Corcept Therapeutics Incorporated

and welcome to the Corset Therapeutics conference call. Today's call is being recorded. To signal for questions today, please press star 1. And at this time, I'd like to turn the call over to Charlie Robb. Please go ahead.

Thank you. Good afternoon, everyone. I'm Corset's Chief Financial Officer. Today, we issued a press release announcing our financial results for the third quarter and providing a corporate update. The copy is available at corset.com. Complete results will be available when we file our Form 10-Q in the SEC. Today's call is being recorded. A replay will be available November 17, 2020 at 1-888-203-1112 in the United States and 1-719-457-0820 International. Passcode will be 680-0706. Statements during this call, other than statements of historical fact, are core legitimacy statements based on our plans and expectations that are subject to risks and uncertainties which might cause actual results to differ materially from those such statements express or imply. These risks and uncertainties include and are not limited to our ability to operate our business and achieve our goals during the COVID-19 pandemic and thereafter, including our ability to generate revenue and cash reserves sufficient to fund our commercial operations and development programs, The availability of CCD Frequencies, including generic versions of Corlum, the initiation or actual utilization, our ability to obtain acceptable prices or adequate insurance coverage and reimbursement for Corlum, and risks related to the development of our product candidates, including their clinical attributes, regulatory approvals, mandates, oversight, and other requirements. And the impact of the COVID-19 pandemic on our employees, consultants, and vendors, as well as on physicians, patients, insurers, regulators, and the practice of medicine generally. These and other risks are set forth in our FTC files, which are available at our website and the FTC's website. On this call, four of the key statements include those concerning our revenue guidance, cash flow and expected growth, our stock repurchase program, and its intended funding sources. The impact of the COVID-19 pandemic on our commercial operations, financial performance, clinical development programs, physicians, payers, and patients, and expectations regarding our financial performance and clinical development program after the COVID-19 pandemic brought our control, physician awareness of hypercortisolism and the collection of coralline with the outcome of medical treatment, the timing, cost, and outcome of litigation, including our lawsuits against Teva Pharmaceuticals and Sun Pharmaceuticals, and some of the challenges of the validity of one of our patents, which was a patent trial in a field board, scope and protective power of our intellectual property, The benefits of work and drug designation, the progress in enrollment timing, design, and results of our clinical trials, and the clinical and commercial attributes of our coralline, hexacoralline, neurocoralline, and our other selected cortisol modulators. We disclaim any intention or duty to update or update. Revenue for the third quarter was $86.3 million, a 6% increase from the third quarter of 2019. Third quarter gap net income was $21.6 million compared to $26.3 million in the same period last year. Excluding non-cash expenses related to stock-based compensation and utilization of deferred tax assets, together with related income tax effects, non-gap net income in the third quarter was $30 million compared to $37.8 million in the third quarter of 2019. Our cash and investments were $444.2 million in the 30th an increase of $34.7 million from June 3. All in consideration of our strong financial position and prospects, our Board of Directors has approved a program running from September 30, 2021, to repurchase up to $200 million of our common stock. We will determine the timing and size of any repurchases based on market conditions, our stock price, and other factors. We believe revenue from our Christian Syndrome business, together with our cash on hand, will be sufficient to fund our commercial activities in our current and planned clinical development and drug discovery programs, as well as our program to repurchase $200 million of our common stock. Now, we will update.

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