0001628280-25-008167 | 10-K | XBRL Viewer

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Stockholders’ Equity - Schedule of Stock Plan Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	23,370
Options granted (in shares) \| shares	3,813
Options exercised (in shares) \| shares	(2,306)
Options canceled and forfeited (in shares) \| shares	(164)
Ending balance (in shares) \| shares	24,713
Options exercisable (in shares) \| shares	19,021
Options fully vested and expected to vest (in shares) \| shares	24,413
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 16.47
Options granted (in dollars per share) \| $ / shares	25.28
Options exercised (in dollars per share) \| $ / shares	11.01
Options canceled and forfeited (in dollars per share) \| $ / shares	24.42
Ending balance (in dollars per share) \| $ / shares	18.29
Options exercisable (in dollars per share) \| $ / shares	16.46
Options fully vested and expected to vest (in dollars per share) \| $ / shares	$ 18.15
Weighted-Average Remaining Contractual Life
Weighted average remaining contractual life	5 years 7 months 20 days
Weighted average remaining contractual life, Options exercisable	4 years 9 months 10 days
Weighted average remaining contractual life, Options fully vested and expected to vest	5 years 7 months 6 days
Aggregate Intrinsic Value
Aggregate intrinsic value \| $	$ 793,378
Options exercisable \| $	645,388
Options fully vested and expected to vest \| $	$ 786,966

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 05, 2023 USD ($) $ / shares shares	Feb. 29, 2024 shares	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Shareholders Equity [Line Items]
Preferred stock, shares authorized (in shares) \| shares			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares) \| shares			0	0
Purchase price of stock repurchase			$ 15,664	$ 0	$ 0
Issuance of common stock upon exercise of options (in shares) \| shares			2,306,000
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants			$ (22,301)	(9,106)	(21,665)
Total intrinsic value of options exercised			$ 60,100	$ 36,000	$ 63,400
Stock Options Outstanding
Shareholders Equity [Line Items]
Issuance of common stock upon exercise of options (in shares) \| shares			2,300,000	2,400,000	3,700,000
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares) \| shares			(1,100,000)	(1,200,000)	(1,800,000)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants			$ (22,300)	$ (9,100)	$ (21,700)
Restricted Stock
Shareholders Equity [Line Items]
Fair value of restricted stocks vested			14,800	4,900	$ 900
Non-cash stock-based compensation expense			$ 27,400
Weighted-average remaining vesting period			2 years 7 months 28 days
Employee Stock Purchase Plan
Shareholders Equity [Line Items]
ESPP maximum employee subscription rate			10.00%
Stock options, vesting period			1 year
Restricted Stock Awards (RSAs)
Shareholders Equity [Line Items]
Non-cash stock-based compensation expense			$ 3,200	$ 2,300
Employee and Director Stock Option
Shareholders Equity [Line Items]
Unrecognized compensation expense			$ 71,300
Unrecognized compensation expense, weighted-average vesting period			2 years 6 months
2024 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Number of stock option plans \| plan			1
Number of shares authorized (in shares) \| shares		8,000,000
Increase in shares authorized for grant (in shares) \| shares		4,100,000
Shares available for future issuance (in shares) \| shares			11,000,000.0
Common Stock \| Stock Repurchase Program
Shareholders Equity [Line Items]
Authorized amount						$ 200,000
Repurchase of common stock (in shares) \| shares			500,000
Cost per share (in dollars per share) \| $ / shares			$ 32.25
Purchase price of stock repurchase			$ 15,700
Common Stock \| Tender Offer
Shareholders Equity [Line Items]
Authorized amount							$ 7,500
Repurchase of common stock (in shares) \| shares	6,600,000
Cost per share (in dollars per share) \| $ / shares	$ 22.00
Purchase price of stock repurchase	$ 145,400

Available for Sale Marketable Securities and Fair Value Measurements

12 Months Ended

Dec. 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 Consolidated Balance Sheets are as follows:


	December 31,
	2024		2023

	(in thousands)
Cash equivalents	$	98,436	$	97,170
Short-term marketable securities	255,669		232,670
Long-term marketable securities	219,831		57,176
Total marketable securities	$	573,936	$	387,016

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


	Fair Value Hierarchy Level	December 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	$	373,440	$	333	$	(529)	$	373,244	$	120,508	$	307	$	—	$	120,815
Commercial paper	Level 2	9,771		6		(2)		9,775		75,308		20		(9)		75,319
U.S. government agency securities	Level 2	7,999		—		(2)		7,997		—		—		—		—
U.S. Treasury securities	Level 1	84,458		27		(1)		84,484		93,655		61		(4)		93,712
Money market funds	Level 1	98,436		—		—		98,436		97,170		—		—		97,170
Total marketable securities		$	574,104	$	366	$	(534)	$	573,936	$	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 $4.1 million and $1.7 million as of December 31, 2024 and 2023, respectively, as prepaid and other current assets on our consolidated balance sheets.

As of December 31, 2024, all of our long-term marketable securities had original maturities of no more than 24 months and all of our marketable securities classified as short-term have maturities of less than one year. The weighted-average maturity of our short-term and long-term marketable securities was nine months. As of December 31, 2024, our long-term marketable securities had remaining maturities between 12 months and 23 months. None of our marketable securities changed from one fair value hierarchy to another during the year ended December 31, 2024.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 127,665	$ 135,551
Short-term marketable securities	255,669	232,670
Trade receivables, net of allowances	53,976	41,123
Insurance recovery receivable related to Melucci litigation (Note 10)	0	14,000
Inventory	12,412	7,730
Prepaid expenses and other current assets	21,880	27,562
Total current assets	471,602	458,636
Strategic inventory	3,583	8,244
Operating lease right-of-use asset	5,324	120
Property and equipment, net	2,689	195
Long-term marketable securities	219,831	57,176
Other assets	6,610	6,541
Deferred tax assets, net	130,914	90,605
Total assets	840,553	621,517
Current liabilities:
Accounts payable	15,376	17,396
Accrued research and development expenses	33,868	21,330
Accrued and other liabilities	90,700	51,628
Accrued settlement related to Melucci litigation (Note 10)	0	14,000
Short-term operating lease liability	829	151
Total current liabilities	140,773	104,505
Long-term operating lease liability	6,107	0
Long-term accrued income taxes payable	14,084	10,307
Total liabilities	160,964	114,812
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000 shares authorized and no shares outstanding as of December 31, 2024 and December 31, 2023	0	0
Common stock, par value $0.001 per share, 280,000 shares authorized and 137,753 issued and 105,113 outstanding as of December 31, 2024 and 134,344 shares issued and 103,405 outstanding as of December 31, 2023	136	133
Treasury stock; at cost; 32,640 shares of common stock as of December 31, 2024 and 30,938 shares of common stock as of December 31, 2023	(696,173)	(635,078)
Additional paid-in capital	832,108	738,515
Accumulated other comprehensive (loss) income	(217)	609
Retained earnings	543,735	402,526
Total stockholders’ equity	679,589	506,705
Total liabilities and stockholders’ equity	$ 840,553	$ 621,517

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on marketable securities, tax	$ 118	$ (353)	$ 105

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
Domestic	$	159,623	$	125,691	$	116,871
Foreign	1,870		(1,134)		(680)
Income before income taxes	$	161,493	$	124,557	$	116,191

Schedule of Components of Income Tax (Benefit)

The income tax expense for the years ended December 31, 2024, 2023, and 2022 consisted of the following:


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
U.S. federal taxes:
Current	$	49,716	$	40,265	$	39,132
Deferred	(35,845)		(25,613)		(28,122)
Total U.S. federal taxes	13,871		14,652		11,010
State taxes:
Current	10,504		7,590		9,515
Deferred	(3,783)		(2,645)		(5,313)
Total state taxes	6,721		4,945		4,202
Foreign taxes:
Current	256		56		30
Deferred	(564)		(1,236)		(469)
Total foreign taxes	(308)		(1,180)		(439)
Total provision for income taxes	$	20,284	$	18,417	$	14,773

Schedule of Significant Components of Deferred Tax Assets

Significant components of our deferred tax assets are as follows:


	Year Ended December 31,
	2024		2023

Deferred tax assets:	(in thousands)
Federal and state net operating losses	$	3,470	$	3,942
Capitalized research and patent costs	293		908
Capitalized research expenditures	93,010		61,760
Research credits	13,326		11,682
Stock-based compensation costs	25,295		21,676
Operating lease liability	1,695		37
Accruals and Reserves	10,358		7,996
Other	2,228		—
Total deferred tax assets	149,675		108,001
Valuation allowance	(17,460)		(15,947)
Deferred tax liabilities
Operating lease right-of-use asset	(1,301)		(30)
Other	—		(1,419)
Total deferred tax liabilities	(1,301)		(1,449)
Net deferred tax assets	$	130,914	$	90,605

