$CORT
Corcept Therapeutics Inc

2014 Q1 Form 10-K Financial Statement

#000119312514100313 Filed on March 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q3
Revenue $4.405M $4.115M $2.634M
YoY Change 156.55% 198.84% 149.67%
Cost Of Revenue $174.0K $60.00K $40.00K
YoY Change 770.0% 200.0% 66.67%
Gross Profit $4.231M $4.055M $2.594M
YoY Change 149.32% 198.6% 151.6%
Gross Profit Margin 96.05% 98.54% 98.48%
Selling, General & Admin $9.805M $7.520M $7.179M
YoY Change 16.96% 58.99% 26.08%
% of Gross Profit 231.74% 185.45% 276.75%
Research & Development $7.285M $6.570M $5.155M
YoY Change 71.13% -0.61% 71.38%
% of Gross Profit 172.18% 162.02% 198.73%
Depreciation & Amortization $28.00K $0.00 $100.0K
YoY Change 100.0%
% of Gross Profit 0.66% 0.0% 3.86%
Operating Expenses $17.26M $14.09M $12.37M
YoY Change 36.37% 24.25% 41.81%
Operating Profit -$12.86M -$10.04M -$9.740M
YoY Change 17.51% 0.53% 26.97%
Interest Expense -$1.070M -$1.090M -$1.170M
YoY Change -6.14% -4.39% 88.71%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.93M -$11.12M -$10.91M
YoY Change 15.31% 0.0% 31.6%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.93M -$11.12M -$10.91M
YoY Change 15.28% 0.0% 31.51%
Net Earnings / Revenue -316.23% -270.33% -414.05%
Basic Earnings Per Share
Diluted Earnings Per Share -$138.1K -$111.4K -$109.3K
COMMON SHARES
Basic Shares Outstanding 100.6M shares 99.81M shares 99.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.60M $54.90M $63.20M
YoY Change -46.5% -40.97% -37.8%
Cash & Equivalents $43.62M $54.88M $63.18M
Short-Term Investments
Other Short-Term Assets $1.500M $900.0K $1.000M
YoY Change 150.0% 50.0% 25.0%
Inventory $1.127M $1.096M $1.025M
Prepaid Expenses
Receivables $1.922M $1.428M $1.019M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $48.12M $58.31M $66.22M
YoY Change -42.85% -38.66% -36.7%
LONG-TERM ASSETS
Property, Plant & Equipment $285.0K $203.0K $184.0K
YoY Change 85.06% 35.33% 75.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $96.00K $113.0K $120.0K
YoY Change -29.41% -21.53% -25.0%
Total Long-Term Assets $4.711M $4.766M $4.834M
YoY Change 19.57% 16.13% 434.14%
TOTAL ASSETS
Total Short-Term Assets $48.12M $58.31M $66.22M
Total Long-Term Assets $4.711M $4.766M $4.834M
Total Assets $52.83M $63.08M $71.06M
YoY Change -40.06% -36.39% -32.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.666M $2.381M $2.337M
YoY Change 62.0% -37.41% 48.48%
Accrued Expenses $1.271M $1.301M $777.0K
YoY Change 32.67% 24.38% -1.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.896M $5.743M $4.500M
YoY Change 76.82% 116.72% 100.0%
Total Short-Term Liabilities $15.24M $12.74M $10.14M
YoY Change 84.91% 52.39% 82.8%
LONG-TERM LIABILITIES
Long-Term Debt $28.22M $29.32M $30.14M
YoY Change -2.34% 1.01% 6.41%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $28.22M $29.32M $30.14M
YoY Change -2.34% 1.01% 6.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.24M $12.74M $10.14M
Total Long-Term Liabilities $28.22M $29.32M $30.14M
Total Liabilities $43.46M $42.06M $40.28M
YoY Change 17.02% 12.49% 18.93%
SHAREHOLDERS EQUITY
Retained Earnings -$306.5M -$292.6M -$281.5M
YoY Change 18.5% 18.66%
Common Stock $101.0K $100.0K $100.0K
YoY Change 1.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.371M $21.02M $30.77M
YoY Change
Total Liabilities & Shareholders Equity $52.83M $63.08M $71.06M
YoY Change -40.06% -36.39% -32.66%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$13.93M -$11.12M -$10.91M
YoY Change 15.28% 0.0% 31.51%
Depreciation, Depletion And Amortization $28.00K $0.00 $100.0K
YoY Change 100.0%
Cash From Operating Activities -$11.10M -$7.700M -$8.600M
YoY Change -3.93% -11.49% -7.53%
INVESTING ACTIVITIES
Capital Expenditures $110.0K $0.00 -$100.0K
YoY Change 511.11% -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K $0.00 -$100.0K
YoY Change 455.56% -100.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $995.0K
YoY Change
Cash From Financing Activities -100.0K -600.0K -400.0K
YoY Change -400.0% -100.53%
NET CHANGE
Cash From Operating Activities -11.10M -7.700M -8.600M
Cash From Investing Activities -100.0K 0.000 -100.0K
Cash From Financing Activities -100.0K -600.0K -400.0K
Net Change In Cash -11.30M -8.300M -9.100M
YoY Change -2.35% -3.49% -113.66%
FREE CASH FLOW
Cash From Operating Activities -$11.10M -$7.700M -$8.600M
Capital Expenditures $110.0K $0.00 -$100.0K
Free Cash Flow -$11.21M -$7.700M -$8.500M
YoY Change -3.13% -10.47% -7.61%

