Recent News
Late-December 2025 regulatory activity culminated in an FDA Complete Response Letter for relacorilant in Cushing’s syndrome, prompting follow-on coverage and regulatory commentary in January 2026. Subsequent company updates and quarterly disclosures addressed oncology and development program timelines, and multiple law firms issued shareholder alerts related to alleged securities claims covering October 31, 2024–December 30, 2025. Reporting in January highlighted a pivotal ovarian-cancer trial readout as a separate program milestone; management announced operational adjustments and corporate updates in a November 2025 corporate release.
Technical Analysis
ADX at 45.41 indicates a very strong trend environment; elevated trend strength amplifies recent directional pressure and increases the probability that any short-term moves will persist long enough to test valuation re-rating and technical support levels.
DI+ stands at 13.94 and shows a decreasing trajectory, which registers as a bearish directional shift in buyer momentum versus the prior period; this reduces the likelihood that short-lived strength will translate into sustained trend reversal relative to the current valuation.
DI- reads 39.12 with a peak-and-reversal pattern, which represents a recent decline in selling pressure; that decline suggests sellers have eased from their peak but does not negate the dominant negative directional advantage reflected in absolute DI values.
MACD sits at -2.86 while the signal line equals -3.32; MACD recently crossed above its signal line and its trend has been increasing, producing a bullish momentum signal despite MACD remaining below zero—this implies an early-stage momentum shift that requires confirmation before displacing the prevailing downside bias.
MRO equals 20.55 (positive) and shows a dip-and-reversal; a positive MRO indicates price sits above the WMDST target and therefore carries downward pressure, while the recent dip-and-reverse behavior suggests the oscillator has recently turned higher from a trough, potentially enabling short-lived mean-reversion rallies.
RSI at 38.96 and decreasing indicates below-neutral momentum and room for further depreciation before typical oversold thresholds; the lower RSI aligns with short-term bearish price pressure against long-term averages and valuation.
Price relationships: last close $35.69 sits below the 20-day average $36.66, the 50-day average $44.38 and materially below the 200-day average $67.39, signaling that recent trading remains detached from the longer-term uptrend. Ichimoku components (Tenkan $34.76, Kijun $37.86, Senkou A $49.82, Senkou B $60.99) place current price beneath the cloud, reinforcing a bearish regime. Bollinger band structure keeps the stock between the 1x lower and 1x upper bands, suggesting compressed near-term volatility but with the super-trend upper boundary at $40.97 acting as proximate resistance.
Fundamental Analysis
Revenue totaled $202,125,000 with year-over-year revenue growth of approximately 6.40% and a sequential revenue change showing a material contraction quarter-over-quarter. Gross margin stands at 98.74%, indicating highly efficient product-level economics, while operating income (EBIT) equals $4,487,000 and operating margin measures 2.22%—below the industry peer mean operating margin of roughly 2.84%.
Operating margin contracted sharply versus prior periods: QoQ operating-margin change approximates -54.90% and YoY change approximates -84.02%, reflecting front-loaded costs and the transition profile cited by management. Net income reached $24,288,000 and EBITDA equaled $4,969,000, but EPS missed consensus: reported EPS $0.20 versus an estimate of $0.33, a shortfall of $0.13 or an EPS surprise of -39.39%.
Valuation multiples display material elevation: trailing P/E about 259.37 and forward P/E approximately 165.07; price-to-book is 8.49 versus an industry peer mean near 4.87, so the P/B ratio sits meaningfully above the industry peer mean. Free cash flow totaled $38,398,000 with a free-cash-flow yield near 0.70%, modestly above the industry peer mean of roughly 0.68%.
Balance-sheet and liquidity metrics show ample coverage: cash and short-term investments $372,152,000 and a cash ratio of 2.24. Cash covers roughly 1.9x the company’s annual operating expenses ($372.15M cash / $197.64M operating expenses), providing runway for development programs. Total debt remains negligible at $6,107,000 (debt-to-assets ~0.73%).
R&D investment equals $64,856,000, amounting to about 32.1% of revenue, reflecting continued prioritization of pipeline advancement even as near-term margins compress. Forward revenue guidance and pivotal oncology milestones cited by management remain relevant to medium-term value capture, but current multiples and the regulatory response create a valuation disconnect.
