Corcept Therapeutics Incorporated

session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Adhavok Makari, CFO. 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 first 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-Q with 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 than those such statements express or imply. The risks and uncertainties that may affect our forward-looking statements are described in our annual report on Form 10-K and our quarterly reports on Form 10Q, all of which are available at the SEC's website. 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 2025 was $157.2 million, compared to $146.8 million in the first quarter of last year. We are reiterating our 2025 revenue guidance of $900 to $950 million. Net income was $20.5 million in the first quarter of 2025 compared to $27.8 million in the first quarter of last year. Our cash and investments on March 31st were $570.8 million. We acquired $43 million of our common stock in the first quarter of 2025 pursuant to our stock repurchase program, the net exercise of stock options by CourseUp employees, and the net vesting of restricted stock groups. We'll now turn the call over to Sean Madduke, President of our Endocrinology Division.

Sean? Thank you, Adelbach. We are on the cusp of a new diagnosis and treatment paradigm for patients with hypercortisolism. For many years, most physicians reserved both screening and treatment for the most physically obvious cases of hypercortisolism. Over the last 15 years, published data supported the identification and the treatment across a broader spectrum of disease. Screening for hypercortisolism has increased and is driving rapid patient growth in our business. I'm certain that this increase in screening is just beginning. I've never been more confident in both our current and future growth prospects, and most important, our potential to help many, many patients for years to come. We now know that patients with hypercortisolism exist in every medical practice. More and more physicians are starting to recognize that, too. To put this in perspective, our new prescriber base has grown at a record rate for five straight quarters. and the number of Quorum prescriptions in the first quarter of this year was almost double what we saw in the same period last year. Both our prescriber base and our patient base are growing rapidly, and we expect growth to accelerate. In 2023 and 2024, we amplified our efforts to educate physicians about hypercortisolism and Quorum. We also increased the size of our sales force, and we will continue to grow that team to reach and serve all our potential customers. We currently have 125 clinical specialists, up from 60 at the beginning of 2024 and our plan is to have 175 in place before year-end in preparation for Relacorlin's launch. In 2024, we also introduced our first direct-to-patient disease awareness education campaign in an effort to arm patients with the knowledge that they need to discuss hypercortisolism with their physician. Finally, the results of our catalyst study are very powerful. The study unequivocally shows that one in four patients with difficult-to-control diabetes have hypercortisolism, and that treatment with a cortisol modulator dramatically improves their hyperglycemia, even though all the current medications, including Ozempic and Manjaro, have not. Our Q1 financial results do not reflect the tremendous patient growth our business is experiencing, or what we expect for the rest of this year. Our first quarter results, specifically in January and February, were affected by insufficient capacity at our pharmacy vendors. As I said on our last call, the rapid growth in our business in the second half of 2024 overwhelmed the pharmacy's operational capabilities, and these challenges persisted into this year. That said, we have seen a substantial improvement in pharmacy operations in March and April. This has translated to a record number of tablets dispensed in March and April. Our first quarter results were also affected by a greater portion of our business transitioning from branded corallum to our authorized generic, which has a lower net price. As a result, our average price per tablet decreased by 13% relative to the prior year. We expect that the transition to authorized generic tablets will continue to grow this year, but that this decrement in price will be overwhelmed by an increase in the number of tablets shipped. Please let me emphasize that all factors, including pharmacy operations and pricing impact from our authorized generic, are factored into our 2025 revenue guidance. I will end where I began. I've never been more confident in both our current and future commercial growth, and most important, our potential to help many more patients. Coraline is a great medication, but Relacoraline is even better. It will be a great option for both prescribers and patients, and I expect that our patient numbers will accelerate when it emerges. I believe that in the next three to five years, Relacoraline will generate $3 to $5 billion in annual revenue in hypercortisolism alone. I will now turn the call over to Charlie Robb, our Chief Business Officer. Charlie?