$CORT
Corcept Therapeutics Inc

2012 Q3 Form 10-Q Financial Statement

#000119312512347804 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $1.055M $875.0K $0.00
YoY Change
Cost Of Revenue $24.00K $48.00K
YoY Change
Gross Profit $1.031M $827.0K
YoY Change
Gross Profit Margin 97.73% 94.51%
Selling, General & Admin $5.694M $5.751M $2.666M
YoY Change 77.44% 115.72% 42.57%
% of Gross Profit 552.28% 695.41%
Research & Development $3.008M $2.668M $6.203M
YoY Change -6.82% -56.99% 35.61%
% of Gross Profit 291.76% 322.61%
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Operating Expenses $8.726M $8.467M $8.869M
YoY Change 35.56% -4.53% 93.9%
Operating Profit -$7.671M -$7.592M -$8.869M
YoY Change 19.17% -14.4%
Interest Expense -$620.0K -$10.00K -$10.00K
YoY Change 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.290M -$7.600M -$8.880M
YoY Change 28.73% -14.41% 55.79%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.293M -$7.597M -$8.882M
YoY Change 28.87% -14.47% 55.82%
Net Earnings / Revenue -786.07% -868.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$83.67K -$85.76K -$105.7K
COMMON SHARES
Basic Shares Outstanding 99.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.6M $34.90M $52.20M
YoY Change 121.35% -33.14% 47.46%
Cash & Equivalents $101.6M $34.90M $52.23M
Short-Term Investments
Other Short-Term Assets $800.0K $600.0K $500.0K
YoY Change 100.0% 20.0% -16.67%
Inventory $1.837M $2.437M
Prepaid Expenses
Receivables $354.0K $355.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $104.6M $38.30M $52.70M
YoY Change 125.96% -27.33% 46.39%
LONG-TERM ASSETS
Property, Plant & Equipment $105.0K $59.00K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $160.0K $260.0K $0.00
YoY Change -100.0%
Total Long-Term Assets $905.0K $319.0K $0.00
YoY Change 805.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $104.6M $38.30M $52.70M
Total Long-Term Assets $905.0K $319.0K $0.00
Total Assets $105.5M $38.62M $52.70M
YoY Change 127.42% -26.72% 45.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.574M $4.235M $2.300M
YoY Change 43.09% 84.13% 91.67%
Accrued Expenses $786.0K $640.0K $1.600M
YoY Change -50.88% -60.0% -5.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.250M
YoY Change
Total Short-Term Liabilities $5.548M $5.816M $3.900M
YoY Change 105.48% 49.13% 34.48%
LONG-TERM LIABILITIES
Long-Term Debt $28.33M $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $28.33M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.548M $5.816M $3.900M
Total Long-Term Liabilities $28.33M $0.00 $0.00
Total Liabilities $33.87M $5.800M $3.900M
YoY Change 1154.56% 48.72% 34.48%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $100.0K $89.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.65M $32.80M $48.86M
YoY Change
Total Liabilities & Shareholders Equity $105.5M $38.62M $52.70M
YoY Change 127.42% -26.72% 45.98%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$8.293M -$7.597M -$8.882M
YoY Change 28.87% -14.47% 55.82%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$9.300M -$7.800M -$7.200M
YoY Change 40.91% 8.33% 60.0%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$100.0K $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $46.10M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 76.00M 200.0K 300.0K
YoY Change 37900.0% -33.33% -98.59%
NET CHANGE
Cash From Operating Activities -9.300M -7.800M -7.200M
Cash From Investing Activities -100.0K 0.000 0.000
Cash From Financing Activities 76.00M 200.0K 300.0K
Net Change In Cash 66.60M -7.600M -6.900M
YoY Change -1140.62% 10.14% -141.07%
FREE CASH FLOW
Cash From Operating Activities -$9.300M -$7.800M -$7.200M
Capital Expenditures -$100.0K $0.00 $0.00
Free Cash Flow -$9.200M -$7.800M -$7.200M
YoY Change 39.39% 8.33% 60.0%

