0001628280-23-005581 | 10-K | XBRL Viewer

Print Document View Excel Document

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,058,080,161
Entity Common Stock, Shares Outstanding		107,899,316
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2023 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001088856

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 66,329	$ 77,617
Short-term marketable securities	365,343	145,918
Trade receivables, net of allowances	31,057	27,625
Insurance recovery receivable related to Melucci litigation (Note 10)	14,000	0
Inventory	6,100	4,988
Prepaid expenses and other current assets	16,424	10,315
Total current assets	499,253	266,463
Strategic inventory	10,931	12,962
Operating lease right-of-use asset	1,143	514
Property and equipment, net of accumulated depreciation and amortization	633	1,002
Long-term marketable securities	4,947	112,277
Other assets	5,058	3,083
Deferred tax assets, net	61,465	27,455
Total assets	583,430	423,756
Current liabilities:
Accounts payable	11,976	6,908
Accrued research and development expenses	14,573	12,442
Accrued and other liabilities	30,799	27,665
Accrued settlement related to Melucci litigation (Note 10)	14,000	0
Short-term operating lease liability	1,143	526
Total current liabilities	72,491	47,541
Long-term accrued income taxes payable	9,097	409
Total liabilities	81,588	47,950
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000 shares authorized and no shares outstanding as of December 31, 2022 and December 31, 2021	0	0
Common stock, par value $0.001 per share, 280,000 shares authorized and 130,959 issued and 107,835 outstanding as of December 31, 2022 and 127,218 shares issued and 105,940 outstanding as of December 31, 2021	131	127
Treasury stock; at cost; 23,124 shares of common stock as of December 31, 2022 and 21,278 shares of common stock as of December 31, 2021	(456,148)	(410,411)
Additional paid-in capital	662,342	591,349
Accumulated other comprehensive loss	(869)	(227)
Retained earnings	296,386	194,968
Total stockholders’ equity	501,842	375,806
Total liabilities and stockholders’ equity	$ 583,430	$ 423,756

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	280,000,000	280,000,000
Common stock, shares, issued	130,959,000	127,218,000
Common stock, shares, outstanding	107,835,000	105,940,000
Treasury stock (in shares)	23,124,000	21,278,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Product revenue, net	$ 401,858	$ 365,978	$ 353,874
Operating expenses:
Cost of sales	5,385	5,281	5,582
Research and development	130,991	113,864	114,764
Selling, general and administrative	152,848	122,356	105,326
Settlement expense related to Melucci litigation	14,000	0	0
Insurance recovery related to Melucci litigation	(14,000)	0	0
Total operating expenses	289,224	241,501	225,672
Income from operations	112,634	124,477	128,202
Interest and other income	3,557	529	3,400
Income before income taxes	116,191	125,006	131,602
Income tax expense	(14,773)	(12,494)	(25,591)
Net income	101,418	112,512	106,011
Net income attributable to common stockholders, basic	101,288	112,512	106,011
Net income attributable to common stockholders, diluted	$ 101,288	$ 112,512	$ 106,011
Basic net income per share (in dollars per share)	$ 0.95	$ 0.97	$ 0.92
Diluted net income per share (in dollars per share)	$ 0.87	$ 0.89	$ 0.85
Weighted-average shares outstanding used in computing net income per common share
Basic (in shares)	106,787	115,653	115,412
Diluted (in shares)	115,966	125,963	124,194

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 101,418	$ 112,512	$ 106,011
Other comprehensive income (loss):
Unrealized loss on available-for-sale investments, net of tax impact of $105, $198, and $15	(331)	(621)	(50)
Foreign currency translation loss, net of tax	(311)	(21)	204
Total comprehensive income	$ 100,776	$ 111,870	$ 106,165

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale investments, tax (expense) benefit	$ 105	$ 198	$ 15

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 101,418	$ 112,512	$ 106,011
Adjustments to reconcile net income to net cash provided by operations:
Stock-based compensation	42,442	42,931	33,539
Amortization of interest income	1,383	5,083	1,303
Depreciation and amortization of property and equipment	782	1,072	525
Deferred income taxes	(33,905)	4,346	14,089
Non-cash amortization of right-of-use asset	2,187	1,995	1,712
Other	0	10	148
Changes in operating assets and liabilities:
Trade receivables	(3,432)	(1,427)	(6,270)
Insurance recovery receivable related to Melucci litigation	(14,000)	0	0
Inventory	1,199	3,444	(3,514)
Prepaid expenses and other current assets	(6,080)	(3,597)	(653)
Other assets	(1,975)	1,917	(1,552)
Accounts payable	4,757	(3,597)	3,161
Accrued research and development expenses	2,131	(1,262)	7,227
Accrued and other liabilities	2,927	6,479	(2,083)
Accrued settlement related to Melucci litigation	14,000	0	0
Long-term accrued income taxes	8,688	11	12
Operating lease liability	(2,199)	(2,025)	(1,685)
Net cash provided by operating activities	120,323	167,892	151,970
Cash flows from investing activities:
Purchases of property and equipment	(413)	(469)	(1,238)
Proceeds from maturities of marketable securities	241,152	398,937	302,089
Proceeds from sales of marketable securities	0	50,463	0
Purchases of marketable securities	(355,066)	(312,805)	(420,114)
Net cash (used in) provided by investing activities	(114,327)	136,126	(119,263)
Cash flows from financing activities:
Proceeds from issuance of common stock under our incentive award plan, net of issuance costs	4,381	16,229	23,226
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants	(21,665)	(22,835)	(1,067)
Net cash (used in) provided by financing activities	(17,284)	(302,591)	12,214
Net (decrease) increase in cash and cash equivalents	(11,288)	1,427	44,921
Cash and cash equivalents, at beginning of period	77,617	76,190	31,269
Cash and cash equivalents, at end of period	66,329	77,617	76,190
Supplemental disclosure:
Income taxes paid	39,747	9,104	10,856
Exercise cost of shares repurchased for net settlement of cashless option exercises	24,388	15,796	2,079
Recognition of right-of-use asset and lease liability	2,816	0	775
Tender Offer
Cash flows from financing activities:
Repurchase of common stock	0	(207,500)	0
Stock Repurchase Program
Cash flows from financing activities:
Repurchase of common stock	$ 0	$ (88,485)	$ (9,945)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Stock Repurchase Program	Tender Offer	Employees and Directors	Common Stock	Common Stock Tender Offer	Additional Paid-in Capital	Additional Paid-in Capital Employees and Directors	Treasury Stock	Treasury Stock Stock Repurchase Program	Treasury Stock Tender Offer	Accumulated Other Comprehensive Income (Loss)	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 (in shares)					2,819
Issuance of common stock under our incentive award plan	25,305				$ 2		25,303
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)					(154)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(3,146)								(3,146)
Stock-based compensation				$ 33,777				$ 33,777
Other comprehensive income (loss), net of tax	154											154
Purchases of treasury stock (in shares)					(479)
Purchase of treasury stock in connection with Stock Repurchase Program	(9,945)								(9,945)
Net income	106,011												106,011
Ending balance (in shares) at Dec. 31, 2020					116,735
Ending 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 (in shares)					4,632
Issuance of common stock under our incentive award plan	32,046				$ 5		32,041
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)					(1,560)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(38,631)								(38,631)
Stock-based compensation				43,168				43,168
Other comprehensive income (loss), net of tax	(642)											(642)
Purchases of treasury stock (in shares)					(3,867)	(10,000)
Purchase of treasury stock in connection with Stock Repurchase Program		$ (88,485)	$ (207,500)							$ (88,485)	$ (207,500)
Net income	112,512												112,512
Ending balance (in shares) at Dec. 31, 2021					105,940
Ending balance at Dec. 31, 2021	$ 375,806				$ 127		591,349		(410,411)			(227)	194,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)	3,681				3,741
Issuance of common stock under our incentive award plan	$ 28,482				$ 4		28,478
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)					(1,846)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(45,737)								(45,737)
Stock-based compensation				$ 42,515				$ 42,515
Other comprehensive income (loss), net of tax	(642)											(642)
Net income	101,418												101,418
Ending balance (in shares) at Dec. 31, 2022					107,835
Ending balance at Dec. 31, 2022	$ 501,842				$ 131		$ 662,342		$ (456,148)			$ (869)	$ 296,386

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Description of Business and Basis of Presentation

Corcept Therapeutics Incorporated (collectively, “Corcept,” the “Company,” “we,” “us” and “our”) is a commercial-stage pharmaceutical company engaged in the discovery and development of medications to treat severe endocrine, oncologic, metabolic and neurological disorders by modulating the effects of the hormone cortisol. In 2012, the United States 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 and patented 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

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Principles of Consolidation

Our consolidated financial statements include the financial position and results of operations of Corcept Therapeutics UK Limited, our wholly owned subsidiary, which we incorporated in the United Kingdom in March 2017.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

We reevaluate our estimates and assumptions each quarter, including those related to revenue recognition, recognition and measurement of income tax assets and liabilities, inventory, allowances for doubtful accounts and other accrued liabilities, including our bonus accrual, clinical trial accruals and stock-based compensation.

Fair Value Measurements

We value financial instruments using assumptions we believe third-party market participants would use. When choosing which assumptions to make when determining the value of a financial instrument, we look first for quoted prices in active markets for identical instruments (“Level 1 inputs”). If no Level 1 inputs are available, we consider (i) quoted prices in non-active markets for identical instruments; (ii) active markets for similar instruments; (iii) inputs other than quoted prices for the instrument; and (iv) inputs that are not directly observable, but that can be corroborated by observable data (“Level 2 inputs”). In the absence of Level 2 inputs, we rely on unobservable inputs, such as our estimates of the assumptions market participants would use in pricing the instrument (“Level 3 inputs”).

Cash and Cash Equivalents and Marketable Securities

We consider highly liquid investments that will mature in three months or less from the time we purchase them to be cash equivalents. Cash equivalents are valued using Level 1 inputs, which approximate our cost.

We invest the majority of our funds in marketable securities, primarily corporate notes, U.S. Treasury and government agency securities, asset-backed securities and commercial paper. We classify our marketable securities as available-for-sale securities and report them at fair value as “cash equivalents” or “marketable securities” on our consolidated balance sheet, with related unrealized gains and losses included in stockholders' equity. Realized gains and losses and permanent declines in value are included in “interest and other income (expense)” on our consolidated statements of income.

