CORT - Earnings call transcript Q1 2018 | Corcept Therapeutics Incorporated

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Operator

Good day and welcome to the Corcept Therapeutics Conference Call. Today's conference is being recorded. [Operator Instructions] At this time I would like to turn the conference over to Charlie Robb. Please go ahead, sir.

Charles Robb

Good afternoon. Financial thank Chief joining all Corcept's us. am Officer you and for I issued our development release results today, news Earlier we giving an on and update first our clinical activities. providing financial quarter

XXX-XXX-XXXX to passcode corcept.com will XXXXXXX. XX of statements. call will with fact to be be The actual A results that differ from when the are For a and are subject results Today's this available internationally. States made X-XXX-XXX-XXXX during cause copy, and the materially in is Complete risks those will be Form Statements Investors statements our file that May replay unknown call not historical available at click known such expressed might United to by uncertainties we or SEC. through financial statements and forward-looking tab. XX-Q and recorded. implied go being

CORTXXXXXX Cushing's tumors; our treat in X patients' and cancer relacorilant with of of Cushing's and CORTXXXXXX to We of to antipsychotic-induced syndrome cost, patents cortisol property which with for pace covering other protections X/X trials, duty intention and covering Web-site forward-looking and Web-site. Forward-looking afforded cancer, to of of pancreatic and the of of of our triple-negative and and by expense our statements results selective non-alcoholic of gain treat interim made cancer, our castration-resistant statements estimates disclaim filings, SEC's Cushing's orphan including rights, to SEC treat trial the X trial call. matter any to the and patients relacorilant risks of other or designation patients of composition forth Phase and intellectual trials our treat revenue prostate clinical other the Phase Korlym's and include our syndrome; and prostate beyond; syndrome, trials indications. trial cancer; other Phase with solid modulators available the castration-resistant use our CORTXXXXXX steatotic statements for pancreatic patents drug patients cortisol our cancer, and anticipated and at weight results during our with modulators this are acceptance final including are set XXXX These our Korlym; in regarding physicians' patients timing breast our update the the hepatitis;

taken quarter of in Now, $XX.X increase quarter revenue reflects million, broad-based price our the our to results. start XXX% This net X% more growth from Corcept's the but increase first prescribing the I'll was otherwise growth, year, review more of financial a a at revenue in first Korlym patients. represents XXXX. approximately of the physicians organic

and our for and on million call, XXXX XXXX to $XXX we be significant between beyond. forward growth stated last we in million. to $XXX expect look We As revenue

Korlym of the to net tax. our Having the diluted are $XX of quarter the in and of first we a was state expenses quarter to in and which now XXXX. tax reported of assets, of pay as our value fully income million using the $X.X Our tax modulators. one-time assets represent compared we [indiscernible] our these balance offset offset. the reflects per both tax, tax we million. and [indiscernible] share our operating share our obligation, the the brought income recognized gain at proprietary [In our tax included to for we net that a $XXX,XXX majority income losses ultimately first When to deferred Last time $X.XX quarter the $X.XX amount we material of we tax sheet the per years income, quarter] deferred first of the first net must in accumulated cortisol losses the expense credits tax value selective R&D operating assets, our developing spent [ph] income quarter mind keep first in considering in on accrued

remaining $X.X expense our not offset [indiscernible] will We is million expense. entirely assets. of the cash using This deferred amount tax

stock tax net income related and in assets, utilization to of Excluding compared quarter XXXX. first $X.X non-cash non-GAAP first deferred our of our million to the quarter compensation was expense million $XX.X

March Our year-end. $XXX.X cash and $XXX investments at million, XX up from were million at

in million March Our the of $XX.X pharmacy. balance litigation with settlement includes XX received we January specialty former in

