$CORT
Corcept Therapeutics Inc

2023 Q2 Form 10-Q Financial Statement

#000162828023015236 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $117.7M $105.7M $103.1M
YoY Change 13.86% 12.77% 4.28%
Cost Of Revenue $1.574M $1.386M $1.480M
YoY Change 19.6% 10.88% 9.31%
Gross Profit $116.1M $104.3M $101.6M
YoY Change 13.79% 12.8% 4.21%
Gross Profit Margin 98.66% 98.69% 98.56%
Selling, General & Admin $43.28M $48.56M $42.32M
YoY Change 14.46% 29.34% 31.09%
% of Gross Profit 37.27% 46.58% 41.67%
Research & Development $43.28M $40.85M $36.75M
YoY Change 31.84% 45.27% 28.88%
% of Gross Profit 37.26% 39.18% 36.18%
Depreciation & Amortization $186.0K $172.0K $183.0K
YoY Change 60.34% -40.28% -36.68%
% of Gross Profit 0.16% 0.16% 0.18%
Operating Expenses $86.56M $89.42M $79.08M
YoY Change 22.54% 36.16% 30.05%
Operating Profit $29.58M $14.85M $22.50M
YoY Change -5.88% -44.51% -38.63%
Interest Expense $3.347M $3.581M $1.777M
YoY Change 431.27% 4376.25% 2368.06%
% of Operating Profit 11.31% 24.11% 7.9%
Other Income/Expense, Net $3.347M $3.581M
YoY Change 431.27% 4376.25%
Pretax Income $32.93M $18.43M $24.28M
YoY Change 2.71% -31.34% -33.92%
Income Tax $5.402M $2.600M $7.675M
% Of Pretax Income 16.4% 14.1% 31.62%
Net Earnings $27.53M $15.88M $16.60M
YoY Change 0.42% -30.35% -48.21%
Net Earnings / Revenue 23.39% 15.03% 16.11%
Basic Earnings Per Share $0.27 $0.15
Diluted Earnings Per Share $0.25 $0.14 $0.14
COMMON SHARES
Basic Shares Outstanding 101.6M shares 107.9M shares 107.6M shares
Diluted Shares Outstanding 109.6M shares 115.4M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $363.3M $465.1M $431.7M
YoY Change -1.84% 34.59% 93.11%
Cash & Equivalents $172.4M $299.9M $66.33M
Short-Term Investments $190.9M $165.1M $365.3M
Other Short-Term Assets $29.86M $29.87M $30.42M
YoY Change 94.41% 186.22% 194.95%
Inventory $6.915M $6.409M $6.100M
Prepaid Expenses
Receivables $32.55M $32.56M $31.06M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $432.6M $533.9M $499.3M
YoY Change 3.23% 37.52% 87.36%
LONG-TERM ASSETS
Property, Plant & Equipment $648.0K $461.0K $633.0K
YoY Change -24.83% -36.5% -36.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $4.947M
YoY Change -100.0% -100.0% -95.59%
Other Assets $91.39M $4.764M $5.058M
YoY Change 4883.04% 59.65% 64.06%
Total Long-Term Assets $92.04M $83.96M $84.18M
YoY Change 19.04% 5.07% -46.48%
TOTAL ASSETS
Total Short-Term Assets $432.6M $533.9M $499.3M
Total Long-Term Assets $92.04M $83.96M $84.18M
Total Assets $524.6M $617.8M $583.4M
YoY Change 5.69% 31.98% 37.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.976M $11.22M $11.98M
YoY Change -3.27% 21.01% 73.36%
Accrued Expenses $65.60M $39.09M $30.80M
YoY Change 165.09% 19.7% 11.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $93.06M $78.87M $72.49M
YoY Change 89.7% 37.77% 52.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.952M $9.399M $9.097M
YoY Change 99.8% 206.36% 2124.21%
Total Long-Term Liabilities $9.952M $9.399M $9.097M
YoY Change 99.8% 206.36% 2124.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.06M $78.87M $72.49M
Total Long-Term Liabilities $9.952M $9.399M $9.097M
Total Liabilities $103.0M $88.26M $81.59M
YoY Change 90.63% 46.35% 70.15%
SHAREHOLDERS EQUITY
Retained Earnings $339.8M $312.3M $296.4M
YoY Change 38.59% 43.4% 52.02%
Common Stock $695.9M $680.0M $131.0K
YoY Change 11.14% 11.68% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $421.6M $529.6M $501.8M
YoY Change
Total Liabilities & Shareholders Equity $524.6M $617.8M $583.4M
YoY Change 5.69% 31.98% 37.68%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $27.53M $15.88M $16.60M
YoY Change 0.42% -30.35% -48.21%
Depreciation, Depletion And Amortization $186.0K $172.0K $183.0K
YoY Change 60.34% -40.28% -36.68%
Cash From Operating Activities $42.29M $25.96M $33.39M
YoY Change 134.4% -26.36% -32.45%
INVESTING ACTIVITIES
Capital Expenditures $102.0K $0.00 $31.00K
YoY Change -636.84% -100.0% -147.69%
Acquisitions
YoY Change
Other Investing Activities -$24.00M $207.5M -$17.21M
YoY Change -42.57% -510.97% -112.25%
Cash From Investing Activities -$24.10M $207.5M -$17.24M
YoY Change -42.35% -510.87% -112.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -145.8M $181.0K -61.00K
YoY Change 5188.61% -135.77% -99.97%
NET CHANGE
Cash From Operating Activities 42.29M $25.96M 33.39M
Cash From Investing Activities -24.10M $207.5M -17.24M
Cash From Financing Activities -145.8M $181.0K -61.00K
Net Change In Cash -127.6M $233.6M 16.09M
YoY Change 381.09% -1582.79% -194.23%
FREE CASH FLOW
Cash From Operating Activities $42.29M $25.96M $33.39M
Capital Expenditures $102.0K $0.00 $31.00K
Free Cash Flow $42.18M $25.96M $33.36M
YoY Change 133.59% -26.33% -32.6%

Facts In Submission

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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1409000 usd
CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1382000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1228000 usd
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1888000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
181000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
233613000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66329000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
77617000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
299942000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61862000 usd
CY2023Q1 cort Shares Repurchased In Net Settlement Of Cashless Option Exercise
SharesRepurchasedInNetSettlementOfCashlessOptionExercise
5246000 usd
CY2022Q1 cort Shares Repurchased In Net Settlement Of Cashless Option Exercise
SharesRepurchasedInNetSettlementOfCashlessOptionExercise
5149000 usd
CY2023Q1 cort Non Cash Transaction Recognition Of Right Of Use Asset And Lease Liability
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0 usd
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NonCashTransactionRecognitionOfRightOfUseAssetAndLeaseLiability
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
501842000 usd
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StockIssuedDuringPeriodValueStockOptionsExercised
6540000 usd
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AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
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10966000 usd
CY2023Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
716000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
375806000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6544000 usd
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
7037000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10825000 usd
CY2022Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-1124000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
407811000 usd
CY2023Q1 cort Number Of Series Of Selective Cortisol Modulators
NumberOfSeriesOfSelectiveCortisolModulators
4 series
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4340000 usd
CY2023Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
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CY2023Q1 cort Inventory Work In Process Current And Noncurrent
InventoryWorkInProcessCurrentAndNoncurrent
8514000 usd
CY2022Q4 cort Inventory Work In Process Current And Noncurrent
InventoryWorkInProcessCurrentAndNoncurrent
7827000 usd
CY2023Q1 cort Inventory Finished Goods Current And Noncurrent
InventoryFinishedGoodsCurrentAndNoncurrent
8051000 usd
CY2022Q4 cort Inventory Finished Goods Current And Noncurrent
InventoryFinishedGoodsCurrentAndNoncurrent
9204000 usd
CY2023Q1 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
16565000 usd
CY2022Q4 cort Inventory Current Noncurrent
InventoryCurrentNoncurrent
17031000 usd
CY2023Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
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CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
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CY2023Q1 us-gaap Inventory Net
InventoryNet
6409000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4340000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3879000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3707000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
461000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
633000 usd
CY2023Q1 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
15478000 usd
CY2022Q4 cort Accrued Government Rebate Current
AccruedGovernmentRebateCurrent
11098000 usd
CY2023Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
8589000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
89000 usd
CY2023Q1 cort Accrued Compensation Current
AccruedCompensationCurrent
7806000 usd
CY2022Q4 cort Accrued Compensation Current
AccruedCompensationCurrent
15511000 usd
CY2023Q1 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
3421000 usd
CY2022Q4 cort Accrued Legal Fees Current
AccruedLegalFeesCurrent
2673000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1498000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
211000 usd
CY2023Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
1081000 usd
CY2022Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
434000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1220000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
783000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
39093000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30799000 usd
CY2023Q1 cort Deposits For Clinical Trials
DepositsForClinicalTrials
4600000 usd
CY2022Q4 cort Deposits For Clinical Trials
DepositsForClinicalTrials
4900000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
425051000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
406670000 usd
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
1800000 usd
CY2023Q1 cort Marketable Securities Maximum Maturity Period
MarketableSecuritiesMaximumMaturityPeriod
P2Y
CY2023Q1 cort Short Term Marketable Securities Maximum Maturity Period
ShortTermMarketableSecuritiesMaximumMaturityPeriod
P1Y
CY2023Q1 cort Marketable Securities Weighted Average Maturity Period
MarketableSecuritiesWeightedAverageMaturityPeriod
P1M
CY2023Q1 cort Loss Contingency Accrual Other
LossContingencyAccrualOther
0 usd
CY2023Q1 cort Loss Contingency Accrual Provision Other
LossContingencyAccrualProvisionOther
0 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
578000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
530000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2816000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3M
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
578000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
578000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
575000 usd
CY2023Q1 cort Number Of Stock Option Plans
NumberOfStockOptionPlans
1 plan
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
92000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
64000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
11233000 usd
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
10825000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15807000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15807000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
22797000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22797000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107885000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106012000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7540000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9025000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115425000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115037000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4100000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
400000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
9300000 usd
CY2023Q1 cort Unrecognized Tax Benefits That Would Be Offset By A Change In Valuation Allowance
UnrecognizedTaxBenefitsThatWouldBeOffsetByAChangeInValuationAllowance
2500000 usd

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