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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Mar. 03, 2014	Jun. 30, 2013
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	CORT
Entity Registrant Name	CORCEPT THERAPEUTICS INC
Entity Central Index Key	0001088856
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		100,579,438
Entity Public Float			$ 111,300,000

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 54,877	$ 93,032
Trade receivables	1,428	557
Inventory	1,096	853
Prepaid expenses and other current assets	910	620
Total current assets	58,311	95,062
Strategic inventory	4,450	3,810
Property and equipment, net of accumulated depreciation	203	150
Other assets	113	144
Total assets	63,077	99,166
Current liabilities:
Accounts payable	2,381	3,804
Accrued clinical expenses	3,288	843
Other accrued liabilities	1,301	1,046
Long-term obligation-current portion	5,743	2,650
Deferred revenue	25	16
Total current liabilities	12,738	8,359
Long-term obligation, net of current portion	29,322	29,030
Commitments
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000 shares authorized and no shares outstanding at December 31, 2013 or 2012
Common stock, $0.001 par value, 280,000 shares authorized and 99,849 and 99,814 shares issued and outstanding at December 31, 2013 and 2012, respectively	100	100
Additional paid-in capital	313,534	308,283
Accumulated deficit	(292,617)	(246,606)
Total stockholders' equity	21,017	61,777
Total liabilities and stockholders' equity	$ 63,077	$ 99,166

STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Product sales, net	$ 10,357	$ 3,307
Operating expenses:
Cost of sales	143	91
Research and development	20,470	14,074	$ 21,001
Selling, general and administrative	31,240	25,414	11,331
Total operating expenses	51,853	39,579	32,332
Loss from operations	(41,496)	(36,272)	(32,332)
Interest and other income			3
Interest and other expense	(4,515)	(1,776)	(25)
Net loss and comprehensive loss	$ (46,011)	$ (38,048)	$ (32,354)
Basic and diluted net loss per share	$ (0.46)	$ (0.41)	$ (0.39)
Shares used in computing basic and diluted net loss per share	99,819	93,015	83,309

STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Public financing transaction	Private equity transaction	Employees and Directors	Consultants	Common Stock	Common Stock Public financing transaction	Common Stock Private equity transaction	Additional Paid-in Capital	Additional Paid-in Capital Public financing transaction	Additional Paid-in Capital Private equity transaction	Additional Paid-in Capital Employees and Directors	Additional Paid-in Capital Consultants	Notes Receivables from Stockholders	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2010						72,404
Beginning Balance at Dec. 31, 2010	$ 21,244					$ 72			$ 197,473					$ (97)	$ (176,204)
Issuance of common stock upon exercise of an option (in shares)	246					246
Issuance of common stock upon exercise of an option	$ 371								371
Stock-based compensation				$ 3,016	$ 419							$ 3,016	$ 419
Issuance of common stock upon exercise of warrants (in shares)						81
Issuance of common stock upon exercise of warrants	231								231
Repayment of notes receivable from stockholders	97													$ 97
Net loss and comprehensive loss	(32,354)														(32,354)
Ending Balance (in shares) at Dec. 31, 2011						84,231
Ending Balance at Dec. 31, 2011	$ 34,807					$ 84			243,281						(208,558)
Issuance of stock (in shares)	11,500						11,500
Issuance of stock		$ 41,783					$ 12			$ 41,771
Issuance of common stock upon exercise of an option (in shares)	165					165
Issuance of common stock upon exercise of an option	$ 289					$ 1			288
Stock-based compensation				5,102	208							5,102	208
Issuance of common stock upon exercise of warrants (in shares)								216
Issuance of common stock upon exercise of warrants	470								470
Net loss and comprehensive loss	(38,048)														(38,048)
Ending Balance (in shares) at Dec. 31, 2012						99,814
Ending Balance at Dec. 31, 2012	$ 61,777					$ 100			308,283						(246,606)
Issuance of stock (in shares)	11,000						11,000	4,202
Issuance of stock		$ 46,130	$ 12,819				$ 11	$ 4		$ 46,119	$ 12,815
Issuance of common stock upon exercise of an option (in shares)	35					35
Issuance of common stock upon exercise of an option	$ 55								55
Stock-based compensation				$ 5,069	$ 127							$ 5,069	$ 127
Net loss and comprehensive loss	(46,011)														(46,011)
Ending Balance (in shares) at Dec. 31, 2013						99,849
Ending Balance at Dec. 31, 2013	$ 21,017					$ 100			$ 313,534						$ (292,617)

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities
Net loss	$ (46,011)	$ (38,048)	$ (32,354)
Adjustments to reconcile net loss to net cash used in operations:
Stock-based compensation	5,196	5,310	3,435
Accretion of interest expense	4,410	1,680
Amortization of debt financing costs	35	17
Depreciation and amortization of property and equipment	74	27	3
Changes in operating assets and liabilities:
Trade receivables	(871)	(557)
Inventory	(883)	(4,663)
Prepaid expenses and other current assets	(290)	(480)	278
Other assets	(4)	11	72
Accounts payable	(1,423)	193	2,794
Accrued clinical expenses	2,445	199	(171)
Accrued compensation and other liabilities	255	275	(1,457)
Deferred revenue	9	16
Net cash used in operating activities	(37,058)	(36,020)	(27,400)
Investing activities
Purchases of property and equipment	(127)	(151)	(25)
Cash used in investing activities	(127)	(151)	(25)
Financing activities
Proceeds from issuance of common stock and warrants, including collection of stockholder notes receivable, net of cash paid for issuance costs	55	59,708	42,482
Proceeds from issuance of long-term obligation, net of cash paid for issuance costs		29,860
Payments related to long-term obligation	(1,025)
Net cash (used in) provided by financing activities	(970)	89,568	42,482
Net (decrease) increase in cash and cash equivalents	(38,155)	53,397	15,057
Cash and cash equivalents at beginning of period	93,032	39,635	24,578
Cash and cash equivalents at end of period	$ 54,877	$ 93,032	$ 39,635

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Basis of Presentation and Summary of Significant Accounting Policies

1. Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

Corcept Therapeutics Incorporated was incorporated in the state of Delaware in May 1998, and our facilities are located in Menlo Park, California. Corcept is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. Since our inception, we have been developing our lead product, Korlym^®. Mifepristone, the active ingredient in Korlym, is a potent competitive antagonist of the glucocorticoid receptor II (GR-II), which means that it competitively blocks the effects of cortisol throughout the body at one of its two receptors. In February 2012, the United States Food and Drug Administration (FDA) approved Korlym (mifepristone) 300 mg Tablets in the United States as a once-daily oral medication for treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. We released Korlym for sale in the United States in April 2012. We also have a clinical program for the use of mifepristone for the treatment of the psychotic features of psychotic depression and are currently conducting a phase 3 study for this indication. In December 2013, we initiated a study of mifepristone for the treatment of triple-negative breast cancer. In addition, we have discovered and patented three series of novel selective GR-II antagonists. Unless otherwise stated, all references in these financial statements to “we,” “us,” “our,” “Corcept,” the “Company,” “our company” and similar designations refer to Corcept Therapeutics Incorporated.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to use assumptions and make estimates to form judgments that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates.

We evaluate our estimates and assumptions on an ongoing basis, including those related to our discounts for prompt payment of sales invoices, chargebacks and rebates, patient assistance, potential product returns, excess/obsolete inventories, allowances for doubtful accounts, accruals of clinical and preclinical expenses, contingent liabilities, and the timing of payments with respect to our long-term financing agreement, which determine its effective interest rate. We base our estimates on relevant experience and on other specific assumptions that we believe are reasonable.

We update our assumptions and estimates on a recurring basis as new information becomes available. Any changes in estimates are recorded in the period of the change.

Cash and Cash Equivalents

We invest our excess cash in bank deposits, money market accounts, corporate debt securities, and/or obligations of the U.S. government and U.S. government sponsored entities. We consider all highly liquid investments purchased with maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents are carried at fair value, which approximates cost and, as of December 31, 2013 and 2012, all of our funds were invested in cash and cash equivalents that consist of a money market fund maintained at a major U.S. financial institution.

Credit Risks and Concentrations

We have a concentration of credit risk related to our cash and cash equivalents. We are exposed to credit risk in the event of default by the financial institution holding these funds or by the entity or entities that issued the securities held by the fund to the extent of the amount recorded on our balance sheet. We mitigate this risk by investing in a money market fund that invests primarily in short-term U.S. Treasury notes and bills. We experienced no loss or lack of access to cash and cash equivalents in our operating or investment accounts during the years ended December 31, 2013, 2012 and 2011.

Since the commercialization of Korlym in April 2012, we have been exposed to credit risk in regard to our trade receivables. From the launch of Korlym through June 30, 2013, 97% of our sales were to one specialty pharmacy customer, from whom we have fully collected all receivables. As discussed in Note 2, Significant Agreements – Commercial Agreements, in mid-2013 we transitioned all of our specialty pharmacy business to a new provider, Centric Health Resources, Inc. (Centric). Among other services, Centric dispenses Korlym to patients for us, with title to the medicine passing from us to the patient upon the patient’s receipt of the drug. Accordingly, our receivables risk is spread among various third-party payors – pharmacy benefit managers, insurance companies, private charities, government programs – and individual patients. We extend credit to third-party payors based on their creditworthiness. We monitor our exposure and will record a reserve against uncollectible trade receivables as necessary.

We have a concentration of risk in regard to the manufacture of our product. As of December 31, 2013, we had one tablet manufacturer for Korlym with an operational facility – AAI Pharma Services Corp. (AAI), which was approved by the FDA in November 2012 for the manufacture of our commercial tablets, subject to the successful manufacture of validation batches. We plan to undertake this validation process at AAI early in 2014 and are currently in negotiations for a long-term commercial manufacturing agreement with AAI. If AAI is unable to prepare Korlym tablets in the quantities and time frame required, we may not be able to manufacture our product in a timely manner. In addition, we have a single-source manufacturer of mifepristone, the active pharmaceutical ingredient (API), in Korlym. In order to mitigate these risks related to the manufacture of our product, we placed orders for additional quantities of mifepristone API and Korlym tablets, which are now in inventory.

Fair Value Measurements

We categorize financial instruments in a fair value hierarchy that prioritizes the information used to develop assumptions for measuring fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 input), then to quoted prices in non-active markets or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable for the asset or liability, and inputs that are not directly observable, but that are corroborated by observable market data for the asset or liability (Level 2 input), then the lowest priority to unobservable inputs, for example, our own data about the assumptions that market participants would use in pricing an asset or liability (Level 3 input). Fair value is a market-based measurement, not an entity-specific measurement, and a fair value measurement should therefore be based on the assumptions that market participants would use in pricing the asset or liability.

No assets or liabilities in our financial statements are required to be reported at fair value other than our cash equivalents and the obligation under our Financing Agreement with Biopharma Secured Debt Fund II Sub, S.àr.l (Biopharma).

