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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 146,808	$ 105,654
Operating expenses:
Cost of sales	2,535	1,386
Research and development	58,505	40,851
Selling, general and administrative	56,268	48,564
Total operating expenses	117,308	90,801
Income from operations	29,500	14,853
Interest and other income	5,493	3,581
Income before income taxes	34,993	18,434
Income tax expense	(7,231)	(2,555)
Net income	27,762	15,879
Net income attributable to common stockholders, basic	27,514	15,807
Net income attributable to common stockholders, diluted	$ 27,514	$ 15,807
Basic net income per share (in dollars per share)	$ 0.27	$ 0.15
Diluted net income per share (in dollars per share)	$ 0.25	$ 0.14
Weighted-average shares outstanding used in computing net income per common share
Basic (in shares)	102,791	107,885
Diluted (in shares)	109,915	115,425

Net Income Per Share

3 Months Ended

Mar. 31, 2024

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 restricted stock unites (“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 March 31,
	2024		2023
	(in thousands)
Numerator:
Net income attributable to common stockholders	$	27,514	$	15,807
Denominator:
Weighted-average shares used to compute basic net income per common share	102,791		107,885
Dilutive effect of employee stock options and unvested RSUs	7,124		7,540
Weighted-average shares used to compute diluted net income per common share	109,915		115,425

Basic net income per common share	$	0.27	$	0.15

Diluted net income per common share	$	0.25	$	0.14

As of March 31, 2024, we had 26.1 million stock options, 0.1 million RSUs and 1.0 million RSAs outstanding. As of December 31, 2023, we had 23.4 million stock options, 0.1 million RSUs and 0.7 million RSAs outstanding.

We excluded from the computation of diluted net income per share, on a weighted-average basis, 11.5 million stock options outstanding during the three months ended March 31, 2024 and 10.4 million stock options and unvested RSUs outstanding during the three months ended March 31, 2023, because including them would have reduced dilution.

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

3 Months Ended

Mar. 31, 2024

Available For Sale Securities And Fair Value Measurements [Abstract]

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

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


	March 31, 2024		December 31, 2023
	(in thousands)
Cash equivalents	$	112,895	$	97,170
Short-term marketable securities	261,011		232,670
Long-term marketable securities	40,276		57,176
Total marketable securities	$	414,182	$	387,016

Schedule of available-for-sale securities

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


	Fair Value Hierarchy Level	March 31, 2024								December 31, 2023
		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	$	180,474	$	112	$	(64)	$	180,522	$	120,508	$	307	$	—	$	120,815
Commercial paper	Level 2	65,035		8		(15)		65,028		75,308		20		(9)		75,319
U.S. Treasury securities	Level 1	59,222		7		(3)		59,226		93,655		61		(4)		93,712
Money market funds	Level 1	109,406		—		—		109,406		97,170		—		—		97,170
Total marketable securities		$	414,137	$	127	$	(82)	$	414,182	$	386,641	$	388	$	(13)	$	387,016

- 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).

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+ Details

Available-for-Sale Marketable Securities and Fair Value Measurements - Summary of the Classification of Available-for-Sale Securities in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 414,182	$ 387,016
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	112,895	97,170
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	261,011	232,670
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 40,276	$ 57,176

- 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.

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+ Details

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remainder)	$ 77
Total operating lease payments	77
Less imputed interest	(1)
Present value of operating lease liabilities	$ 76

Leases - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 19, 2024	Mar. 31, 2024	Mar. 31, 2023	Jul. 01, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating lease, term extension	1 month
Operating lease expenses		$ 600	$ 600
Short-term lease, liability, to be paid, remainder of fiscal year		700
Short-term operating lease liability		76			$ 151
Operating lease right-of-use asset		$ 61			$ 120
Lease Amendment
Operating Leased Assets [Line Items]
Operating lease expenses	$ 200
Forecast
Operating Leased Assets [Line Items]
Total operating lease payments				$ 9,600

Subsequent Events (Details) $ in Millions	3 Months Ended
Subsequent Events (Details) $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 12, 2024 USD ($) ft²	Apr. 01, 2024
Subsequent Event [Line Items]
Rent expense	$ 0.6	$ 0.6
Subsequent Event
Subsequent Event [Line Items]
Lease term			6 years
Rentable area \| ft²			50,632
Obligated base rent			$ 1.4
Obligated shared amenities space base rent			$ 0.2
Subsequent Event \| Optime Care, Inc.
Subsequent Event [Line Items]
Services agreement, renewal term				3 years

Composition of Certain Balance Sheet Items (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of composition of inventory, current

Inventory


	March 31, 2024		December 31, 2023
	(in thousands)
Raw materials	$	704	$	—
Work in progress	7,132		8,233
Finished goods	7,200		7,741
Total inventory	15,036		15,974
Less strategic inventory classified as non-current	(7,846)		(8,244)
Total inventory classified as current	$	7,190	$	7,730

Schedule of composition of inventory, noncurrent

Inventory


	March 31, 2024		December 31, 2023
	(in thousands)
Raw materials	$	704	$	—
Work in progress	7,132		8,233
Finished goods	7,200		7,741
Total inventory	15,036		15,974
Less strategic inventory classified as non-current	(7,846)		(8,244)
Total inventory classified as current	$	7,190	$	7,730

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets


	March 31, 2024		December 31, 2023
	(in thousands)
Prepaid Expenses	$	5,542	$	4,319
Other Current Assets	18,356		23,243
	$	23,898	$	27,562

Schedule of other accrued liabilities

Accrued and other liabilities


	March 31, 2024		December 31, 2023
	(in thousands)
Government rebates	$	27,539	$	18,468
Income taxes payable	13,458		1,814
Accrued compensation	11,110		25,457
Accrued selling and marketing costs	3,342		1,771
Legal fees	1,362		542
Excise tax payable	997		1,078
Professional fees	716		389
Accrued Manufacturing Costs	157		1,455
Other	1,063		654
Total accrued and other liabilities	$	59,744	$	51,628

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 27,762	$ 15,879
Other comprehensive income (loss):
Unrealized (loss) gain on available-for-sale investments, net of tax effect of $103 and $(192), respectively	(330)	605
Foreign currency translation (loss) gain, net of tax	(21)	111
Total comprehensive income	$ 27,411	$ 16,595

- Definition

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

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax expense of $7.2 million for the three months ended March 31, 2024, compared to $2.6 million for the three months ended March 31, 2023. The increase during the three months ended March 31, 2024 was primarily due to increased pretax book income compared to the corresponding period in 2023. 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 credits and the excess tax deduction arising from the exercise of employee stock options, which reduced our taxable income. During the three months ended March 31, 2024, unrecognized tax benefits increased by $0.7 million. 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 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 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 March 31, 2024, the requirement has not been modified.

- 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.

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+ Details

Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to common stockholders, basic	$ 27,514	$ 15,807
Net income attributable to common stockholders, diluted	$ 27,514	$ 15,807
Denominator:
Weighted-average shares used to compute basic net income per share (in shares)	102,791	107,885
Dilutive effect of employee stock options and unvested RSUs (in shares)	7,124	7,540
Weighted-average shares used to compute diluted net income per share (in shares)	109,915	115,425
Basic net income per common share (in dollars per share)	$ 0.27	$ 0.15
Diluted net income per common share (in dollars per share)	$ 0.25	$ 0.14

