Core Insights - Corcept Therapeutics reported first-quarter 2025 earnings of 17 cents per share, matching the Zacks Consensus Estimate, but down from 25 cents per share in the same quarter last year [1] - Revenues for the first quarter increased by 7.1% year over year to $157.2 million, but fell short of the Zacks Consensus Estimate of $178 million, primarily driven by sales of the Cushing's syndrome drug, Korlym [2][5] - Year-to-date, Corcept's shares have increased by 46.8%, contrasting with a 0.4% decline in the industry [4] Financial Performance - Korlym sales were impacted by the inability of a specialty pharmacy vendor to meet the surge in demand, leading to lower-than-expected sales and a 7.5% drop in shares during after-hours trading following the earnings announcement [5] - Research and development expenses rose by 3.8% year over year to $60.7 million, while selling, general, and administrative expenses surged by approximately 61.1% to $90.7 million, resulting in total operating expenses increasing by 31.1% to $153.8 million [6] - As of March 31, 2025, cash and investments totaled $570.8 million, down from $603.2 million as of December 31, 2024 [6] 2025 Guidance - Corcept reiterated its total revenue guidance for 2025, expecting revenues in the range of $900-$950 million, with the Zacks Consensus Estimate at $905.7 million [7] Pipeline Developments - Corcept is advancing its lead candidate, relacorilant, for Cushing's syndrome, with a new drug application submitted to the FDA in December 2024 based on positive data from the GRACE study and other trials [8] - The FDA accepted the NDA in March 2025, with a target action date of December 30, 2025 [9] - Corcept is also exploring relacorilant in combination studies for various cancer indications, with the phase III ROSELLA study meeting its primary endpoint for patients with platinum-resistant ovarian cancer [9] Additional Studies - Corcept initiated the phase II BELLA study to evaluate relacorilant in combination with nab-paclitaxel and Avastin for treating platinum-resistant ovarian cancer [10] - The company is also assessing relacorilant plus Xtandi in early-stage prostate cancer patients in collaboration with the University of Chicago [11] - Data from the phase II DAZALS study for dazucorilant in ALS did not meet its primary endpoint, but exploratory analysis showed improved overall survival for treated patients [12][13] Market Position - Corcept currently holds a Zacks Rank 3 (Hold), with better-ranked biotech stocks including ADMA Biologics and Immunocore Holdings, both carrying a Zacks Rank 2 (Buy) [14]

Corcept Therapeutics (CORT) came out with quarterly earnings of $0.17 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this drug developer would post earnings of $0.37 per share when it actually produced earnings of $0.26, delivering a surprise of -29.73%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Corcept, which bel ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $157.2 million, an increase from $146.8 million in Q1 2024, representing a year-over-year growth of approximately 9% [5] - Net income decreased to $20.5 million in Q1 2025 from $27.8 million in Q1 2024 [5] - Cash and investments as of March 31, 2025, totaled $570.8 million [5] - The company reiterated its 2025 revenue guidance of $900 million to $950 million [5] Business Line Data and Key Metrics Changes - The prescriber base for hypercortisolism treatments has grown at a record rate for five consecutive quarters, with the number of prescriptions nearly doubling compared to the same period last year [7] - The average price per tablet decreased by 13% due to a transition from branded Korlym to an authorized generic, which has a lower net price [10] Market Data and Key Metrics Changes - The company has seen a substantial improvement in pharmacy operations in March and April 2025, leading to a record number of tablets dispensed [10] - The transition to authorized generic tablets is expected to continue, but the decrease in price will be offset by an increase in the number of tablets shipped [11] Company Strategy and Development Direction - The company is focused on increasing physician awareness and understanding of hypercortisolism, with plans to expand its sales force from 125 to 175 clinical specialists by year-end [8] - The new drug application for relacorilant in hypercortisolism is under FDA review, with an action date set for December 30, 2025 [15] - The company is also exploring the use of relacorilant in combination with other therapies for various cancers, including ovarian and prostate cancers [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for hypercortisolism treatments, citing the CATALYST study's findings that one in four patients with difficult-to-control diabetes has hypercortisolism [18] - The company anticipates that the publication of full CATALYST treatment results will stimulate further growth in the second half of the year [43] - Management emphasized the potential for relacorilant to become the new standard of care for hypercortisolism patients [33] Other Important Information - The company is actively pursuing regulatory discussions regarding the next steps for its ALS