Corcept Therapeutics Q3 2025 Earnings Report

Corcept Therapeutics EPS Results

• Actual EPS: $0.16
• Consensus EPS: $0.18
• Beat/Miss: Missed by -$0.02
• One Year Ago EPS: $0.41

Corcept Therapeutics Revenue Results

• Actual Revenue: $207.64 million
• Expected Revenue: $223.78 million
• Beat/Miss: Missed by -$16.14 million
• YoY Revenue Growth: +13.80%

Corcept Therapeutics Announcement Details

• Quarter: Q3 2025
• Date: 11/4/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, November 4, 2025
• Conference Call Time: 5:00PM ET

Corcept Therapeutics (NASDAQ:CORT) is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company’s research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept’s commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery. The company supports the product through commercial and medical services for healthcare providers and patients.

The company is also developing relacorilant, a selective glucocorticoid receptor modulator, for potential use in Cushing’s syndrome and other conditions in which excess cortisol activity may contribute to disease. Corcept was founded in 1998 and is headquartered in Menlo Park, California. Its commercial operations are centered in the United States, while its clinical development programs may involve research sites and participants in multiple regions. Joseph K. Belanoff, M.D., a co-founder of the company, serves as chief executive officer.

Corcept Therapeutics Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Q3 revenue was $207.6M (vs. $182.5M year‑ago) and management raised full‑year 2025 revenue guidance to $800–$850M, with cash and investments of $524M after a $50M repurchase.
• Positive Sentiment: Commercial demand is accelerating — Korlym shipments were up 42.5% YoY, the prescriber base has expanded and the company reported ~3,250 paying patients at quarter end, while transitioning fulfillment to a new primary specialty pharmacy (Curant) and adding two more pharmacies to resolve capacity constraints.
• Positive Sentiment: Relacorilant regulatory timeline is in place with PDUFA dates of Dec 30, 2025 for hypercortisolism and July 11, 2026 for platinum‑resistant ovarian cancer; the ovarian NDA did not receive priority review but the company expects the FDA to meet the target dates.
• Positive Sentiment: Oncology momentum — the pivotal ROSELLA results (published in The Lancet) showed improved PFS and OS when adding relacorilant to nab‑paclitaxel, and Corcept is rapidly expanding trials (BELLA additions, pancreatic, cervical, endometrial, prostate programs and PD‑1 combo studies with nenocorilant) to broaden indications.
• Negative Sentiment: Profitability and legal risk — net income fell to $19.7M from $47.2M YoY, and the patent appeal against Teva remains unresolved (a forthcoming adverse decision could allow generic competition and threaten exclusivity through 2037).

Presentation

[Operator]

Thank you for standing by, and welcome to Corcept Therapeutics' Third Quarter 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 one one on your telephone. To remove yourself from the queue, you may press star one one again. I would now like to hand the call over to Atabak Mokari, CFO. Please go ahead.

[Atabak Mokari, CFO at Corcept Therapeutics]

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 corcept.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 Investors 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, are forward-looking statements based on our plans and expectations. They are subject to risks and uncertainties which might cause actual results to be materially different from those such statements express or imply.

[Atabak Mokari, CFO at Corcept Therapeutics]

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 million-$850 million. Net income was $19.7 million, compared to $47.2 million in the third quarter of last year. Our cash and investments as 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 Corcept stock options and the vesting of restricted stock grants.

[Atabak Mokari, CFO at Corcept Therapeutics]

We'll now turn the call over to Charlie Robb, our Chief Business Officer. Charlie.

[Charlie Robb, CBO at Corcept Therapeutics]

Thanks, Atabak. 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 Korlym 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. The three-judge panel 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.