- Definition

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

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

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 (Loss) Income	Retained Earnings
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 under our incentive award plan	6,540		6,540
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(297)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(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, 2023		103,405
Beginning balance at Dec. 31, 2023	506,705	$ 133	738,515	(635,078)	609	402,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		786
Issuance of common stock under our incentive award plan	3,485		3,485
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(143)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(3,554)		2,032	(5,586)
Repurchase of common stock in connection with Stock Repurchase Program (in shares)		(20)
Repurchase of common stock in connection with Stock Repurchase Program	(476)			(476)
Excise tax related to net share repurchases	81			81
Stock-based compensation	12,929		12,929
Vesting of RSAs in connection with ESPP	1,283		1,283
Other comprehensive income (loss), net of tax	(351)				(351)
Net income	27,762					27,762
Ending balance (in shares) at Mar. 31, 2024		104,028
Ending balance at Mar. 31, 2024	$ 547,864	$ 133	$ 758,244	$ (641,059)	$ 258	$ 430,288

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of computation of net income per share

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


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Numerator:
Net income attributable to common stockholders	$	27,514	$	15,807
Denominator:
Weighted-average shares used to compute basic net income per common share	102,791		107,885
Dilutive effect of employee stock options and unvested RSUs	7,124		7,540
Weighted-average shares used to compute diluted net income per common share	109,915		115,425

Basic net income per common share	$	0.27	$	0.15

Diluted net income per common share	$	0.25	$	0.14

Available-for-Sale Marketable Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Interest receivable, current	$ 2.0	$ 1.7
Maximum maturity period	27 months
Maximum maturity period, short-term securities	1 year
Weighted average maturity period	6 months
Minimum
Debt Securities, Available-for-sale [Line Items]
Long-term marketable securities remaining maturity	12 months
Maximum
Debt Securities, Available-for-sale [Line Items]
Long-term marketable securities remaining maturity	19 months

- 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

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024			2023
Cash paid for operating lease liabilities	$	617		$	578
Recognition of right-of-use asset in exchange for lease liability	$	297		$	—
Weighted-average remaining lease term	4 months			3 months
Weighted-average discount rate	8.0		%	4.0		%

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

As of March 31, 2024, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):


2024 (remainder)	77
Total operating lease payments	77
Less imputed interest	(1)
Present value of operating lease liabilities	$	76

Composition of Certain Balance Sheet Items

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Inventory


	March 31, 2024		December 31, 2023
	(in thousands)
Raw materials	$	704	$	—
Work in progress	7,132		8,233
Finished goods	7,200		7,741
Total inventory	15,036		15,974
Less strategic inventory classified as non-current	(7,846)		(8,244)
Total inventory classified as current	$	7,190	$	7,730

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.

Prepaid expenses and other current assets


	March 31, 2024		December 31, 2023
	(in thousands)
Prepaid Expenses	$	5,542	$	4,319
Other Current Assets	18,356		23,243
	$	23,898	$	27,562

Accrued and other liabilities


	March 31, 2024		December 31, 2023
	(in thousands)
Government rebates	$	27,539	$	18,468
Income taxes payable	13,458		1,814
Accrued compensation	11,110		25,457
Accrued selling and marketing costs	3,342		1,771
Legal fees	1,362		542
Excise tax payable	997		1,078
Professional fees	716		389
Accrued Manufacturing Costs	157		1,455
Other	1,063		654
Total accrued and other liabilities	$	59,744	$	51,628

Other assets

As of March 31, 2024 and December 31, 2023, other assets included $6.3 million and $6.4 million of deposits for clinical trials, respectively.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Pharmaceutical Manufacturer Services Amendment Effective April 1, 2024, we amended the pharmaceutical manufacturer services agreement between us and Optime Care, Inc. (“Optime”), dated as of August 4, 2017 (the “Optime Agreement”), to extend its term to March 31, 2027, with automatic renewal for successive three-year terms. The material terms of the Optime Agreement are described in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 7, 2017, as qualified by reference to the original agreement, a copy of which was filed as an exhibit to our Quarterly Report on Form 10-Q filed with the SEC on November 2, 2017. New Office Sublease Agreement On April 12, 2024, we entered into a six-year sublease (the “Sublease”) with Zuora, Inc. for office space located at 101 Redwood Shores Parkway, Redwood City, California 94065 (the “Building”), effective from July 1, 2024. The leased property will serve as our new headquarters. The portion of the premises subject to the Sublease is approximately 50,632 rentable square feet. Pursuant to the Sublease, we will also have access to additional square feet of common amenities in the Building (“Shared Amenities Space”). The Sublease is expected to commence on or around July 1, 2024 and will end on June 30, 2030. We will be obligated to pay a base rent of an average of $1.4 million annually and a Shared Amenities Space base rent of an average of $0.2 million annually over the term of the lease. Pursuant to the Sublease, under certain circumstances, we also have the right to sublease additional space in the Building. As a result of the agreement, we expect to record a right-of-use asset and corresponding lease liability related to the leased property based on the present value of lease payments in the third quarter of fiscal year 2024.

Basis of Presentation and Summary of Significant Accounting Policies (Details) compound in Thousands	3 Months Ended
	Mar. 31, 2024 series compound
Accounting Policies [Line Items]
Number of series of selective cortisol modulators \| series	4
Minimum
Accounting Policies [Line Items]
Number of compounds (more than) \| compound	1

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

We lease our office facilities in Menlo Park, California. On March 19, 2024, we entered into an amendment to extend our lease through July 31, 2024. The amendment extended the lease term by one month, for which we do not expect to record an additional right of use asset and corresponding lease liability. We will record $0.2 million of rent expense in connection with this lease amendment.

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 each of the three months ended March 31, 2024 and 2023 was $0.6 million.

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


	Three Months Ended March 31,
	2024			2023
Cash paid for operating lease liabilities	$	617		$	578
Recognition of right-of-use asset in exchange for lease liability	$	297		$	—
Weighted-average remaining lease term	4 months			3 months
Weighted-average discount rate	8.0		%	4.0		%

As of March 31, 2024, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):


2024 (remainder)	77
Total operating lease payments	77
Less imputed interest	(1)
Present value of operating lease liabilities	$	76

As of March 31, 2024, future minimum lease payments under non-cancellable short-term leases were $0.7 million for the remainder of 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.

As of March 31, 2024, we had one additional operating lease that has not yet commenced, with lease obligations of approximately $9.6 million for our new office lease. This operating lease will commence on or around July 1, 2024. See Note 9 “Subsequent Events” to our Unaudited Condensed Consolidated Financial Statements for more information on our new office lease.

Net Income Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
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)	11.5	10.4
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	26.1		23.4
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares)	0.1		0.1
Restricted Stock Awards (RSAs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares)	1.0		0.7

Available-for-Sale Marketable Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - Estimate of fair value measurement - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 414,137	$ 386,641
Gross Unrealized Gains	127	388
Gross Unrealized Losses	(82)	(13)
Estimated Fair Value	414,182	387,016
Corporate bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	180,474	120,508
Gross Unrealized Gains	112	307
Gross Unrealized Losses	(64)	0
Estimated Fair Value	180,522	120,815
Commercial paper \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,035	75,308
Gross Unrealized Gains	8	20
Gross Unrealized Losses	(15)	(9)
Estimated Fair Value	65,028	75,319
U.S. Treasury securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	59,222	93,655
Gross Unrealized Gains	7	61
Gross Unrealized Losses	(3)	(4)
Estimated Fair Value	59,226	93,712
Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	109,406	97,170
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 109,406	$ 97,170

Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 704	$ 0
Work in progress	7,132	8,233
Finished goods	7,200	7,741
Total inventory	15,036	15,974
Less strategic inventory classified as non-current	(7,846)	(8,244)
Total inventory classified as current	$ 7,190	$ 7,730

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of stock-based compensation

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


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Stock-based compensation capitalized in inventory	$	45	$	92
Cost of sales	11		23
Research and development	3,921		3,484
Selling, general and administrative	9,317		7,634
Total stock-based compensation	$	13,294	$	11,233

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Treasury Stock

In January 2024, our Board of Directors approved a program authorizing the repurchase of up to $200 million of our common stock (the “Stock Repurchase Program”). Purchases under this program may be made in the open market, in privately negotiated transactions or otherwise. The timing and amount of any repurchases will be determined based on market conditions, our stock price and other factors. The program does not require us to repurchase any specific number of shares of its common stock and may be modified, suspended or discontinued at any time without notice.