treatment program following mixed results in a Phase II trial [27][66] - The company is preparing to submit relacorilant's NDA for platinum-resistant ovarian cancer in the next quarter [24] Q&A Session Summary Question: How does relacorilant fit into the treatment paradigm compared to Elaher? - Management indicated that relacorilant plus nab-paclitaxel is poised to become a new standard of care in platinum-resistant ovarian cancer, with potential use in multiple lines of therapy [40] Question: What is the expected revenue impact from the recent pharmacy operational improvements? - Management expects growth to continue through the second quarter and accelerate in the second half of the year, driven by strong fundamentals and initiatives [43][44] Question: Can you clarify the mix between brand and authorized generic for Korlym? - Currently, a little over half of patients are on the authorized generic, which is expected to increase, but volume growth is anticipated to outweigh any price changes [50][74] Question: Will there be an advisory committee for the December PDUFA? - Management does not expect an advisory committee for relacorilant, similar to previous approvals in hypercortisolism [51] Question: What are the next steps for relacorilant in solid tumors? - The company plans to rapidly expand studies for relacorilant in combination with other therapies in solid tumors, with a focus on earlier lines of therapy [53]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $157.2 million, an increase from $146.8 million in Q1 2024, with a revenue guidance for 2025 set between $900 million and $950 million [5] - Net income decreased to $20.5 million in Q1 2025 from $27.8 million in Q1 2024 [5] - Cash and investments as of March 31, 2025, totaled $570.8 million [5] Business Line Data and Key Metrics Changes - The prescriber base and patient base for hypercortisolism treatments are growing rapidly, with new prescriber growth at a record rate for five consecutive quarters [7] - The number of prescriptions for Korlym in Q1 2025 was nearly double that of the same period last year [7] - The average price per tablet decreased by 13% due to a transition from branded Korlym to an authorized generic [11] Market Data and Key Metrics Changes - The increase in screening for hypercortisolism is driving rapid patient growth, with expectations for continued acceleration [8] - The transition to authorized generic tablets is expected to grow, but the decrease in price will be offset by an increase in the number of tablets shipped [12] Company Strategy and Development Direction - The company is focused on increasing physician awareness of hypercortisolism and expanding its sales force to support growth [8] - The new drug application for relacorilant in hypercortisolism is under FDA review, with an action date set for December 30, 2025 [16] - The company is exploring the use of cortisol modulation in various cancers, including ovarian and prostate cancers, and is preparing for potential regulatory submissions [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for hypercortisolism treatments, citing the CATALYST study's findings as a catalyst for increased screening and treatment [21] - The company anticipates that the operational improvements at the pharmacy vendor will support continued growth throughout 2025 [61] - Management emphasized the potential for relacorilant to become the new standard of care for hypercortisolism patients [33] Other Important Information - The company has made substantial progress in its oncology portfolio, with positive results from the ROSELA trial indicating potential for broader applications of cortisol modulation [22][33] - The company is actively exploring the potential of proprietary compounds for treating neurologic and hepatic diseases [28][30] Q&A Session Summary Question: Clarification on oncology program and treatment paradigm - Management indicated that relacorilant plus nab-paclitaxel is poised to become a new standard of care in platinum-resistant ovarian cancer, with potential positioning before or after biomarker-driven agents [40][41] Question: Revenue expectations for upcoming quarters - Management expects growth to continue through the second quarter and accelerate in the second half of the year, driven by strong fundamentals and the publication of full CATALYST data [45][46] Question: Mix between brand and authorized generic for Korlym - Currently, a little over half of patients are on the authorized generic, which is expected to increase, but volume growth is anticipated to outweigh any price changes [51][75] Question: Nature of corrective measures taken by pharmacy vendor - The pharmacy vendor has improved staffing and operations to meet increased demand, with March and April showing record dispensing numbers [60][61] Question: Expectations for ALS data and potential approval - Management plans to discuss further studies with regulatory authorities to determine the next steps for the ALS program [66]

