0001628280-23-035988 | 10-Q | XBRL Viewer

Available-for-Sale Securities and Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Available For Sale Securities And Fair Value Measurements [Abstract]

Available-for-Sale Securities and Fair Value Measurements

The available-for-sale securities in our condensed consolidated balance sheets are as follows:


	September 30, 2023		December 31, 2022

	(in thousands)
Cash equivalents	$	45,957	$	36,380
Short-term marketable securities	243,425		365,343
Long-term marketable securities	59,621		4,947
Total marketable securities	$	349,003	$	406,670

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


	Fair Value Hierarchy Level	September 30, 2023								December 31, 2022
		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	$	119,445	$	5	$	(131)	$	119,319	$	151,069	$	—	$	(625)	$	150,444
Commercial paper	Level 2	74,208		—		—		74,208		136,132		—		—		136,132
U.S. government agency securities	Level 2	10,951		—		(4)		10,947		25,113		23		—		25,136
Asset-backed securities	Level 2	—		—		—		—		185		—		—		185
U.S. Treasury securities	Level 1	98,601		3		(32)		98,572		58,536		—		(142)		58,394
Money market funds	Level 1	45,957		—		—		45,957		36,379		—		—		36,379
Total marketable securities		$	349,162	$	8	$	(167)	$	349,003	$	407,414	$	23	$	(767)	$	406,670

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 $1.3 million and $1.8 million as of September 30, 2023 and December 31, 2022, respectively, as prepaid and other current assets on our condensed consolidated balance sheets.

As of September 30, 2023, all of our long-term marketable securities had original maturities of no more than 27 months and all of our marketable securities classified as short-term have maturities of less than one year. The weighted-average maturity of our holdings was eight months. None of our marketable securities changed from one fair value hierarchy to another during the three and nine months ended September 30, 2023

Net Income Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units and Stock Options
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)	6.3	7.5	9.0	7.2
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	23.3	23.5	23.3	23.5
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity instruments other than options, outstanding (in shares)	0.1	0.2	0.1	0.2
Restricted Stock Awards (RSAs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity instruments other than options, outstanding (in shares)	0.7	0.2	0.7	0.2

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

We lease our office facilities in Menlo Park, California. On April 1, 2023, we signed an amendment to extend our lease through June 30, 2024. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $0.3 million in the three months ended September 30, 2023. 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 three and nine months ended September 30, 2023 was $0.6 million and $1.8 million, respectively, compared to $0.6 million and $1.7 million, respectively, for the comparable periods in 2022.

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


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023			2022
Cash paid for operating lease liabilities	$	617	$	578	$	1,774		$	1,687
Right-of-use assets obtained in connection with new operating lease obligations	$	297	$	—	$	297		$	2,816
Weighted-average remaining lease term					9 months			9 months
Weighted-average discount rate					8.0		%	4.0		%

As of September 30, 2023, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands):


2023 (remainder)	$	77
2024	155
Total operating lease payments	232
Less imputed interest	(7)
Present value of operating lease liabilities	$	225

As of September 30, 2023, future minimum lease payments under non-cancellable short-term leases were $0.5 million for the remainder of 2023 and $1.1 million for 2024. 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 condensed consolidated statements of income on a straight-line basis over the lease term.

Composition of Certain Balance Sheet Items

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Inventory


	September 30, 2023		December 31, 2022

	(in thousands)
Work in progress	$	8,743	$	7,827
Finished goods	7,522		9,204
Total inventory	16,265		17,031
Less strategic inventory classified as non-current	(8,752)		(10,931)
Total inventory classified as current	$	7,513	$	6,100

Because we rely on a single manufacturer to produce Korlym’s active pharmaceutical ingredient (“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 non-current asset.