Trade Receivables

Trade receivables are recorded net of customer allowances for prompt payment and data services, doubtful accounts and sales returns. See the discussion below under “Net Product Sales” regarding the methods for estimation of these allowances and sales returns. We determine our allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of our customers and individual customer circumstances. To date, we have determined that an allowance for uncollectible trade receivables is not required.

Inventory

We consider regulatory approval of product candidates to be uncertain, and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. We expense the manufacturing costs for product candidates incurred prior to regulatory approval as research and development expense as we incur them. When regulatory approval of a product is obtained, we begin capitalizing manufacturing costs related to the approved product into inventory, provided such product is produced by a facility the FDA has approved to manufacture Korlym for distribution as commercial product.

We value our inventories at the lower of cost or net realizable value. We determine the cost of inventory using the specific identification method, which approximates a first-in, first-out basis. We analyze our inventory levels quarterly and write down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value, as well as any inventory quantities in excess of expected requirements. Any expired inventory is disposed of and the related costs are recognized as cost of sales in the statement of comprehensive loss.

Inventory amounts that are not expected to be consumed within 12 months following the balance sheet date are classified as strategic inventory, a noncurrent asset.

Property and Equipment

We state property and equipment at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, ranging from three to five years.

Long-term Obligation

In August 2012, we entered into a Purchase and Sale Agreement (Financing Agreement) with Biopharma Secured Debt Fund II Sub, S.à r.l. (Biopharma), a private limited liability company organized under the laws of Luxembourg. Under the terms of the Financing Agreement, we received $30.0 million from Biopharma and are obligated to make payments calculated as a percentage of (i) any licensing or other contingent payments arising from Korlym and any other products containing mifepristone or any of our proprietary selective GR-II antagonists (Covered Products) and (ii) net Covered Product revenues earned in the calendar quarter ended June 30, 2013 and thereafter (together, Korlym Receipts), until such time as we have paid Biopharma a total of $45.0 million.

The accounting for the Financing Agreement requires us to make certain estimates and assumptions, including the timing of royalty payments due to Biopharma, the expected rate of return to Biopharma, the split between current and long-term portions of the obligation and the accretion of related interest expense. Korlym has only been marketed since April 2012 and the magnitude and timing of Korlym revenue is difficult to predict. Therefore, these estimates and assumptions are subject to significant variability and are likely to change as we gain experience marketing Korlym, which will result in changes in our classification of the current and long-term portions of the amounts payable pursuant to the Financing Agreement, as well as the internal rate of return paid to Biopharma and the accretion of interest expense related to this obligation. Actual payment amounts will be based on Korlym Receipts over the term of the Financing Agreement but in no event will the total amount paid to Biopharma exceed $45.0 million.

The amount shown as the current portion of the obligation is an estimate of the total amount under the Financing Agreement that would be paid to Biopharma within 12 months following December 31, 2013. Under the Financing Agreement, our first payment to Biopharma was made in July 2013.

See Note 6, Long-term Obligation, for additional information regarding this agreement.

Net Product Sales

From our initial launch in April 2012 through June 30, 2013, we sold Korlym primarily to a specialty pharmacy and a specialty distributor, which subsequently resold Korlym to patients and healthcare providers. Korlym is not available in retail pharmacies. As discussed in Note 5, Significant Agreements – Commercial Agreements, Centric, the specialty pharmacy we began using July 1, 2013, operates on a consignment basis, without carrying any Korlym inventory. Accordingly, all of our sales through Centric are made directly to patients.

We recognize product revenues from sales of Korlym upon delivery to patients as long as (i) there is persuasive evidence that an arrangement exists between ourselves and the customer, (ii) collectability is reasonably assured and (iii) the price is fixed or determinable. Prior authorization or confirmation of coverage level by the patient’s private insurance plan or government payor is a prerequisite to the shipment of product to a patient. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate gross product revenues from the sales to our customers and (ii) reasonably estimate net product revenues.

We provide cash donations to a non-profit third party organization that supports patients who meet certain eligibility requirements with financial assistance for the treatment of Cushing’s syndrome, which treatment may include Korlym. We do not include as net product revenues sales of Korlym tablets funded through this source.

We calculate gross product revenues based on the price that we charge our customers. We estimate our net product revenues by deducting from our gross product revenues (a) trade allowances, such as discounts for prompt payment and distributor fees, (b) estimated government rebates and chargebacks, (c) reserves for expected product returns and (d) estimated costs of our patient co-pay assistance program. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available.

Trade Allowances: Through June 30, 2013, we offered our specialty pharmacy and specialty distributor customers a discount on Korlym sales for payment within 30 days. We also offered them a small discount for providing data services. We expected these customers to earn these discounts and, accordingly, deducted them in full from gross product revenues and trade receivables at the time we recognized such revenues. Beginning in the third quarter of 2013, we ceased incurring a prompt-payment discount to our specialty pharmacy.

Rebates and Chargebacks: We contract with Medicaid and other government programs so that Korlym will be eligible for purchase by, or qualify for partial or full reimbursement from, such government programs. We estimate the rebates and chargebacks that we are obligated to provide to government programs and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. We base our estimates of these rebates and chargebacks upon (i) the discount amounts applicable to government-funded programs and (ii) information obtained from our vendors regarding the percentage of sales by our customers to patients who are covered by entities or programs that are eligible for such rebates and chargebacks.

Allowances for Patient Assistance Program: We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-pays. We estimate the cost of assistance to be provided under this program by applying our actual experience regarding such assistance to our estimate of the percentage of our sales in the period that will be provided to patients covered by the program.

Sales Returns: Our specialty distribution customer has the right to return Korlym beginning six months before the labeled expiration date and ending 12 months after the labeled expiration date. This right of return is extended to hospital customers of our specialty distribution customer who, generally, have the right to return only unopened bottles. Individual patients do not have the right to return product. We have the right to resell returned product, provided the bottles have not been opened or damaged and the product has not expired. The expiration date for the Korlym product sold to date to the specialty distributor will not occur until November 2014. We estimate the amount of Korlym that we believe will be returned and deduct that estimated amount from gross revenue at the time we recognize such revenue. When estimating future returns, we analyze quantitative and qualitative information including, but not limited to, actual return rates, the amount of product in the distribution channel, the expected shelf life of such product, current and projected product demand, the introduction of competing products that may erode demand, and broad economic and industry-wide indicators. If we cannot reasonably estimate product returns with respect to a particular sale, we defer recognition of revenue from that sale until we can make a reasonable estimate.

See Note 2, Significant Agreements – Commercial Agreements, for additional information regarding our specialty pharmacy agreement signed in May 2013 with Centric, termination of our previous agreement with CuraScript Specialty Pharmacy (CuraScript) and the product return reserve recorded as of June 30, 2013 as a result of termination of our CuraScript agreement. Because Centric operates on a consignment model and does not carry inventory, our exposure to product returns is now limited to the specialty distributor channel and is not expected to be material.

Cost of Sales

Cost of sales includes the cost of product (the cost to manufacture Korlym, which includes material, third-party manufacturing costs and indirect personnel and other overhead costs) based on units for which revenue is recognized in the current period, as well as costs of stability testing, logistics and distribution of the product. We began capitalizing Korlym production costs as inventory following approval by the FDA in February 2012. Prior to receiving FDA approval for Korlym, we expensed all costs related to the manufacturing of the product as incurred; we classified these costs as research and development expense. A portion of the product manufactured prior to FDA approval is available for us to use commercially.

Research and Development

Research and development expenses consist of costs incurred for research and development activities that we sponsor. These costs include direct expenses, such as the cost of clinical trials, pre-clinical studies, manufacturing development, preparations for submissions to the FDA and other regulatory bodies and efforts to prosecute and defend those submissions and the development of second-generation compounds, as well as research and development-related overhead expenses. We also expense as incurred nonrefundable payments to third parties and our cost of acquiring technologies and materials used in research and development that have no alternative future use.

We base our cost accruals for clinical trials, research and preclinical activities on estimates of work completed under service agreements, milestones achieved, patient enrollment and past experience with similar contracts. Our estimates of work completed and associated cost accruals include our assessments of information from third-party contract research organizations and the overall status of clinical trial and other development and administrative activities.

Segment Reporting

We determine our operating segments based on the way we organize our business to make operating decisions and assess performance. We have only one operating segment, which concerns the discovery, development and commercialization of pharmaceutical products.

Stock-Based Compensation

Stock-based compensation for employee and director options

We account for stock-based compensation related to option grants to employees and directors under the fair value method, based on the fair value-based measurement of the award at the grant date as determined utilizing the Black-Scholes option valuation model. For service-based awards, we recognize expense over the requisite service period. For options with performance-based vesting criteria, we begin to recognize expense when we believe there is a high degree of probability (i.e., greater than 70%) of achieving the vesting criteria.

Stock-based compensation expense related to non-employees

We recognize the expense of options granted to non-employees based on the fair-value based measurement of the option grants at the time of vesting. For service-based awards, we recognize expense over the requisite service period. For options with performance-based vesting criteria, we recognize expense based on the minimum number of shares that will vest over time as the criteria are met based on the Black-Scholes valuation of the vested shares.

See Note 9 for a detailed discussion of stock-based compensation expense.

Income Taxes

We determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities, measured using the enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that the deferred tax asset will not be realized.

No amounts have been recognized as interest or penalties on income tax related matters. The determination of an accounting policy as to the classification of such costs has been deferred until such time as any such costs are incurred.

Significant Agreements

12 Months Ended

Dec. 31, 2013

Significant Agreements

2. Significant Agreements

Commercial Agreements

On May 21, 2013, we entered into a services agreement with Centric Health Resources, Inc. (Centric) to provide exclusive specialty pharmacy and patient services programs for Korlym beginning July 1, 2013. Under the terms of this agreement, Centric acts as the exclusive specialty pharmacy distributor of Korlym in the United States, subject to certain exceptions. Among other services, Centric provides services related to pharmacy operations; patient intake, access and reimbursement; patient support; claims management and accounts receivable; and data and reporting. We provide Korlym to Centric, which it dispenses to patients. Centric does not take title to the product, which passes directly from us to the patient at the time the patient receives the medicine.

The initial term of the agreement is a period of three years, with successive automatic renewal terms of three years unless either party gives at least 180 days’ prior notice of non-renewal. The agreement contains customary termination provisions, representations, warranties and covenants. Subject to certain limitations, we have agreed to indemnify Centric for certain third party claims related to the product, and we have each agreed to indemnify the other for certain breaches of representations, warranties, covenants and other specified matters.

As of May 20, 2013, we gave notice to CuraScript, our previous specialty pharmacy provider, of our intent to terminate our agreement with them effective July 20, 2013. As of June 30, 2013, we recorded a return reserve estimate of $300,000 for inventory that CuraScript had purchased from us but had the right to return as a result of this termination. This amount was reflected as an adjustment to net revenue in our Statement of Comprehensive Loss for the year ended December 31, 2013. Our exposure to product returns is now limited to the specialty distributor channel and is not expected to be material.

