코셉트 세라퓨틱스(CORT) 2026년 3분기 실적 발표회: 매출 64% 증가, 가이던스 재확인

핵심 요약

• 코셉트 세라퓨틱스(Corcept Therapeutics, CORT)는 2026년 3분기 매출이 3억 4,050만 달러로, 전분기 대비 33% 및 전년 동기 대비 64% 증가했다고 발표했습니다.
• 코림(Korlym) 및 정식 위임 제네릭 매출은 총 2억 4,910만 달러였으며, 리피올리(Lifyorli)는 시장 출시 두 번째 분기에 9,140만 달러의 매출을 올렸습니다.
• 순이익은 1억 2,680만 달러로 증가하여, 2026년 2분기의 4,300만 달러 및 2025년 3분기의 1,970만 달러와 대비되었습니다.
• 경영진은 내분비학 및 종양학 사업 전반의 호조를 이유로 2026년 전체 매출 가이던스인 11억~12억 달러를 재확인했습니다.
• 4월 1일 출시 이후 1,700명 이상의 의사가 2,300명 이상의 환자에게 리피올리를 처방했습니다. 경영진은 실적 발표에서 구체적인 시기를 명시하지는 않았지만, 이 제품이 10억 달러 이상의 매출을 올릴 것으로 예상하고 있습니다.
• 쿠싱증후군 치료제 렐라코릴란트(relacorilant)의 재제출 승인 신청에 대한 FDA 결정은 12월 17일 PDUFA 기한까지 내려질 것으로 예상됩니다.

핵심 재무 데이터

사업 및 영업 실적

내분비학

경영진은 고코르티솔증이 여전히 진단 및 치료가 제대로 이루어지지 않고 있다고 언급했습니다. 코셉트는 CATALYST 임상 결과를 인용하며, 조절이 어려운 당뇨병 환자의 24%가 고코르티솔증을 앓고 있으며 미페프리스톤이 혈당 조절을 유의미하게 개선했다고 설명했습니다.

미국당뇨병학회(ADA)는 2026년 합의 보고서에서 CATALYST를 인용하며, 여러 혈당 강하제를 사용함에도 혈당이 지속해서 높은 환자에 대해 고코르티솔증 선별검사를 권고했습니다. 미국임상내분비학회(AACE) 역시 올해 초 발표한 가이드라인에서 CATALYST를 인용한 바 있습니다.

코셉트는 기존 쿠싱증후군 사업이 2020년대 말까지 연간 최소 20억 달러의 매출을 올릴 것으로 기대합니다. 경영진은 렐라코릴란트를 사용할 수 있게 되면 성장이 가속화되어 2030년에는 30억~50억 달러에 달할 수 있다고 밝혔습니다. 이는 실현된 실적이 아닌 회사의 목표치입니다.

리피올리 및 종양학

백금 저항성 난소암 분야에서 리피올리에 대한 수요는 견조하게 유지되었습니다. 출시 이후 학술 센터, 지역 의원 및 기타 치료 기관의 1,700명 이상의 의사가 2,300명 이상의 환자에게 이 제품을 처방했습니다.

경영진은 재처방 증가와 초기 치료 단계에서의 사용 확대가 이루어지고 있다고 보고했습니다. 베바시주맙 포함 요법과의 현재 병용 사용은 일화적인 수준으로 설명되었으며, 주된 병용 요법은 ROSELLA 연구와 마찬가지로 리피올리와 냅-파클리탁셀 조합을 유지하고 있습니다.

BELLA 코호트 A에서 95명의 환자가 렐라코릴란트를 냅-파클리탁셀 및 베바시주맙과 함께 투여받았습니다. 주요 결과는 다음과 같습니다:

• 무진행 생존기간 중앙값 7.2개월
• 객관적 반응률 59%
• 6개월 전체 생존율 88%

이전에 베바시주맙 치료를 받지 않은 환자군에서 무진행 생존기간 중앙값은 8.1개월에 달했고, 객관적 반응률은 66%, 6개월 전체 생존율은 91%였습니다. 주요 분석 시점에서 전체 생존기간 중앙값에는 도달하지 않았습니다.