[Charlie Robb, CBO at Corcept Therapeutics]

I'll now turn the call over to Sean Maduck, President of our Endocrinology Division. Sean.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

Thanks, Charlie. Our hypercortisolism business had another quarter of robust growth. In the third quarter, we shipped more tablets to patients than ever before, 42.5% higher than the third quarter of last year, driven by yet another record of prescriptions written for Korlym. Importantly, our base of prescribers has expanded substantially over the last two years. In summary, the underlying strength of our business continues to build. Our financial results don't fully reflect the surge in demand. I discussed on the last few calls the insufficient capacity of our previous pharmacy vendor. While we expected their capacity to improve in the third quarter, it did not, which is why we have begun transitioning our business to a new pharmacy in the fourth quarter.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

While capacity constraints may continue for the next few months as we complete the transition, we are very encouraged by the new pharmacy's abilities and its capacity to meet demand. As welcome as such improvements are, eventually, the growth we anticipate will outstrip the capacity of any single pharmacy, which is why we plan to add a second specialty pharmacy to our network in January and to onboard a third pharmacy shortly thereafter. Our confidence in continued and accelerating growth is based on several factors. The first is growing physician awareness of hypercortisolism. For many years, the prevalence of hypercortisolism and the serious risks it poses for patients were not well understood. As a result, physicians only screened for and treated the most physically obvious cases of the disorder.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

In the last 15 years, many studies have shown that hypercortisolism is much more common and is a serious threat to health in far more than the most extreme cases. Most recently, our CATALYST study confirmed these findings, proving that there are many more patients with hypercortisolism than previously assumed and that treatment with a cortisol modulator is highly effective in improving their condition, even when other medications, including the newest diabetes medications such as Ozempic and Mounjaro, have not. The CATALYST results have been published in Diabetes Care, the field's leading journal, and are now being absorbed by the broader physician community. To translate these insights into patient impact, we continue to expand our physician education efforts, and we have enlarged the size of our sales force to 150 clinical specialists, up from 60 at the beginning of 2024.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

With the awareness of hypercortisolism growing and the effectiveness of cortisol modulation demonstrated in a large placebo-controlled trial published in a leading peer-reviewed journal, I eagerly anticipate Relacorilant's approval. Korlym is a great medication. Relacorilant is even better. It will be a terrific option for both prescribers and patients. I expect that almost all patients who are receiving Korlym will choose to transition to Relacorilant, and our growth will accelerate. I've never been more confident in both our current and future commercial growth, and most important, our potential to help many more patients. In the next three to five years, I believe Relacorilant will generate $3 billion-$5 billion in annual revenue in hypercortisolism alone. I will now turn the call over to Joe Belanoff, our Chief Executive Officer. Joe.

[Joe Belanoff, CEO at Corcept Therapeutics]

Thank you, Sean, and thank you everyone for joining us this afternoon. After many years dedicated to studying the potential of cortisol modulation to help patients suffering from serious diseases, we are on the cusp of a new era at Corcept. We have two new drug applications that are rapidly approaching their FDA target action, or PDUFA dates. Our NDA for Relacorilant as a treatment for patients with hypercortisolism has a PDUFA date of December 30th, 2025. Our NDA for Relacorilant as a treatment for women with platinum-resistant ovarian cancer has a PDUFA date of July 11th, 2026. We believe the FDA will meet both deadlines. We submitted the European analog to our ovarian cancer NDA, known as a Marketing Authorization Application, or MAA, to the European Medicines Agency, or EMA, in October, with a regulatory decision likely by year-end 2026.

[Joe Belanoff, CEO at Corcept Therapeutics]

Some of our most advanced clinical studies will soon produce important data. Our MOMENTUM trial, which is evaluating the prevalence of hypercortisolism in patients with resistant hypertension, will have results early next year. We expect final overall survival results from ROSELLA, our pivotal trial in platinum-resistant ovarian cancer, around the same time. By the end of 2026, we expect results of our BELLA trial, also in patients with advanced ovarian cancer, as well as results from MONARCH, our phase IIB trial in patients with MASH, a life-threatening liver disorder. We are also about to start important new studies. In consultation with regulators, we are finalizing the design of a phase III trial of our proprietary selective cortisol modulator, Dazcorilant, in patients with ALS.

