CORT Corcept Therapeutics Incorporated - Common Stock
About Corcept Therapeutics Incorporated - Common Stock Company overview from Wikipedia
Corcept Therapeutics Inc. is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. Corcept has focused on the adverse effects of excess cortisol, studying new compounds that may mitigate those effects. Its executive team is headed by CEO, president and director Joseph K. Belanoff, MD.
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Corcept Therapeutics Inc. is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. Corcept has focused on the adverse effects of excess cortisol, studying new compounds that may mitigate those effects. Its executive team is headed by CEO, president and director Joseph K. Belanoff, MD.
History
Backed by Silicon Valley biotech investors, Corcept Therapeutics was founded in May 1998 by psychiatrists Alan Schatzberg and Joseph K. Belanoff. Eight years later, Corcept remained a small firm with 11 full-time employees. Much of its work (e.g., drug manufacturing and testing on patients) was farmed out to others.
In June 2008, U.S. Senator Chuck Grassley, then the ranking Republican on the Senate Finance Committee, criticized Corcept cofounder and prominent psychiatrist Alan Schatzberg, chair of the psychiatry department at Stanford University School of Medicine, for not fully informing the university about the value of his shares in Corcept. According to Grassley, Schatzberg had reported stock holdings in Corcept worth "over $100,000," when, in fact, the psychiatrist's stake exceeded $6 million. In July, Stanford said that Schatzberg "appropriately disclosed any potential financial conflict of interest," but announced he would nevertheless step down temporarily as principal investigator on his National Institute of Mental Health grant to study the effectiveness of the abortion drug mifepristone as an antidepressant. Grassley also asked Stanford to explain its own financial ties with Corcept, saying the university held licensing agreements for mifepristone. The National Institutes of Health later reinstated Schatzberg as principal investigator.
Treatments
Prolonged exposure to cortisol can lead to a wide range of sometimes life-threatening conditions, including Cushing's syndrome, antipsychotic drug-induced weight gain, diabetes, obesity, hypertension, Alzheimer's disease, posttraumatic stress disorder, alcoholism, prostate, breast and ovarian cancer. Corcept Therapeutics has developed over 300 proprietary molecules, which it investigates in collaboration with outside researchers to determine if they can mitigate the effects of excess cortisol.
Korlym
In 2012, Corcept launched the prescription medicine Korlym, a cortisol receptor blocker to control hyperglycemia (high blood sugar) in adult patients with endogenous Cushing's syndrome who have type 2 diabetes or glucose intolerance and have failed surgery or are not candidates for surgery. Korlym was the first FDA-approved oral therapy for the treatment of such patients. Since Korlym was an orphan drug—i.e., one developed specifically to treat a rare medical condition—Corcept received seven years of exclusive marketing rights, as well as tax credits for clinical trial costs, marketing application filing fee waivers, and assistance from the FDA in the drug development process. In 2013, Corcept reported $19.7 million in federal tax credits. Corcept's marketing exclusivity for Korlym ended on February 17, 2019. As of 2018, Korlym is Corcept's only product and treats about 1,000 patients annually in the U.S.
Korlym's active ingredient is mifepristone, also known as RU-486, which is a medication typically used in combination with misoprostol to bring about an abortion.
Developed in France in 1980, mifepristone was approved by the FDA in 2000 for abortion in the U.S. Since then, mifepristone has been marketed by Danco Laboratories, a private pharmaceutical distributor, under the brand name Mifeprex, and is Danco's only product.
In 2018, Kaiser Health News reported that the difference in price between Danco's Mifeprex and Corcept's Korlym "is striking, even though the ingredients are the same: One 200-milligram pill to prompt an abortion costs about $80. In contrast, a 300-milligram pill prescribed for Cushing's runs about $550 before discounts. Patients wanting an abortion take only one pill. People with Cushing's often take up to three pills a day for months or years." While the price of Mifeprex has remained stable, the price for Korlym has increased nearly 150 percent over the past six years, rising to an average yearly cost per patient of $180,000. "We have an expensive drug," said Corcept's CEO Joseph K. Belanoff, MD. "There's no getting around that."
In 2017, Corcept's revenue nearly doubled to $159.2 million, and executives expect to reach $275 million to $300 million in 2018. In January 2018, Corcept's stock price rose 27.4 percent. Executives say revenue from Korlym, which cost about $300 million to develop, has paid for development of new drugs. By December 2016, Corcept had discovered three structurally distinct series of selective cortisol modulators that, unlike mifepristone, do not terminate pregnancy. In March 2018, Corcept reported an encouraging phase II clinical trial update on relacorilant, a possible successor to Korlym that could treat Cushing's syndrome without the side effects of endometrial thickening and vaginal bleeding experienced by some women.
Warning. Since each tablet for oral use contains 300 mg of mifepristone, Korlym should never be taken by women who are pregnant or who might become pregnant. Taking Korlym during pregnancy will result in the loss of a pregnancy.
Oncology
In December 2013, the company announced plans to extend its development program for glucocorticoid receptor (GR) antagonists into oncology, and licensed patent rights from the University of Chicago's Center for Technology Development & Ventures covering the use of GR antagonists in combination with chemotherapy in the treatment of breast cancer.
