Corcept Therapeutics Reports Q1 Financial Results and Corporate Update

May 01, 2024 – Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company dedicated to discovering and developing medications for severe endocrinologic, oncologic, metabolic, and neurologic disorders by modulating cortisol, announced its financial results for the quarter ending March 31, 2024.

Financial Performance

Corcept reported a revenue of $146.8 million for the first quarter of 2024, which marks a substantial 39 percent increase from the same quarter in 2023. The company has revised its 2024 revenue expectations upward to a range of $620 - $650 million, up from the previous guidance of $600 - $630 million. The net income per diluted common share was $0.25, compared to $0.14 in the first quarter of the previous year. As of March 31, 2024, Corcept had cash and investments amounting to $451.0 million.

Chief Executive Officer Joseph K. Belanoff, MD, highlighted the growing recognition of hypercortisolism among physicians, leading to increased screenings and prescriptions for Korlym®. He emphasized the company's robust support system for physicians and patients, which has significantly improved patient outcomes.

Operational Metrics

During the first quarter of 2024, the company’s operating expenses rose to $117.3 million, up from $90.8 million in the same period in 2023. This increase is attributed to heightened clinical trial activities and the expansion of the commercial team. Corcept's net income for the first quarter of 2024 stood at $27.8 million, compared to $15.9 million for the same period last year.

Clinical Developments

Dr. Belanoff announced promising results from the open-label phase of the GRACE trial for relacorilant in treating Cushing’s syndrome. The randomized withdrawal phase results are anticipated soon, with the New Drug Application (NDA) submission for relacorilant expected by the end of this quarter.

Corcept's late-stage studies, including GRADIENT, CATALYST, ROSELLA, and DAZALS, have all completed enrollment. The expectation is that these studies will provide significant evidence of cortisol modulation's therapeutic potential across various serious disorders. Data from these trials are expected by the end of the year.

Key Trials and Findings

The GRACE trial's open-label phase has shown significant improvements in several clinical metrics without major safety concerns, with results from the randomized withdrawal phase expected shortly. The GRADIENT trial, focusing on Cushing’s syndrome due to adrenal adenomas, has completed enrollment, with results expected by the fourth quarter.

The CATALYST trial, which is examining hypercortisolism prevalence in patients with difficult-to-control type 2 diabetes, has also completed enrollment. Preliminary results indicate that about 25% of enrolled patients have hypercortisolism, with full results to be presented at the American Diabetes Association’s 84th Scientific Sessions in June.

Furthermore, the ROSELLA trial, investigating relacorilant plus nab-paclitaxel in patients with platinum-resistant ovarian cancer, has finished enrolling participants, with results expected by year-end. The DAZALS trial for dazucorilant in ALS patients has also completed enrollment, with outcomes anticipated by the end of this year.

The MONARCH trial, which is evaluating miricorilant for non-alcoholic steatohepatitis (NASH), is ongoing. Previous studies indicated that miricorilant rapidly reduced liver fat and improved overall liver health and metabolic measures.

Corcept's Commitment

Corcept Therapeutics remains committed to advancing the understanding and treatment of severe disorders through cortisol modulation. With a comprehensive pipeline of selective cortisol modulators and advanced clinical trials, Corcept continues to make significant strides in addressing unmet medical needs across various serious medical conditions.

For more than 25 years, Corcept has focused on the potential of cortisol modulation to treat serious disorders, leading to the discovery of over 1,000 proprietary selective cortisol modulators. The company introduced Korlym® in 2012, the first medication approved by the U.S. FDA for Cushing’s syndrome. Corcept is headquartered in Menlo Park, California.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!