Corcept Therapeutics Incorporated (NASDAQ:CORT) has announced its Q3 2020 financial results in which revenue grew 6% YoY to $86.3 million.
Corcept revises its FY2020 financial outlook
The company ended the quarter with $44.2 million in cash and cash equivalents. Corcept has narrowed its FY2020 revenue outlook to between $355 million and $365 million from the range of $355-375 million given early this year. During the quarter, the company announced a stock repurchase program of $200 million funded using investment and cash.
Joseph Belanoff, the company’s CEO, said that despite pandemic-related restrictions and changes in patients and physician practices deepening Corcept’s Q3 commercial results, the company continues to build a profitable business. Belanofff said that they expect growth to resume after COVDI-19 has been brought under control. Notably, the company’s clinical development program breadth continues to grow. Currently, the company is evaluating its novel, selective cortisol modulators in Cushing’s syndrome, NASH, antipsychotic-induced weight gain and four different types of tumours.
Belanoff said that the impact of the pandemic on the studies varies and enrolment ion studies of acute life-threatening diseases such as pancreatic and ovarian cancer have been brisk. On the other hand, trials of diseases not considered as immediately dire such as APIWG have lagged.
Corcept evaluating relacorilant in different indications
Corcept’s Chief Medical officer, Andreas Grauer, said that the company is evaluating its selective modulator relacorilant product as a Cushing’s syndrome treatment. The company is evaluating the product in a Phase 3 GRACE double-blind, placebo-controlled trial. The study will enrol 130 subjects adrenal adenomas-caused Cushing’s syndrome. Although recruitment in the study slowed, the company is optimistic and plans to submit NDA based on GRACE trial results in Q2 2022.
Grauer said that Corcept’s oncology program is assessing their mechanisms through which cortisol modulators can benefit solid tumour patients. The Phase 2 trial in metastatic ovarian cancer patients and Phase 3 trial in metastatic pancreatic cancer patients are evaluating relacorilant in enhancing the efficacy of nab-paclitaxel though the decrease in cortisol’s suppression of apoptosis.