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CORT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
CORT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
CORT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 3 25.0%
- Buy 7 58.3%
- Hold 1 8.3%
- Sell 0 0.0%
- Strong Sell 1 8.3%
12-Month Price Target
4 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.36 | $0.01 | 0.35% |
| March 31, 2026 | $-0.30 | $-0.10 | -0.20% |
| Dec. 31, 2025 | $0.20 | $0.31 | -0.11% |
| Sept. 30, 2025 | $0.16 | $0.14 | 0.02% |
| June 30, 2025 | $0.29 | $0.19 | 0.10% |
| March 31, 2025 | $0.17 | $0.15 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CORT | $3.69B | 42.4 | 12.8% | 13.1% | 15.5% | — |
| BMY | — | 15.6 | -0.22% | 14.6% | 40.5% | — |
| RPRX | — | 21.7 | 5.1% | 32.4% | 8.0% | — |
| ZTS | $53.46B | 20.9 | 2.3% | 28.2% | 66.0% | — |
| VTRS | — | -4.2 | -3.0% | -24.6% | -23.2% | 35.1% |
| ELAN | $11.25B | -48.1 | 6.2% | -4.9% | -3.5% | 55.0% |
| AXSM | $9.29B | -49.6 | 65.5% | -28.7% | -227.0% | — |
| CRNX | $4.45B | -9.4 | 640.7% | -6046.2% | -43.0% | — |
| LQDA | $3.01B | -43.1 | 1031.2% | -43.5% | -230.0% | — |
| BLTE | — | — | — | — | — | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $761M | $675M | $482M | $402M | $366M | $354M | $306M | $251M | $159M | $81M | $50M | $27M | |
| Cost of Revenue | $13M | $11M | $6M | $5M | $5M | $6M | $6M | $5M | $4M | $2M | $1M | $882.0K | |
| R&D Expense | $255M | $247M | $184M | $131M | $114M | $115M | $89M | $75M | $40M | $24M | $15M | $18M | |
| SG&A Expense | $449M | $280M | $184M | $153M | $122M | $105M | $100M | $81M | $62M | $45M | $37M | $35M | |
| Operating Expenses | $717M | $538M | $375M | $289M | $242M | $226M | $195M | $162M | $106M | $71M | $54M | $54M | |
| Operating Income | $45M | $137M | $107M | $113M | $124M | $128M | $112M | $89M | $53M | $10M | $-3M | $-28M | |
| Other Non-op | $22M | $25M | $17M | $4M | $529.0K | · | · | · | · | · | · | · | |
| Pretax Income | $66M | $161M | $125M | $116M | $125M | $132M | $117M | $92M | $53M | $8M | $-6M | · | |
| Income Tax | $-33M | $20M | $18M | $15M | $12M | $26M | $22M | $17M | $-76M | $0 | $0 | $0 | |
| Net Income | $100M | $141M | $106M | $101M | $113M | $106M | $94M | $75M | $129M | $8M | $-6M | $-31M | |
| EPS (Basic) | $0.95 | $1.35 | $1.02 | $0.95 | $0.97 | $0.92 | $0.82 | $0.65 | $1.14 | $0.07 | $-0.06 | · | |
| EPS (Diluted) | $0.82 | $1.23 | $0.94 | $0.87 | $0.89 | $0.85 | $0.77 | $0.60 | $1.04 | $0.07 | $-0.06 | · | |
| Shares (Basic) | 103,862,000 | 103,232,000 | 103,560,000 | 106,787,000 | 115,653,000 | 115,412,000 | 114,349,000 | 115,343,000 | 113,527,000 | 110,566,000 | 106,883,000 | 100,978,000 | |
| Shares (Diluted) | 119,987,000 | 113,480,000 | 111,742,000 | 115,966,000 | 125,963,000 | 124,194,000 | 122,566,000 | 126,688,000 | 124,515,000 | 116,139,000 | 106,883,000 | 100,978,000 | |
| EBITDA | $46M | $138M | $108M | $113M | $126M | · | $112M | $90M | $53M | $10M | $-3M | $-27M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $120M | $128M | $136M | $66M | $78M | $76M | $31M | $42M | $31M | $52M | $40M | $24M | |
| Short-term Investments | $252M | $256M | $233M | $365M | $146M | $365M | $245M | $165M | $58M | $0 | · | · | |
| Receivables | $60M | $54M | $41M | $31M | $28M | $26M | $20M | $18M | $15M | $10M | $6M | $3M | |
| Inventory | $13M | $12M | $8M | $6M | $5M | $5M | $5M | $5M | $5M | $2M | $2M | $1M | |
| Prepaid Expense | $41M | $22M | $28M | $16M | $10M | $7M | $6M | $8M | $3M | $2M | $642.0K | $1M | |
| Other Current Assets | $7M | $6M | $6M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $485M | $472M | $459M | $499M | $266M | $479M | $307M | $237M | $124M | $66M | $49M | $30M | |
| PP&E (Net) | $2M | $3M | $195.0K | $633.0K | $1M | $2M | $1M | $655.0K | $518.0K | $205.0K | $98.0K | $236.0K | |
| PP&E (Gross) | · | · | · | $4M | $4M | $4M | · | $1M | $907.0K | $657.0K | $463.0K | $525.0K | |
| Accum. Depreciation | · | · | · | $4M | $3M | $2M | · | $625.0K | $389.0K | $452.0K | $365.0K | $289.0K | |
| Other Non-current Assets | $5M | $7M | $7M | $5M | $3M | $5M | $3M | $50.0K | $50.0K | $24.0K | $24.0K | $74.0K | |
| Total Assets | $837M | $841M | $622M | $583M | $424M | $572M | $412M | $312M | $221M | $69M | $52M | $35M | |
| Accounts Payable | $40M | $15M | $17M | $12M | $7M | $11M | $8M | $8M | $9M | $2M | $1M | $2M | |
| Accrued Liabilities | $91M | $91M | $52M | $31M | $28M | $21M | $23M | $24M | $19M | $9M | $3M | $2M | |
| Current Liabilities | $166M | $141M | $105M | $72M | $48M | $47M | $39M | $36M | $30M | $27M | $21M | $14M | |
| Capital Leases | $5M | $6M | $0 | · | $0 | $501.0K | $2M | · | · | · | · | · | |
| Total Liabilities | $189M | $161M | $115M | $82M | $48M | $48M | $41M | $36M | $30M | · | · | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | $0 | $15M | $27M | $34M | |
| Total Debt | · | · | · | · | · | · | · | · | $0 | $15M | $28M | $34M | |
| Common Stock | $140.0K | $136.0K | $133.0K | $131.0K | $127.0K | $122.0K | $120.0K | $117.0K | $115.0K | $113.0K | $110.0K | $101.0K | |
| Paid-in Capital | · | $832M | $739M | $662M | $591M | $516M | $457M | $417M | $384M | $364M | $349M | $321M | |
| Retained Earnings | $643M | $544M | $403M | $296M | $195M | $82M | $-24M | $-118M | $-193M | $-322M | $-330M | $-324M | |
