Corcept Therapeutics Incorporated reported preliminary financial results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported preliminary revenue of $23.8 million for the fourth quarter of 2016 and $81.3 million for the full year. Preliminary GAAP net income for the fourth quarter of 2016 was $0.04 per share, compared to net income of $0.01 per share in the fourth quarter of 2015.

For the full year, the company reported preliminary GAAP net income of $0.07 per share, compared to a net loss of $0.06 per share in 2015. 2016 revenue of $81.3 million, a 62% increase from 2015.

The company estimates that 2017 revenue will be $115 million to $125 million.

By year-end, the company expects to have results of the Phase 2 trial of proprietary selective cortisol modulator, CORT125134, which promises to provide Korlym's benefits, but without the side effects associated with Korlym's affinity for the progesterone receptor. For many patients, CORT125134 would be a superior medication. It has the potential to greatly expand and extend Cushing syndrome franchise. In addition to completing CORT125134's Phase 2 trial, the company also expect to complete development of a CLIA-validated assay measuring expression of the gene FKBP5, which is stimulated by cortisol. By allowing physicians to measure the degree to which their patients suffer from excess cortisol activity - the cause of Cushing's syndrome - assay will help them identify patients with the disease and treat those already in their care more effectively. The company continues to enroll patients in the dose-finding portion of Phase 1/2 trial of CORT125134 in combination with Abraxane to treat patients with solid-tumor cancers and expect to begin testing the combination's efficacy before year-end in patients with ovarian and triple-negative breast cancer. Two new selective cortisol modulators will enter the clinic - CORT125281 as a potential treatment for castration-resistant prostate cancer and CORT118335, which has shown promise in animal models of non-alcoholic fatty-liver disease and other metabolic disorders.