Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CORT | |
Entity Registrant Name | CORCEPT THERAPEUTICS INC | |
Entity Central Index Key | 1,088,856 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 111,031,762 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 47,865 | $ 40,435 |
Trade receivables | 8,236 | 6,221 |
Inventory | 2,327 | 1,682 |
Prepaid expenses and other current assets | 1,353 | 642 |
Total current assets | 59,781 | 48,980 |
Strategic inventory | 2,980 | 2,800 |
Property and equipment, net of accumulated depreciation | 145 | 98 |
Other assets | 24 | 24 |
Total assets | 62,930 | 51,902 |
Current liabilities: | ||
Accounts payable | 4,309 | 1,325 |
Accrued clinical expenses | 1,775 | 1,171 |
Other accrued liabilities | 6,874 | 3,257 |
Long-term obligation - current portion | 18,725 | 14,965 |
Deferred revenue | 0 | 158 |
Total current liabilities | 31,683 | 20,876 |
Long-term obligation, net of current portion | 0 | 12,528 |
Commitments | 0 | 0 |
Stockholders’ equity: | ||
Common stock, par value $0.001 per share, 280,000 shares authorized and 110,881 and 109,642 shares issued and outstanding at September 30, 2016 and December 31, 2015 respectively | 111 | 110 |
Additional paid-in capital | 358,001 | 348,796 |
Accumulated deficit | (326,865) | (330,408) |
Total stockholders’ equity | 31,247 | 18,498 |
Total liabilities and stockholders’ equity | $ 62,930 | $ 51,902 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 110,881,000 | 109,642,000 |
Common stock, shares outstanding | 110,881,000 | 109,642,000 |
CONDENSED STATEMENTS OF COMPREH
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Product revenue, net | $ 21,725 | $ 13,261 | $ 57,509 | $ 35,319 |
Operating expenses: | ||||
Cost of sales | 668 | 256 | 1,497 | 997 |
Research and development | 7,054 | 3,612 | 17,360 | 11,330 |
Selling, general and administrative | 10,931 | 9,291 | 33,480 | 28,086 |
Total operating expenses | 18,653 | 13,159 | 52,337 | 40,413 |
Income (Loss) from operations | 3,072 | 102 | 5,172 | (5,094) |
Interest and other expense | (487) | (703) | (1,629) | (2,273) |
Net income (loss) and comprehensive income (loss) | $ 2,585 | $ (601) | $ 3,543 | $ (7,367) |
Basic and diluted net income (loss) per common share | $ 0.02 | $ (0.01) | $ 0.03 | $ (0.07) |
Weighted average shares outstanding used in computing net income (loss) per share | ||||
Basic | 110,652 | 108,461 | 110,118 | 106,104 |
Diluted | 116,419 | 108,461 | 115,163 | 106,104 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 3,543 | $ (7,367) |
Adjustments to reconcile net income (loss) to net cash generated from (used in) operations: | ||
Stock-based compensation | 5,101 | 4,520 |
Accretion of interest expense | 1,562 | 2,196 |
Amortization of debt financing costs | 16 | 20 |
Depreciation and amortization of property and equipment | 72 | 127 |
Changes in operating assets and liabilities: | ||
Trade receivables | (2,015) | (2,611) |
Inventory | (825) | 703 |
Prepaid expenses and other current assets | (679) | 261 |
Other assets | 0 | (11) |
Accounts payable | 2,984 | (146) |
Accrued clinical expenses | 604 | 273 |
Other accrued liabilities | 3,617 | 956 |
Deferred revenue | (158) | 46 |
Net cash provided by (used in) operating activities | 13,822 | (1,033) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (119) | (34) |
Cash used in investing activities | (119) | (34) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon exercise of options and warrants, net of issuance costs | 4,073 | 19,712 |
Payments related to long-term obligation | (10,346) | (6,443) |
Net cash provided by (used in) financing activities | (6,273) | 13,269 |
Net increase in cash and cash equivalents | 7,430 | 12,202 |
Cash and cash equivalents, at beginning of period | 40,435 | 24,248 |
Cash and cash equivalents, at end of period | $ 47,865 | $ 36,450 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 1. Basis of Presentation and Summary of Significant Accounting Policies Description of Business and Basis of Presentation Corcept Therapeutics Incorporated was incorporated in the State of Delaware in May 1998, and our headquarters are located in Menlo Park, California. We are a pharmaceutical company engaged in the discovery, development and commercialization of medications that treat severe metabolic, oncologic, and psychiatric disorders by modulating the effect of the stress hormone cortisol. In 2012, the United States Food and Drug Administration (FDA) approved Korlym ® Basis of Presentation The accompanying unaudited condensed balance sheet as of September 30, 2016 and the condensed statements of comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 and the condensed statements of cash flows for the nine months ended September 30, 2016 and 2015 have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K. The accompanying balance sheet as of December 31, 2015 has been derived from audited financial statements at that date. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. We evaluate our estimates and assumptions on an ongoing basis, including those related to revenue recognition, inventory, accrued liabilities including our bonus accrual, clinical trial accruals, stock-based compensation and the timing of payments with respect to our long-term capped royalty obligation, which determines our interest expense. We base our estimates on relevant experience and on other specific assumptions that we believe are reasonable. Fair Value Measurements We categorize financial instruments in a fair value hierarchy that prioritizes the information used to develop assumptions for measuring fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 input), then to quoted prices in non-active markets or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable for the asset or liability, and inputs that are not