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Corcept Therapeutics Incorporated (NASDAQ: CORT) has just released its results for the quarter ended Sept. 30, 2018. The company reported a $ 64.4 million business revenue for the third quarter, up from $ 42.8 million dollars for the same period last year. GAAP net income was $ 17.7 million compared to $ 13.8 million in the third quarter of 2017.
According to the release, "Excluding non-cash expenses related to stock-based compensation, the use of deferred tax badets, interest on the obligation to In the form of royalties withdrawn from the Company and related tax consequences, non-GAAP net income was $ 27.9 million in the third quarter. compared to $ 17.4 million in the third quarter of 2017. A reconciliation of net earnings to GAAP and non-GAAP is presented below. "
Corcept Therapeutics Incorporated (NASDAQ: CORT) defines itself as a pharmaceutical company that discovers, develops, and markets drugs for the treatment of serious metabolic, oncologic, and psychiatric disorders in the United States.
The company offers Korlym (mifepristone) tablets to be administered orally once a day for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome and with diabetes mellitus. type 2 or glucose intolerance. as well as developing a CLIA-validated baday to measure the expression of the FKBP5 gene.
He is developing a relacorilant in a Phase II trial for the treatment of patients with Cushing's syndrome; abraxane in combination with relacorilant, which is the subject of an open-label phase I / II trial for the treatment of solid tumors; and the XTandi-badociated corticosteroid selective corticosteroid modulator CORT125281 as part of an open-label Phase I / II trial to treat patients with metastatic castration-resistant prostate cancer.
The company is also developing a selective cortisol modulator CORT118335, which is currently undergoing an open-label phase I / II trial for the treatment of antipsychotic-induced weight gain and alcohol-free steatotic hepatitis. Corcept Therapeutics Incorporated was founded in 1998 and is headquartered in Menlo Park, California.
A whale of a tale
We began by noting that CORT had just set the course for the announcement of the company's T3 data on the top line.
This announcement pushed the stock up, which is not surprising. CORT shareholders now have earnings of about 8% over the past week. Over the past month, the shares of the stock have experienced significant selling pressure and have lost around 5%.
"We are delighted to have begun the Relacorilant Phase 3 trial," said Joseph K. Belanoff, MD. "Our franchise on Cushing's syndrome continues to add new prescribers to our first-generation cortisol modulator, Korlym®, in all regions of the country, and we hope it will continue to do so. Relacorilant promises to make the benefits of modulating cortisol even more widely available. Patients in the Phase 2 trial with Relacorilant had a significant clinical benefit, but not the non-targeted severe effects of Korlym: thickening of the endometrium, badl bleeding and hypokalemia. If these safety and efficacy results are confirmed in Phase 3, the relacorilizer will be a major clinical and commercial breakthrough. "
Corcept Therapeutics Incorporated (NASDAQ: CORT) was able to generate total revenues of $ 64.4 million in the latest quarterly financial data released by the company, representing a 50-percent revenue growth rate. , 7% compared to the previous year. in comparable terms. In addition, the company has a strong balance sheet, with cash levels well above current liabilities ($ 195.2 million versus $ 40.2 million).
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