Corcept Therapeutics Incorporated

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 Mukherjee, 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 third quarter and providing a corporate update. A copy is available at coursehub.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 Investor's Past Events tab of our website. We will also post a presentation regarding our oncology development programs in the same section. Statements during this call, other than statements of historical fact, Our forward-looking statements, based on our plans and expectations, 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 third quarter of 2025 was $207.6 million compared to $182.5 million in the prior year period. We have modified our 2025 revenue guidance to $800 to $850 million. Net income was $19.7 million compared to $47.2 million in the third quarter of last year. Our cash and investments of September 30th were $524 million which reflects our acquisition of $50 million of our common stock in the third quarter pursuant to our stock repurchase program, as well as shares acquired upon the exercise of Corset's stock options and the vesting of our surfeited stock grants. We'll now turn the call over to Charlie Robb, our Chief Business Officer. Charlie?

Thanks, Adelaide. There's nothing new to report regarding our patent litigation with Teva Pharmaceuticals. Recall that in March 2018, we sued Teva to stop it from marketing a generic version of Corlum in violation of our patents. The case went to trial in September 2023, and in December 2023, the trial court ruled against us. We appealed that decision to the Federal Circuit Court of Appeals. Three judge panels of that court heard oral argument on July 7th of this year. Although it is impossible to say exactly when the court will issue its decision, enough time has passed that it is reasonable to say that the decision could come at any time. If we prevail, Teva will lose FDA approval of its product until the expiration of our patent in 2037. We strongly believe our position is correct and are eager to advance this appeal. I'll now turn the call over to Sean Maddux, the President of our Endocrinology Division. Sean?