BELLA 코호트 B는 백금 민감성 난소암에서 렐라코릴란트를 평가하고 있으며, 코호트 C는 자궁내막암을 연구 중입니다. TRIDENT 임상은 1차 췌장암 치료를 평가하고 있으며, SYNERGY 임상은 고형암 전반에서 네노코릴란트(nenocorilant)와 니볼루맙의 병용을 시험하고 있습니다. 경영진은 내년 말까지 이들 연구의 결과를 기대하고 있습니다.

MASH 및 ALS 파이프라인

임상 2b상 MONARCH 연구에서 미리코릴란트(miricorilant)는 용량 의존적인 간 지방 감소를 나타냈습니다. 주 2회 100mg을 투여받고 치료 전후 생검을 진행한 환자들은 48주 후 절대적 섬유화 개선율 19.2%를 보였습니다. 경영진은 미리코릴란트군과 위약군 간 부작용 발생률이 유사하다고 밝혔습니다.

코셉트는 3주간 매일 100mg을 투여한 후 1주 휴약하는 방식으로 24주간 반복하는 또 다른 임상 2상 연구를 계획 중입니다. 이 연구는 고용량 간헐적 투여가 ALT 상승을 제한하면서 간 지방 및 섬유화 지표를 개선할 수 있는지 평가하기 위한 것입니다.

회사 측은 경영진이 조기 사망률의 상당한 감소를 보여주었다고 밝힌 임상 2상 DAZALS 결과를 바탕으로, 내년에 ALS(근위축성 측삭 경화증) 임상 3상을 시작할 계획입니다.

경영진 가이던스

코셉트는 2026년 매출 가이던스인 11억~12억 달러를 재확인했습니다. 아타박 모카리 최고재무책임자(CFO)는 가이던스 중간값이 실적에 영향을 미칠 수 있는 요인들을 확률 가중 방식으로 고려한 경영진의 현재 최선의 추정치라고 설명했습니다.

회사는 3분기 성장에도 불구하고 가이던스 범위를 상향 조정하지 않았습니다. 경영진은 올해 들어 이미 매출 가이던스를 수차례 상향 조정한 바 있다고 언급했습니다.

리스크 및 주시 사항

• 렐라코릴란트는 여전히 FDA 심사 중에 있으며, 12월 17일까지 결정이 나올 예정입니다. 경영진은 심사 일정을 확인하는 것 외에 진행 중인 규제 당국과의 논의에 대해서는 언급을 사양했습니다.
• 새로운 고코르티솔증 선별검사 권고안을 일상적인 임상 현장에 도입하는 데는 시간이 걸릴 수 있습니다.
• 새로운 난소암 치료법의 등장은 치료 순서에 영향을 미칠 수 있습니다. 코셉트는 리피올리의 차별화된 기전과 병용 가능성이 그 역할을 뒷받침할 것이라고 주장하면서도, 이용 가능한 경쟁 데이터가 아직 제한적임을 인정했습니다.
• 다음 미리코릴란트 연구에서는 고용량 투여가 내약성을 유의미하게 악화시키거나 ALT 상승을 유발하지 않으면서 효능을 높일 수 있는지 평가할 예정입니다.
• 몇몇 종양학 적응증 적응 범위 확장 기회는 내년 말에 나올 것으로 예상되는 임상 결과에 달려 있습니다.

애널리스트 Q&A 주요 내용

리피올리 출시 동향: 경영진은 신규 환자 유입, 재처방, 치료 초기 단계에서의 사용 증가를 성장의 원인으로 꼽았습니다. 또한 백금 저항성 난소암 분야에서 리피올리를 시장 선두주자로 자리매김하겠다는 목표를 유지했습니다.

초기 치료 위치 선점: 조셉 K. 벨라노프 CEO는 BELLA 연구 결과가 난소암 치료 초기 단계로 리피올리를 전진 배치하는 것을 뒷받침하며, 면역 조절 및 항암제 감수성 증대 효과가 장기적으로 더 큰 영향을 미칠 수 있다고 말했습니다.

ADC 및 기타 치료법과의 병용 가능성: 코셉트는 당질코르티코이드 수용체 길항제를 화학요법, 항체-약물 접합체(ADC) 및 면역치료제와 함께 평가할 계획입니다. 경영진은 임상 시험을 통해 어떤 병용 요법이 가장 큰 이점을 제공하는지 결정할 것이라고 밝혔습니다.

