0001628280-21-009318 | 10-Q | XBRL Viewer

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Composition of Certain Balance Sheet Items - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Deposits for clinical trials	$ 4.8	$ 4.8

Composition of Certain Balance Sheet Items - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,588	$ 3,528
Less accumulated depreciation	(2,107)	(1,853)
Property and equipment, net of accumulated depreciation	1,481	1,675
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	871	810
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	1,485	1,485
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,232	$ 1,233

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Summary of stock-based compensation

The following table summarizes our stock-based compensation by account:


	Three Months Ended March 31,
	2021		2020

	(in thousands)
Stock-based compensation capitalized in inventory	$	41	$	70
Cost of sales	10		23
Research and development	3,505		2,605
Selling, general and administrative	6,586		5,290
Total stock-based compensation	$	10,142	$	7,988

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of March 31, 2021 and (ii) statements of comprehensive income, cash flows and stockholders’ equity for the three months ended March 31, 2021 and 2020. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for the remainder of 2021 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. The December 31, 2020 balance sheet was derived from audited financial statements at that date.
Recently Adopted Accounting Pronouncement	Recently Adopted Accounting Pronouncement In December 2019, the FASB issued ASU No. 2019-12 (ASC Topic 740), “Simplifying the Accounting for Income Taxes.” This standard simplifies accounting for income taxes by removing certain exceptions to the general principles and clarifying existing guidance. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. We adopted this standard on January 1, 2021. The adoption of this standard had no impact on our condensed consolidated financial statements.

Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 41	$ 70
Total stock-based compensation	10,142	7,988
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	10	23
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	3,505	2,605
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 6,586	$ 5,290

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders’ Equity

Stock Option Plans

We have two stock option plans – the 2004 Equity Incentive Plan (the “2004 Plan”) and the 2012 Incentive Award Plan (the “2012 Plan”). In February 2021, our Board of Directors authorized a 4.7 million increase in the shares available for grant under the 2012 Plan.

During the three months ended March 31, 2021, we issued 1.8 million shares of our common stock upon the exercise of stock options. Certain option holders exercised their options on a “net exercise” basis, pursuant to which they surrendered to us, and we purchased from them at the current market price, enough shares to cover the exercise price and tax withholding requirements arising from the exercise. We purchased 0.8 million shares in connection with such net option exercises, at a total cost of $16.4 million. We recorded these shares as treasury stock on our condensed consolidated balance sheets, at cost.

During the three months ended March 31, 2020, we issued 0.1 million shares of our common stock upon the exercise of stock options.

Stock Repurchase Program

In November 2020, we announced that our Board of Directors approved a program to repurchase up to $200 million of our common stock (the “Stock Repurchase Program”). Unless it is terminated or suspended prior to its expiration, the Stock Repurchase Program will remain in effect until September 30, 2021. The timing and amount of any repurchases pursuant to it will be determined based on market conditions, stock price and other factors. The Stock Repurchase Program does not require us to acquire any specific number of shares and it may be modified, suspended or discontinued at any time without notice. Repurchases pursuant to the Stock Repurchase Program may be made through a variety of methods, including open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions or any combination of such methods.

During the three months ended March 31, 2021, we repurchased 1.3 million shares of common stock under the Stock Repurchase Program in open market transactions at an average price of $26.15 per share, for an aggregate purchase price of $33.5 million. As of March 31, 2021, $156.8 million of the current authorization remained available for the repurchase of shares of our common stock.

We recorded repurchased shares as treasury stock on our condensed consolidated balance sheet, at cost. As of March 31, 2021 and 2020, we had 7.9 million and 5.2 million treasury shares outstanding, respectively.

Stock-based compensation

The following table summarizes our stock-based compensation by account:


	Three Months Ended March 31,
	2021		2020

	(in thousands)
Stock-based compensation capitalized in inventory	$	41	$	70
Cost of sales	10		23
Research and development	3,505		2,605
Selling, general and administrative	6,586		5,290
Total stock-based compensation	$	10,142	$	7,988

Net Income Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	26.8	27.0
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average options excluded from the computation of diluted net income per share (in shares)	2.4	12.5

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Losses for contingent liability	$ 0
Provision for a loss contingency	$ 0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There have been no material changes in our obligations under contractual agreements described in our Annual Report on Form 10-K for the year ended December 31, 2020. In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing potential outcomes under various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. No losses and no provision for a loss contingency have been recorded to date.