[PART I: Financial Information](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) As of March 31, 2025, the company's net product revenue increased by 7.1% to $157.2 million, but operating income and net income significantly declined due to increased selling, general, and administrative expenses, while the balance sheet remained robust with total assets at $846 million and cash flow from operations decreased substantially [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets slightly increased to $846 million, with a decrease in cash and cash equivalents offset by an increase in long-term marketable securities, while liabilities and stockholders' equity remained stable Balance Sheet Key Items (Units: Thousands of USD) | Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $89,819 | $127,665 | | Short-term marketable securities | $232,944 | $255,669 | | Long-term marketable securities | $248,041 | $219,831 | | Total assets | $846,455 | $840,553 | | **Liabilities and Stockholders' Equity** | | | | Total liabilities | $163,170 | $160,964 | | Stockholders' equity | $683,285 | $679,589 | | Total liabilities and stockholders' equity | $846,455 | $840,553 | [Condensed Consolidated Statements of Income](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Net product revenue for Q1 2025 increased to $157.2 million, but a substantial rise in selling, general, and administrative expenses led to a sharp decline in operating income to $3.4 million and a decrease in net income to $20.5 million Quarterly Income Statement Comparison (Units: Thousands of USD, except per share data) | Indicator | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net product revenue | $157,214 | $146,808 | | Total operating expenses | $153,798 | $117,308 | | - Research and development expenses | $60,735 | $58,505 | | - Selling, general and administrative expenses | $90,660 | $56,268 | | Operating income | $3,416 | $29,500 | | Net income | $20,547 | $27,762 | | Diluted net income per share | $0.17 | $0.25 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities in Q1 2025 significantly decreased to $5.1 million due to lower net income and higher operating expenses, while financing activities resulted in a substantial outflow of $39.8 million primarily for stock repurchases Quarterly Cash Flow Comparison (Units: Thousands of USD) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $5,128 | $23,756 | | Net cash used in investing activities | ($3,171) | ($9,014) | | Net cash used in financing activities | ($39,803) | ($543) | | Net (decrease) increase in cash and cash equivalents | ($37,846) | $14,199 | | Cash and cash equivalents at end of period | $89,819 | $149,750 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes provide detailed financial information, including the company's biopharmaceutical focus on cortisol-modulating drugs, a $200 million stock repurchase program, settlement of the Melucci lawsuit, and a Q1 2025 income tax benefit - The company is a commercial-stage biopharmaceutical company engaged in discovering and developing drugs that modulate the effects of cortisol hormones to treat serious endocrine, oncologic, metabolic, and neurological disorders. Its primary product is Korlym® and its authorized generic[22](index=22&type=chunk) - The company approved a stock repurchase program of up to **$200 million** in January 2024. In Q1 2025, the company repurchased **500,000** shares of common stock for **$27.4 million**[47](index=47&type=chunk)[48](index=48&type=chunk) - The company settled the Melucci securities class action lawsuit, paying **$14 million**, which was fully reimbursed by its insurer, and the case is now closed[41](index=41&type=chunk) - Q1 2025 recorded an income tax benefit of **$10.9 million**, compared to an income tax expense of **$7.2 million** in the prior year, primarily due to increased stock-based compensation deductions and lower pre-tax income[61](index=61&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's discussion and analysis reviews the company's operating results and financial condition, highlighting product revenue growth offset by declining operating income due to increased expenses, significant pipeline progress including FDA acceptance of relacorilant NDA, positive ROSELLA trial data, and anticipated higher R&D and SG&A expenses in 2025 [Overview](index=16&type=section&id=Overview) The company is a commercial-stage entity treating various severe diseases by modulating cortisol effects, with Korlym and its authorized generic for hypercortisolism, a proprietary portfolio of over 1,000 selective cortisol modulators, and multiple clinical programs in hypercortisolism, oncology, ALS, and metabolic diseases - The company is a commercial-stage entity dedicated to discovering and developing drugs that modulate the effects of cortisol hormones to treat serious endocrine, oncologic, metabolic, and neurological disorders[67](index=67&type=chunk) - The New Drug Application (NDA) for relacorilant in endogenous hypercortisolism was accepted by the FDA in **March 2025**, with a PDUFA target action date of **December 30, 2025**[75](index=75&type=chunk) - In ovarian cancer, the pivotal Phase 3 ROSELLA trial met its progression-free survival (PFS) endpoint, and interim analysis of overall survival (OS) was also positive[90](index=90&type=chunk) - For amyotrophic lateral sclerosis (ALS), the Phase 2 DAZALS trial of dazucorilant