[Joe Belanoff, CEO at Corcept Therapeutics]

We plan to start this trial by the middle of next year with a simple goal of replicating the strong results we saw in DAZALS, our phase II trial. Our oncology program is about to expand significantly beyond platinum-resistant ovarian cancer. The success of ROSELLA provides clear evidence that cortisol-directed therapies have substantial potential in oncology. What comes next in oncology is a unique sequencing challenge because the opportunities are so large. We have spent many months giving careful thought to a long-term development plan in oncology that is both methodical and ambitious, and most important, will best position Corcept to help as many patients as possible. I'm going to ask Bill Guyer, our Chief Development Officer, to describe what he and his team have planned. Bill?

[Bill Guyer, CDO at Corcept Therapeutics]

Thanks, Joe. Now, in order to understand the scope of our opportunity in oncology, I think it helps to recall that our program follows groundbreaking insights made by investigators at the University of Chicago who hypothesized that cortisol activity at the glucocorticoid receptor promotes solid tumor growth in three ways. First, it's anti-apoptotic, so it blunts the effectiveness of chemotherapy. Second, it provides alternative growth pathways for prostate cancer tumors being treated with androgen deprivation medication. And third, it suppresses the immune system, reducing the effectiveness of immunotherapy in the treatment of cancer. Increasing apoptosis by blunting cortisol activity is a very broad platform. It applies to all solid tumors that express the glucocorticoid receptor. Published research has shown that about 60% of solid tumors express the GR, and they do so at every stage of treatment.

[Bill Guyer, CDO at Corcept Therapeutics]

Our oncology program is built on the belief that antagonizing the effects of cortisol at the GR can benefit many, many more patients. And a prime example of that is shown by the women from our phase II and pivotal phase III ROSELLA studies who received Relacorilant in addition to Nab-paclitaxel and experienced extended progression-free survival and lived longer than the women who were treated with just Nab-paclitaxel alone. Now, remember, Nab-paclitaxel is one of the most potent treatments for women with this disease, and adding Relacorilant led to an even better result, and remarkably, without adding to the safety burden of the women who received it. Adverse events with Relacorilant plus Nab-paclitaxel were comparable in type, frequency, and severity to Nab-paclitaxel monotherapy. As I review the data, Relacorilant is a remarkably well-tolerated drug.

[Bill Guyer, CDO at Corcept Therapeutics]

The medical field understands the importance of our results because the data from ROSELLA were presented at high-profile forums this year, including late-breaking oral sessions at both ASCO and ESMO annual meetings, and ROSELLA findings were published in The Lancet, one of the world's most preeminent journals. Our goal now is to undertake studies that will extend this work in three ways. First, in earlier lines of therapy for ovarian cancer. Second, in new types of solid tumors, and third, combining our proprietary GR antagonists with additional regimens. So the first study advancing this goal is a phase II BELLA trial. BELLA's initial objective is to treat and test the additional benefit of Relacorilant may bring when combining it with Nab-paclitaxel as well as bevacizumab, which is a potent drug that is commonly used to treat patients with platinum-resistant ovarian cancer.

[Bill Guyer, CDO at Corcept Therapeutics]

Due to the strong interest in our program by investigators around the world, this study has enrolled patients much faster than we expected. And as Joe mentioned, we will have the results by the end of 2026. But this is just our first step. BELLA's protocol allows us to add more arms to the study that include patients with different types of solid tumors. Currently, we are going to add two new arms. The first will evaluate Relacorilant plus Nab-paclitaxel and Bevacizumab to treat patients with platinum-sensitive ovarian cancer, an earlier stage of the disease. In order to enroll in this arm, patients must have progressed well on a PARP inhibitor, which is the subgroup that experienced profound benefit in ROSELLA, and we just presented that data at the ESMO conference. The second new BELLA arm will evaluate the potential of Relacorilant plus Nab-paclitaxel to treat patients with endometrial cancer.