During the three months ended March 31, 2024, we purchased less than 0.1 million shares of our common stock under the Stock Repurchase Program in open market transactions at an average price of $23.82 per share, for an aggregate purchase price of $0.5 million. As of March 31, 2024, $199.5 million of the current authorization remained available for the repurchase of shares of our common stock.

We recorded purchased shares as treasury stock on our condensed consolidated balance sheets at cost. As of March 31, 2024 and December 31, 2023, we had 31.2 million and 30.9 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 months ended March 31, 2024, we issued 0.4 million 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 current market price, shares equal in value to the associated exercise price and tax withholding obligations. During the three months ended March 31, 2024, we purchased 0.1 million shares in connection with option net exercises and paid $0.9 million to satisfy associated tax withholding obligations.

During the three months ended March 31, 2023, we issued 0.5 million 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 current market price, shares equal in value to the associated exercise price and tax withholding obligations. During the three months ended March 31, 2023, we purchased 0.3 million shares in connection with option net exercises and paid $1.1 million to satisfy associated tax withholding obligations.

Restricted Stock Awards (“RSAs”)

During the three months ended March 31, 2024 and 2023, we granted employees 0.4 million and 0.3 million RSAs with a weighted-average grant date fair value of $23.14 and $22.39 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”)

Our ESPP 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, June 1st, September 1st and December 1st (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.

For each purchased share, the participating employee receives 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 months ended March 31, 2024 and 2023, we issued less than 0.1 million and 0.1 million shares of our common stock in connection with our ESPP, respectively. As of March 31, 2024 and December 31, 2023, we recorded $1.4 million and $3.2 million, respectively, of stock-based compensation related to RSAs granted in connection with our ESPP in “Accrued and other liabilities” on our unaudited condensed consolidated balance sheet.

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 March 31,
	2024		2023
	(in thousands)
Stock-based compensation capitalized in inventory	$	45	$	92
Cost of sales	11		23
Research and development	3,921		3,484
Selling, general and administrative	9,317		7,634
Total stock-based compensation	$	13,294	$	11,233

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 617	$ 578
Recognition of right-of-use asset in exchange for lease liability	$ 297	$ 0
Weighted-average remaining lease term	4 months	3 months
Weighted-average discount rate	8.00%	4.00%

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 endocrinologic, oncologic, metabolic and neurologic 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 We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of March 31, 2024 and (ii) condensed consolidated statements of income, comprehensive income, cash flows and stockholders’ equity for the three-month periods ended March 31, 2024 and 2023. 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-month period ended March 31, 2024 are not necessarily indicative of the results for the remainder of 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K. The December 31, 2023 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, 2023. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2025. We are currently evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The standard is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2024. We are currently evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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, 2023. 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. 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. The Court granted preliminary approval of the Proposed Settlement on January 4, 2024, following which we paid $14.0 million into escrow. Our insurers reimbursed us in full. Payment of any funds out of the designated escrow is pending the Court’s final approval of the Proposed Settlement, a hearing for which is scheduled for June 6, 2024. 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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 27,762	$ 15,879
Adjustments to reconcile net income to net cash provided by operations:
Stock-based compensation	13,249	11,141
(Accretion) of discount on marketable securities, net	(2,859)	(1,503)
Amortization of cloud computing arrangements	52	119
Depreciation and amortization of property and equipment	68	172
Deferred income taxes	(7,162)	(6,726)
Non-cash amortization of right-of-use asset	59	568
Changes in operating assets and liabilities:
Trade receivables	(20,395)	(1,500)
Insurance recovery receivable related to Melucci litigation	14,000	0
Inventory	983	558
Prepaid expenses and other current assets	3,612	729
Other assets	153	0
Accounts payable	(4,861)	(649)
Accrued research and development expenses	3,494	(592)
Accrued and other liabilities	9,114	8,027
Accrued Settlement related to Melucci litigation	(14,000)	0
Long-term accrued income taxes	562	302
Operating lease liability	(75)	(568)
Net cash provided by operating activities	23,756	25,957
Cash flows from investing activities:
Proceeds from maturities of marketable securities	68,862	207,475
Purchases of marketable securities	(77,876)	0
Net cash (used in) provided by investing activities	(9,014)	207,475
Cash flows from financing activities:
Proceeds from issuance of common stock under our incentive award plan, net of issuance costs	749	1,409
Proceeds from purchases under the Employee Stock Purchase Program	940	0
Repurchase of common stock in connection with Stock Repurchase Program	(476)	0
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants	(1,756)	(1,228)
Net cash (used in) provided by financing activities	(543)	181
Net increase in cash and cash equivalents	14,199	233,613
Cash and cash equivalents, at beginning of period	135,551	66,329
Cash and cash equivalents, at end of period	149,750	299,942
Supplemental disclosure:
Exercise cost of shares repurchased for net settlement of cashless option exercises	$ 1,798	$ 5,246

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Government rebates	$ 27,539	$ 18,468
Income taxes payable	13,458	1,814
Accrued compensation	11,110	25,457
Accrued selling and marketing costs	3,342	1,771
Legal fees	1,362	542
Excise tax payable	997	1,078
Professional fees	716	389
Accrued Manufacturing Costs	157	1,455
Other	1,063	654
Total accrued and other liabilities	$ 59,744	$ 51,628

Composition of Certain Balance Sheet Items - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Deposits for clinical trials	$ 6.3	$ 6.4

Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 45	$ 92
Total stock-based compensation	13,294	11,233
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	11	23
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	3,921	3,484
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 9,317	$ 7,634

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 7,231	$ 2,555
Unrecognized tax benefits, period increase	$ 700

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale investments, tax expense (benefit)	$ 103	$ (192)

Commitments and Contingencies (Details) - USD ($)		3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Feb. 08, 2023	Mar. 31, 2024	Dec. 31, 2022	Dec. 31, 2023
Loss Contingencies [Line Items]
Accrued liability, litigation		$ 0		$ 14,000,000
Insurance recovery receivable		0		$ 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
Insurance recovery receivable		$ 14,000,000

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of March 31, 2024 and (ii) condensed consolidated statements of income, comprehensive income, cash flows and stockholders’ equity for the three-month periods ended March 31, 2024 and 2023. 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-month period ended March 31, 2024 are not necessarily indicative of the results for the remainder of 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K. The December 31, 2023 balance sheet was derived from audited financial statements at that date.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2025. We are currently evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The standard is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2024. We are currently evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements.

Available-for-Sale Marketable Securities and Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Available For Sale Securities And Fair Value Measurements [Abstract]

Available-for-Sale Marketable Securities and Fair Value Measurements

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


	March 31, 2024		December 31, 2023
	(in thousands)
Cash equivalents	$	112,895	$	97,170
Short-term marketable securities	261,011		232,670
Long-term marketable securities	40,276		57,176
Total marketable securities	$	414,182	$	387,016

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


	Fair Value Hierarchy Level	March 31, 2024								December 31, 2023
		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	$	180,474	$	112	$	(64)	$	180,522	$	120,508	$	307	$	—	$	120,815
Commercial paper	Level 2	65,035		8		(15)		65,028		75,308		20		(9)		75,319
U.S. Treasury securities	Level 1	59,222		7		(3)		59,226		93,655		61		(4)		93,712
Money market funds	Level 1	109,406		—		—		109,406		97,170		—		—		97,170
Total marketable securities		$	414,137	$	127	$	(82)	$	414,182	$	386,641	$	388	$	(13)	$	387,016

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 $2.0 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively, as prepaid and other current assets on our condensed consolidated balance sheets.