did not meet its primary endpoint but observed a statistically significant improvement in overall survival[98](index=98&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Net product revenue for Q1 2025 increased to $157.2 million, driven by higher volume but partially offset by lower average prices, while research and development expenses slightly increased, and selling, general, and administrative expenses significantly rose, leading to a substantial decline in operating income Quarterly Operating Performance Comparison (Units: Millions of USD) | Item | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net product revenue | $157.2 | $146.8 | +7.1% | | Cost of sales | $2.4 | $2.5 | -4.0% | | Research and development expenses | $60.7 | $58.5 | +3.8% | | Selling, general and administrative expenses | $90.7 | $56.3 | +61.1% | - Revenue growth was driven by a **23.5%** increase in volume, partially offset by a **13.3%** decrease in average price due to increased sales of the authorized generic[105](index=105&type=chunk) - The significant increase in selling, general and administrative expenses was primarily due to higher employee compensation and increased sales and marketing activities to support existing and future potential product commercialization[112](index=112&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held $570.8 million in cash, cash equivalents, and marketable securities, relying on product sales for funding and anticipating no additional financing needs, despite a significant decrease in net cash provided by operating activities and substantial cash outflow from financing activities primarily for stock repurchases - As of March 31, 2025, the company held a total of **$570.8 million** in cash, cash equivalents, and marketable securities[117](index=117&type=chunk) - Net cash provided by operating activities in Q1 2025 was **$5.1 million**, a significant decrease from **$23.8 million** in the prior year, primarily due to lower net income resulting from increased operating expenses[119](index=119&type=chunk) - Net cash used in financing activities in Q1 2025 was **$39.8 million**, primarily for the stock repurchase program (**$27.4 million**) and net settlement of employee stock options[121](index=121&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Market risks related to the company's cash, cash equivalents, and marketable securities, primarily consisting of debt instruments with original maturities under 24 months, did not significantly change during Q1 2025 - As of March 31, 2025, the company's market risk did not significantly change compared to what was disclosed in the annual report as of December 31, 2024[125](index=125&type=chunk) [ITEM 4. Controls and Procedures](index=22&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) As of March 31, 2025, management, including the CEO and CFO, concluded that the company's disclosure controls and procedures are effective, with no significant changes to internal control over financial reporting during the quarter - Management assessed and concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[126](index=126&type=chunk) - No changes significantly affecting or likely to significantly affect the company's internal control over financial reporting occurred during the quarter ended March 31, 2025[127](index=127&type=chunk) [PART II: Other Information](index=23&type=section&id=PART%20II.%20OTHER%20INFORMATION) [ITEM 1. Legal Proceedings](index=24&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in multiple legal proceedings, including an appeal in the Teva Korlym patent litigation, antitrust lawsuits filed by Teva and Aetna, ongoing shareholder derivative suits, and a subpoena from the U.S. Attorney's Office regarding Korlym sales and promotion - In the patent litigation with Teva, the district court ruled on **December 29, 2023**, that Teva's generic product did not infringe Corcept's patents, a decision Corcept has appealed. Teva launched its generic product in **January 2024**[130](index=130&type=chunk) - Teva filed an antitrust lawsuit against Corcept in **June 2024**. Additionally, Aetna and other companies filed similar lawsuits in **February 2025**[132](index=132&type=chunk)[133](index=133&type=chunk) - The company received a subpoena for records related to Korlym sales and promotion from the U.S. Attorney's Office for the District of New Jersey in **November 2021**, with the government investigating potential criminal or civil violations[139](index=139&type=chunk) [ITEM 1A. Risk Factors](index=25&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks across commercial activities, including generic competition and pricing pressure, research and development uncertainties, intellectual property challenges, stock-related volatility, and general risks such as political instability, cybersecurity threats, and complex data privacy regulations [Risks Related to our Commercial Activities](index=25&type=section&id=Risks%20Related%20to%20our%20Commercial%20Activities) The company's commercial activities face multiple risks, including competition from Korlym generics, potential sales limitations due to public perception of mifepristone and abortion regulations, restricted drug pricing and reimbursement from government regulations like the Inflation Reduction Act, and heavy reliance on a few suppliers and a single specialty pharmacy - Teva launched a generic version of Korlym in **January 2024**, which could materially harm the company's operating results and financial condition[157](index=157&type=chunk) - New laws like the Inflation Reduction Act (IRA) may limit the company's revenue from Medicare patients and could significantly reduce profits in **2026** and beyond[163](index=163&type=chunk)[165](index=165&type=chunk) - The company relies on a single specialty pharmacy, Optime, for product distribution and processing over **99%** of revenue collections. Operational difficulties or failure by Optime could adversely affect the company's business, operating results, and financial condition[169](index=169&type=chunk) [Risks Related to our Research and Development Activities](index=31&type=section&id=Risks%20Related%20to%20our%20Research%20and%20Development%20Activities) The company's research and development activities are highly uncertain, characterized by lengthy, expensive, and often unsuccessful clinical drug development, reliance on third-party vendors whose failures could cause delays, and the potential for investigational drugs to cause adverse side effects, hindering approval or commercialization - Clinical drug development is lengthy, expensive, and frequently unsuccessful. Results from early studies and trials often do not predict outcomes in later trials[190](index=190&type=chunk) - The company relies on third-party vendors for critical clinical trial activities, such as drug distribution, trial management, and data analysis. Failures by these vendors could prevent or delay the approval of investigational drugs[187](index=187&type=chunk)[189](index=189&type=chunk) - Investigational drugs may cause adverse side effects, leading to cessation of clinical development, prevention of regulatory approval, limitation of commercial potential, or significant liability[197](index=197&type=chunk) [Risks Related to our Intellectual Property](index=34&type=section&id=Risks%20Related%20to%20our%20Intellectual%20Property) The company may face challenges in obtaining, maintaining, or asserting patent protection for its proprietary selective cortisol modulators and their uses, as intellectual property litigation is time-consuming, expensive, and uncertain, with patents constantly subject to challenge and unpredictable outcomes in legal actions to protect rights - Patents are uncertain, involve complex legal and factual issues, and are frequently subject to litigation. Patents granted to or licensed by the company may be challenged at any time[204](index=204&type=chunk) [General Risk Factors](index=36&type=section&id=General%20Risk%20Factors) The company faces various general risks, including unpredictable political, legal, and economic uncertainties, potential business disruptions and liabilities from IT system failures or data breaches, and high compliance costs and severe penalties associated with complex domestic and international data privacy regulations - U.S. government policies regarding tariffs, trade, and funding for critical agencies are unpredictable and could harm the company's clinical and commercial interests[214](index=214&type=chunk) - The company relies on information technology for its operations, and IT system failures or security breaches, particularly phishing and data breaches, could disrupt business and lead to liabilities[228](index=228&type=chunk)[229](index=229&type=chunk) - The company must comply with complex U.S. and foreign privacy and security laws and regulations, such as HIPAA, GDPR, and CCPA, incurring high compliance costs, with violations potentially leading to substantial fines and business disruption[221](index=221&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered equity securities were sold during the reporting period, but the company repurchased 500,000 shares for $27.4 million under its stock repurchase program in March 2025, with $156.9 million remaining available, and also repurchased 342,000 shares related to employee stock options and restricted stock vesting Q1 2025 Stock Repurchase Activity (Units: Thousands, except per share price) | Period | Total shares repurchased | Average price paid per share | Maximum amount yet to be repurchased under the plan | | :--- | :--- | :--- | :--- | | January 2025 | — | — | $184,329 | | February 2025 | — | — | $184,329 | | March 2025 | 500 | $54.84 | $156,896 | | **Total** | **500** | **$54.84** | **$156,896** | - In Q1 2025, the company also repurchased **342,000** shares for a total purchase price of **$21.1 million** due to cashless net settlement of employee stock options and vesting of restricted stock[239](index=239&type=chunk)

EXHIBIT 99.1 CORCEPT THERAPEUTICS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE REDWOOD CITY, Calif., (May 5, 2025) – Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of medications to treat serious endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol, today reported its results for the quarter ended March 31, 2025. Financial Results "In the first quarter, ...

