$CORT
CORCEPT THERAPEUTICS INC

2014 Q4 Form 10-Q Financial Statement

#000119312514403556 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $9.010M $7.282M $4.115M
YoY Change 118.96% 176.46% 198.84%
Cost Of Revenue $260.0K $235.0K $60.00K
YoY Change 333.33% 487.5% 200.0%
Gross Profit $8.760M $7.047M $4.055M
YoY Change 116.03% 171.67% 198.6%
Gross Profit Margin 97.23% 96.77% 98.54%
Selling, General & Admin $8.040M $9.103M $7.520M
YoY Change 6.91% 26.8% 58.99%
% of Gross Profit 91.78% 129.18% 185.45%
Research & Development $3.790M $3.047M $6.570M
YoY Change -42.31% -40.89% -0.61%
% of Gross Profit 43.26% 43.24% 162.02%
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0% 0.0%
Operating Expenses $11.83M $12.39M $14.09M
YoY Change -16.04% 0.09% 24.25%
Operating Profit -$3.070M -$5.103M -$10.04M
YoY Change -69.41% -47.61% 0.53%
Interest Expense -$820.0K -$900.0K -$1.090M
YoY Change -24.77% -23.08% -4.39%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.900M -$6.010M -$11.12M
YoY Change -64.93% -44.91% 0.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.900M -$6.006M -$11.12M
YoY Change -64.94% -44.93% 0.0%
Net Earnings / Revenue -43.29% -82.48% -270.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$38.51K -$59.43K -$111.4K
COMMON SHARES
Basic Shares Outstanding 101.2M shares 101.1M shares 99.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.20M $26.80M $54.90M
YoY Change -55.92% -57.59% -40.97%
Cash & Equivalents $24.25M $26.78M $54.88M
Short-Term Investments
Other Short-Term Assets $1.400M $1.800M $900.0K
YoY Change 55.56% 80.0% 50.0%
Inventory $1.200M $1.080M $1.096M
Prepaid Expenses
Receivables $3.300M $2.746M $1.428M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.20M $32.38M $58.31M
YoY Change -48.21% -51.11% -38.66%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $273.0K $203.0K
YoY Change -1.48% 48.37% 35.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.200M $81.00K $113.0K
YoY Change 3616.81% -32.5% -21.53%
Total Long-Term Assets $4.400M $4.784M $4.766M
YoY Change -7.68% -1.03% 16.13%
TOTAL ASSETS
Total Short-Term Assets $30.20M $32.38M $58.31M
Total Long-Term Assets $4.400M $4.784M $4.766M
Total Assets $34.60M $37.16M $63.08M
YoY Change -45.15% -47.71% -36.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $1.960M $2.381M
YoY Change -20.2% -16.13% -37.41%
Accrued Expenses $2.200M $1.539M $1.301M
YoY Change 69.1% 98.07% 24.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $8.661M $5.743M
YoY Change 63.68% 92.47% 116.72%
Total Short-Term Liabilities $13.60M $12.49M $12.74M
YoY Change 6.77% 23.11% 52.39%
LONG-TERM LIABILITIES
Long-Term Debt $24.50M $25.99M $29.32M
YoY Change -16.44% -13.77% 1.01%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $24.50M $25.99M $29.32M
YoY Change -16.44% -13.77% 1.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.60M $12.49M $12.74M
Total Long-Term Liabilities $24.50M $25.99M $29.32M
Total Liabilities $38.00M $38.48M $42.06M
YoY Change -9.65% -4.49% 12.49%
SHAREHOLDERS EQUITY
Retained Earnings -$320.1M -$292.6M
YoY Change 13.72% 18.66%
Common Stock $101.0K $100.0K
YoY Change 1.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.388M -$1.317M $21.02M
YoY Change
Total Liabilities & Shareholders Equity $34.60M $37.16M $63.08M
YoY Change -45.15% -47.71% -36.39%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$3.900M -$6.006M -$11.12M
YoY Change -64.94% -44.93% 0.0%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$1.400M -$6.000M -$7.700M
YoY Change -81.82% -30.23% -11.49%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M -1.300M -600.0K
YoY Change 83.33% 225.0% -400.0%
NET CHANGE
Cash From Operating Activities -1.400M -6.000M -7.700M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -1.100M -1.300M -600.0K
Net Change In Cash -2.500M -7.300M -8.300M
YoY Change -69.88% -19.78% -3.49%
FREE CASH FLOW
Cash From Operating Activities -$1.400M -$6.000M -$7.700M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.400M -$6.000M -$7.700M
YoY Change -81.82% -29.41% -10.47%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
101190167 shares
CY2014Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3596000
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
63175000
CY2014Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
101141000 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
101141000 shares
CY2014Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
574000
CY2014Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
12486000
CY2014Q3 us-gaap Common Stock Value
CommonStockValue
101000
CY2014Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2014Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
1960000
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-320105000
CY2014Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
8661000
CY2014Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1539000
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
-1317000
CY2014Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
63000
CY2014Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
25990000
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
37159000
CY2014Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
318687000
CY2014Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
430000