렐라코릴란트 출시 전략: 쿠싱증후군 치료제로 승인될 경우, 코셉트는 기존 코림 환자군의 전환보다는 주로 치료 경험이 없는 신규 환자에 집중할 계획입니다. 경영진은 미치료 환자군 시장이 현재 코림 및 정식 위임 제네릭 기반보다 훨씬 크다고 설명했습니다.

MASH 용량 전략: 미리코릴란트 매일 투여 방식으로의 전환 계획은 MONARCH의 용량 반응 결과, 이전 임상 1b상 데이터 및 연구자 주도 연구 결과를 반영한 것입니다. 간헐적 투여 일정은 간 작용과 내약성 간의 균형을 맞추도록 설계되었습니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, and welcome to the Corcept Therapeutics Q3 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. It is now my pleasure to introduce CFO, Atabak Mokari.

Atabak Mokari

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. Statements during this call other than statements of historical fact are forward-looking statements based on our plans and expectations that are subject to risks and uncertainties, which might cause actual results to be materially different from those such statements expressed or implied. 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, which are available at the SEC's website.

Please refer to those documents for more information. We disclaim any intention or duty to update forward-looking statements. Our revenue in the third quarter of 2026 was $340.5 million, a 33% increase from the second quarter and a 64% increase compared to the prior year period. Korlym and authorized generic revenue was $249.1 million. Lifyorli revenue was $91.4 million. We expect our growth to continue and are reiterating our 2026 revenue guidance of $1.1 billion to $1.2 billion.

Net income was $126.8 million in the third quarter of 2026 compared to $43 million in the second quarter and $19.7 million in the prior year period. Our cash and investments at September 30 were $662 million, an increase of $118 million in the quarter. We acquired $44 million of our common stock in the third quarter pursuant to our stock repurchase program, the exercise of stock Corcept stock options and vesting of restricted stock grants. I will now introduce Justin Gunn, President of our Endocrinology division. Justin assumed this role at the beginning of October. Prior to that, he was the Vice President of Sales for our Oncology division. Justin has more than 2 decades' experience as a biopharma executive in a variety of commercial roles, including the successful launch of 9 products in multiple therapeutic areas. Justin?

Justin Gunn

Thank you, Atabak. It's an exciting time to step into this new role. Over the past month, I've gotten to know many of my new colleagues and Corcept's outstanding endocrinology team. The endocrinology division delivered another quarter of record revenue, an accomplishment that I'm pleased to announce that I take no credit for. These skilled professionals have also helped create the conditions that will fuel future growth.

More physicians are prescribing our medicines and more patients are benefiting from them from ever before. And at the same time, realizing the full potential of our business will take, as it always has, hard work, creativity and perseverance, and I look forward to helping lead that effort. Hypercortisolism remains underdiagnosed and undertreated. Our CATALYST and MOMENTUM studies prove that hypercortisolism is far more prevalent than previously understood. And these landmark findings are poised to change diagnostic and treatment paradigms.

Of course, it takes time to incorporate scientific advances into new standards of care. Articles in leading journals such as publications in Diabetes Care describing our CATALYST results are invaluable first steps. But in my experience, the support of medical societies is required to really raise awareness among these busy physicians. So we were gratified that the American Diabetes Association cited our CATALYST findings in its consensus 2026 report in the management of type 2 diabetes released in October.

The report recommends screening for hypercortisolism in patients whose blood sugar remains high despite treatment with multiple glucose-lowering medications and states that the treatment of mifepristone reduced hemoglobin A1c substantially in these patients. The consensus report follows the American Association of Clinical Endocrinology's reference to CATALYST findings in its guidance for the management of diabetes issued in March of this year. As the ADA and the AACE recommendations become incorporated into medical practice, more patients are going to be screened, diagnosed and treated for hypercortisolism. So as a result, we expect our current Cushing's syndrome business to generate at least $2 billion in annual revenue by the end of this decade. The availability of relacorilant will drive faster growth to between $3 billion and $5 billion in 2030.

I'll now turn the call over to Roberto Vieira, President of our Oncology division. Roberto?

Roberto Vieira

Thanks, Justin. Lifyorli delivered exceptional growth in its second quarter on the market. Revenue grew to $91.4 million, a 92% increase. Demand for Lifyorli remains strong, reflecting the significant unmet need in platinum-resistant ovarian cancer and growing physician adoption. The reasons for Lifyorli rapid uptake are straightforward. It provides a compelling overall survival benefit driven by its unique mechanism of action, which both enhances the immune system ability to kill tumor cells and increases those cell sensitivity to chemotherapy. It is well tolerated with a very manageable safety profile.