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Government rebates	$ 11,785	$ 9,412
Accrued compensation	3,992	10,144
Legal fees	713	612
Accrued selling and marketing costs	610	665
Professional fees	585	151
Other	314	202
Total accrued and other liabilities	$ 17,999	$ 21,186

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 52,381	$ 76,190
Short-term marketable securities	320,578	364,506
Trade receivables, net of allowances	22,200	26,198
Inventory	4,948	4,910
Prepaid expenses and other current assets	9,517	6,697
Total current assets	409,624	478,501
Strategic inventory	15,384	16,247
Operating lease right-of-use asset	2,020	2,509
Property and equipment, net of accumulated depreciation	1,481	1,675
Long-term marketable securities	81,834	36,196
Other assets	5,030	5,000
Deferred tax assets, net	37,025	31,603
Total assets	552,398	571,731
Current liabilities:
Accounts payable	6,969	10,554
Accrued clinical expenses	13,566	13,704
Accrued and other liabilities	17,999	21,186
Short-term operating lease liability	2,067	2,050
Total current liabilities	40,601	47,494
Long-term operating lease liability	0	501
Long-term accrued income taxes	995	398
Total liabilities	41,596	48,393
Stockholders’ equity:
Preferred stock	0	0
Common stock	124	122
Additional paid-in capital	536,363	516,140
Treasury stock	(131,855)	(75,795)
Accumulated other comprehensive income	249	415
Retained earnings	105,921	82,456
Total stockholders’ equity	510,802	523,338
Total liabilities and stockholders’ equity	$ 552,398	$ 571,731

Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 0	$ 1,685
Work in progress	14,889	12,916
Finished goods	5,443	6,556
Total inventory	20,332	21,157
Less strategic inventory classified as non-current	(15,384)	(16,247)
Total inventory classified as current	$ 4,948	$ 4,910

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 23,465	$ 30,065
Adjustments to reconcile net income to net cash provided by operations:
Stock-based compensation	10,101	7,918
Deferred income taxes	(5,360)	5,095
Amortization (accretion) of interest income	1,194	(177)
Depreciation and amortization of property and equipment	254	238
Non-cash amortization of right-of-use asset	489	364
Changes in operating assets and liabilities:
Trade receivables	3,998	(6,756)
Inventory	866	1,328
Prepaid expenses and other assets	(2,850)	358
Accounts payable	(3,493)	(2,600)
Accrued clinical expenses	(138)	1,461
Accrued and other liabilities	(3,217)	(3,676)
Long-term accrued income taxes	597	0
Operating lease liability	(484)	(349)
Net cash provided by operating activities	25,422	33,269
Cash flows from investing activities:
Purchases of property and equipment	(126)	(42)
Proceeds from maturities of marketable securities	124,230	68,245
Purchases of marketable securities	(127,388)	(48,469)
Net cash (used in) provided by investing activities	(3,284)	19,734
Cash flows from financing activities:
Proceeds from exercise of stock options, net of issuance costs	4,038	480
Repurchase of common stock	(33,541)	(275)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises	(16,444)	0
Net cash (used in) provided by financing activities	(45,947)	205
Net (decrease) increase in cash and cash equivalents	(23,809)	53,208
Cash and cash equivalents, at beginning of period	76,190	31,269
Cash and cash equivalents, at end of period	52,381	84,477
Supplemental disclosure:
Cost of shares repurchased for net settlement of cashless option exercises	$ 6,045	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 79,437	$ 93,247
Operating expenses:
Cost of sales	1,268	1,878
Research and development	29,022	26,123
Selling, general and administrative	29,509	27,535
Total operating expenses	59,799	55,536
Income from operations	19,638	37,711
Interest and other income	275	1,471
Income before income taxes	19,913	39,182
Income tax benefit (expense)	3,552	(9,117)
Net income	23,465	30,065
Other comprehensive income:
Net unrealized (loss) gain on available-for-sale investments, net of tax effect of $61 and $(20), respectively	(192)	61
Foreign currency translation gain (loss), net of tax	26	(12)
Total comprehensive income	$ 23,299	$ 30,114
Basic net income per share (in dollars per share)	$ 0.20	$ 0.26
Diluted net income per share (in dollars per share)	$ 0.18	$ 0.25
Weighted-average shares outstanding used in computing net income per share
Basic (in shares)	116,818	114,575
Diluted (in shares)	129,668	122,226