Accrued and other liabilities


	September 30, 2023		December 31, 2022

	(in thousands)
Income taxes payable	$	30,037	$	89
Accrued compensation	18,424		15,511
Government rebates	14,546		11,098
Legal fees	2,501		2,673
Accrued selling and marketing costs	1,491		434
Excise tax payable	1,164		—
Professional fees	547		211
Other	923		783
Total accrued and other liabilities	$	69,633	$	30,799

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 74,785	$ 84,817
Adjustments to reconcile net income to net cash provided by operations:
Stock-based compensation	35,875	31,921
(Accretion) amortization of interest income	(5,933)	2,121
Depreciation and amortization of property and equipment	470	599
Deferred income taxes	(25,821)	(29,438)
Non-cash amortization of right-of-use asset	1,262	1,623
Changes in operating assets and liabilities:
Trade receivables	(3,569)	(1,789)
Inventory	936	1,074
Prepaid expenses and other assets	(5,221)	(12,363)
Accounts payable	4,783	515
Accrued research and development expenses	6,732	1,329
Accrued and other liabilities	36,695	1,747
Long-term accrued income taxes	1,373	6,414
Operating lease liability	(1,215)	(1,635)
Net cash provided by operating activities	121,152	86,935
Cash flows from investing activities:
Purchases of property and equipment	(139)	(382)
Proceeds from maturities of marketable securities	372,793	161,718
Purchases of marketable securities	(298,846)	(258,422)
Net cash provided by (used in) investing activities	73,808	(97,086)
Cash flows from financing activities:
Proceeds from issuance of common stock under our incentive award plan, net of issuance costs	4,050	3,596
Repurchase of common stock in connection with Tender Offer	(145,428)	0
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants	(8,111)	(20,819)
Net cash used in financing activities	(149,489)	(17,223)
Net increase (decrease) in cash and cash equivalents	45,471	(27,374)
Cash and cash equivalents, at beginning of period	66,329	77,617
Cash and cash equivalents, at end of period	111,800	50,243
Supplemental disclosure:
Exercise cost of shares repurchased for net settlement of cashless option exercises	22,199	21,975
Recognition of right-of-use asset and lease liability	$ 297	$ 2,816

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There have been no material changes in our obligations under contractual agreements described in our Annual Report on Form 10-K for the year ended December 31, 2022. In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing potential outcomes under various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. 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. With respect to these allegations, we have stated, from the beginning, that we have done nothing wrong. 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 and a corresponding insurance recovery receivable of $14.0 million on our condensed consolidated balance sheet as of September 30, 2023. The Proposed Settlement is subject to the final approval of the Court. No losses and no provision for a loss contingency have been recorded to date. For further information about our ongoing legal matters, see Part II. Item 1, Legal Proceedings.

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Treasury Stock

In March 2023, we announced that our Board of Directors approved a tender offer to purchase up to 7.5 million shares of our common stock. The tender offer commenced on March 6, 2023 and expired on March 31, 2023. On April 5, 2023, we purchased 6.6 million shares through the tender offer at a price of $22.00 per share for an aggregate purchase price of $145.4 million, excluding related fees and expenses. We recorded purchased shares as treasury stock on our condensed consolidated balance sheet at cost.

We recorded purchased shares as treasury stock on our condensed consolidated balance sheets at cost. As of September 30, 2023 and December 31, 2022, we had 30.8 million and 23.1 million treasury shares outstanding, respectively.

Incentive Award Plan

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

Stock Options

During the three and nine months ended September 30, 2023, we issued 1.0 million and 2.0 million, respectively, shares of our common stock upon the exercise of stock options. Some option holders exercised their options on a “net exercise” basis, pursuant to which they surrendered to us, and we purchased from them, at the then current market price, shares equal in value to the associated exercise price and tax withholding obligations. During the three and nine months ended September 30, 2023, we purchased 0.6 million and 1.1 million shares, respectively, in connection with such option net exercises and paid $4.2 million and $6.8 million, respectively, to satisfy associated tax withholding obligations.

During the three and nine months ended September 30, 2022, we issued 1.9 million and 3.3 million, respectively, shares of our common stock upon the exercise of stock options. During the three and nine months ended September 30, 2022, we purchased 1.0 million and 1.7 million shares, respectively, in connection with option net exercises and paid $15.4 million and $20.6 million, respectively, to satisfy associated tax withholding obligations.

Restricted Stock Units (“RSUs”)

During the nine months ended September 30, 2022, we granted employees 0.2 million RSUs with a weighted-average grant date fair value of $19.34 per share. No RSUs were granted during the three and nine months ended September 30, 2023.

