Profitability CompressionDespite very high gross margins (~98%), operating expenses for launches and investment caused meaningful margin erosion and a Q1 net loss. If operating leverage does not recover as volumes scale, sustained margin pressure could erode cash flow and force tougher capital allocation choices over the next several quarters.
Revenue Concentration On KorlymHistorically, Corcept's commercial profile has been heavily reliant on a single approved product. Until Lifyorli and other programs scale, concentration risk makes revenues vulnerable to reimbursement, prescribing patterns, or competitive/intake changes, delaying durable diversification benefits.
Regulatory Review Uncertainty For RelacorilantA resubmission that requires additional analyses signals unresolved FDA questions and creates timing risk. Even with supportive pivotal data, the six-month review and any potential label or post‑market requirements introduce regulatory uncertainty that can materially affect near- to medium-term commercialization plans.