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

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
U.S. federal taxes at statutory rate	$	33,914	$	26,157	$	24,400
R&D and other credits	(16,002)		(11,508)		(9,114)
State income taxes, net of federal benefit	5,288		3,897		3,320
Non-deductible compensation	4,431		3,295		4,354
Stock-based compensation	(8,464)		(2,951)		(7,980)
Other	1,117		(473)		(207)
Total	$	20,284	$	18,417	$	14,773

Schedule of Changes in Balance of Gross Unrecognized Tax Benefits

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


	Year Ended December 31,
	2024		2023		2022

			(in thousands)
Beginning balance	$	13,022	$	11,425	$	9,237
Increase in tax positions for prior years	86		112		53
Decreases in tax positions for prior years	(399)		(205)		—
Decrease in tax positions for expirations of statute of limitations	—		(750)		—
Increase in tax positions for current year	3,740		2,440		2,135
Decrease in tax positions for current year	—		—		—
Ending balance	$	16,449	$	13,022	$	11,425

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Manufacturing Agreements We have agreements with manufacturers to supply mifepristone, the active pharmaceutical ingredient (“API”) in our Products, and to produce and bottle tablets of our Products. As of December 31, 2024, we had a $17.4 million remaining obligation in connection with commitments to purchase API from these manufacturers. Taxes As of December 31, 2024, we have recorded non-current taxes payable of $14.1 million related to uncertain tax positions. Legal Proceedings In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing the possible outcomes of various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. Melucci Litigation and Settlement In March 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 alleged that the defendants made false and materially misleading statements and failed to disclose adverse facts about our business, operations and prospects. The complaint asserted a putative class period extending from August 2, 2017 to February 5, 2019 and sought unspecified monetary relief, interest and attorneys’ fees. On June 6, 2024, Judge James Donato of the United States District Court for the Northern District of California granted final approval of a settlement resolving all claims in the Melucci litigation (the “Melucci Settlement”). As previously disclosed, the Melucci Settlement required us to make a one-time payment of $14.0 million for which our insurers reimbursed us in full. On September 6, 2024, Judge Donato approved the Plan of Allocation for payment of the settlement funds to eligible members of the class of plaintiffs. This matter is closed. No other losses and no other provisions for a loss contingency have been recorded to date.

Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate	$ 33,914	$ 26,157	$ 24,400
R&D and other credits	(16,002)	(11,508)	(9,114)
State income taxes, net of federal benefit	5,288	3,897	3,320
Non-deductible compensation	4,431	3,295	4,354
Stock-based compensation	(8,464)	(2,951)	(7,980)
Other	1,117	(473)	(207)
Total provision for income taxes	$ 20,284	$ 18,417	$ 14,773

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income Per Share (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
	2024		2023		2022

	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders	$	139,733	$	105,496	$	101,288
Denominator:
Weighted-average shares used to compute basic net income per common share	103,232		103,560		106,787
Dilutive effect of employee stock options and unvested RSUs	10,248		8,182		9,179
Weighted-average shares used to compute diluted net income per common share	113,480		111,742		115,966

Net income per share attributable to common stockholders
Basic	$	1.35	$	1.02	$	0.95
Diluted	$	1.23	$	0.94	$	0.87

Stockholders’ Equity - Schedule of Restricted Stock Activity (Details) - Restricted Stock - 2024 Equity Incentive Award Plan shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Restricted Stock
Beginning balance (in shares) \| shares	827
Restricted stock granted (in shares) \| shares	916
Restricted stock vested (in shares) \| shares	(416)
Restricted stock cancelled and forfeited (in shares) \| shares	(84)
Ending balance (in shares) \| shares	1,243
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 24.10
Restricted stock granted (in dollars per share) \| $ / shares	31.35
Restricted stock vested (in dollars per share) \| $ / shares	23.73
Restricted stock cancelled and forfeited (in dollars per share) \| $ / shares	25.71
Ending balance (in dollars per share) \| $ / shares	$ 29.47

Income Taxes - Schedule of Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Federal and state net operating losses	$ 3,470	$ 3,942
Capitalized research and patent costs	293	908
Capitalized research expenditures	93,010	61,760
Research credits	13,326	11,682
Stock-based compensation costs	25,295	21,676
Operating lease liability	1,695	37
Accruals and Reserves	10,358	7,996
Other	2,228	0
Total deferred tax assets	149,675	108,001
Valuation allowance	(17,460)	(15,947)
Deferred tax liabilities
Operating lease right-of-use asset	(1,301)	(30)
Other	0	(1,419)
Total deferred tax liabilities	(1,301)	(1,449)
Net deferred tax assets	$ 130,914	$ 90,605

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Description of Business and Basis of Presentation

Corcept Therapeutics Incorporated (collectively, “Corcept,” the “Company,” “we,” “us,” and “our”) is a commercial-stage biopharmaceutical 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, and in June 2024, we made available an authorized generic version of Korlym for the same indication (collectively, our “Products”). 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 Redwood City, California.

Basis of Presentation

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

Principles of Consolidation

Our consolidated financial statements include the financial position and results of operations of Corcept Therapeutics UK Limited, our wholly owned subsidiary, which we incorporated in the United Kingdom in March 2017. All material intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

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

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

Fair Value Measurements

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

Cash and Cash Equivalents and Marketable Securities

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

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

Credit and Concentration Risks

Our cash, cash equivalents and marketable securities are held in four financial institutions. We are subject to credit risk from our cash equivalents and marketable securities. We limit our investments to U.S. Treasury obligations and high-grade corporate debt and asset-backed securities with less than a 36-month maturity at the time of purchase. These investments are diversified and minimize concentrations of credit risk. We have never experienced a loss in, or lack of access to, our operating or investment accounts.

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

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

Inventory and Cost of Sales

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

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

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

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

Net Product Revenue

We sell our Products directly to patients through a single specialty pharmacy. We also sell our Products to a specialty distributor (“SD”), for which we recognize revenue at the time the SD receives our Products. SD sales were less than one percent of our net revenue in each of the years ended December 31, 2024, 2023 and 2022.

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

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

To determine net product revenue, we deduct from sales the cost of our patient co-pay assistance program and our estimates of (a) government chargebacks and rebates, (b) discounts provided to our SD for prompt payment and (c) reserves for expected returns. We record these estimates at the time we recognize revenue and update them as new information becomes available. Our estimates take into account our understanding of the range of possible outcomes. If results differ from our estimates, we adjust our estimates, which changes our net product revenue and earnings. We report any changes in the period they become known, even if they concern transactions occurring in prior periods.

Government Rebates: Our Products are eligible for purchase by, or qualifies for reimbursement from, Medicaid, Medicare and other government programs that are eligible for rebates on the price they pay for our Products. To determine the

appropriate amount to reserve against these rebates, we identify our Products sold to patients covered by government-funded programs, apply the applicable government discount to these sales, then estimate utilization of such programs by government payors. We (i) deduct this reserve from revenue in the period to which the rebates relate and (ii) include in accrued expenses on our consolidated balance sheet a current liability of an equal amount.

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

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

Sales Returns: Federal law prohibits the return of our Products sold to patients. Sales to our SD are subject to return. We deduct the amount of our Products we estimate the SD will return from each period’s gross revenue. We base our estimates on quantitative and qualitative information including, but not limited to, historical return rates, the amount of our Products held by the SD and projected demand. To date, returns have not been significant.

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2024, 2023 and 2022:


	Chargebacks		Government Rebates		Total

	(in thousands)
Balance at December 31, 2021	$	50	$	11,174	$	11,224
Provision related to current period sales	557		38,745		39,302
Provision related to prior period sales	78		(68)		10
Credit or payments made during the period	(455)		(38,753)		(39,208)
Balance at December 31, 2022	230		11,098		11,328
Provision related to current period sales	346		52,825		53,171
Provision related to prior period sales	(88)		(555)		(643)
Credit or payments made during the period	(266)		(44,900)		(45,166)
Balance at December 31, 2023	222		18,468		18,690
Provision related to current period sales	241		86,336		86,577
Provision related to prior period sales	11		1,404		1,415
Credit or payments made during the period	(366)		(64,628)		(64,994)
Balance at December 31, 2024	$	108	$	41,580	$	41,688

Research and Development

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

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

Segment Reporting

We determine our operating segments based on the way we organize our business, make decisions, allocate resources and assess performance. Joseph K. Belanoff, M.D., Chief Executive Officer, is our Chief Operating Decision Maker (“CODM”) who reviews our consolidated balance sheets and statements of income. We view our operations and manage our business as one operating segment, which is the discovery, development and commercialization of pharmaceutical products.