Brief valuation: The current valuation as determined by WMDST classifies the stock as over-valued relative to cash flow and comparable balance-sheet strength, with upside contingent on regulatory and clinical event resolution.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-24 |
| NEXT REPORT DATE: | 2026-05-26 |
| CASH FLOW | Begin Period Cash Flow | $ 125.1 M |
| Operating Cash Flow | $ 38.4 M | |
| Capital Expenditures | $ -50.00 K | |
| Change In Working Capital | $ 9.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -4.64 M | |
| End Period Cash Flow | $ 120.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 202.1 M | |
| Forward Revenue | $ 88.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.5 M | |
| Depreciation | $ 482.0 K | |
| Depreciation and Amortization | $ 482.0 K | |
| Research and Development | $ 64.9 M | |
| Total Operating Expenses | $ 197.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 199.6 M | |
| EBITDA | $ 5.0 M | |
| EBIT | $ 4.5 M | |
| Operating Income | $ 4.5 M | |
| Interest Income | $ 5.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.4 M | |
| Income Before Tax | $ 9.9 M | |
| Tax Provision | $ -14.38 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 24.3 M | |
| Net Income From Continuing Operations | $ 24.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.33 | |
| EPS Actual | $ 0.20 | |
| EPS Difference | $ -0.13 | |
| EPS Surprise | -39.394 % | |
| Forward EPS | $ 0.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 836.7 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 647.8 M | |
| Total Current Assets | $ 485.5 M | |
| Cash and Short-Term Investments | $ 372.2 M | |
| Cash | $ 120.5 M | |
| Net Receivables | $ 59.8 M | |
| Inventory | $ 12.9 M | |
| Long-Term Investments | $ 16.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 40.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 166.1 M | |
| Net Debt | — | |
| Total Debt | $ 6.1 M | |
| Total Liabilities | $ 188.8 M | |
| EQUITY | ||
| Total Equity | $ 647.8 M | |
| Retained Earnings | $ 643.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.11 | |
| Shares Outstanding | 105.966 M | |
| Revenue Per-Share | $ 1.91 | |
| VALUATION | Market Capitalization | $ 5.5 B |
| Enterprise Value | $ 5.1 B | |
| Enterprise Multiple | 1032.551 | |
| Enterprise Multiple QoQ | 46.709 % | |
| Enterprise Multiple YoY | 349.81 % | |
| Enterprise Multiple IPRWA | CORT: 1032.551 high: 194.621 median: 59.048 mean: 45.336 low: -160.468 |
|
| EV/R | 25.384 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.292 | |
| Asset To Liability | 4.43 | |
| Debt To Capital | 0.009 | |
| Debt To Assets | 0.007 | |
| Debt To Assets QoQ | -5.44 % | |
| Debt To Assets YoY | -11.515 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.293 median: 0.255 CORT: 0.007 low: 0.0 |
|
| Debt To Equity | 0.009 | |
| Debt To Equity QoQ | -6.262 % | |
| Debt To Equity YoY | -7.64 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.488 median: 0.108 CORT: 0.009 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 8.485 | |
| Price To Book QoQ | -32.498 % | |
| Price To Book YoY | -8.191 % | |
| Price To Book IPRWA | high: 19.873 CORT: 8.485 median: 6.164 mean: 4.874 low: -9.401 |
|
| Price To Earnings (P/E) | 259.366 | |
| Price To Earnings QoQ | -45.079 % | |
| Price To Earnings YoY | 12.854 % | |
| Price To Earnings IPRWA | CORT: 259.366 high: 133.808 mean: 58.316 median: -2.956 low: -196.849 |
|
| PE/G Ratio | 10.375 | |
| Price To Sales (P/S) | 27.195 | |
| Price To Sales QoQ | -28.912 % | |
| Price To Sales YoY | -21.246 % | |
| Price To Sales IPRWA | high: 292.611 mean: 32.633 CORT: 27.195 median: 20.207 low: 1.382 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 165.071 | |
| Forward PE/G | 6.603 | |
| Forward P/S | 51.944 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 21.126 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.243 | |
| Asset Turnover Ratio QoQ | -4.701 % | |
| Asset Turnover Ratio YoY | 8.754 % | |
| Asset Turnover Ratio IPRWA | high: 0.317 CORT: 0.243 mean: 0.122 median: 0.109 low: 0.0 |
|
| Receivables Turnover | 3.124 | |
| Receivables Turnover Ratio QoQ | 0.941 % | |
| Receivables Turnover Ratio YoY | -2.375 % | |
| Receivables Turnover Ratio IPRWA | high: 3.754 CORT: 3.124 mean: 1.375 median: 1.259 low: 0.431 |