In April 2011, we signed an agreement with Integrated Commercialization Solution for the provision of warehousing and distribution of Korlym for an initial term of three years that may be extended by mutual agreement. The majority of the costs under this agreement are variable and dependent on the volume of material handled and transactions processed. Either party may terminate this agreement for non-performance upon 30 days written notice.

Manufacturing Agreements Related to Korlym

Active Pharmaceutical Ingredient

We have an agreement with Produits Chimiques Auxiliaires et de Synthese SA (PCAS) for the manufacture of the API in Korlym, for our development and commercial needs that expires on March 31, 2014. We intend to continue the relationship and are in the process of negotiations for a new agreement. The current agreement calls for us to purchase from PCAS at least 75 percent of our requirements until the termination of the agreement. If PCAS is unable to manufacture the product for a consecutive six-month period, we have the right to terminate the agreement without penalty.

Tablet Manufacture

We have one tablet manufacturer for Korlym with an operational facility – AAI Pharma, which was approved by the FDA in November 2012 for the manufacture of our commercial tablets, subject to the successful manufacture of validation batches. We plan to undertake this validation process at AAI early in 2014 and are currently in negotiations for a long-term commercial manufacturing agreement with AAI.

Our original tablet manufacturer, Formex LLC (formerly PharmaForm, L.L.C. and referred to herein as PharmaForm), has temporarily suspended manufacturing operations for relocation to a new facility. We have not taken steps to qualify PharmaForm’s new facility for the manufacture of Korlym. Our agreement with PharmaForm was executed in March 2012 for an initial period of two years. The agreement will be automatically extended for additional one year periods unless one Party gives six months prior written notice that it does not want such an extension. The agreement with PharmaForm may be terminated by either party upon 180 days written notice; we may terminate projects initiated under this agreement with 30 days written notice. There are no minimum purchase amounts under this agreement.

See the discussion above in Note 1, Basis of Presentation and Summary of Significant Accounting Policies - Credit Risks and Concentrations, for a further discussion of the business risks and mitigation measures taken in regard to tablet manufacture.

Research and Development Agreements

In 1998, we entered into an agreement with The Board of Trustees of Leland Stanford Junior University (Stanford) in which Stanford granted us an exclusive option to acquire an exclusive license for inventions and patents related to “Mifepristone for Psychotic Major Depression” and “Mifepristone and Alzheimer’s Disease” owned by Stanford. (“Psychotic major depression” is referred to in this document as “psychotic depression.”) In 1999, we exercised our option to acquire an exclusive license to patents covering the use of glucocorticoid receptor antagonists for the treatment of psychotic depression, early dementia, and cocaine-induced psychosis, as specified in the license agreement. This license agreement expires upon the expiration of the related patents or upon notification by us to Stanford. In exchange for the license, we paid Stanford an initial non-refundable fee, immediately issued 30,000 shares of our common stock to Stanford and are obligated to pay Stanford $50,000 per year as a nonrefundable royalty payment. In addition, we are obligated to pay additional milestone payments in the future, which are not material and which are creditable against future royalties and will pay a royalty based on net revenue generated by any product arising from the patent until its expiration.

In 2003, we entered into a contract research agreement with Argenta Discovery Limited (Argenta) in which Argenta agreed to conduct research toward identifying a novel small molecule glucocorticoid receptor antagonist for the treatment of psychotic depression, Alzheimer’s disease, and other metabolic and psychiatric disorders. We continued our relationship with Argenta through the end of 2011, requesting them to conduct research projects on a regular basis. Under the agreements with Argenta, we may be obligated to make milestone payments upon the occurrence of certain events, the amounts of which are not material. These obligations remain in force after the conclusion of work under the agreement. In January 2012, we entered into a Master Services Agreement with Sygnature Discovery Limited, a contract research company located in the United Kingdom, which does not obligate us to any milestone payments.

Through 2013, we entered into agreements for services in connection with our ongoing Phase 3 trial of psychotic depression with ICON Clinical Research, L.P. (ICON) and MedAvante, Inc. (MedAvante) to manage the trial and conduct patient screening and evaluation services, which have been amended from time to time. The total commitment under these agreements, including amendments through December 31, 2013, is estimated to be $19.9 million over the course of the trial. We expensed $17.1 million of these costs through December 31, 2013, with the remainder to be incurred over the course of the trial. Under the master services agreements with these vendors, the project contracts may be terminated upon thirty to sixty days notice. If terminated early, we would be responsible for the costs incurred by the vendors through the effective date of termination plus cancellation charges as stipulated in the agreements.

In November 2013, we licensed from the University of Chicago exclusive rights to certain claims contained in the University’s U.S. Patent Application No. 13/071,363 “Methods and Compositions Related to Glucocorticoid Receptor Antagonists and Breast Cancer”. In exchange for the license, we paid an initial non-refundable fee to the University of Chicago and are committed to additional annual and milestone payments in the future, which are not material and which are creditable against future royalties and will pay a royalty based on net revenue generated by any product arising from the patent until its expiration.

In December 2013, we entered into an agreement with Ockham Development Group Inc. to assist in the management and conduct of a clinical trial evaluating mifepristone for treatment of triple-negative breast cancer. The total commitment under this agreement is $2.9 million, but the actual amount to be paid is dependent on actual services provided under this agreement. Approximately $18,000 of the costs under this agreement were incurred during 2013, with the remainder to be incurred over the course of the trial.

Long-Term Obligation

12 Months Ended

Dec. 31, 2013

Long-Term Obligation

6. Long-Term Obligation

As discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies - Long-term Obligation, in August 2012, we entered into a Financing Agreement with Biopharma under which we received $30.0 million from Biopharma. In return, we are obligated to make payments, calculated as a percentage of our net sales of Korlym, any future mifepristone-based products, our selective GR-II antagonists (together referred to as Covered Products) and any upfront, milestone or other contingent payments with respect to Covered Products. Biopharma’s right to receive payments will expire once it has received cumulative payments of $45.0 million. During the year ended December 31, 2013, we made aggregate payments to Biopharma in the amount of $1.0 million, with an additional payment in the amount of $995,000 made in February 2014.

Under the terms of the Financing Agreement, our payments are entirely variable, with no fixed minimums. If there are no net sales, upfront, milestone or other contingent payments in a period with respect to Covered Products, then no payment will be due for that period.

We are obligated to make payments as follows:

•

20 percent of our net product sales of Covered Products, beginning with the calendar quarter ended June 30, 2013, subject to quarterly payment caps of $3.0 million during 2014, and $3.75 million during 2015. There is no quarterly cap on payments with respect to net product sales in 2016 and later.

•

20 percent of payments received for upfront, milestone or other contingent fees under co-promotion and out-license agreements for Covered Products (without application of quarterly caps).

•

The percentage used to calculate our payments to Biopharma would increase to 50 percent and any applicable payment caps would lapse if we (i) fail to provide Biopharma with certain information regarding our promotion and sales of Covered Products, (ii) do not devote a commercially reasonable amount of resources to the promotion and marketing of the Covered Products or (iii) violate the indebtedness covenant by incurring indebtedness greater than the sum of earnings before interest, taxes, depreciation and amortization, including such items as non-cash stock-based compensation, (EBITDA) for the four calendar quarters preceding such incurrence and, in each case, fail to cure within the applicable cure period.

•

Upon the occurrence of a Corcept change of control transaction or the licensing of Korlym to a third-party for promotion and sale in the United States, the entire $45.0 million, less any amounts already paid by us, would become due.

To secure our obligations in connection with this Financing Agreement, we granted Biopharma a security interest in our rights in patents, trademarks, trade names, domain names, copyrights, know-how and regulatory approvals related to the Covered Products, all books and records relating to the foregoing and all proceeds of the foregoing (together, the Collateral). If we (i) fail to deliver a royalty payment when due and do not remedy that failure within 30 days, (ii) fail to maintain a first-priority perfected security interest in the Collateral in the United States and do not remedy that failure within five business days of receiving notice of such failure or (iii) become subject to an event of bankruptcy, then Biopharma may attempt to recover up to $45.0 million (after deducting any payments we have already made). In addition, pursuant to this agreement, we are not allowed to pay a dividend or other cash distribution, unless we will have cash and cash equivalents in excess of $50.0 million after such payment.

The cash payment of $30.0 million received from Biopharma was recorded as a long-term obligation at issuance in August 2012. As discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, Long-term Obligation, we make estimates of the timing of payments during the term of this agreement for purposes of calculating the expected rate of return to Biopharma, the accretion of related interest expense and the current portion of our obligation. Interest expense of $4.4 million for the year ended December 31, 2013 and total accreted interest of $6.1 million for the period from August 16, 2012, the date of funding of the Financing Agreement, through December 31, 2013, was calculated based on the internal interest rate to Biopharma that would result from these assumed payment streams. Korlym has only been marketed since April 2012 and the magnitude and timing of Korlym revenue is difficult to predict. Therefore, these estimates and assumptions are subject to significant variability and are likely to change as we gain experience marketing Korlym. The timing of payment amounts will be based on actual Korlym Receipts recorded in the financial statements over the term of this agreement and may differ from these estimates. While changes in the timing of Korlym revenue may affect the timing of recognition of interest expense and the split between the current and long-term portions of the obligation at any balance sheet date, the aggregate amount to be repaid to Biopharma is fixed.

The carrying value of the long-term obligation was $35.1 million and $31.7 million as of December 31, 2013 and December 31, 2012, respectively. The long-term obligation, including accreted interest, is presented on the balance sheet in two components; the Long-term obligation - current portion, which equates to the estimated amount due under the agreement to be paid within twelve months following the balance sheet date, and the remaining amount, which is included in Long-term obligation, net of current portion.

The following table provides a summary of the payment obligations under the Financing Agreement as of December 31, 2013 and 2012, utilizing the payment assumptions discussed above.


	December 31, 2013		December 31, 2012
	(in thousands)
Total repayment obligation	$	45,000	$	45,000
Less interest to be accreted in future periods		(8,910)		(13,320)
Less payments made		(1,025)		—
Less current portion		(5,743)		(2,650)

Long-term obligation, net of current portion	$	29,322	$	29,030

The estimated fair value of the long-term obligation, as measured using Level 3 inputs, approximates the carrying amounts as presented on the balance sheet as of December 31, 2013 and 2012. The estimated fair value was calculated using the income method of valuation. The key assumptions required for the calculation were an estimate of the amount and timing of future product revenues and an estimated cost of capital. Management’s estimate of the future product revenues is subject to significant uncertainty due to the fact that Korlym has been available for less than two years and the extended time period associated with the Financing Agreement.