directly observable, but that are corroborated by observable market data for the asset or liability (Level 2 input), then the lowest priority to unobservable inputs, for example, our own data about the assumptions that market participants would use in pricing an asset or liability (Level 3 input). Fair value is a market-based measurement, not an entity-specific measurement, and a fair value measurement should therefore be based on the assumptions that market participants would use in pricing the asset or liability. Cash and Cash Equivalents We consider all highly liquid investments purchased with maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents are carried at fair value as measured using Level 1 inputs, which approximates cost. As of September 30, 2016 and December 31, 2015, all of our funds were held in checking and money market fund accounts maintained at major U.S. financial institutions. Inventory We value our inventories at the lower of cost or net realizable value. We determine the cost of inventory using the specific identification method, which approximates a first-in, first-out basis. We write down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value. Any expired inventory is disposed of and the related costs are recognized as cost of sales in the statement of comprehensive income (loss). Inventory amounts that are not expected to be consumed within 12 months following the balance sheet date are classified as strategic inventory, a noncurrent asset. We expense the manufacturing costs for product candidates incurred prior to regulatory approval as research and development expense as we incur them. We begin capitalizing costs related to the manufacture of a product candidate when we obtain regulatory approval to begin marketing that product. Long-term Obligation In August 2012, we entered into a Purchase and Sale Agreement (Financing Agreement) with Biopharma Secured Debt Fund II Sub, S.à r.l (Biopharma), a private limited liability company organized under the laws of Luxembourg. Under the terms of the Financing Agreement, we received $30.0 million from Biopharma, which upon receipt we recorded as a long-term obligation. In return, we are obligated to make payments to Biopharma totaling $45.0 million. These payments equal a percentage of (i) our net product sales, which include sales from any product containing mifepristone or any of our proprietary selective cortisol modulators (Covered Products) and (ii) cash or cash equivalents received from any licensing transaction or co-promotion arrangement involving Covered Products, including any upfront or milestone payments, if any (together, Korlym Receipts). Once we have paid Biopharma a total of $45.0 million, no more payments will be due and the obligation will be extinguished. We recognize a portion of each quarterly payment under the Financing Agreement as interest expense, which we determine by calculating the interest rate to Biopharma implied by the stream of quarterly payments we expect to make. The amount shown on our balance sheet as the current portion is an estimate of the amount we expect to repay Biopharma in the 12 months following September 30, 2016. We record the balance of the outstanding portion of the obligation, if any, as a long-term liability. Our estimate of the amount and timing of our quarterly payments to Biopharma is subject to uncertainty and may change. Any changes in our assumed payment stream will change the accretion of interest expense and our split between the current and long-term portions of the obligation, although the total we will pay Biopharma is fixed at $45.0 million. See Note 3, Long-Term Obligation Net Product Sales We primarily sell Korlym directly to patients through Dohmen Life Science Services (Dohmen), a specialty pharmacy. Prior authorization and confirmation of coverage by the patients’ private or government insurance plan or by a third-party charity is a prerequisite for Dohmen to ship Korlym to a patient. We recognize revenue upon the delivery of Korlym to these patients. We recognize revenue from sales of Korlym upon delivery to patients as long as (i) there is persuasive evidence that an arrangement exists between ourselves and the customer, (ii) collectability is reasonably assured and (iii) the price is fixed or determinable. Prior authorization or confirmation of coverage level by the patient’s private insurance plan or government payor is a prerequisite to the shipment of Korlym to a patient. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate gross product revenues from the sales to our customers and (ii) reasonably estimate net product revenues. Effective January 1, 2016, we recognize sales to our specialty distributor (SD) at the time of sale to the SD. Before that date, we did not recognize these sales until the SD had in turn sold to its customers. Sales to the SD were less than two percent of our revenue in each of the three and nine months ended September 30, 2016. We donate cash to the National Organization for Rare Disorders (“NORD”), an independent non-profit organization that helps patients with financial need pay for the treatment of Cushing’s syndrome. We do not include in revenue payments we receive from NORD. We calculate gross product revenues based on the price we charge our customers. We estimate our net product revenues by deducting from our gross product revenues (a) estimated government rebates and chargebacks, (b) estimated costs of our patient co-pay assistance program, (c) trade allowances, such as discounts for prompt payment and (d) reserves for expected product returns. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates as new information becomes available. Rebates and Chargebacks: We contract with Medicaid and other government agencies so that Korlym will be eligible for purchase by, or qualify for partial or full reimbursement from, Medicaid and other government programs. We estimate our rebate and chargeback amounts by applying the discount rates applicable to each government-funded program against our sales to patients covered by such programs. Allowances for Patient Assistance Program: We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-payments. We calculate the cost of assistance by applying our program guidelines to the eligible sales in the period. Research and Development Research and development expenses consist of direct expenses, such as the cost of discovery research, pre-clinical studies, and clinical trials relating to our portfolio of proprietary, selective cortisol modulators, manufacturing development, preparations for submissions to the FDA or other regulatory agencies and related overhead expenses. We expense nonrefundable payments to third-parties as well as the cost of technologies and materials used in research and development as they are incurred. We base our cost accruals for research, preclinical activities, and clinical trials on estimates of work completed under service agreements, milestones achieved, patient enrollment and past experience with similar contracts. Our estimates of work completed and associated cost accruals include our assessments of information from third-party contract research organizations and the overall status of clinical trial and other development and administrative activities. Stock-Based Compensation We account for stock-based compensation related to option grants under the fair value method, based on the value of the award at the grant date using the Black-Scholes option valuation model and we recognize expense over the requisite service period, net of estimated forfeitures. We recognize the expense of options granted to non-employees based on the fair-value based measurement of the option grants at the time of vesting. Recently Issued Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” . Early application is permitted in 2017. . . I We are evaluating the impact of the adoption of these standards on our Condensed Consolidated Financial Statements. In August 2014, the FASB issued ASU No. 2014-15 (Subtopic 205-40), “Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether or not there is substantial doubt about the Company's ability to continue as a going concern and to provide related footnote disclosure. ASU 2014-15 is effective for fiscal years, and interim periods within those fiscal years, ending after December 15, 2016. Early application is permitted. The adoption of this standard had no impact on our Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. The Company retrospectively adopted ASU 2015-03 as of January 1, 2016, resulting in a $35,000 decrease to long-term assets and long-term debt as of December 31, 2015 on its consolidated balance sheets. The adoption of this standard had no impact on our Condensed Statement of Comprehensive Income (Loss). In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11), which simplifies the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016 and for interim periods therein, with early adoption permitted. We do not expect adoption of this standard to have an impact on our Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU No. 2015-17 (ASU 2015-17) "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. Previous guidance required deferred tax liabilities and assets to be separated into current and noncurrent amounts on the balance sheet. The guidance will become effective for us beginning in the first quarter of 2017 and may be applied either prospectively or retrospectively. Early adoption is permitted. At the time of adoption, we will reclassify current deferred tax amounts on our Consolidated Balance Sheets as noncurrent. As we have a full valuation allowance against its deferred tax assets for all periods presented, the adoption is not expected to have a material impact on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU 2016-02), which increases transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. We are evaluating the impact of the adoption of this standard on our Condensed Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. We are evaluating the impact of the adoption of this standard on our Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments,” which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year We do not expect adoption of this standard to have an impact on our Condensed Consolidated Financial Statements. |
Composition of Certain Balance
Composition of Certain Balance Sheet Items | 9 Months Ended |
Sep. 30, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition of Certain Balance Sheet Items | 2. Composition of Certain Balance Sheet Items Inventory The composition of inventory was as follows: September 30, December 31, 2016 2015 (in thousands) Raw materials $ 2,866 $ 2,141 Work in progress 3 3 Finished goods 2,438 2,338 Total inventory 5,307 4,482 Less strategic inventory classified as non-current (2,980 ) (2,800 ) Total inventory classified as current $ 2,327 $ 1,682 We have one manufacturer for mifepristone, the active pharmaceutical ingredient (API) in Korlym — Produits Chimiques Auxiliaires et de Synthèse SA (PCAS) — and one tablet manufacturer for Korlym — Alcami Corporation (formerly known as AAI Pharma Services Corp.). If either of these companies is unable to manufacture API or Korlym tablets in the quantities and time frames we require, we may not be able to meet customer demand. In order to mitigate these risks, we purchase and hold as “Strategic Inventory” additional quantities of API and Korlym tablets that we do not expect to consume within 12 months following the relevant balance sheet date. Other Accrued Liabilities Other accrued liabilities consisted of the following: September 30, December 31, 2016 2015 (in thousands) Government rebates $ 2,787 $ 1,663 Accrued compensation 3,380 1,103 Commercialization costs 89 111 Legal fees 140 69 Professional fees 146 220 Other 332 91 Total other accrued liabilities $ 6,874 $ 3,257 |
