Corcept Therapeutics (NASDAQ:CORT) Q3 2026 Earnings Call

0:00 Hello, and welcome to the CoreSep Therapeutics Q3 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand has been raised. To withdraw your message, to withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. It is now my pleasure to introduce CFO Atabak Mokari.

0:38 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 courseup.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 which statements express or imply. 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.

1:25 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. Quorum and authorized generic revenue was $249.1 million. LaFerriere revenue was $91.4 million. We expect our growth to continue and are reiterating our 2026 revenue guidance of $1.1 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 course of stock options, and the vesting of restricted stock rates.

2:30 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 two decades experience as a biopharma executive in a variety of commercial roles, including the successful launch of nine products in multiple therapeutic areas. Dustin?

2:53 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 in Corset's outstanding endocrinology team. The endocrinology division delivered another quarter of record revenue, an accomplishment that I'm pleased to announce but take no credit for. Its 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 them lead that effort. Hypercortisolism remains underdiagnosed and undertreated.

3:39 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 are 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.

4:34 It 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's findings and its guidance for the management of diabetes issued in March of this year. As the ADA and the ACE recommendations become incorporated into medical practice, more patients are gonna be screened, diagnosed, and treated for hypercortisolism. So as a result, we expect our current Cushing Syndrome business to generate at least two billion in annual revenue by the end of this decade, The availability of Relacoralin provided faster growth to between 3 and 5 billion in 2030.

5:19 I'll now turn the call over to Roberto Vieira, President of our Oncology Division.

5:22 Roberto. Thanks, Justin. Lifioly delivered exceptional growth in its second quarter on the market. Revenue grew to $91.4 million, a 92% increase. The med for Lithioly remains strong, reflecting the significant unmet need in platelet-resistant ovarian cancer and growing physician adoption. The reasons for Lithioly rapid uptake are straightforward. You provide the compelling overall survival benefits driven by its unique mechanism of action, which both enhances the immune system ability to kill tumor cells and increases those cells' sensitivity to chemotherapy. It is well-tolerated with a very manageable safety profile. Screening for a biomarker is not required.

6:09 Virtually all tumor cells in ovarian cancer express the glucocorticoid receptor. Finally, lifioly is an oral medication, which makes it easy to administer. More than 1,700 physicians have prescribed lifioly to more than 2,300 patients since April 1st launch. That number continues to grow across specialties and treatment settings, including gynecologists, Magical and hematologic oncologists at academic and on 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 Lithiole. We expect this trend to continue.

6:56 Another important trend we are seeing is the use of Lithiole in earlier lines of therapy. Lifioly 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 anti-cancer agents, many of the first patients to be prescribed Lifioly had already received multiple lines of treatment. But the data show that Lifioly is particularly well suited to help patients at the earliest end of that range, so that Lifioly's ability to enhance their immune system response to cancer A benefit which persists even after the Fiori discontinue can have its optimal long-term effect. Our BELLA trial results make the rationale for using the Fiori earlier in treatment even stronger.

7:44 Bevacizumab is a standard of care treatment for patients with earlier stages of ovarian cancer. In BELLA arm A, the Fiori was added to treatment with nabupaxaxel and Bevacizumab. Patients demonstrated substantial benefits in progression pre-survival, objective response rate, and overall survival. The patients with the best response were those earliest in their course of treatment in the platinum resistance setting. Physicians will consider this important finding as they sequence the treatments their patients receive. The increasing number and proportion of patients who received Lithioli earlier in the treatment is yet another factor driving the growth of our business. Lifioly's launch has exceeded expectations.

8:29 We believe Lifioly is on its way to becoming the market share leader in platinum-resistant ovarian cancer. We believe Lifioly will generate more than $1 billion in ovarian cancer. We will now turn the call over to Joe Belanoff, our Chief Executive Officer.