Screening for a biomarker is not required. Virtually all tumor cells in ovarian cancer express the glucocorticoid receptor. Finally, Lifyorli is an oral medication, which makes it easy to administer. More than 1,700 physicians have prescribed Lifyorli to more than 2,300 patients since April 1 launch. That number continues to grow across specialties and treatment settings, including gynecologists, medical and hematologic oncologists at academic and non-teaching hospitals as well as community oncology clinics across the country. At the same time, repeat prescribing continues to increase, reflecting prescribers growing familiarity with and confidence in Lifyorli. We expect these trends to continue.

Another important trend we are seeing is the use of Lifyorli in earlier lines of therapy. Lifyorli is approved to treat patients in the second to fourth lines of treatment for platinum-resistant ovarian cancer. As it is typical of newly approved anticancer agents, many of the first patients to be prescribed Lifyorli had already received multiple lines of treatment. But the data showed that Lifyorli is particularly well suited to help patients at the earliest end of that range so that Lifyorli's ability to enhance their immune system response to cancer, a benefit which persists even after Lifyorli discontinued can have its optimal long-term effect.

Our BELLA trial results make the rationale for using Lifyorli earlier in treatment even stronger. Bevacizumab is a standard of care treatment for patients with earlier stage of ovarian cancer. In BELLA Arm A, Lifyorli was added to treatment with nab-paclitaxel and bevacizumab. Patients demonstrated substantial benefits in progression-free survival, objective response rate and overall survival. The patients with the best response were those earliest in their course of treatment in the platinum-resistant setting.

Physicians will consider this important finding as they sequence the treatments their patients receive. The increasing number and proportion of patients who received Lifyorli earlier in the treatment is yet another factor driving the growth of our business. Lifyorli's launch has exceeded expectations. We believe Lifyorli is on its way to becoming the market share leader in platinum-resistant ovarian cancer. We believe Lifyorli will generate more than $1 billion in [indiscernible].

I'll now turn the call over to Joe Belanoff, our Chief Executive Officer. Joe?

Joseph K. Belanoff

Thank you, Roberto, and thank you, everyone, for joining us. Since our founding, Corcept has worked to discover and develop molecules that harness glucocorticoid receptor, GR antagonism to treat serious diseases. The potential is enormous, and we have made important progress. It is now established that hypercortisolism is much more prevalent than previously believed and that modulating cortisol's activity can help many patients.

Lifyorli's emerging position as a new standard of platinum-resistant ovarian cancer highlights the potential of GR antagonism to treat many types of solid tumors, and our plans go well beyond Cushing's syndrome and oncology. We are heartened by the growing recognition of hypercortisolism within the medical community. As Justin described, the American Diabetes Association now recommends screening patients with difficult-to-treat diabetes for hypercortisolism and [ noted on our ] CATALYST study that 24% of patients with difficult to control diabetes were found to have hypercortisolism and that mifepristone significantly improved their glucose control. This is great news for patients. Other screening will identify previously undiagnosed patients, which will lead to better treatments and better outcomes. I am proud of the role Corcept played in making this major advance possible. The ADA's recommendations are a welcome development, but there is more to do. [indiscernible] We believe relacorilant is such treatment. Our resubmitted new drug relacorilant in Cushing's syndrome is based primarily on the positive outcome of our pivotal Phase III GRACE trial and confirmatory evidence from our Phase III GRADIENT trial.

Collectively, these data show that patients treated with relacorilant experienced meaningful durable improvements in the signs and symptoms of Cushing's syndrome without many of the serious adverse events associated with currently approved medications, hypokalemia, endometrial hypertrophy, vaginal bleeding, adrenal insufficiency or QT prolongation. We look forward to the FDA's decision by its December 17 PDUFA date.

Substantial preclinical and clinical data suggest that our proprietary selective GR antagonists benefit patients with cancer in at least 3 ways, by bolstering their immune system's ability to combat cancer, by sensitizing tumors to chemotherapy and by blocking growth pathways for cancer cells. We believe our medications have the potential to treat any solid tumor expressing the glucocorticoid receptor in combination with any anticancer agent. Lifyorli's approval in platinum-resistant ovarian cancer and a successful launch are just the first steps in realizing the potential of GR antagonism in solid tumors. We are widely evaluating relacorilant's immune boosting and chemosensitizing effects in combination with anticancer agents.

