Corcept Therapeutics Incorporated

And thank you for standing by. Welcome to the Course of 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 this session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today. Ottobock McCurry, please go ahead.

Ottobock McCurry Hello, everyone, and thank you for joining us. I'm Ottobock McCurry, CORSEP's Chief Financial Officer. Today, we issued a press release announcing our financial results for the first quarter and providing a corporate update. A copy is available at CORSEP.com. Our complete financial results will be available when we file our Form 10-Q 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 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 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. Our revenue in the first quarter of 2023 was $105.7 million, an increase of approximately 13 percent compared to the first quarter of last year. with about half of that growth being due to an increase in the number of patients receiving Coraline. To reflect that growth, we are raising our 2023 revenue guidance to a range of $435 to $455 million, up from $430 to $450 million. Net income was $15.9 million, or 14 cents per share, in the first quarter compared to $22.8 million, or 20 cents per share, in the same period last year, due primarily to higher operating expenses as our development programs advance and we increased investment in our Cushing Syndrome business. Our cash and investments at March 31st was $465 million, compared to $437 million at December 31. In April, we purchased 6.6 million shares of Corecept common stock for $145 million. I will now turn the call over to Charlie Robb, our Chief Business Officer, to provide a legal update. Charlie?

Thanks, Atabak. In March 2018, we sued TEVA and Federal District Court to prevent it from marketing a generic version of Corelum in violation of our patents. Last quarter, the court ordered the parties to negotiate a schedule for pretrial activities. Trial is now set to begin September 27th of this year. Keep in mind that TEVA can no longer challenge the validity of one of the patents we are asserting against it, the 214 patent, which was reaffirmed by the Patent Trial and Appeals Board following a proceeding initiated by TEVA known as post-grant review. Having lost at the Patent Office, TEVA must concede the 214 patent's validity at trial. Teva's only remaining defense is that its proposed product would not infringe our patent, a position we believe has no legal or factual support. Keep in mind also that the 214 patent is just one of four that we have asserted against Teva. Having recited these facts, it is customary to say we are confident in the strength of our legal position. That is certainly true, so I will say it. We are confident in the strength of our legal position. The problem is that this sort of stock phrase does not capture the depths of our conviction. So let me put it another way. My colleagues and I are glad a trial date has been set. We look forward to our day in court. We have never sought to delay or prolong this litigation because the law and the facts are on our side. We are absolutely confident we will win. I will now turn the call over to Dr. Joseph Felinoff, our Chief Executive Officer. Joe?