Stock-Based Compensation

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

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

In addition, we have issued RSAs in connection with our Employee Stock Purchase Plan (“ESPP”) that vest on the condition that the participating employee hold the corresponding shares purchased under the ESPP for one year from the purchase date. The participating employee is granted one RSA for each share purchased in the ESPP. We initially measure the fair value of these RSAs based on the grant date fair value determined using the closing price of our common stock on the date the purchase of the corresponding ESPP shares is made. This fair value of the RSA is amortized over the one-year holding period. As a result of the RSA’s being reported as liability-classified awards, they must be remeasured at each reporting date until settlement. Ultimately, the compensation cost recognized for the RSA award will equal the fair value of the Company’s common stock on the date the RSA is fully vested and settled. See Note 7, Stockholders’ Equity for more information.

Income Taxes

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

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

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

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

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 consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements. This ASU is effective for public companies with annual periods beginning after December 15, 2026, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2027. We are currently evaluating the effects adoption of this guidance will have on the consolidated financial statements.

Recently Adopted Accounting Pronouncements

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 adopted this guidance for the annual period ended December 31, 2024.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 141,209	$ 106,140	$ 101,418

- Definition

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

+ References

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 141,209	$ 106,140	$ 101,418
Other comprehensive income (loss):
Unrealized (loss) gain on available-for-sale investments, net of tax effect of $118, $(353), and $105, respectively	(598)	1,120	(331)
Foreign currency translation (loss) gain	(228)	358	(311)
Total comprehensive income	$ 140,383	$ 107,618	$ 100,776

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

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

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

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

The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2024, 2023 and 2022:


	Chargebacks		Government Rebates		Total

	(in thousands)
Balance at December 31, 2021	$	50	$	11,174	$	11,224
Provision related to current period sales	557		38,745		39,302
Provision related to prior period sales	78		(68)		10
Credit or payments made during the period	(455)		(38,753)		(39,208)
Balance at December 31, 2022	230		11,098		11,328
Provision related to current period sales	346		52,825		53,171
Provision related to prior period sales	(88)		(555)		(643)
Credit or payments made during the period	(266)		(44,900)		(45,166)
Balance at December 31, 2023	222		18,468		18,690
Provision related to current period sales	241		86,336		86,577
Provision related to prior period sales	11		1,404		1,415
Credit or payments made during the period	(366)		(64,628)		(64,994)
Balance at December 31, 2024	$	108	$	41,580	$	41,688

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Product revenue, net	$ 675,040	$ 482,375	$ 401,858
Operating expenses:
Cost of sales	10,882	6,481	5,385
Research and development	246,887	184,353	130,991
Selling, general and administrative	280,320	184,259	152,848
Settlement expense related to Melucci litigation	0	0	14,000
Insurance recovery related to Melucci litigation	0	0	(14,000)
Total operating expenses	538,089	375,093	289,224
Income from operations	136,951	107,282	112,634
Interest and other income	24,542	17,275	3,557
Income before income taxes	161,493	124,557	116,191
Income tax expense	(20,284)	(18,417)	(14,773)
Net income	141,209	106,140	101,418
Net income attributable to common stockholders, basic	139,733	105,496	101,288
Net income attributable to common stockholders, diluted	$ 139,733	$ 105,496	$ 101,288
Basic net income per share (in dollars per share)	$ 1.35	$ 1.02	$ 0.95
Diluted net income per share (in dollars per share)	$ 1.23	$ 0.94	$ 0.87
Weighted-average shares outstanding used in computing net income per common share
Basic (in shares)	103,232	103,560	106,787
Diluted (in shares)	113,480	111,742	115,966

Stockholders’ Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Preferred Stock

Our Board of Directors is authorized, subject to any limitations prescribed by law, without stockholder approval, to issue up to an aggregate of 10.0 million shares of preferred stock at $0.001 par value in one or more series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon the preferred stock, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences. The rights of the holders of common stock will be subject to the rights of holders of any preferred stock that may be issued in the future. As of December 31, 2024 and 2023, we had no outstanding shares of preferred stock.

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 and may be modified, suspended or discontinued at any time without notice. During the year ended December 31, 2024, we purchased 0.5 million shares of common stock under the Stock Repurchase Program in open market transactions at an average price of $32.25 per share, for aggregate purchase price of $15.7 million.

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 consolidated balance sheet at cost.

During the years ended December 31, 2024, 2023 and 2022, we issued 2.3 million, 2.4 million and 3.7 million shares, respectively, 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 years ended December 31, 2024, 2023 and 2022, we purchased 1.1 million, 1.2 million and 1.8 million shares, respectively, in connection with such option net exercises and vesting of restricted stock and paid $22.3 million, $9.1 million and $21.7 million, respectively, to satisfy associated tax withholding obligations.

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

We have never declared or paid any dividends.

Incentive Award Plan

We have one equity award plan – the Corcept Therapeutics Incorporated 2024 Incentive Award Plan (the “2024 Plan”).

In February 2024, our Board of Directors approved the 2024 Plan, which became effective upon its approval by our stockholders at our 2024 Annual Meeting of Stockholders on May 17, 2024 and replaced the Corcept Therapeutics Incorporated 2012 Incentive Award Plan (the “2012 Plan”). The aggregate number of shares which may be issued or transferred pursuant to awards under the 2024 Plan is equal to the sum of (i) 8.0 million shares, (ii) 4.1 million shares, which equals the number of shares available for future grant under the 2012 Plan as of May 17, 2024, and (iii) any shares underlying awards outstanding under the 2012 Plan that, on or after May 17, 2024, terminate, expire or lapse for any reason without the delivery of shares to the holder thereof. After May 17, 2024, no additional awards were or will be issued under the 2012 Plan.

Under the 2024 Plan, we can issue stock options, stock purchase and stock appreciation rights and restricted stock awards to our employees, officers, directors and consultants.

As of December 31, 2024, we had 11.0 million shares available for future issuance under the 2024 plan.

Stock Options

The following table summarizes option activity and related information:


	Outstanding Options
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Balance at December 31, 2023	23,370	$	16.47
Options granted	3,813	$	25.28
Options exercised	(2,306)	$	11.01
Options cancelled and forfeited	(164)	$	24.42
Balance at December 31, 2024	24,713	$	18.29	5.64	$	793,378

Options exercisable at December 31, 2024	19,021	$	16.46	4.78	$	645,388

Options fully vested and expected to vest at December 31, 2024	24,413	$	18.15	5.60	$	786,966

The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $60.1 million, $36.0 million and $63.4 million, respectively, based on the difference between the closing price of our common stock on the date of exercise and the exercise price.

As of December 31, 2024, we had $71.3 million of unrecognized compensation expense for options outstanding, which had a weighted-average remaining vesting period of 2.5 years.

RSAs and RSUs (collectively, “restricted stock”)

The following table summarizes restricted stock activity and related information:


	Outstanding Restricted Stock
	Number of Restricted Stock	Weighted-Average Grant Date Fair Value
	(in thousands)
Balance at December 31, 2023	827	$	24.10
Restricted stock granted	916	$	31.35
Restricted stock vested	(416)	$	23.73
Restricted stock cancelled and forfeited	(84)	$	25.71
Balance at December 31, 2024	1,243	$	29.47

The total fair value of restricted stock vested during the years ended December 31, 2024, 2023 and 2022 was $14.8 million, $4.9 million and $0.9 million, respectively.

As of December 31, 2024, we had $27.4 million of unrecognized compensation expense for restricted stock outstanding, which had a weighted-average remaining vesting period of 2.66 years.

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 2024 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 2024 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 an 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 may be held, sold or transferred at the employee’s sole discretion.

As of December 31, 2024 and 2023, we had a liability of $3.2 million and $2.3 million, respectively, of stock-based compensation related to RSAs granted in connection with our ESPP in “Accrued and other liabilities” on our consolidated balance sheet.