[Bill Guyer, CDO at Corcept Therapeutics]

Separately, we are also initiating a phase II study of Relacorilant plus Nab-paclitaxel in patients with cervical cancer in collaboration with ARCAGY Research, which is an academic clinical research group specializing in gynecological cancers. These new studies will enable us to triple the potential number of women with gynecological cancers that we can help each year in the United States, from 20,000 patients with platinum-resistant ovarian cancer to 60,000 patients. We are also targeting other tumors with significant unmet medical needs. We are initiating a phase II study in patients with pancreatic cancer by combining Relacorilant with the first-line standard of care regimen of Nab-paclitaxel and gemcitabine. All of these studies will begin enrollment, in the coming weeks and should enroll very quickly, like all of our past studies have done. Their results will be guideline-enabling, with a particular focus on the National Comprehensive Cancer Network, or NCCN, guidelines.

[Bill Guyer, CDO at Corcept Therapeutics]

These studies will also inform our future development decisions. In addition to exploring cortisol receptors antagonism's potential to resensitize tumors to chemotherapy, we are evaluating its use in combination with androgen deprivation therapy. Our collaborators at the University of Chicago are currently enrolling a randomized placebo-controlled phase II trial of Relacorilant plus enzalutamide in patients with early-stage prostate cancer to determine if GR antagonism can block a cortisol-mediated tumor escape route. Another possible role of cortisol receptor antagonism is in combination with immunotherapy. Immunotherapy has emerged as a standard of care cancer treatment, with more than 200,000 patients in the United States receiving this form of therapy each year. Because cortisol suppresses the immune system, it may blunt the effectiveness of cancer therapies intended to stimulate an immune response. Adding a GR antagonist to immunotherapy may enhance their effectiveness.

[Bill Guyer, CDO at Corcept Therapeutics]

Therefore, in the coming weeks, we are initiating a phase Ib dose-finding study of Nenocorilant, our new proprietary selective cortisol receptor antagonist, in combination with nivolumab, a PD-1-directed immunotherapy to treat patients with a broad range of solid tumors. We've embarked on a mission to advance GR antagonism to help many patients with a broad range of solid tumors. Our ROSELLA study produced exciting confirmatory evidence of our hypothesis, and there is much more to come. We look forward to updating you on our progress, and I'll turn the call back over to Joe.

[Joe Belanoff, CEO at Corcept Therapeutics]

Thanks, Phil. Before reporting advances in our MASH and ALS programs, I will briefly describe the research findings that give us confidence in the substantial opportunity before us in our hypercortisolism franchise. The prevalence phase of our CATALYST trial demonstrated that one in four patients with resistant diabetes has hypercortisolism, a far higher rate than was previously assumed. These results are transforming medicine. Patients who were enrolled in the placebo-controlled treatment phase of CATALYST had uncontrolled diabetes, despite treatment with the best current medications administered by the leading diabetologists, and hypercortisolism. In 24 weeks, patients treated with Korlym experienced a 1.47% reduction in hemoglobin A1c, along with significant improvements in body weight and waist circumference. Notably, patients in CATALYST experienced these improvements even as they decreased or entirely discontinued their other glucose-lowering medications, including the most potent GLP-1 agonists.

[Joe Belanoff, CEO at Corcept Therapeutics]

Our MOMENTUM trial builds on the findings from CATALYST by evaluating the prevalence of hypercortisolism in patients with resistant hypertension. Results for MOMENTUM are expected by early next year. The findings from CATALYST and MOMENTUM will substantially accelerate screening for hypercortisolism and its treatment. As physician awareness of hypercortisolism rapidly grows, Relacorilant is approaching its December 30th PDUFA date. Relacorilant's NDA is supported by our pivotal phase III GRACE trial, as well as our open-label long-term extension, and phase II trials. In these studies, patients treated with Relacorilant experienced clinically meaningful improvements in all the measures of hypercortisolism, including hypertension, hyperglycemia, weight, lean muscle mass, waist circumference, cognition, and Cushing's quality of life score. These benefits were observed consistently and durably, with improvements emerging early and continuing or deepening over time.

[Joe Belanoff, CEO at Corcept Therapeutics]

As awareness of hypercortisolism and its ability to be treated grows, many more patients will be identified, and Corcept is well positioned to help them. As Sean said earlier, we are confident that our Cushing's syndrome business will continue to grow for years. Our proprietary molecule, Miricorilant, has very potent activity in the liver. Metabolic dysfunction-associated steatohepatitis, or MASH, is a serious liver disorder that afflicts millions of patients in the United States and globally. Cortisol activity plays a role in both the initial development and progression of the disease, and cortisol modulation may serve as a treatment. Our phase Ib study showed that Miricorilant rapidly reduced liver fat and improved other important markers of liver health, including fibrosis. Miricorilant was also very well tolerated without the GI side effects commonly seen in patients being treated for MASH.

[Joe Belanoff, CEO at Corcept Therapeutics]

Our randomized double-blind placebo-controlled phase IIb MONARCH study aims to expand on our encouraging phase Ib results. MONARCH enrolled 175 patients in two cohorts. The first cohort of patients has biopsy-confirmed MASH. The second cohort consists of patients with presumed MASH. We expect results from both cohorts late next year. ALS is a devastating disease associated with elevated cortisol activity. Our proprietary compound, Dazcorilant, is an excellent candidate to treat it. In our 249-patient double-blind placebo-controlled phase II DAZALS trial, patients who received 300 milligrams of Dazcorilant exhibited an 84% reduction in the risk of death at the one-year mark compared to patients who only received placebo. The p-value for this finding was 0.0009. This reduction in early death occurs when patients still retain considerable function and quality of life. It does not simply add months to the end of their life when the disease's burden can be enormous.

[Joe Belanoff, CEO at Corcept Therapeutics]

As I mentioned earlier, we plan to start a phase III trial in 2026. Designed with input from the FDA, European regulators, and leading clinicians, it simply aims to replicate the results of DAZALS. We covered a great deal today. Let me reiterate our important developments. Next month, we expect FDA approval of Relacorilant for the treatment of hypercortisolism. This milestone comes as physicians begin to fully absorb the results of the CATALYST study, which demonstrated that hypercortisolism is far more prevalent than previously recognized and that treatment with a cortisol modulator can significantly improve the health of their patients. Our MOMENTUM study will produce results by early next year, building on CATALYST findings. By mid-next year, we anticipate Relacorilant's first oncology approval in platinum-resistant ovarian cancer, a particularly challenging form of ovarian cancer.

[Joe Belanoff, CEO at Corcept Therapeutics]

Results from the ROSELLA trial showing improved progression-free and overall survival without additional safety burden are groundbreaking. The fact that cortisol receptor antagonism demonstrated such compelling results in this extremely difficult-to-treat cancer type gives us confidence in its potential across a broad range of tumors and underpins our decision to expand our oncology development portfolio. We expect first results from our new oncology studies by the end of next year. Beyond hypercortisolism and oncology, we expect results from a large controlled study in patients with MASH by the end of next year and plan to initiate a phase III study in patients with ALS by mid-next year. We continue to discover and develop proprietary selective cortisol modulators with likely very distinctive clinical attributes and are advancing the most promising to the clinic. Cortisol modulation's vast potential to help many patients is just beginning to unfold.

[Joe Belanoff, CEO at Corcept Therapeutics]

It is a very exciting time for Corcept. Operator, let's proceed to questions.

[Operator]

Thank you. As a reminder, to ask a question, you will need to press Star 11 on your telephone. To remove yourself from the queue, you may press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Edward Nash of Canaccord Genuity. Please go ahead, Edward.

[Edward Nash, Managing Director at Canaccord Genuity]

Hi. Thanks, guys, for taking my call. Question, sorry. Wanted to ask, I know sometimes you give the numbers, just wanted to get an idea of how many patients at the end of the quarter that you had on drug. And then also, can you give us some idea of, I know you're going to be bringing on a second new distributor at the beginning of the year, as you mentioned, but just wanted to have an idea of, based upon what historically your previous distributor, what additional capacity or what magnitude of capacity does this new distributor that's sort of come on in October have over your old distributor?

