Recent News
March 25, 2026 — The FDA approved relacorilant (branded Lifyorli) in combination with nab‑paclitaxel for adults with platinum‑resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer. March–April 2026 — Corcept announced plans to present pivotal ROSELLA trial data at the 2026 ASCO meeting and filed related SEC/press notices. March 11, 2026 — A class-action notice surfaced, noting potential claims tied to prior regulatory communications and deadlines to seek lead‑plaintiff status.
Technical Analysis
ADX at 51.54 signals a very strong directional environment; momentum has established a clear trend rather than a rangebound condition. This strength supports WMDST’s fair-valued stance by indicating the market currently prices the shares within an active directional move.
DI+ shows a dip & reversal, a bullish directional shift, while DI‑ is decreasing; that alignment favors continued upside bias in the short run. The MACD displays a dip & reversal, sits at 2.44 above its 2.01 signal line, and thus has crossed above the signal — a bullish momentum confirmation that reinforces the recent directional pickup.
MRO reads positive at 1.5 with a peak & reversal signal; the positive value implies price sits above the model target and, combined with the peak & reversal, suggests modest downside pressure toward equilibrium. Use this to temper expectations for aggressive follow‑through despite MACD/DI+ bullishness.
RSI at 58.43 with an increasing trend indicates upside room without immediate overbought stress; the index supports additional consolidation or measured extension rather than an immediate reversal. Price trades above the 12‑day EMA (price12dayEMA 47.17), the 20‑ and 50‑day averages (46.58 and 39.65), but remains below the 200‑day average (60.59), implying short‑term strength inside a longer‑term recovery still incomplete.
Bollinger structure shows the close near the 2× upper band (upper2xStdDev 51.69; close 51.60), which aligns with the MRO note that upside may prove limited and a pullback toward mid‑band could occur. Ichimoku components (Tenkan 47.85 above Kijun 43.24, price above both) add another short‑term bullish confirmation while the 200‑day gap maintains a longer horizon of restraint.
Fundamental Analysis
Revenue totaled $164.9M for the quarter, with QoQ revenue growth of 5.94% and YoY revenue growth of 35.74%, both positive and supportive of commercialization traction. Gross margin stands at 98.25%, an unusually high level that reflects product economics and supports operating leverage as sales scale.
Operating metrics show operating income (EBIT) of $‑49.6M and an operating margin of ‑30.08%. That operating margin sits below the industry peer low of ‑28.995% and well below the industry peer mean of ‑7.919%, indicating operating profitability lags typical peer performance. R&D expense of $66.3M drives development investment but also contributes to the negative operating margin.
EPS came in at $‑0.30 versus an estimate of $‑0.14, a miss of $0.16 and an EPS surprise of ‑114.29%, reflecting the near‑term earnings drag from continued investment and reported operating losses. Forward EPS of $0.4075 implies a forward PE of ~106x; the forward multiple signals substantial growth expectations baked into fiscal forecasts despite current losses.
Balance sheet strength remains a key fundamental anchor: cash and short‑term investments total $338.2M and cash plus equivalents reach $108.7M, producing a cash ratio of 2.27 and a current ratio of 2.86. Total debt sits at $9.64M, yielding debt to assets of 1.18% and low leverage relative to invested capital. Free cash flow remains negative at $‑17.0M, while operating cash flow was $‑16.8M, consistent with the investment phase of pipeline expansion.