Restricted Stock Awards (“RSAs”)

During the three and nine months ended September 30, 2023, we granted employees 0.1 million and 0.5 million RSAs, respectively, with a weighted-average grant date fair value of $26.96 and $23.26 per share, respectively. During the three and nine months ended September 30, 2022, we granted employees 0.2 million and 0.3 million RSAs with a weighted-average grant date fair value of $26.19 and $25.20 per share, respectively. RSAs include voting and dividend rights and are therefore “participating” shares for the purpose of calculating basic and diluted net income per share. See “Note 7” below.

Employee Stock Purchase Plan (“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 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 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 sole discretion.

During the three and nine months ended September 30, 2023, we issued less than 0.1 million and 0.1 million shares, respectively, of our common stock in connection with our ESPP. During the three and nine months ended September 30, 2022, we issued less than 0.1 million shares of our common stock in connection with our ESPP. As of September 30, 2023 and December 31, 2022, we recorded a liability of $1.2 million and $0.2 million, respectively, related to RSAs granted in connection with our ESPP in “Accrued and other liabilities” on our condensed consolidated balance sheets.

Stock-based Compensation

Stock-based compensation expense associated with stock options and awards of restricted stock is measured at the grant date based on the fair value of the award, and is recognized, net of forfeitures, as expense over the remaining requisite service period on a straight-line basis.

We value restricted stock at the closing market price of our common stock on the date of grant.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in thousands)
Stock-based compensation capitalized in inventory	$	44	$	77	$	170	$	197
Cost of sales	11		19		43		49
Research and development	4,023		3,149		11,169		9,706
Selling, general and administrative	8,841		7,386		24,663		22,166
Total stock-based compensation	$	12,919	$	10,631	$	36,045	$	32,118

- Definition

The entire disclosure for equity.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 123,601	$ 101,728	$ 346,970	$ 298,802
Operating expenses:
Cost of sales	1,645	1,339	4,604	3,905
Research and development	45,517	33,292	129,646	94,237
Selling, general and administrative	45,262	35,163	137,107	110,525
Total operating expenses	92,424	69,794	271,357	208,667
Income from operations	31,177	31,934	75,613	90,135
Interest and other income	5,208	1,070	12,135	1,780
Income before income taxes	36,385	33,004	87,748	91,915
Income tax (expense) benefit	(5,007)	1,604	(12,963)	(7,098)
Net income	31,378	34,608	74,785	84,817
Net income attributable to common stockholders basic	31,172	34,550	74,353	84,755
Net income attributable to common stockholders diluted	$ 31,172	$ 34,550	$ 74,353	$ 84,755
Basic net income per share (in dollars per share)	$ 0.31	$ 0.32	$ 0.72	$ 0.80
Diluted net income per share (in dollars per share)	$ 0.28	$ 0.30	$ 0.66	$ 0.73
Weighted-average shares outstanding used in computing net income per common share
Basic (in shares)	102,014	107,125	103,933	106,479
Diluted (in shares)	111,099	116,620	112,054	115,818

Commitments and Contingencies (Details) - USD ($)		3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Feb. 08, 2023	Dec. 31, 2022	Sep. 30, 2023
Loss Contingencies [Line Items]
Accrued liability, litigation		$ 14,000,000	$ 14,000,000
Insurance recovery receivable		14,000,000	14,000,000
Other losses for contingent liability			0
Other provisions for a loss contingency			0
Melucci \| Settled Litigation
Loss Contingencies [Line Items]
Payment awarded to other party	$ 14,000,000
Litigation settlement, expense		14,000,000
Insurance recoveries		$ 14,000,000
Accrued liability, litigation			14,000,000
Insurance recovery receivable			$ 14,000,000

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (remainder)	$ 77
2024	155
Total operating lease payments	232
Less imputed interest	(7)
Present value of operating lease liabilities	$ 225