[Joe Belanoff, CEO at Corcept Therapeutics]

Thank you, Edward. I think we understand both of those questions, and I'm going to pass you over to Sean Maduck, who is the President of our Endocrinology Division.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

Thanks, Ed. Appreciate the question. Your first question was around about how many patients do we have on medicine at the end of the quarter. We had around 3,250 paying patients at the end of the third quarter. So in terms of the pharmacy that was just onboarded on October 1st. It's a great pharmacy, and we think they're going to do just a fantastic job supporting patients. And they've got about 25 years of experience, which is in serving orphan and organ disease products, which is great. In terms of the specific question around capacity, they have the ability to continually expand with our business. They also have multiple locations around the country to distribute, which is something that was very appealing to us as we continue through the rest of the year with Korlym and then get ready for the Relacorilant launch in 2026.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

And Edward, I think you also asked about other pharmacies which are coming on next year. I think a really important thing to realize to tie your two questions together as well, there are now 3,000 or so patients who are taking Korlym. We actually believe that the market capacity is much, much greater than that. And we really do think that as Relacorilant begins to come onto the market, no single pharmacy is going to easily handle all of the business there. And that's why we're gearing up right now to add second, third pharmacies to that.

[Edward Nash, Managing Director at Canaccord Genuity]

Great. That's helpful. Thank you. And Ed had one quick model question. On the gross margin line, you guys have historically had really high margins. And given the increase in volume, but also pricing and generic shift, are you seeing any downward pressure on margins that might require modeling adjustments going forward?

[Joe Belanoff, CEO at Corcept Therapeutics]

Yeah. Let me give you back to Atabak for that question.

[Atabak Mokari, CFO at Corcept Therapeutics]

Hi, Edward. No. We have not seen that, and we don't expect that.

[Edward Nash, Managing Director at Canaccord Genuity]

Great. Thank you, guys.

[Joe Belanoff, CEO at Corcept Therapeutics]

Thank you, Edward.

[Operator]

Thank you. Our next question comes from the line of David Amsellem of Piper Sandler. Please go ahead, David.

[David Amsellem, Managing Director and Senior Research Analyst at Piper Sandler]

Thanks. Just a couple of quick ones. One, can you just remind us what net pricing looks like relative to brand pricing, just given that more and more of the business is going through the AG? How much of your business is coming from the AG? And then also, as you look to the PDUFA and ovarian, were you surprised you didn't get a priority review? And then lastly, can you talk about R&D and SG&A directionally for 2026, given the launches and given all the clinical studies? Thank you.

[Joe Belanoff, CEO at Corcept Therapeutics]

Thanks, David. And I think we'll give your questions to the person who can each answer them best. Sean, why don't you begin?

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

Yeah. Thanks, David. In terms of our authorized generic, in the second quarter, we were about two-thirds of our business. We were on the authorized generic. In the third quarter, it ended in the low 70s. And our expectation is by the end of the year, it might creep up a little bit, maybe ending at around 75%. And then in terms of the net, it's about a 30% discount to Korlym's list price.

[David Amsellem, Managing Director and Senior Research Analyst at Piper Sandler]

Charlie, a question about the ovarian cancer NDA.

[Charlie Robb, CBO at Corcept Therapeutics]

Yeah. So we requested priority review. We didn't receive it. And to say we weren't surprised to not receive it. We wouldn't have been surprised to receive it. Just based on the strength of the application, we were confident that we met the sort of stated criteria of a substantial benefit in terms of safety or efficacy over available treatments. But the FDA has many priorities, many other things going on, and their decisions are theirs, and are sometimes opaque to us. So no, not surprised. Always hopeful, not surprised. And that's just, I think, the way dealing with the FDA on this kind of question has to be.

[David Amsellem, Managing Director and Senior Research Analyst at Piper Sandler]

And Atabak?