Credit and Concentration Risks

Our cash, cash equivalents and marketable securities are held in one financial institution. We are subject to credit risk from our cash equivalents and marketable securities. We limit our investments to U.S. Treasury obligations and high-grade corporate debt and asset-backed securities with less than a 36-month maturity at the time of purchase. These investments are diversified and do not expose us to concentrations of credit risk. We have never experienced a loss in, or lack of access to, our operating or investment accounts.

We have a single-source manufacturer of mifepristone, the active pharmaceutical ingredient (“API”), in Korlym – Produits Chimiques Auxiliaires et de Synthèse SA (“PCAS,” a member of the Seqens Group). If PCAS is unable or unwilling to manufacture API in the amounts and time frames required, we may not be able to manufacture Korlym in a timely manner. In order to mitigate this risk, we have purchased and hold in inventory a reserve quantity of mifepristone.

We have a concentration of risk in regard to the distribution of our product. A single specialty pharmacy, Optime Care, Inc. (“Optime”), dispenses Korlym to patients for us. Optime is an independent third party. Its unwillingness or inability to dispense Korlym to patients in a timely manner would harm our business.

We sell Korlym that Optime dispenses directly to patients, with title to the medicine passing directly from us to the patient upon the patient’s receipt of the drug. Our receivables risk is spread among various third-party payers – pharmacy benefit managers, insurance companies, government programs and private charities. We monitor our exposure and record an allowance against uncollectible trade receivables as necessary. To date, we have not recorded an allowance for credit losses.

Inventory and Cost of Sales

Regulatory approval of product candidates is uncertain. Because product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained, we record the cost of manufacturing our product candidates as research and development expense at the time such costs are incurred. Once a product candidate is approved by the FDA, we begin capitalizing manufacturing costs. We capitalize to inventory manufacturing costs related to Korlym.

We value inventory at the lower of cost or net realizable value and determine the cost of inventory we sell using the specific identification method, which approximates a first-in, first-out basis. We assess our inventory levels at each reporting period and write down inventory that is either expected to be at risk of expiration prior to sale, has a cost basis in excess of its expected net realizable value, or for which there are inventory quantities in excess of expected requirements. We destroy expired inventory and recognize the related costs as cost of sales in that period’s statement of income.

Cost of sales also includes the cost of manufacturing Korlym, including materials, third-party manufacturing costs and indirect personnel and other overhead costs, based on the number of Korlym tablets for which we recognize revenue, as well as costs of stability testing, logistics and distribution.

We classify inventory we do not expect to sell within 12 months of the balance sheet date as strategic inventory, a non-current asset.

Net Product Revenue

We sell Korlym directly to patients through a single specialty pharmacy. We also sell Korlym to a specialty distributor (“SD”), for which we recognize revenue at the time the SD receives Korlym. SD sales were less than one percent of our net revenue in each of the years ended December 31, 2022, 2021 and 2020.

To determine our revenue from the sale of Korlym, we (i) identify our contract with each customer; (ii) identify the obligations of Corcept and the customer under the contract; (iii) determine the contracted transaction price; (iv) allocate the transaction price to the contract’s performance obligations, which in our case consists of delivering Korlym to the customer; and (v) recognize revenue once Korlym has been delivered, provided we deem it probable that we will collect the payment due to us.

Confirmation of coverage by private or government insurance or by a third-party charity is a prerequisite for selling Korlym to a patient.

To determine net product revenue, we deduct from sales the cost of our patient co-pay assistance program and our estimates of (a) government chargebacks and rebates, (b) discounts provided to our SD for prompt payment and (c) reserves for expected returns. We record these estimates at the time we recognize revenue and update them as new information becomes available. Our estimates take into account our understanding of the range of possible outcomes. If results differ from our

estimates, we adjust our estimates, which changes our net product revenue and earnings. We report any changes in the period they become known, even if they concern transactions occurring in prior periods.

Government Rebates: Korlym is eligible for purchase by, or qualifies for reimbursement from, Medicaid, Medicare and other government programs that are eligible for rebates on the price they pay for Korlym. To determine the appropriate amount to reserve against these rebates, we identify Korlym sold to patients covered by government-funded programs, apply the applicable government discount to these sales, then estimate the portion of total rebates we expect will be claimed. We (i) deduct this reserve from revenue in the period to which the rebates relate and (ii) include in accrued expenses on our consolidated balance sheet a current liability of an equal amount.

Chargebacks: Although we sell Korlym to the SD at full price, some of the government entities to which the SD sells receive a discount. The SD recovers the full amount of any related discounts by reducing its payment to us (this reduction is called a “chargeback”). Chargebacks sometimes relate to Korlym purchased by the SD in prior periods. We deduct from our revenue in each period chargebacks claimed by the SD for Korlym it purchased in that period. We also create a reserve for chargebacks we estimate the SD will claim in future periods against Korlym it purchased in the current period but has not yet resold. We determine the amount of this reserve based on our experience with SD chargebacks and our understanding of the SD’s customer base and business practices. We deduct this reserve from revenue and include in accrued expenses on our consolidated balance sheet a current liability of equal amount.

Patient Assistance Program and Charitable Support: It is our policy that no patient be denied Korlym due to inability to pay. We provide financial assistance to eligible patients whose insurance policies have high deductibles or co-payments and deduct the amount of such assistance from gross revenue. We determine the assistance we provide each patient by applying our program guidelines to that patient’s financial position and their insurance policy’s co-payment and deductible requirements for the purchase of Korlym. We donate cash to charities that help patients with financial need pay for the treatment of Cushing’s syndrome. We do not include payments from these charities in revenue, but as a deduction to selling, general and administrative expenses. We provide Korlym at no cost to uninsured patients who do not qualify for charitable support.

Sales Returns: Federal law prohibits the return of Korlym sold to patients. Sales to our SD are subject to return. We deduct the amount of Korlym we estimate the SD will return from each period’s gross revenue. We base our estimates on quantitative and qualitative information including, but not limited to, historical return rates, the amount of Korlym held by the SD and projected demand. If we cannot reasonably estimate returns with respect to a particular sale, we defer recognition of revenue until we can make a reasonable estimate. To date, returns have not been significant.

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2022, 2021 and 2020:


	Chargebacks		Government Rebates		Total
	(in thousands)
Balance at December 31, 2019	$	277	$	8,209	$	8,486
Provision related to current period sales	519		27,698		28,217
Provision related to prior period sales	(3)		(631)		(634)
Credit or payments made during the period	(630)		(25,864)		(26,494)
Balance at December 31, 2020	163		9,412		9,575
Provision related to current period sales	394		33,709		34,103
Provision related to prior period sales	(29)		(1,047)		(1,076)
Credit or payments made during the period	(478)		(30,900)		(31,378)
Balance at December 31, 2021	50		11,174		11,224
Provision related to current period sales	557		38,745		39,302
Provision related to prior period sales	78		(68)		10
Credit or payments made during the period	(455)		(38,753)		(39,208)
Balance at December 31, 2022	$	230	$	11,098	$	11,328

Leases

We determine whether an arrangement contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract is or contains a lease, we consider all relevant facts and circumstances to assess whether the customer has the right to both (i) obtain substantially all of the economic benefits from use of the identified asset and (ii) direct the use of the identified asset.

We recognize right-of-use assets and lease liabilities at lease commencement. We measure lease liabilities based on the present value of lease payments over the lease term discounted by the rate equal to the rate we would pay on a collateralized loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. We estimate our incremental borrowing rate based on non-tender bank quotes and an analysis of public companies with debt and credit carrying terms similar to our lease term. We do not include in the lease term options to extend or terminate the lease unless it is reasonably certain at commencement that we will exercise any such options. We account for the lease components separately from non-lease components for our operating leases.

We measure right-of-use assets based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs we incur, and (iii) tenant incentives under the lease. We evaluate the recoverability of our right-of-use assets for possible impairment in accordance with our long-lived assets policy. We do not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less; rather, we recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.

Operating leases are reflected on our consolidated balance sheets as operating lease right-of-use assets, short-term operating lease liabilities and long-term operating lease liabilities.

We begin recognizing operating lease expense when the lessor makes the underlying asset available to us. We recognize operating lease expense under our operating leases on a straight-line basis. Variable lease payments are expensed as incurred.

The Company did not have any finance leases at either December 31, 2022 or 2021.

Research and Development

Research and development expense includes the direct cost of discovering and screening new compounds, pre-clinical studies, clinical trials, manufacturing development, submissions to regulatory agencies and related overhead costs. We expense nonrefundable payments and the cost of technologies and materials used in research and development as we incur them.

We base our accruals for discovery research, preclinical studies and clinical trials on our estimates of work completed, milestones achieved, patient enrollment and past experience with similar activities. Our estimates include assessments of information from contract research organizations and the status of our own research, development and administrative activities.

Segment Reporting

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

Stock-Based Compensation

We recognize stock-based compensation expense for stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), net of estimated forfeitures, on a straight-line basis over the period during which an employee is required to provide services in exchange for the award (the vesting period of the award). We estimate future forfeitures during the first quarter of each fiscal year, and revise the estimates, if necessary, in subsequent periods if actual forfeitures differ significantly from those estimates.

We determine the fair value of stock options based on the value of the award at the grant date, using the Black-Scholes model. We recognize stock-based compensation expense over the applicable vesting period, net of estimated forfeitures. If actual forfeitures differ from our estimates, we adjust stock-based compensation expense accordingly.

In addition, we have issued RSAs in connection with our Employee Stock Purchase Plan (“ESPP”) that vest on the condition that the participating employee hold the corresponding shares purchased under the ESPP for one year from the purchase date. The participating employee is granted one RSA for each share purchased in the ESPP. We initially measure the

fair value of these RSAs based on the grant date fair value determined using the closing price of our common stock on the date the purchase of the corresponding ESPP shares is made. This fair value of the RSA is amortized over the one-year holding period. As a result of the RSA’s being reported as liability-classified awards, they must be remeasured at each reporting date until settlement. Ultimately, the compensation cost recognized for the RSA award will equal the fair value of the Company’s common stock on the date the RSA is fully vested and settled. See Note 7, Preferred Stock and Stockholders’ Equity regarding our ESPP.