X, Phase X, our in cash sufficient and As trials of to for castration-resistant fully and commercial and Cushing's clinic] revenue solid cortisol conduct conduct antipsychotic-induced both selective turn from business, will NASH, [ph] be relacorilant together franchise our we calls, and believe CORTXXXXXX Dr. we've the will proprietary to Phase over on fund and additional X to our cancer Phase Joe? prostate phase past in [advance I gain said our for X trials call [Cushing's] Officer. syndrome [ph] of Belanoff, modulators. now Chief CORTXXXXXX syndrome tumors, Executive X hand Joseph weight Phase and with

Joseph K. Belanoff

and Corcept everyone Charlie, joining us had you Thank last revenue the more million, another you, in quarter to first than year. today. grew Revenue quarter. our thank strong XXX% for $XX.X

was Excluding a non-cash last the $XX.X quarter significant year. items, increase over first our million, XXX% non-GAAP income

cash force coverage Our challenge We of $XX.X many obtain at when start and patients Korlym year, face million companies for of to and insurance reauthorization $XXX.X grew generated commercial increases to we these despite and every by investments million. spend Korlym the medications pharmacy eventually hurdle the a taking other this help no we reimbursement them and Korlym doctors provide their to overcome with until and at do. that they process is our Patients cost specialty until to from many complete.

growth calls, past As our expect we've in said to we continue.

growth $XXX are expect revenue and XXXX $XXX million and in and beyond. between XXXX significant of million We forecasting

level I've works syndrome nearly described our Physicians was driven Cushing's hypercortisolism. greater giving significant to The calls. not the unchangeable, #XXXXX, important, Despite A glycemic refused Type for to progesterone factors with prescribed severe modulation insulin. U-XXX or those at by were have limitation for ability Korlym's with on [Indiscernible] hypercortisolism of measures growth Hemoglobin with growth a improved first therapies the by franchise activity, conventional of hypertension, of for Korlym as patients hypercortisolism, XX all or activity, optimum growing quarter taking hypercortisolism diabetes become they at abortifacient. screening the disorder, more the When normalize six responded X% the A of affinity treatment cortisol identify surgery. of reduction PR. After exhibited treatment insulin practice is cortisol Korlym who are of is Poster well for in poster Korlym, such growing American potential time meeting, annual present candidates Korlym with often private AXC. are treat intolerance in will and X increasingly to of other patients at for AACE. among exhibit is with a this AACE previous the patients reduction Korlym's condition at results. select with example an the of appreciation specific problems. excess requirement were patients receptor PR and patients or makes significantly medical Most a in were despite awareness willingness serious screens of more who to doctors' that aware was that who cortisol's of merits XXXX treatment. Endocrinologists a same Korlym's demonstrated and presented the daily or An year's Korlym. surgery glucose XX% their patients not symptoms medical Association months meeting physicians endocrinologist have XX annual one who affinity practice for or this discovered in Clinical but control likely shift patients These hypercortisolism poster these extraordinarily and the

be Korlym's also a vaginal is PR a patient and did of distribution thickening effects. controlled. abortion A It Because women superior endometrial affinity and access. barrier related events treatment all to patients be to causes same prefer safer modulation would with that more one would that cause bleeding significantly could medication PR it access cortisol pills, Korlym's would its avoid important, adverse tightly easier these broadly. strongly and in active efficacy is Physicians make as logistical ingredient and as distributed a ages. option. Just the not many the to Korlym's erects

As modulator conducted a our two modulators, one X trial are open-label of activity. consists Phase XX-patient Relacorilant's we of X cortisol of Europe. trial States United of cortisol progesterone selective cohorts. in a relacorilant, Phase the study being know, no many is conducting you with The trial potent the proprietary and

