$CORT
Corcept Therapeutics Inc

2018 Q4 Form 10-Q Financial Statement

#000156459018026315 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $66.83M $64.45M $53.28M
YoY Change 25.43% 50.7% 123.76%
Cost Of Revenue $1.580M $1.308M $1.160M
YoY Change 36.21% 34.02% 107.14%
Gross Profit $65.25M $63.14M $52.12M
YoY Change 25.19% 51.09% 124.18%
Gross Profit Margin 97.64% 97.97% 97.83%
Selling, General & Admin $21.56M $21.31M $16.80M
YoY Change 28.33% 29.37% 42.86%
% of Gross Profit 33.04% 33.75% 32.23%
Research & Development $18.79M $18.86M $13.63M
YoY Change 37.86% 61.29% 110.34%
% of Gross Profit 28.8% 29.87% 26.15%
Depreciation & Amortization $0.00 $100.0K $0.00
YoY Change 0.0%
% of Gross Profit 0.0% 0.16% 0.0%
Operating Expenses $40.35M $40.17M $30.42M
YoY Change 32.64% 243.52% 66.68%
Operating Profit $24.90M $22.97M $21.70M
YoY Change 14.74% -23.68% 334.06%
Interest Expense $1.040M $760.0K $0.00
YoY Change -2000.0% -100.0%
% of Operating Profit 4.18% 3.31% 0.0%
Other Income/Expense, Net $759.0K $190.0K
YoY Change 532.5% -575.0%
Pretax Income $25.94M $23.73M $21.89M
YoY Change 18.5% 73.07% 375.87%
Income Tax $3.930M $6.000M -$109.7M
% Of Pretax Income 15.15% 25.29% -501.05%
Net Earnings $22.01M $17.75M $98.33M
YoY Change -77.62% 29.0% 2039.0%
Net Earnings / Revenue 32.93% 27.54% 184.55%
Basic Earnings Per Share $0.19 $0.15 $0.86
Diluted Earnings Per Share $0.18 $0.14 $0.77
COMMON SHARES
Basic Shares Outstanding 115.5M 115.8M shares
Diluted Shares Outstanding 126.2M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.8M $195.2M $88.74M
YoY Change 132.98% 159.57% 72.32%
Cash & Equivalents $41.63M $33.89M $31.06M
Short-Term Investments $165.1M $161.3M $57.68M
Other Short-Term Assets $7.700M $4.300M $2.700M
YoY Change 185.19% 38.71% 35.0%
Inventory $4.732M $5.400M $4.576M
Prepaid Expenses
Receivables $17.59M $19.36M $15.30M
Other Receivables $0.00 $0.00 $12.90M
Total Short-Term Assets $236.8M $224.2M $124.2M
YoY Change 90.7% 138.76% 89.05%
LONG-TERM ASSETS
Property, Plant & Equipment $655.0K $500.0K $518.0K
YoY Change 26.45% -16.67% 152.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $1.500M $15.30M
YoY Change -100.0% 0.0%
Other Assets $50.00K $53.00K $50.00K
YoY Change 0.0% -99.64% 108.33%
Total Long-Term Assets $74.87M $75.55M $96.35M
YoY Change -22.29% 349.71% 3044.65%
TOTAL ASSETS
Total Short-Term Assets $236.8M $224.2M $124.2M
Total Long-Term Assets $74.87M $75.55M $96.35M
Total Assets $311.7M $299.8M $220.5M
YoY Change 41.33% 170.78% 220.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.266M $13.92M $8.579M
YoY Change -3.65% 124.55% 274.63%
Accrued Expenses $23.79M $20.89M $18.74M
YoY Change 26.91% 15.43% 109.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $35.57M $40.20M $29.57M
YoY Change 20.31% 64.75% 8.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $200.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $35.57M $40.20M $29.57M
Total Long-Term Liabilities $200.0K $0.00 $0.00
Total Liabilities $35.81M $40.20M $29.57M
YoY Change 21.11% 64.75% 8.02%
SHAREHOLDERS EQUITY
Retained Earnings -$117.7M -$139.7M -$193.1M
YoY Change -39.04% -52.06% -40.07%
Common Stock $417.3M $408.3M $384.2M
YoY Change 8.63% 339890.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.66M $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $275.9M $259.5M $191.0M
YoY Change
Total Liabilities & Shareholders Equity $311.7M $299.8M $220.5M
YoY Change 41.33% 170.85% 220.77%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $22.01M $17.75M $98.33M
YoY Change -77.62% 29.0% 2039.0%
Depreciation, Depletion And Amortization $0.00 $100.0K $0.00
YoY Change 0.0%
Cash From Operating Activities $21.60M $44.50M $24.80M
YoY Change -12.9% 304.55% 439.13%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K $0.00
YoY Change 0.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.700M -$33.40M -$27.40M
YoY Change -93.8% 190.43%
Cash From Investing Activities -$1.800M -$33.50M -$27.50M
YoY Change -93.45% 188.79% 27400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.00M -8.300M 2.500M
YoY Change -580.0% 361.11% -412.5%
NET CHANGE
Cash From Operating Activities 21.60M 44.50M 24.80M
Cash From Investing Activities -1.800M -33.50M -27.50M
Cash From Financing Activities -12.00M -8.300M 2.500M
Net Change In Cash 7.800M 2.700M -200.0K
YoY Change -4000.0% -212.5% -105.41%
FREE CASH FLOW
Cash From Operating Activities $21.60M $44.50M $24.80M
Capital Expenditures -$100.0K -$100.0K $0.00
Free Cash Flow $21.70M $44.60M $24.80M
YoY Change -12.5% 301.8% 427.66%

