Emotional damage to a T… 

Corcept just learned in real time that the FDA does not care about your feelings or the fact that your Phase 3 technically “hit the endpoint.” Shares got absolutely vaporized, down -37%, erasing nearly $3B in market cap before most retail traders even got out of bed. Meaning, one minute you’re a rare-disease darling. The next minute you’re a live demonstration of why biotech charts look like ski slopes.

(Source: Giphy) 

So what happened? Simple. The FDA looked at Corcept’s cortisol-blocking drug relacorilant and said they couldn’t get comfortable with the benefit-risk math. Translation: The math ain’t mathin’. That’s it. No black box warning of any kind… just a simple “we’re not convince, come back with receipts.” Corcept was trying to get relacorilant approved for hypertension caused by hypercortisolism (aka Cushing’s syndrome, aka your body marinating itself in cortisol). It’s rare, it’s ugly, and it messes people up in ways that don’t photograph well for investor decks. 

(Source: Reuters) 

That said, the company wore the late-stage trial did its job last year. FDA said cool story, still need more evidence. CEO Joseph Belanoff did the only thing you can do at that moment: said he was “surprised and disappointed” and promised to “meet with the FDA to discuss the best path forward.” Emotional damage. And yet, that’s the part retail always underestimates. In biotech, time is the product. Push approval back far enough and the NPV math collapses like a folding chair. 

To be fair, relacorilant is still being studied for ovarian and prostate cancer. Yes, Corcept already sells Korlym for blood sugar issues tied to Cushing’s. However, none of that mattered today… not even a little. Especially considering that this was supposed to be a clean win… a.k.a., the expand-the-label moment. Instead, investors got a reminder that FDA approval is not a merit badge… it’s a negotiation with a referee who does not care how much your stock is down.

(Source: Giphy) 

In the end, Corcept came in this year up nearly 40%... now it’s been completely rekt heading into 2026. Fun times. Of course, things could change, but for now the FDA just gave Corcept a brutal, clean, TKO. Until next time, friends… 

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.