Our ongoing studies follow positive results from our ROSELLA, BELLA and Phase II trials in platinum-resistant ovarian cancer, one of the most challenging forms of cancer to treat. In Arm A of our BELLA Phase II trial, 95 patients received relacorilant plus nab-paclitaxel and bevacizumab. The regimen demonstrated clinically meaningful median progression-free survival, PFS of 7.2 months, an objective response rate, ORR, of 59% and overall survival, OS of 88% at 6 months.

Please note that the median overall survival was not yet reached at the time of the primary analysis of BELLA. The benefits were even more pronounced in patients who had not received bevacizumab previously. This group represented approximately half of the patients in the study. They had a median PFS of 8.1 months and ORR of 66% and a 6-month overall survival of 91%. This is yet another powerful demonstration of GR antagonism's potential to be combined with anticancer agents, resulting in substantial clinical benefit and equally important, it highlights the benefits of using GR antagonism earlier in the patient's treatment path. Our BELLA trial has 2 other arms. Arm B, which is nearing completion of enrollment, is studying the effect of relacorilant in patients with platinum-sensitive ovarian cancer, a still earlier stage of the disease.

Arm C, which has completed enrollment, is studying the effects of relacorilant in patients with endometrial cancer. Our TRIDENT trial is evaluating relacorilant as a potential first-line treatment for patients with pancreatic cancer. These trials will all produce results by the end of next year. We expect data from these current studies to be NCCN guideline enabling and to inform our future development decisions. Successful results in these additional indications would increase the number of patients that relacorilant may help by fivefold. As we stated, GR antagonism may also enhance the effectiveness of immunotherapy by counteracting the immunosuppressive effects of cortisol. SYNERGY, a Phase Ib study of our proprietary selective GR antagonist, nenocorilant, in combination with nivolumab, a PD-1 directed immunotherapy across a broad range of solid tumors is in progress. We expect results from SYNERGY by the end of next year.

Finally, GR signaling helps prostate cancer tumors escape the effects of the standard of care androgen deprivation. Our collaborators at the University of Chicago are enrolling a randomized placebo-controlled Phase II trial of relacorilant plus the androgen receptor blocker, enzalutamide, in patients with early-stage prostate cancer. We expect results in this study by the end of next year. Cortisol activity is involved in the development and progression of metabolic dysfunction-associated steatohepatitis or MASH. This serious liver disorder affects millions of people worldwide and is a significant and rapidly growing cause of liver and cardiometabolic morbidity and mortality.

Miricorilant, our proprietary selective cortisol modulator, has demonstrated potent activity in the liver across several clinical studies. Our recently completed Phase IIb MONARCH study extended this finding. The trial enrolled 2 cohorts. Cohort A enrolled 82 patients with biopsy-confirmed MASH, randomized 2:1 to receive either 100 milligrams of miricorilant twice a week or placebo for 48 weeks. Cohort B enrolled 93 patients with presumed MASH, meaning MASH confirmed by scanning the liver without undertaking biopsies, randomized 2:1 to receive either 100 milligrams of miricorilant twice a week for 6 weeks and 200 milligrams of miricorilant twice a week for 18 weeks or placebo for 24 weeks.

Patients administered 200 milligrams of miricorilant twice a week experienced a significantly larger reduction in liver fat than patients who received 100 milligrams of miricorilant twice a week. Patients who received pre and post-treatment liver biopsies, these were the patients who received 100 milligrams of miricorilant twice a week, experienced fibrosis improvement of 19.2% in just 48 weeks. Miricorilant was very well tolerated in both cohorts. The rate of adverse events was virtually indistinguishable between the miricorilant and placebo arms. We are encouraged to see the dose-dependent reductions in liver fat and improvement in fibrosis observed at the very low doses of miricorilant administered in MONARCH. We will soon start a Phase II trial to evaluate a higher dose of miricorilant, 100 milligrams daily to see if miricorilant's fat and fibrosis reducing activity can be realized without sacrificing its excellent tolerability.

