$CORT
Corcept Therapeutics Inc

2016 Q4 Form 10-Q Financial Statement

#000156459016026776 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $23.81M $21.73M $14.97M
YoY Change 59.09% 63.83% 66.12%
Cost Of Revenue $560.0K $668.0K $360.0K
YoY Change 55.56% 160.94% 38.46%
Gross Profit $23.25M $21.06M $14.60M
YoY Change 59.21% 61.91% 66.7%
Gross Profit Margin 97.64% 96.93% 97.57%
Selling, General & Admin $11.76M $10.93M $8.860M
YoY Change 32.73% 17.65% 10.2%
% of Gross Profit 50.58% 51.91% 60.67%
Research & Development $6.480M $7.054M $4.090M
YoY Change 58.44% 95.29% 7.92%
% of Gross Profit 27.87% 33.5% 28.01%
Depreciation & Amortization $0.00 $0.00 $100.0K
YoY Change -100.0%
% of Gross Profit 0.0% 0.0% 0.68%
Operating Expenses $18.25M $17.99M $12.96M
YoY Change 40.82% 39.39% 9.55%
Operating Profit $5.000M $3.072M $1.643M
YoY Change 204.32% 2911.76% -153.52%
Interest Expense -$370.0K -$460.0K -$690.0K
YoY Change -46.38% -34.29% -15.85%
% of Operating Profit -7.4% -14.97% -42.0%
Other Income/Expense, Net -$40.00K -$30.00K
YoY Change
Pretax Income $4.600M $2.590M $960.0K
YoY Change 379.17% -531.67% -124.62%
Income Tax
% Of Pretax Income
Net Earnings $4.597M $2.585M $959.0K
YoY Change 379.35% -530.12% -124.59%
Net Earnings / Revenue 19.31% 11.9% 6.41%
Basic Earnings Per Share
Diluted Earnings Per Share $38.63K $22.25K $8.790K
COMMON SHARES
Basic Shares Outstanding 111.0M 110.7M
Diluted Shares Outstanding 116.4M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.50M $47.90M $40.40M
YoY Change 27.48% 31.23% 66.94%
Cash & Equivalents $51.54M $47.87M $40.44M
Short-Term Investments
Other Short-Term Assets $2.000M $1.400M $600.0K
YoY Change 233.33% 16.67% -57.14%
Inventory $2.329M $2.327M $1.682M
Prepaid Expenses
Receivables $9.860M $8.236M $6.221M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.69M $59.78M $48.98M
YoY Change 34.11% 32.26% 62.19%
LONG-TERM ASSETS
Property, Plant & Equipment $205.0K $145.0K $98.00K
YoY Change 109.18% 45.0% -51.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.00K $24.00K $24.00K
YoY Change 0.0% -99.23% -99.43%
Total Long-Term Assets $3.064M $3.149M $2.922M
YoY Change 4.86% -1.59% -33.59%
TOTAL ASSETS
Total Short-Term Assets $65.69M $59.78M $48.98M
Total Long-Term Assets $3.064M $3.149M $2.922M
Total Assets $68.75M $62.93M $51.90M
YoY Change 32.47% 30.02% 50.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.290M $4.309M $1.325M
YoY Change 72.83% 153.47% -30.26%
Accrued Expenses $8.953M $6.874M $3.257M
YoY Change 174.88% 102.18% 48.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.66M $18.73M $14.97M
YoY Change -2.01% 38.7% 59.2%
Total Short-Term Liabilities $27.37M $31.68M $20.88M
YoY Change 31.13% 68.53% 53.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $12.53M
YoY Change -100.0% -100.0% -48.87%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $12.53M
YoY Change -100.0% -100.0% -48.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.37M $31.68M $20.88M
Total Long-Term Liabilities $0.00 $0.00 $12.53M
Total Liabilities $27.37M $31.68M $33.40M
YoY Change -18.05% -9.22% -12.09%
SHAREHOLDERS EQUITY
Retained Earnings -$322.3M -$326.9M -$330.4M
YoY Change -2.46%
Common Stock $113.0K $111.0K $110.0K
YoY Change 2.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.38M $31.25M $18.50M
YoY Change
Total Liabilities & Shareholders Equity $68.75M $62.93M $51.90M
YoY Change 32.47% 30.02% 50.01%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $4.597M $2.585M $959.0K
YoY Change 379.35% -530.12% -124.59%
Depreciation, Depletion And Amortization $0.00 $0.00 $100.0K
YoY Change -100.0%
Cash From Operating Activities $4.600M $8.900M $4.100M
YoY Change 12.2% 888.89% -392.86%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K -$100.0K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -800.0K -2.800M -200.0K
YoY Change 300.0% 86.67% -81.82%
NET CHANGE
Cash From Operating Activities 4.600M 8.900M 4.100M
Cash From Investing Activities -100.0K -100.0K 0.000
Cash From Financing Activities -800.0K -2.800M -200.0K
Net Change In Cash 3.700M 6.000M 3.900M
YoY Change -5.13% -1100.0% -256.0%
FREE CASH FLOW
Cash From Operating Activities $4.600M $8.900M $4.100M
Capital Expenditures -$100.0K -$100.0K $0.00
Free Cash Flow $4.700M $9.000M $4.100M
YoY Change 14.63% 900.0% -392.86%