This The first, by of followed low relacorilant dose the group daily weeks four and mg. group, then receive dose mg four for weeks a completed study. has XXX XXX of weeks XXX four more of mg

per They each added the The second, be four XXX mg well we of but mg, seen protocol at and toxicity the the by line of mg high mg weeks these same quarter striking. XXX the were with of four lack released doses, daily At dose We from very XXX and doses. dose mg, XXX of followed for cohort. XXX doses top day. weeks first follows to relacorilant results we because was. the lower it Last low-dose tolerated, expected cohort,

often in we were suffer osteocalcin size, a pressure. significant That suppressed with statistically did the Patients syndrome small systolic not with with clear hypertension in the improvement or evidence also Cushing's in there activity, in were Again, Serum millimeter also patients large tolerance proof just glucose events syndrome. We or drug-related statistically much instead despite no greater serum was of significant of statistical bone of who expect significance. saw experienced XX% of a no marker from is consistency. in with efficacy. But only statistically symptoms see discontinuations. drug Cushing's effect and exhibited of not blood significant improvement clinical reduction key XX serious in tolerance. adverse to a dose-dependent relacorilant's also hyperglycemia and improvements a deviation. patients osteoporosis, there diastolic was There X standard osteocalcin, growth, patients their glucose improved

peer-reviewed for female to is there no [indiscernible]. affinity XX XX age was in patients, expected, to PR of detail Relacorilant the in Medicinal Journal does Clinical Chemistry. Endocrinologists The PR, bind Boston year have will pre-clinically in of with results ranged next a not reason of cohort's week. As at also American simple. this in in the we published from be fact evidence verified annual These results our Association publication, the a meeting AACE's leading last displayed

to a modulation effectiveness that expect regimen fight to trial In meantime, modulator cortisol the optimal trial several A of GR, the may enough breast, that which apoptosis program. increase its a In also achieve to tumors chemotherapy oncology or regimen chemotherapies effect. suppressing genes but we immune genes Preventing cancers, provoke. cells solid Cortisol body As system body's to therapies that apoptosis, programmed press fully should where stimulate open cancer, cortisol adding may our the year. by [ph]. healthy express stimulates regularly system activity, treatment prevent produces later Cortisol raise this X our to the to enrolled. act I'll allow physiological the glucocorticoid Phase its identifies stress cancer [mechanisms] we to now meant the triple-negative more immunosuppression. cancer. immune our the suppresses treat the Cortisol stimulation modulators are receptor levels already the have potently. modulators system now the release, and such preparing them. pancreatic, at to even this normal even this ovarian begin of and effect, we immune turn psychological as tumors counter immune system. help is and The disclosed cancer Cortisol destroys learned cortisol creating through greater cell death in allowing and of

results with Celgene's this drug patients open replicate San tolerated far to University Annual Our Phase at Meeting California nab-paclitaxel, produced dose. June. the will Munster to trial's Abraxane, trial human so at the label The in results present plus Francisco, maximum tumors, effects. lead ASCO of Pamela Dr. The seek treat X/X the potent combination's relacorilant current combination's of solid of preclinical the continue investigator,

later we expansion with last call, pancreatic dire tumor there an no this in other these including mentioned in and metastatic with breast types to cohort triple-negative cohorts disease open findings, good I additional on As patients patients on year. based expansion are expect which for conference cancer, treatment cancer, initial options, a ovarian the opened have and

results year-end. our pancreatic patients We by from metastatic cancer expect cohort to have with of

involving our in Korlym XX-patient, relacorilant, plus develop financial we trials the placebo-controlled, triple-negative to breast multicenter to they treat of clinical are Chicago trial with With enroll University Phase modulation Celgene, groundbreaking Korlym. their foundational research continue As patients in from Abraxane X following double-blind, collaborators at of patients their support cortisol their with cancer. own

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continue Phase trial. plus combined investigators XX-patient our and at At of their controlled the is the of is X/X trial providing patients Our same the University trial Pfizer United are with of enroll X Defense CORTXXXXXX The time, in open Kingdom. Xtandi. label Foundation sites Xtandi States Xtandi. the modulator proprietary Chicago and selective patients cortisol dosing in Department to United funding Phase of Prostate this multicenter Cancer Korlym

and of providing the the Korlym for property use combination this We intellectual possess are of medications.