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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 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 reevaluate our estimates and assumptions each quarter, including those related to revenue recognition, recognition and measurement of income tax assets and liabilities, inventory, allowances for doubtful accounts and other accrued liabilities, including our bonus accrual, clinical trial accruals and stock-based compensation<font style="color:#000000;">.</font></p></div>
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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 cash equivalents and marketable securities.&#160; We limit our investments to U.S. Treasury obligations and high-grade corporate debt, asset-backed securities and repurchase agreements with less than a 36-month maturity at the time of purchase.&#160; These investments are diversified and do not expose us to concentrations of credit risk.</p></div>
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cort Product Revenue Allowance And Reserve Credit Or Payments Made During Period
ProductRevenueAllowanceAndReserveCreditOrPaymentsMadeDuringPeriod
-20816000
CY2018Q3 cort Inventory Work In Process Current And Noncurrent
InventoryWorkInProcessCurrentAndNoncurrent
3959000
CY2017Q4 cort Inventory Work In Process Current And Noncurrent
InventoryWorkInProcessCurrentAndNoncurrent
64000
CY2018Q3 cort Inventory Finished Goods Current And Noncurrent
InventoryFinishedGoodsCurrentAndNoncurrent
7463000
cort Marketable Securities Maximum Maturity Period
MarketableSecuritiesMaximumMaturityPeriod
P2Y
CY2017Q4 cort Inventory Finished Goods Current And Noncurrent
InventoryFinishedGoodsCurrentAndNoncurrent
4025000
CY2018Q3 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
12722000
CY2017Q4 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
8376000
CY2018Q3 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
11158000
CY2017Q4 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
7961000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6407000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8574000
CY2018Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1583000
CY2017Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
66000
CY2018Q3 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
516000
CY2017Q4 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
276000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
333000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
207000
CY2018Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
611000
CY2017Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
208000
CY2018Q3 cort Accrued Manufacturing Costs
AccruedManufacturingCosts
20000
CY2017Q4 cort Accrued Manufacturing Costs
AccruedManufacturingCosts
955000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
264000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
496000
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-100000
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
cort Marketable Securities Weighted Average Maturity Period
MarketableSecuritiesWeightedAverageMaturityPeriod
P4M
CY2018Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q3 us-gaap Accretion Expense
AccretionExpense
0
us-gaap Accretion Expense
AccretionExpense
0
CY2017Q3 us-gaap Accretion Expense
AccretionExpense
37000
us-gaap Accretion Expense
AccretionExpense
500000
CY2018Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
100000
CY2018Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
0
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
0
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-03-31
CY2018Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000
CY2017Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
346000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
342000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
688000
CY2018Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
cort Number Of Stock Option Plans
NumberOfStockOptionPlans
2
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1408000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6510000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3623000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17481000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9529000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10361000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
12048000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
11773000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
10175000
CY2018Q3 cort Earnings Per Share Potentially Dilutive Securities Stock Options Outstanding
EarningsPerSharePotentiallyDilutiveSecuritiesStockOptionsOutstanding
23315000
CY2017Q3 cort Earnings Per Share Potentially Dilutive Securities Stock Options Outstanding
EarningsPerSharePotentiallyDilutiveSecuritiesStockOptionsOutstanding
20729000
CY2018Q3 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-5000000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-10600000
CY2018Q3 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1000000
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
2200000
CY2018Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2017Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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