Valuation context: WMDST values the stock as fair‑valued. Price multiples reflect a mixed picture — a positive revenue trajectory and strong gross margin offset by negative operating margin and an EPS miss; forward expectations remain elevated, producing a high forward PE and enterprise value ratios that require successful commercialization execution to justify.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 121.7 M |
| Operating Cash Flow | $ -16.77 M | |
| Capital Expenditures | $ -201.00 K | |
| Change In Working Capital | $ 5.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -11.76 M | |
| End Period Cash Flow | $ 110.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 164.9 M | |
| Forward Revenue | $ -56.78 M | |
| COSTS | ||
| Cost Of Revenue | $ 2.9 M | |
| Depreciation | $ 598.0 K | |
| Depreciation and Amortization | $ 598.0 K | |
| Research and Development | $ 66.3 M | |
| Total Operating Expenses | $ 214.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 162.0 M | |
| EBITDA | $ -49.00 M | |
| EBIT | $ -49.60 M | |
| Operating Income | $ -49.60 M | |
| Interest Income | $ 4.9 M | |
| Interest Expense | — | |
| Net Interest Income | $ 4.9 M | |
| Income Before Tax | $ -44.72 M | |
| Tax Provision | $ -12.95 M | |
| Tax Rate | 28.97 % | |
| Net Income | $ -31.76 M | |
| Net Income From Continuing Operations | $ -31.76 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.14 | |
| EPS Actual | $ -0.30 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -114.286 % | |
| Forward EPS | $ 0.41 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 814.9 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 638.0 M | |
| Total Current Assets | $ 426.0 M | |
| Cash and Short-Term Investments | $ 338.2 M | |
| Cash | $ 108.7 M | |
| Net Receivables | $ 39.1 M | |
| Inventory | $ 12.9 M | |
| Long-Term Investments | $ 19.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 33.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 149.2 M | |
| Net Debt | — | |
| Total Debt | $ 9.6 M | |
| Total Liabilities | $ 176.9 M | |
| EQUITY | ||
| Total Equity | $ 638.0 M | |
| Retained Earnings | $ 611.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.94 | |
| Shares Outstanding | 107.357 M | |
| Revenue Per-Share | $ 1.54 | |
| VALUATION | Market Capitalization | $ 4.7 B |
| Enterprise Value | $ 4.3 B | |
| Enterprise Multiple | -88.561 | |
| Enterprise Multiple QoQ | -108.577 % | |
| Enterprise Multiple YoY | -105.155 % | |
| Enterprise Multiple IPRWA | high: 139.35 median: 75.51 mean: 41.517 CORT: -88.561 low: -196.525 |
|
| EV/R | 26.317 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.277 | |
| Asset To Liability | 4.607 | |
| Debt To Capital | 0.015 | |
| Debt To Assets | 0.012 | |
| Debt To Assets QoQ | 62.055 % | |
| Debt To Assets YoY | 46.592 % | |
| Debt To Assets IPRWA | high: 0.592 mean: 0.14 median: 0.066 CORT: 0.012 low: 0.001 |
|
| Debt To Equity | 0.015 | |
| Debt To Equity QoQ | 60.233 % | |
| Debt To Equity YoY | 51.1 % | |
| Debt To Equity IPRWA | high: 1.401 mean: 0.339 median: 0.086 CORT: 0.015 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 7.317 | |
| Price To Book QoQ | -13.765 % | |
| Price To Book YoY | -28.354 % | |
| Price To Book IPRWA | high: 26.963 CORT: 7.317 mean: 6.652 median: 2.517 low: 0.216 |
|
| Price To Earnings (P/E) | -144.947 | |
| Price To Earnings QoQ | -155.885 % | |
| Price To Earnings YoY | -137.423 % | |
| Price To Earnings IPRWA | high: 166.321 median: 68.105 mean: 41.022 CORT: -144.947 low: -252.34 |
|
| PE/G Ratio | 0.58 | |
| Price To Sales (P/S) | 28.309 | |
| Price To Sales QoQ | 4.098 % | |
| Price To Sales YoY | -36.223 % | |
| Price To Sales IPRWA | high: 416.627 mean: 37.341 CORT: 28.309 median: 21.936 low: 3.117 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 106.205 | |
| Forward PE/G | -0.425 | |
| Forward P/S | -83.336 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 65.458 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.2 | |
| Asset Turnover Ratio QoQ | -17.984 % | |
| Asset Turnover Ratio YoY | 7.147 % | |
| Asset Turnover Ratio IPRWA | high: 0.27 CORT: 0.2 mean: 0.125 median: 0.089 low: 0.001 |
|
| Receivables Turnover | 3.336 | |
| Receivables Turnover Ratio QoQ | 6.803 % | |
| Receivables Turnover Ratio YoY | 22.862 % | |
| Receivables Turnover Ratio IPRWA | CORT: 3.336 high: 3.013 median: 1.226 mean: 1.006 low: 0.384 |