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-50679
Entity Registrant Name	CORCEPT THERAPEUTICS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0487658
Entity Address, Address Line One	149 Commonwealth Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	650
Local Phone Number	327-3270
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CORT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,630,692
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001088856
Current Fiscal Year End Date	--12-31

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded an income tax benefit of $3.6 million for the three months ended March 31, 2021, and an income tax expense of $9.1 million for the three months ended March 31, 2020. The change to an income tax benefit is the result of increased excess tax benefits for stock option exercises recorded in the three months ended March 31, 2021 as compared to the three months ended March 31, 2020. Our effective tax rate differs from the federal statutory rate due to state income taxes and the non-deductible portion of our stock-based compensation, which increased our tax expense, offset by tax benefits for research and development tax credits and the excess tax deduction arising from the exercise of employee stock options, which reduced our taxable income. During the three months ended March 31, 2021, unrecognized tax benefits increased by $0.2 million. As of March 31, 2021, the Company had unrecognized tax benefits of $6.2 million that, if recognized, would affect the Company’s effective tax rate by resulting in a tax benefit and approximately $1.5 million of unrecognized tax benefits would not impact the effective tax rate as they would be offset by a corresponding change in valuation allowance. Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. If we believe that recovery of these deferred tax assets is not more likely than not, we establish a valuation allowance offsetting such assets on our balance sheet. Significant judgment is required in assessing the need for a valuation allowance. We consider all available evidence, including our recent operating results and our forecasts of future taxable income. Other than valuation allowances against our California net deferred tax assets, we have determined that it is more likely than not we will realize the benefit related to all other deferred tax assets. To the extent we increase a valuation allowance, we will include an expense in the Condensed Consolidated Statement of Comprehensive Income in the period in which such determination is made.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 23,465	$ 30,065
Denominator:
Weighted-average shares used to compute basic net income per share (in shares)	116,818	114,575
Dilutive effect of employee stock options (in shares)	12,850	7,651
Weighted-average shares used to compute diluted net income per share (in shares)	129,668	122,226
Net income per share
Basic (in dollars per share)	$ 0.20	$ 0.26
Diluted (in dollars per share)	$ 0.18	$ 0.25

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Available-for-Sale Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Available For Sale Securities And Fair Value Measurements [Abstract]

Summary of the classification of available-for-sale securities in condensed consolidated balance sheets

The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows:


	March 31, 2021		December 31, 2020

	(in thousands)
Cash equivalents	$	30,540	$	50,524
Short-term marketable securities	320,578		364,506
Long-term marketable securities	81,834		36,196
Total marketable securities	$	432,952	$	451,226

Schedule of available-for-sale securities

The following table presents our available-for-sale securities grouped by asset type:


	Fair Value Hierarchy Level	March 31, 2021								December 31, 2020
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

		(in thousands)
Corporate bonds	Level 2	$	100,413	$	19	$	(37)	$	100,395	$	96,999	$	74	$	(9)	$	97,064
Commercial paper	Level 2	124,870		—		—		124,870		139,791		—		—		139,791
Asset-backed securities	Level 2	49,624		3		(15)		49,612		39,243		15		(1)		39,257
U.S. treasury securities	Level 1	127,490		46		(1)		127,535		124,461		131		(2)		124,590
Money market funds	Level 1	30,540		—		—		30,540		50,524		—		—		50,524
Total marketable securities		$	432,937	$	68	$	(53)	$	432,952	$	451,018	$	220	$	(12)	$	451,226

Available-for-Sale Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest receivable, current	$ 1.7	$ 1.3
Maximum maturity period	2 years
Weighted average maturity period	7 months
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	14 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	23 months

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2021 series
Accounting Policies [Abstract]
Number of series of selective cortisol modulators	4

