Corcept Therapeutics Reports Q2 Financial Results and Corporate Update

Corcept Therapeutics Incorporated, headquartered in Menlo Park, California, has reported its financial results for the quarter ending June 30, 2024. The company, listed on NASDAQ under the ticker symbol CORT, specializes in the development and commercialization of drugs that modulate cortisol to treat a variety of severe disorders, including endocrinologic, oncologic, metabolic, and neurologic conditions.

For the second quarter of 2024, Corcept Therapeutics achieved a revenue of $163.8 million, marking a 39% increase compared to the same period in 2023, which saw revenues of $117.7 million. The company has subsequently adjusted its revenue guidance for 2024 upward to a range of $640 to $670 million, from a previous estimate of $620 to $650 million. The net income per diluted share for this quarter was reported at $0.32, up from $0.25 in the second quarter of the previous year. As of June 30, 2024, cash and investments totaled $492.5 million, compared to $451.0 million at the end of March 2024.

The number of new prescribers and patients for Korlym®, Corcept’s flagship product, has reached record levels. Joseph K. Belanoff, MD, the company's Chief Executive Officer, highlighted the increased awareness among physicians regarding the prevalence of hypercortisolism, leading to more frequent screenings and diagnoses. He also emphasized the significant investment in a unique system of patient and physician support over the past 12 years, which has been crucial in managing the complex nature of hypercortisolism.

The company's operating expenses for the second quarter of 2024 were $128.2 million, up from $88.1 million in the same quarter of the previous year. This increase was driven by heightened spending on clinical trials, sales, and marketing activities, as well as the expansion of the commercial and clinical development teams. Net income for Q2 2024 stood at $35.5 million, compared to $27.5 million in the same period in 2023.

In the clinical development front, Corcept presented results from its GRACE and CATALYST trials during the second quarter. The GRACE trial, involving relacorilant in patients with all types of hypercortisolism, achieved its primary endpoint and showed statistically significant improvements in several clinical measures. The New Drug Application (NDA) for relacorilant in treating Cushing’s syndrome is expected to be submitted in the fourth quarter. The CATALYST study, designed to assess the prevalence of hypercortisolism in patients with difficult-to-control type 2 diabetes, found that 24% of the first 1,055 patients enrolled had hypercortisolism. Results from the treatment phase of this study are anticipated by year-end.

Bill Guyer, PharmD, Corcept’s Chief Development Officer, noted that relacorilant has shown promise in treating patients with Cushing’s syndrome, as demonstrated in the GRACE trial. He also mentioned that the CATALYST trial is the most comprehensive study to date in establishing the prevalence of hypercortisolism in diabetes patients, potentially guiding physicians towards more extensive screening and better health outcomes.

In oncology, the pivotal Phase 3 ROSELLA trial of relacorilant combined with nab-paclitaxel in patients with platinum-resistant ovarian cancer has completed enrollment, with results expected by the end of the year. Other ongoing studies include a Phase 1b trial of relacorilant with pembrolizumab in advanced adrenal cancer patients and a Phase 2 trial of relacorilant with enzalutamide in prostate cancer patients.

Corcept is also conducting a Phase 2 trial, DAZALS, for dazucorilant in patients with amyotrophic lateral sclerosis (ALS). Enrollment for this trial has been completed, with results expected by the end of the year. Additionally, the company is progressing with the MONARCH trial, a Phase 2b study of miricorilant in patients with metabolic dysfunction-associated steatohepatitis (MASH), following promising results from a Phase 1b study that showed miricorilant significantly improved liver health and metabolic measures.

Corcept Therapeutics plans to hold a conference call on July 29, 2024, to discuss these results and future expectations. The company continues to focus on its mission to develop treatments that leverage cortisol modulation to address a range of serious health conditions.

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!