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CORCEPT THERAPEUTICS INC
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Net Product Sales</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">From our initial launch in April 2012 through June&#xA0;30, 2013, we sold Korlym primarily to a specialty pharmacy and a specialty distributor, which subsequently resold Korlym to patients and healthcare providers. Korlym is not available in retail pharmacies. As discussed in Note 5, <b><i>Significant Agreements &#x2013; Commercial Agreements</i></b>, Centric, the specialty pharmacy we began using July&#xA0;1, 2013, operates on a consignment basis, without carrying any Korlym inventory. Accordingly, all of our sales through Centric are made directly to patients.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We recognize product revenues from sales of Korlym upon delivery to patients 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. Prior authorization or confirmation of coverage level by the patient&#x2019;s private insurance plan or government payor is a prerequisite to the shipment of product to a patient. 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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We provide cash donations to a non-profit third party organization that supports patients who meet certain eligibility requirements with financial assistance for the treatment of Cushing&#x2019;s syndrome, which treatment may include Korlym. We do not include as net product revenues sales of Korlym tablets funded through this source.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" 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 co-pay 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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Trade Allowances:&#xA0;&#xA0;&#xA0;&#xA0;</i>Through June&#xA0;30, 2013, we offered our specialty pharmacy and specialty distributor customers a discount on Korlym sales for payment within 30 days. We also offered them a small discount for providing data services. We expected these customers to earn these discounts and, accordingly, deducted them in full from gross product revenues and trade receivables at the time we recognized such revenues. Beginning in the third quarter of 2013, we ceased incurring a prompt-payment discount to our specialty pharmacy.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" 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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" 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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Sales Returns:&#xA0;&#xA0;&#xA0;&#xA0;</i>Our specialty distribution customer has 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 hospital customers of our specialty distribution customer who, generally, have the right to return only unopened bottles. Individual patients do not have the right to return product. We have the right to resell returned product, provided the bottles have not been opened or damaged and the product has not expired. The expiration date for the Korlym product sold to date to the specialty distributor will not occur until November 2014. 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> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">See Note 2, <b><i>Significant Agreements &#x2013; Commercial Agreements</i></b>, for additional information regarding our specialty pharmacy agreement signed in May 2013 with Centric, termination of our previous agreement with CuraScript Specialty Pharmacy (CuraScript) and the product return reserve recorded as of June&#xA0;30, 2013 as a result of termination of our CuraScript agreement. Because Centric operates on a consignment model and does not carry inventory, our exposure to product returns is now limited to the specialty distributor channel and is not expected to be material.</font></p> </div>
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risks and Concentrations</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" 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 institution holding these funds or by the entity or entities that issued the securities held by the fund 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. We experienced no loss or lack of access to cash and cash equivalents in our operating or investment accounts during the years ended December&#xA0;31, 2013, 2012 and 2011.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Since the commercialization of Korlym in April 2012, we have been exposed to credit risk in regard to our trade receivables. From the launch of Korlym through June&#xA0;30, 2013, 97% of our sales were to one specialty pharmacy customer, from whom we have fully collected all receivables. As discussed in Note 2, <b><i>Significant Agreements &#x2013; Commercial Agreements</i></b>, in mid-2013 we transitioned all of our specialty pharmacy business to a new provider, Centric Health Resources, Inc. (Centric). Among other services, Centric dispenses Korlym to patients for us, with title to the medicine passing from us to the patient upon the patient&#x2019;s receipt of the drug. Accordingly, our receivables risk is spread among various third-party payors &#x2013; pharmacy benefit managers, insurance companies, private charities, government programs &#x2013; and individual patients. We extend credit to third-party payors based on their creditworthiness. We monitor our exposure and will record a reserve against uncollectible trade receivables as necessary.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" 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, 2013, we had one tablet manufacturer for Korlym with an operational facility &#x2013; AAI Pharma Services Corp. (AAI), which was approved by the FDA in November 2012 for the manufacture of our commercial tablets, subject to the successful manufacture of validation batches. We plan to undertake this validation process at AAI early in 2014 and are currently in negotiations for a long-term commercial manufacturing agreement with AAI. If AAI 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 orders for additional quantities of mifepristone API and Korlym tablets, which are now in inventory.</font></p> </div>
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0.00 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36020000
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
165000 shares
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
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 Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3369000 shares
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
5000000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3307000
CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
14000000
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
557000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
480000
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012 us-gaap Net Income Loss
NetIncomeLoss
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CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4663000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-12936000
CY2012 us-gaap Interest And Debt Expense
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
303000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
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275000
CY2012 us-gaap Increase Decrease In Accounts Payable
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193000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
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CY2012 us-gaap Share Based Compensation
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5310000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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53397000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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404000
CY2012 us-gaap Operating Expenses
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CY2012 us-gaap Income Tax Expense Benefit
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CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
827000
CY2012 us-gaap Increase Decrease In Deferred Revenue
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16000
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
91000
CY2012 us-gaap Depreciation Depletion And Amortization
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27000
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
17000
CY2012 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
29860000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5310000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
360000
CY2012 us-gaap Increase Decrease In Other Current Liabilities
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199000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-151000
CY2012 us-gaap Accretion Expense
AccretionExpense
1680000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14074000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
42000
CY2012 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
59708000
CY2012 cort Income Tax Reconciliation Unutilized Net Operating Losses
IncomeTaxReconciliationUnutilizedNetOperatingLosses
11663000
CY2012 cort Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
470000
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2013Q1 us-gaap Sales Revenue Goods Net
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CY2013Q1 us-gaap Gross Profit
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1697000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
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-0.09
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875000
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827000
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-7597000
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1891000
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1868000
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CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
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1055000
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1031000
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2634000
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4115000
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4055000
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NetIncomeLoss
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