Available-for-Sale Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - Estimate of fair value measurement - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 432,937	$ 451,018
Gross Unrealized Gains	68	220
Gross Unrealized Losses	(53)	(12)
Estimated Fair Value	432,952	451,226
Corporate bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	100,413	96,999
Gross Unrealized Gains	19	74
Gross Unrealized Losses	(37)	(9)
Estimated Fair Value	100,395	97,064
Commercial paper \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	124,870	139,791
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	124,870	139,791
Asset-backed securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	49,624	39,243
Gross Unrealized Gains	3	15
Gross Unrealized Losses	(15)	(1)
Estimated Fair Value	49,612	39,257
U.S. treasury securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	127,490	124,461
Gross Unrealized Gains	46	131
Gross Unrealized Losses	(1)	(2)
Estimated Fair Value	127,535	124,590
Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,540	50,524
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 30,540	$ 50,524

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net unrealized income (loss) on available-for-sale investments, tax impact	$ 61	$ (20)

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business and Basis of Presentation Corcept Therapeutics Incorporated is a commercial-stage pharmaceutical company engaged in the discovery and development of medications that treat severe metabolic, oncologic and psychiatric disorders by modulating the effect of the hormone cortisol. In 2012, the U.S. Food and Drug Administration (“FDA”) approved Korlym (“mifepristone”) 300 mg tablets, as a once-daily oral medication for the 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 have discovered four structurally distinct series of selective cortisol modulators, consisting of more than 1,000 compounds. We are developing compounds from these series as potential treatments for a broad range of serious disorders. We were incorporated in the State of Delaware in May 1998. Our headquarters are located in Menlo Park, California. Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of March 31, 2021 and (ii) statements of comprehensive income, cash flows and stockholders’ equity for the three months ended March 31, 2021 and 2020. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for the remainder of 2021 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. The December 31, 2020 balance sheet was derived from audited financial statements at that date. There have been no material changes in the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2020. Recently Adopted Accounting Pronouncement In December 2019, the FASB issued ASU No. 2019-12 (ASC Topic 740), “Simplifying the Accounting for Income Taxes.” This standard simplifies accounting for income taxes by removing certain exceptions to the general principles and clarifying existing guidance. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020. We adopted this standard on January 1, 2021. The adoption of this standard had no impact on our condensed consolidated financial statements.

Net Income Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income Per Share

We compute basic and diluted net income per share by dividing our net income by the weighted-average number of common shares outstanding during the period, including potentially dilutive shares. We used the treasury stock method to determine the number of dilutive shares of common stock resulting from the potential exercise of stock options.

The following table shows the computation of net income per share for each period:


	Three Months Ended March 31,
	2021		2020

	(in thousands)
Numerator:
Net income	$	23,465	$	30,065
Denominator:
Weighted-average shares used to compute basic net income per share	116,818		114,575
Dilutive effect of employee stock options	12,850		7,651
Weighted-average shares used to compute diluted net income per share	129,668		122,226
Net income per share
Basic	$	0.20	$	0.26
Diluted	$	0.18	$	0.25

As of March 31, 2021 and 2020, we had 26.8 million and 27.0 million stock options outstanding, respectively.

Because including them would have reduced dilution, we excluded from the computation of diluted net income per share, on a weighted-average basis, 2.4 million and 12.5 million stock options outstanding during the three months ended March 31, 2021 and 2020, respectively

Composition of Certain Balance Sheet Items

3 Months Ended

Mar. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Inventory


	March 31, 2021		December 31, 2020

	(in thousands)
Raw materials	$	—	$	1,685
Work in progress	14,889		12,916
Finished goods	5,443		6,556
Total inventory	20,332		21,157
Less strategic inventory classified as non-current	(15,384)		(16,247)
Total inventory classified as current	$	4,948	$	4,910

Because we rely on a single manufacturer for the active pharmaceutical ingredient (“API”) for Korlym, we have purchased and hold significant quantities of API. We classify inventory we do not expect to sell within 12 months of the balance sheet date as “Strategic Inventory,” a long-term asset.

