Corcept Therapeutics Reports Q1 2024 Financials and Corporate Update

MENLO PARK, Calif., May 01, 2024 - Corcept Therapeutics Incorporated (NASDAQ: CORT), a company focused on developing medications for serious disorders by modulating cortisol effects, has released its financial results for the first quarter ending March 31, 2024.

Corcept's revenue for Q1 2024 reached $146.8 million, marking a significant 39% increase from $105.7 million in the same quarter of 2023. The company has revised its 2024 revenue guidance upwards to $620-$650 million from the previous forecast of $600-$630 million. Net income per common share rose to $0.25 (diluted), up from $0.14 in Q1 2023. As of March 31, 2024, Corcept had cash and investments totaling $451.0 million.

Dr. Joseph K. Belanoff, CEO of Corcept, highlighted the record number of new prescribers and patients using Korlym® during the first quarter. He attributed this to increased awareness and screening for hypercortisolism among physicians, resulting in more patients receiving treatment.

The company's operating expenses for Q1 2024 were $117.3 million, compared to $90.8 million in Q1 2023. The rise in expenses was due to enhanced clinical trial activities and the expansion of the commercial team. Net income for the quarter was $27.8 million, compared to $15.9 million in the same period of the previous year.

Clinical Development Updates:
1. GRACE Trial: The open-label phase of the GRACE trial showed significant improvements in hypertension, hyperglycemia, weight, waist circumference, cognitive function, and quality of life for patients with hypercortisolism. Results from the randomized withdrawal phase are expected shortly, with an NDA submission for relacorilant in Cushing’s syndrome anticipated by the end of the quarter.
2. GRADIENT: This Phase 3 trial focuses on relacorilant for Cushing’s syndrome caused by adrenal adenomas. Enrollment is complete, and results are expected in the fourth quarter.
3. CATALYST: This Phase 4 trial examines hypercortisolism prevalence in patients with difficult-to-control type 2 diabetes. Preliminary findings indicate that about 25% of enrolled patients have hypercortisolism. Full results from the prevalence phase are forthcoming, with treatment phase results expected by year-end.
4. ROSELLA: This Phase 3 trial is evaluating relacorilant plus nab-paclitaxel in patients with platinum-resistant ovarian cancer. Enrollment is complete, with results anticipated by year-end.
5. DAZALS: A Phase 2 trial of dazucorilant in ALS patients has completed enrollment, with results expected by the end of the year.
6. MONARCH: This Phase 2b trial investigates miricorilant in patients with biopsy-confirmed NASH. Enrollment is ongoing.

Dr. Bill Guyer, Chief Development Officer, emphasized the potential of relacorilant in treating Cushing’s syndrome, noting significant improvements in patients from the GRACE trial's open-label phase. The company plans to present comprehensive data at a medical conference in June. He also highlighted the significance of the CATALYST trial in guiding physicians on hypercortisolism treatment.

Oncology and other trials are advancing as well, with the ROSELLA trial potentially setting a new standard of care for ovarian cancer and the DAZALS trial aiming to improve ALS outcomes. The MONARCH study continues to build on promising early results for NASH treatment.

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