Patients with ALS often have elevated cortisol levels, which is why we believe cortisol modulation may benefit them. In our Phase II DAZALS trial, treatment with a cortisol modulator resulted in a profound reduction in early mortality, a true benefit for patients who early in their course of disease retain significant function and quality of life. There is a common misperception that death from ALS is always coterminous with severe functional decline. It isn't. Many patients die from complications such as pneumonia or cardiovascular events arising well before they have lost significant function and quality of life. If cortisol modulation prevented these complications or help patients to survive them, it would confer significant benefit.

We plan to begin a Phase III study next year. To sum up, our Cushing's syndrome business is growing, driven by increasing awareness of hypercortisolism true prevalence and the increasing understanding that as the root of many problems, it needs to be directly treated. The findings from our landmark CATALYST and MOMENTUM studies are increasingly influencing clinical practice and will propel growth for many years to come. Approval of relacorilant would lead to even faster growth.

Lifyorli adoption has been very rapid and broad for the treatment of patients with platinum-resistant ovarian cancer. The results from Arm A of our BELLA trial demonstrate GR antagonism's flexibility to produce substantial clinical benefit when combined with additional anticancer agents and its benefit in helping treat patients earlier in treatment. We believe that our GR antagonism platform can be used to treat any solid tumor expressing the glucocorticoid receptor in combination with any anticancer agent, and we look forward to helping many more patients with cancer in the near future. Our ongoing BELLA TRIDENT and SYNERGY studies will produce results by the end of next year. These studies have the potential to substantially increase the number of patients who can benefit from GR-directed therapy.

We are expanding our research to evaluate the treatment of additional solid tumors and additional treatment combinations to fully realize cortisol modulation's potential in oncology. In our Phase IIb MONARCH study in patients with MASH, very low doses of miricorilant demonstrated potent liver activity and were very well tolerated. We will evaluate higher doses of the compound with the goal of harnessing its full potential. We plan to start a Phase III trial in patients with ALS next year. The breadth of disease treatment using cortisol modulation is immense.

We thank the patients who participated in our trials, our clinical investigators, our academic collaborators and our employees. They make all our advances possible.

Operator, let's proceed to questions.

Operator

[Operator Instructions] And our first question comes from the line of Edward Nash with Canaccord Genuity.

질의응답

Edward Nash

Congratulations on the really strong quarter. I wanted to ask, given more than 2,300 patients that have been treated with Lifyorli since the launch and the over $91 million in 3Q report, how should we think about the relationship between new patient starts, treatment duration and quarterly revenue as the launch matures?

Joseph K. Belanoff

Thank you. I want to pass the call back to Roberto Viera, who's the President of our Oncology division.

Roberto Vieira

Thank you, Ed. So as you alluded to, we had a very strong Q3 performance with a very fast increase in the number of patients that we have added. As we also discussed, we had a group of patients that were really the high unmet need with multiple lines of therapy. And that really just reflecting the state of the overall unmet need that we have in the market.

Now what's important is that we have now seen a growth in patients in early lines of therapy. We have also seen a growth in terms of repeaters as well in terms of repeat prescribing. So overall, we feel very confident in our goal of actually becoming the market leader and achieving the $1 billion potential that we have discussed in this call before.

Edward Nash

Great. And one more, if I could. The BELLA part A benefit appears most pronounced earlier in the platinum-resistant disease, including patients that -- without the prior bevacizumab. Does that change how you ultimately envision positioning Lifyorli in the treatment sequence?

Joseph K. Belanoff

Let me take this question, Edward. Thank you. The answer is yes. I think that we start really in some sense with the patients who had the most dire need patients at the end of their treatment. But I think that cortisol modulation affects many patients and the earlier, the better because this is really a disease-modifying treatment. That's really the reason why the overall survival curves are so distinctly different between the relacorilant arms and the standard best control arms.

So yes, I think with more and more study, we will move earlier and earlier in ovarian cancer. But I also just point out, we will move to other cancers as well where glucocorticoid receptor is expressed.

Operator

And our next question comes from the line of David Amsellem with Piper Sandler.

David Amsellem

So a couple for me. First on the guide. So you didn't raise the guide even though you had a nice growth from Lifyorli, good year-over-year growth for Korlym. So I guess I wanted to just know if we're missing anything here in terms of, say, Lifyorli, any pent-up demand effects that we should be cognizant of? Anything on Korlym in terms of your price erosion assumptions have changed? Just want to understand your thought process there regarding the guide being static. That's number one.