Property and Equipment


	March 31, 2021		December 31, 2020

	(in thousands)
Furniture and equipment	$	871	$	810
Software	1,485		1,485
Leasehold improvements	1,232		1,233
Total property and equipment	3,588		3,528
Less accumulated depreciation	(2,107)		(1,853)
Property and equipment, net of accumulated depreciation	$	1,481	$	1,675

Accrued and other liabilities


	March 31, 2021		December 31, 2020

	(in thousands)
Government rebates	$	11,785	$	9,412
Accrued compensation	3,992		10,144
Legal fees	713		612
Accrued selling and marketing costs	610		665
Professional fees	585		151
Other	314		202
Total accrued and other liabilities	$	17,999	$	21,186

Other assets

As of March 31, 2021 and December 31, 2020, Other assets included $4.8 million of deposits for clinical trials.

Composition of Certain Balance Sheet Items (Tables)

3 Months Ended

Mar. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of composition of inventory, current

Inventory


	March 31, 2021		December 31, 2020

	(in thousands)
Raw materials	$	—	$	1,685
Work in progress	14,889		12,916
Finished goods	5,443		6,556
Total inventory	20,332		21,157
Less strategic inventory classified as non-current	(15,384)		(16,247)
Total inventory classified as current	$	4,948	$	4,910

Schedule of composition of inventory, noncurrent

Inventory


	March 31, 2021		December 31, 2020

	(in thousands)
Raw materials	$	—	$	1,685
Work in progress	14,889		12,916
Finished goods	5,443		6,556
Total inventory	20,332		21,157
Less strategic inventory classified as non-current	(15,384)		(16,247)
Total inventory classified as current	$	4,948	$	4,910

Schedule of property and equipment

Property and Equipment


	March 31, 2021		December 31, 2020

	(in thousands)
Furniture and equipment	$	871	$	810
Software	1,485		1,485
Leasehold improvements	1,232		1,233
Total property and equipment	3,588		3,528
Less accumulated depreciation	(2,107)		(1,853)
Property and equipment, net of accumulated depreciation	$	1,481	$	1,675

Schedule of other accrued liabilities

Accrued and other liabilities


	March 31, 2021		December 31, 2020

	(in thousands)
Government rebates	$	11,785	$	9,412
Accrued compensation	3,992		10,144
Legal fees	713		612
Accrued selling and marketing costs	610		665
Professional fees	585		151
Other	314		202
Total accrued and other liabilities	$	17,999	$	21,186

Available-for-Sale Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Available For Sale Securities And Fair Value Measurements [Abstract]

Available-for-Sale Securities and Fair Value Measurements

The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows:


	March 31, 2021		December 31, 2020

	(in thousands)
Cash equivalents	$	30,540	$	50,524
Short-term marketable securities	320,578		364,506
Long-term marketable securities	81,834		36,196
Total marketable securities	$	432,952	$	451,226

The following table presents our available-for-sale securities grouped by asset type:


	Fair Value Hierarchy Level	March 31, 2021								December 31, 2020
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

		(in thousands)
Corporate bonds	Level 2	$	100,413	$	19	$	(37)	$	100,395	$	96,999	$	74	$	(9)	$	97,064
Commercial paper	Level 2	124,870		—		—		124,870		139,791		—		—		139,791
Asset-backed securities	Level 2	49,624		3		(15)		49,612		39,243		15		(1)		39,257
U.S. treasury securities	Level 1	127,490		46		(1)		127,535		124,461		131		(2)		124,590
Money market funds	Level 1	30,540		—		—		30,540		50,524		—		—		50,524
Total marketable securities		$	432,937	$	68	$	(53)	$	432,952	$	451,018	$	220	$	(12)	$	451,226

We estimate the fair value of marketable securities classified as Level 1 using quoted market prices for these or identical investments obtained from a commercial pricing service. We estimate the fair value of marketable securities classified as Level 2 using inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads.

We periodically review our debt securities to determine if any of our investments is impaired due to credit-related or other issues. If the fair value of our investment in any debt security is less than our amortized cost basis, we determine whether an allowance for credit losses is appropriate by assessing quantitative and subjective factors including, but not limited to, the nature of security, changes in credit ratings, analyst reports concerning the security’s issuer and industry, interest rate fluctuations and general market conditions.

Unrealized losses on our available-for-sale debt securities as of March 31, 2021 were not significant and were due to changes in interest rates. Accordingly, we have not recorded an allowance for credit losses associated with these investments.