Facts In Submission

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dei Document Type
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10-Q
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dei Entity Central Index Key
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dei Trading Symbol
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CORT
dei Entity Registrant Name
EntityRegistrantName
CORCEPT THERAPEUTICS INC
dei Amendment Flag
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dei Entity Filer Category
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us-gaap Revenue Recognition Revenue Reductions
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Net Product Sales</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We sell Korlym to a specialty pharmacy and a specialty distributor, which subsequently resell Korlym to patients and healthcare providers. We recognize product revenues from sales of Korlym upon delivery to our customers as long as (i)&#xA0;there is persuasive evidence that an arrangement exists between ourselves and the customer, (ii)&#xA0;collectability is reasonably assured and (iii)&#xA0;the price is fixed or determinable. In order to conclude that the price is fixed or determinable, we must be able to (i)&#xA0;calculate gross product revenues from the sales to our customers and (ii)&#xA0;reasonably estimate net product revenues.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We calculate gross product revenues based on the price that we charge our customers. We estimate our net product revenues by deducting from our gross product revenues (a)&#xA0;trade allowances, such as discounts for prompt payment and distributor fees, (b)&#xA0;estimated government rebates and chargebacks, (c)&#xA0;reserves for expected product returns and (d)&#xA0;estimated costs of patient assistance programs. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Trade Allowances:&#xA0;</i>We offer our customers a discount on Korlym sales for payment within 30 days. We also offer them a small discount for the provision of data services. We expect our customers to earn these discounts and accordingly deduct them in full from gross product revenues and trade receivables at the time we recognize such revenues.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Rebates and Chargebacks:&#xA0;</i>We contract with Medicaid and other government agencies so that Korlym will be eligible for purchase by, or qualify for partial or full reimbursement from, such government programs. We estimate the rebates and chargebacks that we are obligated to provide to government programs and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. We base our estimates of these rebates and chargebacks upon (i)&#xA0;the discount rates applicable to government-funded programs and (ii)&#xA0;information obtained from our vendors regarding the percentage of sales by our customers to patients who are covered by entities or programs that are eligible for such rebates and chargebacks.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Allowances for Patient Assistance Program:&#xA0;</i>We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-pays. We estimate the cost of assistance to be provided under this program by applying our actual experience regarding such assistance to our estimate of the percentage of our sales in the period that will be provided to patients covered by the program.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Sales Returns:&#xA0;</i>Our customers have the right to return Korlym beginning six months before the labeled expiration date and ending 12 months after the labeled expiration date. This right of return is extended to our specialty distributor channel&#x2019;s hospital customers who, generally, have the right to return only unopened bottles. The expiration date for our current Korlym inventory is two years after the manufacture of the tablets. We estimate the amount of Korlym that we believe will be returned and deduct that estimated amount from gross revenue at the time we recognize such revenue. When estimating future returns, we analyze quantitative and qualitative information including, but not limited to, actual return rates, the amount of product in the distribution channel, the expected shelf life of such product, current and projected product demand, the introduction of competing products that may erode demand, and broad economic and industry-wide indicators. If we cannot reasonably estimate product returns with respect to a particular sale, we defer recognition of revenue from that sale until we can make a reasonable estimate.</font></p> </div>
us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risks and Concentrations</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We have a concentration of credit risk related to our cash and cash equivalents. We are exposed to credit risk in the event of default by the financial institutions holding these funds to the extent of the amount recorded on our balance sheet. We mitigate this risk by investing in a money market fund that invests primarily in short-term U.S. Treasury notes and bills. For the six-month periods ended June&#xA0;30, 2012 and 2011, we experienced no loss or lack of access to cash and cash equivalents in our operating or investment accounts.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Beginning with the commercialization of Korlym in April 2012, we are also exposed to credit risk in regard to our trade receivables. We have only two customers &#x2014; one specialty pharmacy and one specialty distributor, which are subsidiaries of the same corporate parent. We extend credit to these customers based on their individual creditworthiness and that of their shared parent organization. We monitor our exposure and will record a reserve against uncollectible trade receivables as necessary.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We also have a concentration of risk in regard to the manufacture of our product. As of June&#xA0;30,&#xA0;2012, we had one manufacturer of Korlym tablets, which has indicated that it will temporarily suspend commercial production in the fourth quarter of 2012 while it relocates to a new facility. We have a contract with a potential second Korlym tablet manufacturer, to which we have transferred the production process and which has produced regulatory stability batches and established the required analytical testing methods. In June 2012, we submitted a New Drug Application (NDA) supplement to the FDA requesting approval of this manufacturer as a source of Korlym tablets. The Prescription Drug User Fee Act due date for the FDA&#x2019;s response is October&#xA0;27, 2012. If we are not able to qualify the new manufacturer and our pre-existing supplier is unable to make Korlym tablets in the quantities that we require, we may not have adequate inventory of Korlym tablets to meet demand.</font></p> </div>
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CY2012Q2 cort Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2013-12
us-gaap Net Income Loss
NetIncomeLoss
-18630000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13238000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to use assumptions and make estimates to form judgments about the carrying value of assets and liabilities reported in the financial statements and accompanying notes, the value of which we cannot readily determine from other sources. Actual results could differ materially from those estimates.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We evaluate our estimates and assumptions on an ongoing basis, including those related to our discounts for prompt payment of sales invoices, chargebacks and rebates, patient assistance, potential product returns, excess/obsolete inventories, allowances for doubtful accounts, accruals of clinical and preclinical expenses and contingent liabilities. We base our estimates on relevant experience and on other specific assumptions that we believe are reasonable.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We update these assumptions and estimates as new information becomes available. Any changes in estimates are recorded in the period of the change.</font></p> </div>
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4000
cort Number Of Stock Option Plans
NumberOfStockOptionPlans
3 OptionPlan
cort Accounts Receivable Payment Terms
AccountsReceivablePaymentTerms
P30D
cort Product Returns Period Prior To Expiration Date To Provide Credit
ProductReturnsPeriodPriorToExpirationDateToProvideCredit
P6M
cort Product Returns Period After Expiration Date To Provide Credit
ProductReturnsPeriodAfterExpirationDateToProvideCredit
P12M
CY2012Q2 cort Lease Extension Period
LeaseExtensionPeriod
P1Y

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