Income Taxes

We account for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected tax consequences of our future financial and operating activities. Under ASC 740, we determine deferred tax assets and liabilities based on the temporary difference between the financial statement and tax bases of assets and liabilities using the tax rates in effect for the year in which we expect such differences to reverse. If we determine that it is more likely than not that we will not generate sufficient taxable income to realize the value of some or all of our deferred tax assets (net of our deferred tax liabilities), we establish a valuation allowance offsetting the amount we do not expect to realize. We perform this analysis each reporting period and reduce our measurement of deferred taxes if the likelihood we will realize them becomes uncertain.

The deferred tax assets that we record each period depend primarily on our ability to generate future taxable income in the United States. Each period, we evaluate the need for a valuation allowance against our deferred tax assets and, if necessary, adjust the valuation allowance so that net deferred tax assets are recorded only to the extent we conclude it is more likely than not that these deferred tax assets will be realized. If our outlook for future taxable income changes significantly, our assessment of the need for, and the amount of, a valuation allowance may also change.

We are also required to evaluate and quantify other sources of taxable income, such as the possible reversal of future deferred tax liabilities, should any arise, and the implementation of tax planning strategies. Evaluating and quantifying these amounts is difficult and involves significant judgment, based on all of the available evidence and assumptions about our future activities.

We account for uncertain tax positions in accordance with ASC 740, which requires us to adjust our consolidated financial statements to reflect only those tax positions that are more-likely-than-not to be sustained upon review by federal or state examiners. We recognize in the consolidated financial statements the largest expected tax benefit that has a greater than 50 percent likelihood of being sustained on examination by the taxing authorities. We report interest and penalties related to unrecognized tax benefits as income tax expense.

Significant Agreements	12 Months Ended
Significant Agreements	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Significant Agreements	Significant Agreements Commercial Agreements In August 2017, we entered into a distribution services agreement with an independent third party, Optime, to provide exclusive specialty pharmacy and patient services programs for Korlym beginning August 10, 2017. Under the terms of this agreement, Optime acts as the exclusive specialty pharmacy distributor of Korlym in the United States, subject to certain exceptions. Optime 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 Optime, which it dispenses to patients. Optime does not purchase Korlym from us and it does not take title to the product. Title passes directly from us to the patient at the time the patient receives the medicine. The initial term of our agreement with Optime was five years. In August 2022, we amended our agreement to extend its term to September 30, 2022. In September 2022, we amended our agreement to further extend its term to March 31, 2024, unless terminated earlier by us upon 90 days’ notice. The agreement contains additional customary termination provisions, representations, warranties and covenants. Subject to certain limitations, we have agreed to indemnify Optime 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. Manufacturing Agreements Related to Korlym We purchase all of our API for Korlym from PCAS. On July 25, 2018, we amended our agreement with PCAS to add a second manufacturing site and to extend its term to December 31, 2021, with two one-year automatic renewals, unless either party provides 12 months advance written notice of its intent not to renew. The agreement was renewed through December 31, 2023. The amendment provides exclusivity between PCAS and Corcept. In the event PCAS cannot meet our requirements, we may purchase API from another supplier. As of December 31, 2022, we had non-cancelable commitments to purchase $1.5 million worth of API from PCAS over the next 12 months. We have agreements with two third-party manufacturers to produce and bottle Korlym tablets. Lease Agreement See discussion below in Note 5, Leases, regarding our office lease.

Available-for-Sale Securities and Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Available For Sale Securities And Fair Value Measurements [Abstract]

Available for Sale Securities and Fair Value Measurements

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


	Year Ended December 31,
	2022		2021
	(in thousands)
Cash equivalents	$	36,380	$	45,088
Short-term marketable securities	365,343		145,918
Long-term marketable securities	4,947		112,277
Total marketable securities	$	406,670	$	303,283

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


	Fair Value Hierarchy Level	December 31, 2022								December 31, 2021
		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	$	151,069	$	—	$	(625)	$	150,444	$	125,370	$	3	$	(276)	$	125,097
Commercial paper	Level 2	136,132		—		—		136,132		30,963		—		—		30,963
U.S. government agency securities	Level 2	25,113		23		—		25,136		—		—		—		—
Asset-backed securities	Level 2	185		—		—		185		57,801		—		(67)		57,734
U.S. Treasury securities	Level 1	58,536		—		(142)		58,394		44,473		—		(72)		44,401
Money market funds	Level 1	36,379		—		—		36,379		45,088		—		—		45,088
Total marketable securities		$	407,414	$	23	$	(767)	$	406,670	$	303,695	$	3	$	(415)	$	303,283

We estimate the fair value of marketable securities classified as Level 1 using quoted market prices obtained from a commercial pricing service for these or identical investments. 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 the issuer’s poor credit or other reasons. If the fair value of our investment is less than our amortized cost, we evaluate quantitative and subjective factors – including, but not limited to, the nature of security, changes in credit ratings and analyst reports concerning the security’s issuer and industry, and interest rate fluctuations and general market conditions to determine whether an allowance for credit losses is appropriate.

None of our investments, including those with unrealized losses, are impaired. Unrealized losses on our investments are due to interest rate fluctuations. We do not intend to sell investments that currently have unrealized losses and it is highly unlikely that we will sell any investment before recovery of its amortized cost basis, which may be at maturity. Accordingly, we have not recorded an allowance for credit losses for these investments.

We classified accrued interest on our marketable securities of $1.8 million and $1.4 million as of December 31, 2022 and 2021, respectively, as prepaid and other current assets on our consolidated balance sheets.

As of December 31, 2022, all our marketable securities had original maturities of less than two years and all our marketable securities classified as short-term have maturities of less than one year. The weighted-average maturity of our holdings was four months. As of December 31, 2022, our long-term marketable securities had remaining maturities of 15

months. None of our marketable securities changed from one fair value hierarchy to another during the year ended December 31, 2022.

Composition of Certain Balance Sheet Items

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Inventory


	Year Ended December 31,
	2022		2021
	(in thousands)
Work in progress	$	7,827	$	11,450
Finished goods	9,204		6,500
Total inventory	17,031		17,950
Less strategic inventory classified as non-current	(10,931)		(12,962)
Total inventory classified as current	$	6,100	$	4,988

Because we rely on a single manufacturer to produce Korlym’s API, we have purchased and hold significant quantities of API, included in work in progress inventory. 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, net of accumulated depreciation and amortization


	Year Ended December 31,
	2022		2021
	(in thousands)
Furniture and equipment	$	1,235	$	1,157
Software	1,508		1,508
Leasehold improvements	1,597		1,262
Total property and equipment	4,340		3,927
Less accumulated depreciation and amortization	(3,707)		(2,925)
Property and equipment, net of accumulated depreciation and amortization	$	633	$	1,002

Accrued and other liabilities


	Year Ended December 31,
	2022		2021
	(in thousands)
Accrued compensation	$	15,511	$	13,339
Government rebates	11,098		11,174
Legal fees	2,673		842
Accrued selling and marketing costs	434		1,351
Professional fees	211		150
Income taxes payable	89		513
Other	783		296
Total accrued and other liabilities	$	30,799	$	27,665

Other assets

As of December 31, 2022 and 2021, other assets included $4.9 million and $2.9 million of deposits for clinical trials, respectively.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

We lease our office facilities in Menlo Park, California. In March 2022, we amended our lease to extend its term from March 31, 2022 to June 30, 2023. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $2.8 million. The right-of-use asset and lease liability recognized equals the present value of the remaining payments due under our amended lease.

As the operating lease for our facilities does not expressly state an interest rate, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a collateralized loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. We recognize operating lease payments as expenses using the straight-line method over the term of the lease.

Operating lease expense for the years ended December 31, 2022, 2021 and 2020 was $2.3 million, $2.1 million and $1.9 million, respectively.

Our right-of-use assets and related lease liabilities were as follows (in thousands, except weighted average amounts):


	Year Ended December 31,
	2022			2021
Cash paid for operating lease liabilities	$	2,265		$	2,104
Right-of-use assets obtained in connection with operating lease obligations	$	2,816		$	—
Weighted-average remaining lease term	6 months			3 months
Weighted-average discount rate	4.0		%	4.8		%

As of December 31, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):


2023	$	1,157
Total operating lease payments	1,157
Less imputed interest	(14)
Present value of operating lease liabilities	$	1,143

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In February 2020, we purchased from our Chief Executive Officer $0.3 million of our common stock at a price of $13.54 per share, which was the last quoted price per share on the Nasdaq Capital Market on the date of purchase. We purchased the shares in order to provide him with liquidity to satisfy the tax liability arising from his net (cashless) exercise in 2019 of stock options that were about to expire. There were no other related party transactions during the years ended December 31, 2022, 2021, and 2020.

Preferred Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Preferred Stock and Stockholders' Equity

Preferred Stock and Stockholders’ Equity

Preferred Stock

Our Board of Directors is authorized, subject to any limitations prescribed by law, without stockholder approval, to issue up to an aggregate of 10.0 million 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, 2022 and 2021, we had no outstanding shares of preferred stock.

Common Stock

On November 3, 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”). The terms of this program did not require us to acquire any shares and allowed for repurchases by a variety of methods, including open market purchases, privately negotiated transactions, block

trades, accelerated share repurchase transactions or any combination of such methods. The Stock Repurchase Program expired by its terms on September 30, 2021.

During the years ended December 31, 2021 and 2020, we purchased 3.9 million and 0.5 million shares of common stock under the Stock Repurchase Program in open market transactions at an average price of $22.88 and $21.08 per share, for an aggregate purchase price of $88.5 million and $9.7 million, respectively. Over the term of the Stock Repurchase Program, we repurchased 4.3 million shares at an average price of $22.69 per share and a total cost of $98.2 million.

On November 8, 2021, we announced that our Board of Directors approved a tender offer to purchase up to 10 million shares of our common stock. The tender offer commenced on November 8, 2021 and expired on December 15, 2021. We repurchased 10 million shares through the tender offer at a price of $20.75 per share for an aggregate purchase price of $207.5 million, excluding fees and expenses relating to the tender offer.

We recorded purchased shares as treasury stock on our consolidated balance sheets, at cost. It has not been determined whether purchased shares will be retired or sold.

We have never declared or paid any dividends.