| Treasury Stock | $967M | $696M | $635M | $456M | $410M | $76M | $63M | $24M | $0 | · | · | · | |
| AOCI | $2M | $-217.0K | $609.0K | $-869.0K | $-227.0K | $415.0K | $261.0K | $-70.0K | $-75.0K | $0 | · | · | |
| Stockholders' Equity | $648M | $680M | $507M | $502M | $376M | $523M | $371M | $276M | $191M | $41M | $18M | $-3M | |
| Liabilities + Equity | $837M | $841M | $622M | $583M | $424M | $572M | $412M | $312M | $221M | $69M | $52M | $35M | |
| Shares Outstanding | 105,966,000 | 105,113,000 | 103,405,000 | 107,835,000 | 105,940,000 | 116,735,000 | 114,549,000 | 115,031,000 | 114,717,000 | 112,710,000 | 109,642,000 | 101,395,000 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $795.0K | $1M | $1M | $1M | $525.0K | $703.0K | $236.0K | $106.0K | $87.0K | $155.0K | $141.0K | |
| Stock-based Comp | $84M | $61M | $49M | $42M | $43M | $34M | $29M | $24M | $13M | $7M | $6M | $5M | |
| Deferred Tax | $-38M | $-40M | $-29M | $-34M | $4M | $14M | $17M | $14M | $-77M | $0 | $0 | · | |
| Amort. of Intangibles | · | · | $465.0K | $477.0K | $409.0K | · | · | · | · | · | · | · | |
| Other Non-cash | $-6M | $35M | $875.0K | $10M | $7M | · | $-5M | $2M | $-5M | $3M | $3M | $-1M | |
| Operating Cash Flow | $142M | $198M | $127M | $120M | $168M | $152M | $136M | $116M | $61M | $18M | $3M | $-27M | |
| CapEx | $211.0K | $2M | $139.0K | $413.0K | $469.0K | $1M | $1M | $298.0K | $419.0K | $194.0K | $17.0K | $174.0K | |
| Investing Cash Flow | $70M | $-178M | $91M | $-114M | $136M | $-119M | $-118M | $-91M | $-73M | $-194.0K | · | · | |
| Net Debt Issued | · | · | · | · | · | · | $0 | $0 | $-15M | $-15M | $-9M | $-5M | |
| Stock Repurchased | $173M | $16M | $0 | $0 | · | $10M | $31M | $24M | $0 | $0 | · | · | |
| Net Stock Activity | $-173M | $-16M | · | · | · | · | $-31M | $-24M | · | · | · | · | |
| Financing Cash Flow | $-220M | $-28M | $-149M | $-17M | $-303M | $12M | $-29M | $-14M | $-8M | $-7M | · | · | |
| Net Change in Cash | $-7M | $-8M | $69M | $-11M | $1M | $45M | $-10M | $11M | $-20M | $11M | $16M | $-31M | |
| Taxes Paid | $13M | $60M | $48M | $40M | $9M | $11M | · | · | · | · | · | · | |
| Free Cash Flow | $142M | $196M | $127M | $120M | $167M | · | $135M | $115M | $61M | $18M | $3M | $-28M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 5.9% | 20.3% | 22.2% | 28.0% | 34.0% | · | 36.4% | 35.6% | 33.2% | 12.5% | -6.9% | -104.0% | |
| Net Margin | 13.1% | 20.9% | 22.0% | 25.2% | 30.7% | · | 30.7% | 30.0% | 81.1% | 10.0% | -12.7% | -118.2% | |
| Pretax Margin | 8.7% | 23.9% | 25.8% | 28.9% | 34.2% | · | 38.1% | 36.7% | 33.2% | · | · | · | |
| EBITDA Margin | 6.0% | 20.4% | 22.4% | 28.2% | 34.3% | · | 36.6% | 35.7% | 33.3% | 12.6% | -6.5% | -103.5% | |
| ROA | 11.9% | 19.3% | 17.6% | 20.1% | 22.6% | · | 26.0% | 28.3% | 89.3% | 13.5% | -14.8% | -64.2% | |
| ROE | 15.5% | 21.4% | 21.9% | 20.8% | 24.6% | · | 26.7% | 28.2% | 111.1% | 27.2% | -84.8% | -356.0% | |
| ROIC | 10.4% | 17.6% | 18.0% | 19.6% | 29.8% | · | 24.3% | 26.6% | 67.7% | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 3.4 | 4.4 | 6.9 | 5.6 | · | 7.9 | 6.7 | 4.2 | 2.4 | 2.3 | 2.2 | |
| Quick Ratio | 2.6 | 3.1 | 3.9 | 1.3 | 2.2 | · | 1.3 | 1.7 | 3.5 | 2.2 | 2.2 | 2.0 | |
| Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.4 | 1.5 | -10.0 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | 0.0 | 0.0 | 0.7 | -7.2 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.9 | 0.8 | 0.8 | 0.7 | · | 0.8 | 0.9 | 1.1 | 1.3 | 1.2 | 0.5 | |
| Inventory Turnover | 1.0 | 1.1 | 0.9 | 1.0 | 1.1 | · | 1.1 | 1.1 | 1.0 | 1.0 | 0.9 | 0.8 | |
| Receivables Turnover | 13.4 | 14.2 | 13.4 | 13.7 | 13.6 | · | 16.3 | 15.3 | 12.7 | 10.1 | 10.5 | 11.2 |
Growth Rates 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 12.8% | 39.9% | 20.0% | 9.8% | 3.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 23.7% | 22.6% | 10.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -33.3% | 30.9% | 8.1% | -2.2% | 4.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -1.9% | 11.4% | 3.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -0.72% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -29.4% | 33.0% | 4.7% | -9.9% | 6.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -0.58% | 7.9% | 0.04% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -1.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $761M | $675M | $482M | $402M | $366M | $354M | $306M | $251M | $159M | $81M | $50M | $27M | |
| Net Income TTM | $100M | $141M | $106M | $101M | $113M | $106M | $94M | $75M | $129M | $8M | $-6M | $-31M | |
| Market Cap | $3.69B | $5.30B | $3.36B | $2.19B | $2.10B | · | $1.39B | $1.54B | $2.07B | $818M | $546M | $304M | |
| Enterprise Value | · | · | · | · | · | · | · | · | $1.98B | $781M | $533M | $314M | |
| P/E | 42.4 | 41.0 | 34.6 | 23.3 | 22.2 | 30.8 | 15.7 | 22.3 | 17.4 | 103.7 | -83.0 | · | |
| P/S | 4.8 | 7.8 | 7.0 | 5.5 | 5.7 | · | 4.5 | 6.1 | 13.0 | 10.1 | 10.9 | 11.5 | |
| P/B | 5.7 | 7.8 | 6.6 | 4.4 | 5.6 | · | 3.7 | 5.6 | 10.8 | 19.8 | 29.5 | -89.8 | |
| P / Tangible Book | 5.7 | 7.8 | 6.6 | 4.4 | 5.6 | 5.8 | · | · | · | · | · | · | |
| P / Cash Flow | 26.0 | 26.7 | 26.4 | 18.2 | 12.5 | · | 10.2 | 13.3 | 34.0 | 44.5 | 174.4 | -11.1 | |
| P / FCF | 26.0 | 27.0 | 26.5 | 18.3 | 12.5 | · | 10.3 | 13.3 | 34.2 | 45.0 | 175.4 | -11.0 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | 37.4 | 76.1 | -162.1 | -11.4 | |
