2013 Q1 Form 10-K Financial Statement

#000119312513110085 Filed on March 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q3 2011 Q4
Revenue $1.717M $1.055M $0.00
YoY Change
Cost Of Revenue $20.00K $24.00K
YoY Change
Gross Profit $1.697M $1.031M
YoY Change
Gross Profit Margin 98.84% 97.73%
Selling, General & Admin $8.383M $5.694M $3.280M
YoY Change 11.97% 77.44% 3.8%
% of Gross Profit 493.99% 552.28%
Research & Development $4.257M $3.008M $6.650M
YoY Change 20.19% -6.82% 42.7%
% of Gross Profit 250.85% 291.76%
Depreciation & Amortization $14.00K $0.00 $0.00
YoY Change 366.67%
% of Gross Profit 0.82% 0.0%
Operating Expenses $12.66M $8.726M $9.930M
YoY Change 14.79% 35.56% 26.98%
Operating Profit -$10.94M -$7.671M
YoY Change -0.78% 19.17%
Interest Expense -$1.140M -$620.0K -$10.00K
YoY Change 11300.0% -101.37%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.08M -$8.290M -$9.940M
YoY Change 9.52% 28.73% 40.2%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.08M -$8.293M -$9.936M
YoY Change 9.52% 28.87% 40.14%
Net Earnings / Revenue -703.79% -786.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$121.0K -$83.67K -$118.0K
COMMON SHARES
Basic Shares Outstanding 99.81M shares 99.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.50M $101.6M $39.60M
YoY Change 91.31% 121.35% 60.98%
Cash & Equivalents $81.46M $101.6M $39.64M
Short-Term Investments
Other Short-Term Assets $600.0K $800.0K $100.0K
YoY Change 500.0% 100.0% -75.0%
Inventory $1.026M $1.837M $0.00
Prepaid Expenses
Receivables $1.143M $354.0K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $84.20M $104.6M $39.78M
YoY Change 96.73% 125.96% 59.1%
LONG-TERM ASSETS
Property, Plant & Equipment $154.0K $105.0K $26.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $136.0K $160.0K $32.00K
YoY Change 36.0% -68.0%
Total Long-Term Assets $3.940M $905.0K $58.00K
YoY Change 3840.0% 805.0% -42.0%
TOTAL ASSETS
Total Short-Term Assets $84.20M $104.6M $39.78M
Total Long-Term Assets $3.940M $905.0K $58.00K
Total Assets $88.14M $105.5M $39.83M
YoY Change 105.46% 127.42% 58.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.263M $1.574M $3.611M
YoY Change 7.76% 43.09% 351.38%
Accrued Expenses $958.0K $786.0K $533.0K
YoY Change -36.13% -50.88% -82.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.900M $2.250M $0.00
YoY Change
Total Short-Term Liabilities $8.243M $5.548M $5.026M
YoY Change 128.97% 105.48% 28.87%
LONG-TERM LIABILITIES
Long-Term Debt $28.90M $28.33M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $28.90M $28.33M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.243M $5.548M $5.026M
Total Long-Term Liabilities $28.90M $28.33M $0.00
Total Liabilities $37.14M $33.87M $5.000M
YoY Change 931.61% 1154.56% 28.21%
SHAREHOLDERS EQUITY
Retained Earnings -$258.7M
YoY Change
Common Stock $100.0K $100.0K $84.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.00M $71.65M $34.81M
YoY Change
Total Liabilities & Shareholders Equity $88.14M $105.5M $39.83M
YoY Change 105.46% 127.42% 58.7%

Cashflow Statement

Concept 2013 Q1 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income -$12.08M -$8.293M -$9.936M
YoY Change 9.52% 28.87% 40.14%
Depreciation, Depletion And Amortization $14.00K $0.00 $0.00
YoY Change 366.67%
Cash From Operating Activities -$11.55M -$9.300M -$6.300M
YoY Change 13.75% 40.91% 14.55%
INVESTING ACTIVITIES
Capital Expenditures $18.00K -$100.0K $0.00
YoY Change 157.14%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$18.00K -$100.0K $0.00
YoY Change 157.14%
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 0.000 76.00M 100.0K
YoY Change -100.0% 37900.0% -90.91%
NET CHANGE
Cash From Operating Activities -11.55M -9.300M -6.300M
Cash From Investing Activities -18.00K -100.0K 0.000
Cash From Financing Activities 0.000 76.00M 100.0K
Net Change In Cash -11.57M 66.60M -6.200M
YoY Change -486.76% -1140.62% 40.91%
FREE CASH FLOW
Cash From Operating Activities -$11.55M -$9.300M -$6.300M
Capital Expenditures $18.00K -$100.0K $0.00
Free Cash Flow -$11.57M -$9.200M -$6.300M
YoY Change 13.85% 39.39% 14.55%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2009Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.28
CY2009Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23867000
CY2009Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7347000 shares
CY2010Q4 us-gaap Grants Receivable
GrantsReceivable
733438
CY2012Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
3.525
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
99814250 shares
CY2010Q2 us-gaap Share Price
SharePrice
3.00
CY2012Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000 shares
CY2012Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2012Q3 us-gaap Share Price
SharePrice
4.49
CY2012Q2 dei Entity Public Float
EntityPublicFloat
241382000
CY2001Q4 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
438165
CY2008Q4 cort Liquidated Damages
LiquidatedDamages
1300000
CY2008Q4 cort Liquidated Damage As Percentage Of Amount Invested By Investors
LiquidatedDamageAsPercentageOfAmountInvestedByInvestors
0.05 pure
CY2009Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
201000 shares
CY2009Q4 us-gaap Stockholders Equity
StockholdersEquity
22092000
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1949000 shares
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
21244000
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.40
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24578000
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7961000 shares
CY2011Q1 us-gaap Share Price
SharePrice
3.90
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
140000
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
76000
CY2011Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2251000 shares
CY2011Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
90248000
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
32000
CY2011Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
17078000
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
34807000
CY2011Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2011Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
37000
CY2011Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
140000000 shares
CY2011Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
238000
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
61777000
CY2012Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1700000
CY2011Q4 cort Retained Earnings Accumulated Deficit And Accumulated Other Comprehensive Income Loss Net Of Tax
RetainedEarningsAccumulatedDeficitAndAccumulatedOtherComprehensiveIncomeLossNetOfTax
-208558000
CY2011Q4 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
46000
CY2011Q4 cort Deferred Tax Assets Deferred Expense Capitalized Research And Development Costs
DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopmentCosts
24318000
CY2011Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
84231000 shares
CY2011Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
292000
CY2011Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3056000
CY2011Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3611000
CY2011Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
45796000
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2011Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
39635000
CY2011Q4 us-gaap Assets
Assets
39833000
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.86
CY2011Q4 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
39833000
CY2011Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
80000
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39635000
CY2011Q4 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
CY2011Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
84231000 shares
CY2011Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
533000
CY2011Q4 us-gaap Liabilities Current
LiabilitiesCurrent
5026000
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10308000 shares
CY2011Q4 us-gaap Common Stock Value
CommonStockValue
84000
CY2011Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2011Q4 us-gaap Assets Current
AssetsCurrent
39775000
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2011Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
90248000
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2011Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
50000
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26000
CY2011Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
243281000
CY2011Q4 cort Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
78000
CY2011Q4 cort Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
644000
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
620000
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
227000
CY2012Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4055000 shares
CY2012Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1165000
CY2012Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
104249000
CY2012Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
144000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
8198000 shares
CY2012Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
19236000
CY2012Q4 us-gaap Other Inventory Noncurrent
OtherInventoryNoncurrent
3810000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.66
CY2012Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3478000
CY2012Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2012Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8900000
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
109000
CY2012Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
696000
CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000 shares
CY2012Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
351000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
711000
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
99814000 shares
CY2012Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
311000
CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
4320000
CY2012Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3804000
CY2012Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
140000
CY2012Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
45954000
CY2012Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
16000
CY2012Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
12108000
CY2012Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
13320000
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2012Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
93032000
CY2012Q4 us-gaap Assets
Assets
99166000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.90
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.90
CY2012Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
557000
CY2012Q4 us-gaap Inventory Net
InventoryNet
853000
CY2012Q4 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
99166000
CY2012Q4 us-gaap Long Term Debt
LongTermDebt
45000000
CY2012Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
159000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
711000
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
93032000
CY2012Q4 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
CY2012Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
99814000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
11626000 shares
CY2012Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
24585000 shares
CY2012Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
695000
CY2012Q4 us-gaap Liabilities Current
LiabilitiesCurrent
8359000
CY2012Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
8903921
CY2012Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
20000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11626000 shares
CY2012Q4 us-gaap Common Stock Value
CommonStockValue
100000
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Assets Current
AssetsCurrent
95062000
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2012Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
104249000
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
428000
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
77000
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
150000
CY2012Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
124000
CY2012Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2650000
CY2012Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
308283000
CY2012Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
29030000
CY2012Q4 cort Retained Earnings Accumulated Deficit And Accumulated Other Comprehensive Income Loss Net Of Tax
RetainedEarningsAccumulatedDeficitAndAccumulatedOtherComprehensiveIncomeLossNetOfTax
-246606000
CY2012Q4 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
31000
CY2012Q4 cort Debt Instrument Fee Percentage
DebtInstrumentFeePercentage
0.20 pure
CY2012Q4 cort Deferred Tax Assets Deferred Expense Capitalized Research And Development Costs
DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopmentCosts
22631000
CY2012Q4 cort Inventory Current Noncurrent Net Total
InventoryCurrentNoncurrentNetTotal
4663000
CY2012Q4 cort Concentration Risk Number Of Customers
ConcentrationRiskNumberOfCustomers
2 Customer
CY2012Q4 cort Concentration Risk Number Of Suppliers
ConcentrationRiskNumberOfSuppliers
1 Vendor
CY2012Q4 cort Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
7000
CY2012Q4 cort Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
843000
CY2012Q4 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
78000
