Corcept Therapeutics Files Q2 2024 10-Q

TL;DR

Corcept Therapeutics filed its Q2 2024 10-Q, check financials.

AI Summary

Corcept Therapeutics Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations for the second quarter of 2024. Key financial data and operational updates are presented, reflecting the company's status in the pharmaceutical preparations sector.

Why It Matters

This filing provides investors and analysts with the latest financial and operational details for Corcept Therapeutics, crucial for understanding the company's performance and future prospects in the pharmaceutical industry.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Corcept Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial results)
• 12/31 — Fiscal Year End (Indicates the end of the company's fiscal year)

Key Players & Entities

• CORCEPT THERAPEUTICS INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240729 (date) — Filing Date
• PHARMACEUTICAL PREPARATIONS [2834] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• cort-20240630.htm (10-Q) — 869KB
• cort63024ex101tenthamendme.htm (EX-10.1) — 29KB
• cort63024ex311.htm (EX-31.1) — 9KB
• cort63024ex312.htm (EX-31.2) — 9KB
• cort63024ex321.htm (EX-32.1) — 5KB
• cort63024ex322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 214KB
• 0001628280-24-033284.txt ( ) — 4682KB
• cort-20240630.xsd (EX-101.SCH) — 30KB
• cort-20240630_cal.xml (EX-101.CAL) — 67KB
• cort-20240630_def.xml (EX-101.DEF) — 94KB
• cort-20240630_lab.xml (EX-101.LAB) — 439KB
• cort-20240630_pre.xml (EX-101.PRE) — 277KB
• cort-20240630_htm.xml (XML) — 470KB

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 8 NOTES TO CONDENSED FINANCIAL STATEMENTS 10

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 17

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 23

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 23

OTHER INFORMATION

PART II. OTHER INFORMATION 24

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 24

RISK FACTORS

ITEM 1A. RISK FACTORS 25

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 39

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 40

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 40

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 41

EXHIBITS

ITEM 6. EXHIBITS 42

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CORCEPT THERAPEUTICS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30, 2024 December 31, 2023 (Unaudited) (See Note 1) ASSETS Current assets: Cash and cash equivalents $ 128,588 $ 135,551 Short-term marketable securities 344,568 232,670 Trade receivables, net of allowances 53,837 41,123 Insurance recovery receivable related to Melucci litigation (Note 4) — 14,000 Inventory 8,350 7,730 Prepaid expenses and other current assets 25,503 27,562 Total current assets 560,846 458,636 Strategic inventory 8,451 8,244 Operating lease right-of-use asset 5,684 120 Property and equipment, net 1,472 195 Long-term marketable securities 19,315 57,176 Other assets 6,939 6,541 Deferred tax assets, net 111,848 90,605 Total assets $ 714,555 $ 621,517 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 19,484 $ 17,396 Accrued research and development expenses 21,972 21,330 Accrued and other liabilities 59,250 51,628 Accrued settlement related to Melucci litigation (Note 4) — 14,000 Short-term operating lease liability 44 151 Total current liabilities 100,750 104,505 Long-term operating lease liability 5,625 — Long-term accrued income taxes payable 11,937 10,307 Total liabilities 118,312 114,812 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock — — Common stock 134 133 Treasury stock ( 650,763 ) ( 635,078 ) Additional paid-in capital 781,012 738,515 Accumulated other comprehensive income 84 609 Retained earnings 465,776 402,526 Total stockholders' equity 596,243 506,705 Total liabilities and stockholders' equity $ 714,555 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Pro

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View this 10-Q filing on SEC EDGAR