[Atabak Mokari, CFO at Corcept Therapeutics]

Sure. So regarding your question on R&D spend and SG&A, so we've talked a lot about the huge opportunity that we see ahead of us on multiple fronts across all of our businesses, and so we're going to invest to capture that. So on the R&D side, while Bill walked you through many new studies that we're planning, there are many studies that we've been running throughout this year that are completing and winding down. So I would expect our R&D expenditures next year to be about the same as we are in 2025. And then on the SG&A side, we see huge opportunities on both hypercortisolism and ovarian cancer, and so we've been investing to prepare for launches of Relacorilant in both of those indications, and we'll continue to invest to capture the large market opportunity, so I would expect those SG&A expenses to continue to increase.

[Joe Belanoff, CEO at Corcept Therapeutics]

Okay. Next question, please.

[Operator]

Thank you. Our next question comes from the line of Joon Lee of Truist Securities. Please go ahead, Joon.

[Analyst at Truist Securities]

Congrats on the quarter, and thanks for taking the questions. This is Austin Ryan on for Joon, just a couple from us. So you said previously that the second pharmacy would have more meaningful contribution in the fourth quarter. Now that the first pharmacy is out of the picture, it seems to be, how confident are you that Curant can handle the increasing volume over, say, fourth quarter and the quarters going forward? Is Curant fully online as of the fourth quarter? And then just as a follow-up, on the upcoming PDUFA for Relacorilant, have you had a late-cycle review for Relacorilant? And if so, what can you share? Thank you.

[Joe Belanoff, CEO at Corcept Therapeutics]

Sure. Thank you very much for those questions. I think I understand all of them. The first one we'll send to Sean.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

Yeah. So I'll answer your second question first. Corant is fully online. They started taking new patients on October 1st. Almost all new enrollments are going to Corant. And over the course of the quarter, we will be transitioning the remainder of the business. So we're very confident in their ability to handle the capacity and meet the demands of the fourth quarter.

[Joe Belanoff, CEO at Corcept Therapeutics]

And Charlie?

[Charlie Robb, CBO at Corcept Therapeutics]

Yeah. So. Just could you repeat the question for me? Because I want to make sure I answer it really correctly. What did you say?

[Analyst at Truist Securities]

Yeah. Just on the upcoming PDUFA for Relacorilant, have you had a late-cycle review for Relacorilant? And if so, what can you share?

[Charlie Robb, CBO at Corcept Therapeutics]

Sure. So just a little background for people who are not as familiar with NDAs as you are. When the FDA agrees to review your new drug application, they give you a letter that sets out sort of the key milestones that are going to happen during the review process. And one of them is the mid-cycle review meeting between the sponsor and the FDA. And the second is, as you noted, another one is this late-cycle review meeting. I can tell you that we've had both. I cannot tell you sort of what transpired or the nature of our back and forth with the FDA because we just can't comment on that. But we held them both exactly on the schedule the FDA set out in its original letter to us. Things have moved per schedule, very ordinary course.

[Charlie Robb, CBO at Corcept Therapeutics]

And we are very confident as a result that the FDA will meet its target date of December 30th.

[Analyst at Truist Securities]

Thank you. And if I could just have a quick follow-up, is Teva still selling Korlym? And if so, how long will they have to?

[Joe Belanoff, CEO at Corcept Therapeutics]

Yes. Sean, please take that.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

Yeah. So Optime is still servicing patients just as they were before, as they're obligated by the contract.

[Analyst at Truist Securities]

Thank you.

[Joe Belanoff, CEO at Corcept Therapeutics]

Sure.

[Operator]

Thank you. Our next question comes from the line of RK with H.C. Wainwright. Please go ahead, RK.

[Joe Belanoff, CEO at Corcept Therapeutics]

Hey, RK. Please go ahead.

[Analyst at H.C. Wainwright & Co Llc]

Thank you. A couple of questions. So first question being on the guidance. If I take the midpoint of your current guidance. The fourth quarter sales should come around $265 million or so, which means. It requires a 28% growth from the third quarter number. With only one pharmacy in operation per se. How comfortable are you in thinking about that sort of growth, especially with holidays and less number of sales days?

[Analyst at H.C. Wainwright & Co Llc]

The second question is.

