Corcept Therapeutics Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Corcept Therapeutics Inc. filed its Q1 2024 10-Q report on May 1, 2024.</b>

AI Summary

CORCEPT THERAPEUTICS INC (CORT) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Corcept Therapeutics Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Corcept Therapeutics Inc. is in the Pharmaceutical Preparations industry. The filing was submitted on May 1, 2024.

Why It Matters

For investors and stakeholders tracking CORCEPT THERAPEUTICS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Corcept Therapeutics Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the pharmaceutical sector.

Risk Assessment

Risk Level: low — CORCEPT THERAPEUTICS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Corcept Therapeutics' performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 12/31 — Fiscal Year End (FISCAL YEAR END)
• 000-50679 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• CORCEPT THERAPEUTICS INC (company) — COMPANY CONFORMED NAME
• CORT (company) — Ticker Symbol
• 10-Q (document) — FORM TYPE
• 2024-05-01 (date) — FILED AS OF DATE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2834 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 149 COMMONWEALTH DRIVE (address) — BUSINESS ADDRESS
• MENLO PARK (location) — BUSINESS ADDRESS CITY

FAQ

Industry Context

Corcept Therapeutics Inc. operates within the Pharmaceutical Preparations sector, focusing on the development and commercialization of therapies.

Regulatory Implications

As a publicly traded pharmaceutical company, Corcept Therapeutics Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for detailed explanations.
3. Identify any new risk factors or updates to existing ones mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 31, 2024, following the previous 10-K filing for the fiscal year ending December 31, 2023.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value CORT The Nasdaq Stock Market

Filing Documents

• cort-20240331.htm (10-Q) — 717KB
• cort33124ex101ninthamendme.htm (EX-10.1) — 22KB
• cort33124ex102optime.htm (EX-10.2) — 303KB
• cort33124ex103zuorasublease.htm (EX-10.3) — 964KB
• cort33124ex311.htm (EX-31.1) — 9KB
• cort33124ex312.htm (EX-31.2) — 9KB
• cort33124ex321.htm (EX-32.1) — 5KB
• cort33124ex322.htm (EX-32.2) — 5KB
• image_01.jpg (GRAPHIC) — 214KB
• image_0a.jpg (GRAPHIC) — 238KB
• image_1a.jpg (GRAPHIC) — 235KB
• image_1b.jpg (GRAPHIC) — 1KB
• image_2a.jpg (GRAPHIC) — 273KB
• image_2b.jpg (GRAPHIC) — 1KB
• image_3.jpg (GRAPHIC) — 242KB
• image_4.jpg (GRAPHIC) — 171KB
• image_5.jpg (GRAPHIC) — 175KB
• image_6.jpg (GRAPHIC) — 1294KB
• image_7.jpg (GRAPHIC) — 320KB
• image_8.jpg (GRAPHIC) — 428KB
• 0001628280-24-019610.txt (&nbsp;) — 10290KB
• cort-20240331.xsd (EX-101.SCH) — 33KB
• cort-20240331_cal.xml (EX-101.CAL) — 64KB
• cort-20240331_def.xml (EX-101.DEF) — 103KB
• cort-20240331_lab.xml (EX-101.LAB) — 359KB
• cort-20240331_pre.xml (EX-101.PRE) — 235KB
• cort-20240331_htm.xml (XML) — 380KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 CONDENSED CONSOLIDATED BALANCE SHEETS 3 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 4 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 7 NOTES TO CONDENSED FINANCIAL STATEMENTS 8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 20

OTHER INFORMATION

PART II. OTHER INFORMATION 21

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 21

RISK FACTORS

ITEM 1A. RISK FACTORS 22

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 36

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 36

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 36

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 37

EXHIBITS

ITEM 6. EXHIBITS 38

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CORCEPT THERAPEUTICS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31, 2024 December 31, 2023 (Unaudited) (See Note 1) ASSETS Current assets: Cash and cash equivalents $ 149,750 $ 135,551 Short-term marketable securities 261,011 232,670 Trade receivables, net of allowances 61,518 41,123 Insurance recovery receivable related to Melucci litigation (Note 4) — 14,000 Inventory 7,190 7,730 Prepaid expenses and other current assets 23,898 27,562 Total current assets 503,367 458,636 Strategic inventory 7,846 8,244 Operating lease right-of-use asset 61 120 Property and equipment, net 127 195 Long-term marketable securities 40,276 57,176 Other assets 6,388 6,541 Deferred tax assets, net 97,870 90,605 Total assets $ 655,935 $ 621,517 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,557 $ 17,396 Accrued research and development expenses 24,825 21,330 Accrued and other liabilities 59,744 51,628 Accrued settlement related to Melucci litigation (Note 4) — 14,000 Short-term operating lease liability 76 151 Total current liabilities 97,202 104,505 Long-term accrued income taxes payable 10,869 10,307 Total liabilities 108,071 114,812 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock — — Common stock 133 133 Treasury stock ( 641,059 ) ( 635,078 ) Additional paid-in capital 758,244 738,515 Accumulated other comprehensive income 258 609 Retained earnings 430,288 402,526 Total stockholders' equity 547,864 506,705 Total liabilities and stockholders' equity $ 655,935 $ 621,517 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 CORCEPT THERAPEUTICS INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2024 2023 Product revenue, net $ 146,808 $ 105,654 Operating expenses: Cost of sales 2,535 1,3

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View this 10-Q filing on SEC EDGAR