| EV / FCF | · | · | · | · | · | · | · | · | 32.8 | 42.9 | 171.3 | -11.4 | |
| EV / Revenue | · | · | · | · | · | · | · | · | 12.5 | 9.6 | 10.6 | 11.8 | |
| Earnings Yield | 2.4% | 2.4% | 2.9% | 4.3% | 4.5% | 3.2% | 6.4% | 4.5% | 5.8% | 0.96% | -1.2% | · |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $256M | $165M | $202M | $208M | $194M | $157M | $182M | $183M | $164M | $147M | $135M | $124M | $118M | $106M | $103M | $102M | |
| Cost of Revenue | $4M | $3M | $3M | $5M | $3M | $2M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $1M | $1M | |
| R&D Expense | $54M | $66M | $65M | $69M | $60M | $61M | $70M | $59M | $59M | $59M | $55M | $46M | $43M | $41M | $37M | $33M | |
| SG&A Expense | $157M | $145M | $130M | $124M | $104M | $91M | $83M | $74M | $67M | $56M | $47M | $45M | $43M | $49M | $42M | $35M | |
| Operating Expenses | $215M | $215M | $198M | $197M | $168M | $154M | $157M | $136M | $128M | $117M | $104M | $92M | $88M | $91M | $81M | $70M | |
| Operating Income | $41M | $-50M | $4M | $10M | $27M | $3M | $25M | $47M | $36M | $30M | $32M | $31M | $30M | $15M | $22M | $32M | |
| Other Non-op | $5M | $5M | $5M | $5M | $5M | $6M | $7M | $6M | $6M | $5M | $5M | $5M | $3M | $4M | $2M | $1M | |
| Pretax Income | $46M | $-45M | $10M | $15M | $32M | $10M | $32M | $53M | $42M | $35M | $37M | $36M | $33M | $18M | $24M | $33M | |
| Income Tax | $3M | $-13M | $-14M | $-4M | $-3M | $-11M | $1M | $6M | $6M | $7M | $5M | $5M | $5M | $3M | $8M | $-2M | |
| Net Income | $43M | $-32M | $24M | $20M | $35M | $21M | $31M | $47M | $35M | $28M | $31M | $31M | $28M | $16M | $17M | $35M | |
| EPS (Basic) | $0.40 | $-0.30 | $0.24 | $0.19 | $0.33 | $0.19 | $0.29 | $0.45 | $0.34 | $0.27 | $0.29 | $0.31 | $0.27 | $0.15 | $0.15 | $0.32 | |
| EPS (Diluted) | $0.36 | $-0.30 | $0.20 | $0.16 | $0.29 | $0.17 | $0.25 | $0.41 | $0.32 | $0.25 | $0.27 | $0.28 | $0.25 | $0.14 | $0.13 | $0.30 | |
| Shares (Basic) | 105,377,000 | 104,435,000 | -207,900,000 | 103,545,000 | 104,111,000 | 104,106,000 | -206,048,000 | 103,371,000 | 103,118,000 | 102,791,000 | -208,303,000 | 102,014,000 | 101,964,000 | 107,885,000 | -212,639,000 | 107,125,000 | |
| Shares (Diluted) | 118,385,000 | 104,435,000 | -239,756,000 | 119,439,000 | 120,485,000 | 119,819,000 | -221,402,000 | 113,723,000 | 111,244,000 | 109,915,000 | -224,372,000 | 111,099,000 | 109,590,000 | 115,425,000 | -231,090,000 | 116,620,000 | |
| EBITDA | $41M | $-49M | · | $10M | $27M | $4M | · | $47M | $36M | $30M | · | $31M | $30M | $15M | · | $32M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $111M | $109M | $120M | $125M | $103M | $90M | $128M | $137M | $129M | $150M | · | $112M | $172M | $300M | · | · | |
| Short-term Investments | $197M | $229M | $252M | $297M | $239M | $233M | $256M | $243M | $345M | $261M | · | $243M | $191M | $165M | · | $346M | |
| Receivables | $77M | $39M | $60M | $70M | $65M | $62M | $54M | $60M | $54M | $62M | · | $35M | $33M | $33M | · | $29M | |
| Inventory | $13M | $13M | $13M | $12M | $12M | $14M | $12M | $8M | $8M | $7M | · | $8M | $7M | $6M | · | $6M | |
| Prepaid Expense | $41M | $36M | $41M | $37M | $24M | $40M | $22M | $19M | $26M | $24M | · | $20M | $16M | $16M | · | $21M | |
| Other Current Assets | $8M | $6M | $7M | $6M | $7M | $25M | $6M | $5M | $9M | $18M | · | · | · | · | · | · | |
| Current Assets | $440M | $426M | $485M | $541M | $443M | $439M | $472M | $467M | $561M | $503M | · | $432M | $433M | $534M | · | $452M | |
| PP&E (Net) | $5M | $3M | $2M | $2M | $2M | $3M | $3M | $3M | $1M | $127.0K | · | $302.0K | $413.0K | $461.0K | · | $801.0K | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | $4M | $4M | · | $4M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | $4M | $4M | · | $4M | |
| Other Non-current Assets | $3M | $5M | $5M | $8M | $8M | $7M | $7M | $7M | $7M | $6M | · | $7M | $4M | $5M | · | $5M | |
| Total Assets | $889M | $815M | $837M | $824M | $802M | $846M | $841M | $784M | $715M | $656M | · | $594M | $525M | $618M | · | $533M | |
| Accounts Payable | $15M | $33M | $40M | $34M | $24M | $28M | $15M | $19M | $19M | $13M | · | $17M | $8M | $11M | · | $8M | |
| Accrued Liabilities | $115M | $80M | $91M | $108M | $91M | $89M | $91M | $79M | $59M | $60M | · | $70M | $52M | $39M | · | $29M | |
| Current Liabilities | $154M | $149M | $166M | $172M | $145M | $143M | $141M | $126M | $101M | $97M | · | $122M | $93M | $79M | · | $53M | |
| Capital Leases | $8M | $8M | $5M | $5M | $6M | $6M | $6M | $6M | $6M | · | · | · | · | · | · | · | |
| Total Liabilities | $183M | $177M | $189M | $192M | $166M | $163M | $161M | $145M | $118M | $108M | · | $132M | $103M | $88M | · | $60M | |
| Common Stock | $142.0K | · | $140.0K | $139.0K | $138.0K | · | $136.0K | $135.0K | $134.0K | · | · | $133.0K | $132.0K | $131.0K | · | $130.0K | |
| Retained Earnings | $655M | $612M | $643M | $619M | $599M | $564M | $544M | $513M | $466M | $430M | · | $371M | $340M | $312M | · | $280M | |
| Treasury Stock | $998M | $977M | $967M | $923M | $867M | $745M | $696M | $682M | $651M | $641M | · | $632M | $614M | $463M | · | $453M | |
| AOCI | $436.0K | $918.0K | $2M | $2M | $2M | $692.0K | $-217.0K | $2M | $84.0K | $258.0K | · | $-234.0K | $45.0K | $-153.0K | · | $-2M | |