We capitalized $140,000 of issuance costs related to the Financing Agreement, which are being amortized over the estimated term of the obligation, based on the assumptions discussed above. At December 31, 2013, the unamortized issuance costs were $87,000, and are included in other assets on our balance sheet.

Preferred Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Preferred Stock and Stockholders' Equity

9. Preferred Stock and Stockholders’ Equity

Preferred Stock

The board of directors is authorized, subject to any limitations prescribed by law, without stockholder approval, to issue up to an aggregate of 10,000,000 shares of preferred stock at $0.001 par value in one or more series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon the preferred stock, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences. The rights of the holders of common stock will be subject to the rights of holders of any preferred stock that may be issued in the future.

As of December 31, 2013 and 2012, we had no outstanding shares of preferred stock.

Common Stock

Significant stock transactions

There were no significant transactions relating to the sale and issuance of common stock or the exercise and issuance of warrants during the year ended December 31, 2013. The following paragraphs describe significant transactions relating to the sale and issuance of common stock and the exercise and issuance of warrants during the years ended December 31, 2012 and 2011. Information regarding the issuance of common stock upon the exercise of stock options is discussed below under the caption, Stock Option Plans.

Transactions during 2012

On March 29, 2012, we issued 4.2 million shares of our common stock upon the exercise of warrants that we had issued in a private placement transaction in April 2010 at an exercise price of $2.96 per share and sold new warrants to the same investors to purchase 4.2 million shares of common stock at an exercise price of $4.05 per share. The new warrants are exercisable through March 29, 2015. We generated net proceeds in these transactions of $12.8 million, after the deduction of issuance costs. Venture capital funds, trusts and other entities affiliated with members of our Board of Directors purchased 40 percent of the securities sold in this transaction, with the remainder being purchased by other qualified investors.

On July 6, 2012, we sold 11.0 million shares of our common stock in an underwritten public offering at a price to the public of $4.49 per share, generating net proceeds of $46.1 million after deducting expenses of the offering.

During the year ended December 31, 2012, investors exercised additional warrants for the purchase of our common stock with exercise prices ranging from $1.66 to $2.96 per share. As a result, we issued an aggregate of 216,000 shares of common stock and generated aggregate proceeds of $470,000.

Transactions during 2011

On January 26, 2011, we sold 11.5 million shares of our common stock in an underwritten public offering at a price to the public of $3.90 per share for aggregate net proceeds of $41.8 million after deducting the underwriter’s discount and commissions and other expenses of the offering. Longitude Venture Partners, L.P. purchased 750,000 (6.5%) of the shares sold in this transaction. Patrick Enright, who is a member of our board of directors, is a managing member of Longitude Capital Partners, LLC, the general partner of Longitude Venture Partners, L.P.

On July 13, 2011, we issued 80,991 shares of common stock to an investor upon the exercise of warrants that had been issued in our April 2010 warrant transaction and our March 2008 financing, for an average exercise price of $2.85 per share, receiving aggregate proceeds of $231,000.

Registration Rights related to March 2008 Financing

In March 2008, we sold 8.9 million shares of our common stock and warrants to purchase 4.5 million shares of our common stock in a private placement (the March 2008 Financing). The registration rights agreement covering securities issued in the March 2008 Financing provides that if we do not fulfill certain of our obligations under the registration rights agreement, we will be required to pay liquidated damages to the holders of the shares and warrants. We filed the registration statement covering the resale of the shares sold and shares underlying the warrants sold in this transaction with the Securities and Exchange Commission (SEC) on April 11, 2008, and it was declared effective by the SEC on November 10, 2008. During 2008, we recorded $1.3 million in liquidated damages to other non-operating expense because of the delay in the effectiveness of the registration statement, which represented 5% of the purchase price. No separate contingent obligation has been recorded since that time as no additional liquidated damages have become probable of payment.

No dividends have been declared or paid by us.

Shares of common stock reserved for future issuance as of December 31, 2013 are as follows:


Common stock:			(in thousands)
Exercise of outstanding options			14,712
Exercise of warrants			8,574
Shares available for grant under stock option plans			4,926

			28,212

On February 6, 2014, our Board of Directors authorized an increase of 4.0 million shares in the number of shares available under the 2012 Incentive Award Plan (the 2012 Plan), which was equivalent to 4% of the shares of our common stock outstanding as of December 31, 2013, pursuant to the terms of the 2012 Plan.

Stock Option Plans

We have three stock option plans – the 2000 Stock Option Plan (the 2000 Plan), the 2004 Equity Incentive Plan (the 2004 Plan) and the 2012 Plan. As of December 31, 2013, all option grants under the 2000 Plan were fully vested and grants covering 40,000 shares remained outstanding with contractual lives expiring in March 2014.

In 2004, our board of directors and stockholders approved the 2004 Plan, which became effective upon the completion of our Initial Public Offering (IPO), after which time, no additional options have been or will be issued under the 2000 Plan. Under the 2004 Plan, options, stock purchase and stock appreciation rights and restricted stock awards can be issued to our employees, officers, directors and consultants. The 2004 Plan provided that the exercise price for incentive stock options will be no less than 100% of the fair value of the Company’s common stock, as of the date of grant. Options granted under the 2004 Plan vest over periods ranging from one to five years. The vesting period of the options is generally equivalent to the requisite service period.

In February 2012, our Board of Directors and stockholders approved the 2012 Plan, which became effective upon its approval at our Annual Meeting of Stockholders on June 13, 2012. As of the effective date of the 2012 Plan, 5.3 million shares that remained available for issuance of new grants under the 2004 Plan were transferred to the 2012 Plan. After that date, no additional options were or will be issued under the 2004 Plan. Vested options under the 2000 Plan and the 2004 Plan that are not exercised within the remaining contractual life and any options under the 2004 Plan that do not vest because of terminations after the effective date of the 2012 Plan will be added to the pool of shares available for future grants under the 2012 Plan.

Under the 2012 Plan, we can issue options, stock purchase and stock appreciation rights and restricted stock awards to our employees, officers, directors and consultants. The 2012 Plan provides that the exercise price for incentive stock options will be no less than 100 percent of the fair value of our common stock, as of the date of grant. Options granted under the 2012 Plan are expected to vest over periods ranging from one to four years. We expect the vesting period of the options that we grant under the 2012 Plan to be generally equivalent to the requisite service period.

Upon exercise of options, new shares are issued.

On January 30, 2013, our Board of Directors authorized an increase of 4.0 million shares in the number of shares available under the 2012 Plan, which was equivalent to 4% of the shares of our common stock outstanding as of December 31, 2012, pursuant to the terms of the 2012 Plan. As of December 31, 2013, 4.9 million shares remained available for future grants under the 2012 Plan. See the discussion above under Common Stock regarding an additional increase to the shares available for grant under the 2012 Plan that was authorized by the Board of Directors in February 2014.

Option activity during 2011, 2012 and 2013

The following table summarizes all stock plan activity:


			Outstanding Options
	Shares Available For Future Grant		Shares Subject to Options Outstanding		Weighted- Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(in thousands)		(in thousands)				(in years)		(in thousands)
Balance at December 31, 2010		1,949		7,961	$	2.40
Increase in shares authorized for grant		2,896		—		—
Shares granted		(2,825)		2,825	$	3.97
Shares exercised		—		(246)	$	1.51
Shares cancelled and forfeited under 2000 Plan		—		(1)	$	0.10
Shares cancelled and forfeited under 2004 Plan		231		(231)	$	1.72

Balance at December 31, 2011		2,251		10,308	$	2.86
Increase in shares authorized for grant		3,369		—		—
Shares granted		(1,695)		1,695	$	3.26
Shares exercised		—		(165)	$	1.91
Shares expired under 2000 Plan		11		(93)	$	7.00
Shares cancelled and forfeited under 2004 and 2012 Plans		119		(119)	$	3.26

Balance at December 31, 2012		4,055		11,626	$	2.90
Increase in shares authorized for grant		3,992		—		—
Shares granted		(3,565)		3,565	$	1.98
Shares exercised		—		(35)	$	1.58
Shares cancelled and forfeited		444		(444)	$	4.58

Balance at December 31, 2013		4,926		14,712	$	2.63		6.5	$	14,257

Options exercisable at December 31, 2013				10,049	$	2.65		5.4	$	10,249

Options fully vested and expected to vest at December 31, 2013				14,712	$	2.63		6.5	$	14,257

The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $55,000, $303,000 and $702,000, respectively, based on the difference between the closing price of our common stock on the date of exercise of the options and the exercise price.

The total grant date fair value of options to employees and directors that vested during the years ended December 31, 2013, 2012 and 2011 was $5.0 million, $5.0 million and $2.8 million, respectively.

The following is a summary of options outstanding and options exercisable at December 31, 2013.


	Options Outstanding								Options Exercisable
Exercise Prices Of Options	Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
	(in thousands)		(in years)				(in thousands)		(in thousands)				(in thousands)
$ 0.96 - $ 1.49		2,521		5.4	$	1.15	$	5,191		2,365	$	1.13	$	4,922
$ 1.50 - $ 3.50		7,945		7.0	$	2.08		9,066		4,443	$	2.02		5,327
$ 3.51 - $ 5.00		3,986		6.5	$	4.24		—		2,981	$	4.24		—
$ 5.01 - $ 14.50		260		0.7	$	9.15		—		260	$	9.15		—

		14,712		6.5	$	2.63	$	14,257		10,049	$	2.65	$	10,249

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that option holders would have received had all option holders exercised their options on December 31, 2013. The aggregate intrinsic value is the difference between our closing stock price on December 31, 2013 and the exercise price, multiplied by the number of in-the-money options.

Stock-Based Compensation related to Employee and Director Options

Assumptions used in determining fair value-based measurements for options to employees and directors

The following table summarizes the weighted-average assumptions and resultant fair value-based measurements for options granted to employees and directors.


	Year Ended December 31,
	2013	2012	2011
Weighted-average assumptions for stock options granted:
Risk-free interest rate	1.76%	1.06%	2.65%
Expected term	8.3 years	6.7 years	8.9 years
Expected volatility of stock price	83.9%	86.6%	90.0%
Dividend rate	0%	0%	0%

Weighted average grant date fair value-based measurement	$1.54	$2.41	$3.29

The expected term of options reflected in the table above has been based on a formula that considers the expected service period and expected post-vesting termination behavior differentiated by whether the grantee is an employee, an officer or a director.

The expected volatility of our stock used in determining the fair value-based measurement of option grants to employees, officers and directors is based on a weighted-average combination of the volatility of our own stock price and that of a group of peer companies for those grants with expected terms longer than the period of time that we have been a public company. For stock options granted to employees with expected terms of less than the period of time that we have been a public company, the volatility is based on historical data of the price for our common stock for periods of time equivalent to the expected term of these grants.