|
| Inventory Turnover | 0.202 | |
| Inventory Turnover Ratio QoQ | -45.925 % | |
| Inventory Turnover Ratio YoY | -30.139 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.714 median: 0.473 CORT: 0.202 low: 0.032 |
|
| Days Sales Outstanding (DSO) | 29.212 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -463.897 | |
| Cash Conversion Cycle Days QoQ | 12.138 % | |
| Cash Conversion Cycle Days YoY | 149.023 % | |
| Cash Conversion Cycle Days IPRWA | high: 937.301 mean: 238.226 median: 192.562 CORT: -463.897 low: -852.294 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.633 | |
| CapEx To Revenue | -0.0 | |
| CapEx To Depreciation | -0.104 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 647.8 M | |
| Net Invested Capital | $ 647.8 M | |
| Invested Capital | $ 647.8 M | |
| Net Tangible Assets | $ 647.8 M | |
| Net Working Capital | $ 319.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.241 | |
| Current Ratio | 2.923 | |
| Current Ratio QoQ | -6.948 % | |
| Current Ratio YoY | -12.749 % | |
| Current Ratio IPRWA | high: 30.664 mean: 4.681 CORT: 2.923 median: 2.762 low: 0.427 |
|
| Quick Ratio | 2.846 | |
| Quick Ratio QoQ | -7.3 % | |
| Quick Ratio YoY | -12.766 % | |
| Quick Ratio IPRWA | high: 11.059 CORT: 2.846 mean: 2.253 median: 2.032 low: 0.401 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.229 | |
| Cost Of Debt | 45.391 % | |
| Interest Coverage Ratio | 1.253 | |
| Interest Coverage Ratio QoQ | -56.092 % | |
| Interest Coverage Ratio YoY | -82.238 % | |
| Interest Coverage Ratio IPRWA | high: 144.226 mean: 10.184 median: 2.25 CORT: 1.253 low: -376.787 |
|
| Operating Cash Flow Ratio | 0.241 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 743.441 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.584 % | |
| Revenue Growth | -2.655 % | |
| Revenue Growth QoQ | -139.084 % | |
| Revenue Growth YoY | 639.554 % | |
| Revenue Growth IPRWA | high: 102.5 % mean: 6.108 % median: 1.995 % CORT: -2.655 % low: -100.0 % |
|
| Earnings Growth | 25.0 % | |
| Earnings Growth QoQ | -155.769 % | |
| Earnings Growth YoY | -168.334 % | |
| Earnings Growth IPRWA | high: 70.37 % CORT: 25.0 % mean: -29.626 % median: -30.806 % low: -170.677 % |
|
| MARGINS | ||
| Gross Margin | 98.741 % | |
| Gross Margin QoQ | 0.976 % | |
| Gross Margin YoY | 0.372 % | |
| Gross Margin IPRWA | high: 99.959 % CORT: 98.741 % median: 79.505 % mean: 79.058 % low: 5.09 % |
|
| EBIT Margin | 2.22 % | |
| EBIT Margin QoQ | -54.896 % | |
| EBIT Margin YoY | -84.016 % | |
| EBIT Margin IPRWA | high: 72.362 % median: 26.478 % mean: 2.838 % CORT: 2.22 % low: -1117.39 % |
|
| Return On Sales (ROS) | 2.22 % | |
| Return On Sales QoQ | -54.896 % | |
| Return On Sales YoY | -84.016 % | |
| Return On Sales IPRWA | high: 62.442 % median: 27.569 % mean: 4.62 % CORT: 2.22 % low: -1121.296 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 38.4 M | |
| Free Cash Flow Yield | 0.699 % | |
| Free Cash Flow Yield QoQ | 1.895 % | |
| Free Cash Flow Yield YoY | -25.796 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % CORT: 0.699 % mean: 0.679 % median: 0.544 % low: -16.667 % |
|
| Free Cash Growth | -29.52 % | |
| Free Cash Growth QoQ | -222.221 % | |
| Free Cash Growth YoY | 63.745 % | |
| Free Cash Growth IPRWA | high: 124.18 % CORT: -29.52 % mean: -33.54 % median: -45.015 % low: -201.25 % |
|
| Free Cash To Net Income | 1.581 | |
| Cash Flow Margin | 19.835 % | |
| Cash Flow To Earnings | 1.651 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.926 % | |
| Return On Assets QoQ | 20.909 % | |
| Return On Assets YoY | -22.695 % | |
| Return On Assets IPRWA | high: 4.784 % CORT: 2.926 % median: 1.768 % mean: -0.5 % low: -43.276 % |
|
| Return On Capital Employed (ROCE) | 0.669 % | |
| Return On Equity (ROE) | 0.037 | |
| Return On Equity QoQ | 20.43 % | |
| Return On Equity YoY | -17.131 % | |
| Return On Equity IPRWA | high: 0.448 median: 0.058 mean: 0.047 CORT: 0.037 low: -0.822 |
|
| DuPont ROE | 3.796 % | |
| Return On Invested Capital (ROIC) | 0.547 % | |
| Return On Invested Capital QoQ | -57.199 % | |
| Return On Invested Capital YoY | -108.471 % | |
| Return On Invested Capital IPRWA | high: 12.77 % median: 2.868 % mean: 2.338 % CORT: 0.547 % low: -27.226 % |
|