| Stockholders' Equity | $706M | $638M | $648M | $632M | $636M | $683M | $680M | $639M | $596M | $548M | $507M | $462M | $422M | $530M | $502M | $473M | |
| Liabilities + Equity | $889M | $815M | $837M | $824M | $802M | $846M | $841M | $784M | $715M | $656M | · | $594M | $525M | $618M | · | $533M | |
| Shares Outstanding | 107,921,000 | 107,328,000 | 105,966,000 | 105,124,000 | 105,288,000 | 105,984,000 | 105,113,000 | 104,703,000 | 104,398,000 | 104,028,000 | 103,405,000 | 102,996,000 | 102,512,000 | 108,156,000 | 107,835,000 | · |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $863.0K | $598.0K | $289.0K | $289.0K | $286.0K | $462.0K | $281.0K | $318.0K | $128.0K | $120.0K | $214.0K | $470.0K | $424.0K | $172.0K | $660.0K | $-1M | |
| Stock-based Comp | $29M | $23M | $21M | $23M | $19M | $22M | $17M | $16M | $15M | $13M | $13M | $13M | $12M | $11M | $11M | $11M | |
| Deferred Tax | $3M | $-13M | $-15M | $9M | $-18M | $-14M | $-4M | $-15M | $-14M | $-7M | $-4M | $-9M | $-10M | $-7M | $-4M | $-30M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | $52.0K | · | · | · | $119.0K | · | · | |
| Other Non-cash | · | $4M | · | · | · | $-24M | · | · | · | $-10M | · | · | · | $5M | · | · | |
| Operating Cash Flow | $34M | $-17M | $38M | $54M | $44M | $5M | $60M | $73M | $41M | $24M | $6M | $53M | $42M | $26M | $33M | $34M | |
| CapEx | $3M | $201.0K | $50.0K | $0 | $57.0K | $104.0K | $121.0K | $2M | $416.0K | $0 | $0 | $37.0K | $102.0K | $0 | $31.0K | $351.0K | |
| Investing Cash Flow | $-29M | $5M | $-12M | $15M | $70M | $-3M | $-64M | $-44M | $-60M | $-9M | $17M | $-110M | $-24M | $207M | $-17M | $-5M | |
| Stock Repurchased | $0 | $0 | $0 | $42M | $103M | $27M | $0 | $12M | $3M | $476.0K | $0 | $-145M | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $0 | · | · | · | $-27M | · | · | · | $-476.0K | · | · | · | · | · | · | |
| Financing Cash Flow | $-2M | $760.0K | $-31M | $-46M | $-103M | $-40M | $-5M | $-21M | $-2M | $-543.0K | $766.0K | $-4M | $-146M | $181.0K | $-61.0K | $-14M | |
| Net Change in Cash | $2M | $-12M | $-5M | $22M | $13M | $-38M | $-10M | $9M | $-21M | $14M | $24M | $-61M | $-128M | $234M | $16M | $15M | |
| Free Cash Flow | · | $-17M | · | · | · | $5M | · | · | · | · | · | · | · | $26M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 16.1% | -30.1% | · | 4.9% | 13.7% | 2.2% | · | 25.5% | 21.7% | 20.1% | · | 25.2% | 25.1% | 14.1% | · | 31.4% | |
| Net Margin | 16.8% | -19.3% | · | 9.5% | 18.1% | 13.1% | · | 25.9% | 21.7% | 18.9% | · | 25.4% | 23.4% | 15.0% | · | 34.0% | |
| Pretax Margin | 17.9% | -27.1% | · | 7.3% | 16.3% | 6.1% | · | 29.0% | 25.4% | 23.8% | · | 29.4% | 28.0% | 17.4% | · | 32.4% | |
| EBITDA Margin | 16.1% | -29.7% | · | 4.9% | 13.7% | 2.4% | · | 25.5% | 21.7% | 20.1% | · | 25.2% | 25.1% | 14.2% | · | 31.4% | |
| ROA | 5.1% | -3.8% | · | 2.5% | 4.6% | 2.7% | · | 6.9% | 5.7% | 4.4% | · | 5.6% | 5.4% | 2.9% | · | 6.2% | |
| ROE | 6.4% | -4.8% | · | 3.1% | 5.7% | 3.3% | · | 8.6% | 7.0% | 5.1% | · | 6.7% | 6.4% | 3.4% | · | 6.8% | |
| ROIC | 5.5% | -5.5% | · | 2.1% | 4.7% | 1.1% | · | 6.5% | 5.1% | 4.3% | · | 5.8% | 5.9% | 2.4% | · | 7.1% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 2.9 | · | 3.1 | 3.1 | 3.1 | · | 3.7 | 5.6 | 5.2 | · | 3.5 | 4.6 | 6.8 | · | 8.5 | |
| Quick Ratio | 2.5 | 2.5 | · | 2.9 | 2.8 | 2.7 | · | 3.5 | 5.2 | 4.9 | · | 3.2 | 4.3 | 6.3 | · | 7.1 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.3 | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.3 | 0.2 | · | 0.5 | 0.3 | 0.2 | · | 0.4 | 0.3 | 0.4 | · | 0.2 | 0.3 | 0.2 | · | 0.2 | |
| Receivables Turnover | 3.6 | 3.3 | · | 3.2 | 3.3 | 2.5 | · | 3.9 | 3.8 | 3.1 | · | 3.9 | 3.9 | 3.5 | · | 3.6 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $823M | $724M | · | $742M | $698M | $650M | · | $617M | $552M | $494M | · | $449M | $428M | $404M | · | $395M | |
| Net Income TTM | $66M | $44M | · | $123M | $138M | $131M | · | $142M | $122M | $103M | · | $109M | $105M | $101M | · | $115M | |
| Market Cap | $9.38B | $4.33B | · | $8.74B | $7.73B | $12.11B | · | $4.85B | $3.39B | $2.62B | · | $2.81B | $2.28B | $2.34B | · | · | |
| P/E | 170.5 | 126.0 | · | 80.7 | 61.7 | 99.3 | · | 36.7 | 29.5 | 27.4 | · | 28.1 | 23.9 | 24.6 | · | 26.2 | |
| P/S | 11.4 | 6.0 | · | 11.8 | 11.1 | 18.6 | · | 7.9 | 6.1 | 5.3 | · | 6.3 | 5.3 | 5.8 | · | · | |
| P/B | 13.3 | 6.8 | · | 13.8 | 12.2 | 17.7 | · | 7.6 | 5.7 | 4.8 | · | 6.1 | 5.4 | 4.4 | · | · | |
| P / Tangible Book | 13.3 | 6.8 | · | 13.8 | 12.2 | 17.7 | · | 7.6 | 5.7 | 4.8 | · | 6.1 | 5.4 | 4.4 | · | · | |
| P / Cash Flow | · | -258.0 | · | · | · | 2360.7 | · | · | · | 110.3 | · | · | · | 90.3 | · | · | |
| P / FCF | · | -254.9 | · | · | · | 2409.5 | · | · | · | · | · | · | · | 90.3 | · | · | |
| Earnings Yield | 0.59% | 0.79% | · | 1.2% | 1.6% | 1.0% | · | 2.7% | 3.4% | 3.6% | · | 3.6% | 4.2% | 4.1% | · | 3.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $761M | $675M | $482M | $402M | $366M |
| Operating Margin % | 5.9% | 20.3% | 22.2% | 28.0% | 34.0% |
| Net Income | $100M | $141M | $106M | $101M | $113M |
| Diluted EPS | $0.82 | $1.23 | $0.94 | $0.87 | $0.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.9 | 3.4 | 4.4 | 6.9 | 5.6 |
| Quick Ratio | 2.6 | 3.1 | 3.9 | 1.3 | 2.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $142M | $196M | $127M | $120M | $167M |