|
| Inventory Turnover | 0.224 | |
| Inventory Turnover Ratio QoQ | 10.899 % | |
| Inventory Turnover Ratio YoY | 24.735 % | |
| Inventory Turnover Ratio IPRWA | high: 2.532 mean: 0.855 median: 0.321 CORT: 0.224 low: 0.039 |
|
| Days Sales Outstanding (DSO) | 27.352 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -833.016 | |
| Cash Conversion Cycle Days QoQ | 79.569 % | |
| Cash Conversion Cycle Days YoY | 275.686 % | |
| Cash Conversion Cycle Days IPRWA | high: 930.567 median: 373.655 mean: 277.311 low: -220.797 CORT: -833.016 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.596 | |
| CapEx To Revenue | -0.001 | |
| CapEx To Depreciation | -0.336 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 638.0 M | |
| Net Invested Capital | $ 638.0 M | |
| Invested Capital | $ 638.0 M | |
| Net Tangible Assets | $ 638.0 M | |
| Net Working Capital | $ 276.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.267 | |
| Current Ratio | 2.856 | |
| Current Ratio QoQ | -2.301 % | |
| Current Ratio YoY | -6.829 % | |
| Current Ratio IPRWA | high: 26.88 mean: 4.229 median: 3.565 CORT: 2.856 low: 1.992 |
|
| Quick Ratio | 2.769 | |
| Quick Ratio QoQ | -2.677 % | |
| Quick Ratio YoY | -6.587 % | |
| Quick Ratio IPRWA | high: 4.091 mean: 3.039 median: 2.957 CORT: 2.769 low: 2.085 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.197 | |
| Cost Of Debt | 32.312 % | |
| Interest Coverage Ratio | -13.851 | |
| Interest Coverage Ratio QoQ | -1205.44 % | |
| Interest Coverage Ratio YoY | -1552.025 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 mean: 18.103 median: 6.587 CORT: -13.851 low: -1643.72 |
|
| Operating Cash Flow Ratio | -0.118 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1322.139 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.602 % | |
| Revenue Growth | -18.415 % | |
| Revenue Growth QoQ | 593.597 % | |
| Revenue Growth YoY | 35.744 % | |
| Revenue Growth IPRWA | high: 21.03 % mean: -4.396 % median: -7.18 % CORT: -18.415 % low: -100.0 % |
|
| Earnings Growth | -250.0 % | |
| Earnings Growth QoQ | -1100.0 % | |
| Earnings Growth YoY | 622.23 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 8.215 % median: -14.286 % low: -148.837 % CORT: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 98.252 % | |
| Gross Margin QoQ | -0.495 % | |
| Gross Margin YoY | -0.223 % | |
| Gross Margin IPRWA | high: 100.0 % CORT: 98.252 % median: 81.433 % mean: 80.681 % low: 22.196 % |
|
| EBIT Margin | -30.079 % | |
| EBIT Margin QoQ | -1454.91 % | |
| EBIT Margin YoY | -1484.215 % | |
| EBIT Margin IPRWA | high: 27.043 % median: 23.412 % mean: -7.919 % CORT: -30.079 % low: -2899.526 % |
|
| Return On Sales (ROS) | -30.079 % | |
| Return On Sales QoQ | -1454.91 % | |
| Return On Sales YoY | -1484.215 % | |
| Return On Sales IPRWA | high: 25.472 % median: 20.658 % mean: -12.121 % CORT: -30.079 % low: -3154.028 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -16.97 M | |
| Free Cash Flow Yield | -0.364 % | |
| Free Cash Flow Yield QoQ | -152.074 % | |
| Free Cash Flow Yield YoY | -605.556 % | |
| Free Cash Flow Yield IPRWA | high: 2.493 % median: 1.011 % mean: 0.074 % CORT: -0.364 % low: -21.822 % |
|
| Free Cash Growth | -144.203 % | |
| Free Cash Growth QoQ | 388.493 % | |
| Free Cash Growth YoY | 57.58 % | |
| Free Cash Growth IPRWA | high: 234.528 % mean: -13.304 % median: -19.67 % CORT: -144.203 % low: -257.358 % |
|
| Free Cash To Net Income | 0.534 | |
| Cash Flow Margin | -10.678 % | |
| Cash Flow To Earnings | 0.554 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -3.846 % | |
| Return On Assets QoQ | -231.442 % | |
| Return On Assets YoY | -257.882 % | |
| Return On Assets IPRWA | high: 4.243 % median: 1.786 % mean: -1.323 % CORT: -3.846 % low: -48.152 % |
|
| Return On Capital Employed (ROCE) | -7.451 % | |
| Return On Equity (ROE) | -0.05 | |
| Return On Equity QoQ | -232.782 % | |
| Return On Equity YoY | -265.547 % | |
| Return On Equity IPRWA | high: 0.192 median: 0.023 mean: 0.001 CORT: -0.05 low: -0.468 |
|
| DuPont ROE | -4.94 % | |
| Return On Invested Capital (ROIC) | -5.522 % | |
| Return On Invested Capital QoQ | -1109.506 % | |
| Return On Invested Capital YoY | -1940.667 % | |
| Return On Invested Capital IPRWA | high: 12.969 % mean: 3.847 % median: 2.21 % CORT: -5.522 % low: -13.817 % |
|