Long-Term Obligation
Long-Term Obligation | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Obligation | 3. Long-Term Obligation As discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, Long-term Obligation Under the terms of the Financing Agreement, our payments are variable, with no fixed minimums. If there are no net sales, upfront, milestone or other contingent payments in a period with respect to Covered Products, then no payment will be due for that period. We are obligated to make payments as follows: • 20 percent of our net sales of Covered Products. • 20 percent of payments received for upfront, milestone or other contingent fees under co-promotion and out-license agreements for Covered Products. • The percentage used to calculate our payments will increase to 50 percent if we (i) fail to provide Biopharma with certain information regarding our promotion and sales of Covered Products, (ii) do not devote a commercially reasonable amount of resources to the promotion and marketing of the Covered Products or (iii) incur indebtedness greater than the sum of our earnings before interest, taxes, depreciation and amortization, and non-cash stock-based compensation, for the four calendar quarters preceding such incurrence and, in each case, fail to cure within the applicable cure period. • If there is a Corcept change of control transaction or we license Korlym to a third-party for promotion and sale in the United States, the entire $45.0 million, less any amounts already paid, will become due. To secure our obligations in connection with the Financing Agreement, we granted Biopharma a security interest in our rights in patents, trademarks, trade names, domain names, copyrights, know-how and regulatory approvals related to the Covered Products, all books and records relating to the foregoing and all proceeds of the foregoing (together, the Collateral). If we (i) fail to deliver a royalty payment when due and do not remedy that failure within 30 days, (ii) fail to maintain a first-priority perfected security interest in the Collateral in the United States and do not remedy that failure within five business days of receiving notice of such failure or (iii) become subject to an event of bankruptcy, then Biopharma may attempt to recover up to $45.0 million (after deducting any payments we have already made). In addition, we may not pay a dividend or other cash distribution unless we will have more than $50.0 million in cash and cash equivalents after we make such payment. As discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, Long-term Obligation We recorded interest expense of $455,000 and $1.6 million for the three and nine months ended September 30, 2016, respectively, and $698,000 and $2.2 million for the three and nine months ended September 30, 2015, respectively, and total accreted interest of $14.2 million for the period from August 2012 through September 30, 2016. The following table provides a summary of the payment obligations under the Financing Agreement as of September 30, 2016 and December 31, 2015, utilizing the payment assumptions discussed above. September 30, December 31, 2016 2015 (in thousands) Total repayment obligation $ 45,000 $ 45,000 Less interest in future periods (822 ) (2,385 ) Less unamortized financing costs (19 ) (35 ) Less payments made (25,434 ) (15,087 ) Less current portion (18,725 ) (14,965 ) Long-term obligation, net of current portion $ — $ 12,528 We capitalized $140,000 of issuance costs related to the Financing Agreement, which are being amortized over the estimated term of the obligation, based on the assumptions discussed above. At September 30, 2016 and December 31, 2015, the unamortized issuance costs were approximately $19,000 and $35,000, respectively, and are included in long-term obligation, netted against debt on our balance sheets, pursuant to ASU 2015-03. |
Lease Obligation
Lease Obligation | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Lease Obligations | 4. In July 2015, we exercised our option to extend the lease for our office space through December 2016. We subsequently amended the lease agreement in February 2016 to extend the lease through 2019 and to add additional space. In March 2016, we early terminated the lease and replaced it with a new lease effective May 1, 2016 through March 31, 2019. Rent expense for the three months ended September 30, 2016 and 2015 was $246,000 and $158,000, respectively. Rent expense for the nine months ended September 30, 2016 and 2015 was $639,000 and $474,000, respectively. As of September 30, 2016, future minimum lease payments under non-cancelable operating leases were as follows: Lease Payments 2016 (remainder) $ 200 2017 937 2018 1,115 2019 279 Thereafter — Total $ 2,531 |
Stock Option Plans
Stock Option Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Plans | 5. Stock Option Plans We have two stock option plans – the 2004 Equity Incentive Plan (the 2004 Plan) and the 2012 Incentive Award Plan (the 2012 Plan) with stock options outstanding as of September 30, 2016. On February 26, 2016, our Board of Directors authorized an increase of approximately 4.4 million shares in the number of shares available for issuance under the 2012 Plan, which was 4% of the shares of our common stock outstanding as of December 31, 2015, pursuant to the terms of the 2012 Plan. During the nine months ended September 30, 2016, we issued an aggregate of 1,239,000 shares of our common stock upon the exercise of stock options. The following table provides a summary of stock-based compensation. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Research and development $ 321 $ 196 $ 879 $ 579 Selling, general and administrative 1,510 1,346 4,222 3,941 Total stock-based compensation $ 1,831 $ 1,542 $ 5,101 $ 4,520 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 6. Net Income (Loss) Per Share Basic net income (loss) per share is computed using net income by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period plus potential outstanding common shares for the period. Potential outstanding common stock includes stock options, but only to the extent that their inclusion is dilutive. The following table shows the computation of net income (loss) per share for each period, including the number of weighted-average shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Numerator: Net income (loss) $ 2,585 $ (601 ) $ 3,543 $ (7,367 ) Denominator: Weighted-average shares used to compute basic net income (loss) per share 110,652 108,461 110,118 106,104 Dilutive effect of employee stock options 5,767 — 5,045 — Weighted-average shares used to compute diluted net income (loss) per share 116,419 108,461 115,163 106,104 Net income (loss) per share attributable to common stockholders Basic and diluted $ 0.02 $ (0.01 ) $ 0.03 $ (0.07 ) The following table presents information on securities outstanding as of the end of each period that could potentially dilute the per share data in the future. September 30, 2016 2015 (in thousands) Stock options outstanding 18,570 17,033 |
Basis of Presentation and Sum12
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed balance sheet as of September 30, 2016 and the condensed statements of comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 and the condensed statements of cash flows for the nine months ended September 30, 2016 and 2015 have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K. The accompanying balance sheet as of December 31, 2015 has been derived from audited financial statements at that date. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. We evaluate our estimates and assumptions on an ongoing basis, including those related to revenue recognition, inventory, accrued liabilities including our bonus accrual, clinical trial accruals, stock-based compensation and the timing of payments with respect to our long-term capped royalty obligation, which determines our interest expense. We base our estimates on relevant experience and on other specific assumptions that we believe are reasonable. |
Fair Value Measurements | Fair Value Measurements We categorize financial instruments in a fair value hierarchy that prioritizes the information used to develop assumptions for measuring fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 input), then to quoted prices in non-active markets or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable for the asset or liability, and inputs that are not directly observable, but that are corroborated by observable market data for the asset or liability (Level 2 input), then the lowest priority to unobservable inputs, for example, our own data about the assumptions that market participants would use in pricing an asset or liability (Level 3 input). Fair value is a market-based measurement, not an entity-specific measurement, and a fair value measurement should therefore be based on the assumptions that market participants would use in pricing the asset or liability. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents are carried at fair value as measured using Level 1 inputs, which approximates cost. As of September 30, 2016 and December 31, 2015, all of our funds were held in checking and money market fund accounts maintained at major U.S. financial institutions. |
Inventory | Inventory We value our inventories at the lower of cost or net realizable value. We determine the cost of inventory using the specific identification method, which approximates a first-in, first-out basis. We write down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value. Any expired inventory is disposed of and the related costs are recognized as cost of sales in the statement of comprehensive income (loss). Inventory amounts that are not expected to be consumed within 12 months following the balance sheet date are classified as strategic inventory, a noncurrent asset. We expense the manufacturing costs for product candidates incurred prior to regulatory approval as research and development expense as we incur them. We begin capitalizing costs related to the manufacture of a product candidate when we obtain regulatory approval to begin marketing that product. |
Long-term Obligation | Long-term Obligation In August 2012, we entered into a Purchase and Sale Agreement (Financing Agreement) with Biopharma Secured Debt Fund II Sub, S.à r.l (Biopharma), a private limited liability company organized under the laws of Luxembourg. Under the terms of the Financing Agreement, we received $30.0 million from Biopharma, which upon receipt we recorded as a long-term obligation. In return, we are obligated to make payments to Biopharma totaling $45.0 million. These payments equal a percentage of (i) our net product sales, which include sales from any product containing mifepristone or any of our proprietary selective cortisol modulators (Covered Products) and (ii) cash or cash equivalents received from any licensing transaction or co-promotion arrangement involving Covered Products, including any upfront or milestone payments, if any (together, Korlym Receipts). Once we have paid Biopharma a total of $45.0 million, no more payments will be due and the obligation will be extinguished. We recognize a portion of each quarterly payment under the Financing Agreement as interest expense, which we determine by calculating the interest rate to Biopharma implied by the stream of quarterly payments we expect to make. The amount shown on our balance sheet as the current portion is an estimate of the amount we expect to repay Biopharma in the 12 months following September 30, 2016. We record the balance of the outstanding portion of the obligation, if any, as a long-term liability. Our estimate of the amount and timing of our quarterly payments to Biopharma is subject to uncertainty and may change. Any changes in our assumed payment stream will change the accretion of interest expense and our split between the current and long-term portions of the obligation, although the total we will pay Biopharma is fixed at $45.0 million. See Note 3, Long-Term Obligation |
Net Product Sales | Net Product Sales We primarily sell Korlym directly to patients through Dohmen Life Science Services (Dohmen), a specialty pharmacy. Prior authorization and confirmation of coverage by the patients’ private or government insurance plan or by a third-party charity is a prerequisite for Dohmen to ship Korlym to a patient. We recognize revenue upon the delivery of Korlym to these patients. We recognize revenue from sales of Korlym upon delivery to patients as long as (i) there is persuasive evidence that an arrangement exists between ourselves and the customer, (ii) collectability is reasonably assured and (iii) the price is fixed or determinable. Prior authorization or confirmation of coverage level by the patient’s private insurance plan or government payor is a prerequisite to the shipment of Korlym to a patient. In order to conclude that the price is fixed or determinable, we must be able to (i) calculate gross product revenues from the sales to our customers and (ii) reasonably estimate net product revenues. Effective January 1, 2016, we recognize sales to our specialty distributor (SD) at the time of sale to the SD. Before that date, we did not recognize these sales until the SD had in turn sold to its customers. Sales to the SD were less than two percent of our revenue in each of the three and nine months ended September 30, 2016. We donate cash to the National Organization for Rare Disorders (“NORD”), an independent non-profit organization that helps patients with financial need pay for the treatment of Cushing’s syndrome. We do not include in revenue payments we receive from NORD. We calculate gross product revenues based on the price we charge our customers. We estimate our net product revenues by deducting from our gross product revenues (a) estimated government rebates and chargebacks, (b) estimated costs of our patient co-pay assistance program, (c) trade allowances, such as discounts for prompt payment and (d) reserves for expected product returns. We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates as new information becomes available. Rebates and Chargebacks: We contract with Medicaid and other government agencies so that Korlym will be eligible for purchase by, or qualify for partial or full reimbursement from, Medicaid and other government programs. We estimate our rebate and chargeback amounts by applying the discount rates applicable to each government-funded program against our sales to patients covered by such programs. Allowances for Patient Assistance Program: We provide financial assistance to eligible patients whose insurance policies require them to pay high deductibles and co-payments. We calculate the cost of assistance by applying our program guidelines to the eligible sales in the period. |
Research and Development | Research and Development Research and development expenses consist of direct expenses, such as the cost of discovery research, pre-clinical studies, and clinical trials relating to our portfolio of proprietary, selective cortisol modulators, manufacturing development, preparations for submissions to the FDA or other regulatory agencies and related overhead expenses. We expense nonrefundable payments to third-parties as well as the cost of technologies and materials used in research and development as they are incurred. We base our cost accruals for research, preclinical activities, and clinical trials on estimates of work completed under service agreements, milestones achieved, patient enrollment and past experience with similar contracts. Our estimates of work completed and associated cost accruals include our assessments of information from third-party contract research organizations and the overall status of clinical trial and other development and administrative activities. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation related to option grants under the fair value method, based on the value of the award at the grant date using the Black-Scholes option valuation model and we recognize expense over the requisite service period, net of estimated forfeitures. We recognize the expense of options granted to non-employees based on the fair-value based measurement of the option grants at the time of vesting. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” . Early application is permitted in 2017. . . I We are evaluating the impact of the adoption of these standards on our Condensed Consolidated Financial Statements. In August 2014, the FASB issued ASU No. 2014-15 (Subtopic 205-40), “Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which provides guidance about management's responsibility to evaluate whether or not there is substantial doubt about the Company's ability to continue as a going concern and to provide related footnote disclosure. ASU 2014-15 is effective for fiscal years, and interim periods within those fiscal years, ending after December 15, 2016. Early application is permitted. The adoption of this standard had no impact on our Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. The Company retrospectively adopted ASU 2015-03 as of January 1, 2016, resulting in a $35,000 decrease to long-term assets and long-term debt as of December 31, 2015 on its consolidated balance sheets. The adoption of this standard had no impact on our Condensed Statement of Comprehensive Income (Loss). In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11), which simplifies the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016 and for interim periods therein, with early adoption permitted. We do not expect adoption of this standard to have an impact on our Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU No. 2015-17 (ASU 2015-17) "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. Previous guidance required deferred tax liabilities and assets to be separated into current and noncurrent amounts on the balance sheet. The guidance will become effective for us beginning in the first quarter of 2017 and may be applied either prospectively or retrospectively. Early adoption is permitted. At the time of adoption, we will reclassify current deferred tax amounts on our Consolidated Balance Sheets as noncurrent. As we have a full valuation allowance against its deferred tax assets for all periods presented, the adoption is not expected to have a material impact on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (ASU 2016-02), which increases transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. We are evaluating the impact of the adoption of this standard on our Condensed Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. We are evaluating the impact of the adoption of this standard on our Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments,” which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance will be effective for the fiscal year beginning after December 15, 2017, including interim periods within that year We do not expect adoption of this standard to have an impact on our Condensed Consolidated Financial Statements. |
Composition of Certain Balanc13
Composition of Certain Balance Sheet Items (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition of Inventory | September 30, December 31, 2016 2015 (in thousands) Raw materials $ 2,866 $ 2,141 Work in progress 3 3 Finished goods 2,438 2,338 Total inventory 5,307 4,482 Less strategic inventory classified as non-current (2,980 ) (2,800 ) Total inventory classified as current $ 2,327 $ 1,682 |
Other Accrued Liabilities | September 30, December 31, 2016 2015 (in thousands) Government rebates $ 2,787 $ 1,663 Accrued compensation 3,380 1,103 Commercialization costs 89 111 Legal fees 140 69 Professional fees 146 220 Other 332 91 Total other accrued liabilities $ 6,874 $ 3,257 |
Long-Term Obligation (Tables)
Long-Term Obligation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Payment Obligations under Financing Agreement | The following table provides a summary of the payment obligations under the Financing Agreement as of September 30, 2016 and December 31, 2015, utilizing the payment assumptions discussed above. September 30, December 31, 2016 2015 (in thousands) Total repayment obligation $ 45,000 $ 45,000 Less interest in future periods (822 ) (2,385 ) Less unamortized financing costs (19 ) (35 ) Less payments made (25,434 ) (15,087 ) Less current portion (18,725 ) (14,965 ) Long-term obligation, net of current portion $ — $ 12,528 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | As of September 30, 2016, future minimum lease payments under non-cancelable operating leases were as follows: Lease Payments 2016 (remainder) $ 200 2017 937 2018 1,115 2019 279 Thereafter — Total $ 2,531 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Research and development $ 321 $ 196 $ 879 $ 579 Selling, general and administrative 1,510 1,346 4,222 3,941 Total stock-based compensation $ 1,831 $ 1,542 $ 5,101 $ 4,520 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Income (Loss) Per Share | The following table shows the computation of net income (loss) per share for each period, including the number of weighted-average shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Numerator: Net income (loss) $ 2,585 $ (601 ) $ 3,543 $ (7,367 ) Denominator: Weighted-average shares used to compute basic net income (loss) per share 110,652 108,461 110,118 106,104 Dilutive effect of employee stock options 5,767 — 5,045 — Weighted-average shares used to compute diluted net income (loss) per share 116,419 108,461 115,163 106,104 Net income (loss) per share attributable to common stockholders Basic and diluted $ 0.02 $ (0.01 ) $ 0.03 $ (0.07 ) |
Securities Outstanding that could Potentially Dilute Per Share Data | The following table presents information on securities outstanding as of the end of each period that could potentially dilute the per share data in the future. September 30, 2016 2015 (in thousands) Stock options outstanding 18,570 17,033 |
Basis of Presentation and Sum18
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Aug. 31, 2012 | Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Accounting Policies [Line Items] | ||||
Date of incorporation | May 1, 1998 | |||
Entity incorporated, State | Delaware | |||
Cumulative payments to be made under financing agreement | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | |
Accounting Standards Update 2015-03 | ||||
Accounting Policies [Line Items] | ||||
Decrease in long term assets and long term debts | $ 35,000 | |||
Maximum | Sales Revenue, Net [Member] | Customer Concentration Risk | ||||
Accounting Policies [Line Items] | ||||
Percentage of sales to one specialty distributor | 2.00% | 2.00% | ||
Financing Agreement with Biopharma | ||||
Accounting Policies [Line Items] | ||||
Proceeds from issuance of long-term obligation | $ 30,000,000 | |||
Cumulative payments to be made under financing agreement | $ 45,000,000 | |||
Financing Agreement with Biopharma | Maximum | ||||
Accounting Policies [Line Items] | ||||
Cumulative payments to be made under financing agreement | $ 45,000,000 | $ 45,000,000 |
Composition of Certain Balanc19
Composition of Certain Balance Sheet Items (Composition of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 2,866 | $ 2,141 |
Work in progress | 3 | 3 |
Finished goods | 2,438 | 2,338 |
Total inventory | 5,307 | 4,482 |
Less strategic inventory classified as non-current | (2,980) | (2,800) |
Total inventory classified as current | $ 2,327 | $ 1,682 |
Composition of Certain Balanc20
Composition of Certain Balance Sheet Items (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016item | |
Balance Sheet Related Disclosures [Abstract] | |
Number of tablet manufacturers for Korlym | 1 |
Number of manufacturers for mifepristone | 1 |
Composition of Certain Balanc21
Composition of Certain Balance Sheet Items (Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Government rebates | $ 2,787 | $ 1,663 |
Accrued compensation | 3,380 | 1,103 |
Commercialization costs | 89 | 111 |
Legal fees | 140 | 69 |
Professional fees | 146 | 220 |
Other | 332 | 91 |
Total other accrued liabilities | $ 6,874 | $ 3,257 |
Long-Term Obligation (Narrative
Long-Term Obligation (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 50 Months Ended | |||||
Oct. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2012 | |
Contractual Obligation [Line Items] | |||||||||
Cumulative payments to be made under financing agreement | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | |||||
Aggregate payments to long-term obligations | $ 10,346,000 | $ 6,443,000 | |||||||
Amount of days to remedy the fail to deliver a royalty payment | 30 days | ||||||||
Cash and cash equivalents | 47,865,000 | $ 36,450,000 | $ 47,865,000 | 36,450,000 | 47,865,000 | 40,435,000 | $ 24,248,000 | ||
Accretion of interest expense | 455,000 | $ 698,000 | 1,562,000 | $ 2,196,000 | 14,200,000 | ||||
Issuance costs capitalized | 140,000 | 140,000 | 140,000 | ||||||
Unamortized issuance cost | $ 19,000 | $ 19,000 | 19,000 | $ 35,000 | |||||
Financing Agreement with Biopharma | |||||||||
Contractual Obligation [Line Items] | |||||||||
Cumulative payments to be made under financing agreement | $ 45,000,000 | ||||||||
Aggregate payments to long-term obligations | $ 25,400,000 | ||||||||
Payment obligation based on a percentage of net product sales | 20.00% | ||||||||
Percentage of payments received for upfront, milestone or other contingent fees | 20.00% | 20.00% | 20.00% | ||||||
Financing Agreement with Biopharma | Maximum | |||||||||
Contractual Obligation [Line Items] | |||||||||
Cumulative payments to be made under financing agreement | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | ||||||
Payment obligation based on a percentage of net product sales | 50.00% | ||||||||
Financing Agreement with Biopharma | Minimum | Cash Required Under Debt Covenants | |||||||||
Contractual Obligation [Line Items] | |||||||||
Cash and cash equivalents | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Financing Agreement with Biopharma | Subsequent Events | |||||||||
Contractual Obligation [Line Items] | |||||||||
Aggregate payments to long-term obligations | $ 4,400,000 |
Long-Term Obligation (Summary o
Long-Term Obligation (Summary of Payment Obligations under Financing Agreement) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Total repayment obligation | $ 45,000 | $ 45,000 |
Less interest in future periods | (822) | (2,385) |
Less unamortized financing costs | (19) | (35) |
Less payments made | (25,434) | (15,087) |
Less current portion | (18,725) | (14,965) |
Long-term obligation, net of current portion | $ 0 | $ 12,528 |
Lease Obligations (Narratives)
Lease Obligations (Narratives) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Leases [Abstract] | ||||
Lease expiration date | Mar. 31, 2019 | |||
Rent expenses | $ 246,000 | $ 158,000 | $ 639,000 | $ 474,000 |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2016 (remainder) | $ 200 |
2,017 | 937 |
2,018 | 1,115 |
2,019 | 279 |
Thereafter | 0 |
Total | $ 2,531 |
Stock Option Plans (Narrative)
Stock Option Plans (Narrative) (Details) | Feb. 26, 2016shares | Sep. 30, 2016itemshares | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock option plans | item | 2 | ||
Common shares issued upon exercise of options | 1,239,000 | ||
2012 Equity Incentive Award Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Increase in shares authorized for grant | 4,400,000 | ||
Increase in shares available for issuance based on percentage of common stock outstanding | 4.00% |
Stock Option Plans (Summary of
Stock Option Plans (Summary of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,831 | $ 1,542 | $ 5,101 | $ 4,520 |
Research And Development Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 321 | 196 | 879 | 579 |
Selling, General And Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 1,510 | $ 1,346 | $ 4,222 | $ 3,941 |
Schedule of Computation of Net
Schedule of Computation of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net income (loss) | $ 2,585 | $ (601) | $ 3,543 | $ (7,367) |
Denominator: | ||||
Basic | 110,652 | 108,461 | 110,118 | 106,104 |
Dilutive effect of employee stock options | 5,767 | 0 | 5,045 | 0 |
Weighted-average shares used to compute diluted net income (loss) per share | 116,419 | 108,461 | 115,163 | 106,104 |
Weighted average shares outstanding used in computing net income (loss) per share | ||||
Basic and diluted | $ 0.02 | $ (0.01) | $ 0.03 | $ (0.07) |
Net Income (Loss) Per Share (Se
Net Income (Loss) Per Share (Securities Outstanding that could Potentially Dilute Per Share Data) (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities outstanding that could potentially dilute per share data | 18,570 | 17,033 |