Corcept Therapeutics Incorporated

Good day, and thank you for standing by. Welcome to the CORE-CEP Therapeutics conference call. At this time, all participants are on 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 that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, CFO Ottobock McCrory. Please go ahead.

Hello, everyone, and thank you for joining us. Today we issued a press release announcing our financial results for the first quarter and providing a corporate update. The copy is available at courseup.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 be materially different 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 2024 was $146.8 million, an increase of 39% compared to the first quarter of the prior year. We expect our revenue growth to continue and have increased our 2024 revenue guidance to $620 to $650 million. Net income was $27.8 million in the first quarter compared to $15.9 million in the first quarter of the prior year. Our cash and investments at March 31st was $451 million. I will now turn the call over to Charlie Robb, our Chief Business Officer. Charlie?

Thanks, Adivac. In March 2018, we sued Teva Pharmaceuticals to prevent it from marketing a generic version of Coraline in violation of our patents. The case was tried in federal district court in September of last year. On December 29th of last year, 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 have asked the Federal Circuit Court of Appeals, which has appellate jurisdiction over all patent matters, to reverse it. We filed our opening brief on March 11th. Teva filed its responsive brief on April 22nd. Our reply... which will complete briefing of the matter, is due later this month. These documents are available publicly at the government's PACER website. It's impossible to predict exactly how long the appeal will take. The timing of oral argument and the issuance of an opinion are entirely up to the Federal Circuit. Having said that, it's reasonable to expect oral argument in the third or 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're eager to advance this appeal. As has always been the case, we strongly believe that our position is the correct one. We're confident that the Federal Circuit, with its deep expertise in this area of the law, will agree. I'll now turn the call over to Joe Belanoff, our Chief Executive Officer. Joe?