CY2014Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
235000
CY2014Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
50000
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26780000
CY2014Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
273000
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1769000
CY2014Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1896000
CY2014Q3 us-gaap Other Inventory Noncurrent
OtherInventoryNoncurrent
4430000
CY2014Q3 us-gaap Assets
Assets
37159000
CY2014Q3 us-gaap Inventory Net
InventoryNet
1080000
CY2014Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2746000
CY2014Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
81000
CY2014Q3 us-gaap Assets Current
AssetsCurrent
32375000
CY2014Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
18000
CY2014Q3 cort Concentration Risk Number Of Suppliers
ConcentrationRiskNumberOfSuppliers
1 Vendor
CY2014Q3 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
146000
CY2014Q3 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
5510000
CY2014Q3 cort Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
276000
CY2014Q3 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
91000
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
93032000
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
99849000 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
99849000 shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
466000
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
12738000
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
100000
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2013Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2381000
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-292617000
CY2013Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
5743000
CY2013Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1301000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
21017000
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28000
CY2013Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
29322000
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
63077000
CY2013Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
313534000
CY2013Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
288000
CY2013Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
369000
CY2013Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
25000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54877000
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
203000
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
910000
CY2013Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1226000
CY2013Q4 us-gaap Other Inventory Noncurrent
OtherInventoryNoncurrent
4450000
CY2013Q4 us-gaap Assets
Assets
63077000
CY2013Q4 us-gaap Inventory Net
InventoryNet
1096000
CY2013Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4318000
CY2013Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1428000
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
113000
CY2013Q4 us-gaap Assets Current
AssetsCurrent
58311000
CY2013Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2000
CY2013Q4 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
40000
CY2013Q4 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
5546000
CY2013Q4 cort Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
3288000
CY2013Q4 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
110000
cort Accounts Receivable Payment Terms
AccountsReceivablePaymentTerms
P30D
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-29392000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
99814000 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23195000 shares
us-gaap Interest And Debt Expense
InterestAndDebtExpense
3421000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-87000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1467000
us-gaap Share Based Compensation
ShareBasedCompensation
3883000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
6242000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
378000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
384000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
892000
us-gaap Operating Income Loss
OperatingIncomeLoss
-31466000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
87000
us-gaap Net Income Loss
NetIncomeLoss
-34887000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
462000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3883000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
53000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
39000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
1120000
us-gaap Operating Expenses
OperatingExpenses
37708000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13903000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23723000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
27000
us-gaap Accretion Expense
AccretionExpense
3340000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-29857000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
241000
us-gaap Cost Of Revenue
CostOfRevenue
82000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-378000
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
CORCEPT THERAPEUTICS INC
dei Trading Symbol
TradingSymbol
CORT
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.