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Institutional owners (13F) 474 filers · $4.5B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 139 (+70 vs prior Q) | 45 (-53 vs prior Q) | 137 (+20 vs prior Q) | 116 (-7 vs prior Q) | +7.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RENAISSANCE TECHNOLOGIES LLC | $457,498,555 | 5,261,628 | 10.13% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $438,631,274 | 5,044,638 | 9.72% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $362,797,310 | 4,172,482 | 8.04% | Shares |
| Parallel Advisors, LLC | $344,511,290 | 3,962,177 | 7.63% | Shares |
| STATE STREET CORP | $285,150,433 | 3,279,381 | 6.32% | Shares |
| FMR LLC | $235,475,034 | 2,708,166 | 5.22% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $198,853,844 | 2,286,536 | 4.41% | Shares |
| FIRST TRUST ADVISORS LP | $159,078,937 | 1,829,545 | 3.52% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $130,425,000 | 1,500,000 | 2.89% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $109,056,646 | 1,254,246 | 2.42% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $100,651,581 | 1,157,580 | 2.23% | Shares |
| D. E. Shaw & Co., Inc. | $76,052,730 | 874,672 | 1.68% | Shares |
| MPM BIOIMPACT LLC | $67,040,885 | 771,028 | 1.49% | Shares |
| EMERALD ADVISERS, LLC | $65,066,859 | 748,325 | 1.44% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $61,743,697 | 710,106 | 1.37% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $60,476,507 | 695,532 | 1.34% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $53,394,082 | 614,078 | 1.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $53,046,282 | 610,078 | 1.18% | Shares |
| Caption Management, LLC | $45,214,000 | 520,000 | 1.00% | Call option |
| NORGES BANK | $42,349,432 | 487,055 | 0.94% | Shares |
| Allspring Global Investments Holdings, LLC | $42,241,679 | 477,415 | 0.94% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $40,423,229 | 464,902 | 0.90% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $39,974,567 | 459,742 | 0.89% | Shares |
| PERCEPTIVE ADVISORS LLC | $34,639,576 | 398,385 | 0.77% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $30,936,810 | 355,800 | 0.69% | Call option |
| Boxer Capital Management, LLC | $29,171,725 | 335,500 | 0.65% | Shares |
| Public Sector Pension Investment Board | $28,539,077 | 328,224 | 0.63% | Shares |
| FAS Wealth Partners, Inc. | $28,247,969 | 324,876 | 0.63% | Shares |
| GOLDMAN SACHS GROUP INC | $24,224,009 | 278,597 | 0.54% | Shares |
| BANK OF AMERICA CORP /DE/ | $22,582,654 | 259,720 | 0.50% | Shares |
| CITADEL ADVISORS LLC | $22,407,015 | 257,700 | 0.50% | Call option |
| Boston Trust Walden Corp | $21,568,295 | 248,054 | 0.48% | Shares |
| Susquehanna Portfolio Strategies, LLC | $18,347,928 | 211,017 | 0.41% | Shares |
| DIADEMA PARTNERS LP | $17,937,785 | 206,300 | 0.40% | Call option |
| KENNEDY CAPITAL MANAGEMENT LLC | $17,562,074 | 201,979 | 0.39% | Shares |
| AMERIPRISE FINANCIAL INC | $17,482,081 | 201,059 | 0.39% | Shares |
| Swiss National Bank | $16,708,747 | 192,165 | 0.37% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $16,616,232 | 191,101 | 0.37% | Shares |
| RHUMBLINE ADVISERS | $16,326,736 | 187,772 | 0.36% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $16,018,885 | 184,231 | 0.35% | Shares |
| Granite Investment Partners, LLC | $14,975,225 | 172,228 | 0.33% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $13,625,065 | 156,700 | 0.30% | Put option |
| MILLENNIUM MANAGEMENT LLC | $13,265,701 | 152,567 | 0.29% | Shares |
| Legal & General Group Plc | $12,979,635 | 149,277 | 0.29% | Shares |
| LPL Financial LLC | $12,119,874 | 139,389 | 0.27% | Shares |
| Propel Bio Management, LLC | $11,868,588 | 136,499 | 0.26% | Shares |
| FRANKLIN RESOURCES INC | $11,739,293 | 135,012 | 0.26% | Shares |
| ROYCE & ASSOCIATES LP | $11,590,435 | 133,300 | 0.26% | Shares |
| BlackRock, Inc. | $10,861,446 | 124,916 | 0.24% | Shares |
| BARCLAYS PLC | $10,434,870 | 120,010 | 0.23% | Shares |
| Alberta Investment Management Corp | $9,842,740 | 113,200 | 0.22% | Shares |
| NATIXIS | $9,556,240 | 109,905 | 0.21% | Shares |
| JANE STREET GROUP, LLC | $9,529,720 | 109,600 | 0.21% | Call option |
| CITADEL ADVISORS LLC | $9,486,680 | 109,105 | 0.21% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $8,940,421 | 102,823 | 0.20% | Shares |
| Walleye Capital LLC | $8,681,697 | 99,847 | 0.19% | Shares |
| PRUDENTIAL FINANCIAL INC | $8,674,219 | 99,761 | 0.19% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $8,590,921 | 98,803 | 0.19% | Shares |
| O'Neil Global Advisors, Inc. | $8,550,141 | 98,334 | 0.19% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $8,165,475 | 93,910 | 0.18% | Shares |
| IEQ CAPITAL, LLC | $8,033,659 | 92,394 | 0.18% | Shares |
| Voleon Capital Management LP | $7,992,966 | 91,926 | 0.18% | Shares |
| Lisanti Capital Growth, LLC | $7,965,490 | 91,610 | 0.18% | Shares |
| Executive Wealth Management, LLC | $7,880,694 | 156,394 | 0.17% | Shares |
| F/m Investments LLC | $7,655,252 | 88,042 | 0.17% | Shares |
| BROWN CAPITAL MANAGEMENT LLC | $7,307,365 | 84,041 | 0.16% | Shares |
| UBS Group AG | $7,284,236 | 83,775 | 0.16% | Shares |
