Corcept Therapeutics Incorporated

Good day, and thank you for standing by. Welcome to the CORE-CEP therapeutic 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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised, today's conference is being recorded. I would like to turn the call over to Adibak Makkari. Please go ahead.

Hello, everyone. Good afternoon, and thank you for joining us. Today, we issued a press release announcing our financial results for the fourth quarter and providing a corporate update. The copy is available at coursef.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 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. If you disclaim any intention or duty to update forward-looking statements. Our revenue in the fourth quarter of 2023 was $135.4 million, an increase of 31% compared to the fourth quarter of the prior year. We expect our revenue growth to continue and are reiterating 2024 revenue guidance of $600 to $630 million, compared to 2023 revenue of $482.4 million. Net income was $31.4 million in the fourth quarter and $106.1 million for the full year 2023. Our cash and investments at December 31st was $425.4 million. I will now turn the call over to Charlie Robb, our Chief Business Officer, to provide a legal update.

Charlie? Thanks, Adivac. In March 2018, we sued Teva Pharmaceuticals to prevent it from marketing a generic version of Quarlem in violation of our patents. The case went to trial in federal district court in September of last year. On December 29th, the court found that Teva's generic product would not infringe the two patents we had asserted against it. We believe the court's verdict is wrong and is based on a misunderstanding of the law. Accordingly, we are seeking its reversal by the Federal Circuit Court of Appeals. It is impossible to predict exactly how long the appeal will take. Briefing will be complete no later than May. Our opening brief is due March 9th. TEVA will have up to 40 days after we file to respond. Our reply brief, closing the briefing cycle, will be due no later than 21 days after that. These documents will all be publicly available on the internet at the PACER website. With briefing complete, the timing of oral argument and issuance and opinion are entirely up to the court. Based on past practice, it's reasonable to expect oral argument in the fourth quarter of this year and a decision early in the first quarter of 2025. If we prevail, TEVA would lose FDA approval of its product, at least until the expiration of our patents in 2037. We are here to advance this appeal. This has always been the case. We strongly believe that our position is the correct one. We are confident that the Federal Circuit, with its deep expertise in this area of the law, will agree. I will now turn the call over to Joe Belanoff, our Chief Executive Officer. Joe? Thank you, Charlie.