We apply a forfeiture rate of zero in our stock option expense calculations as we have a limited employee base and have experienced minimal turnover. When an employee terminates, we will record a change in accounting estimate that represents the difference between the expense recorded in the financial statements and the expense that would have been recorded based upon the rights to options that vested during the individual’s service as an employee.

Summary of compensation expense related to options to employees and directors

We recognized compensation expense of $5.1 million, $5.1 million and $3.0 million, related to options to employees and directors during the years ended December 31, 2013, 2012 and 2011, respectively. The data for the year ended December 31, 2012 include $1.3 million of expense related to performance-based option awards to officers that vested upon the FDA approval of Korlym in February 2012, which is classified as selling, general and administrative expense.

As of December 31, 2013, we had $9.0 million of unrecognized compensation expense for employee and director options outstanding as of that date, which had a remaining weighted-average vesting period of 2.7 years.

Stock Options to Consultants

We expense stock-based compensation related to service-based option grants to non-employees on a straight line basis over the vesting period of the options, which approximates the period over which the related services are rendered, based on the fair value-based measurement of the options using the Black-Scholes option pricing model. The assumptions used in these calculations are similar to those used for the determination of fair value-based measurement for options granted to employees and directors, with the exception that, for non-employee options, the remaining contractual term is utilized as the expected term of the option and the fair value-based measurement related to unvested non-employee options is re-measured quarterly, based on the then current stock price as reflected on the NASDAQ Capital Market. For options with performance-based vesting criteria, we recognize expense based on the minimum number of shares that will vest over time as the criteria are met based on the Black-Scholes valuation of the vested shares.

We recorded charges to expense for stock options granted to consultants of $127,000, $208,000 and $419,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

As of December 31, 2013, all options that had been granted to consultants were fully vested, with the exception of one award with 42,000 shares unvested as of that date.

Summary of Stock-based Compensation Expense

The following table presents a summary of non-cash stock-based compensation by financial statement classification.


	Year ended December 31,
	2013		2012		2011
	(in thousands)
Research and development expense	$	618	$	546	$	547
Selling, general and administrative expense		4,578		4,764		2,888

Total	$	5,196	$	5,310	$	3,435

Stockholder Notes Receivable

In 2001, we recorded notes receivable from stockholders in the aggregate amount of $438,165 in connection with the exercise of options issued under the 2000 Plan to purchase 585,000 shares of common stock. The notes were secured by the related shares of common stock and were full recourse notes, with interest compounded annually at the rate of 6.5% per year. As of December 31, 2011, all amounts of principal and interest related to these notes had been paid.

Warrants

Outstanding warrants at December 31, 2013 were as follows:


	Number of shares		Exercise Price		Expiration Date
	(in thousands)
March 2008 Financing		4,372	$	2.77	3/25/15
March 2012 Warrant Exchange		4,202	$	4.05	3/29/15

Total warrants outstanding		8,574

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Description of Business	Description of Business Corcept Therapeutics Incorporated was incorporated in the state of Delaware in May 1998, and our facilities are located in Menlo Park, California. Corcept is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. Since our inception, we have been developing our lead product, Korlym^®. Mifepristone, the active ingredient in Korlym, is a potent competitive antagonist of the glucocorticoid receptor II (GR-II), which means that it competitively blocks the effects of cortisol throughout the body at one of its two receptors. In February 2012, the United States Food and Drug Administration (FDA) approved Korlym (mifepristone) 300 mg Tablets in the United States as a once-daily oral medication for treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. We released Korlym for sale in the United States in April 2012. We also have a clinical program for the use of mifepristone for the treatment of the psychotic features of psychotic depression and are currently conducting a phase 3 study for this indication. In December 2013, we initiated a study of mifepristone for the treatment of triple-negative breast cancer. In addition, we have discovered and patented three series of novel selective GR-II antagonists. Unless otherwise stated, all references in these financial statements to “we,” “us,” “our,” “Corcept,” the “Company,” “our company” and similar designations refer to Corcept Therapeutics Incorporated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to use assumptions and make estimates to form judgments that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. We evaluate our estimates and assumptions on an ongoing basis, including those related to our discounts for prompt payment of sales invoices, chargebacks and rebates, patient assistance, potential product returns, excess/obsolete inventories, allowances for doubtful accounts, accruals of clinical and preclinical expenses, contingent liabilities, and the timing of payments with respect to our long-term financing agreement, which determine its effective interest rate. We base our estimates on relevant experience and on other specific assumptions that we believe are reasonable. We update our assumptions and estimates on a recurring basis as new information becomes available. Any changes in estimates are recorded in the period of the change.
Cash and Cash Equivalents	Cash and Cash Equivalents We invest our excess cash in bank deposits, money market accounts, corporate debt securities, and/or obligations of the U.S. government and U.S. government sponsored entities. We consider all highly liquid investments purchased with maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents are carried at fair value, which approximates cost and, as of December 31, 2013 and 2012, all of our funds were invested in cash and cash equivalents that consist of a money market fund maintained at a major U.S. financial institution.
Credit Risks and Concentrations	Credit Risks and Concentrations We have a concentration of credit risk related to our cash and cash equivalents. We are exposed to credit risk in the event of default by the financial institution holding these funds or by the entity or entities that issued the securities held by the fund to the extent of the amount recorded on our balance sheet. We mitigate this risk by investing in a money market fund that invests primarily in short-term U.S. Treasury notes and bills. We experienced no loss or lack of access to cash and cash equivalents in our operating or investment accounts during the years ended December 31, 2013, 2012 and 2011. Since the commercialization of Korlym in April 2012, we have been exposed to credit risk in regard to our trade receivables. From the launch of Korlym through June 30, 2013, 97% of our sales were to one specialty pharmacy customer, from whom we have fully collected all receivables. As discussed in Note 2, *Significant Agreements – Commercial Agreements*, in mid-2013 we transitioned all of our specialty pharmacy business to a new provider, Centric Health Resources, Inc. (Centric). Among other services, Centric dispenses Korlym to patients for us, with title to the medicine passing from us to the patient upon the patient’s receipt of the drug. Accordingly, our receivables risk is spread among various third-party payors – pharmacy benefit managers, insurance companies, private charities, government programs – and individual patients. We extend credit to third-party payors based on their creditworthiness. We monitor our exposure and will record a reserve against uncollectible trade receivables as necessary. We have a concentration of risk in regard to the manufacture of our product. As of December 31, 2013, we had one tablet manufacturer for Korlym with an operational facility – AAI Pharma Services Corp. (AAI), which was approved by the FDA in November 2012 for the manufacture of our commercial tablets, subject to the successful manufacture of validation batches. We plan to undertake this validation process at AAI early in 2014 and are currently in negotiations for a long-term commercial manufacturing agreement with AAI. If AAI is unable to prepare Korlym tablets in the quantities and time frame required, we may not be able to manufacture our product in a timely manner. In addition, we have a single-source manufacturer of mifepristone, the active pharmaceutical ingredient (API), in Korlym. In order to mitigate these risks related to the manufacture of our product, we placed orders for additional quantities of mifepristone API and Korlym tablets, which are now in inventory.
Fair Value Measurements	Fair Value Measurements We categorize financial instruments in a fair value hierarchy that prioritizes the information used to develop assumptions for measuring fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 input), then to quoted prices in non-active markets or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable for the asset or liability, and inputs that are not directly observable, but that are corroborated by observable market data for the asset or liability (Level 2 input), then the lowest priority to unobservable inputs, for example, our own data about the assumptions that market participants would use in pricing an asset or liability (Level 3 input). Fair value is a market-based measurement, not an entity-specific measurement, and a fair value measurement should therefore be based on the assumptions that market participants would use in pricing the asset or liability. No assets or liabilities in our financial statements are required to be reported at fair value other than our cash equivalents and the obligation under our Financing Agreement with Biopharma Secured Debt Fund II Sub, S.àr.l (Biopharma).
Trade Receivables	Trade Receivables Trade receivables are recorded net of customer allowances for prompt payment and data services, doubtful accounts and sales returns. See the discussion below under “Net Product Sales” regarding the methods for estimation of these allowances and sales returns. We determine our allowance for doubtful accounts based on existing contractual payment terms, actual payment patterns of our customers and individual customer circumstances. To date, we have determined that an allowance for uncollectible trade receivables is not required.
Inventory	Inventory We consider regulatory approval of product candidates to be uncertain, and product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained. We expense the manufacturing costs for product candidates incurred prior to regulatory approval as research and development expense as we incur them. When regulatory approval of a product is obtained, we begin capitalizing manufacturing costs related to the approved product into inventory, provided such product is produced by a facility the FDA has approved to manufacture Korlym for distribution as commercial product. We value our inventories at the lower of cost or net realizable value. We determine the cost of inventory using the specific identification method, which approximates a first-in, first-out basis. We analyze our inventory levels quarterly and write down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value, as well as any inventory quantities in excess of expected requirements. Any expired inventory is disposed of and the related costs are recognized as cost of sales in the statement of comprehensive loss. Inventory amounts that are not expected to be consumed within 12 months following the balance sheet date are classified as strategic inventory, a noncurrent asset.
Property and Equipment	Property and Equipment We state property and equipment at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, ranging from three to five years.
Long-term Obligation	Long-term Obligation In August 2012, we entered into a Purchase and Sale Agreement (Financing Agreement) with Biopharma Secured Debt Fund II Sub, S.à r.l. (Biopharma), a private limited liability company organized under the laws of Luxembourg. Under the terms of the Financing Agreement, we received $30.0 million from Biopharma and are obligated to make payments calculated as a percentage of (i) any licensing or other contingent payments arising from Korlym and any other products containing mifepristone or any of our proprietary selective GR-II antagonists (Covered Products) and (ii) net Covered Product revenues earned in the calendar quarter ended June 30, 2013 and thereafter (together, Korlym Receipts), until such time as we have paid Biopharma a total of $45.0 million. The accounting for the Financing Agreement requires us to make certain estimates and assumptions, including the timing of royalty payments due to Biopharma, the expected rate of return to Biopharma, the split between current and long-term portions of the obligation and the accretion of related interest expense. Korlym has only been marketed since April 2012 and the magnitude and timing of Korlym revenue is difficult to predict. Therefore, these estimates and assumptions are subject to significant variability and are likely to change as we gain experience marketing Korlym, which will result in changes in our classification of the current and long-term portions of the amounts payable pursuant to the Financing Agreement, as well as the internal rate of return paid to Biopharma and the accretion of interest expense related to this obligation. Actual payment amounts will be based on Korlym Receipts over the term of the Financing Agreement but in no event will the total amount paid to Biopharma exceed $45.0 million. The amount shown as the current portion of the obligation is an estimate of the total amount under the Financing Agreement that would be paid to Biopharma within 12 months following December 31, 2013. Under the Financing Agreement, our first payment to Biopharma was made in July 2013. See Note 6, *Long-term Obligation*, for additional information regarding this agreement.
Net Product Sales	Net Product Sales From our initial launch in April 2012 through June 30, 2013, we sold Korlym primarily to a specialty pharmacy and a specialty distributor, which subsequently resold Korlym to patients and healthcare providers. Korlym is not available in retail pharmacies. As discussed in Note 5, *Significant Agreements – Commercial Agreements, Centric, the specialty pharmacy we began using July 1, 2013, operates on a consignment basis, without carrying any Korlym inventory. Accordingly, all of our sales through Centric are made directly to patients. We recognize product revenues from sales of Korlym upon delivery to patients as long as (i) there is persuasive evidence that an arrangement exists between ourselves and the customer, (ii) collectability is reasonably assured and (iii) the price is fixed or determinable. Prior authorization or confirmation of coverage level by the patient’s private insurance plan or government payor is a prerequisite to the shipment of product to a patient. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate gross product revenues from the sales to our customers and (ii) reasonably estimate net product revenues. We provide cash donations to a non-profit third party organization that supports patients who meet certain eligibility requirements with financial assistance for the treatment of Cushing’s syndrome, which treatment may include Korlym. We do not include as net product revenues sales of Korlym tablets funded through this source. We calculate gross product revenues based on the price that we charge our customers. We estimate our net product revenues by deducting from our gross product revenues (a) trade allowances, such as discounts for prompt payment and distributor fees, (b) estimated government rebates and chargebacks, (c) reserves for expected product returns and (d) estimated costs of our patient co-pay assistance program. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available. Trade Allowances:* Through June 30, 2013, we offered our specialty pharmacy and specialty distributor customers a discount on Korlym sales for payment within 30 days. We also offered them a small discount for providing data services. We expected these customers to earn these discounts and, accordingly, deducted them in full from gross product revenues and trade receivables at the time we recognized such revenues. Beginning in the third quarter of 2013, we ceased incurring a prompt-payment discount to our specialty pharmacy. Rebates and Chargebacks: We contract with Medicaid and other government programs so that Korlym will be eligible for purchase by, or qualify for partial or full reimbursement from, such government programs. We estimate the rebates and chargebacks that we are obligated to provide to government programs and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. We base our estimates of these rebates and chargebacks upon (i) the discount amounts applicable to government-funded programs and (ii) information obtained from our vendors regarding the percentage of sales by our customers to patients who are covered by entities or programs that are eligible for such rebates and chargebacks. Allowances for Patient Assistance Program: We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-pays. We estimate the cost of assistance to be provided under this program by applying our actual experience regarding such assistance to our estimate of the percentage of our sales in the period that will be provided to patients covered by the program. Sales Returns: Our specialty distribution customer has the right to return Korlym beginning six months before the labeled expiration date and ending 12 months after the labeled expiration date. This right of return is extended to hospital customers of our specialty distribution customer who, generally, have the right to return only unopened bottles. Individual patients do not have the right to return product. We have the right to resell returned product, provided the bottles have not been opened or damaged and the product has not expired. The expiration date for the Korlym product sold to date to the specialty distributor will not occur until November 2014. We estimate the amount of Korlym that we believe will be returned and deduct that estimated amount from gross revenue at the time we recognize such revenue. When estimating future returns, we analyze quantitative and qualitative information including, but not limited to, actual return rates, the amount of product in the distribution channel, the expected shelf life of such product, current and projected product demand, the introduction of competing products that may erode demand, and broad economic and industry-wide indicators. If we cannot reasonably estimate product returns with respect to a particular sale, we defer recognition of revenue from that sale until we can make a reasonable estimate. See Note 2, *Significant Agreements – Commercial Agreements*, for additional information regarding our specialty pharmacy agreement signed in May 2013 with Centric, termination of our previous agreement with CuraScript Specialty Pharmacy (CuraScript) and the product return reserve recorded as of June 30, 2013 as a result of termination of our CuraScript agreement. Because Centric operates on a consignment model and does not carry inventory, our exposure to product returns is now limited to the specialty distributor channel and is not expected to be material.
Cost of Sales	Cost of Sales Cost of sales includes the cost of product (the cost to manufacture Korlym, which includes material, third-party manufacturing costs and indirect personnel and other overhead costs) based on units for which revenue is recognized in the current period, as well as costs of stability testing, logistics and distribution of the product. We began capitalizing Korlym production costs as inventory following approval by the FDA in February 2012. Prior to receiving FDA approval for Korlym, we expensed all costs related to the manufacturing of the product as incurred; we classified these costs as research and development expense. A portion of the product manufactured prior to FDA approval is available for us to use commercially.
Research and Development	Research and Development Research and development expenses consist of costs incurred for research and development activities that we sponsor. These costs include direct expenses, such as the cost of clinical trials, pre-clinical studies, manufacturing development, preparations for submissions to the FDA and other regulatory bodies and efforts to prosecute and defend those submissions and the development of second-generation compounds, as well as research and development-related overhead expenses. We also expense as incurred nonrefundable payments to third parties and our cost of acquiring technologies and materials used in research and development that have no alternative future use. We base our cost accruals for clinical trials, research and preclinical activities on estimates of work completed under service agreements, milestones achieved, patient enrollment and past experience with similar contracts. Our estimates of work completed and associated cost accruals include our assessments of information from third-party contract research organizations and the overall status of clinical trial and other development and administrative activities.
Segment Reporting	Segment Reporting We determine our operating segments based on the way we organize our business to make operating decisions and assess performance. We have only one operating segment, which concerns the discovery, development and commercialization of pharmaceutical products.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation for employee and director options We account for stock-based compensation related to option grants to employees and directors under the fair value method, based on the fair value-based measurement of the award at the grant date as determined utilizing the Black-Scholes option valuation model. For service-based awards, we recognize expense over the requisite service period. For options with performance-based vesting criteria, we begin to recognize expense when we believe there is a high degree of probability (i.e., greater than 70%) of achieving the vesting criteria. Stock-based compensation expense related to non-employees We recognize the expense of options granted to non-employees based on the fair-value based measurement of the option grants at the time of vesting. For service-based awards, we recognize expense over the requisite service period. For options with performance-based vesting criteria, we recognize expense based on the minimum number of shares that will vest over time as the criteria are met based on the Black-Scholes valuation of the vested shares. See Note 9 for a detailed discussion of stock-based compensation expense.
Income Taxes	Income Taxes We determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities, measured using the enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that the deferred tax asset will not be realized. No amounts have been recognized as interest or penalties on income tax related matters. The determination of an accounting policy as to the classification of such costs has been deferred until such time as any such costs are incurred.