| KORNITZER CAPITAL MANAGEMENT INC /KS | $7,226,414 | 83,110 | 0.16% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $7,092,425 | 81,569 | 0.16% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $6,662,590 | 76,626 | 0.15% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $6,648,944 | 76,278 | 0.15% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $6,366,653 | 73,222 | 0.14% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $6,277,790 | 72,200 | 0.14% | Shares |
| Rock Springs Capital Management LP | $6,260,400 | 72,000 | 0.14% | Shares |
| Man Group plc | $6,216,142 | 71,491 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,059,024 | 69,684 | 0.13% | Shares |
| Stanley-Laman Group, Ltd. | $5,929,642 | 68,196 | 0.13% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $5,614,275 | 64,569 | 0.12% | Shares |
| MILLENNIUM MANAGEMENT LLC | $5,530,020 | 63,600 | 0.12% | Call option |
| Gotham Asset Management, LLC | $5,232,738 | 60,181 | 0.12% | Shares |
| CITADEL ADVISORS LLC | $5,121,355 | 58,900 | 0.11% | Put option |
| Bridgewater Associates, LP | $5,008,494 | 57,602 | 0.11% | Shares |
| Birchview Capital, LP | $4,973,540 | 57,200 | 0.11% | Shares |
| S&T Bank/PA | $4,830,333 | 55,553 | 0.11% | Shares |
| Trexquant Investment LP | $4,727,993 | 54,376 | 0.10% | Shares |
| STIFEL FINANCIAL CORP | $4,709,323 | 54,161 | 0.10% | Shares |
| VAN ECK ASSOCIATES CORP | $4,708,690 | 54,154 | 0.10% | Shares |
| Bridge City Capital, LLC | $4,679,910 | 53,823 | 0.10% | Shares |
| FIFTH THIRD BANCORP | $4,513,940 | 51,914 | 0.10% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $4,467,517 | 110,829 | 0.10% | Shares |
| Squarepoint Ops LLC | $4,417,060 | 50,800 | 0.10% | Put option |
| MORGAN STANLEY | $4,198,989 | 48,292 | 0.09% | Shares |
| Caption Management, LLC | $4,173,600 | 48,000 | 0.09% | Put option |
| CITIGROUP INC | $4,164,905 | 47,900 | 0.09% | Call option |
| CITIGROUP INC | $4,164,905 | 47,900 | 0.09% | Put option |
| VICTORY CAPITAL MANAGEMENT INC | $3,912,664 | 44,999 | 0.09% | Shares |
| Police & Firemen's Retirement System of New Jersey | $3,769,630 | 43,354 | 0.08% | Shares |
| Louisiana State Employees Retirement System | $3,643,205 | 41,900 | 0.08% | Shares |
| Quantinno Capital Management LP | $3,611,642 | 41,537 | 0.08% | Shares |
| Allianz Asset Management GmbH | $3,593,717 | 89,152 | 0.08% | Shares |
Company insiders 46 insiders · 12 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joseph K Belanoff | Chief Executive Officer | June 1, 2026 S | 2,565,489 | 0 | 13 | $-16,609,302 |
| Atabak Mokari | Chief Financial Officer | July 30, 2026 M | 16,130 | 0 | 22 | $-18,731,497 |
| Caroline M Loewy | Chief Financial Officer | Nov. 28, 2008 A | — | 0 | 0 | $0 |
| Fred Kurland | Chief Financial Officer | Dec. 20, 2005 P | 7,500 | 0 | 0 | $0 |
| Sean Maduck | President, Corcept Endocrinology The power of attorney under which this form was signed is on file with the Commission. | Aug. 14, 2026 M | 9,755 | 0 | 17 | $-17,930,748 |
| Robert L Roe | President and Secretary | Jan. 30, 2013 A | 0 | 0 | 0 | $0 |
| Gary Charles Robb | Chief Business Officer | Aug. 17, 2026 S | 39,716 | 0 | 2 | $-1,328,374 |
| Hazel Hunt | Chief Scientific Officer | Feb. 27, 2026 A | 255,437 | 0 | 0 | $0 |
| Andreas Grauer | Chief Medical Officer | Feb. 5, 2021 A | — | 0 | 0 | $0 |
| Robert S Fishman | Chief Medical Officer | Nov. 7, 2018 M | 0 | 0 | 0 | $0 |
| Steven Lo | VP Commercial Operations | Oct. 26, 2015 M | 12,500 | 0 | 0 | $0 |
| Anne M Ledoux | VP & Controller | Sept. 28, 2015 M | 50,000 | 0 | 0 | $0 |
| James N Wilson | Director | Aug. 14, 2026 S | 1,074,543 | 0 | 9 | $-2,829,267 |
| David L Mahoney | Director | June 17, 2026 S | 26,147 | 0 | 1 | $-1,690,600 |
| Joshua M. Murray | Director | May 21, 2026 A | — | 0 | 0 | $0 |
| Kimberly Park | Director | May 21, 2026 A | — | 0 | 0 | $0 |
| Gregg H Alton | Director | May 21, 2026 A | — | 0 | 0 | $0 |
| Daniel N Swisher JR | Director | May 21, 2026 A | 0 | 0 | 2 | $-351,978 |
| Leonard G Baker JR | Director | May 21, 2026 A | 1,146,631 | 2 | 0 | $3,313,562 |
| Gillian Cannon | Director | Sept. 10, 2025 G | 0 | 0 | 0 | $0 |
| Daniel Bradbury | Director | Feb. 7, 2019 G | 130,575 | 0 | 0 | $0 |
| Renee D Gala | Director | Aug. 20, 2018 A | 10,000 | 0 | 0 | $0 |
| Patrick G. Enright | Director | March 16, 2017 S | 114,675 | 0 | 0 | $0 |
| Joseph L Turner | Director | June 18, 2015 A | 10,000 | 0 | 0 | $0 |
| COOK JOSEPH C JR | Director | June 18, 2015 A | 2,243,723 | 0 | 0 | $0 |
| James A Harper | Director | June 23, 2010 A | 57,900 | 0 | 0 | $0 |
| Paperboy Ventures, LLC | Director | May 7, 2009 S | 209,694 | 0 | 0 | $0 |
| Allen Andersson | Director | Jan. 16, 2009 S | 97,143 | 0 | 0 | $0 |
| Alix Marduel | Director | March 25, 2008 P | 166,491 | 0 | 0 | $0 |
| Alan F Schatzberg | Director | March 30, 2007 P | 2,438,749 | 0 | 0 | $0 |
| David B. Singer | Director | Dec. 31, 2004 S | 731,667 | 0 | 0 | $0 |
| Bakker Juliet Tammenoms | 10% owner | Dec. 15, 2016 G | 133,539 | 0 | 0 | $0 |
| William H Younger JR | 10% owner | Aug. 14, 2012 J | 123,384 | 0 | 0 | $0 |
| David E Sweet | 10% owner | March 29, 2012 X | 32,096 | 0 | 0 | $0 |
| Jeffrey W Bird | 10% owner | March 29, 2012 X | 242,210 | 0 | 0 | $0 |
| Andrew T Sheehan | 10% owner | March 29, 2012 X | 40,079 | 0 | 0 | $0 |
| James N White | 10% owner | March 29, 2012 X | 247,695 | 0 | 0 | $0 |
| James C Gaither | 10% owner | March 29, 2012 X | 27,052 | 0 | 0 | $0 |