Option Valuation Assumptions

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


	Year Ended December 31,
	2024	2023	2022
Weighted-average assumptions for options granted:
Risk-free interest rate	4.14%	3.87%	1.97%
Expected term	6.7 years	6.7 years	6.4 years
Expected volatility of stock price	54.6%	53.0%	56.5%
Dividend rate	0%	0%	0%
Weighted-average grant date fair value-based measurement	$14.65	$13.65	$11.27

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

The expected volatility of our stock used in determining the fair value-based measurement of option grants to employees, officers and directors is based on the volatility of our stock price. The volatility is based on historical data of the price for our common stock for periods of time equal to the expected term of these grants.

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

Stock-based Compensation

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
Stock-based compensation capitalized in inventory	$	326	$	208	$	280
Cost of sales	75		52		70
Research and development	17,729		15,402		12,800
Selling, general and administrative	43,550		33,486		29,572
Total stock-based compensation	$	61,680	$	49,148	$	42,722

- Definition

The entire disclosure for equity.

+ References

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Changes in Balance of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 13,022	$ 11,425	$ 9,237
Increase in tax positions for prior years	86	112	53
Decreases in tax positions for prior years	(399)	(205)	0
Decrease in tax positions for expirations of statute of limitations	0	(750)	0
Increase in tax positions for current year	3,740	2,440	2,135
Decrease in tax positions for current year	0	0	0
Ending balance	$ 16,449	$ 13,022	$ 11,425

Leases - Schedule of Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,358	$ 2,391	$ 2,265
Recognition of right-of-use asset in exchange for lease liability	$ 5,745	$ 297	$ 2,816
Weighted-average remaining lease term	66 months	6 months	6 months
Weighted-average discount rate	8.50%	8.00%	4.00%

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 1,382
2026	1,551
2027	1,598
2028	1,646
2029	1,695
2030	860
Total operating lease payments	8,732
Less imputed interest	(1,796)
Present value of operating lease liabilities	$ 6,936

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 18, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-50679
Entity Registrant Name	CORCEPT THERAPEUTICS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0487658
Entity Address, Address Line One	101 Redwood Shores Parkway
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	327-3270
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CORT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,691,187,787
Entity Common Stock, Shares Outstanding		105,503,432
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001088856

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the financial position and results of operations of Corcept Therapeutics UK Limited, our wholly owned subsidiary, which we incorporated in the United Kingdom in March 2017. All material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. We reevaluate our estimates and assumptions each quarter, including those related to revenue recognition, recognition and measurement of income tax assets and liabilities, inventory, allowances for doubtful accounts and other accrued liabilities, including our bonus accrual, clinical trial accruals and stock-based compensation.
Fair Value Measurements	Fair Value Measurements We value financial instruments using assumptions we believe third-party market participants would use. When choosing which assumptions to make when determining the value of a financial instrument, we look first for quoted prices in active markets for identical instruments (“Level 1 inputs”). If no Level 1 inputs are available, we consider (i) quoted prices in non-active markets for identical instruments; (ii) active markets for similar instruments; (iii) inputs other than quoted prices for the instrument; and (iv) inputs that are not directly observable, but that can be corroborated by observable data (“Level 2 inputs”). In the absence of Level 2 inputs, we rely on unobservable inputs, such as our estimates of the assumptions market participants would use in pricing the instrument (“Level 3 inputs”).
Cash and Cash Equivalents and Marketable Securities	Cash and Cash Equivalents and Marketable Securities We consider highly liquid investments that will mature in three months or less from the time we purchase them to be cash equivalents. Cash equivalents are valued using Level 1 inputs, which approximate our cost. We invest the majority of our funds in marketable securities, primarily corporate notes, U.S. Treasury and government agency securities, asset-backed securities and commercial paper. We classify our marketable securities as available-for-sale securities and report them at fair value as “cash equivalents” or “marketable securities” on our consolidated balance sheet, with related unrealized gains and losses included in stockholders’ equity. Realized gains and losses and permanent declines in value are included in “interest and other income (expense)” on our consolidated statements of income.
Credit and Concentration Risks	Credit and Concentration Risks Our cash, cash equivalents and marketable securities are held in four financial institutions. We are subject to credit risk from our cash equivalents and marketable securities. We limit our investments to U.S. Treasury obligations and high-grade corporate debt and asset-backed securities with less than a 36-month maturity at the time of purchase. These investments are diversified and minimize concentrations of credit risk. We have never experienced a loss in, or lack of access to, our operating or investment accounts. We have a concentration of risk in regard to the distribution of our Products. A single specialty pharmacy, Optime Care, Inc. (“Optime”), dispenses our Products to patients for us. Optime is an independent third party. Its unwillingness or inability to dispense our Products to patients in a timely manner would harm our business. We sell our Products that Optime dispenses directly to patients, with title to the medicine passing directly from us to the patient upon the patient’s receipt of the drug. Our receivables risk is spread among various third-party payers – pharmacy benefit managers, insurance companies, government programs and private charities. We monitor our exposure and record an allowance against uncollectible trade receivables as necessary. To date, we have not recorded an allowance for credit losses.
Inventory and Cost of Sales	Inventory and Cost of Sales Regulatory approval of product candidates is uncertain. Because product manufactured prior to regulatory approval may not be sold unless regulatory approval is obtained, we record the cost of manufacturing our product candidates as research and development expense at the time such costs are incurred. Once a product candidate is approved by the FDA, we begin capitalizing manufacturing costs. We capitalize to inventory manufacturing costs related to our Products. We value inventory at the lower of cost or net realizable value and determine the cost of inventory we sell using the specific identification method, which approximates a first-in, first-out basis. We assess our inventory levels at each reporting period and write down inventory that is either expected to be at risk of expiration prior to sale, has a cost basis in excess of its expected net realizable value, or for which there are inventory quantities in excess of expected requirements. We destroy expired inventory and recognize the related costs as cost of sales in that period’s statement of income. Cost of sales also includes the cost of manufacturing our Products, including materials, third-party manufacturing costs and indirect personnel and other overhead costs, based on the number of tablets for which we recognize revenue, as well as costs of stability testing, logistics and distribution. We classify inventory we do not expect to utilize within 12 months of the balance sheet date as strategic inventory, a non-current asset.
Net Product Revenue	Net Product Revenue We sell our Products directly to patients through a single specialty pharmacy. We also sell our Products to a specialty distributor (“SD”), for which we recognize revenue at the time the SD receives our Products. SD sales were less than one percent of our net revenue in each of the years ended December 31, 2024, 2023 and 2022. To determine our revenue from the sale of our Products, we (i) identify our contract with each customer; (ii) identify the obligations of Corcept and the customer under the contract; (iii) determine the contracted transaction price; (iv) allocate the transaction price to the contract’s performance obligations, which in our case consists of delivering our Products to the customer; and (v) recognize revenue once our Products have been delivered, provided we deem it probable that we will collect the payment due to us. Confirmation of coverage by private or government insurance or by a third-party charity is a prerequisite for selling our Products to a patient. To determine net product revenue, we deduct from sales the cost of our patient co-pay assistance program and our estimates of (a) government chargebacks and rebates, (b) discounts provided to our SD for prompt payment and (c) reserves for expected returns. We record these estimates at the time we recognize revenue and update them as new information becomes available. Our estimates take into account our understanding of the range of possible outcomes. If results differ from our estimates, we adjust our estimates, which changes our net product revenue and earnings. We report any changes in the period they become known, even if they concern transactions occurring in prior periods. Government Rebates: Our Products are eligible for purchase by, or qualifies for reimbursement from, Medicaid, Medicare and other government programs that are eligible for rebates on the price they pay for our Products. To determine the appropriate amount to reserve against these rebates, we identify our Products sold to patients covered by government-funded programs, apply the applicable government discount to these sales, then estimate utilization of such programs by government payors. We (i) deduct this reserve from revenue in the period to which the rebates relate and (ii) include in accrued expenses on our consolidated balance sheet a current liability of an equal amount. Chargebacks: Although we sell our Products to the SD at full price, some of the government entities to which the SD sells receive a discount. The SD recovers the full amount of any related discounts by reducing its payment to us (this reduction is called a “chargeback”). Chargebacks sometimes relate to our Products purchased by the SD in prior periods. We deduct from our revenue in each period chargebacks claimed by the SD for our Products it purchased in that period. We also create a reserve for chargebacks we estimate the SD will claim in future periods against our Products it purchased in the current period but has not yet resold. We determine the amount of this reserve based on our experience with SD chargebacks and our understanding of the SD’s customer base and business practices. We deduct this reserve from revenue and include in accrued expenses on our consolidated balance sheet a current liability of equal amount. Patient Assistance Program and Charitable Support: It is our policy that no patient be denied our Products due to inability to pay. We provide financial assistance to eligible patients whose insurance policies have high deductibles or co-payments and deduct the amount of such assistance from gross revenue. We determine the assistance we provide each patient by applying our program guidelines to that patient’s financial position and their insurance policy’s co-payment and deductible requirements for the purchase of our Products. We donate cash to charities that help patients with financial need pay for the treatment of Cushing’s syndrome. We do not include payments from these charities in revenue, but as a deduction to selling, general and administrative expenses. We provide our Products at no cost to uninsured patients who do not qualify for charitable support. Sales Returns: Federal law prohibits the return of our Products sold to patients. Sales to our SD are subject to return. We deduct the amount of our Products we estimate the SD will return from each period’s gross revenue. We base our estimates on quantitative and qualitative information including, but not limited to, historical return rates, the amount of our Products held by the SD and projected demand. To date, returns have not been significant.
Research and Development	Research and Development Research and development expense includes the direct cost of discovering and screening new compounds, pre-clinical studies, clinical trials, manufacturing development, submissions to regulatory agencies and related overhead costs. We expense nonrefundable payments and the cost of technologies and materials used in research and development as we incur them. We base our accruals for discovery research, preclinical studies and clinical trials on our estimates of work completed, milestones achieved, patient enrollment and past experience with similar activities. Our estimates include assessments of information from contract research organizations and the status of our own research, development and administrative activities.
Segment Reporting	Segment Reporting We determine our operating segments based on the way we organize our business, make decisions, allocate resources and assess performance. Joseph K. Belanoff, M.D., Chief Executive Officer, is our Chief Operating Decision Maker (“CODM”) who reviews our consolidated balance sheets and statements of income. We view our operations and manage our business as one operating segment, which is the discovery, development and commercialization of pharmaceutical products.
Stock-Based Compensation	Stock-Based Compensation We recognize stock-based compensation expense for stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), net of estimated forfeitures, on a straight-line basis over the period during which an employee is required to provide services in exchange for the award (the vesting period of the award). We estimate future forfeitures during the first quarter of each fiscal year, and revise the estimates, if necessary, in subsequent periods if actual forfeitures differ significantly from those estimates. We determine the fair value of stock options based on the value of the award at the grant date, using the Black-Scholes model. We recognize stock-based compensation expense over the applicable vesting period, net of estimated forfeitures. If actual forfeitures differ from our estimates, we adjust stock-based compensation expense accordingly. In addition, we have issued RSAs in connection with our Employee Stock Purchase Plan (“ESPP”) that vest on the condition that the participating employee hold the corresponding shares purchased under the ESPP for one year from the purchase date. The participating employee is granted one RSA for each share purchased in the ESPP. We initially measure the fair value of these RSAs based on the grant date fair value determined using the closing price of our common stock on the date the purchase of the corresponding ESPP shares is made. This fair value of the RSA is amortized over the one-year holding period. As a result of the RSA’s being reported as liability-classified awards, they must be remeasured at each reporting date until settlement. Ultimately, the compensation cost recognized for the RSA award will equal the fair value of the Company’s common stock on the date the RSA is fully vested and settled. See Note 7, Stockholders’ Equity for more information.
Income Taxes	Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires recognition of deferred tax assets and liabilities for the expected tax consequences of our future financial and operating activities. Under ASC 740, we determine deferred tax assets and liabilities based on the temporary difference between the financial statement and tax bases of assets and liabilities using the tax rates in effect for the year in which we expect such differences to reverse. If we determine that it is more likely than not that we will not generate sufficient taxable income to realize the value of some or all of our deferred tax assets (net of our deferred tax liabilities), we establish a valuation allowance offsetting the amount we do not expect to realize. We perform this analysis each reporting period and reduce our measurement of deferred taxes if the likelihood we will realize them becomes uncertain. The deferred tax assets that we record each period depend primarily on our ability to generate future taxable income in the United States. Each period, we evaluate the need for a valuation allowance against our deferred tax assets and, if necessary, adjust the valuation allowance so that net deferred tax assets are recorded only to the extent we conclude it is more likely than not that these deferred tax assets will be realized. If our outlook for future taxable income changes significantly, our assessment of the need for, and the amount of, a valuation allowance may also change. We are also required to evaluate and quantify other sources of taxable income, such as the possible reversal of future deferred tax liabilities, should any arise, and the implementation of tax planning strategies. Evaluating and quantifying these amounts is difficult and involves significant judgment, based on all of the available evidence and assumptions about our future activities. We account for uncertain tax positions in accordance with ASC 740, which requires us to adjust our consolidated financial statements to reflect only those tax positions that are more-likely-than-not to be sustained upon review by federal or state examiners. We recognize in the consolidated financial statements the largest expected tax benefit that has a greater than 50 percent likelihood of being sustained on examination by the taxing authorities. We report interest and penalties related to unrecognized tax benefits as income tax expense.
Recently Issued Accounting Pronouncements Not Yet Adopted , Recently Adopted Accounting Pronouncements	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 consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, which requires additional information about specific expense categories in the notes to financial statements. This ASU is effective for public companies with annual periods beginning after December 15, 2026, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2027. We are currently evaluating the effects adoption of this guidance will have on the consolidated financial statements. Recently Adopted Accounting Pronouncements 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 adopted this guidance for the annual period ended December 31, 2024.

Composition of Certain Balance Sheet Items - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 9,492	$ 4,319
Deferred clinical materials	4,493	13,496
Clinical deposits	1,817	3,865
Other current assets	6,078	5,882
Total prepaid expenses and other current assets	$ 21,880	$ 27,562

Commitments and Contingencies (Details) - USD ($)		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 06, 2024	Dec. 31, 2024
Commitment And Contingencies [Line Items]
Purchase obligation		$ 17,400,000
Taxes payable		14,100,000
Other losses for contingent liability		0
Other provisions for a loss contingency		$ 0
Melucci \| Settled Litigation
Commitment And Contingencies [Line Items]
Payment awarded to other party	$ 14,000,000

Stockholders’ Equity - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 326	$ 208	$ 280
Total stock-based compensation	61,680	49,148	42,722
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	75	52	70
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	17,729	15,402	12,800
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 43,550	$ 33,486	$ 29,572

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Stock Plan Activity

The following table summarizes option activity and related information:


	Outstanding Options
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Balance at December 31, 2023	23,370	$	16.47
Options granted	3,813	$	25.28
Options exercised	(2,306)	$	11.01
Options cancelled and forfeited	(164)	$	24.42
Balance at December 31, 2024	24,713	$	18.29	5.64	$	793,378

Options exercisable at December 31, 2024	19,021	$	16.46	4.78	$	645,388

Options fully vested and expected to vest at December 31, 2024	24,413	$	18.15	5.60	$	786,966

Schedule of Restricted Stock Activity

The following table summarizes restricted stock activity and related information:


	Outstanding Restricted Stock
	Number of Restricted Stock	Weighted-Average Grant Date Fair Value
	(in thousands)
Balance at December 31, 2023	827	$	24.10
Restricted stock granted	916	$	31.35
Restricted stock vested	(416)	$	23.73
Restricted stock cancelled and forfeited	(84)	$	25.71
Balance at December 31, 2024	1,243	$	29.47

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

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


	Year Ended December 31,
	2024	2023	2022
Weighted-average assumptions for options granted:
Risk-free interest rate	4.14%	3.87%	1.97%
Expected term	6.7 years	6.7 years	6.4 years
Expected volatility of stock price	54.6%	53.0%	56.5%
Dividend rate	0%	0%	0%
Weighted-average grant date fair value-based measurement	$14.65	$13.65	$11.27

Schedule of Stock-Based Compensation

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
Stock-based compensation capitalized in inventory	$	326	$	208	$	280
Cost of sales	75		52		70
Research and development	17,729		15,402		12,800
Selling, general and administrative	43,550		33,486		29,572
Total stock-based compensation	$	61,680	$	49,148	$	42,722

Available for Sale Marketable Securities and Fair Value Measurements - Schedule of the classification of available-for-sale securities in condensed consolidated balance sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 573,936	$ 387,016
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	98,436	97,170
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	255,669	232,670
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 219,831	$ 57,176

- Definition

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

+ References

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+ Details

- 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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 141,209	$ 106,140	$ 101,418
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	61,354	48,940	42,442
(Accretion) of discount and Amortization of premium on marketable securities, net	(10,938)	(9,128)	1,383
Depreciation and amortization	795	1,042	1,259
Deferred income taxes	(40,191)	(29,493)	(33,905)
Amortization of right-of-use asset	541	1,320	2,187
Changes in operating assets and liabilities:
Trade receivables	(12,853)	(10,066)	(3,432)
Insurance recovery receivable related to Melucci litigation	14,000	0	(14,000)
Inventory	305	1,265	1,199
Prepaid expenses and other current assets	5,422	(11,603)	(6,557)
Other assets	(69)	(1,483)	(1,975)
Accounts payable	(2,248)	5,778	4,757
Accrued research and development expenses	12,538	6,757	2,131
Accrued and other liabilities	38,242	17,649	2,927
Accrued settlement related to Melucci litigation	(14,000)	0	14,000
Long-term accrued income taxes	3,777	1,210	8,688
Operating lease liability	183	(1,289)	(2,199)
Net cash provided by operating activities	198,067	127,039	120,323
Cash flows from investing activities:
Purchases of property and equipment	(2,172)	(139)	(413)
Proceeds from maturities of marketable securities	412,878	419,793	241,152
Purchases of marketable securities	(588,310)	(328,748)	(355,066)
Net cash (used in) provided by investing activities	(177,604)	90,906	(114,327)
Cash flows from financing activities:
Proceeds from stock option exercises, net of issuance costs	4,157	1,977	3,391
Proceeds from purchases under the Employee Stock Purchase Program	5,459	3,834	990
Repurchases of common stock in connection with Stock Repurchase Program	(15,664)	0	0
Repurchase of common stock in connection with Tender Offer	0	(145,428)	0
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants	(22,301)	(9,106)	(21,665)
Net cash used in financing activities	(28,349)	(148,723)	(17,284)
Net (decrease) increase in cash and cash equivalents	(7,886)	69,222	(11,288)
Cash and cash equivalents, at beginning of period	135,551	66,329	77,617
Cash and cash equivalents, at end of period	127,665	135,551	66,329
Supplemental disclosure:
Income taxes paid	60,267	47,602	39,747
Exercise cost of shares repurchased for net settlement of cashless option exercises	$ 21,195	$ 25,032	$ 24,388

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Allowance Activity Included in Trade Receivables Includes Allowance for Doubtful Accounts, Prompt Pay Cash Discounts and Chargebacks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward}
Balance at beginning of period	$ 18,690	$ 11,328	$ 11,224
Provision related to current period sales	86,577	53,171	39,302
Provision related to prior period sales	1,415	(643)	10
Credit or payments made during the period	(64,994)	(45,166)	(39,208)
Balance at end of period	41,688	18,690	11,328
Chargebacks
Allowance for Doubtful Accounts Receivable [Roll Forward}
Balance at beginning of period	222	230	50
Provision related to current period sales	241	346	557
Provision related to prior period sales	11	(88)	78
Credit or payments made during the period	(366)	(266)	(455)
Balance at end of period	108	222	230
Government Rebates
Allowance for Doubtful Accounts Receivable [Roll Forward}
Balance at beginning of period	18,468	11,098	11,174
Provision related to current period sales	86,336	52,825	38,745
Provision related to prior period sales	1,404	(555)	(68)
Credit or payments made during the period	(64,628)	(44,900)	(38,753)
Balance at end of period	$ 41,580	$ 18,468	$ 11,098

Net Income Per Share

12 Months Ended

Dec. 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 RSUs, less unvested RSAs. We use the treasury stock method to determine the number of dilutive shares of common stock resulting from stock options and unvested RSUs.

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders	$	139,733	$	105,496	$	101,288
Denominator:
Weighted-average shares used to compute basic net income per common share	103,232		103,560		106,787
Dilutive effect of employee stock options and unvested RSUs	10,248		8,182		9,179
Weighted-average shares used to compute diluted net income per common share	113,480		111,742		115,966

Net income per share attributable to common stockholders
Basic	$	1.35	$	1.02	$	0.95
Diluted	$	1.23	$	0.94	$	0.87

We excluded from the computation of diluted net income per share, on a weighted-average basis, 2.7 million stock options and unvested RSUs outstanding during the year ended December 31, 2024, and 9.1 million and 7.3 million stock

options outstanding during the years ended December 31, 2023 and 2022, respectively, because including them would have reduced dilution.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
Domestic	$	159,623	$	125,691	$	116,871
Foreign	1,870		(1,134)		(680)
Income before income taxes	$	161,493	$	124,557	$	116,191

The income tax expense for the years ended December 31, 2024, 2023, and 2022 consisted of the following:


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
U.S. federal taxes:
Current	$	49,716	$	40,265	$	39,132
Deferred	(35,845)		(25,613)		(28,122)
Total U.S. federal taxes	13,871		14,652		11,010
State taxes:
Current	10,504		7,590		9,515
Deferred	(3,783)		(2,645)		(5,313)
Total state taxes	6,721		4,945		4,202
Foreign taxes:
Current	256		56		30
Deferred	(564)		(1,236)		(469)
Total foreign taxes	(308)		(1,180)		(439)
Total provision for income taxes	$	20,284	$	18,417	$	14,773

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 December 31, 2024, the requirement has not been modified. Accordingly, we have capitalized our research and development expenses for tax purposes, resulting in higher cash paid for taxes as compared to prior years.

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


	Year Ended December 31,
	2024		2023

Deferred tax assets:	(in thousands)
Federal and state net operating losses	$	3,470	$	3,942
Capitalized research and patent costs	293		908
Capitalized research expenditures	93,010		61,760
Research credits	13,326		11,682
Stock-based compensation costs	25,295		21,676
Operating lease liability	1,695		37
Accruals and Reserves	10,358		7,996
Other	2,228		—
Total deferred tax assets	149,675		108,001
Valuation allowance	(17,460)		(15,947)
Deferred tax liabilities
Operating lease right-of-use asset	(1,301)		(30)
Other	—		(1,419)
Total deferred tax liabilities	(1,301)		(1,449)
Net deferred tax assets	$	130,914	$	90,605

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 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 Consolidated Statement of Income in the period in which such determination is made.

The valuation allowance increased by $1.5 million, $1.1 million and $1.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, we had California net operating loss carryforwards of $49.4 million, which will begin to expire in the year 2035.

As of December 31, 2024, we also had California research and development credits of $19.3 million, which have no expiration date.

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


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
U.S. federal taxes at statutory rate	$	33,914	$	26,157	$	24,400
R&D and other credits	(16,002)		(11,508)		(9,114)
State income taxes, net of federal benefit	5,288		3,897		3,320
Non-deductible compensation	4,431		3,295		4,354
Stock-based compensation	(8,464)		(2,951)		(7,980)
Other	1,117		(473)		(207)
Total	$	20,284	$	18,417	$	14,773

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

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


	Year Ended December 31,
	2024		2023		2022

			(in thousands)
Beginning balance	$	13,022	$	11,425	$	9,237
Increase in tax positions for prior years	86		112		53
Decreases in tax positions for prior years	(399)		(205)		—
Decrease in tax positions for expirations of statute of limitations	—		(750)		—
Increase in tax positions for current year	3,740		2,440		2,135
Decrease in tax positions for current year	—		—		—
Ending balance	$	16,449	$	13,022	$	11,425

As of December 31, 2024, the amount of unrecognized tax benefits that would favorably impact the effective tax rate were approximately $13.1 million, and approximately $3.4 million of unrecognized tax benefits would be offset by a change in the valuation allowance. A valuation allowance is maintained on the remaining tax benefits related to California deferred tax assets and would not impact the effective tax rate. We had $1.0 million of accrued interest and no accrued penalties related to unrecognized tax benefits as of December 31, 2024. We had no or insignificant amounts of accrued interest and no accrued penalties related to unrecognized tax benefits as of December 31, 2023 and 2022. We do not expect our unrecognized tax benefits to change materially over the next 12 months.

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

The Company’s primary tax jurisdiction is the United States. For federal tax purposes, the years 2021 through 2024 remain open and subject to tax examination. For US state tax purposes, the years 2004 through 2024 generally remain open and subject to tax examination by the appropriate state taxing authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended December 31, 2024, none of directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sales of our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K, other than as set forth in the table below.

Name

Position

Action

Adoption Date

Total Shares of Common Stock to be Sold

Expiration Date(1)

Joseph K. Belanoff, M.D.