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2021		105,940
Beginning 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)		586
Issuance of common stock upon exercise of options	6,544	$ 1	6,543
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(305)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(7,037)			(7,037)
Stock-based compensation	10,825		10,825
Other comprehensive income (loss), net of tax	(1,124)				(1,124)
Net income	22,797					22,797
Ending balance (in shares) at Mar. 31, 2022		106,221
Ending balance at Mar. 31, 2022	407,811	$ 128	608,717	(417,448)	(1,351)	217,765
Beginning balance (in shares) at Dec. 31, 2021		105,940
Beginning balance at Dec. 31, 2021	375,806	$ 127	591,349	(410,411)	(227)	194,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	84,817
Ending balance (in shares) at Sep. 30, 2022		107,611
Ending balance at Sep. 30, 2022	473,364	$ 130	648,831	(453,001)	(2,381)	279,785
Beginning balance (in shares) at Mar. 31, 2022		106,221
Beginning balance at Mar. 31, 2022	407,811	$ 128	608,717	(417,448)	(1,351)	217,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options and vesting of restricted stock (in shares)		873
Issuance of common stock upon exercise of options and vesting of restricted stock	6,597		6,597
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(436)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(9,366)			(9,366)
Stock-based compensation	10,662		10,662
Other comprehensive income (loss), net of tax	(790)				(790)
Net income	27,412					27,412
Ending balance (in shares) at Jun. 30, 2022		106,658
Ending balance at Jun. 30, 2022	442,326	$ 128	625,976	(426,814)	(2,141)	245,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,934
Issuance of common stock upon exercise of options	12,226	$ 2	12,224
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(981)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(26,187)			(26,187)
Stock-based compensation	10,631		10,631
Other comprehensive income (loss), net of tax	(240)				(240)
Net income	34,608					34,608
Ending balance (in shares) at Sep. 30, 2022		107,611
Ending balance at Sep. 30, 2022	473,364	$ 130	648,831	(453,001)	(2,381)	279,785
Beginning balance (in shares) at Dec. 31, 2022		107,835
Beginning balance at Dec. 31, 2022	501,842	$ 131	662,342	(456,148)	(869)	296,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		618
Issuance of common stock upon exercise of options	6,540		6,540
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(297)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(6,359)			(6,359)
Stock-based compensation	10,966		10,966
Other comprehensive income (loss), net of tax	716				716
Net income	15,879					15,879
Ending balance (in shares) at Mar. 31, 2023		108,156
Ending balance at Mar. 31, 2023	529,584	$ 131	679,848	(462,507)	(153)	312,265
Beginning balance (in shares) at Dec. 31, 2022		107,835
Beginning balance at Dec. 31, 2022	501,842	$ 131	662,342	(456,148)	(869)	296,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74,785
Ending balance (in shares) at Sep. 30, 2023		102,996
Ending balance at Sep. 30, 2023	461,679	$ 133	722,397	(631,788)	(234)	371,171
Beginning balance (in shares) at Mar. 31, 2023		108,156
Beginning balance at Mar. 31, 2023	529,584	$ 131	679,848	(462,507)	(153)	312,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,168
Issuance of common stock upon exercise of options	4,497	$ 1	4,496
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(202)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(4,823)			(4,823)
Repurchase of common stock in connection with Tender Offer (in shares)		(6,610)
Repurchase of common stock in connection with Tender Offer	(145,428)			(145,428)
Excise tax related to net share repurchases	(1,316)			(1,316)
Stock-based compensation	11,374		11,374
Other comprehensive income (loss), net of tax	198				198
Net income	27,528					27,528
Ending balance (in shares) at Jun. 30, 2023		102,512
Ending balance at Jun. 30, 2023	421,614	$ 132	695,718	(614,074)	45	339,793
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,068
Issuance of common stock upon exercise of options	13,950	$ 1	13,949
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(584)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(17,866)			(17,866)
Excise tax related to net share repurchases	152			152
Stock-based compensation	11,660		11,660
Vesting of RSAs in connection with ESPP	1,070		1,070
Other comprehensive income (loss), net of tax	(279)				(279)
Net income	31,378					31,378
Ending balance (in shares) at Sep. 30, 2023		102,996
Ending balance at Sep. 30, 2023	$ 461,679	$ 133	$ 722,397	$ (631,788)	$ (234)	$ 371,171

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to common stockholders	$ 31,378	$ 27,528	$ 15,879	$ 34,608	$ 27,412	$ 22,797	$ 74,785	$ 84,817

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	$ 178		$ 178		$ 1,143
Present value of operating lease liabilities	225		225
Operating lease expenses	600	$ 600	1,800	$ 1,700
Future minimum short-term lease payments, remainder of 2023	500		500
Future minimum short-term lease payments, 2024	1,100		1,100
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	300		300
Present value of operating lease liabilities	$ 300		$ 300