Preferred Stock and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2013

Shares of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance as of December 31, 2013 are as follows:


Common stock:			(in thousands)
Exercise of outstanding options			14,712
Exercise of warrants			8,574
Shares available for grant under stock option plans			4,926

			28,212

Summary of Stock Plan Activity

The following table summarizes all stock plan activity:


			Outstanding Options
	Shares Available For Future Grant		Shares Subject to Options Outstanding		Weighted- Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(in thousands)		(in thousands)				(in years)		(in thousands)
Balance at December 31, 2010		1,949		7,961	$	2.40
Increase in shares authorized for grant		2,896		—		—
Shares granted		(2,825)		2,825	$	3.97
Shares exercised		—		(246)	$	1.51
Shares cancelled and forfeited under 2000 Plan		—		(1)	$	0.10
Shares cancelled and forfeited under 2004 Plan		231		(231)	$	1.72

Balance at December 31, 2011		2,251		10,308	$	2.86
Increase in shares authorized for grant		3,369		—		—
Shares granted		(1,695)		1,695	$	3.26
Shares exercised		—		(165)	$	1.91
Shares expired under 2000 Plan		11		(93)	$	7.00
Shares cancelled and forfeited under 2004 and 2012 Plans		119		(119)	$	3.26

Balance at December 31, 2012		4,055		11,626	$	2.90
Increase in shares authorized for grant		3,992		—		—
Shares granted		(3,565)		3,565	$	1.98
Shares exercised		—		(35)	$	1.58
Shares cancelled and forfeited		444		(444)	$	4.58

Balance at December 31, 2013		4,926		14,712	$	2.63		6.5	$	14,257

Options exercisable at December 31, 2013				10,049	$	2.65		5.4	$	10,249

Options fully vested and expected to vest at December 31, 2013				14,712	$	2.63		6.5	$	14,257

Summary of Options Outstanding and Exercisable

The following is a summary of options outstanding and options exercisable at December 31, 2013.


	Options Outstanding								Options Exercisable
Exercise Prices Of Options	Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number of Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value
	(in thousands)		(in years)				(in thousands)		(in thousands)				(in thousands)
$ 0.96 - $ 1.49		2,521		5.4	$	1.15	$	5,191		2,365	$	1.13	$	4,922
$ 1.50 - $ 3.50		7,945		7.0	$	2.08		9,066		4,443	$	2.02		5,327
$ 3.51 - $ 5.00		3,986		6.5	$	4.24		—		2,981	$	4.24		—
$ 5.01 - $ 14.50		260		0.7	$	9.15		—		260	$	9.15		—

		14,712		6.5	$	2.63	$	14,257		10,049	$	2.65	$	10,249

Summary of Weighted-Average Assumptions and Resultant Fair Value-Based Measurements for Options Granted to Employees and Directors

The following table summarizes the weighted-average assumptions and resultant fair value-based measurements for options granted to employees and directors.


	Year Ended December 31,
	2013	2012	2011
Weighted-average assumptions for stock options granted:
Risk-free interest rate	1.76%	1.06%	2.65%
Expected term	8.3 years	6.7 years	8.9 years
Expected volatility of stock price	83.9%	86.6%	90.0%
Dividend rate	0%	0%	0%

Weighted average grant date fair value-based measurement	$1.54	$2.41	$3.29

Summary of Non-Cash Stock-Based Compensation by Financial Statement Classification

The following table presents a summary of non-cash stock-based compensation by financial statement classification.


