Corcept Therapeutics Incorporated

AI-generated fair value estimate for this company.

Method: 10-year DCF on a normalized unlevered FCF base of $150M (between the TTM trough of $106.9M, depressed by relacorilant/Lifyorli launch spending, and the FY2024 level of $196.1M); FCF growth 30% years 1-3, 15% years 4-6, 8% years 7-10, reflecting the new ovarian-cancer indication ramp; 10% discount rate for biopharma/patent-litigation risk; 3% terminal growth; net cash $535M; 108.1M diluted shares.

Reasoning: Corcept's March 2026 FDA approval of relacorilant for ovarian cancer is a major incremental growth driver beyond its legacy Korlym business, but launch economics and Korlym patent-litigation risk are still uncertain, so a disciplined, moderately conservative ramp was used rather than extrapolating the market's post-approval re-rating; the result is well below the current share price, implying the market is pricing a more optimistic launch trajectory.