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 05, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) plan $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Mar. 06, 2023 shares
Shareholders Equity [Line Items]
Purchase price of stock repurchase \| $				$ 145,428	$ 0
Payment tax withholding share-based payment arrangement \| $				$ 8,111	$ 20,819
Tender Offer
Shareholders Equity [Line Items]
Number of shares repurchased (in shares)							7,500,000
Purchase of treasury shares (in shares)	6,600,000
Common stock repurchased, average price (in dollars per share) \| $ / shares	$ 22.00
Purchase price of stock repurchase \| $	$ 145,400
2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Number of stock option plans \| plan				1
Stock Options to Purchase Common Stock
Shareholders Equity [Line Items]
Treasury stock (in shares)		30,800,000		30,800,000		23,100,000
Issuance of common stock upon exercise of options (in shares)		1,000,000	1,900,000	2,000,000	3,300,000
Shares withheld for tax withholding obligation		600,000	1,000,000	1,100,000	1,700,000
Payment tax withholding share-based payment arrangement \| $		$ 4,200	$ 15,400	$ 6,800	$ 20,600
Restricted Stock Units (RSUs)
Shareholders Equity [Line Items]
Grants in period (in shares)		0		0	200,000
Weighted average grant date fair value (in dollars per share) \| $ / shares					$ 19.34
Restricted Stock Awards (RSAs)
Shareholders Equity [Line Items]
Grants in period (in shares)		100,000	200,000	500,000	300,000
Weighted average grant date fair value (in dollars per share) \| $ / shares		$ 26.96	$ 26.19	$ 23.26	$ 25.20
Allocated share-based compensation expense \| $				$ 1,200		$ 200
Employee Stock
Shareholders Equity [Line Items]
ESPP maximum employee subscription rate		10.00%		10.00%
Award vesting period				1 year
Shares issued in period, less than (in shares)		100,000	100,000	100,000	100,000
Employee Stock \| 2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Matching shares received after purchase (in shares)				1

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-50679
Entity Registrant Name	CORCEPT THERAPEUTICS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0487658
Entity Address, Address Line One	149 Commonwealth Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	650
Local Phone Number	327-3270
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CORT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,081,357
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001088856
Current Fiscal Year End Date	--12-31

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of computation of net income per share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in thousands, except per share amounts)
Numerator:
Net income attributable to common stockholders	$	31,172	$	34,550	$	74,353	$	84,755
Denominator:
Weighted-average shares used to compute basic net income per common share	102,014		107,125		103,933		106,479
Dilutive effect of employee stock options and unvested RSUs	9,085		9,495		8,121		9,339
Weighted-average shares used to compute diluted net income per common share	111,099		116,620		112,054		115,818
Net income per share attributable to common stockholders
Basic	$	0.31	$	0.32	$	0.72	$	0.80
Diluted	$	0.28	$	0.30	$	0.66	$	0.73

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,007	$ (1,604)	$ 12,963	$ 7,098
Unrecognized tax benefits, period increase	700		1,800
Unrecognized tax benefits that would impact effective tax rate	10,400		10,400
Unrecognized tax benefits that would be offset by a change in valuation allowance	$ 2,800		$ 2,800

- Definition

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

+ References + Details

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended September 30, 2023, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted Rule 10b5-1 trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended. Instructions or written plans for the purchase or sale of our securities are set forth in the table below.

Name and Position

Action

Adoption/ Termination Date (1)

Total Shares of Common Stock to be Sold

Expiration Date

William Guyer, Chief Development Officer

Adoption

9/14/2023

Up to 120,000

11/30/2024

(1) Each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

William Guyer [Member]

Trading Arrangements, by Individual

Name

William Guyer

Title

Chief Development Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

9/14/2023

Arrangement Duration

443 days

Aggregate Available

120,000

Composition of Certain Balance Sheet Items (Tables)

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of composition of inventory, current

Inventory


	September 30, 2023		December 31, 2022

	(in thousands)
Work in progress	$	8,743	$	7,827
Finished goods	7,522		9,204
Total inventory	16,265		17,031
Less strategic inventory classified as non-current	(8,752)		(10,931)
Total inventory classified as current	$	7,513	$	6,100

Schedule of composition of inventory, noncurrent

Inventory


	September 30, 2023		December 31, 2022

	(in thousands)
Work in progress	$	8,743	$	7,827
Finished goods	7,522		9,204
Total inventory	16,265		17,031
Less strategic inventory classified as non-current	(8,752)		(10,931)
Total inventory classified as current	$	7,513	$	6,100

Schedule of other accrued liabilities

Accrued and other liabilities


	September 30, 2023		December 31, 2022

	(in thousands)
Income taxes payable	$	30,037	$	89
Accrued compensation	18,424		15,511
Government rebates	14,546		11,098
Legal fees	2,501		2,673
Accrued selling and marketing costs	1,491		434
Excise tax payable	1,164		—
Professional fees	547		211
Other	923		783
Total accrued and other liabilities	$	69,633	$	30,799

Leases - Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 617	$ 578	$ 1,774	$ 1,687
Right-of-use assets obtained in connection with operating lease obligations	$ 297	$ 0	$ 297	$ 2,816
Weighted-average remaining lease term (months)	9 months	9 months	9 months	9 months
Weighted-average discount rate	8.00%	4.00%	8.00%	4.00%

Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Work in progress	$ 8,743	$ 7,827
Finished goods	7,522	9,204
Total inventory	16,265	17,031
Less strategic inventory classified as non-current	(8,752)	(10,931)
Total inventory classified as current	$ 7,513	$ 6,100

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Income taxes payable	$ 30,037	$ 89
Accrued compensation	18,424	15,511
Government rebates	14,546	11,098
Legal fees	2,501	2,673
Accrued selling and marketing costs	1,491	434
Excise tax payable	1,164	0
Professional fees	547	211
Other	923	783
Total accrued and other liabilities	$ 69,633	$ 30,799

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax expense of $5.0 million and $13.0 million for the three and nine months ended September 30, 2023, respectively, as compared to an income tax benefit of $1.6 million and an income tax expense of $7.1 million for the three and nine months ended September 30, 2022, respectively. The increases in income tax expense during the three months and nine months ended September 30, 2023 were primarily due to decreased stock compensation deductions compared to the corresponding periods in 2022. Our effective tax rate differs from the federal statutory rate due to state income taxes and the non-deductible portion of our stock-based compensation, which increased our tax expense, offset by research and development tax credits and the excess tax deduction arising from the stock-based compensation awards, which reduced our taxable income. During the three and nine months ended September 30, 2023, unrecognized tax benefits increased by $0.7 million and $1.8 million, respectively. As of September 30, 2023, the Company had unrecognized tax benefits of $10.4 million that, if recognized, would affect the Company’s effective tax rate and approximately $2.8 million of unrecognized tax benefits that would not impact the effective tax rate as they would be offset by a corresponding change in valuation allowance. Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. If we believe that recovery of these deferred tax assets is not more likely than not, we establish a valuation allowance offsetting such assets on our balance sheet. Significant judgment is required in assessing the need for a valuation allowance. We consider all available evidence, including our recent operating results and our forecasts of future taxable income. Other than valuation allowances against our California net deferred tax assets, we have determined that it is more likely than not we will realize the benefit related to all other deferred tax assets. To the extent we increase a valuation allowance, we will include an expense in the Condensed Consolidated Statement of Income in the period in which such determination is made. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated 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 September 30, 2023, the requirement has not been modified. California Disaster Relief Pursuant to relief provided to certain taxpayers by the Internal Revenue Service and California State Board of Equalization as a result of winter storms in California, we deferred payment of federal and California state tax payments due in 2023 until October 12, 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Description of Business and Basis of Presentation Corcept Therapeutics Incorporated (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, oncology, metabolism and neurology disorders by modulating the effects of the hormone cortisol. In 2012, the United States Food and Drug Administration (“FDA”) approved Korlym®, 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 We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of September 30, 2023 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and nine-month periods ended September 30, 2023 and 2022 and (iii) condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three- and nine-month periods ended September 30, 2023 are not necessarily indicative of the results for the remainder of 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in our Annual Report on Form 10-K. The December 31, 2022 balance sheet was derived from audited financial statements at that date. There have been no material changes to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2022.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 111,800	$ 66,329
Short-term marketable securities	243,425	365,343
Trade receivables, net of allowances	34,626	31,057
Insurance recovery receivable related to Melucci litigation (Note 4)	14,000	14,000
Inventory	7,513	6,100
Prepaid expenses and other current assets	20,163	16,424
Total current assets	431,527	499,253
Strategic inventory	8,752	10,931
Operating lease right-of-use asset	178	1,143
Property and equipment, net	302	633
Long-term marketable securities	59,621	4,947
Other assets	6,540	5,058
Deferred tax assets, net	87,102	61,465
Total assets	594,022	583,430
Current liabilities:
Accounts payable	16,710	11,976
Accrued research and development expenses	21,305	14,573
Accrued and other liabilities	69,633	30,799
Accrued settlement related to Melucci litigation (Note 4)	14,000	14,000
Short-term operating lease liability	225	1,143
Total current liabilities	121,873	72,491
Long-term accrued income taxes payable	10,470	9,097
Total liabilities	132,343	81,588
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock	0	0
Common stock	133	131
Treasury stock	(631,788)	(456,148)
Additional paid-in capital	722,397	662,342
Accumulated other comprehensive loss	(234)	(869)
Retained earnings	371,171	296,386
Total stockholders’ equity	461,679	501,842
Total liabilities and stockholders’ equity	$ 594,022	$ 583,430