to options Johnson's serious hyperlipidemia. non-alcoholic medications no metabolic is psychotic disorders. many millions these gain weight This our and potential effects antipsychotic Johnson States, are are effects, serious which Antipsychotic modulator, of compound NASH. ill the conducting drug know, by and the selective Eli In journals, referred in gain, which these administered we both CORTXXXXXX. take. is Controlled we the results trial people trial absolutely a already commonly hepatitis also medication there proprietary Phase was journal caused these the study There suffering feel United weight The potent for people to cause. it rely side placebo treat options. to effective medications. as cortisol side medications antipsychotic-induced a & affects plus metabolic Korlym. by the As study form of medications Korlym clinical We December conducted effects trial XXXX. either treatments treatment of are Therapy a in patients drug Risperdal ZYPREXA them. as such a in an in Lilly's effects NASH Risperdal. We particularly that healthy has in were effective placebo-controlled of Many for studies, to and that hyperglycemia, United inflammation States [indiscernible]. including good good a they of conducted [Indiscernible] October the Unfortunately, has or treatment caused prevented that published cause treatment human you the need adverse you these were effects show XXXX two ZYPREXA Korlym disorders, and X Obesity In for ago, similar metabolic in on using steatotic precursor to Advances of in subjects are cirrhosis. often NASH, familiar no and liver millions with are that

the Our for successful, by NASH. these by the year-end. patients plan If findings of X in disease reverses to our on fatty treatment increase prevents models, the increased a data, for is tightly and as controlled treatment Korlym. with also as fatty modulation demonstrated Korlym's despite recap, light A compelling own. animal selective both advance in CORTXXXXXX's syndrome. striking clinical But another It also properties, in To CORTXXXXXX potently their based with Phase we receiving liver had Korlym fibrosis, a for reverses the XXXX. of especially ZYPREXA. human quarter, excellent to number disease X necessitate In the Cushing's effects and driven interest it by trial observation distribution, on symptom disqualify Corcept of is modulator results indications cortisol its reverses Phase patients XXX% and continued conditions. required. that period prevents promise, these These cortisol are it in is same liver widespread of in Revenue over are liver a abortifacient which NASH They Korlym.

expect XXXX of We $XXX million XXXX beyond. and in significant between growth and $XXX with million, revenue

non-GAAP quarter XXX% first over non-cash our significant the last Excluding net items, year. increased by income

Our cash grew million. and investments $XX.X by

debt. no have We

relacorilant as X available. enrolled. the they low-dose at displayed will fully cohort and results be AACE of Our as week poster results Phase will in trial Meeting detailing its high-dose soon released is A the from from the Boston be are group next

X Phase year. this start planning trial to are later We relacorilant's

Our in trial early with promising June. of be will detailed at relacorilant Meeting which Abraxane data, ASCO continues combination the this generate to

cohort have to cancer trial's pancreatic from data year. expansion expect patients this metastatic the in later We with

X/X patients gain common to X cancer. The in in to combination initiate CORTXXXXXX with serious Phase We X progress. patients disorders, questions. Phase and antipsychotic-induced plan of Phase castration-resistant year-end. trial with CORTXXXXXX enrolling of trial to now I'll is stop with Our trials answer Xtandi weight continues NASH, by prostate

Operator

Instructions] with [Operator to Stifel. first Adam Walsh go We'll

Adam A. Walsh

can of first be complete? placebo-controlled, X for the is, randomized long you your My just might trial us thinking designed around question the how remind would think to and you will open-label or Phase it take X relacorilant, Phase

Joseph K. Belanoff

to I just answer and in other that to our he and Officer, are is the like question. who people near let Chief Yes, Medical me. dear Fishman, Bob I'd room have

Robert S. Fishman

trial, similar have for to We open Korlym. plan a conducted what with XXX-patient label we

know path a assume currently I years of the are the the months. more NDA. the We in order and that's expectation about But enroll. would We'll of coming couple to in discussions our on to

Adam A. Walsh

I guess of respect any matters curious, the end ANDA the the the to whether the where at day. filing, Korlym that gotten have you might bioequivalent think and I'm then with And to terrific. intelligence Teva on Okay, perform studies, just