	Year ended December 31,
	2013		2012		2011
	(in thousands)
Research and development expense	$	618	$	546	$	547
Selling, general and administrative expense		4,578		4,764		2,888

Total	$	5,196	$	5,310	$	3,435

Warrants Outstanding

Outstanding warrants at December 31, 2013 were as follows:


	Number of shares		Exercise Price		Expiration Date
	(in thousands)
March 2008 Financing		4,372	$	2.77	3/25/15
March 2012 Warrant Exchange		4,202	$	4.05	3/29/15

Total warrants outstanding		8,574

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2012 USD ($)	Jun. 30, 2013 Customer	Dec. 31, 2013 Segment Vendor
Accounting Policies [Line Items]
Additional cash and cash equivalents, description			We consider all highly liquid investments purchased with maturities of three months or less from the date of purchase to be cash equivalents.
Percentage of sales to one specialty pharmacy customer		97.00%
Number of manufacturer \| Vendor			1
Payment terms for discount on sales of Korlym sales		30 days
Product returns period prior to expiration date to provide credit			6 months
Product returns period after expiration date to provide credit			12 months
Number of operating segment \| Segment			1
Financing Agreement with Biopharma
Accounting Policies [Line Items]
Debt issuance date	Aug. 02, 2012
Proceeds from issuance of long-term obligation, net of cash paid for issuance costs	$ 30.0
Specialty pharmacy
Accounting Policies [Line Items]
Number of customer \| Customer		1
Minimum
Accounting Policies [Line Items]
Property and equipment, estimated useful life			3 years
Probability percentage for achieving performance-based vesting criteria for expense recognition			70.00%
Maximum
Accounting Policies [Line Items]
Property and equipment, estimated useful life			5 years
Maximum \| Financing Agreement with Biopharma
Accounting Policies [Line Items]
Total amount to be paid related to debt	$ 45.0

Significant Agreements - Additional Information (Detail)	1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 1999 USD ($) shares	Jun. 30, 2013 USD ($)	Dec. 31, 2013 USD ($) Operation	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Debt And Credit Agreements [Line Items]
Agreement termination date			July 20, 2013
Return reserve for inventory		$ 300,000
One tablet manufacturer for Korlym \| Operation			1
Cost incurred under the agreement			$ 20,470,000	$ 14,074,000	$ 21,001,000
Stanford license agreement
Debt And Credit Agreements [Line Items]
Issuance of common stock in conjunction with a license agreement \| shares	30,000
Stanford license agreement \| Annual Payment
Debt And Credit Agreements [Line Items]
Royalty payments to be made	$ 50,000
Centric Health Resources, Inc.
Debt And Credit Agreements [Line Items]
Agreement description			On May 21, 2013, we entered into a services agreement with Centric Health Resources, Inc. (Centric) to provide exclusive specialty pharmacy and patient services programs for Korlym beginning July 1, 2013. Under the terms of this agreement, Centric acts as the exclusive specialty pharmacy distributor of Korlym in the United States, subject to certain exceptions. Among other services, Centric provides services related to pharmacy operations; patient intake, access and reimbursement; patient support; claims management and accounts receivable; and data and reporting. We provide Korlym to Centric, which it dispenses to patients. Centric does not take title to the product, which passes directly from us to the patient at the time the patient receives the medicine.
Initial agreement period			Three years
Agreement termination, written notice period			180 days
Agreement extension notice period			The initial term of the agreement is a period of three years, with successive automatic renewal terms of three years unless either party gives at least 180 days' prior notice of non-renewal.
Agreement with Integrated Commercialization Solution
Debt And Credit Agreements [Line Items]
Initial agreement period			Three years
Agreement termination, written notice period			30 days
Agreement with PCAS
Debt And Credit Agreements [Line Items]
Agreement description			We have an agreement with Produits Chimiques Auxiliaires et de Synthese SA (PCAS) for the manufacture of the API in Korlym, for our development and commercial needs that expires on March 31, 2014. We intend to continue the relationship and are in the process of negotiations for a new agreement. The current agreement calls for us to purchase from PCAS at least 75 percent of our requirements until the termination of the agreement. If PCAS is unable to manufacture the product for a consecutive six-month period, we have the right to terminate the agreement without penalty.
Agreement with PCAS \| Minimum
Debt And Credit Agreements [Line Items]
Percentage of requirements to be purchased under PCAS agreement			75.00%
Agreement with PharmaForm
Debt And Credit Agreements [Line Items]
Initial agreement period			Two years
Agreement termination, written notice period			180 days
Agreement extension notice period			The agreement will be automatically extended for additional one year periods unless one Party gives six months prior written notice that it does not want such an extension.
Projects initiated under agreement, termination written notice			30 days
Commitment amount related to service agreement			$ 0
ICON Clinical Research, L.P. and MedAvante, Inc.
Debt And Credit Agreements [Line Items]
Commitment amount related to service agreement			19,900,000
Cost incurred under the agreement			$ 17,100,000
ICON Clinical Research, L.P. and MedAvante, Inc. \| Minimum
Debt And Credit Agreements [Line Items]
Agreement termination, written notice period			30 days
ICON Clinical Research, L.P. and MedAvante, Inc. \| Maximum
Debt And Credit Agreements [Line Items]
Agreement termination, written notice period			60 days
Ockham Development Group Inc.
Debt And Credit Agreements [Line Items]
Commitment amount related to service agreement			$ 2,900,000
Cost incurred under the agreement			$ 18,000

Long-term Obligation - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended		17 Months Ended
	Feb. 28, 2014	Aug. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
Aggregate payments to long-term obligations			$ 1,025,000
Cash and cash equivalents			54,877,000	$ 93,032,000	$ 54,877,000	$ 39,635,000	$ 24,578,000
Accretion of interest expense			$ 4,410,000	1,680,000
Financing Agreement with Biopharma
Debt Instrument [Line Items]
Proceeds from issuance of long-term obligation, net of cash paid for issuance costs		$ 30,000,000
Payment obligation based on a percentage of net product sales			20.00%
Percentage of payments received for upfront, milestone or other contingent fees			20.00%		20.00%
Increase in percentage used to calculate long term payment obligations, description			The percentage used to calculate our payments to Biopharma would increase to 50 percent and any applicable payment caps would lapse if we (i) fail to provide Biopharma with certain information regarding our promotion and sales of Covered Products, (ii) do not devote a commercially reasonable amount of resources to the promotion and marketing of the Covered Products or (iii) violate the indebtedness covenant by incurring indebtedness greater than the sum of earnings before interest, taxes, depreciation and amortization, including such items as non-cash stock-based compensation, (EBITDA) for the four calendar quarters preceding such incurrence and, in each case, fail to cure within the applicable cure period.
Accretion of interest expense					$ 6,090,000
Long term debt carrying value			$ 35,100,000	$ 31,700,000	35,100,000
Issuance costs capitalized			140,000		140,000
Unamortized issuance cost			$ 87,000		$ 87,000
Financing Agreement with Biopharma \| Subsequent Events
Debt Instrument [Line Items]
Aggregate payments to long-term obligations	$ 995,000
Financing Agreement with Biopharma \| Cash Required Under Debt Covenants
Debt Instrument [Line Items]
Debt covenant, description		Pursuant to this agreement, we are not allowed to pay a dividend or other cash distribution, unless we will have cash and cash equivalents in excess of $50.0 million after such payment.
Maximum \| Financing Agreement with Biopharma
Debt Instrument [Line Items]
Cumulative payments to be made under financing agreement		$ 45,000,000
Payment obligation based on a percentage of net product sales			50.00%
Maximum \| Financing Agreement with Biopharma \| Quarterly Payment During 2014
Debt Instrument [Line Items]
Quarterly payment amount cap			$ 3,000,000
Maximum \| Financing Agreement with Biopharma \| Quarterly Payment During 2015
Debt Instrument [Line Items]
Quarterly payment amount cap			3,750,000
Maximum \| Financing Agreement with Biopharma \| Quarterly Payment During 2016 and Later
Debt Instrument [Line Items]
Quarterly payment amount cap			$ 0
Minimum \| Financing Agreement with Biopharma \| Cash Required Under Debt Covenants
Debt Instrument [Line Items]
Cash and cash equivalents		$ 50,000,000

Preferred Stock and Stockholders' Equity - Additional Information (Detail)	1 Months Ended		12 Months Ended
	Feb. 06, 2014 shares	Feb. 29, 2012 shares	Dec. 31, 2013 USD ($) OptionPlan $ / shares shares	Dec. 31, 2012 USD ($) $ / shares $ / Right shares	Dec. 31, 2011 USD ($) $ / shares $ / Right shares	Dec. 31, 2008 USD ($) shares	Dec. 31, 2001 USD ($) shares	Mar. 29, 2012 $ / Right	Dec. 31, 2010 shares
Shareholders Equity [Line Items]
Preferred stock, shares authorized			10,000,000	10,000,000
Preferred stock, par value \| $ / shares			$ 0.001	$ 0.001
Preferred stock, shares outstanding
Common stock, shares issued				11,000,000	11,500,000
Common stock, price per share \| $ / shares				$ 4.49	$ 3.90
Net sales from sale of common stock \| $				$ 46,100,000	$ 41,800,000
Liquidated damages to other non-operating expense \| $						$ 1,300,000
Percentage of liquidated damages						5.00%
Dividends declared \| $ / shares			$ 0
Dividends paid \| $ / shares			$ 0
Number of additional shares authorized for issuance			3,992,000	3,369,000	2,896,000
Number of stock option plans \| OptionPlan			3
Number of shares issuable			10,049,000
Shares remained available for future grants			4,926,000	4,055,000	2,251,000				1,949,000
Total intrinsic value of options exercised \| $			$ 55,000	$ 303,000	$ 702,000
Fair value of options vested \| $			$ 5,000,000	5,000,000	2,800,000
Forfeiture rate, stock option expense			0.00%
Non-cash stock-based compensation expense \| $			$ 5,196,000	$ 5,310,000	$ 3,435,000
Unrecognized compensation expense \| $			$ 9,000,000
Unrecognized compensation expense, weighted-average vesting period			2 years 8 months 12 days
Notes receivable from stockholders \| $							$ 438,165
Common shares to be issued upon exercise of options			35,000	165,000	246,000
2004 Equity Incentive Plan
Shareholders Equity [Line Items]
Shares transferred from 2004 Plan to 2012 Plan		5,300,000
2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Number of additional shares authorized for issuance			3,992,000
Increase in shares available for issuance based on percentage of common stock outstanding			4.00%
Shares remained available for future grants		5,300,000	4,900,000
2000 Stock Option Plan
Shareholders Equity [Line Items]
Number of shares issuable			40,000
Minimum \| 2004 Equity Incentive Plan
Shareholders Equity [Line Items]
Exercise price as percentage of fair value of common stock			100.00%
Stock options, vesting period			1 year
Minimum \| 2012 Stock Option Plan
Shareholders Equity [Line Items]
Exercise price as percentage of fair value of common stock			100.00%
Stock options, vesting period			1 year
Maximum \| 2004 Equity Incentive Plan
Shareholders Equity [Line Items]
Stock options, vesting period			5 years
Maximum \| 2012 Stock Option Plan
Shareholders Equity [Line Items]
Stock options, vesting period			4 years
Consultants
Shareholders Equity [Line Items]
Non-cash stock-based compensation expense \| $			$ 127,000	$ 208,000	$ 419,000
Unvested shares			42,000
Subsequent Event 3 \| 2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Number of additional shares authorized for issuance	4,000,000
Increase in shares available for issuance based on percentage of common stock outstanding	4.00%
Employee And Director Stock Option
Shareholders Equity [Line Items]
Non-cash stock-based compensation expense \| $			$ 5,100,000	5,100,000	$ 3,000,000
Performance Based Option \| Employee And Director Stock Option
Shareholders Equity [Line Items]
Non-cash stock-based compensation expense \| $				$ 1,300,000
Warrants
Shareholders Equity [Line Items]
Common stock shares issued upon exercise of warrants				216,000	80,991
Exercise price of warrants \| $ / Right					2.85
Proceeds from warrant exercises \| $				$ 470,000	$ 231,000
Warrants \| Minimum
Shareholders Equity [Line Items]
Exercise price of warrants \| $ / Right				1.66
Warrants \| Maximum
Shareholders Equity [Line Items]
Exercise price of warrants \| $ / Right				2.96
April 2010 Private Placement
Shareholders Equity [Line Items]
Common stock shares issued upon exercise of warrants				4,200,000
Exercise price of warrants \| $ / Right				2.96
April 2010 and March 2012 Private Placements
Shareholders Equity [Line Items]
Proceeds from warrant exercises and issuance of new warrants \| $				$ 12,800,000
March 2012 Private Placement
Shareholders Equity [Line Items]
Exercise price of warrants \| $ / Right								4.05
Warrants issued and outstanding				4,200,000
March 2012 Private Placement \| Maximum
Shareholders Equity [Line Items]
Maximum date warrants can be exercised				Mar. 29, 2015
Private Placement
Shareholders Equity [Line Items]
Warrants issued and outstanding						4,500,000
Common stock, shares issued						8,900,000
Related Parties
Shareholders Equity [Line Items]
Common stock, shares issued					750,000
Percentage of shares purchased by Longitude Venture Partners					6.50%
Related Parties \| March 2012 Private Placement
Shareholders Equity [Line Items]
Percentage of securities sold to related parties								40.00%
Notes receivable from shareholder
Shareholders Equity [Line Items]
Common shares to be issued upon exercise of options							585,000
Notes receivable from stockholders, interest rate							6.50%