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-25973000
us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Net Product Sales</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <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 of July&#xA0;1, 2013, we began using Dohmen Life Science Services (Dohmen), formerly known as Centric Health Resources, Inc., as our specialty pharmacy. Dohmen operates on a consignment basis, without carrying any Korlym inventory. Accordingly, all of our sales through Dohmen are made directly to patients.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <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%"> <font style="FONT-FAMILY: Times New Roman" size="2">We make cash donations to a non-profit third party organization that provides 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 in net product revenues sales of Korlym tablets to uninsured patients funded through this source.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <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%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Trade Allowances:&#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%"> <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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Sales Returns:&#xA0;</i>Because sales through Dohmen, our specialty pharmacy, are made to individual patients who do not have the right to return the product, our exposure to product returns is limited to the specialty distributor channel and is not expected to be material.</font></p> </div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> We evaluate our estimates and assumptions on an ongoing basis, including those related to our reserves for chargebacks and rebates, patient assistance, potential product returns and 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
100880000 shares
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Entity Central Index Key
EntityCentralIndexKey
0001088856
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22934000 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risks and Concentrations</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <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 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 have never experienced a loss or lack of access to cash and cash equivalents in our operating or investment accounts.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">We bear credit risk in regard to our trade receivables, which are spread among various third-party payors &#x2013; pharmacy benefit managers, insurance companies, private charities and government programs &#x2013; and individual patients. We extend credit to third-party payors based on their creditworthiness. We monitor our exposure and record a reserve against uncollectible trade receivables as necessary. To date, we have not incurred any credit losses.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <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 September&#xA0;30, 2014, we had one tablet manufacturer for Korlym with an operational facility &#x2013; AAI Pharma Services Corp. (AAI). In addition, we have a single-source manufacturer of mifepristone, the active pharmaceutical ingredient (API), in Korlym &#x2014; Produits Chimiques Auxiliaires et de Synth&#xE8;se SA (PCAS). If either of these companies is unable to manufacture API or Korlym tablets in the quantities and time frame required, we may not be able to manufacture our product in a timely manner. In order to mitigate these risks related to the manufacture of our product, we purchased and hold in inventory additional quantities of mifepristone API and Korlym tablets.</font></p> </div>
us-gaap Operating Expenses
OperatingExpenses
42079000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1100000 shares
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
17537000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3288000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
859000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-9000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-38000
us-gaap Operating Income Loss
OperatingIncomeLoss
-24542000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
174000
us-gaap Net Income Loss
NetIncomeLoss
-27488000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1318000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3814000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
104000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
25000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-3012000
CY2014Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
903000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14583000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26872000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
23000
us-gaap Accretion Expense
AccretionExpense
2874000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-28097000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
238000
us-gaap Cost Of Revenue
CostOfRevenue
624000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1950000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
2946000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-174000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1338000
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-421000
us-gaap Share Based Compensation
ShareBasedCompensation
3814000
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
99814000 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2634000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9740000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-10906000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1309000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
12374000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5155000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7179000
CY2013Q3 us-gaap Accretion Expense
AccretionExpense
1100000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
40000
CY2013Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
1166000
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
101134000 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7282000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5103000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-6006000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1210000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
12385000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3047000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9103000
CY2014Q3 us-gaap Accretion Expense
AccretionExpense
895000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
235000

Files In Submission

Name View Source Status
0001193125-14-403556-index-headers.html Edgar Link pending
0001193125-14-403556-index.html Edgar Link pending
0001193125-14-403556.txt Edgar Link pending
0001193125-14-403556-xbrl.zip Edgar Link pending
cort-20140930.xml Edgar Link completed
cort-20140930.xsd Edgar Link pending
cort-20140930_cal.xml Edgar Link unprocessable
cort-20140930_def.xml Edgar Link unprocessable
cort-20140930_lab.xml Edgar Link unprocessable
cort-20140930_pre.xml Edgar Link unprocessable
d799226d10q.htm Edgar Link pending
d799226dex101.htm Edgar Link pending
d799226dex311.htm Edgar Link pending
d799226dex312.htm Edgar Link pending
d799226dex321.htm Edgar Link pending
d799226dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx 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
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.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