Key stats – 19 February 2026

1. What happened today – the Federal Circuit ruling

On February 19, 2026, the U.S. Court of Appeals for the Federal Circuit issued a non-precedential opinion in Corcept Therapeutics, Inc. v. Teva Pharmaceuticals USA, Inc. (case 24-1346), affirming the New Jersey district court’s finding of no infringement of U.S. Patent Nos. 10,195,214 and 10,842,800.

Both patents cover methods of co-administering Korlym (mifepristone 300 mg) with strong CYP3A inhibitors — such as ketoconazole — in patients with Cushing’s syndrome. Corcept had argued that Teva’s generic label would inevitably cause physicians to follow those patented high-dose co-administration protocols. The Federal Circuit disagreed.

The appeals panel concluded that:

• there is no evidence that physicians have historically used Korlym in the specific patented manner described in claims ‘214 and ‘800;
• it is “highly unlikely” doctors will do so in the future, given safety concerns with high-dose mifepristone, the growing availability of newer alternatives (e.g. osilodrostat), and the practical ability to follow Teva’s label without touching the patented dosing scheme;
• the court even noted the dispute might have been avoided entirely had Teva filed a Section viii carve-out from the start, as the real-world clinical practice simply does not mirror the patented method.

1.1 Immediate market reaction

CORT opened around $39.65 on February 19 and closed at $30.48 — a drop of –25.5% versus the prior close of $40.94 — on volume of approximately 4.04 million shares (vs. a daily average closer to 450,000). The stock touched an intraday low of $28.66, establishing a new 52-week low. The move reflects the market pricing out the “reversal optionality” that some investors still assigned to the appeal outcome.

The stock had already declined substantially from its 2025 high of ~$117 following the December 31, 2025 CRL for relacorilant in Cushing’s. Today’s ruling is a second significant negative event within roughly seven weeks, bringing total losses from peak to ~74%.

2. Korlym franchise – clearly in generic territory

Teva already received FDA approval for its 300 mg mifepristone generic years ago and launched commercially in 2024. The patent litigation over the ‘214 and ‘800 patents was one of the remaining levers Corcept had to argue that Teva’s product would ultimately be constrained or blocked. With the Federal Circuit now slamming that door, Korlym’s competitive position looks materially different than it did twelve months ago.

2.1 What the ruling changes in practice

Korlym will likely continue generating meaningful cash in the near to medium term — generic erosion in branded pharma rarely happens overnight. However, investors must now model a managed erosion curve rather than a defensible long-term monopoly position.

3. The relacorilant picture – CRL in Cushing’s, but PDUFA intact in oncology

Today’s ruling lands against an already complicated backdrop. On December 31, 2025, the FDA issued a Complete Response Letter (CRL) for relacorilant as a treatment for hypertension secondary to hypercortisolism — a direct hit to what was supposed to be relacorilant’s first approval. A corrected CRL was released in late January 2026, but the core message remained:

• the existing data package was not sufficient to support a positive benefit/risk conclusion;
• there are significant concerns — including liver safety signals — that Corcept must address with new evidence or an additional clinical trial.

3.1 The ovarian cancer program – the new center of gravity

Against this double negative, the ROSELLA Phase 3 trial becomes the dominant catalyst. In January 2026, Corcept reported that ROSELLA — evaluating relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer — met both dual primary endpoints:

• Overall Survival (OS): 35% reduction in the risk of death versus nab-paclitaxel alone, with a median OS gain of more than four months;
• Progression-Free Survival (PFS): also statistically significant and clinically meaningful;
• Safety: no meaningful additional safety burden on top of chemotherapy.

The FDA has assigned a PDUFA date of July 11, 2026 for relacorilant plus nab-paclitaxel in platinum-resistant ovarian cancer, and the EMA is evaluating a MAA for the same indication in Europe.

4. Upcoming checkpoints – what to watch

4.1 February 24, 2026 – Q4/FY 2025 Earnings Call

This will be the first opportunity for management to address both today’s court ruling and the CRL. The market will listen for:

• Korlym + generics update: actual generic share data, pricing dynamics, erosion trajectory.
• CRL response strategy: path for relacorilant in Cushing’s — new trial? Additional analyses? Timelines unclear.
• Ovarian cancer commercial plan: positioning, sequencing, partnership optionality.
• Cash and capital allocation: funding priorities with Korlym revenues under pressure.

4.2 Catalyst timeline

• Dec 31, 2025 FDA issues CRL for relacorilant in hypertension secondary to hypercortisolism. Stock drops from ~$117 highs.
• Jan 22, 2026 ROSELLA OS primary endpoint met — 35% reduction in risk of death, both PFS and OS positive.
• Late Jan 2026 Corrected CRL released. Core concerns (liver safety, insufficient data) confirmed.
• Feb 19, 2026 Federal Circuit affirms NJ non-infringement ruling on ‘214/’800 patents. CORT closes –25.5%, $30.48.
• Feb 24, 2026 Q4 and FY 2025 earnings + corporate update. First management commentary post-ruling.
• Jul 11, 2026 FDA PDUFA — relacorilant + nab-paclitaxel in platinum-resistant ovarian cancer. Most important near-term binary catalyst.
• 2026 (TBD) EMA opinion for relacorilant in platinum-resistant ovarian cancer.

5. Illustrative scenarios around the July 11, 2026 PDUFA

Given the binary nature of the upcoming PDUFA and the now-confirmed Korlym headwind, the following stylized scenarios help frame outcomes. Educational purposes only.