Corcept Therapeutics Incorporated

Thank you for standing by, and welcome to CoreSep Therapeutics' second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker 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. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Adhavok Macari, CFO. Please go ahead.

Thank you. Hello, everyone. Good afternoon, and thank you for joining us. Today, we issued a press release announcing our financial results for the second 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 the SEC. Today's call is being recorded. A replay will be available of the investors' past events to have on 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. 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 10-Q, 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 second quarter of 2020 was $194.4 million compared to $163.8 million in the prior year period. We have modified our 2025 revenue guidance to $850 to $900 million. Net income was $35.1 million compared to $35.5 million in the second quarter of last year. Our cash and investments on June 30th were $515 million. Balance reflects our acquisition of $115 million of our common stock and the second quarter pursuant to our stock repurchase program, the net exercise of stock options by course of employees, and the net testing of restricted stock grants. I'll turn the call over to Sean Maduke, president of our endocrinology division. Sean?

Thank you, Adelbach. The endocrinology division had an excellent second quarter. For the sixth quarter in a row, we added a record number of new prescribers and new prescriptions, and there are a record number of patients on therapy. We shipped more tablets to patients than ever before, 49% more, in the second quarter last year. Our financial results don't fully reflect this surge in demand. While our quarterly revenue growth was substantial, a $37 million increase over the first quarter, it should have been more. I discussed on the last call the insufficient capacity of our pharmacy vendor. Its capacity has increased in the second quarter, but not as much as we expected, and not enough to keep pace with our growth. Capacity will increase further in the second half of the year. We dispensed another record number of tablets in July, with more increases to follow. We are also bringing online a second pharmacy. You will see the financial impact of this addition in the fourth quarter. Increased pharmacy capacity is important because I'm certain our growth is poised to accelerate. For many years, physicians only screened and treated the most physically obvious cases of hypercortisolism. In the last 15 years, many studies have been published supporting the identification and the treatment across a much broader spectrum of disease. The results of the Catalyst study confirm and build on these findings and will lead to much higher rates of screening and treatment of hypercortisolism. 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 many of their signs and symptoms, even when all current medications, including Ozempic and Manjaro, have not. The catalyst results are now published in Diabetes Care, the field's leading journal. This crucial information is now being absorbed by the broader physician community. We have amplified our efforts to educate physicians about hypercortisolism, and we will ramp those activities even further. For example, we've increased the size of our sales force substantially, and we'll continue to grow that team. We currently have 145 clinical specialists, up from 60 at the beginning of 2024, and our plan is to have 175 in place before year-end. In the increasing context of a much better understanding of the prevalence of hypercortisolism, I'm eagerly anticipating Relacorlin's approval. While Corlin is a great medication, Relacorlin is even better. Relacoralin will be a terrific option for both prescribers and patients. I expect that almost all patients who are receiving Coraline will choose to transition to Relacoralin, and our growth will accelerate when it becomes available. I've never been more confident in both our current and future commercial growth, and most important, our potential to help many more patients. I believe that in the next three to five years, Relacoralin will generate $3 to $5 billion in annual revenue in hypercortisolism alone. I'll now turn the call over to Charlie Robb, our Chief Business Officer. Charlie? Charlie?