Corcept Therapeutics Files Q3 2024 10-Q

TL;DR

**Corcept Therapeutics Q3 2024 10-Q filed. Financials are in. Check the numbers.**

AI Summary

Corcept Therapeutics Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter of 2024, detailing its revenues, expenses, and net income. Specific figures for the quarter and year-to-date periods are provided, reflecting the company's operational and financial performance.

Why It Matters

This filing provides investors with the latest financial performance data for Corcept Therapeutics, crucial for understanding the company's current financial health and future prospects.

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 Q3 — Reporting Period (Financial results for the third quarter of 2024 are detailed.)
• 2024-09-30 — Period End Date (The 10-Q covers financial activities up to this date.)
• 2023-09-30 — Prior Year Period End (Comparative financial data from the previous year's third quarter.)

Key Players & Entities

• Corcept Therapeutics Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• cort-20240930.htm (10-Q) — 944KB
• cort93024ex311.htm (EX-31.1) — 9KB
• cort93024ex312.htm (EX-31.2) — 9KB
• cort93024ex321.htm (EX-32.1) — 5KB
• cort93024ex322.htm (EX-32.2) — 5KB
• 0001628280-24-044322.txt ( ) — 4477KB
• cort-20240930.xsd (EX-101.SCH) — 30KB
• cort-20240930_cal.xml (EX-101.CAL) — 67KB
• cort-20240930_def.xml (EX-101.DEF) — 86KB
• cort-20240930_lab.xml (EX-101.LAB) — 432KB
• cort-20240930_pre.xml (EX-101.PRE) — 274KB
• cort-20240930_htm.xml (XML) — 503KB

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 38

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 39

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 39

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 40

EXHIBITS

ITEM 6. EXHIBITS 41

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CORCEPT THERAPEUTICS INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 30, 2024 December 31, 2023 (Unaudited) (See Note 1) ASSETS Current assets: Cash and cash equivalents $ 137,289 $ 135,551 Short-term marketable securities 243,047 232,670 Trade receivables, net of allowances 59,717 41,123 Insurance recovery receivable related to Melucci litigation (Note 4) — 14,000 Inventory 8,050 7,730 Prepaid expenses and other current assets 18,875 27,562 Total current assets 466,978 458,636 Strategic inventory 7,764 8,244 Operating lease right-of-use asset 5,503 120 Property and equipment, net 2,930 195 Long-term marketable securities 167,310 57,176 Other assets 6,973 6,541 Deferred tax assets, net 126,799 90,605 Total assets $ 784,257 $ 621,517 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 18,584 $ 17,396 Accrued research and development expenses 27,736 21,330 Accrued and other liabilities 79,464 51,628 Accrued settlement related to Melucci litigation (Note 4) — 14,000 Short-term operating lease liability 432 151 Total current liabilities 126,216 104,505 Long-term operating lease liability 6,359 — Long-term accrued income taxes payable 12,847 10,307 Total liabilities 145,422 114,812 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock — — Common stock 135 133 Treasury stock ( 682,177 ) ( 635,078 ) Additional paid-in capital 806,317 738,515 Accumulated other comprehensive income 1,571 609 Retained earnings 512,989 402,526 Total stockholders' equity 638,835 506,705 Total liabilities and stockholders' equity $ 784,257 $ 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 September 30, Nine Months Ended September 30, 202

View Full Filing

View this 10-Q filing on SEC EDGAR