Recent News
On December 31, 2025 the company disclosed an FDA Complete Response Letter for relacorilant in hypercortisolism, prompting regulatory follow-up; subsequent filings and reviews continue for relacorilant in platinum-resistant ovarian cancer with an FDA action date set for July 11, 2026. A February 2026 appeals decision affected Korlym patent protection, and class-action notices and shareholder litigation surfaced in early March 2026 alleging disclosure issues related to the relacorilant filings.
Technical Analysis
Directional indicators show a strong underlying trend: ADX at 45.9 signals a very strong trend, while DI+ exhibits a dip-and-reversal and DI- is decreasing — a technical configuration that aligns with renewed bullish directional pressure and increases the probability of upward momentum relative to the recent trading range.
MACD sits at -2.19 with a dip-and-reversal pattern and currently trades above its signal line (-2.59), which constitutes a bullish momentum signal and supports the near-term recovery bias despite negative absolute MACD levels.
MRO reads 24.5 with a dip-and-reversal; the positive MRO level indicates the current price sits above the model target, implying mean-reversion pressure may limit extended upside even as the oscillator’s reversal suggests rising momentum in the short run.
RSI at 38.23 with a dip-and-reversal signals a recovery from a weaker relative-strength state and allows for additional upside before reaching neutral territory; the indicator supports a tactical bounce scenario rather than sustained overbought conditions.
Price sits at $34.08, beneath the 200-day average ($65.03) and below the 50-day average ($37.50) while tracking roughly at the 20-day average ($33.84). Shorter-term EMAs show a dip-and-reversal bias, which together with tighter Bollinger band levels (upper ~ $35.17, lower ~ $32.51) suggests contained intraday volatility with scope for a move toward the $36–$38 area if momentum sustains.
Ichimoku components leave the price below the cloud (Senkou A $49.21, Senkou B $60.99), indicating the broader trend remains below long-term equilibrium; however, shorter-term momentum indicators favor a tactical recovery that could be reinforced by upcoming regulatory catalysts and news flow.
Fundamental Analysis
Revenue totaled $202,125,000 with year-over-year revenue growth of 6.40% but a negative sequential revenue change (quarter-over-quarter down 139.08%), indicating lumpy near-term sales dynamics that require careful monitoring before extrapolating trend persistence.
Operating metrics show operating income (EBIT) of $4,487,000 and an EBIT margin of 2.22%. The EBIT margin contracted roughly 54.90% quarter-over-quarter and 84.02% year-over-year, yet the margin sits above the industry peer mean (which is negative) while remaining below the industry peer median. That places operating profitability in a modestly positive absolute position but short of typical peer median performance.
Net income reached $24,288,000 and EPS came in at $0.20 versus an estimate of $0.33, representing an EPS surprise of -39.39%. Forward EPS equals $0.402 and forward P/E near 165x, while trailing P/E stands at about 259x. High P/E and forward P/E metrics reflect elevated expectations priced into the shares relative to current earnings.
Balance-sheet and cash-flow metrics present defensive attributes: cash and short-term investments total $372,152,000, free cash flow $38,398,000 with a free-cash-flow yield roughly 0.70%, and the cash ratio sits at 2.24 with a current ratio near 2.92. Low leverage appears — total debt about $6,107,000 and debt-to-assets ~0.73% — supporting near-term liquidity through continued clinical and commercial activities.
Valuation context: WMDST values the stock as over-valued. Valuation multiples (P/B ~8.49, enterprise multiple above 1,000 per provided metric, and forward EV/earnings compressions) indicate a premium market price that presumes successful regulatory outcomes and continued Korlym franchise stability; absent positive regulatory changes, multiples appear difficult to justify relative to current cash generation.
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: 102.834 median: 58.093 mean: 22.839 low: -145.027 |
|
| 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: 0.934 mean: 0.255 median: 0.191 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: 0.4 median: 0.109 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: 20.409 CORT: 8.485 mean: 7.93 median: 6.164 low: -10.511 |
|
| 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: 105.518 median: 53.472 mean: 15.586 low: -145.713 |
|
| 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: 438.506 mean: 40.726 CORT: 27.195 median: 20.207 low: -75.758 |
|
| 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: 0.406 CORT: 0.243 mean: 0.116 median: 0.109 low: -0.066 |
|
| Receivables Turnover | 3.124 | |
| Receivables Turnover Ratio QoQ | 0.941 % | |
| Receivables Turnover Ratio YoY | -2.375 % | |
| Receivables Turnover Ratio IPRWA | high: 5.263 CORT: 3.124 mean: 1.417 median: 1.333 low: -1.505 |
|
| Inventory Turnover | 0.202 | |
| Inventory Turnover Ratio QoQ | -45.925 % | |
| Inventory Turnover Ratio YoY | -30.139 % | |
| Inventory Turnover Ratio IPRWA | high: 3.387 mean: 0.741 median: 0.473 CORT: 0.202 low: 0.009 |
|
| 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: 203.448 median: 192.562 CORT: -463.897 low: -928.365 |
|
| 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: 5.489 CORT: 2.923 median: 2.901 low: 0.35 |
|
| Quick Ratio | 2.846 | |
| Quick Ratio QoQ | -7.3 % | |
| Quick Ratio YoY | -12.766 % | |
| Quick Ratio IPRWA | high: 13.851 CORT: 2.846 mean: 2.643 median: 2.464 low: 0.279 |
|
| 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: 404.333 mean: 40.067 median: 3.319 CORT: 1.253 low: -696.975 |
|
| 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: 280.972 % mean: 13.132 % median: 3.233 % CORT: -2.655 % low: -200.0 % |
|
| Earnings Growth | 25.0 % | |
| Earnings Growth QoQ | -155.769 % | |
| Earnings Growth YoY | -168.334 % | |
| Earnings Growth IPRWA | high: 203.846 % CORT: 25.0 % mean: -21.342 % median: -28.395 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 98.741 % | |
| Gross Margin QoQ | 0.976 % | |
| Gross Margin YoY | 0.372 % | |
| Gross Margin IPRWA | high: 102.453 % CORT: 98.741 % median: 79.505 % mean: 78.304 % low: -13.436 % |
|
| EBIT Margin | 2.22 % | |
| EBIT Margin QoQ | -54.896 % | |
| EBIT Margin YoY | -84.016 % | |
| EBIT Margin IPRWA | high: 1116.376 % median: 21.964 % CORT: 2.22 % mean: -28.374 % low: -2536.231 % |
|
| Return On Sales (ROS) | 2.22 % | |
| Return On Sales QoQ | -54.896 % | |
| Return On Sales YoY | -84.016 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.569 % CORT: 2.22 % mean: -28.78 % low: -2536.231 % |
|
| 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: 19.179 % CORT: 0.699 % mean: 0.324 % median: 0.303 % low: -30.203 % |
|
| Free Cash Growth | -29.52 % | |
| Free Cash Growth QoQ | -222.221 % | |
| Free Cash Growth YoY | 63.745 % | |
| Free Cash Growth IPRWA | high: 205.565 % median: -24.462 % mean: -27.99 % CORT: -29.52 % low: -220.947 % |
|
| 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: 27.866 % CORT: 2.926 % median: 1.475 % mean: -1.891 % low: -47.9 % |
|
| 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: 0.657 median: 0.058 CORT: 0.037 mean: 0.017 low: -0.879 |
|
| 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: 19.946 % median: 3.016 % mean: 0.929 % CORT: 0.547 % low: -50.412 % |
|