korlym now accounts for approximately $\text{two-thirds}$ of the business, coming in at an average discount of about $\mathbf{30\%}$ to Korlym's list price. Once a product receives FDA approval, manufacturing costs are capitalized to inventory, using the specific identification method for cost of inventory sold.

You should monitor the following areas closely:

• SG&A spending relative to revenue growth to assess operating leverage.
• The timing and outcome of the December 30, 2025, PDUFA date for relacorilant.
• Any updates on the ongoing appeal in the Teva patent litigation.
• The expected contribution from the second specialty pharmacy coming online in Q4 2025.

Finance: draft 13-week cash view by Friday.

Corcept Therapeutics Incorporated (CORT) - Canvas Business Model: Revenue Streams

Corcept Therapeutics Incorporated's revenue streams are currently concentrated but poised for significant diversification, primarily driven by the continued commercial performance of its sole marketed product and the anticipated regulatory approval of its lead pipeline candidate.

Product sales from Korlym for Cushing's syndrome remain the bedrock of the current revenue base. This drug, approved for hypercortisolism, is generating substantial top-line results, even while facing operational hurdles related to specialty pharmacy fulfillment earlier in the year. The momentum in the hypercortisolism segment is strong, marked by a record number of new prescriptions for Korlym in the third quarter of 2025.

For the full-year 2025, Corcept Therapeutics Incorporated has set its total revenue guidance in the range between $800 million and $850 million. This reflects a recent modification from a higher initial projection, attributed to capacity constraints with a previous specialty pharmacy vendor, which the company began addressing with new partnerships starting October 1st.

Here's a quick look at the recent financial performance grounding that guidance:

Metric	Amount/Range	Date/Period
Modified Full-Year 2025 Revenue Guidance	$800 million to $850 million	Full Year 2025
Q3 2025 Net Product Revenue (Solely Korlym)	$207.6 million	Q3 2025
Korlym Sales Year-to-Date	$559.3 million	First Nine Months of 2025
Cash and Investments	$524.2 million	September 30, 2025

The company is actively investing to support future growth, with third-quarter 2025 operating expenses reaching $197.4 million, up from $135.9 million in the same period last year, driven by increased spending for relacorilant launch preparations across its indications.

Potential milestone payments or royalties from future partnerships are not the primary current revenue driver, but they represent a secondary, non-guaranteed stream tied to the company's broader development efforts. Corcept Therapeutics Incorporated is expanding its oncology development programs, including new studies in earlier-stage ovarian, endometrial, cervical, and pancreatic cancers, which could lead to future collaboration revenue.

The most significant potential shift in the revenue profile comes from future product sales from relacorilant upon regulatory approval. This next-generation selective cortisol modulator has two key regulatory catalysts:

• NDA for hypercortisolism (Cushing's syndrome) with a Prescription Drug User Fee Act (PDUFA) date of December 30, 2025.
• NDA for platinum-resistant ovarian cancer with a PDUFA date of July 11, 2026.

Management projects that relacorilant in the hypercortisolism market alone has the potential to generate peak sales of $3 billion to $5 billion over the next three to five years, which would substantially diversify the revenue base away from Korlym.