Charles Robb

that. answer I'll Robb. Charlie is This

background intelligence bit recall March. suit rules just in an form folks, Act the to Teva we against So, FDA application under I brought the to provide has to Korlym generic of now, mean submitted a sell additional a for and of no Hatch-Waxman Teva

alleging whichever stayed question lawsuit occurs still them. or of get us to with that first, district litigation infringement FDA didn't or our progresses litigation, have court for background. so our the So, bioequivalence claimed of didn't the XX or certainly The is, did months of used the for patents, to us tablets answer lawsuit get Orange approval They demonstrate we that's legal from is, Teva while so Korlym. they don't Book them the know. The demonstrated sort ask the length where

will we the course don't So, the out over now. find of We litigation. know

consequences what I of think out sort of the we two-fold. find are

Teva On hand on Teva's an we we issue a the we isn't that that cast bioequivalence study, obtained one the the FDA's find what terms would have with the pursue. would but doubt reliance validity be that claim If that if tablets against raise a the case the we or Teva of in would others data. FDA separate might on of improperly,

out. us. answers So, but that we now the what really something know going are matters are we don't It's to to find

Adam A. Walsh

for of Phase a I gating to know curious, then so you're ahead trial factor And X with could trial, for X much those to just is data? that the beginning the proceed question planning respect cohort color. the Phase high-dose Thanks a the or the now data but

Joseph K. Belanoff

study question is to audience that say. have and certainty about I with Adam, which what give remind I open be answer we very this I to and can't you really sort really just of is, want we to more a is label only information, an say the bit what careful little the could that

Adam A. Walsh

regarding I are are dynamics couple about mean of kind Understood. for Cushing competitors competitive out many, competitors space. of taking highlight thinking you dynamics? just what And obviously do the the there some I and to believe you're coming this relative directly strengths could you final Joe, the or just There but think Maybe, that not relative – so competitive in Korlym out data year. my to of thanks what's terms how is question, have reads the a of the just then

Joseph K. Belanoff

in in described that two really that that's better. clinical dose were patients commercial data at pivotal the most the XX% drug study strengths really to trial in think who ways. we of registered approved, strength every significantly on is and different are basically then practice, the produced replicated improved the dates SEISMIC which it obvious I patient right the global in the got the improvement. medication gets In which the Probably

very – disorder. a a this really in that's that's much disorder, less any strong think I very drug So

only be action modulate out way I effects of to other which cortisol the to in point think and being the drug by has for moderated at receptor can the the that a is its to at certainly thing time, individual to competitive or years blocking patients. the this come, glucocorticoid ability at antagonist a of endpoint which we're the mechanism

of diurnal think I cortisol things important is, it one a is critical really of the rhythm. that about very has that characteristic a

is lower that non-physiologic So, drugs the the morning, are of the the night, rises important. their would extremely simply it day, amount which in and system through in in cortisol very high through Cortisol sine the curve effect. drops is it

cortisol drug's an use to do very think unphysiologic. urinary XX-hour free is consider and So, not as drugs physicians that's merely for which they for does lowering Korlym to along. averages I normal come the important whatever limit something thing that instance

Adam A. Walsh

so helpful. much. Thanks That's

Operator

of Tazeen with And we'll Ahmad to go Bank America. next

Tazeen Ahmad

releasing year-end, preview what the ones and you of would you us a that you limited in on about where Thanks. are for considering maybe give be you kind think very you be? regimen so now for there? data the positive of treatment in plan market Joe, could thinking So, pancreatic, opportunities could data pancreatic, this treated how be There's opportunity the to by patients

Joseph K. Belanoff

expanding not patients us be really really interested everybody survival do what we've And I terms Again, in Phase in And to point and hold fashion, cohort to is and label out X/X first and as you our patients. were measured that those investigators to at the years. group really weeks, even course They presented some striking of is has again, this months that development First, treated. We've the pancreatic patients the of see caused program. want more open not really to very of of in struck. much beginning is I until study. certainly really seen unfortunately of individual many treated be poster been actually have a results We've with this of for cancer, ASCO. study actually the caused the seen to in