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
46100000
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11000000 shares
CY2012Q3 us-gaap Debt Instrument Restrictive Covenants
DebtInstrumentRestrictiveCovenants
Pursuant to this agreement, we are not allowed to pay a dividend or other cash distribution, unless we will have cash and cash equivalents in excess of $50 million after such payment.
CY2011Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
41800000
CY2011Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11500000 shares
CY2010Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
13800000
CY2010Q2 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
750000
CY2010Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5000000 shares
CY2012Q3 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2013-09-25
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0183 pure
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
250000
CY2010 us-gaap Operating Income Loss
OperatingIncomeLoss
-27437000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2499000 shares
CY2010 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-453000
CY2010 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-25966000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2010 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-8828000
CY2010 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
1671000
CY2010 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6000
CY2010 us-gaap Share Based Compensation
ShareBasedCompensation
2116000
CY2010 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.40
CY2010 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
249000
CY2010 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2010 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
124000 shares
CY2010 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
CY2010 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22285000
CY2010 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.22
CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
711000
CY2010 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
23000
CY2010 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-135000
CY2010 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
151000
CY2010 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
9000
CY2010 us-gaap Income Tax Expense Benefit Continuing Operations
IncomeTaxExpenseBenefitContinuingOperations
CY2010 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
189000
CY2010 us-gaap Interest And Other Income
InterestAndOtherIncome
1496000
CY2010 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18949000
CY2010 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22996000
CY2010 us-gaap Operating Expenses
OperatingExpenses
27437000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.963 pure
CY2010 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
13500000
CY2010 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2116000
CY2010 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
6000
CY2010 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68336000 shares
CY2010 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17161000 shares
CY2010 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
23002000
CY2010 us-gaap Net Income Loss
NetIncomeLoss
-25966000
CY2010 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8488000
CY2010 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
250000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
838000 shares
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
1900000
CY2010 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
106000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.68
CY2010 cort Repayment Of Notes Receivable From Shareholders
RepaymentOfNotesReceivableFromShareholders
4000
CY2010 cort Interest And Other Expense Nonoperating
InterestAndOtherExpenseNonoperating
25000
CY2010 cort Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
1794000
CY2010 cort Income Tax Reconciliation Unutilized Net Operating Losses
IncomeTaxReconciliationUnutilizedNetOperatingLosses
7208000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0265 pure
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
702000
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-32332000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2896000 shares
CY2011 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2794000
CY2011 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-32354000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2011 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.39
CY2011 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
246000 shares
CY2011 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3000
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
3435000
CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-11000000
CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
2119000
CY2011 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.97
CY2011 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P8Y10M24D
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-27400000
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25000
CY2011 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.51
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15057000
CY2011 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-72000
CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-278000
CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
13000
CY2011 us-gaap Income Tax Expense Benefit Continuing Operations
IncomeTaxExpenseBenefitContinuingOperations
CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
280000
CY2011 us-gaap Interest And Other Income
InterestAndOtherIncome
3000
CY2011 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21001000
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
42482000
CY2011 us-gaap Operating Expenses
OperatingExpenses
32332000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.900 pure
CY2011 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
16000000
CY2011 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3435000
CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
83309000 shares
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19427000 shares
CY2011 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
42482000
CY2011 us-gaap Net Income Loss
NetIncomeLoss
-32354000
CY2011 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11331000
CY2011 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
285000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2825000 shares
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
2800000