Incentive Award Plan

We have one stock option plan – the Corcept Therapeutics Incorporated 2012 Incentive Award Plan (the “2012 Plan”).

In 2012, our Board of Directors and stockholders approved 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 carry a contractual term of ten years and are expected to vest over periods ranging from one year to four years. We assume the vesting period of the options that we grant under the 2012 Plan to be equal to the option grantee’s period of service.

As of December 31, 2022, we had 10.9 million shares available for future issuance under the 2012 plan.

Option activity during 2022

The following table summarizes option activity under the 2012 Plan:


	Outstanding Options
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Balance at December 31, 2021	24,453	$	13.50
Options granted	2,958	$	20.38
Options exercised	(3,681)	$	7.56
Options cancelled and forfeited	(532)	$	21.79
Balance at December 31, 2022	23,198	$	15.13	6.20	$	152,681

Options exercisable at December 31, 2022	16,850	$	12.74	5.38	$	141,743

Options fully vested and expected to vest at December 31, 2022	22,789	$	15.00	6.16	$	152,179

The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was $63.4 million, $78.9 million and $28.8 million, respectively, based on the difference between the closing price of our common stock on the date of exercise and the exercise price.

The total fair value of options that vested during the years ended December 31, 2022, 2021 and 2020 was $43.2 million, $40.4 million and $34.0 million, respectively.

As of December 31, 2022, we had $68.7 million of unrecognized compensation expense for options outstanding, which had a weighted-average remaining vesting period of 2.36 years.

RSA and RSU (collectively, “restricted stock”) activity during 2022

The following table summarizes restricted stock activity under the 2012 Plan:


	Outstanding Restricted Stock
	Number of Restricted Stock	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Vesting Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Balance at December 31, 2021	—	$	—
Restricted stock granted	534	$	23.37
Restricted stock vested	(34)	$	19.49
Restricted stock cancelled and forfeited	(45)	$	20.87
Balance at December 31, 2022	455	$	23.91	3.35	$	896

As of December 31, 2022, we had $7.8 million of unrecognized compensation expense for restricted stock outstanding, which had a weighted-average remaining vesting period of 3.32 years.

ESPP

In February 2022, we adopted an ESPP that allows employees to set aside, by means of payroll deductions, up to ten percent of their annual cash compensation for the purchase of our common stock. Shares are issued to participating employees from the 2012 Plan on March 1st and September 1st of each year (or, if those dates fall on holidays or weekends, on the first business day thereafter) at the then-current fair market value of our stock, as determined at the close of trading on those days. Payroll deductions for participating employees began April 1, 2022, and the first purchase under the plan took place on September 1, 2022.

In January 2023, we increased the number of ESPP purchase dates to occur quarterly on March 1st, June 1st, September 1st and December 1st (or, if those dates fall on holidays or weekends, on the first business day thereafter).

For each purchased share, the participating employee will receive one matching share, also issued from the 2012 Plan, if certain conditions are met. There is no vesting requirement for shares issued pursuant to the ESPP purchase. The matching share will be granted in the form of a RSA that will vest on the one-year anniversary of the respective ESPP purchase date, net of any applicable tax withholding. The vesting condition on the RSA is that the participating employee hold the corresponding share purchased under the ESPP for one year from the purchase date. Shares purchased pursuant to the ESPP and any matching shares issued upon satisfaction of the one-year holding requirement may be held, sold or transferred at the employee’s discretion.

As of December 31, 2022, we recorded $0.2 million of stock-based compensation related to RSAs granted in connection with our ESPP in “Accrued and other liabilities” on our consolidated balance sheet.

Option Valuation Assumptions

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


	Year Ended December 31,
	2022	2021	2020
Weighted-average assumptions for options granted:
Risk-free interest rate	1.97%	0.76%	1.20%
Expected term	6.4 years	6.3 years	6.0 years
Expected volatility of stock price	56.5%	60.7%	59.1%
Dividend rate	0%	0%	0%
Weighted-average grant date fair value-based measurement	$11.27	$15.06	$7.55

The expected term of options reflected in the table above is based on a formula that considers the expected service period and expected post-vesting termination behavior depending on whether the option holder is an employee, officer or 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 the volatility of our stock price. The volatility is based on historical data of the price for our common stock for periods of time equal to the expected term of these grants.

We calculate employee stock-based compensation expense using the number of options we expect to vest, based on our estimate of the option grantees’ average length of employment, and reduced by our estimate of option forfeitures. We estimate forfeitures at the time of option grant and revise this estimate in subsequent periods if actual forfeitures differ from our estimates.

Stock-based Compensation

The following table summarizes our stock-based compensation by financial statement classification.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Stock-based compensation capitalized in inventory	$	280	$	237	$	238
Cost of sales	70		59		66
Research and development	12,800		14,106		11,222
Selling, general and administrative	29,572		28,766		22,251
Total stock-based compensation	$	42,722	$	43,168	$	33,777

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Net Income Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per ShareWe compute our basic and diluted net income per share in conformity with the two-class method required for companies with participating shares. Under the two-class method, net income is determined by allocating net income between common stock and unvested RSAs. We compute basic net income per share by dividing our net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. We compute diluted net income per share by dividing our net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, including potentially dilutive stock options and unvested RSUs, less unvested RSAs. We use the treasury stock method to determine the number of dilutive shares of common stock resulting from stock options and unvested RSUs.

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders	$	101,288	$	112,512	$	106,011
Denominator:
Weighted-average shares used to compute basic net income per common share	106,787		115,653		115,412
Dilutive effect of employee stock options and unvested RSUs	9,179		10,310		8,782
Weighted-average shares used to compute diluted net income per common share	115,966		125,963		124,194
Net income per share attributable to common stockholders
Basic	$	0.95	$	0.97	$	0.92
Diluted	$	0.87	$	0.89	$	0.85

We excluded from the computation of diluted net income per share, on a weighted-average basis, 7.3 million stock options and unvested RSUs outstanding during the year ended December 31, 2022, and 4.5 million and 11.2 million stock options outstanding during the years ended December 31, 2021 and 2020, respectively, because including them would have reduced dilution.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The domestic and foreign components of income before income taxes were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Domestic	$	116,871	$	126,308	$	131,634
Foreign	(680)		(1,302)		(32)
Income before income taxes	$	116,191	$	125,006	$	131,602

The income tax expense for the years ended December 31, 2022, 2021, and 2020 consisted of the following:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
U.S. federal taxes:
Current	$	39,132	$	4,675	$	6,094
Deferred	(28,122)		5,066		14,418
Total U.S. federal taxes	11,010		9,741		20,512
State taxes:
Current	9,515		3,432		5,368
Deferred	(5,313)		(274)		520
Total state taxes	4,202		3,158		5,888
Foreign taxes:
Current	30		41		41
Deferred	(469)		(446)		(850)
Total foreign taxes	(439)		(405)		(809)
Total provision for income taxes	$	14,773	$	12,494	$	25,591

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the right to deduct research and development expenditures for tax purposes in the period the expenses were incurred and instead requires all U.S. and foreign research and development expenditures to be amortized over five and fifteen tax years, respectively. Congress has considered legislation that would defer the amortization requirement to later years, but as of December 31, 2022, the requirement has not been modified. Accordingly, we have capitalized our research and development expenses for tax purposes, resulting in higher cash paid for taxes as compared to prior years.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows:


	Year Ended December 31,
	2022		2021
Deferred tax assets:	(in thousands)
Federal and state net operating losses	$	4,882	$	5,377
Capitalized research and patent costs	1,911		3,412
Capitalized research expenditures	36,465		—
Research credits	9,963		9,953
Stock-based compensation costs	17,956		17,831
Operating lease liability	280		130
Other	5,127		3,851
Total deferred tax assets	76,584		40,554
Valuation allowance	(14,839)		(12,972)
Deferred tax liabilities
Operating lease right-of-use asset	(280)		(127)
Total deferred tax liabilities	(280)		(127)
Net deferred tax assets	$	61,465	$	27,455

Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. Except for the valuation allowances that offset the value of our California net deferred tax assets, we have determined that it is more likely than not we will realize the benefit related to our deferred tax assets. To the extent we increase

a valuation allowance, we will include an expense in the Consolidated Statement of Income in the period in which such determination is made.

The valuation allowance increased by $1.9 million, $1.4 million and $0.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

As of December 31, 2022, we had California net operating loss carryforwards of $68.6 million, which will begin to expire in the year 2032, and net operating loss carryforwards from other states of $1.5 million, which will begin to expire in the year 2035 if not utilized.

As of December 31, 2022, we also had California research and development credits of $14.1 million, which have no expiration date.

The following table presents a reconciliation from the statutory federal income tax rate to the effective rate.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
U.S. federal taxes at statutory rate	$	24,400	$	26,251	$	27,636
R&D and other credits	(9,114)		(7,579)		(6,666)
State income taxes, net of federal benefit	3,320		2,495		4,651
Non-deductible compensation	4,354		990		1,508
Stock-based compensation	(7,980)		(9,568)		(1,551)
Other	(207)		(95)		13
Total	$	14,773	$	12,494	$	25,591

We maintain liabilities for uncertain tax positions. The measurement of these liabilities involves considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other pertinent information.

The aggregate annual changes in the balance of gross unrecognized tax benefits are as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	9,237	$	7,471	$	6,029
Increase in tax positions for prior years	53		103		158
Decreases in tax positions for prior years	—		—		—
Increase in tax positions for current year	2,135		1,663		1,284
Decrease in tax positions for current year	—		—		—
Ending balance	$	11,425	$	9,237	$	7,471

As of December 31, 2022, the amount of unrecognized tax benefits that would favorably impact the effective tax rate were approximately $9.3 million, and approximately $2.2 million of unrecognized tax benefits would be offset by a change in the valuation allowance. A valuation allowance is maintained on the remaining tax benefits related to California deferred tax assets and would not impact the effective tax rate. We had no or insignificant amounts of accrued interest and no accrued penalties related to unrecognized tax benefits as of December 31, 2022, 2021 and 2020. We do not expect our unrecognized tax benefits to change materially over the next 12 months.

While we believe we have adequately provided for all tax positions, amounts asserted by tax authorities could be greater or less than the recorded position. Accordingly, our provisions on federal and state tax-related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved.