And disease so, in clinical of it. that can really if is improvement great we benefit, provide

I really So, were really to the but question medicine [background] form [ph] who best have in given have the had was we that medication, patients Taxane, these striking so that think answer seen whom the far, way is, your the the we individual for failed received they had in results previously them. which medicine and

again vote activity you exactly as own that which what exceeded an scientist, what But we to have you result, seen were a it's don't have. a clinician result, know we very controlled has important until my clearly, So, you understand, is have uncontrolled expecting.

Tazeen Ahmad

patients many enrolling in study? how this you'd in be think And total you do

Joseph K. Belanoff

cohort expansion patients. is XX The

Tazeen Ahmad

X quarter's should on Phase what looking your for the for the question for you've read for data be full maybe one presented last then to on the expectations we call? And Okay. what follow-on interim relacorilant, beyond

Joseph K. Belanoff

long kind time, like the so think recovering psychiatric I who academics. sleep of for the looking think glucose syndrome Cushing's I just but is particularly of other distribution and a I middle, basically blood effects mean of which and again, pressure, prominent there weight, forth. things are know the tolerance, syndrome, among improvements involve and And around which Cushing's we're for for them me attention in in those are symptoms

everything measure basically we we that can. So,

endpoints. think on think primary get are tolerance glucose you'll and over But I pressure. at, like looking effect be we things different the on have noted, first that blood things you'll XX I the

Tazeen Ahmad

so Thanks great. Okay, much.

Operator

to next Corey Davis We'll with go Seaport.

Corey Davis

quarter, quarters the the there you a of us at won't churn everybody and precisely, of payer most don't QX that if you that way, Korlym QX, not experiences of on least or resolved in in get normal quantify ensured kind high snapback but some is or in to sort in we it of really Is partially terms product. see to for notice you of now that continue subsequent unusually such the First that? mentioned patients all

Joseph K. Belanoff

time the and phenomenon the is, for think most first important now question to to Look, answer has thing this And regular is yes, come your understand that I us. is that a gone.

of all launched the sort faced of the thinking before orphan year base part as begun, years other was that and in particularly in well that we year drugs' it's the have our thinking had so, something really And we about because basically well. as this

we don't yes, So, expected was see quarter by different provide what actually but so quarter not we guidance, what to than saw. we

Corey Davis

Okay.

patients? Another question prescribers it's how but Korlym existing new and come before, a and prescribers it I'm come right growth, asked lot, answered been unit more and is incremental prescribing sure that's does the up now, new adding concentrated every of or from

Joseph K. Belanoff

runs all our The I'm that's to going Sean and who very places, person of as you prescribing the fourth in to commercial franchise. it patients both prescribing existing to from our physicians but he room, give and work, more a statement introduce brief Maduck, more also of comes were more answer were can little then and Sean both it I want is, introduce comes is latter you seen have who it doctors medicine a And bit than they I'll to former, the previously prescribed. not to the actually patients provide new who it's the a little you color. to from

Sean Maduck

answer. of think was I that most the

add they piece as to write a we've new And really basis get to stated, Joe to more of for company is they us to was couple – benefit added prescription, the I for physicians patients. look and thing hardest [indiscernible] prescribers. on that only think for their more of as that doctors when do first the and other quarters Korlym, see last the an increasing the they

from business, prescriptions So, business, many from many have that prescribers, over come new seeing multi-prescribers, we we from and a are we into dispersion all the country. prescribers have the standpoint the unique

Corey Davis

question than good the talked And a Korlym Okay, drug. how relacorilant like what about pretty other be, would seems next is differentiate It you just thanks. you've it?

