Corcept Therapeutics Incorporated

Good day and thank you for standing by. Welcome to the CoreSAP Therapeutics conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during that session, you'll need to press star 1 1 on your telephone, and you'll then hear an automated message advising that your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Adibak Makkari, CFO. Please go ahead.

Good afternoon, and thank you for joining us. I'm Adibak Makkari, Corsup's Chief Financial Officer. Today, we issued a press release announcing our financial results for the third quarter and providing a corporate update. A copy is available at corsup.com. Our complete financial results will be available when we file our Form 10-Q with SEC. Today's call is being recorded. A replay will be available at the Investors Past Events tab of our website. Statements during this call, other than statements of historical fact, are forward-looking 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 forward-looking statements are described in today's press release, and the risks and uncertainties that may affect them are described in the press release in our annual report on Form 10-K and in our quarterly reports on Form 10-Q. Please refer to those documents for additional information. We disclaim any intention or duty to update forward-looking statements. Our revenue in the third quarter of 2022 was $101.7 million compared to $96.1 million in the third quarter of last year. Net income was $34.6 million or 30 cents per common share in the third quarter compared to $30.5 million or 24 cents per common share in the same period last year. Our cash and investments at September 30th was $401.2 million, an increase of $19 million in the quarter. We expect our revenue growth to continue and have tightened our 2022 revenue guidance to $400 to $410 million. I will now turn the call over to Charlie Roth, our Chief Business Officer, provide an update on our litigation with generic manufacturers Teva and Hikma Pharmaceuticals.

Charlie? Thanks, Atabak. I have little to report. In March 2018, we sued Teva and federal districts work to prevent it from marketing a generic version of Corlum in violation of our patents. That lawsuit is still underway, although there has been no activity for more than a year. In the second quarter of 2021, we filed for summary judgment based on Teva's infringement of our 2014 patent. Teva, as expected, responded by filing its own summary judgment motion. Summary judgment is a procedure whereby courts decide a case without holding a trial. The court has not responded to these motions. Remember that Teva challenged the validity of the 214 patent that is the basis of our summary judgment motion at the patent office and lost. which means it cannot challenge the 214 patent's validity in district court. As a result, it's only defense to our summary judgment motions that its proposed product would not infringe a position we believe has no support. The court decides the pending summary judgment motions in our favor. Teva would be barred from marketing generic corral until 2037 when the 214 patent expires. The court rules in Teva's favor, we will proceed to trial. most likely sometime next year. There's no timetable for the summary judgment motion ruling, no trial date, and no schedule for any trial-related activities. In March 2021, we sued another antifiler, Hikma Pharmaceuticals. Discovery in that case is scheduled to conclude in April 2023. No trial date has been set. With respect to both Teva and Hikma, we are confident in the strength of our legal position. I'll now turn the call over to Dr. Joseph Belanoff, our Chief Executive Officer. Joe?