The Company’s primary tax jurisdiction is the United States. For federal and state tax purposes, the years 1999 through 2022 remain open and subject to tax examination by the appropriate federal or state taxing authorities.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Manufacturing Agreements We have entered into a number of agreements to purchase API for the manufacturing of relacorilant, miricorilant and exicorilant. See the discussion in Note 2, Significant Agreements, for further discussion regarding the commitments under these agreements. In December 2021, to ensure we have sufficient API to meet future demand for Korlym tablets, we committed to purchase 162 kilograms of API from PCAS for a total price of $2.3 million. In January 2022, we committed to purchase an additional 75 kilograms of API from PCAS for a total price of $0.9 million. As of December 31, 2022, there remained a $1.5 million obligation in connection with this purchase commitment. Taxes As of December 31, 2022, we have recorded non-current taxes payable of $9.1 million related to uncertain tax positions. Legal Proceedings 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 the possible outcomes of 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. Melucci Litigation and Settlement On March 14, 2019, a purported securities class action complaint was filed in the United States District Court for the Northern District of California by Nicholas Melucci (Melucci v. Corcept Therapeutics Incorporated, et al., Case No. 5:19-cv-01372-LHK) (the “Melucci litigation”). The complaint named us and certain of our executive officers as defendants asserting violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder and alleges that the defendants made false and materially misleading statements and failed to disclose adverse facts about our business, operations and prospects. The complaint asserts a putative class period extending from August 2, 2017 to February 5, 2019 and seeks unspecified monetary relief, interest and attorneys’ fees. On October 7, 2019, the Court appointed a lead plaintiff and lead counsel. The lead plaintiff’s consolidated complaint was filed on December 6, 2019. On February 8, 2023, we reached an agreement in principle (the “Proposed Settlement”) to resolve all claims in the Melucci litigation. Under the Proposed Settlement, we have agreed to make a one-time payment of $14.0 million, which will be covered in full by our insurers. In connection with the Proposed Settlement, we recorded a settlement expense of $14.0 million and corresponding insurance recovery of $14.0 million in Operating Expenses on our Consolidated Statement of Income in the fourth quarter of 2022. Accordingly, we recorded an accrued liability of $14.0 million for this settlement and a corresponding insurance recovery receivable of $14.0 million on our Consolidated Balance Sheet. The Proposed Settlement is subject to the final approval of the United States District Court for the Northern District of California. No other losses and no other provisions for a loss contingency have been recorded to date.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the financial position and results of operations of Corcept Therapeutics UK Limited, our wholly owned subsidiary, which we incorporated in the United Kingdom in March 2017.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. We reevaluate our estimates and assumptions each quarter, including those related to revenue recognition, recognition and measurement of income tax assets and liabilities, inventory, allowances for doubtful accounts and other accrued liabilities, including our bonus accrual, clinical trial accruals and stock-based compensation.
Fair Value Measurements	Fair Value Measurements We value financial instruments using assumptions we believe third-party market participants would use. When choosing which assumptions to make when determining the value of a financial instrument, we look first for quoted prices in active markets for identical instruments (“Level 1 inputs”). If no Level 1 inputs are available, we consider (i) quoted prices in non-active markets for identical instruments; (ii) active markets for similar instruments; (iii) inputs other than quoted prices for the instrument; and (iv) inputs that are not directly observable, but that can be corroborated by observable data (“Level 2 inputs”). In the absence of Level 2 inputs, we rely on unobservable inputs, such as our estimates of the assumptions market participants would use in pricing the instrument (“Level 3 inputs”).
Cash and Cash Equivalents and Marketable Securities	Cash and Cash Equivalents and Marketable Securities We consider highly liquid investments that will mature in three months or less from the time we purchase them to be cash equivalents. Cash equivalents are valued using Level 1 inputs, which approximate our cost. We invest the majority of our funds in marketable securities, primarily corporate notes, U.S. Treasury and government agency securities, asset-backed securities and commercial paper. We classify our marketable securities as available-for-sale securities and report them at fair value as “cash equivalents” or “marketable securities” on our consolidated balance sheet, with related unrealized gains and losses included in stockholders' equity. Realized gains and losses and permanent declines in value are included in “interest and other income (expense)” on our consolidated statements of income.
Credit and Concentration Risks	Credit and Concentration Risks Our cash, cash equivalents and marketable securities are held in one financial institution. We are subject to credit risk from our cash equivalents and marketable securities. We limit our investments to U.S. Treasury obligations and high-grade corporate debt and asset-backed securities with less than a 36-month maturity at the time of purchase. These investments are diversified and do not expose us to concentrations of credit risk. We have never experienced a loss in, or lack of access to, our operating or investment accounts. We have a single-source manufacturer of mifepristone, the active pharmaceutical ingredient (“API”), in Korlym – Produits Chimiques Auxiliaires et de Synthèse SA (“PCAS,” a member of the Seqens Group). If PCAS is unable or unwilling to manufacture API in the amounts and time frames required, we may not be able to manufacture Korlym in a timely manner. In order to mitigate this risk, we have purchased and hold in inventory a reserve quantity of mifepristone. We have a concentration of risk in regard to the distribution of our product. A single specialty pharmacy, Optime Care, Inc. (“Optime”), dispenses Korlym to patients for us. Optime is an independent third party. Its unwillingness or inability to dispense Korlym to patients in a timely manner would harm our business. We sell Korlym that Optime dispenses directly to patients, with title to the medicine passing directly from us to the patient upon the patient’s receipt of the drug. Our receivables risk is spread among various third-party payers – pharmacy benefit managers, insurance companies, government programs and private charities. We monitor our exposure and record an allowance against uncollectible trade receivables as necessary. To date, we have not recorded an allowance for credit losses.
Inventory and Cost of Sales	Inventory and Cost of Sales Regulatory approval of product candidates is uncertain. Because product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained, we record the cost of manufacturing our product candidates as research and development expense at the time such costs are incurred. Once a product candidate is approved by the FDA, we begin capitalizing manufacturing costs. We capitalize to inventory manufacturing costs related to Korlym. We value inventory at the lower of cost or net realizable value and determine the cost of inventory we sell using the specific identification method, which approximates a first-in, first-out basis. We assess our inventory levels at each reporting period and write down inventory that is either expected to be at risk of expiration prior to sale, has a cost basis in excess of its expected net realizable value, or for which there are inventory quantities in excess of expected requirements. We destroy expired inventory and recognize the related costs as cost of sales in that period’s statement of income. Cost of sales also includes the cost of manufacturing Korlym, including materials, third-party manufacturing costs and indirect personnel and other overhead costs, based on the number of Korlym tablets for which we recognize revenue, as well as costs of stability testing, logistics and distribution. We classify inventory we do not expect to sell within 12 months of the balance sheet date as strategic inventory, a non-current asset.
Net Product Revenue	Net Product Revenue We sell Korlym directly to patients through a single specialty pharmacy. We also sell Korlym to a specialty distributor (“SD”), for which we recognize revenue at the time the SD receives Korlym. SD sales were less than one percent of our net revenue in each of the years ended December 31, 2022, 2021 and 2020. To determine our revenue from the sale of Korlym, we (i) identify our contract with each customer; (ii) identify the obligations of Corcept and the customer under the contract; (iii) determine the contracted transaction price; (iv) allocate the transaction price to the contract’s performance obligations, which in our case consists of delivering Korlym to the customer; and (v) recognize revenue once Korlym has been delivered, provided we deem it probable that we will collect the payment due to us. Confirmation of coverage by private or government insurance or by a third-party charity is a prerequisite for selling Korlym to a patient. To determine net product revenue, we deduct from sales the cost of our patient co-pay assistance program and our estimates of (a) government chargebacks and rebates, (b) discounts provided to our SD for prompt payment and (c) reserves for expected returns. We record these estimates at the time we recognize revenue and update them as new information becomes available. Our estimates take into account our understanding of the range of possible outcomes. If results differ from our estimates, we adjust our estimates, which changes our net product revenue and earnings. We report any changes in the period they become known, even if they concern transactions occurring in prior periods. Government Rebates: Korlym is eligible for purchase by, or qualifies for reimbursement from, Medicaid, Medicare and other government programs that are eligible for rebates on the price they pay for Korlym. To determine the appropriate amount to reserve against these rebates, we identify Korlym sold to patients covered by government-funded programs, apply the applicable government discount to these sales, then estimate the portion of total rebates we expect will be claimed. We (i) deduct this reserve from revenue in the period to which the rebates relate and (ii) include in accrued expenses on our consolidated balance sheet a current liability of an equal amount. Chargebacks: Although we sell Korlym to the SD at full price, some of the government entities to which the SD sells receive a discount. The SD recovers the full amount of any related discounts by reducing its payment to us (this reduction is called a “chargeback”). Chargebacks sometimes relate to Korlym purchased by the SD in prior periods. We deduct from our revenue in each period chargebacks claimed by the SD for Korlym it purchased in that period. We also create a reserve for chargebacks we estimate the SD will claim in future periods against Korlym it purchased in the current period but has not yet resold. We determine the amount of this reserve based on our experience with SD chargebacks and our understanding of the SD’s customer base and business practices. We deduct this reserve from revenue and include in accrued expenses on our consolidated balance sheet a current liability of equal amount. Patient Assistance Program and Charitable Support: It is our policy that no patient be denied Korlym due to inability to pay. We provide financial assistance to eligible patients whose insurance policies have high deductibles or co-payments and deduct the amount of such assistance from gross revenue. We determine the assistance we provide each patient by applying our program guidelines to that patient’s financial position and their insurance policy’s co-payment and deductible requirements for the purchase of Korlym. We donate cash to charities that help patients with financial need pay for the treatment of Cushing’s syndrome. We do not include payments from these charities in revenue, but as a deduction to selling, general and administrative expenses. We provide Korlym at no cost to uninsured patients who do not qualify for charitable support. Sales Returns: Federal law prohibits the return of Korlym sold to patients. Sales to our SD are subject to return. We deduct the amount of Korlym we estimate the SD will return from each period’s gross revenue. We base our estimates on quantitative and qualitative information including, but not limited to, historical return rates, the amount of Korlym held by the SD and projected demand. If we cannot reasonably estimate returns with respect to a particular sale, we defer recognition of revenue until we can make a reasonable estimate. To date, returns have not been significant.
Leases	Leases We determine whether an arrangement contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether a contract is or contains a lease, we consider all relevant facts and circumstances to assess whether the customer has the right to both (i) obtain substantially all of the economic benefits from use of the identified asset and (ii) direct the use of the identified asset. We recognize right-of-use assets and lease liabilities at lease commencement. We measure lease liabilities based on the present value of lease payments over the lease term discounted by the rate equal to the rate we would pay on a collateralized loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. We estimate our incremental borrowing rate based on non-tender bank quotes and an analysis of public companies with debt and credit carrying terms similar to our lease term. We do not include in the lease term options to extend or terminate the lease unless it is reasonably certain at commencement that we will exercise any such options. We account for the lease components separately from non-lease components for our operating leases. We measure right-of-use assets based on the corresponding lease liabilities adjusted for (i) prepayments made to the lessor at or before the commencement date, (ii) initial direct costs we incur, and (iii) tenant incentives under the lease. We evaluate the recoverability of our right-of-use assets for possible impairment in accordance with our long-lived assets policy. We do not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less; rather, we recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. Operating leases are reflected on our consolidated balance sheets as operating lease right-of-use assets, short-term operating lease liabilities and long-term operating lease liabilities. We begin recognizing operating lease expense when the lessor makes the underlying asset available to us. We recognize operating lease expense under our operating leases on a straight-line basis. Variable lease payments are expensed as incurred. The Company did not have any finance leases at either December 31, 2022 or 2021.
Research and Development	Research and Development Research and development expense includes the direct cost of discovering and screening new compounds, pre-clinical studies, clinical trials, manufacturing development, submissions to regulatory agencies and related overhead costs. We expense nonrefundable payments and the cost of technologies and materials used in research and development as we incur them. We base our accruals for discovery research, preclinical studies and clinical trials on our estimates of work completed, milestones achieved, patient enrollment and past experience with similar activities. Our estimates include assessments of information from contract research organizations and the status of our own research, development and administrative activities.
Segment Reporting	Segment Reporting We determine our operating segments based on the way we organize our business, make decisions and assess performance. We have one operating segment, which is the discovery, development and commercialization of pharmaceutical products.
Stock-Based Compensation	Stock-Based Compensation We recognize stock-based compensation expense for stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), net of estimated forfeitures, on a straight-line basis over the period during which an employee is required to provide services in exchange for the award (the vesting period of the award). We estimate future forfeitures during the first quarter of each fiscal year, and revise the estimates, if necessary, in subsequent periods if actual forfeitures differ significantly from those estimates. We determine the fair value of stock options based on the value of the award at the grant date, using the Black-Scholes model. We recognize stock-based compensation expense over the applicable vesting period, net of estimated forfeitures. If actual forfeitures differ from our estimates, we adjust stock-based compensation expense accordingly. In addition, we have issued RSAs in connection with our Employee Stock Purchase Plan (“ESPP”) that vest on the condition that the participating employee hold the corresponding shares purchased under the ESPP for one year from the purchase date. The participating employee is granted one RSA for each share purchased in the ESPP. We initially measure the fair value of these RSAs based on the grant date fair value determined using the closing price of our common stock on the date the purchase of the corresponding ESPP shares is made. This fair value of the RSA is amortized over the one-year holding period. As a result of the RSA’s being reported as liability-classified awards, they must be remeasured at each reporting date until settlement. Ultimately, the compensation cost recognized for the RSA award will equal the fair value of the Company’s common stock on the date the RSA is fully vested and settled. See Note 7, Preferred Stock and Stockholders’ Equity regarding our ESPP.
Income Taxes	Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected tax consequences of our future financial and operating activities. Under ASC 740, we determine deferred tax assets and liabilities based on the temporary difference between the financial statement and tax bases of assets and liabilities using the tax rates in effect for the year in which we expect such differences to reverse. If we determine that it is more likely than not that we will not generate sufficient taxable income to realize the value of some or all of our deferred tax assets (net of our deferred tax liabilities), we establish a valuation allowance offsetting the amount we do not expect to realize. We perform this analysis each reporting period and reduce our measurement of deferred taxes if the likelihood we will realize them becomes uncertain. The deferred tax assets that we record each period depend primarily on our ability to generate future taxable income in the United States. Each period, we evaluate the need for a valuation allowance against our deferred tax assets and, if necessary, adjust the valuation allowance so that net deferred tax assets are recorded only to the extent we conclude it is more likely than not that these deferred tax assets will be realized. If our outlook for future taxable income changes significantly, our assessment of the need for, and the amount of, a valuation allowance may also change. We are also required to evaluate and quantify other sources of taxable income, such as the possible reversal of future deferred tax liabilities, should any arise, and the implementation of tax planning strategies. Evaluating and quantifying these amounts is difficult and involves significant judgment, based on all of the available evidence and assumptions about our future activities. We account for uncertain tax positions in accordance with ASC 740, which requires us to adjust our consolidated financial statements to reflect only those tax positions that are more-likely-than-not to be sustained upon review by federal or state examiners. We recognize in the consolidated financial statements the largest expected tax benefit that has a greater than 50 percent likelihood of being sustained on examination by the taxing authorities. We report interest and penalties related to unrecognized tax benefits as income tax expense.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Allowance Activity Included in Trade Receivables Includes Allowance for Doubtful Accounts, Prompt Pay Cash Discounts and Chargebacks