Summary of Stock Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Shares Available For Future Grant
Beginning balance	4,055,000	2,251,000	1,949,000
Increase in shares authorized for grant	3,992,000	3,369,000	2,896,000
Shares granted	(3,565,000)	(1,695,000)	(2,825,000)
Shares cancelled and forfeited	444,000
Ending balance	4,926,000	4,055,000	2,251,000
Shares Subject to Options Outstanding
Beginning balance	11,626,000	10,308,000	7,961,000
Shares granted	3,565,000	1,695,000	2,825,000
Shares exercised	(35,000)	(165,000)	(246,000)
Shares cancelled and forfeited	(444,000)
Ending balance	14,712,000	11,626,000	10,308,000
Options exercisable	10,049,000
Options fully vested and expected to vest	14,712,000
Outstanding Options, Weighted- Average Exercise Price
Beginning balance	$ 2.90	$ 2.86	$ 2.40
Shares granted	1.98	3.26	3.97
Shares exercised	1.58	1.91	1.51
Shares cancelled and forfeited	4.58
Ending balance	2.63	$ 2.90	$ 2.86
Options exercisable	2.65
Options fully vested and expected to vest	$ 2.63
Outstanding Options, Weighted Average Remaining Contractual Life
weighted average remaining contractual life	6 years 6 months
Weighted average remaining contractual life, Options exercisable	5 years 4 months 24 days
Weighted average remaining contractual life, Options fully vested and expected to vest	6 years 6 months
Outstanding Options, Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 14,257
Options exercisable	10,249
Options fully vested and expected to vest	$ 14,257
2000 Stock Option Plan
Shares Available For Future Grant
Shares expired		11,000
Shares Subject to Options Outstanding
Shares cancelled and forfeited			(1,000)
Shares expired		(93,000)
Options exercisable	40,000
Outstanding Options, Weighted- Average Exercise Price
Shares cancelled and forfeited			$ 0.10
Shares expired		$ 7.00
2004 Equity Incentive Plan
Shares Available For Future Grant
Shares cancelled and forfeited		119,000	231,000
Shares Subject to Options Outstanding
Shares cancelled and forfeited		(119,000)	(231,000)
Outstanding Options, Weighted- Average Exercise Price
Shares cancelled and forfeited		$ 3.26	$ 1.72

Summary of Options Outstanding and Exercisable (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares	14,712	11,626	10,308	7,961
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	6 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 2.63	$ 2.90	$ 2.86	$ 2.40
Options Outstanding, Aggregate Intrinsic Value	$ 14,257
Options Exercisable, Number of Shares	10,049
Options Exercisable, Weighted Average Exercise Price	$ 2.65
Options Exercisable, Aggregate Intrinsic Value	$ 10,249
$0.96 - $ 1.49
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Of Options, minimum	$ 0.96
Exercise Price Of Options, Maximum	$ 1.49
Options Outstanding, Number of Shares	2,521
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	5 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 1.15
Options Outstanding, Aggregate Intrinsic Value	$ 5,191
Options Exercisable, Number of Shares	2,365
Options Exercisable, Weighted Average Exercise Price	$ 1.13
Options Exercisable, Aggregate Intrinsic Value	$ 4,922
$1.50 - $ 3.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Of Options, minimum	$ 1.50
Exercise Price Of Options, Maximum	$ 3.50
Options Outstanding, Number of Shares	7,945
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	7 years
Options Outstanding, Weighted Average Exercise Price	$ 2.08
Options Outstanding, Aggregate Intrinsic Value	$ 9,066
Options Exercisable, Number of Shares	4,443
Options Exercisable, Weighted Average Exercise Price	$ 2.02
Options Exercisable, Aggregate Intrinsic Value	$ 5,327
$3.51 - $ 5.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Of Options, minimum	$ 3.51
Exercise Price Of Options, Maximum	$ 5.00
Options Outstanding, Number of Shares	3,986
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	6 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 4.24
Options Exercisable, Number of Shares	2,981
Options Exercisable, Weighted Average Exercise Price	$ 4.24
$5.01 - $ 14.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Of Options, minimum	5.01
Exercise Price Of Options, Maximum	$ 14.50
Options Outstanding, Number of Shares	260
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	8 months 12 days
Options Outstanding, Weighted Average Exercise Price	$ 9.15
Options Exercisable, Number of Shares	260
Options Exercisable, Weighted Average Exercise Price	$ 9.15

Lease Obligations	12 Months Ended
Lease Obligations	Dec. 31, 2013
Lease Obligations	7. Lease Obligations As of June 28, 2013, we exercised our option to extend the lease for our office space through December 2014. At December 31, 2013, the remaining minimum rental payments under this operating lease were $428,000. Rent expense amounted to $428,000, $360,000 and $285,000, for the years ended December 31, 2013, 2012 and 2011, respectively.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2013
Related Party Transactions	8. Related Party Transactions See discussion below in Note 9, *Preferred Stock and Stockholders’ Equity, under the captions Stockholder Notes Receivable* and Common Stock, regarding the sale of securities in March 2012 to various investors, including members of our Board of Directors and related entities, and a Note Receivable from one of our officers.

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market fund, fair value	$ 54,877	$ 93,032
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market fund, fair value	52,854	92,453
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market fund, fair value	$ 52,854	$ 92,453

Composition of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Inventory [Line Items]
Raw materials	$ 4,318	$ 3,478
Work in progress	2	1,165
Finished goods	1,226	20
Total inventory	5,546	4,663
Less strategic inventory classified as non-current	(4,450)	(3,810)
Total inventory classified as current	$ 1,096	$ 853

Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other Liabilities [Line Items]
Property and equipment	$ 351	$ 227
Less: accumulated depreciation	(148)	(77)
Property and equipment net	203	150
Furniture and equipment
Other Liabilities [Line Items]
Property and equipment	183	157
Vehicles
Other Liabilities [Line Items]
Property and equipment	38	41
Software
Other Liabilities [Line Items]
Property and equipment	116	15
Leasehold improvements
Other Liabilities [Line Items]
Property and equipment	$ 14	$ 14

BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2013	Dec. 31, 2012
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	280,000	280,000
Common stock, shares issued	99,849	99,814
Common stock, shares outstanding	99,849	99,814

Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash and Cash Equivalents [Line Items]
Cost	$ 54,877	$ 93,032	$ 39,635	$ 24,578
Unrealized Gain
Unrealized Loss
Fair Value	54,877	93,032
Cash
Cash and Cash Equivalents [Line Items]
Cost	2,023	579
Unrealized Gain
Unrealized Loss
Fair Value	2,023	579
Money market funds
Cash and Cash Equivalents [Line Items]
Cost	52,854	92,453
Unrealized Gain
Unrealized Loss
Fair Value	52,854	92,453
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cost	54,877	93,032
Unrealized Gain
Unrealized Loss
Fair Value	$ 54,877	$ 93,032

Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other Liabilities [Line Items]
Accrued vacation	$ 466	$ 351
Professional fees	369	311
Commercialization costs	288	159
Government rebates	40	78
Legal fees	110	31
Other	28	116
Other accrued liabilities	$ 1,301	$ 1,046

Warrants Outstanding (Detail) $ in Thousands	12 Months Ended
Warrants Outstanding (Detail) $ in Thousands	Dec. 31, 2013 USD ($) $ / Right
Class of Warrant or Right [Line Items]
Number of shares	$ 8,574
March 2008 Financing
Class of Warrant or Right [Line Items]
Number of shares	$ 4,372
Exercise Price \| $ / Right	2.77
Expiration Date	Mar. 25, 2015
March 2012 Warrant Exchange
Class of Warrant or Right [Line Items]
Number of shares	$ 4,202
Exercise Price \| $ / Right	4.05
Expiration Date	Mar. 29, 2015

Significant Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:
Federal and state net operating losses	$ 55,955	$ 45,954
Capitalized research and patent costs	23,395	22,442
Research credits	21,252	19,236
Biopharma Financing Agreement	13,021	12,108
Stock-based compensation costs	5,398	4,320
Other	1,148	189
Total deferred tax assets	120,169	104,249
Valuation allowance	(120,169)	$ (104,249)
Net deferred tax assets

Commitments - Additional Information (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Losses for contingent liability	$ 0	$ 0

Subsequent Events - Additional Information (Detail) $ in Millions	Feb. 06, 2014 USD ($)
Subsequent Events
Subsequent Event [Line Items]
Cash bonus payments to officers and employees	$ 3.2

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Data [Line Items]
Product sales, net	$ 4,115	$ 2,634	$ 1,891	$ 1,717	$ 1,377	$ 1,055	$ 875		$ 10,357	$ 3,307
Gross profit on product sales	4,055	2,594	1,868	1,697	1,358	1,031	827
Net loss	$ (11,124)	$ (10,906)	$ (11,897)	$ (12,084)	$ (11,124)	$ (8,293)	$ (7,597)	$ (11,034)	$ (46,011)	$ (38,048)	$ (32,354)
Basic and diluted net loss per share	$ (0.11)	$ (0.11)	$ (0.12)	$ (0.12)	$ (0.11)	$ (0.08)	$ (0.09)	$ (0.13)	$ (0.46)	$ (0.41)	$ (0.39)