can, how if better, better] [ph] So, gets on [it it efficacy? does

Joseph K. Belanoff

very is which have something have negative, a of have hard [indiscernible] to hypertrophy has it sort [indiscernible] really both in prove you it side terms this, and it and the in addition although this medical some same distribution the pill it's very, which as that the always can the I and better, consequence. to anecdotal the this I [indiscernible] very I pretty everybody places vaginal of has think a abortion really But country receptor terrific. efficacy to tell men side and that who don't get effects ingredient restricted evidence are was bleeding, political does works with irregular effects in would is in causing who prescribe that's can doctors that's that prescribe there actually tell medicine to of the where and not I this women. surprising are because there is the much Korlym like logistical endometrial Korlym you problem that be prescribed, much, who to case, very in is certainty to and

away far And currently progesterone repeat, this So, small receptor it medication. again, in want side And and a different just the taking a a One, restricted use necessary. is I'll serious two is two, less not is it's clinical thing who advance. people distribution for allows for than potentially to it's effects advance ways. major this medical

Corey Davis

QX's items, or flat can use SG&A, I give year for out subsequent quarters breaking R&D expenses, with question, can guidance this the should and your run they rate? so thanks throughout you expense non-cash and of And us stay of we EPS help off but climb the for you instead don't all or non-GAAP at GAAP, continually just Charlie, last adjusted know

Charles Robb

our I think clinical our them. just to this as the with is, clinical programs advances think about advance, way spending

be you taking – medicine, figure to being forecast. think will they more patients opened, more I of that advance, sites course so, And as just become going there into are need product purchased, they and more to your

with As going of that's be are, true mean quite generate that administration for it spending, really to to the portion I and marginal true. our that time, little for expense, some revenue I very we think has administrative additional we and been continue

Corey Davis

thanks All right, guys.

Operator

And with David B. FBR. we'll Buck to go next Riley

Mike

in for Buck. [indiscernible] This filling Mike Dave is

X Phase enrollment to doing timely studies? plan in just relacorilant, the the So, of terms the enrollment what's for ensure Company for

Joseph K. Belanoff

Phase question, to we we have Phase to for we expect how far, as how to do get X relacorilant – is the studies X X? with no enroll, expect but so the deal Phase we do study enrollment for

Mike

exactly. Yes,

Joseph K. Belanoff

Bob?

Robert S. Fishman

is This can Fishman. take I that. Bob

as what One nice study. and seed individual patients, see since excellent group started changed, of and the of the of enrollment do we benefit a scholarly a X developments now entire is we job investigators that the planting to individual global complexion evidence Phase really really and important will that be a and very for of well-organized have

success enroll good from We who were key really sense the is we are one the who powerful to the are were the contribute. alone learned people of Phase who that enrolling to we Phase applying going and a trailers, getting and all for know have lessons landscape factors great X, of will logistically really essence, In X. be

Mike

you. Thank Great.

Operator

We'll go with Ladenburg next Matt to Kaplan Thalmann.

Matthew L. Kaplan

in on X little wanted to to more Congrats bit just the the dig ongoing Phase study. quarter. I relacorilant X, Phase a

adding I it relacorilant versus done about concept up so Korlym kind potency guess above I guess now the higher seeing the bit the what XXX, you If you're a of mg that studies of stepping far? in talk at were Korlym dose, the about little as with and XXX look

Joseph K. Belanoff

even important the beginning the activity. opportunity reason individual learn to is study the we of really it's are that thing what and is a our X study, doing. as lack really anticipated I the which X really that's As add we at could, the doses as try I toxicity and that's Phase detriment much had have means a dosed first could just the to really most appropriately, And study. dose and test about for saw that we us to with but will that's of expectation we to as the of said than Phase higher as And each earlier, the said, lower relacorilant patient, our the without important it's and potent enabled at dose is Korlym thing and great as all there be we that we progesterone

Matthew L. Kaplan

market, then the Korlym overall about with penetration you where And you talk helpful. and are your That's the of Cushing's potential? could current

Joseph K. Belanoff

I it really and give we still fraction pinning to what is like numbers, you think doctors feel who without not wanted elaborate – ways. who And of be a we the feel there many we we very just that that our tried specific in two from might with Korlym, Yes, sort it I any don't know penetration have think One, of like and it. down who patients Sean even benefit I it [indiscernible], have are medication something I'll as would think echo yet to said.