| Tench Coxe | 10% owner | March 29, 2012 X | 880,564 | 0 | 0 | $0 |
| David L Anderson | 10% owner | March 29, 2012 X | 267,288 | 0 | 0 | $0 |
| Michael L Speiser | 10% owner | Oct. 21, 2011 J | 12,692 | 0 | 0 | $0 |
| Gregory P Sands | 10% owner | Oct. 21, 2011 J | 157,108 | 0 | 0 | $0 |
| Edward Penhoet | 10% owner | April 5, 2010 M | 180,204 | 0 | 0 | $0 |
| SUTTER HILL VENTURES | 10% owner | Nov. 11, 2008 J | 3,836,832 | 0 | 0 | $0 |
| William Guyer | — | Aug. 10, 2026 M | 3,985 | 0 | 22 | $-16,684,558 |
| Joseph Douglas Lyon | — | Aug. 3, 2026 S | 5,495 | 0 | 9 | $-2,041,721 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 8 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Longitude Capital Partners, LLC, Longitude Venture Partners, L.P., Longitude Capital Associates, L.P., Juliet Tammenoms Bakker, Patrick G. Enright ×6 filings | June 13, 2017 | — | Initial filing | — | SEC |
| JOSEPH C. COOK, JR. ×2 filings | Feb. 15, 2011 | — | Initial filing | — | SEC |
| Longitude Capital Partners, LLC (2), Longitude Venture Partners, L.P. (2), Longitude Capital Associates, L.P. (2), Patrick G. Enright (2), Juliet Tammenoms Bakker (2) ×3 filings | Feb. 11, 2011 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 26, 2009 | — | Initial filing | Passive investment | SEC |
| Allen Andersson ×6 filings | March 11, 2009 | — | Initial filing | — | SEC |
| Paperboy Ventures, LLC ×6 filings | March 11, 2009 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 7, 2008 | — | Initial filing | Passive investment | SEC |
| SS or | Aug. 27, 2007 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 81 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PSCH · Invesco Exchange-Traded Fund Trust … | 5.36% | 82,923 SH | Aug. 8, 2026 | Daily |
| LFSC · RBB Fund, Inc. | 4.79% | 72,454 NS | May 31, 2026 | N-PORT |
| PJP · Invesco Exchange-Traded Fund Trust | 4.66% | 213,257 SH | Aug. 8, 2026 | Daily |
| SCOW · Pacer Funds Trust | 2.75% | 912 NS | April 30, 2026 | N-PORT |
| IHE · iShares Trust | 2.28% | 341,285 SH | Aug. 8, 2026 | Daily |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 1.86% | 53,961 SH | Aug. 8, 2026 | Daily |
| PILL · Direxion Shares ETF Trust | 1.85% | 5,114 NS | April 30, 2026 | N-PORT |
| SPIT · RBB Fund, Inc. | 1.65% | 10,163 NS | April 30, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 1.60% | 35,573 SH | Aug. 8, 2026 | Daily |
| GURU · Global X Funds | 1.28% | 16,044 NS | April 30, 2026 | N-PORT |
| RZG · Invesco Exchange-Traded Fund Trust | 1.20% | 15,013 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 1.15% | 886,999 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.91% | 113,726 SH | Aug. 8, 2026 | Daily |
| ABOT · Abacus FCF ETF Trust | 0.66% | 627 NS | April 30, 2026 | N-PORT |
| XJR · iShares Trust | 0.65% | 11,290 SH | Aug. 8, 2026 | Daily |
| JSMD · Janus Detroit Street Trust | 0.61% | 127,990 NS | April 30, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.57% | 13,316 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.56% | 5,826,175 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.51% | 20,654 SH | Aug. 8, 2026 | Daily |
| CAFG · Pacer Funds Trust | 0.45% | 2,211 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.45% | 334,045 SH | Aug. 8, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.41% | 22,152 SH | Aug. 8, 2026 | Daily |
| JMID · Janus Detroit Street Trust | 0.38% | 1,506 NS | April 30, 2026 | N-PORT |
| ISCG · iShares Trust | 0.33% | 30,789 SH | Aug. 8, 2026 | Daily |
| IWP · iShares Trust | 0.29% | 549,227 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.29% | 1,119 NS | May 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.29% | 74,512 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.22% | 1,208,721 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.20% | 79,649 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.20% | 5,355 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.19% | 3,335 NS | April 30, 2026 | N-PORT |
| IYH · iShares Trust | 0.17% | 56,665 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.16% | 4,376 SH | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.15% | 17,010 NS | April 30, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.15% | 75,178 NS | April 30, 2026 | N-PORT |
| SMMD · iShares Trust | 0.14% | 47,695 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.14% | 449,759 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.13% | 35,234 SH | Aug. 8, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.12% | 253,190 NS | May 31, 2026 | N-PORT |
| VHT · VANGUARD WORLD FUND | 0.12% | 287,765 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.12% | 9,089 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.09% | 285,134 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.09% | 5,705 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.09% | 1,096,518 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.09% | 2,092,890 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 39,231 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.07% | 386,226 SH | Aug. 8, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.07% | 43,968 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.07% | 91,776 NS | May 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.07% | 1,007 NS | May 31, 2026 | N-PORT |