$CORT
Corcept Therapeutics Inc

2012 Q4 Form 10-Q Financial Statement

#000119312512460785 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $1.377M $1.055M $0.00
YoY Change
Cost Of Revenue $20.00K $24.00K $0.00
YoY Change
Gross Profit $1.358M $1.031M $0.00
YoY Change
Gross Profit Margin 98.62% 97.73%
Selling, General & Admin $4.730M $5.694M $3.209M
YoY Change 44.21% 77.44% 70.69%
% of Gross Profit 348.31% 552.28%
Research & Development $6.610M $3.008M $3.228M
YoY Change -0.6% -6.82% -38.16%
% of Gross Profit 486.75% 291.76%
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Operating Expenses $11.34M $8.726M $6.437M
YoY Change 14.2% 35.56% -9.47%
Operating Profit -$9.982M -$7.671M -$6.437M
YoY Change 19.17%
Interest Expense -$1.140M -$620.0K $0.00
YoY Change 11300.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$11.12M -$8.290M -$6.440M
YoY Change 11.87% 28.73% -9.3%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.12M -$8.293M -$6.435M
YoY Change 11.96% 28.87% -9.37%
Net Earnings / Revenue -807.84% -786.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$111.3K -$83.67K -$76.49K
COMMON SHARES
Basic Shares Outstanding 99.81M shares 99.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.00M $101.6M $45.90M
YoY Change 134.85% 121.35% 58.28%
Cash & Equivalents $93.03M $101.6M $45.91M
Short-Term Investments
Other Short-Term Assets $600.0K $800.0K $400.0K
YoY Change 500.0% 100.0% -33.33%
Inventory $853.0K $1.837M
Prepaid Expenses
Receivables $557.0K $354.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $95.06M $104.6M $46.30M
YoY Change 139.0% 125.96% 56.42%
LONG-TERM ASSETS
Property, Plant & Equipment $150.0K $105.0K $0.00
YoY Change 476.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $144.0K $160.0K $0.00
YoY Change 350.0% -100.0%
Total Long-Term Assets $4.104M $905.0K $100.0K
YoY Change 6975.86% 805.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $95.06M $104.6M $46.30M
Total Long-Term Assets $4.104M $905.0K $100.0K
Total Assets $99.17M $105.5M $46.40M
YoY Change 148.95% 127.42% 56.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.804M $1.574M $1.100M
YoY Change 5.34% 43.09% -35.29%
Accrued Expenses $1.046M $786.0K $1.600M
YoY Change 96.25% -50.88% 23.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.650M $2.250M
YoY Change
Total Short-Term Liabilities $8.359M $5.548M $2.700M
YoY Change 66.32% 105.48% -10.0%
LONG-TERM LIABILITIES
Long-Term Debt $29.03M $28.33M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $29.03M $28.33M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.359M $5.548M $2.700M
Total Long-Term Liabilities $29.03M $28.33M $0.00
Total Liabilities $37.39M $33.87M $2.700M
YoY Change 647.78% 1154.56% -10.0%
SHAREHOLDERS EQUITY
Retained Earnings -$246.6M
YoY Change
Common Stock $100.0K $100.0K
YoY Change 19.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.78M $71.65M $43.70M
YoY Change
Total Liabilities & Shareholders Equity $99.17M $105.5M $46.40M
YoY Change 148.95% 127.42% 56.23%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$11.12M -$8.293M -$6.435M
YoY Change 11.96% 28.87% -9.37%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$8.700M -$9.300M -$6.600M
YoY Change 38.1% 40.91% 3.13%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$100.0K -$100.0K $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 200.0K 76.00M 200.0K
YoY Change 100.0% 37900.0%
NET CHANGE
Cash From Operating Activities -8.700M -9.300M -6.600M
Cash From Investing Activities -100.0K -100.0K 0.000
Cash From Financing Activities 200.0K 76.00M 200.0K
Net Change In Cash -8.600M 66.60M -6.400M
YoY Change 38.71% -1140.62% 0.0%
FREE CASH FLOW
Cash From Operating Activities -$8.700M -$9.300M -$6.600M
Capital Expenditures -$100.0K -$100.0K $0.00
Free Cash Flow -$8.600M -$9.200M -$6.600M
YoY Change 36.51% 39.39% 3.13%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2012Q3 cort Concentration Risk Number Of Customers
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cort Interest And Other Expense Nonoperating
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dei Trading Symbol
TradingSymbol
CORT
dei Entity Registrant Name
EntityRegistrantName
CORCEPT THERAPEUTICS INC
dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
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2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2012-09-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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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; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; 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 programs 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 nine-month periods ended September 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 &#x2013; 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 carry a concentration of risk regarding the manufacture of our product. As of September 30, 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, and seeks regulatory approval to begin operation of, a new facility. On November 1, 2012, the FDA approved our second Korlym tablet manufacturer as a qualified site for the manufacture of Korlym tablets. If our suppliers are unable to make Korlym tablets in the quantities that we require, we may not have adequate inventory of Korlym tablets to meet demand. In addition, we have a single-source manufacturer of the active pharmaceutical ingredient in Korlym.</font></p> </div>
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<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, contingent liabilities, and the magnitude and timing of payments with respect to our long-term capped royalty obligation, which determine its effective interest rate. 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 Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-39000
cort Interest And Other Expense Nonoperating
InterestAndOtherExpenseNonoperating
632000
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
cort Purchase Obligation Remainder Of Fiscal Year
PurchaseObligationRemainderOfFiscalYear
2300000
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
46100000
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11000000 shares
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6437000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2011Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
3000
CY2011Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3228000
CY2011Q3 us-gaap Operating Expenses
OperatingExpenses
6437000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
954000
CY2011Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84188000 shares
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-6435000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3209000
CY2011Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2011Q3 cort Interest And Other Expense Nonoperating
InterestAndOtherExpenseNonoperating
1000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7671000
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1055000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3008000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
24000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
8726000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
993000
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
99082000 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-8293000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5694000
CY2012Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2012Q3 cort Interest And Other Expense Nonoperating
InterestAndOtherExpenseNonoperating
622000

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