We do not intend to sell the investments that currently have unrealized losses. It is highly unlikely that we will sell any of our investments before recovery of their amortized cost basis, which may be at maturity.

We classified accrued interest on our marketable securities of $1.7 million and $1.3 million as of March 31, 2021 and December 31, 2020, respectively, as prepaid and other current assets on our condensed consolidated balance sheets.

As of March 31, 2021, all our marketable securities had original maturities of less than two years. The weighted-average maturity of our holdings was seven months. As of March 31, 2021, our long-term marketable securities had remaining maturities ranging from 14 to 23 months. None of our marketable securities changed from one fair value hierarchy to another during the three months ended March 31, 2021

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2019		114,549
Beginning balance at Dec. 31, 2019	$ 371,182	$ 120	$ 457,060	$ (62,704)	$ 261	$ (23,555)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options	100	67
Issuance of common stock upon exercise of options	$ 480		480
Purchases of treasury stock (in shares)	(5,200)	(20)
Purchases of treasury stock	$ (275)			(275)
Stock-based compensation	7,988		7,988
Other comprehensive income (loss), net of tax	49				49
Net income	30,065					30,065
Ending balance (in shares) at Mar. 31, 2020		114,596
Ending balance at Mar. 31, 2020	409,489	$ 120	465,528	(62,979)	310	6,510
Beginning balance (in shares) at Dec. 31, 2020		116,735
Beginning balance at Dec. 31, 2020	$ 523,338	$ 122	516,140	(75,795)	415	82,456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options	1,800	1,832
Issuance of common stock upon exercise of options	$ 10,083	$ 2	10,081
Purchases of treasury stock (in shares)	(7,900)	(1,282)
Purchases of treasury stock	$ (33,540)			(33,540)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(800)	(808)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	$ (22,520)			(22,520)
Stock-based compensation	10,142		10,142
Other comprehensive income (loss), net of tax	(166)				(166)
Net income	23,465					23,465
Ending balance (in shares) at Mar. 31, 2021		116,477
Ending balance at Mar. 31, 2021	$ 510,802	$ 124	$ 536,363	$ (131,855)	$ 249	$ 105,921

Stockholders' Equity - Narrative (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2021 shares	Mar. 31, 2021 USD ($) stockOptionPlan $ / shares shares	Mar. 31, 2020 USD ($) shares	Nov. 30, 2020 USD ($)
Shareholders Equity [Line Items]
Number of stock option plans \| stockOptionPlan		2
Common shares issued upon exercise of options \| shares		1.8	0.1
Shares withheld for tax withholding obligation \| shares		0.8
Payment tax withholding share-based payment arrangement \| $		$ 16,444,000	$ 0
Treasury stock shares acquired \| shares		7.9	5.2
Common stock repurchased \| $		$ 33,540,000	$ 275,000
Stock Repurchase Program
Shareholders Equity [Line Items]
Stock repurchase amount \| $				$ 200,000,000
Treasury stock shares acquired \| shares		1.3
Common stock repurchased, average price (in dollars per share) \| $ / shares		$ 26.15
Common stock repurchased \| $		$ 33,500,000
Stock repurchase program, remaining authorized amount available for repurchase \| $		$ 156,800,000
2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Increase in shares authorized for grant \| shares	4.7

Available-for-Sale Securities and Fair Value Measurements - Summary of the classification of available-for-sale securities in condensed consolidated balance sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 432,952	$ 451,226
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	30,540	50,524
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	320,578	364,506
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 81,834	$ 36,196

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of computation of net income per share

The following table shows the computation of net income per share for each period:


	Three Months Ended March 31,
	2021		2020

	(in thousands)
Numerator:
Net income	$	23,465	$	30,065
Denominator:
Weighted-average shares used to compute basic net income per share	116,818		114,575
Dilutive effect of employee stock options	12,850		7,651
Weighted-average shares used to compute diluted net income per share	129,668		122,226
Net income per share
Basic	$	0.20	$	0.26
Diluted	$	0.18	$	0.25

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (3,552)	$ 9,117
Unrecognized tax benefits, period increase	200
Unrecognized tax benefits that would impact effective tax rate	6,200
Unrecognized tax benefits that would be offset by a change in valuation allowance	$ 1,500

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details