8:45 Joe? Thank you, Roberto, and thank you everyone for joining us. Since our founding, CoreSept 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. But Biori's emerging position as a new standard and many others. 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 difficulty to treat diabetes for hypercortisolism and notes citing our CATA study 24% of patients with difficult-to-control diabetes were found to have hyperchlorosalism and that mifepristone significantly improved their glucose control.

9:59 This is great news for patients. Water screening will identify previously undiagnosed patients, which will lead to better treatments and better outcomes. I am proud of the role Chloride has played in making this major advance possible. The FDA's recommendations are a welcome development, but there is more to do. We believe relic chloralint is such treatment. Our resubmitted new drug, relic chloralint in Cushing 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 relic chloralint experienced meaningful, durable improvements in the signs and symptoms of Cushing syndrome without many of the serious adverse events associated with currently approved medications. hypokalemia, endometrial hypertrophy, vaginal bleeding, adrenal insufficiency, or QT prolongation.

10:58 We look forward to the FDA's decision by its December 17th PDUFA date. Substantial preclinical and clinical data suggest that our proprietary selective GR antagonists benefit patients with cancer in at least three 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 anti-cancer agent. LaFiori's approval in platinum-resistant ovarian cancer and its successful launch are just the first steps in realizing the potential of GR antagonism in solid tumors.

11:45 We are widely evaluating reliquarylin's immune-boosting and chemosensitizing effects in combination with anti-cancer 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 RM-A of our Bella Phase II trial, 95 patients received reliquarylin plus napaclitaxel 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 DELLA.

12:38 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, an OR of 66%, and a six-month overall survival of 91%. This is yet another powerful demonstration of GR antagonism's potential to be combined with anti-cancer 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 two other arms. Arm B, which is nearing completion of enrollment, is studying the effect of reliquarylate in patients with platinum-sensitive ovarian cancer, a still earlier stage of the disease.

13:29 Arm C, which has completed enrollment, is studying the effects of reliquarylate in patients with endometrial cancer. Our TRIDENT trial is evaluating relacoralin 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 relacoralin may help by five-fold. As we stated, GR antagonism may also enhance the effectiveness of immunotherapy by counteracting the immunosuppressive effects of cortisol.

14:16 Synergy, a Phase 1b study of our proprietary selective GR antagonist, Nanocortlandt, in combination with Novolumab, 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 relacoralin plus the androgen receptor blocker enzalumide in patients with early-stage prostate cancer. We expect results in this study by the end of next year.

15:04 Cortisol activity is involved in the development and progression of metabolic dysfunction associated steatohepatitis, or MASH. This serious liver disorder afflicts millions of people worldwide and is a significant and rapidly growing cause of liver and cardiometabolic morbidity and mortality. Miracoralant, 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 two cohorts. Cohort A enrolled 82 patients with biopsy-confirmed MASH, randomized two-to-one to receive either 100 milligrams of miroquirelin 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.

16:03 randomized two to one to receive either 100 milligrams of miracluralin twice a week for six weeks, then 200 milligrams of miracluralin twice a week for 18 weeks, or placebo for 24 weeks. Patients administered 200 milligrams of miracluralin twice a week experienced a significantly larger reduction in liver fat than patients who received 100 milligrams of miracluralin twice a week. Patients who received pre- and post-treatment liver biopsies These were the patients who received 100 milligrams of miracoralin twice a week, experienced fibrosis improvement of 19.2% in just 48 weeks. Miracoralin was very well tolerated in both cohorts. The rate of adverse events was virtually indistinguishable between the miracoralin and placebo arms.

16:52 We are encouraged to see the dose-dependent reductions in liver fat and improvement in fibrosis observed at the very low doses of miracoralin administered in Monarch. We will soon start a Phase II trial to evaluate a higher dose of miracoralin, 100 mg daily, to see if miracoralin'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 DASLS 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.

