A new cadinane sesquiterpenoid, named panutorulon A (1), was isolated from cultures of the basidiomycete Panus conchatus. The new structure was elucidated by means of spectroscopic methods. Compound 1 was tested for its cytotoxicity against five human cancer cell lines and for its inhibitory activity against isozymes of 11β-hydroxysteroid dehydrogenases (11β-HSD).