Chuck Jones' career has spanned twelve years as an equity analyst, sixteen years in various roles at IBM and most recently as a Wealth Strategist with Northern Trust. At Northern Trust he developed and implemented a go-to-market strategy to introduce Investment Management and Trust Services to Technology Executives and Private Equity Partners. Utilizing a wide range of contacts in the Technology, Life Sciences and VC worlds he was able to determine the financial goals and objectives of individuals and famil ...

Core Insights - The article discusses the investment potential of CORT, highlighting a beneficial long position held by the author [1][2]. Company Overview - CORT is positioned favorably in the market, with the author expressing confidence in its future performance and potential for additional share purchases [1][2]. Performance Metrics - The TANAKA Growth Fund, managed by the author, has shown significant performance, ranking 5 among Multi-Cap Growth Mutual Funds with a +250% return over five years compared to +154% for the Wilshire 2500 Growth Index and +135% for the S&P 500 [2]. - In the first three months of 2025, the fund achieved a +6.7% return, outperforming the Wilshire 2500 Growth Index, which declined by -9.2%, and the S&P 500, which declined by -4.3% [2]. Investment Strategy - The author emphasizes a focus on finding Platform Growth Companies early, indicating a strategic approach to investment that seeks high-growth potential [2].

Market Overview - The S&P 500 experienced a significant drop of approximately 10% in the first five trading days of April 2025 due to tariffs impacting market stability [1] - Investors with available cash may seek opportunities in companies that have shown resilience amid market volatility [1] Alumis (NASDAQ: ALMS) - Alumis shares surged by 64% in the five trading days leading to April 7, 2025, largely due to the announcement of a proposed merger with Acelyrin Inc. [4] - The merger is expected to consolidate strong pipelines and provide a cash runway through 2027, with multiple clinical readouts anticipated [5] - Current stock price is $8.04, with a 12-month price forecast of $26.00, indicating a potential upside of 223.38% [3] DBV Technologies (NASDAQ: DBVT) - DBV Technologies shares increased by 129% year-to-date as of April 7, 2025, and rose by 17% in the five days leading to that date [7] - The company is developing the VIASKIN peanut patch, which aims to desensitize children to peanut allergies, and has received FDA support for its Biologics License Application [8][9] - Current stock price is $7.07, with a 12-month price forecast of $22.50, suggesting a potential upside of 218.25% [6] Corcept Therapeutics (NASDAQ: CORT) - Corcept's relacorilant has shown promise in treating ovarian cancer, with a late-stage trial indicating it may delay cancer progression in patients resistant to existing chemotherapy [10] - The stock price is currently $72.97, with a 12-month price forecast of $143.25, indicating a potential upside of 96.31% [10] - Corcept's shares have increased nearly 50% year-to-date, despite a recent decline in early April [11]

Corcept Therapeutics (CORT) closed the last trading session at $91.93, gaining 64.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $118.25 indicates a 28.6% upside potential.The average comprises four short-term price targets ranging from a low of $78 to a high of $150, with a standard deviation of $30.42. While the lowest estimate indicates a decline of 15.2% from the current pr ...