17:41 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 helped patients to survive them, it would confer significant benefit. We plan to begin a phase three study next year. To sum up, our Cushing syndrome business is growing Driven by increasing awareness of hypercortisolism's 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.

18:35 Approval of relacoralin would lead to even faster growth. LeFiori adoption has been very rapid and broad for the treatment of patients with platinum-resistant ovarian cancer. The results from RMA of our BELLA trial demonstrate GR antagonism's flexibility to produce substantial clinical benefit when combined with additional anti-cancer 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 anti-cancer 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.

19:31 We are expanding our research to evaluate the treatment of additional solid tumors, and additional treatment combinations to fully realize cortisol modulations potential in oncology. In our Phase IIb Monarch study in patients with MASH, very low doses of Miracoralin 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 participate in our trials, our clinical investigators, our academic collaborators, and our employees.

20:17 They make all our advances possible. Operator, let's proceed to questions. Certainly. As a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. One moment, please. And our first question comes from the line of Edward Nash with Canaccord Genuity.

20:45 Hi. Thanks, guys, for taking my question, and congratulations on the really strong quarter. Thank you, Edward. I wanted to ask, given more than 2,300 patients that have been treated with Lefiori since the launch in the over 91 million in 3Q report, how should we think about the relationship between new patient starts, treatment duration, and quarterly revenues as the launch matures?

21:11 Thank you. I want to pass the call back to Roberto Vieira, who's the president of our oncology division.

21:17 Thank you, Ed. So as you alluded to, we had a very strong Q3 performance. We have 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 higher med needs with multiple lines of therapy. And really just reflecting the state of the overall med need that we have in the market. What's important is that we have now seen a growth in patients in other 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.

22:05 Great, thank you. And one more, if I could. The Belaparte benefit appears most pronounced earlier in the platinum-resistant disease, including patients without the prior Bevacizumab. Does that change how you ultimately envision positioning the Furoli in the treatment sequence?

22:24 Let me take this question, Edward. Thank you. The answer is yes. We started 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 reliquarylin 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 receptors expressed.

23:11 Got it. Thank you and congrats again. Thank you. Our next question comes from the line of David Amselim with Piper Sandler.

23:23 Hey, thanks. So a couple for me. First on the guide. So you didn't raise the guide, even though you had a nice growth from LeFiori, good year-over-year growth for Coraline. So I guess I wanted to just know if we're missing anything here in terms of, say, LeFiori, any pent-up demand effects that we should be Cognizant of anything on Coraline in terms of your price erosion assumptions of change. Just want to understand your thought process there regarding the guide and the guide being static. That's number one. And then secondly, I'm sure you're aware of the GenMap data from a couple weeks ago for RENA-S.

24:11 Wanted to get your thoughts on what that could mean for lithium early longer term. And beyond that, Are you envisioning novel combination studies with ADCs over time, whether by you, other companies, or investigators? Thanks.

24:30 Okay, let's take those questions one at a time. The guidance question, please, Atabak. Sure, happy to do it.

24:35 Hi, David. So our approach to guidance, it's 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 to 1.2 billion. I'll remind you that we've increased our guidance range a few times already this year.

25:06 Okay. And the second question, Roberto, is about GenMab and Thank you.

25:15 So I'm not going to speak about the RNA-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 platelet-resistant ovarian cancer and how we see the evolution of Lithioly'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 lifioly, we cannot have that conversation without taking into account three very important considerations here. Number one, that unfortunately none of these drugs are curing this terrible disease, which means that a patient will continue to need drugs with differentiated mechanisms such as ours, lifioly, in order to actually optimize their care.

26:05 The second point is specifically about this. Lithioly is a drug that has a very different mechanism of action. It doesn't work as a chemotherapy or ADC, which all have similar mechanisms of action. This is a very important advantage for Lithioly. 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 Bellarm A that we plan to continue combining Lithioly with other drugs and perhaps to some of these newer drugs as well. So when we combine these factors, the unrelenting unmet needs, the differentiated MOA, including the impact on the immune system, but also the ability to combine Lithioly with other drugs, we believe Lithioly will continue to play a very relevant role and be a market leader in the future landscape.