[Joe Belanoff, CEO at Corcept Therapeutics]

Oh, go ahead, please.

[Analyst at H.C. Wainwright & Co Llc]

Sorry. And the second question is on the new molecule that I see on the pipeline, Nenocorilant. How different is that from Relacorilant? And do you plan to release any preclinical data from that molecule as we start thinking about the study in solid tumors as a combination therapy with the PD-1 inhibitors?

[Joe Belanoff, CEO at Corcept Therapeutics]

Okay. I think we have both of those questions. The first one is Sean's. Please go ahead, Sean.

[Sean Maduck, President of Endocrinology Division at Corcept Therapeutics]

Yeah. So RK, just to be clear, you said in your question that we only have one pharmacy. That's incorrect. We actually have two pharmacies. Optime Care is continuing to service the active patient base, and all new prescriptions are going to Corant. So over time, a greater percentage of our business is going to transfer over there. We expect combined to see some efficiencies, and we expect to have a strong Q4.

[Joe Belanoff, CEO at Corcept Therapeutics]

Bill, any comments you'd like to make about Nenocorilant?

[Bill Guyer, CDO at Corcept Therapeutics]

Yeah. Thank you. So related to nenocorilant, then in our oncology portfolio, when we look at Relacorilant, as you heard, all the studies we're doing with Relacorilant, Relacorilant is a great molecule, and it's shown its benefit not only in oncology but also in endocrinology. But we're always looking at and evaluating new molecules preclinically to help us broaden our reach in every therapeutic area, and especially oncology. And as we looked at the opportunity with combinations with PD-1 inhibitors, we felt that a drug like nenocorilant had unique properties that allowed us to dose it on a regular basis to help us look at other solid tumors. And we really felt it was a best partner for PD-1 inhibitors compared to that of Relacorilant. And so when it comes to publishing our preclinical data, yeah, we always publish our data.

[Bill Guyer, CDO at Corcept Therapeutics]

And I would expect us to have that data in the public domain next year.

[Joe Belanoff, CEO at Corcept Therapeutics]

Let me make just a more general point because I know obviously RK is really the first person who really absorbed our oncology opportunity. You've been following this the longest of anybody. But let me make some points for those who have not. One of the really interesting things is that years ago, when we were only working with mifepristone, which we call Korlym, we were looking for a follow-on compound which wouldn't have progesterone receptor activity. And our terrific chief chemist at that point, now our Chief Scientific Officer, Hazel Hunt, was able to come up with one and then more and then more. What was really interesting about them is that while all of those compounds modulated cortisol activity, and none of them touched the progesterone receptor, so they were really distinct. She had sort of accomplished her mission in separating the activities.

[Joe Belanoff, CEO at Corcept Therapeutics]

As we began to test them preclinically, they simply weren't identical. Some got into the brain, some didn't get into the brain, some were organ-specific, some were general, and some were more potent in various oncology models than others. We're left with not a single follow-on compound, which is frankly what I had anticipated, but with four, five, six, seven compounds each paired with the best treatment opportunity and best disorder for which it could make progress. It's been a very interesting opportunity. I think Nenocorilant is quite interesting. You'll learn more about it next year as we go along. We're very excited to actually begin that study. I think it will really help us learn very much as to what the next thing to do is. Thank you all for your questions. Thank you for listening in.

[Joe Belanoff, CEO at Corcept Therapeutics]

Really an exciting time, and I look forward to talking to you next quarter. Thank you. Bye-bye.

[Operator]

This concludes today's conference call. Thank you for participating. You may now disconnect.

Participants

Executives

• Atabak Mokari, CFO
• Charlie Robb, CBO
• Sean Maduck, President of Endocrinology Division
• Joe Belanoff, CEO
• Bill Guyer, CDO

Analysts

• Edward Nash, Managing Director at Canaccord Genuity
• David Amsellem, Managing Director and Senior Research Analyst at Piper Sandler
• Analyst at Truist Securities
• Analyst at H.C. Wainwright & Co Llc