As of March 31, 2024, all of our long-term marketable securities had original maturities of no more than 27 months and all our marketable securities classified as short-term have maturities of less than one year. The weighted-average maturity of our holdings was 6 months. As of March 31, 2024, our long-term marketable securities had remaining maturities between 12 months and 19 months. None of our marketable securities changed from one fair value hierarchy to another during the three months ended March 31, 2024.

Composition of Certain Balance Sheet Items - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid Expenses	$ 5,542	$ 4,319
Other Current Assets	18,356	23,243
Prepaid expenses and other current assets	$ 23,898	$ 27,562

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		104,112,088
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001088856
Current Fiscal Year End Date	--12-31

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) plan $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Jan. 31, 2024 USD ($)
Shareholders Equity [Line Items]
Repurchase of common stock in connection with Stock Repurchase Program	$ 476	$ 0
Number of stock option plans \| plan	1
Payment tax withholding share-based payment arrangement	$ 1,756	$ 1,228
Stock Repurchase Program
Shareholders Equity [Line Items]
Repurchase of common stock in connection with Stock Repurchase Program (in shares) \| shares	0.1
Common stock repurchased, average price (in dollars per share) \| $ / shares	$ 23.82
Repurchase of common stock in connection with Stock Repurchase Program	$ 500
Stock repurchase program, remaining authorized amount available for repurchase	$ 199,500
Stock Repurchase Program \| Common Stock
Shareholders Equity [Line Items]
Stock repurchase amount				$ 200,000
Stock Options
Shareholders Equity [Line Items]
Number of treasury shares outstanding (in shares) \| shares	31.2		30.9
Common shares issued upon exercise of options (in share) \| shares	0.4	0.5
Shares withheld for tax withholding obligation (in shares) \| shares	0.1	0.3
Payment tax withholding share-based payment arrangement	$ 900	$ 1,100
Restricted Stock Awards (RSAs)
Shareholders Equity [Line Items]
Grants in period (in shares) \| shares	0.4	0.3
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 23.14	$ 22.39
Allocated share-based compensation expense	$ 1,400		$ 3,200
Employee Stock
Shareholders Equity [Line Items]
ESPP maximum employee subscription rate	10.00%
Award holding period	1 year
Shares issued in period (in shares) \| shares	0.1	0.1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 149,750	$ 135,551
Short-term marketable securities	261,011	232,670
Trade receivables, net of allowances	61,518	41,123
Insurance recovery receivable related to Melucci litigation (Note 4)	0	14,000
Inventory	7,190	7,730
Prepaid expenses and other current assets	23,898	27,562
Total current assets	503,367	458,636
Strategic inventory	7,846	8,244
Operating lease right-of-use asset	61	120
Property and equipment, net	127	195
Long-term marketable securities	40,276	57,176
Other assets	6,388	6,541
Deferred tax assets, net	97,870	90,605
Total assets	655,935	621,517
Current liabilities:
Accounts payable	12,557	17,396
Accrued research and development expenses	24,825	21,330
Accrued and other liabilities	59,744	51,628
Accrued settlement related to Melucci litigation (Note 4)	0	14,000
Short-term operating lease liability	76	151
Total current liabilities	97,202	104,505
Long-term accrued income taxes payable	10,869	10,307
Total liabilities	108,071	114,812
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock	0	0
Common stock	133	133
Treasury stock	(641,059)	(635,078)
Additional paid-in capital	758,244	738,515
Accumulated other comprehensive income	258	609
Retained earnings	430,288	402,526
Total stockholders’ equity	547,864	506,705
Total liabilities and stockholders’ equity	$ 655,935	$ 621,517