$CORT
Corcept Therapeutics Inc

2013 Q2 Form 10-Q Financial Statement

#000119312513207627 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $1.891M $1.717M
YoY Change 116.11%
Cost Of Revenue $23.00K $20.00K
YoY Change -52.08%
Gross Profit $1.868M $1.697M $0.00
YoY Change 125.88%
Gross Profit Margin 98.78% 98.84%
Selling, General & Admin $8.160M $8.383M $7.487M
YoY Change 41.89% 11.97% 353.76%
% of Gross Profit 436.83% 493.99%
Research & Development $4.491M $4.257M $3.542M
YoY Change 68.33% 20.19% -35.01%
% of Gross Profit 240.42% 250.85%
Depreciation & Amortization $0.00 $14.00K $3.000K
YoY Change 366.67%
% of Gross Profit 0.0% 0.82%
Operating Expenses $12.67M $12.66M $11.03M
YoY Change 49.69% 14.79% 55.34%
Operating Profit -$10.78M -$10.94M -$11.03M
YoY Change 42.03% -0.78%
Interest Expense -$1.110M -$1.140M -$10.00K
YoY Change 11000.0% 11300.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$11.90M -$12.08M -$11.03M
YoY Change 56.58% 9.52% 55.35%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.90M -$12.08M -$11.03M
YoY Change 56.6% 9.52% 55.39%
Net Earnings / Revenue -629.14% -703.79%
Basic Earnings Per Share
Diluted Earnings Per Share -$119.2K -$121.0K -$130.7K
COMMON SHARES
Basic Shares Outstanding 99.81M shares 99.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.20M $81.50M $42.60M
YoY Change 106.88% 91.31% -28.04%
Cash & Equivalents $72.22M $81.46M $42.63M
Short-Term Investments
Other Short-Term Assets $800.0K $600.0K $100.0K
YoY Change 33.33% 500.0% -83.33%
Inventory $694.0K $1.026M $100.0K
Prepaid Expenses
Receivables $855.0K $1.143M
Other Receivables $0.00 $0.00
Total Short-Term Assets $74.57M $84.20M $42.80M
YoY Change 94.7% 96.73% -28.43%
LONG-TERM ASSETS
Property, Plant & Equipment $139.0K $154.0K $0.00
YoY Change 135.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.0K $136.0K $100.0K
YoY Change -50.77% 36.0%
Total Long-Term Assets $5.117M $3.940M $100.0K
YoY Change 1504.08% 3840.0%
TOTAL ASSETS
Total Short-Term Assets $74.57M $84.20M $42.80M
Total Long-Term Assets $5.117M $3.940M $100.0K
Total Assets $79.69M $88.14M $42.90M
YoY Change 106.35% 105.46% -28.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.033M $2.263M $2.100M
YoY Change -28.38% 7.76% 10.53%
Accrued Expenses $812.0K $958.0K $1.500M
YoY Change 26.88% -36.13% 15.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.650M $3.900M
YoY Change
Total Short-Term Liabilities $9.079M $8.243M $3.600M
YoY Change 56.1% 128.97% 12.5%
LONG-TERM LIABILITIES
Long-Term Debt $30.24M $28.90M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $30.24M $28.90M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.079M $8.243M $3.600M
Total Long-Term Liabilities $30.24M $28.90M $0.00
Total Liabilities $39.32M $37.14M $3.600M
YoY Change 577.86% 931.61% 12.5%
SHAREHOLDERS EQUITY
Retained Earnings -$270.6M -$258.7M
YoY Change
Common Stock $100.0K $100.0K
YoY Change 12.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.37M $51.00M $39.30M
YoY Change
Total Liabilities & Shareholders Equity $79.69M $88.14M $42.90M
YoY Change 106.35% 105.46% -28.26%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$11.90M -$12.08M -$11.03M
YoY Change 56.6% 9.52% 55.39%
Depreciation, Depletion And Amortization $0.00 $14.00K $3.000K
YoY Change 366.67%
Cash From Operating Activities -$9.200M -$11.55M -$10.16M
YoY Change 17.95% 13.75% 39.14%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $18.00K $7.000K
YoY Change 157.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$18.00K -$7.000K
YoY Change 157.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 13.16M
YoY Change -100.0% -100.0% -68.6%
NET CHANGE
Cash From Operating Activities -9.200M -11.55M -10.16M
Cash From Investing Activities 0.000 -18.00K -7.000K
Cash From Financing Activities 0.000 0.000 13.16M
Net Change In Cash -9.200M -11.57M 2.992M
YoY Change 21.05% -486.76% -91.35%
FREE CASH FLOW
Cash From Operating Activities -$9.200M -$11.55M -$10.16M
Capital Expenditures $0.00 $18.00K $7.000K
Free Cash Flow -$9.200M -$11.57M -$10.16M
YoY Change 17.95% 13.85% 39.23%

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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.
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <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; 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">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"> <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 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"> <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 the Korlym product sold to date 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>
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <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 three-month periods ended March&#xA0;31, 2013 and 2012, 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. The majority of our sales, 98.5% during the three-months period ended March&#xA0;31, 2013, are to one specialty pharmacy customer. We extend credit to our customers based on their creditworthiness. 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 March&#xA0;31,&#xA0;2013, we had one tablet manufacturer for Korlym with an operational facility, AAI Pharma, which was approved by the FDA in November 2012 for the manufacture of our commercial tablets. We are currently in negotiations for a commercial manufacturing agreement with AAI Pharma. Our original tablet manufacturer, PharmaForm, has temporarily suspended manufacturing operations to relocate to a new facility. 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>
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99814000 shares
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23045000 shares
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-12084000
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8383000
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <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 make estimates and assumptions 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"> <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"> <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>
CY2013Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-260000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
375000
CY2013Q1 cort Accounts Receivable Payment Terms
AccountsReceivablePaymentTerms
P30D
CY2013Q1 cort Product Returns Period Prior To Expiration Date To Provide Credit
ProductReturnsPeriodPriorToExpirationDateToProvideCredit
P6M
CY2013Q1 cort Product Returns Period After Expiration Date To Provide Credit
ProductReturnsPeriodAfterExpirationDateToProvideCredit
P12M
CY2013Q1 cort Percentage Of Net Product Sales Used To Pay Obligation
PercentageOfNetProductSalesUsedToPayObligation
0.20 pure
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11029000
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1527000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2388000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10157000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2992000
CY2012Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
40000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-38000
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3542000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13156000
CY2012Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
5000
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
11029000
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
56000
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2388000
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84420000 shares
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19364000 shares
CY2012Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
13156000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-11034000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7487000
CY2012Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
137000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-66000

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