Corcept Therapeutics (CORT) 2026 年第三季法說會：營收成長 64%，重申財測指引

重點摘要

• Corcept Therapeutics (CORT) 公布 2026 年第三季營收達 3.405 億美元，季增 33% 且年增 64%。
• Korlym 及其授權學名藥營收總計 2.491 億美元，而 Lifyorli 在上市第二個季度帶來了 9,140 萬美元 營收。
• 淨利增至 1.268 億美元，相較於 2026 年第二季的 4,300 萬美元 與 2025 年第三季的 1,970 萬美元。
• 管理層重申 2026 全年營收指引為 11 億至 12 億美元，理由是內分泌學與腫瘤學業務表現強勁。
• 自 4 月 1 日上市以來，已有超過 1,700 名醫師 開立 Lifyorli 給超過 2,300 名患者。管理層預期該產品營收將超過 10 億美元，但在電話會議中未具體說明時間表。
• FDA 對於重新提交的 relacorilant 庫欣氏症候群申請案的決定，預計會在 12 月 17 日的 PDUFA 審查截止日 前做出。

核心財務數據

業務與營運績效

內分泌學

管理層表示，高皮質醇症仍面臨診斷不足與治療不足的情況。Corcept 引用其 CATALYST 研究結果指出，24% 難以控制血糖的糖尿病患者 患有高皮質醇症，且 mifepristone 能顯著改善血糖控制。

美國糖尿病協會 (ADA) 在其 2026 年共識報告中引用了 CATALYST，並建議針對即使使用多種降血糖藥物血糖仍持續偏高的患者進行高皮質醇症篩檢。美國臨床內分泌學會 (AACE) 也在今年早些時候發布的指南中引用了 CATALYST。

Corcept 預期現有的庫欣氏症候群業務至本十年末年營收至少達 20 億美元。管理層表示，relacorilant 的上市可將成長加速至 2030 年的 30 億至 50 億美元。這些是公司的目標，而非已實現的結果。

Lifyorli 與腫瘤學

Lifyorli 在鉑類抗藥性卵巢癌領域的需求保持強勁。自上市以來，已有跨學術中心、社區診所及其他治療場所的超過 1,700 名醫師 將該產品處方給超過 2,300 名患者。

管理層表示，重複處方量增加，且在早期治療線別的使用率也有所提升。目前與含 bevacizumab 療法的聯合使用被描述為零星案例；主要療法仍為 Lifyorli 聯合 nab-paclitaxel，與 ROSELLA 研究一致。

在 BELLA A 組中，有 95 名患者 接受了 relacorilant 聯合 nab-paclitaxel 及 bevacizumab 的治療。結果包括：

• 中位無進展生存期為 7.2 個月
• 客觀緩解率為 59%
• 6 個月總生存率為 88%

在先前未接受過 bevacizumab 治療的患者中，中位無進展生存期達到 8.1 個月，客觀緩解率為 66%，6 個月總生存率為 91%。在主要分析時，中位總生存期尚未達到。

BELLA B 組正在評估 relacorilant 用於鉑類敏感性卵巢癌的效果，而 C 組則在研究子宮內膜癌。TRIDENT 正在評估第一線胰臟癌治療，SYNERGY 則在多種實體瘤中測試 nenocorilant 聯合 nivolumab 的效果。管理層預計將在明年底前獲得這些研究的結果。

MASH 與 ALS 研發管線

在二期臨床試驗 MONARCH 研究中，miricorilant 帶來了劑量依賴性的肝臟脂肪減少。接受每週兩次 100 毫克治療並接受治療前後切片的患者，在 48 週後的纖維化絕對改善率為 19.2%。管理層表示，miricorilant 與安慰劑組的不良事件發生率相似。

Corcept 計劃進行另一項二期臨床研究，採用 每日 100 毫克連續三週、隨後停藥一週 的給藥方案，並在 24 週內重複進行。該研究旨在評估較高的間歇性劑量是否能在限制 ALT 升高的同時，改善肝臟脂肪與纖維化指標。

繼二期臨床試驗 DAZALS 結果顯示早期死亡率顯著降低後，該公司亦計劃於明年展開 ALS（肌萎縮性側索硬化症 / 漸凍人症）的三期臨床研究。

管理層指引

Corcept 重申其 2026 年營收指引為 11 億至 12 億美元。財務長 Atabak Mokari 表示，在依概率加權考量可能影響結果的各項因素後，中位數反映了管理層目前的最佳預估。

儘管第三季實現成長，該公司並未上調指引區間。管理層指出，營收指引在年內已經數次調升。

風險與關注事項

• Relacorilant 仍處於 FDA 審查階段，預計於 12 月 17 日前做出決議。除了確認審查時間表外，管理層拒絕對進行中的監管討論發表評論。
• 將新的高皮質醇症篩檢建議納入日常臨床實踐可能需要時間。
• 新的卵巢癌療法可能會影響治療順序。Corcept 認為 Lifyorli 的差異化機制與聯合治療潛力應能支持其定位，但也坦承目前可用的競爭數據仍然有限。
• 下一階段的 miricorilant 研究將測試較高劑量是否能在不顯著惡化耐受性或 ALT 升高的情況下提升療效。
• 多個腫瘤學拓展機會取決於預計在明年底前獲得的臨床結果。

分析師問答集錦

Lifyorli 上市動態：管理層將成長歸因於新增患者、重複處方以及在治療順序早期階段的使用率增加。公司維持將 Lifyorli 打造為鉑類抗藥性卵巢癌市場領導者的目標。

早期治療定位：執行長 Joseph K. Belanoff 表示，BELLA 研究結果支持將 Lifyorli 推進至卵巢癌更早期的治療，其免疫調節與化療增敏效應在此階段可能發揮更大的長期影響。

與 ADC 及其他療法的潛在聯合應用：Corcept 打算評估糖皮質素受體拮抗劑與化療、抗體藥物複合體 (ADC) 及免疫療法的聯合應用。管理層表示，臨床測試將確定哪些聯合方案能提供最大效益。

Relacorilant 上市策略：若獲準用於庫欣氏症候群，Corcept 預計將主要鎖定初治患者，而非轉換現有的 Korlym 患者群。管理層表示未接受治療的患者市場機會顯著大於目前 Korlym 及其授權學名藥的基數。

MASH 劑量策略：計劃轉向 miricorilant 每日劑量的調整，反映了 MONARCH 的劑量反應研究結果、早期 Ib 期數據及一項研究者發起的試驗。間歇性給藥時程旨在平衡肝臟活性與耐受性。

完整財報電話會議逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.