Corcept Therapeutics Incorporated

Greetings and welcome to the CoreSep Therapeutics conference call. At this time all participants are in listen-only mode. The question and answer session will follow the formal presentation. If you'd like to register to ask a question, please press star 1 on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. If anyone should require operator assistance during the conference, please press star 0 from your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Adibak Mokari, CFO. Thank you. You may now begin.

Good afternoon, and thank you for joining us. I'm Adibak Mokari, Corsup's Chief Financial Officer. Today, we issued a press release announcing our financial results for the fourth 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-K with the 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 subjects 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 and in our annual report on Form 10-K and 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. The revenue in the fourth quarter of 2022 was $103.1 million. compared to $98.8 million in the fourth quarter of 2021. We expect our revenue growth to continue and have provided 2023 revenue guidance of $430 to $450 million compared to 2022 revenue of $401.9 million. Net income was $16.6 million in the fourth quarter and $101.4 million for the full year 2022. Our cash and investments at December 31st was $436.6 million, compared to $335.8 million at the end of the prior year. I will now turn the call over to Charlie Robb, our Chief Business Officer, to provide a legal update.

Charlie? Thanks, Adabak. Since we last spoke, we have successfully terminated two lawsuits. On February 13th, we announced that we had reached an agreement in principle settling all claims in the purported securities class action known as Malucci v. Gorsuch Therapeutics, Inc. This lawsuit was brought by plaintiff's attorneys in March 2019. Since then, our position has not wavered. We said in March 2019 that we were confident in the strength of our legal position. Having spent four years litigating, we are even more confident. I, and I know I speak for my colleagues as well, am proud of Corecept and the way we do business. Allegations such as those asserted in the Malucci lawsuit are repugnant. We had looked forward to our day in court where we could explain publicly the reasons for our pride in what we do and the way we do it. That being said, litigation is a distraction from more important matters. Simply put, Time spent preparing for trial is time not spent developing medications or helping patients. When presented with the chance to put the Malucci distraction behind us for an amount covered by our insurance, we felt compelled to accept. The second terminated case concerns Hikma Pharmaceuticals. In March 2021, we sued Hikma to prevent it from marketing generic core element violation of our patents. As we announced in December, we have settled this case. HITMA may begin selling a generic version of Coraline in the United States beginning October 1st, 2034, more than 11 years from now, or earlier under circumstances customary for settlement agreements of this type. This is the same entry date as our previous settlement with Sun Pharmaceuticals. Finally, there was a development yesterday in our lawsuit against Teva. In March 2018, we sued Teva to prevent it from marketing a generic version of Coraline in violation of our patents. In April 2021, we filed for summary judgment based on Teva's infringement of our 214 patent. Teva is expected to respond by filing its own motion for summary judgment. Summary judgment is a procedure whereby courts decide a case without holding a trial. Yesterday, the court denied both our motion and Teva's motion without prejudice in order for the parties to begin negotiating a schedule for pretrial activities. No trial date has been set. It is important to note that this change in the procedural posture of our action against Teva has not changed our point of view. We remain confident in the strength of our legal position and are very comfortable proceeding to trial if necessary. I now turn the call over to Dr. Joseph Belanoff, our Chief Executive Officer. Joe?