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2022, 2021 and 2020:


	Chargebacks		Government Rebates		Total
	(in thousands)
Balance at December 31, 2019	$	277	$	8,209	$	8,486
Provision related to current period sales	519		27,698		28,217
Provision related to prior period sales	(3)		(631)		(634)
Credit or payments made during the period	(630)		(25,864)		(26,494)
Balance at December 31, 2020	163		9,412		9,575
Provision related to current period sales	394		33,709		34,103
Provision related to prior period sales	(29)		(1,047)		(1,076)
Credit or payments made during the period	(478)		(30,900)		(31,378)
Balance at December 31, 2021	50		11,174		11,224
Provision related to current period sales	557		38,745		39,302
Provision related to prior period sales	78		(68)		10
Credit or payments made during the period	(455)		(38,753)		(39,208)
Balance at December 31, 2022	$	230	$	11,098	$	11,328

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

12 Months Ended

Dec. 31, 2022

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 Consolidated Balance Sheets are as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Cash equivalents	$	36,380	$	45,088
Short-term marketable securities	365,343		145,918
Long-term marketable securities	4,947		112,277
Total marketable securities	$	406,670	$	303,283

Schedule of Available-for-Sale Securities

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


	Fair Value Hierarchy Level	December 31, 2022								December 31, 2021
		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	$	151,069	$	—	$	(625)	$	150,444	$	125,370	$	3	$	(276)	$	125,097
Commercial paper	Level 2	136,132		—		—		136,132		30,963		—		—		30,963
U.S. government agency securities	Level 2	25,113		23		—		25,136		—		—		—		—
Asset-backed securities	Level 2	185		—		—		185		57,801		—		(67)		57,734
U.S. Treasury securities	Level 1	58,536		—		(142)		58,394		44,473		—		(72)		44,401
Money market funds	Level 1	36,379		—		—		36,379		45,088		—		—		45,088
Total marketable securities		$	407,414	$	23	$	(767)	$	406,670	$	303,695	$	3	$	(415)	$	303,283

Composition of Certain Balance Sheet Items (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Composition of Inventory

Inventory


	Year Ended December 31,
	2022		2021
	(in thousands)
Work in progress	$	7,827	$	11,450
Finished goods	9,204		6,500
Total inventory	17,031		17,950
Less strategic inventory classified as non-current	(10,931)		(12,962)
Total inventory classified as current	$	6,100	$	4,988

Property, Plant and Equipment

Property and equipment, net of accumulated depreciation and amortization


	Year Ended December 31,
	2022		2021
	(in thousands)
Furniture and equipment	$	1,235	$	1,157
Software	1,508		1,508
Leasehold improvements	1,597		1,262
Total property and equipment	4,340		3,927
Less accumulated depreciation and amortization	(3,707)		(2,925)
Property and equipment, net of accumulated depreciation and amortization	$	633	$	1,002

Schedule of Other Accrued Liabilities

Accrued and other liabilities


	Year Ended December 31,
	2022		2021
	(in thousands)
Accrued compensation	$	15,511	$	13,339
Government rebates	11,098		11,174
Legal fees	2,673		842
Accrued selling and marketing costs	434		1,351
Professional fees	211		150
Income taxes payable	89		513
Other	783		296
Total accrued and other liabilities	$	30,799	$	27,665

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Information of Leases Asset and Liabilities

Our right-of-use assets and related lease liabilities were as follows (in thousands, except weighted average amounts):


	Year Ended December 31,
	2022			2021
Cash paid for operating lease liabilities	$	2,265		$	2,104
Right-of-use assets obtained in connection with operating lease obligations	$	2,816		$	—
Weighted-average remaining lease term	6 months			3 months
Weighted-average discount rate	4.0		%	4.8		%

Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases

As of December 31, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):


2023	$	1,157
Total operating lease payments	1,157
Less imputed interest	(14)
Present value of operating lease liabilities	$	1,143

Preferred Stock and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Stock Plan Activity

The following table summarizes option activity under the 2012 Plan:


	Outstanding Options
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Balance at December 31, 2021	24,453	$	13.50
Options granted	2,958	$	20.38
Options exercised	(3,681)	$	7.56
Options cancelled and forfeited	(532)	$	21.79
Balance at December 31, 2022	23,198	$	15.13	6.20	$	152,681

Options exercisable at December 31, 2022	16,850	$	12.74	5.38	$	141,743

Options fully vested and expected to vest at December 31, 2022	22,789	$	15.00	6.16	$	152,179

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity under the 2012 Plan:


	Outstanding Restricted Stock
	Number of Restricted Stock	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Vesting Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Balance at December 31, 2021	—	$	—
Restricted stock granted	534	$	23.37
Restricted stock vested	(34)	$	19.49
Restricted stock cancelled and forfeited	(45)	$	20.87
Balance at December 31, 2022	455	$	23.91	3.35	$	896

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.