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<div> <p style="text-align:justify;margin-top:13pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Estimates</p> <p style="text-align:justify;margin-top:4pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP 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="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We evaluate our estimates and assumptions on an ongoing basis, including those related to revenue recognition, inventory, accrued liabilities including our bonus accrual, clinical trial accruals, stock-based compensation and the timing of payments with respect to our long-term capped royalty obligation, which determines our interest expense. We base our estimates on relevant experience and on other specific assumptions that we believe are reasonable.</p></div>
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us-gaap Revenue Recognition Revenue Reductions
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<div> <p style="text-align:justify;margin-top:13pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Net Product Sales</p> <p style="text-align:justify;margin-top:4pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">We primarily sell Korlym directly to patients through Dohmen Life Science Services (Dohmen), a specialty pharmacy. Prior authorization and confirmation of coverage by the patients&#8217; private or government insurance plan or by a third-party charity is a prerequisite for Dohmen to ship Korlym to a patient. We recognize revenue upon the delivery of Korlym to these patients.</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We recognize revenue from sales of Korlym upon delivery to patients as long as (i) there is persuasive evidence that an arrangement exists between ourselves and the customer, (ii) collectability is reasonably assured and (iii) the price is fixed or determinable. Prior authorization or confirmation of coverage level by the patient&#8217;s private insurance plan or government payor is a prerequisite to the shipment of Korlym to a patient.&nbsp;&nbsp;In order to conclude that the price is fixed or determinable, we must be able to (i) calculate gross product revenues from the sales to our customers and (ii) reasonably estimate net product revenues.</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective January 1, 2016, we recognize sales to our specialty distributor (SD) at the time of sale to the SD. Before that date, we did not recognize these sales until the SD had in turn sold to its customers.&nbsp;&nbsp;Sales to the SD were less than two percent of our revenue in each of the three and nine months ended September 30, 2016.</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We donate cash to the National Organization for Rare Disorders (&#8220;NORD&#8221;), an independent non-profit organization that helps patients with financial need pay for the treatment of Cushing&#8217;s syndrome. We do not include in revenue payments we receive from NORD.</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We calculate gross product revenues based on the price we charge our customers. We estimate our net product revenues by deducting from our gross product revenues (a) estimated government rebates and chargebacks, (b) estimated costs of our patient co-pay assistance program, (c) trade allowances, such as discounts for prompt payment and (d) reserves for expected product returns.&nbsp;&nbsp;We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates as new information becomes available.</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Rebates and Chargebacks:<font style="font-style:normal;"> &#160;We contract with Medicaid and other government agencies so that Korlym will be eligible for purchase by, or qualify for partial or full reimbursement from, Medicaid and other government programs. We estimate our rebate and chargeback amounts by applying the discount rates applicable to each government-funded program against our sales to patients covered by such programs.</font></p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Allowances for Patient Assistance Program:<font style="font-style:normal;">&#160; We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-payments. We calculate the cost of assistance by applying our program guidelines to the eligible sales in the period.</font></p></div>
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146000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
332000
cort Financing Agreement Covenant Window Period For Royalty Payments From Due Date
FinancingAgreementCovenantWindowPeriodForRoyaltyPaymentsFromDueDate
P30D
CY2016Q3 us-gaap Contractual Obligation
ContractualObligation
45000000
CY2016Q3 us-gaap Accretion Expense
AccretionExpense
455000
cort Number Of Manufacturers For Mifepristone
NumberOfManufacturersForMifepristone
1
CY2016Q3 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
2787000
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3380000
CY2016Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
89000
CY2016Q3 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
140000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1998-05-01
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2866000
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2141000
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3000
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2438000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2338000
CY2016Q3 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
5307000
CY2015Q4 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
4482000
cort Number Of Tablet Manufacturers
NumberOfTabletManufacturers
1
CY2015Q3 us-gaap Accretion Expense
AccretionExpense
698000
us-gaap Accretion Expense
AccretionExpense
14200000
CY2015Q4 us-gaap Contractual Obligation
ContractualObligation
45000000
CY2016Q3 cort Contractual Obligation Unamortized Discount Premium Net
ContractualObligationUnamortizedDiscountPremiumNet
822000
CY2015Q4 cort Contractual Obligation Unamortized Discount Premium Net
ContractualObligationUnamortizedDiscountPremiumNet
2385000
CY2016Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
19000
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
35000
CY2016Q3 cort Contractual Obligation Payment To Date
ContractualObligationPaymentToDate
25434000
CY2015Q4 cort Contractual Obligation Payment To Date
ContractualObligationPaymentToDate
15087000
CY2016Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
140000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-03-31
CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
246000
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
158000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5767000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5045000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
639000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
474000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
200000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
937000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1115000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
279000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2531000
cort Number Of Stock Option Plans
NumberOfStockOptionPlans
2
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1239000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1831000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1542000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5101000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4520000

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cort-10q_20160930.htm Edgar Link pending
cort-20160930.xml Edgar Link completed
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cort-20160930_cal.xml Edgar Link unprocessable
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