Q: On Lifyorli, how much of the $48 million in revenue reflects dispensed demand versus initial channel build? Also, how many unique prescribers do you have beyond the 200 cited in April, and what is the duration of therapy? On Korlym, how much of the 27% sequential growth is from clearing the pharmacy transition backlog versus new capacity? A: (Atabak Mokari, CFO) There is very little inventory contribution in the quarter results. On the Cushing's syndrome side, almost 100% of business goes through specialty pharmacy, which is direct to patient. On the oncology side, about 30% goes through specialty pharmacy, and the rest through specialty distributors who hold minimal inventory (about one week of demand). (Sean Maduck, President - Corcept Endocrinology) The $44 million growth from Q2 over Q1 was not driven by a catch-up from the pharmacy transition, which is behind us. It was driven by continued servicing of our existing patient base and a record number of new enrollments.

Q: What is the status of the relacorilant NDA resubmission for Cushing's syndrome, and what is the expected timeline for approval? A: (Joseph Belanoff, CEO) We resubmitted our NDA on June 17 after completing additional analyses requested by the FDA. The FDA accepted the resubmission and assigned a PDUFA date of December 17, 2026. Relacorilant's availability will accelerate growth in our Cushing's syndrome business.

Q: What are the key results from the CATALYST and MOMENTUM trials, and how are they driving physician awareness and business growth? A: (Sean Maduck, President - Corcept Endocrinology) CATALYST showed 24% of patients with difficult-to-treat diabetes had hypercortisolism, and treatment with Korlym led to substantial reductions in HbA1c, weight, and waist circumference. MOMENTUM found 27% of patients with resistant hypertension had hypercortisolism. These paradigm-shifting findings are driving increased screening and treatment, leading to record new prescriptions and first-time prescribers. We expect this to propel our Cushing's syndrome business to at least $2 billion in annual revenue by the end of this decade.

Q: What is the potential for GR antagonism in oncology beyond platinum-resistant ovarian cancer, and what are the upcoming data readouts? A: (Joseph Belanoff, CEO) GR antagonism has the potential to treat any solid tumor expressing the GR. Our BELLA trial (platinum-resistant and sensitive ovarian cancer, endometrial cancer), STELLA trial (cervical cancer), and TRIDENT trial (pancreatic cancer) will all produce results by the end of next year. Successful results could increase the number of patients relacorilant may help by fivefold. We also initiated the SYNERGY Phase Ib study of nenocorilant with nivolumab across solid tumors, with results expected by the end of next year.

Q: What are the latest developments in the ALS program with dazucorilant, and what are the next steps? A: (Joseph Belanoff, CEO) In the DAZALS Phase II trial, patients receiving 300 mg of dazucorilant showed an 84% reduction in risk of death at one year (p=0.0009) and an 87% reduction at two years (p<0.0001). We are conducting a dose titration study to improve gastrointestinal tolerability, which caused most discontinuations. Findings will inform the design of a pivotal trial we plan to start early next year.

Q: What is the status of the MASH program with miricorilant, and when can we expect data? A: (Joseph Belanoff, CEO) Our 175-patient Phase IIb MONARCH study has completed enrollment and will produce data later this year. In our Phase Ib study, miricorilant rapidly reduced liver fat and improved markers of liver health, including fibrosis, and was well tolerated. Positive results would support advancement to Phase III.

Q: What are the key financial results for the second quarter of 2026? A: (Atabak Mokari, CFO) Revenue was $256.1 million, a 32% increase year-over-year. Korlym and authorized generic revenue was $208.6 million. Lifyorli product revenue was $47.6 million in its first quarter of availability. Net income was $43 million. We increased our 2026 revenue guidance to a range of $1.1 billion to $1.2 billion. Cash and investments at June 30 were $545 million.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .