Corcept Therapeutics Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Corcept Therapeutics Inc. has submitted its 2023 annual report detailing financial performance and structure.</b>

AI Summary

CORCEPT THERAPEUTICS INC (CORT) filed a Annual Report (10-K) with the SEC on February 15, 2024. Corcept Therapeutics Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 149 Commonwealth Drive, Menlo Park, CA 94025. The filing includes data for fiscal years 2021, 2022, and 2023. The report details financial information related to common stock, additional paid-in capital, treasury stock, accumulated other comprehensive income, and retained earnings.

Why It Matters

For investors and stakeholders tracking CORCEPT THERAPEUTICS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Corcept's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed financial data, including equity components and retained earnings, allows stakeholders to understand the company's capital structure and profitability trends over the past three fiscal years.

Risk Assessment

Risk Level: low — CORCEPT THERAPEUTICS INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Corcept Therapeutics' financial position and strategic direction for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-15 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary year covered by the report)

Key Players & Entities

• Corcept Therapeutics Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• 149 Commonwealth Drive, Menlo Park, CA 94025 (address) — Business address
• 2834 (industry_code) — Standard Industrial Classification for Pharmaceutical Preparations

FAQ

Industry Context

Corcept Therapeutics operates in the Pharmaceutical Preparations industry, focusing on the development and commercialization of therapies.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and other key performance indicators.
2. Review any disclosed risk factors to understand potential challenges and uncertainties.
3. Examine the company's capital structure, including equity and debt components, for financial health assessment.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-02-15: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value CORT The Nasdaq Stock Market
• $22.25 — 006,147 , based on the closing price of $22.25 for shares of the Registrant's common s
• $184.4 m — h and Development Spending We incurred $184.4 million, $131.0 million and $113.9 millio
• $131.0 million — t Spending We incurred $184.4 million, $131.0 million and $113.9 million of research and deve
• $113.9 million — rred $184.4 million, $131.0 million and $113.9 million of research and development expense in

Filing Documents

• cort-20231231.htm (10-K) — 1327KB
• cort202310-kex1036.htm (EX-10.36) — 66KB
• cort202310-kex231.htm (EX-23.1) — 3KB
• cort202310-kex311.htm (EX-31.1) — 9KB
• cort202310-kex312.htm (EX-31.2) — 9KB
• cort202310-kex321.htm (EX-32.1) — 5KB
• cort202310-kex322.htm (EX-32.2) — 5KB
• cort202310-kex97.htm (EX-97) — 34KB
• cort-20231231_g1.jpg (GRAPHIC) — 101KB
• 0001628280-24-005055.txt (&nbsp;) — 7214KB
• cort-20231231.xsd (EX-101.SCH) — 45KB
• cort-20231231_cal.xml (EX-101.CAL) — 84KB
• cort-20231231_def.xml (EX-101.DEF) — 191KB
• cort-20231231_lab.xml (EX-101.LAB) — 706KB
• cort-20231231_pre.xml (EX-101.PRE) — 426KB
• cort-20231231_htm.xml (XML) — 856KB

Risk Factors

ITEM 1A. Risk Factors 11

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 25

Cy bersecurity

ITEM 1C. Cy bersecurity 25

Properties

ITEM 2. Properties 25

Legal Proceedings

ITEM 3. Legal Proceedings 25

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 27 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

[Reserved]

ITEM 6. [Reserved] 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 36

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 36

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 36

Controls and Procedures

ITEM 9A. Controls and Procedures 36

Other Information

ITEM 9B. Other Information 38

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 38 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 39

Executive Compensation

ITEM 11. Executive Compensation 39

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 39

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 39 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 40

Form 10-K Summary

ITEM 16. Form 10-K Summary 43 Signatures and Power of Attorney 44 PART I This Annual Report on Form 10-K ("Form 10-K") contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and Section 27A of the Securities Act of 1933, as amended ("Securities Act"). All statements contained in this Form 10-K, other than statements of historical fact, are forward-looking statements. When used in this report, the words "believe," "anticipate," "intend," "plan," "estimate," "expect," "may," "will," "should," "would," "could," "seek" and similar expressions are forward-looking statements based on management's current expectations. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, but are not limited to, statements about: our ability to manufacture, market and sell Korlym (mifepristone) 300 mg Tablets ("Korlym"); the impact of possible future competition for Korlym, including generic versions of Korlym, or our product candidates; our estimates regarding enrollment in and the completion dates of our clinical trials and the anticipated results of these trials; the timing of regulatory submissions seeking approval of product candidates and the commercialization of any product candidates that are approved; the progress and timing of our research and development programs and the regulatory activities associated with them; our estimates for future performance, including revenue, income and capital requirements; our ability to manufacture, market, commercialize and achieve market acceptance for our product candidates; and uncertainties associated with obtaining and enforcing patents. Forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Actual events or results may differ materially for many reasons. For a more detailed discussion of the risks and uncertainties that may affect

BUSINESS

ITEM 1. BUSINESS Overview We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol. Cortisol plays a significant role in the body's response to stress and is essential for survival. Cortisol influences metabolism and the immune system and contributes to emotional stability. Cortisol levels follow a diurnal rhythm that is essential to health, peaking upon awakening and decreasing during the day. Insufficient cortisol activity may lead to dehydration, hypotension, shock, fatigue and hypoglycemia. Excessive cortisol activity, known as hypercortisolism, may lead to a suppressed immune response, impaired glucose tolerance, diabetes, obesity, fatty liver disease, depressed mood, psychosis, wasting of the arms and legs, edema, fatigue, hypertension and other problems. Pre-clinical and clinical data suggest that cortisol reduces a patient's immune response to oncogenesis, shields certain cancer cells from the apoptotic effects of chemotherapy and facilitates the growth of others. Pre-clinical and clinical data also indicate that modulating cortisol activity may improve outcomes in patients with fatty liver disease and non-alcoholic steatohepatitis ("NASH"), which are precursors of liver fibrosis and cirrhosis, and in patients at risk of weight gain caused by antipsychotic medications (referred to as antipsychotic induced weight gain, or "AIWG"). Pre-clinical data also suggest that modulating cortisol activity may lead to treatments for patients with amyotrophic lateral sclerosis ("ALS"). 1 Since 2012, we have marketed Korlym in the United States for the treatment of patients suffering from hypercortisolism ("Cushing's syndrome"). The challenge in treating a patient with Cushing's syndrome is modulating cortisol's effects without either inappropriately suppressing them or disrupting cortisol's normal diurnal r

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