CY2011 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-171000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.29
CY2011 cort Repayment Of Notes Receivable From Shareholders
RepaymentOfNotesReceivableFromShareholders
97000
CY2011 cort Interest And Other Expense Nonoperating
InterestAndOtherExpenseNonoperating
25000
CY2011 cort Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
-1457000
CY2011 cort Income Tax Reconciliation Unutilized Net Operating Losses
IncomeTaxReconciliationUnutilizedNetOperatingLosses
8588000
CY2012 dei Trading Symbol
TradingSymbol
CORT
CY2012 dei Entity Registrant Name
EntityRegistrantName
CORCEPT THERAPEUTICS INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-38048000
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001088856
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0106 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
303000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-36272000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3307000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3369000 shares
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
193000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y3M18D
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-12936000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
827000
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
27000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
5310000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.26
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
165000 shares
CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
14000000
CY2012 us-gaap Debt Instrument Increase Decrease For Period Description
DebtInstrumentIncreaseDecreaseForPeriodDescription
The percentage used to calculate our payments to Biopharma would increase to 50 percent and any applicable payment caps would lapse if we (i) fail to provide Biopharma with certain information regarding our promotion and sales of Covered Products, (ii) do not devote a commercially reasonable amount of resources to the promotion and marketing of the Covered Products or (iii) violate the indebtedness covenant by incurring indebtedness greater than the sum of earnings before interest, taxes, depreciation and amortization, including such items as non-cash stock-based compensation, (EBITDA) for the four calendar quarters preceding such incurrence and, in each case, fail to cure within the applicable cure period.
CY2012 us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<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" align="justify"><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" align="justify"><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 our patient assistance program. 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" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Trade Allowances:&#xA0;&#xA0;&#xA0;&#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" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Rebates and Chargebacks:&#xA0;&#xA0;&#xA0;&#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 amounts 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" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Allowances for Patient Assistance Program:&#xA0;&#xA0;&#xA0;&#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" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Sales Returns:&#xA0;&#xA0;&#xA0;&#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 the Korlym product sold in 2012 will not occur until late in 2013. 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>
CY2012 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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" align="justify"><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 the 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 years ended December&#xA0;31, 2012, 2011 and 2010, 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" align="justify"><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&#xA0;&#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" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We have a concentration of risk in regard to the manufacture of our product. As of December&#xA0;31, 2012, we had one tablet manufacturer with an operational facility &#x2014; AAI Pharma, which was approved by the FDA in November 2012 for the manufacture of our commercial tablets. Our original tablet manufacturer, PharmaForm, has temporarily suspended manufacturing operations for relocation to a new facility. We are currently in negotiations for a commercial manufacturing agreement with AAI Pharma. If PharmaForm is not able to qualify their new site or if AAI Pharma is unable to prepare Korlym tablets in the quantities and time frame required, we may not be able to manufacture our product in a timely manner. In addition, we have a single-source manufacturer of mifepristone, the active pharmaceutical ingredient (API), in Korlym. In order to mitigate these risks related to the manufacture of our product, we placed strategic orders for additional quantities of mifepristone API during 2012 and had our original tablet manufacturer, PharmaForm, prepare additional batches during the summer of 2012 before the closure of their qualified manufacturing site.</font></p> </div>
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y8M12D
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36020000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-151000
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
16000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.91
CY2012 us-gaap Accretion Expense
AccretionExpense
1680000
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
17000
CY2012 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2012 us-gaap Debt Instrument Issuance Date1
DebtInstrumentIssuanceDate1
2012-08-02
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
151000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
53397000
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-11000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
480000
CY2012 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
42000
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
557000
CY2012 us-gaap Income Tax Expense Benefit Continuing Operations
IncomeTaxExpenseBenefitContinuingOperations
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
404000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14074000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
89568000
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
91000
CY2012 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
We consider all highly liquid investments purchased with maturities of three months or less from the date of purchase to be cash equivalents.
