Corcept Therapeutics Incorporated

Good day and welcome to the Corset 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 the session, you will need to press star 1-1 on your telephone and you will then hear an automated message advising 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, Adibak Mokhari, CFO. Please go ahead.

Hello, everyone. Good afternoon, and thank you for joining us. I'm Adibak Mokhari, CoreSep's Chief Financial Officer. Today, we issued a press release announcing our financial results for the second quarter and providing a corporate update. The copy is available at CoreSep.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 facts, 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 second quarter of 2023 was $117.7 million. an increase of 14% compared to the second quarter of last year. To reflect that growth, we are raising our 2023 revenue guidance again to a range of $455 to $470 million, up from $435 to $455 million. Net income was $27.5 million, or 25 cents per share, in the second quarter, compared to $27.4 million, or 24 cents per share, in the same period last year. Our cash and investments of $363.3 million at June 30th reflects the purchase of 6.6 million CourseUp shares for $145.4 million during the quarter. I will now turn the call over to Charlie Roth, our Chief Business Officer, to provide a legal update. Charlie?

Thanks, Adam. In March 2018, we sued Teva Pharmaceuticals and Federal District Court to prevent it from marketing a generic version of Coralum in violation of our patents. Trial is set to begin next month on the 27th of September. As a reminder, Teva cannot dispute the validity of two patents we are asserting against it, 214 patent and the 800 patent, which concern the safe co-administration of Coralum the commonly prescribed class of drugs known as strong CYP3A inhibitors. Issues determinative of these patents' validity were decided in our favor when TEVA lost the post-grant review challenge it initiated at the Patent Office. TEVA's only defense with respect to these two patents is that its proposed products would not infringe them, a position we believe has no legal or factual support. The 214 and ANR patents are two of the four patents we are asserting against TEVA. As I said last quarter, and in all of the calls we've held since this litigation began, we are supremely confident in the strength of our case. We are happy that our trial date is approaching. We look forward to our day in court. Why? Because the law and the facts are on our side. I'll now turn the call over to Dr. Joseph Belanoff, our Chief Executive Officer.