26:56 Very good. And David, I just wanted maybe your third question. Roberto has answered most of it. But yes, we certainly intend to use with Biorly, you know, GR antagonism 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. You know, the testing will prove which one's best, but it is definitely our idea to do that.

27:27 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 lithium orally. Do you have a sense of how much usage you're seeing with a bevacizumab-containing regimen already? Is that a small minority or a more meaningful portion of the mix?

27:52 I'm going to pass this back to Roberto. Now, as of now, the only anecdotal utilization, primarily the regimen that has been used today is the Rosella regimen. Okay, thank you. Thank you, Dave. Thank you. And our next question comes from the line of Kripa Devarakonda with Truist Securities.

28:21 Hey guys, thank you so much for taking my question and 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 signals. And I had a question, a pipeline question on the MASH program. You know, you said the trial showed dose-dependent reductions in liver fat and improvement in fibrosis of 48 weeks. Can you remind me if this is absolute improvement or placebo-adjusted? And also, you know, 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?

29:15 Thank you. 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, Chief Business Officer. Charlie, please go ahead.

29:30 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 the role a candidate drug, such as Reliquorlin, 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.

30:18 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 resubmitted the NDA back in June and the FDA accepted it for review, which has been ongoing ever since then. Now, produced today, as Joe mentioned, is December 17th. 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 any more color beyond that.

30:57 Okay. And the second question, Bill, was about dosing regimen in MASH.

31:01 Yeah, yeah. So thanks for the question, Kripa, and thank you for joining us today. So when you look at MASH and MiracorLink, 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 miracroin. 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 rate. on liver fat and even liver fibrosis. And we went back and looked at our phase 1B data of our dose ranging study, and we saw that 100 milligrams also saw great when we'd given it daily, saw great results on liver fat reduction, as well as non-invasive 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 Miracorlate, giving 100 milligrams a day for four to six weeks, and we again saw significant Productions in liver fat and improvement in non-invasive tests of fibrosis.

32:10 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 two study, it's going to be looking at 100 milligrams a day, every day for three weeks on. And then we will give a one week off dosing of basically a placebo. And therefore, we'll repeat that over 24 weeks. to see if this three weeks on and one week off approach in that type of intermittent dosing can produce a significant drop in lip fat and an improvement in non-invasive testing for fibrosis. And that will then help guide us on how to then proceed into phase three. We're gonna start that study very quickly at the beginning of the year, finish it in the second half of the year, and that'll then guide us on what to do next.

32:54 Yeah, and I just neglected to identify, this is Bill Geyer, who's our Chief Development Officer, who just spoke. 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 to, 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 2 is about.

33:36 Great. Thank you so much for taking my questions, and thanks for the warm welcome. Thank you, Kirk. Thank you. And our next question comes from the line of RK with HC Wainwright.

33:50 Thank you. Thanks for taking my question. I just have one. From RK?

33:55 Yes.

33:56 This is regarding Relacorland launch for Cushing syndrome. Just trying to understand, you know, expecting a launch here, how we think about balancing new diagnoses and also switching if correct, if relevant for patients from Corland to Relacorland. and, you know, in general, how does that, you know, 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?

34:38 Okay. R.K., thank you very much. And I want to just, again, reintroduce Justin Gunn, our new president of Endocrinology. Justin, your first question, of course, after an attorney's talk.

34:50 R.K., I appreciate the questions. You know, the opportunity for relic correlant in Cushing syndrome is much larger than the current base of corallum or the authorized generic. Now, while relic correlant's profile does support the corallum 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.

35:21 Thank you. Thanks for taking the question.

35:25 Okay. Well, thank you, everybody. Very good to hear. We're really looking forward to 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 three months.