	Year Ended December 31,
	2022	2021	2020
Weighted-average assumptions for options granted:
Risk-free interest rate	1.97%	0.76%	1.20%
Expected term	6.4 years	6.3 years	6.0 years
Expected volatility of stock price	56.5%	60.7%	59.1%
Dividend rate	0%	0%	0%
Weighted-average grant date fair value-based measurement	$11.27	$15.06	$7.55

Summary of Stock-Based Compensation

The following table summarizes our stock-based compensation by financial statement classification.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Stock-based compensation capitalized in inventory	$	280	$	237	$	238
Cost of sales	70		59		66
Research and development	12,800		14,106		11,222
Selling, general and administrative	29,572		28,766		22,251
Total stock-based compensation	$	42,722	$	43,168	$	33,777

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders	$	101,288	$	112,512	$	106,011
Denominator:
Weighted-average shares used to compute basic net income per common share	106,787		115,653		115,412
Dilutive effect of employee stock options and unvested RSUs	9,179		10,310		8,782
Weighted-average shares used to compute diluted net income per common share	115,966		125,963		124,194
Net income per share attributable to common stockholders
Basic	$	0.95	$	0.97	$	0.92
Diluted	$	0.87	$	0.89	$	0.85

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of income before income taxes were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Domestic	$	116,871	$	126,308	$	131,634
Foreign	(680)		(1,302)		(32)
Income before income taxes	$	116,191	$	125,006	$	131,602

Schedule of Components of Income Tax (Benefit)

The income tax expense for the years ended December 31, 2022, 2021, and 2020 consisted of the following:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
U.S. federal taxes:
Current	$	39,132	$	4,675	$	6,094
Deferred	(28,122)		5,066		14,418
Total U.S. federal taxes	11,010		9,741		20,512
State taxes:
Current	9,515		3,432		5,368
Deferred	(5,313)		(274)		520
Total state taxes	4,202		3,158		5,888
Foreign taxes:
Current	30		41		41
Deferred	(469)		(446)		(850)
Total foreign taxes	(439)		(405)		(809)
Total provision for income taxes	$	14,773	$	12,494	$	25,591

Schedule of Significant Components of Deferred Tax Assets

Significant components of our deferred tax assets are as follows:


	Year Ended December 31,
	2022		2021
Deferred tax assets:	(in thousands)
Federal and state net operating losses	$	4,882	$	5,377
Capitalized research and patent costs	1,911		3,412
Capitalized research expenditures	36,465		—
Research credits	9,963		9,953
Stock-based compensation costs	17,956		17,831
Operating lease liability	280		130
Other	5,127		3,851
Total deferred tax assets	76,584		40,554
Valuation allowance	(14,839)		(12,972)
Deferred tax liabilities
Operating lease right-of-use asset	(280)		(127)
Total deferred tax liabilities	(280)		(127)
Net deferred tax assets	$	61,465	$	27,455

Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Rate

The following table presents a reconciliation from the statutory federal income tax rate to the effective rate.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
U.S. federal taxes at statutory rate	$	24,400	$	26,251	$	27,636
R&D and other credits	(9,114)		(7,579)		(6,666)
State income taxes, net of federal benefit	3,320		2,495		4,651
Non-deductible compensation	4,354		990		1,508
Stock-based compensation	(7,980)		(9,568)		(1,551)
Other	(207)		(95)		13
Total	$	14,773	$	12,494	$	25,591

Schedule of Changes in Balance of Gross Unrecognized Tax Benefits

The aggregate annual changes in the balance of gross unrecognized tax benefits are as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	9,237	$	7,471	$	6,029
Increase in tax positions for prior years	53		103		158
Decreases in tax positions for prior years	—		—		—
Increase in tax positions for current year	2,135		1,663		1,284
Decrease in tax positions for current year	—		—		—
Ending balance	$	11,425	$	9,237	$	7,471

Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) compound in Thousands	12 Months Ended
	Dec. 31, 2022 series compound segment	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Number of series of selective cortisol modulators \| series	4
Number of compounds (more than) \| compound	1
Number of operating segments \| segment	1
Sales Revenue, Net \| Customer Concentration Risk \| Specialty Distributor
Accounting Policies [Line Items]
Percentage of sales to one specialty distributor, less than	1.00%	1.00%	1.00%

Basis of Presentation and Summary of Significant Accounting Policies (Summary of Allowance Activity Included in Trade Receivables Includes Allowance for Doubtful Accounts, Prompt Pay Cash Discounts and Chargebacks) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts Receivable [Roll Forward}
Balance at beginning of period	$ 11,224	$ 9,575	$ 8,486
Provision related to current period sales			28,217
Credit or payments made during the period	(39,208)	(31,378)	(26,494)
Provision related to current period sales	39,302	34,103
Provision related to prior period sales	10	1,076	634
Balance at end of period	11,328	11,224	9,575
Chargebacks
Allowance for Doubtful Accounts Receivable [Roll Forward}
Balance at beginning of period	50	163	277
Provision related to current period sales			519
Credit or payments made during the period	(455)	(478)	(630)
Provision related to current period sales	557	394
Provision related to prior period sales	78	29	3
Balance at end of period	230	50	163
Government Rebates
Allowance for Doubtful Accounts Receivable [Roll Forward}
Balance at beginning of period	11,174	9,412	8,209
Provision related to current period sales			27,698
Credit or payments made during the period	(38,753)	(30,900)	(25,864)
Provision related to current period sales	38,745	33,709
Provision related to prior period sales	(68)	1,047	631
Balance at end of period	$ 11,098	$ 11,174	$ 9,412

Significant Agreements (Narrative) (Details) $ in Millions		1 Months Ended	12 Months Ended
Significant Agreements (Narrative) (Details) $ in Millions	Jul. 25, 2018 renewalOption	Aug. 31, 2017	Dec. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 02, 2021 USD ($)
PCAs
Debt And Credit Agreements [Line Items]
Purchase obligation			$ 1.5	$ 0.9	$ 2.3
Optime Care, Inc.
Debt And Credit Agreements [Line Items]
Initial agreement period		5 years
Active Pharmaceutical Ingredient
Debt And Credit Agreements [Line Items]
Number of renewal options \| renewalOption	2
Renewal option period	1 year
Active Pharmaceutical Ingredient \| PCAs
Debt And Credit Agreements [Line Items]
Initial agreement period			12 months
Purchase obligation			$ 1.5

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	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 406,670	$ 303,283
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	36,380	45,088
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	365,343	145,918
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 4,947	$ 112,277

Available-for-Sale Securities and Fair Value Measurements - (Schedule of Available-for-Sale Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 406,670	$ 303,283
Estimate of fair value measurement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	407,414	303,695
Gross Unrealized Gains	23	3
Gross Unrealized Losses	(767)	(415)
Estimated Fair Value	406,670	303,283
Estimate of fair value measurement \| Corporate bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	151,069	125,370
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(625)	(276)
Estimated Fair Value	150,444	125,097
Estimate of fair value measurement \| Commercial paper \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	136,132	30,963
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	136,132	30,963
Estimate of fair value measurement \| U.S. government agency securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,113	0
Gross Unrealized Gains	23	0
Gross Unrealized Losses	0	0
Estimated Fair Value	25,136	0
Estimate of fair value measurement \| Asset-backed securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	185	57,801
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(67)
Estimated Fair Value	185	57,734
Estimate of fair value measurement \| U.S. treasury securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	58,536	44,473
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(142)	(72)
Estimated Fair Value	58,394	44,401
Estimate of fair value measurement \| Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36,379	45,088
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 36,379	$ 45,088

Available-for-Sale Securities and Fair Value Measurements - (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest receivable, current	$ 1.8	$ 1.4
Maximum maturity period	2 years
Maximum maturity period, short-term securities	1 year
Weighted average maturity period	4 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	15 months

Composition of Certain Balance Sheet Items (Composition of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Work in progress	$ 7,827	$ 11,450
Finished goods	9,204	6,500
Total inventory	17,031	17,950
Less strategic inventory classified as non-current	(10,931)	(12,962)
Total inventory classified as current	$ 6,100	$ 4,988

Composition of Certain Balance Sheet Items - (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,340	$ 3,927
Less accumulated depreciation and amortization	(3,707)	(2,925)
Property and equipment, net of accumulated depreciation and amortization	633	1,002
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,235	1,157
Software
Property, Plant and Equipment [Line Items]
Property and equipment	1,508	1,508
Leasehold improvements
Property, Plant and Equipment [Line Items]
Leasehold improvements	$ 1,597	$ 1,262

Composition of Certain Balance Sheet Items (Other Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 15,511	$ 13,339
Government rebates	11,098	11,174
Legal fees	2,673	842
Accrued selling and marketing costs	434	1,351
Professional fees	211	150
Income taxes payable	89	513
Other	783	296
Total accrued and other liabilities	$ 30,799	$ 27,665

Composition of Certain Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Deposits for clinical trials	$ 4.9	$ 2.9

Leases - (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Oct. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	$ 1,143	$ 514
Present value of operating lease liabilities	1,143
Operating lease expense	$ 2,300	$ 2,100	$ 1,900
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset				$ 2,800
Present value of operating lease liabilities					$ 2,800

Leases - (Right-of-use Assets and Related Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for operating lease liabilities	$ 2,265	$ 2,104
Right-of-use assets obtained in connection with operating lease obligations	$ 2,816	$ 0
Weighted-average remaining lease term	6 months	3 months
Weighted-average discount rate	4.00%	4.80%

Leases - (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 1,157
Total operating lease payments	1,157
Less imputed interest	(14)
Present value of operating lease liabilities	$ 1,143

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2020
Shareholders Equity [Line Items]
Aggregate purchase price		$ 9,945
Chief Executive Officer
Shareholders Equity [Line Items]
Aggregate purchase price	$ 300
Cost per share (in dollars per share)	$ 13.54