growth have of. that in really we Sort that that us something of the is to prescribers quarter the is that new seen not and proof the think every we of end

first part. So, that's the

I weren't weren't think but Second has size grown, patients the overall market that probably being previously. not screened is, for thing the there they

who the because we there in were literature, was Cushing's I more syndrome. at think said there and of and now is, could syndrome, that XX,XXX the their millions about are are with yes, thought to the with kind clearly we So, of for patients was it. Cushing's be along patients there XX,XXX? really many hypercortisolism with because suffering are answer somewhat symptoms times various what getting core the than weren't of there think was patients screened who just it But medicines in all I past of being

some with to actually it's penetration now added in think who the sense think treated. patients I but I patients even So, that potential – are would static be it you rate think be there than will the is because lower is the might to be it number

Matthew L. Kaplan

it patients be X for are be will to, turning it what helpful, thanks for relacorilant, anticipate detail, study, It's you then the for, design And will going long a your to a XX week back thanks. thoughts? study, the treating four-week Phase do how

Joseph K. Belanoff

far seeing but effects study saw good were a I the not essentially another so I people SEISMIC there be what certainly results you've and put just expansion beyond as continue their I that for study, six, don't that defects to much study. too will that's five, emphasis. anticipation thing to months, And four, about. months it our will over actually make we No, just and when think relacorilant but even in Korlym. them same with differences. be to three-month seen want understand that are The sure study we're six-month the with Korlym just three want think in

Operator

Seaport. take And from we'll a follow-up Davis Corey with

Corey Davis

go back consequences? has diurnal that any about drug inhibits to mentioned because I clinical that there you might follow or the be rhythm not something wanted same of it to sure quite to that pattern cortisol, I'm you I caught Were saying that it.

Joseph K. Belanoff

which and is sine of is is released biologic rises this it What the wake important a day night, got very very it's this in and the we very that's it a static that curve, up is characteristic I'm it very, nice morning saying important. then highest and not then cortisol, through It's that and the way. when through drops in

night has most sleep, for access the think the know very to training, which a you know who am In psychiatric to sleep. the and of good for and is off. your get important cortisol, psychiatrist by effects, least of [ph] [indiscernible] the I cortisol turn people [Nader] I that can order a me I really tell is of not

to hand, levels. really the greet other to On you day the kind with be higher cortisol of ready have

a evolved it's very, – period a biological of very long time, of very very, a cortisol. characteristic important over that's So,

sleep the good but not rhythm. do. do. that be you actually that that the clinically of would important I something in Korlym they cortisol if a And thing not better, you that that even people glucocorticoid that's That actually exacerbates diurnal not week medication, simply And with It an a and condition have this that range receptor fact does a [ph]. you Korlym that is is of average makes and a leave very appropriate in will of type the Korlym and is antagonist of first to a are competitive were Korlym, [nader] sure So notice things the in where that medicine the well. a in anything, would rhythm one interesting high that we characteristic developing. gave you diurnal obliterated peak think feeling start to

Corey Davis

unrelated at that's about levels Is urine of a cortisol? perfectly were not what said you think that correct? of effect. I measuring getting that you clinical that to Is predictive

Joseph K. Belanoff

urinary-free to mimicking a they that a normal the person a is water is kept question saying diurnal the the getting the Getting actually level cortisol in of not cortisol a 'normal' It normal lowering or level biological is dodges to not rhythm. pool. simply whether I'm What of normal activity.

Corey Davis

Okay.

it. got Thank I you. think I

Joseph K. Belanoff

we bit really for everyone in to to for you a Thank look to listening for forward and quarter. Thanks. Okay. listening you little science, talking but of next

Operator

conference. for today's you your We conclude thank does participation. That

Corcept Therapeutics (CORT) 8 May 182018 Q1 Earnings call transcript