Chief Executive Officer

Adoption

11/26/2024

Up to 400,000

8/31/2026

William Guyer

Chief Development Officer

Adoption

11/27/2024

Up to 360,000

8/31/2026

(1) Each trading arrangement 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

Joseph K. Belanoff, M.D. [Member]

Trading Arrangements, by Individual

Name

Joseph K. Belanoff, M.D.

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

11/26/2024

8/31/2026

643 days

400,000

William Guyer [Member]

Trading Arrangements, by Individual

Name

William Guyer

Title

Chief Development Officer

Rule 10b5-1 Arrangement Adopted

true

11/27/2024

8/31/2026

642 days

360,000

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

In April 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, effective from July 1, 2024. The leased property became our new headquarters effective August 1, 2024. The portion of the premises subject to the Sublease is 50,632 rentable square feet. The Sublease commenced on June 1, 2024 due to early access rights and will end on June 30, 2030. We are obligated to pay a base rent of an average of $1.5 million annually over the term of the lease. As a result of the agreement, we recorded a right-of-use asset and corresponding lease liability related to the leased property based on the present value of future lease payments.

The lease for our previous headquarters in Menlo Park, California ended on August 31, 2024. We do not recognize right-of-use assets or lease liabilities for leases with a term of 12 months or less, rather, we recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. Therefore, we did not record an additional right of use asset and corresponding lease liability related to our previous headquarters, as the remaining lease term was less than 12 months.

As the operating leases for our facilities do not provide sufficient information to determine the implicit borrowing 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. Operating lease right-of-use assets also include any rent paid prior to the commencement date, less any lease incentives received. We recognize operating lease payments as expenses using the straight-line method over the term of the lease.

Operating lease expense, including variable lease costs for the years ended December 31, 2024, 2023 and 2022 was $3.0 million, $2.4 million and $2.3 million, respectively.

Supplemental information related to operating leases was as follows (in thousands, except weighted average amounts):


	Year Ended December 31,
	2024			2023			2022
Cash paid for operating lease liabilities	$	1,358		$	2,391		$	2,265
Recognition of right-of-use asset in exchange for lease liability	$	5,745		$	297		$	2,816
Weighted-average remaining lease term	66 months			6 months			6 months
Weighted-average discount rate	8.5		%	8.0		%	4.0		%

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


2025	$	1,382
2026	1,551
2027	1,598
2028	1,646
2029	1,695
2030	860
Total operating lease payments	8,732
Less imputed interest	(1,796)
Present value of operating lease liabilities	$	6,936

Net Income Per Share - Schedule of Computation of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to common stockholders, basic	$ 139,733	$ 105,496	$ 101,288
Net income attributable to common stockholders, diluted	$ 139,733	$ 105,496	$ 101,288
Denominator:
Weighted-average shares used to compute basic net income per common share (in shares)	103,232	103,560	106,787
Dilutive effect of employee stock options and unvested RSUs (in shares)	10,248	8,182	9,179
Weighted average shares used to compute diluted net income per common share (in shares)	113,480	111,742	115,966
Net income per share attributable to common stockholders
Basic (in dollars per share)	$ 1.35	$ 1.02	$ 0.95
Diluted (in dollars per share)	$ 1.23	$ 0.94	$ 0.87

Income Taxes - Schedule of Components of Income Tax (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
U.S. federal taxes:
Current	$ 49,716	$ 40,265	$ 39,132
Deferred	(35,845)	(25,613)	(28,122)
Total U.S. federal taxes	13,871	14,652	11,010
State taxes:
Current	10,504	7,590	9,515
Deferred	(3,783)	(2,645)	(5,313)
Total state taxes	6,721	4,945	4,202
Foreign taxes:
Current	256	56	30
Deferred	(564)	(1,236)	(469)
Total foreign taxes	(308)	(1,180)	(439)
Total provision for income taxes	$ 20,284	$ 18,417	$ 14,773

Composition of Certain Balance Sheet Items

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Composition of Certain Balance Sheet Items

Inventory


	Year Ended December 31,
	2024		2023

	(in thousands)
Work in progress	$	7,789	$	8,233
Finished goods	8,206		7,741
Total inventory	15,995		15,974
Less strategic inventory classified as non-current	(3,583)		(8,244)
Total inventory classified as current	$	12,412	$	7,730

We have purchased and hold significant quantities of API, included in work in progress inventory. We classify inventory we do not expect to utilize within 12 months of the balance sheet date as “Strategic inventory,” a non-current asset.

Prepaid expenses and other current assets


	Year Ended December 31,
	2024		2023

	(in thousands)
Prepaid expenses	$	9,492	$	4,319
Deferred clinical materials	4,493		13,496
Clinical deposits	1,817		3,865
Other current assets	6,078		5,882
Total prepaid expenses and other current assets	$	21,880	$	27,562

Accrued and other liabilities


	Year Ended December 31,
	2024		2023

	(in thousands)
Accrued compensation	$	41,731	$	25,457
Government rebates	41,580		18,468
Accrued selling and marketing costs	3,345		1,771
Legal fees	824		542
Accounting and financial services fees	648		389
Income taxes payable	191		1,814
Accrued manufacturing costs	109		1,455
Excise tax payable	—		1,078
Other	2,272		654
Total accrued and other liabilities	$	90,700	$	51,628

Other assets

As of December 31, 2024 and 2023, other assets included $5.6 million and $6.4 million of deposits for clinical trials, respectively.

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

12 Months Ended

Dec. 31, 2024

Available For Sale Securities And Fair Value Measurements [Abstract]

Schedule of the Classification of Available-for-Sale Securities in Condensed Consolidated Balance Sheets

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


	December 31,
	2024		2023

	(in thousands)
Cash equivalents	$	98,436	$	97,170
Short-term marketable securities	255,669		232,670
Long-term marketable securities	219,831		57,176
Total marketable securities	$	573,936	$	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	December 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	$	373,440	$	333	$	(529)	$	373,244	$	120,508	$	307	$	—	$	120,815
Commercial paper	Level 2	9,771		6		(2)		9,775		75,308		20		(9)		75,319
U.S. government agency securities	Level 2	7,999		—		(2)		7,997		—		—		—		—
U.S. Treasury securities	Level 1	84,458		27		(1)		84,484		93,655		61		(4)		93,712
Money market funds	Level 1	98,436		—		—		98,436		97,170		—		—		97,170
Total marketable securities		$	574,104	$	366	$	(534)	$	573,936	$	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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-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
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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

+ Details

Composition of Certain Balance Sheet Items (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Composition of Inventory, Current

Inventory


	Year Ended December 31,
	2024		2023

	(in thousands)
Work in progress	$	7,789	$	8,233
Finished goods	8,206		7,741
Total inventory	15,995		15,974
Less strategic inventory classified as non-current	(3,583)		(8,244)
Total inventory classified as current	$	12,412	$	7,730

Schedule of Composition of Inventory, Noncurrent

Inventory


	Year Ended December 31,
	2024		2023

	(in thousands)
Work in progress	$	7,789	$	8,233
Finished goods	8,206		7,741
Total inventory	15,995		15,974
Less strategic inventory classified as non-current	(3,583)		(8,244)
Total inventory classified as current	$	12,412	$	7,730

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets


	Year Ended December 31,
	2024		2023

	(in thousands)
Prepaid expenses	$	9,492	$	4,319
Deferred clinical materials	4,493		13,496
Clinical deposits	1,817		3,865
Other current assets	6,078		5,882
Total prepaid expenses and other current assets	$	21,880	$	27,562

Schedule of Other Accrued Liabilities

Accrued and other liabilities


	Year Ended December 31,
	2024		2023

	(in thousands)
Accrued compensation	$	41,731	$	25,457
Government rebates	41,580		18,468
Accrued selling and marketing costs	3,345		1,771
Legal fees	824		542
Accounting and financial services fees	648		389
Income taxes payable	191		1,814
Accrued manufacturing costs	109		1,455
Excise tax payable	—		1,078
Other	2,272		654
Total accrued and other liabilities	$	90,700	$	51,628

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2024 USD ($) ft²
Leases [Abstract]
Term of contract				6 years
Rentable area \| ft²				50,632
Obligated base rent				$ 1.5
Operating lease expense	$ 3.0	$ 2.4	$ 2.3

Composition of Certain Balance Sheet Items - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Deposits for clinical trials	$ 5.6	$ 6.4

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Increase in valuation allowance	$ 1,500,000	$ 1,100,000	$ 1,900,000
Unrecognized tax benefits that would impact effective tax rate	13,100,000
Unrecognized tax benefits that would be offset by a change in valuation allowance	3,400,000
Unrecognized tax benefits, accrued interest	1,000,000.0	0	0
Unrecognized tax benefits, accrued penalties	0	$ 0	$ 0
California State
Income Taxes [Line Items]
Net operating loss carryforwards	49,400,000
Research and development tax credits	$ 19,300,000

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Information of Leases Asset and Liabilities

Supplemental information related to operating leases was as follows (in thousands, except weighted average amounts):


	Year Ended December 31,
	2024			2023			2022
Cash paid for operating lease liabilities	$	1,358		$	2,391		$	2,265
Recognition of right-of-use asset in exchange for lease liability	$	5,745		$	297		$	2,816
Weighted-average remaining lease term	66 months			6 months			6 months
Weighted-average discount rate	8.5		%	8.0		%	4.0		%

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

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


2025	$	1,382
2026	1,551
2027	1,598
2028	1,646
2029	1,695
2030	860
Total operating lease payments	8,732
Less imputed interest	(1,796)
Present value of operating lease liabilities	$	6,936

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions There were no related party transactions during the years ended December 31, 2024, 2023, and 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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+ Details

Significant Agreements	12 Months Ended
Significant Agreements	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Significant Agreements	Significant Agreements Commercial Agreement In August 2017, we entered into a distribution services agreement with an independent third party, Optime, to provide exclusive specialty pharmacy and patient services programs for Korlym beginning August 10, 2017. Under the terms of this agreement, Optime acts as the exclusive specialty pharmacy distributor of our Products in the United States, subject to certain exceptions. Optime provides services related to pharmacy operations; patient intake, access and reimbursement; patient support; claims management and accounts receivable; and data and reporting. We provide our Products to Optime, which it dispenses to patients. Optime does not purchase our Products from us and it does not take title to the product. Title passes directly from us to the patient at the time the patient receives the medicine. The initial term of our agreement with Optime was five years. In August 2022 and September 2022, we amended our agreement to extend its term to September 30, 2022 and March 31, 2024, respectively. In March 2024, we amended our agreement to further extend its term to March 31, 2027 with automatic renewal for successive three-year terms, unless terminated earlier by us upon 90 days’ notice. The agreement contains additional customary termination provisions, representations, warranties and covenants. Subject to certain limitations, we have agreed to indemnify Optime for certain third-party claims related to the product, and we have each agreed to indemnify the other for certain breaches of representations, warranties, covenants and other specified matters.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Significant Agreements (Details) - Optime Care, Inc.	1 Months Ended
Significant Agreements (Details) - Optime Care, Inc.	Mar. 31, 2024	Aug. 31, 2017
Debt And Credit Agreements [Line Items]
Initial agreement period		5 years
Renewal term	3 years
Notice period	90 days

Net Income Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average options excluded from the computation of diluted net income per share (in shares)	2.7
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average options excluded from the computation of diluted net income per share (in shares)		9.1	7.3

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) compound in Thousands	12 Months Ended
	Dec. 31, 2024 series compound financialInstitution segment shares	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Number of series of selective cortisol modulators \| series	4
Number of compounds (more than) \| compound	1
Number of financial institutions holding cash and short-term investments \| financialInstitution	4
Number of operating segments \| segment	1
Restricted Stock Awards (RSAs) \| ESPP
Accounting Policies [Line Items]
Stock options, vesting period	1 year
Number of RSAs granted for each share purchased (in shares) \| shares	1
Sales Revenue, Net \| Customer Concentration Risk \| Specialty Distributor
Accounting Policies [Line Items]
Percentage of sales to one specialty distributor (less than)	1.00%	1.00%	1.00%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 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 under incentive award plan (in shares)		3,741
Issuance of common stock under incentive award plan	28,482	$ 4	28,478
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(1,846)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(45,737)			(45,737)
Stock-based compensation	42,515		42,515
Other comprehensive (loss) income, net of tax	(642)				(642)
Net income	101,418					101,418
Ending balance (in shares) at Dec. 31, 2022		107,835
Ending balance at Dec. 31, 2022	501,842	$ 131	662,342	(456,148)	(869)	296,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive award plan (in shares)		3,383
Issuance of common stock under incentive award plan	29,128	$ 2	29,126
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(1,203)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(32,424)			(32,424)
Repurchase of common stock (in shares)		(6,610)
Repurchase of common stock	(145,428)			(145,428)
Excise tax related to net share repurchases	(1,078)			(1,078)
Stock-based compensation	45,977		45,977
Vesting of RSAs in connection with ESPP	1,070		1,070
Other comprehensive (loss) income, net of tax	1,478				1,478
Net income	$ 106,140					106,140
Ending balance (in shares) at Dec. 31, 2023	103,405	103,405
Ending 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 under incentive award plan (in shares)	2,306	3,332
Issuance of common stock under incentive award plan	$ 30,813	$ 3	30,810
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(1,138)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(43,496)		2,032	(45,528)
Repurchase of common stock (in shares)		(486)
Repurchase of common stock	(15,664)			(15,664)
Excise tax related to net share repurchases	97			97
Stock-based compensation	55,710		55,710
Vesting of RSAs in connection with ESPP	5,041		5,041
Other comprehensive (loss) income, net of tax	(826)				(826)
Net income	$ 141,209					141,209
Ending balance (in shares) at Dec. 31, 2024	105,113	105,113
Ending balance at Dec. 31, 2024	$ 679,589	$ 136	$ 832,108	$ (696,173)	$ (217)	$ 543,735

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	280,000,000	280,000,000
Common stock, shares, issued (in shares)	137,753,000	134,344,000
Common stock, shares, outstanding (in shares)	105,113,000	103,405,000
Treasury stock (in shares)	32,640,000	30,938,000

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 41,731	$ 25,457
Government rebates	41,580	18,468
Accrued selling and marketing costs	3,345	1,771
Legal fees	824	542
Accounting and financial services fees	648	389
Income taxes payable	191	1,814
Accrued manufacturing costs	109	1,455
Excise tax payable	0	1,078
Other	2,272	654
Total accrued and other liabilities	$ 90,700	$ 51,628

Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Work in progress	$ 7,789	$ 8,233
Finished goods	8,206	7,741
Total inventory	15,995	15,974
Less strategic inventory classified as non-current	(3,583)	(8,244)
Total inventory classified as current	$ 12,412	$ 7,730

Stockholders’ Equity - Schedule of Weighted-Average Assumptions and Resultant Fair Value-Based Measurements for Options Granted to Employees and Directors (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average assumptions for options granted:
Risk-free interest rate	4.14%	3.87%	1.97%
Expected term	6 years 8 months 12 days	6 years 8 months 12 days	6 years 4 months 24 days
Expected volatility of stock price	54.60%	53.00%	56.50%
Dividend rate	0.00%	0.00%	0.00%
Weighted-average grant date fair value-based measurement (in dollars per share)	$ 14.65	$ 13.65	$ 11.27

Available for Sale Marketable Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 573,936	$ 387,016
Estimate of fair value measurement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	574,104	386,641
Gross Unrealized Gains	366	388
Gross Unrealized Losses	(534)	(13)
Estimated Fair Value	573,936	387,016
Estimate of fair value measurement \| Corporate bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	373,440	120,508
Gross Unrealized Gains	333	307
Gross Unrealized Losses	(529)	0
Estimated Fair Value	373,244	120,815
Estimate of fair value measurement \| Commercial paper \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,771	75,308
Gross Unrealized Gains	6	20
Gross Unrealized Losses	(2)	(9)
Estimated Fair Value	9,775	75,319
Estimate of fair value measurement \| U.S. government agency securities \| Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,999	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2)	0
Estimated Fair Value	7,997	0
Estimate of fair value measurement \| U.S. Treasury securities \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	84,458	93,655
Gross Unrealized Gains	27	61
Gross Unrealized Losses	(1)	(4)
Estimated Fair Value	84,484	93,712
Estimate of fair value measurement \| Money market funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,436	97,170
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 98,436	$ 97,170

Available for Sale Marketable Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest receivable, current	$ 4.1	$ 1.7
Maximum maturity period	24 months
Marketable securities, short-term, maximum maturity period	1 year
Weighted average maturity period	9 months
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	12 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	23 months

Income Taxes - Schedule of Components of income Tax (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 159,623	$ 125,691	$ 116,871
Foreign	1,870	(1,134)	(680)
Income before income taxes	$ 161,493	$ 124,557	$ 116,191

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details