Preferred Stock and Stockholders' Equity (Narrative) (Details)	1 Months Ended	12 Months Ended			14 Months Ended
	Dec. 15, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) stockOptionPlan $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Nov. 08, 2021 USD ($)	Nov. 03, 2020 USD ($)
Shareholders Equity [Line Items]
Preferred stock, shares authorized (in shares) \| shares		10,000,000	10,000,000		10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares outstanding (in shares) \| shares		0	0		0
Aggregate purchase price				$ 9,945,000
Total intrinsic value of options exercised		$ 63,400,000	$ 78,900,000	28,800,000
Fair value of options vested		43,200,000	40,400,000	$ 34,000,000
Restricted Stock
Shareholders Equity [Line Items]
Non-cash stock-based compensation expense		$ 7,800,000
Weighted-average remaining vesting period		3 years 3 months 25 days
Restricted Stock Awards (RSAs)
Shareholders Equity [Line Items]
Non-cash stock-based compensation expense		$ 200,000
Employee and Director Stock Option
Shareholders Equity [Line Items]
Unrecognized compensation expense		$ 68,700,000
Unrecognized compensation expense, weighted-average vesting period		2 years 4 months 9 days
2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Number of stock option plans \| stockOptionPlan		1
Exercise price as percentage of fair value of common stock, no less than		100.00%
Expiration period		10 years
Shares available for future issuance (in shares) \| shares		10,900,000
2012 Equity Incentive Award Plan \| Restricted Stock
Shareholders Equity [Line Items]
Weighted-average remaining vesting period		3 years 4 months 6 days
2012 Equity Incentive Award Plan \| Minimum
Shareholders Equity [Line Items]
Stock options, vesting period		1 year
2012 Equity Incentive Award Plan \| Maximum
Shareholders Equity [Line Items]
Stock options, vesting period		4 years
Stock Repurchase Program
Shareholders Equity [Line Items]
Shares repurchased (in shares) \| shares					4,300,000
Cost per share (in dollars per share) \| $ / shares					$ 22.69
Aggregate purchase price			88,485,000
Treasury stock, value, acquired, cost method, net					$ 98,200,000
Tender Offer
Shareholders Equity [Line Items]
Aggregate purchase price			$ 207,500,000
Common Stock \| Stock Repurchase Program
Shareholders Equity [Line Items]
Authorized amount							$ 200,000,000
Shares repurchased (in shares) \| shares			3,900,000	500,000
Cost per share (in dollars per share) \| $ / shares			$ 22.88	$ 21.08
Aggregate purchase price			$ 88,500,000	$ 9,700,000
Common Stock \| Tender Offer
Shareholders Equity [Line Items]
Authorized amount						$ 10,000,000
Shares repurchased (in shares) \| shares	10,000,000
Cost per share (in dollars per share) \| $ / shares	$ 20.75
Aggregate purchase price	$ 207,500,000

Preferred Stock and Stockholders' Equity (Summary of Stock Plan Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	24,453
Options granted (in shares) \| shares	2,958
Options exercised (in shares) \| shares	(3,681)
Options canceled and forfeited (in shares) \| shares	(532)
Ending balance (in shares) \| shares	23,198
Options exercisable (in shares) \| shares	16,850
Options fully vested and expected to vest (in shares) \| shares	22,789
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 13.50
Options granted (in dollars per share) \| $ / shares	20.38
Options exercised (in dollars per share) \| $ / shares	7.56
Options canceled and forfeited (in dollars per share) \| $ / shares	21.79
Ending balance (in dollars per share) \| $ / shares	15.13
Options exercisable (in dollars per share) \| $ / shares	12.74
Options fully vested and expected to vest (in dollars per share) \| $ / shares	$ 15.00
Weighted-Average Remaining Contractual Life
Weighted average remaining contractual life	6 years 2 months 12 days
Weighted average remaining contractual life, Options exercisable	5 years 4 months 17 days
Weighted average remaining contractual life, Options fully vested and expected to vest	6 years 1 month 28 days
Aggregate Intrinsic Value
Aggregate intrinsic value \| $	$ 152,681
Options exercisable \| $	141,743
Options fully vested and expected to vest \| $	$ 152,179

Preferred Stock and Stockholders' Equity (Summary of Restricted Stock Activity) (Details) - Restricted Stock $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Additional Disclosures
Weighted-Average Remaining Vesting Life	3 years 3 months 25 days
2012 Equity Incentive Award Plan
Number of Restricted Stock
Beginning balance (in shares) \| shares	0
Restricted stock granted (in shares) \| shares	534
Restricted stock vested (in shares) \| shares	(34)
Restricted stock cancelled and forfeited (in shares) \| shares	(45)
Ending balance (in shares) \| shares	455
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 0
Restricted stock granted (in dollars per share) \| $ / shares	23.37
Restricted stock vested (in dollars per share) \| $ / shares	19.49
Restricted stock cancelled and forfeited (in dollars per share) \| $ / shares	20.87
Ending balance (in dollars per share) \| $ / shares	$ 23.91
Additional Disclosures
Weighted-Average Remaining Vesting Life	3 years 4 months 6 days
Aggregate Intrinsic Value \| $	$ 896

Preferred Stock and Stockholders' Equity (Summary of Weighted-Average Assumptions and Resultant Fair Value-Based Measurements for Options Granted to Employees and Directors) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average assumptions for options granted:
Risk-free interest rate	1.97%	0.76%	1.20%
Expected term	6 years 4 months 24 days	6 years 3 months 18 days	6 years
Expected volatility of stock price	56.50%	60.70%	59.10%
Dividend rate	0.00%	0.00%	0.00%
Weighted-average grant date fair value-based measurement (in dollars per share)	$ 11.27	$ 15.06	$ 7.55

Preferred Stock and Stockholders' Equity (Summary of Stock-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 280	$ 237	$ 238
Total stock-based compensation	42,722	43,168	33,777
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	70	59	66
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	12,800	14,106	11,222
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 29,572	$ 28,766	$ 22,251

Net Income Per Share (Schedule of Computation of Net Income) (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income attributable to common stockholders	$ 101,288	$ 112,512	$ 106,011
Denominator:
Weighted-average shares used to compute basic net income per common share (in shares)	106,787	115,653	115,412
Dilutive effect of employee stock options and unvested RSUs (in shares)	9,179	10,310	8,782
Weighted average shares used to compute diluted net income per common share (in shares)	115,966	125,963	124,194
Net income per share attributable to common stockholders
Basic (in dollars per share)	$ 0.95	$ 0.97	$ 0.92
Diluted (in dollars per share)	$ 0.87	$ 0.89	$ 0.85

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Net Income Per Share (Details) - shares shares in Millions	12 Months Ended
Net Income Per Share (Details) - shares shares in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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)	7.3
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)		4.5	11.2

Income Taxes - (Schedule of Components of income Tax (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 116,871	$ 126,308	$ 131,634
Foreign	(680)	(1,302)	(32)
Income before income taxes	$ 116,191	$ 125,006	$ 131,602

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes (Components of Income Tax (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. federal taxes:
Current	$ 39,132	$ 4,675	$ 6,094
Deferred	(28,122)	5,066	14,418
Total U.S. federal taxes	11,010	9,741	20,512
State taxes:
Current	9,515	3,432	5,368
Deferred	(5,313)	(274)	520
Total state taxes	4,202	3,158	5,888
Foreign taxes:
Current	30	41	41
Deferred	(469)	(446)	(850)
Total foreign taxes	(439)	(405)	(809)
Total provision for income taxes	$ 14,773	$ 12,494	$ 25,591

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Increase in valuation allowance	$ 1,900,000	$ 1,400,000	$ 200,000
Unrecognized tax benefits that would impact effective tax rate	9,300,000
Unrecognized tax benefits that would be offset by a change in valuation allowance		2,200,000
Unrecognized tax benefits, accrued interest	0	0	0
Unrecognized tax benefits, accrued penalties	0	$ 0	$ 0
California State
Income Taxes [Line Items]
Net operating loss carryforwards	68,600,000
Research and development tax credits	14,100,000
Other States
Income Taxes [Line Items]
Net operating loss carryforwards	$ 1,500,000

Income Taxes (Significant Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Federal and state net operating losses	$ 4,882	$ 5,377
Capitalized research and patent costs	1,911	3,412
Capitalized research expenditures	36,465	0
Research credits	9,963	9,953
Stock-based compensation costs	17,956	17,831
Operating lease liability	280	130
Other	5,127	3,851
Total deferred tax assets	76,584	40,554
Valuation allowance	(14,839)	(12,972)
Deferred tax liabilities
Operating lease right-of-use asset	(280)	(127)
Total deferred tax liabilities	(280)	(127)
Net deferred tax assets	$ 61,465	$ 27,455

Income Taxes (Reconciliation of Statutory Federal Income Tax Rate to Effective Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate	$ 24,400	$ 26,251	$ 27,636
R&D and other credits	(9,114)	(7,579)	(6,666)
State income taxes, net of federal benefit	3,320	2,495	4,651
Non-deductible compensation	4,354	990	1,508
Stock-based compensation	(7,980)	(9,568)	(1,551)
Other	(207)	(95)	13
Total provision for income taxes	$ 14,773	$ 12,494	$ 25,591

- Definition

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

+ References + Details

Income Taxes (Changes in Balance of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 9,237	$ 7,471	$ 6,029
Increase in tax positions for prior years	53	103	158
Decreases in tax positions for prior years	0	0	0
Increase in tax positions for current year	2,135	1,663	1,284
Decrease in tax positions for current year	0	0	0
Ending balance	$ 11,425	$ 9,237	$ 7,471

Commitments and Contingencies (Narratives) (Details)			1 Months Ended	3 Months Ended	12 Months Ended
Commitments and Contingencies (Narratives) (Details)	Feb. 08, 2023 USD ($)	Dec. 02, 2021 USD ($) kg	Jan. 31, 2022 USD ($) kg	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Commitment And Contingencies [Line Items]
Taxes payable				$ 9,100,000	$ 9,100,000
Litigation settlement, expense					14,000,000	$ 0	$ 0
Insurance recoveries					14,000,000	0	$ 0
Accrued liability, litigation				14,000,000	14,000,000	0
Insurance recovery receivable				14,000,000	14,000,000	$ 0
Other losses for contingent liability				0	0
Other provisions for a loss contingency					0
Melucci \| Settled Litigation
Commitment And Contingencies [Line Items]
Litigation settlement, expense				14,000,000
Insurance recoveries				14,000,000
Accrued liability, litigation				14,000,000	14,000,000
Insurance recovery receivable				14,000,000	14,000,000
Subsequent event \| Melucci \| Settled Litigation
Commitment And Contingencies [Line Items]
Payment awarded to other party	$ 14,000,000
PCAs
Commitment And Contingencies [Line Items]
Short-term purchase commitment, minimum mass required \| kg		162	75
Purchase obligation		$ 2,300,000	$ 900,000	$ 1,500,000	$ 1,500,000