Leases (Tables)

9 Months Ended

Sep. 30, 2023

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):


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023			2022
Cash paid for operating lease liabilities	$	617	$	578	$	1,774		$	1,687
Right-of-use assets obtained in connection with new operating lease obligations	$	297	$	—	$	297		$	2,816
Weighted-average remaining lease term					9 months			9 months
Weighted-average discount rate					8.0		%	4.0		%

Schedule of future minimum lease payments under non-cancelable operating leases

As of September 30, 2023, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands):


2023 (remainder)	$	77
2024	155
Total operating lease payments	232
Less imputed interest	(7)
Present value of operating lease liabilities	$	225

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale investments, tax expense (benefit)	$ (31)	$ 23	$ 184	$ (449)

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

9 Months Ended

Sep. 30, 2023

Available For Sale Securities And Fair Value Measurements [Abstract]

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

The available-for-sale securities in our condensed consolidated balance sheets are as follows:


	September 30, 2023		December 31, 2022

	(in thousands)
Cash equivalents	$	45,957	$	36,380
Short-term marketable securities	243,425		365,343
Long-term marketable securities	59,621		4,947
Total marketable securities	$	349,003	$	406,670

Schedule of available-for-sale securities

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


	Fair Value Hierarchy Level	September 30, 2023								December 31, 2022
		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	$	119,445	$	5	$	(131)	$	119,319	$	151,069	$	—	$	(625)	$	150,444
Commercial paper	Level 2	74,208		—		—		74,208		136,132		—		—		136,132
U.S. government agency securities	Level 2	10,951		—		(4)		10,947		25,113		23		—		25,136
Asset-backed securities	Level 2	—		—		—		—		185		—		—		185
U.S. Treasury securities	Level 1	98,601		3		(32)		98,572		58,536		—		(142)		58,394
Money market funds	Level 1	45,957		—		—		45,957		36,379		—		—		36,379
Total marketable securities		$	349,162	$	8	$	(167)	$	349,003	$	407,414	$	23	$	(767)	$	406,670

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of stock-based compensation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in thousands)
Stock-based compensation capitalized in inventory	$	44	$	77	$	170	$	197
Cost of sales	11		19		43		49
Research and development	4,023		3,149		11,169		9,706
Selling, general and administrative	8,841		7,386		24,663		22,166
Total stock-based compensation	$	12,919	$	10,631	$	36,045	$	32,118

Available-for-Sale Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Available For Sale Securities And Fair Value Measurements [Abstract]
Interest receivable, current	$ 1.3	$ 1.8
Marketable securities, maximum maturity period	27 months
Marketable securities, short-term, maximum maturity period	1 year
Weighted average maturity period	8 months

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of September 30, 2023 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and nine-month periods ended September 30, 2023 and 2022 and (iii) condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three- and nine-month periods ended September 30, 2023 are not necessarily indicative of the results for the remainder of 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in our Annual Report on Form 10-K. The December 31, 2022 balance sheet was derived from audited financial statements at that date.

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	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 349,003	$ 406,670
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	45,957	36,380
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	243,425	365,343
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 59,621	$ 4,947

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Available-for-Sale Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 349,003	$ 406,670
Estimate of fair value measurement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	349,162	407,414
Gross Unrealized Gains	8	23
Gross Unrealized Losses	(167)	(767)
Estimated Fair Value	349,003	406,670
Estimate of fair value measurement \| Corporate bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	119,445	151,069
Gross Unrealized Gains	5	0
Gross Unrealized Losses	(131)	(625)
Estimated Fair Value	119,319	150,444
Estimate of fair value measurement \| Commercial paper \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74,208	136,132
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	74,208	136,132
Estimate of fair value measurement \| U.S. government agency securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,951	25,113
Gross Unrealized Gains	0	23
Gross Unrealized Losses	(4)	0
Estimated Fair Value	10,947	25,136
Estimate of fair value measurement \| Asset-backed securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	185
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	0	185
Estimate of fair value measurement \| U.S. Treasury securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,601	58,536
Gross Unrealized Gains	3	0
Gross Unrealized Losses	(32)	(142)
Estimated Fair Value	98,572	58,394
Estimate of fair value measurement \| Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45,957	36,379
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 45,957	$ 36,379

Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income attributable to common stockholders basic	$ 31,172	$ 34,550	$ 74,353	$ 84,755
Net income attributable to common stockholders diluted	$ 31,172	$ 34,550	$ 74,353	$ 84,755
Denominator:
Weighted-average shares used to compute basic net income per common share	102,014	107,125	103,933	106,479
Dilutive effect of employee stock options (in shares)	9,085	9,495	8,121	9,339
Weighted-average shares used to compute diluted net income per common share	111,099	116,620	112,054	115,818
Net income per share attributable to common stockholders
Basic (in dollars per share)	$ 0.31	$ 0.32	$ 0.72	$ 0.80
Diluted (in dollars per share)	$ 0.28	$ 0.30	$ 0.66	$ 0.73

Basis of Presentation and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2023 series compound
Accounting Policies [Abstract]
Number of series of selective cortisol modulators \| series	4
Number of compounds, more than \| compound	1,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to common stockholders	$ 31,378	$ 34,608	$ 74,785	$ 84,817
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale investments, net of tax effect of $31, $(23), $(184) and $449, respectively	(95)	74	586	(1,415)
Foreign currency translation (loss) gain, net of tax	(184)	(314)	49	(739)
Total comprehensive income	$ 31,099	$ 34,368	$ 75,420	$ 82,663

- Definition

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

+ References

+ Details

Net Income Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Share

We 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in thousands, except per share amounts)
Numerator:
Net income attributable to common stockholders	$	31,172	$	34,550	$	74,353	$	84,755
Denominator:
Weighted-average shares used to compute basic net income per common share	102,014		107,125		103,933		106,479
Dilutive effect of employee stock options and unvested RSUs	9,085		9,495		8,121		9,339
Weighted-average shares used to compute diluted net income per common share	111,099		116,620		112,054		115,818
Net income per share attributable to common stockholders
Basic	$	0.31	$	0.32	$	0.72	$	0.80
Diluted	$	0.28	$	0.30	$	0.66	$	0.73

As of September 30, 2023, we had 23.3 million stock options, 0.1 million RSUs and 0.7 million RSAs outstanding. As of September 30, 2022, we had 23.5 million stock options, 0.2 million RSUs and 0.2 million RSAs outstanding.

We excluded from the computation of diluted net income per share, on a weighted-average basis, 6.3 million and 9.0 million stock options and unvested RSUs outstanding during the three and nine months ended September 30, 2023, respectively, and 7.5 million and 7.2 million stock options outstanding and unvested RSUs during the three and nine months ended September 30, 2022, respectively, because including them would have reduced dilution

Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 44	$ 77	$ 170	$ 197
Total stock-based compensation	12,919	10,631	36,045	32,118
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	11	19	43	49
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	4,023	3,149	11,169	9,706
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 8,841	$ 7,386	$ 24,663	$ 22,166