CY2012 us-gaap Interest Expense Debt
InterestExpenseDebt
1700000
CY2012 us-gaap Operating Expenses
OperatingExpenses
39579000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.866 pure
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4663000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2012 us-gaap Debt Instrument Date Of First Required Payment1
DebtInstrumentDateOfFirstRequiredPayment1
2013-06-30
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5310000
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
93015000 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20530000 shares
CY2012 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
59708000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.41
CY2012 cort Interest And Other Expense Nonoperating
InterestAndOtherExpenseNonoperating
1776000
CY2012 cort Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
275000
CY2012 cort Number Of Stock Option Plans
NumberOfStockOptionPlans
3 OptionPlan
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-38048000
CY2012 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
29860000
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25414000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
360000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1695000 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
5000000
CY2012 cort Product Returns Period Prior To Expiration Date To Provide Credit
ProductReturnsPeriodPriorToExpirationDateToProvideCredit
P6M
CY2012 cort Product Returns Period After Expiration Date To Provide Credit
ProductReturnsPeriodAfterExpirationDateToProvideCredit
P12M
CY2012 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" align="justify"><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 that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px" align="justify"><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 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" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We update our assumptions and estimates on a recurring basis as new information becomes available. Any changes in estimates are recorded in the period of the change.</font></p> </div>
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
199000
CY2012 cort Lease Extension Period
LeaseExtensionPeriod
P1Y
CY2012 cort Income Tax Reconciliation Unutilized Net Operating Losses
IncomeTaxReconciliationUnutilizedNetOperatingLosses
11663000
CY2012 cort Accounts Receivable Payment Terms
AccountsReceivablePaymentTerms
P30D
CY2012 cort Percentage Of Net Product Sales Used To Pay Obligation
PercentageOfNetProductSalesUsedToPayObligation
0.20 pure
CY2011Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
-7101000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-8882000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-11034000
CY2012Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
875000
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2012Q2 us-gaap Gross Profit
GrossProfit
827000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-7597000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-6435000
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1055000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2012Q3 us-gaap Gross Profit
GrossProfit
1031000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-8293000
CY2011Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-9936000
CY2012Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1377000
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2012Q4 us-gaap Gross Profit
GrossProfit
1358000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-11124000

Files In Submission

Name View Source Status
0001193125-13-110085-index-headers.html Edgar Link pending
0001193125-13-110085-index.html Edgar Link pending
0001193125-13-110085.txt Edgar Link pending
0001193125-13-110085-xbrl.zip Edgar Link pending
cort-20121231.xml Edgar Link completed
cort-20121231.xsd Edgar Link pending
cort-20121231_cal.xml Edgar Link unprocessable
cort-20121231_def.xml Edgar Link unprocessable
cort-20121231_lab.xml Edgar Link unprocessable
cort-20121231_pre.xml Edgar Link unprocessable
d440304d10k.htm Edgar Link pending
d440304dex1031.htm Edgar Link pending
d440304dex231.htm Edgar Link pending
d440304dex311.htm Edgar Link pending
d440304dex312.htm Edgar Link pending
d440304dex321.htm Edgar Link pending
d440304dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
g440304g69s19.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending