$CORT
Corcept Therapeutics Inc

2017 Q2 Form 10-Q Financial Statement

#000156459017014705 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $35.56M $19.72M
YoY Change 80.28% 64.97%
Cost Of Revenue $775.0K $426.0K
YoY Change 81.92% -2.96%
Gross Profit $34.78M $19.30M
YoY Change 80.25% 67.56%
Gross Profit Margin 97.82% 97.84%
Selling, General & Admin $14.11M $12.12M
YoY Change 16.46% 29.72%
% of Gross Profit 40.57% 62.79%
Research & Development $7.880M $5.672M
YoY Change 38.93% 69.77%
% of Gross Profit 22.65% 29.39%
Depreciation & Amortization $0.00 $100.0K
YoY Change -100.0% 0.0%
% of Gross Profit 0.0% 0.52%
Operating Expenses $14.11M $17.79M
YoY Change -20.67% 40.27%
Operating Profit $12.80M $1.508M
YoY Change 748.47% -229.33%
Interest Expense -$150.0K -$520.0K
YoY Change -71.15% -32.47%
% of Operating Profit -1.17% -34.48%
Other Income/Expense, Net $50.00K -$10.00K
YoY Change -600.0%
Pretax Income $12.70M $980.0K
YoY Change 1195.61% -150.52%
Income Tax $50.00K
% Of Pretax Income 0.39%
Net Earnings $12.65M $977.0K
YoY Change 1194.47% -150.46%
Net Earnings / Revenue 35.57% 4.95%
Basic Earnings Per Share $0.11
Diluted Earnings Per Share $0.10 $8.497K
COMMON SHARES
Basic Shares Outstanding 113.2M
Diluted Shares Outstanding 123.0M 115.3M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.20M $41.80M
YoY Change 58.37% 12.97%
Cash & Equivalents $33.62M $41.79M
Short-Term Investments $32.50M
Other Short-Term Assets $2.500M $1.600M
YoY Change 56.25% 33.33%
Inventory $3.100M $2.134M
Prepaid Expenses
Receivables $9.500M $9.301M
Other Receivables $0.00 $0.00
Total Short-Term Assets $81.30M $54.78M
YoY Change 48.42% 22.55%
LONG-TERM ASSETS
Property, Plant & Equipment $500.0K $76.00K
YoY Change 557.89% -62.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M
YoY Change
Other Assets $49.00K $24.00K
YoY Change 104.17% -99.31%
Total Long-Term Assets $5.200M $2.060M
YoY Change 152.43% -44.32%
TOTAL ASSETS
Total Short-Term Assets $81.30M $54.78M
Total Long-Term Assets $5.200M $2.060M
Total Assets $86.50M $56.84M
YoY Change 52.19% 17.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $2.081M
YoY Change 0.91% -13.29%
Accrued Expenses $13.70M $5.833M
YoY Change 134.87% 94.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.600M $18.56M
YoY Change -75.21% 54.64%
Total Short-Term Liabilities $20.40M $27.43M
YoY Change -25.64% 57.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.744M
YoY Change -100.0% -80.7%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $3.744M
YoY Change -100.0% -80.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.40M $27.43M
Total Long-Term Liabilities $0.00 $3.744M
Total Liabilities $20.40M $31.18M
YoY Change -34.57% -15.28%
SHAREHOLDERS EQUITY
Retained Earnings -$329.5M
YoY Change
Common Stock $110.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.10M $25.66M
YoY Change
Total Liabilities & Shareholders Equity $86.50M $56.84M
YoY Change 52.19% 17.43%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $12.65M $977.0K
YoY Change 1194.47% -150.46%
Depreciation, Depletion And Amortization $0.00 $100.0K
YoY Change -100.0% 0.0%
Cash From Operating Activities $15.50M $1.600M
YoY Change 868.75% -1700.0%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$14.80M
YoY Change
Cash From Investing Activities -$15.00M $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 -5.000M -500.0K
YoY Change 900.0% -28.57%
NET CHANGE
Cash From Operating Activities 15.50M 1.600M
Cash From Investing Activities -15.00M 0.000
Cash From Financing Activities -5.000M -500.0K
Net Change In Cash -4.500M 1.100M
YoY Change -509.09% -237.5%
FREE CASH FLOW
Cash From Operating Activities $15.50M $1.600M
Capital Expenditures -$200.0K $0.00
Free Cash Flow $15.70M $1.600M
YoY Change 881.25% -1700.0%

Facts In Submission

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us-gaap Use Of Estimates
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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-bottom:0pt;margin-top:4pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with U.S. 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-bottom:0pt;margin-top:9pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;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, sales returns, inventory, allowances for doubtful accounts, 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<font style="color:#000000;">.</font></p></div>
us-gaap Concentration Risk Credit Risk
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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%;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">We are subject to credit risk from our portfolio of cash, cash equivalents and marketable securities.&#160; We limit our investments to U.S. Treasury obligations and high-grade corporate debt with less than a 36-month maturity.&#160; We are not exposed to any significant concentration of credit from these investments.<font style="font-size:12pt;"> </font></p></div>
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:9pt;margin-bottom:0pt;color:#000000;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 a specialty pharmacy, Dohmen Life Science Services (Dohmen). Prior authorization and confirmation of coverage by the patient&#8217;s private or government insurance plan or by a third-party charity is a prerequisite for selling Korlym to a patient. We recognize revenue upon the delivery of Korlym <font style="color:#000000;">if (i) there is persuasive evidence that an arrangement exists with the customer, (ii) collectability is reasonably assured and (iii) the sales price is fixed or determinable. Prior authorization or confirmation of coverage by the patient&#8217;s insurance plan or a supporting charitable foundation is a prerequisite to the sale 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 revenue from a sale and (ii) reasonably estimate the associated net revenue.</font></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 sales to our specialty distributor (SD) at the time of sale.&nbsp;&nbsp;Sales to the SD were less than one percent of our net revenue in the three and six months ended June 30, 2017.</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 patient support organizations that help patients with financial need pay for the treatment of Cushing&#8217;s syndrome. We do not include in revenue payments we receive from these organizations.</p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;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.&#160;&#160;We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates as new information becomes available<font style="color:#000000;">.</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;">Rebates and Chargebacks:<font style="font-style:normal;"> &#160;</font><font style="color:#000000;font-style:normal;">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><font style="font-style:normal;">.</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; </font><font style="color:#000000;font-style:normal;">We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-payments. We determine the amount of such assistance by applying our program guidelines to all eligible sales in the period</font><font style="font-style:normal;">.</font></p> <p style="text-align:justify;margin-top:9pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Sales Returns<font style="font-style:normal;">:&#160;We deduct from each period&#8217;s gross revenue the amount of Korlym we estimate will be returned. When estimating future returns, we analyze quantitative and qualitative information including, but not limited to, historical return rates, the amount of product in the distribution channel, the expiration date of the 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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Files In Submission

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