And then secondly, I'm sure you're aware of the Genmab data from a couple of weeks ago for Rina-S. I wanted to get your thoughts on what that could mean for Lifyorli longer term. And beyond that, are you envisioning novel combination studies with ADCs over time, whether by you, other companies or investigators?

Joseph K. Belanoff

Okay. Let's take those questions one at a time. The guidance question, please, Atabak?

Atabak Mokari

Sure. Happy to do. David. So our approach to guidance is the same as it's always been. The midpoint of the range is our best thinking. We consider many things that could drive our financial results in a probabilistic way. And ultimately, given the strength that we're seeing in both our endocrinology and oncology businesses, we've reiterated our guidance range of $1.1 billion to $1.2 billion. I'll remind you that we've increased our guidance range a few times already this year.

Joseph K. Belanoff

Okay. And the second question, Roberto, is about Genmab and what this might mean for Lifyorli.

Roberto Vieira

Thank you. So I'm not going to speak about the Rina-S data directly because, to be honest, there's not a lot of data available now. But I can speak about the overall development of the space in platinum-resistant ovarian cancer and how we see the evolution of Lifyorli's role there. So let me just remind ourselves that we're excited about seeing new drugs coming forward for this patient population that for a long time had no options at all.

Now for us to discuss the impact on Lifyorli, we cannot have that conversation without taking into account 3 very important considerations here. Number one, that unfortunately, none of these drugs are curing this terrible disease, which means that the patients will continue to need drugs with differentiated mechanisms such as ours, Lifyorli in order to actually optimize their care. And I want to -- the second point is specifically about this, Lifyorli is a drug that has a very different mechanism of action. It doesn't work as a chemotherapy or ADC, which all have similar mechanism of action. This is a very important advantage for Lifyorli.

The mechanism is not just helping to kill cancer cells, but as Joe alluded to before, it's modulating the immune system and impacting how patients fight their cancer over time. Now third, we have just demonstrated with the BELLA arm A that we plan to continue combining Lifyorli with other drugs and perhaps to some of these newer drugs as well. So when we combine these factors, the unrelenting unmet need, the differentiated MOA, including the impact of the immune system, but also the ability to combine Lifyorli with other drugs, we believe Lifyorli will continue to play a very relevant role and be a market leader in the future landscape.

Joseph K. Belanoff

Very good. And David, I just wanted -- maybe your third question, Roberto has answered most of it. But yes, we certainly intend to use Lifyorli GR antagonist really in general, as a mechanism in combinations with other drugs. We really think it's very helpful, whether it's chemotherapeutic agents, potentially ADCs, certainly immunotherapy. We just think we can add benefit to all of those treatments. The testing will prove which one is best, but it is definitely our idea to do that.

David Amsellem

Okay. That's helpful. If I may sneak in one more, and I'm sorry if I missed the commentary earlier on, but you said that there's some evidence of earlier usage of Lifyorli. Do you have a sense of how much usage you're seeing with bevacizumab containing regimen already? Is that a small minority or a more meaningful portion of the mix?

Joseph K. Belanoff

I'm going to pass this back to Roberto.

Roberto Vieira

Yes. As of now, the only anecdotal utilization, primarily the regimen that's being used today is the ROSELLA regimen, nab-paclitaxel plus Lifyorli.

Operator

And our next question comes from the line of Srikripa Devarakonda with Truist Securities.

Srikripa Devarakonda

Congratulations on the quarter. As we approach the December PDUFA date, I was wondering if you've had any labeling or any kind of discussions with the FDA ahead of the PDUFA date? And any feedback you can share regarding discussions around maybe the liver injury signal? And I have a question -- a pipeline question on the MASH program. You said that the trial showed dose-dependent reductions in liver fat and improvement in fibrosis at 48 weeks.

Can you remind me if this is absolute improvement or placebo adjusted? And also, given the fact that you're planning to start a Phase II trial with the 100 mg daily, can you just walk us through why the shift away from the twice weekly to the daily?

Joseph K. Belanoff

Okay. Kripa, first, welcome. Nice to hear from you. First question, I think, is best answered by Charlie Robb, who runs all of our regulatory activities and Chief Business Officer. Charlie, please go ahead.

Charles Robb

Before I answer your question directly, I just want to give folks a little bit of the history and context here. We submitted our NDA originally some 20 months ago, and we received at the end of last year, a complete response letter. And at the customary post-CRL meeting with the FDA, they asked us not for any new data, but to perform a specific analysis, this global statistical test. It's a very powerful way of looking at of the role a candidate drug such as relacorilant plays in a disease where there are really multiple endpoints. It looks at them all together to see what kind of effect the drug is having. And we performed that analysis. It covered glucose, weight and hypertension endpoints. The results were very positive.

In fact, we published a poster about the application to the GRACE study a few weeks ago, which is available on our website. And on the basis of those positive results, we submitted -- we resubmitted the NDA back in June, and the FDA accepted it for review, which has been ongoing ever since then. Now PDUFA date, as Joe mentioned, is December 17. And unfortunately, I can't comment beyond that. We're very close to the date we're going to find out. And I'm sorry, I can't give you any more color beyond that.

Joseph K. Belanoff

Okay. And the second question, Bill, was about dosing regimen in MASH.

William Guyer

Yes, yes. So thanks for the question, Kripa, and thank you for joining us today. So when you look at MASH and miricorilant, we learned some great things from the MONARCH study that you heard from Joe. Related to fibrosis improvement, that was an absolute fibrosis improvement for miricorilant. But to be honest, and we'll show this data when we present it at a scientific conference next year, placebo really didn't have much of a fibrosis improvement on biopsy.

Now why we're moving forward into 100 milligrams daily, I'll give you a little bit more color behind that. One, we looked at the MONARCH results showing a dose-dependent response rate. So higher doses means a higher response on liver fat and even liver fibrosis. We went back and looked at our Phase Ib data of our dose-ranging study, and we saw that 100 milligrams also saw great when we've given it daily, saw great results in liver fat reduction as well as noninvasive test improvement on liver fibrosis. But we also got new data from an investigator-initiated study where we looked at the mechanism of action of miricorilant giving 100 milligrams a day for 4 to 6 weeks, and we again saw significant reductions in liver fat and improvement in noninvasive tests of fibrosis.

Now when you put this all together, we also want to minimize any ALT rises. And so when we're going to do our next Phase II study, it's going to be looking at 100 milligrams a day every day for 3 weeks on, and then we will give a 1 week off dosing of basically of placebo. And therefore, we'll repeat that over 24 weeks to see if this 3 weeks on and 1 week off approach in that type of intermittent dosing can produce a significant drop in liver fat and an improvement in noninvasive testing for fibrosis. And that will then help guide us on how to then proceed into Phase III. We're going to start that study very quickly at the beginning of the year, finish it in the second half of the year, and that will then guide us on what to do next.

Joseph K. Belanoff

Yes. I just neglected to identify. This is Bill Guyer, who's our Chief Development Officer, who just spoke. And really, just to sum that up, what I would say is that we saw an exceptionally low dose benefit and virtually no distinguishing characteristics at all between side effects between medicine and placebo. And we really think that raising the dose will provide additional effects. And we're fairly confident, but it has, of course, be tested. We're not going to see much of an increase in terms of side effects. So that's basically where we're going. We're trying to optimize the dose, and that's really what Phase II is about.

Operator

And our next question comes from the line of RK with H.C. Wainwright.

Swayampakula Ramakanth

I just have one. This is regarding relacorilant launch for Cushing's syndrome. Just trying to understand with expecting a launch here, how should we think about balancing new diagnoses and also switching if correct, if relevant for patients from Korlym to relacorilant. And in general, how does that -- is there a titration step and education and all the interesting things that you generally do when you get new patients on this -- for this indication?

Joseph K. Belanoff

Okay. RK, thank you very much. And I want to just again reintroduce Justin Gunn, our new President of Endocrinology. Justin, your first question, of course, it in an earnings call.

Justin Gunn

RK, I appreciate the question. The opportunity for relacorilant in Cushing's syndrome is much larger than the current base of Korlym or the authorized generic. Now while relacorilant's profile does support the Korlym patients, that said, our focus will be on the treatment-naive patients. There's a vast number of underserved patients to be identified from all the information we shared from the CATALYST and the MOMENTUM data. So that will be our market going forward.

Joseph K. Belanoff

Okay. Well, thank you, everybody. Very good to hear. We're really looking for an exciting next quarter and speaking to you all at the time.

So thank you. Please look for our releases between now and then, but look forward to talking to you in another 3 months. Bye-bye.