Corcept Therapeutics (CORT) 10-Q 2 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		113,397,801

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 33,623	$ 51,536
Short-term marketable securities	32,542	0
Trade receivables, net of allowances	9,504	9,860
Inventory	3,089	2,329
Prepaid expenses and other current assets	2,527	1,964
Total current assets	81,285	65,689
Strategic inventory	3,210	2,835
Property and equipment, net of accumulated depreciation	499	205
Long-term marketable securities	1,494	0
Other assets	49	24
Total assets	86,537	68,753
Current liabilities:
Accounts payable	2,082	2,290
Accrued clinical expenses	1,511	1,467
Other accrued liabilities	12,226	8,953
Long-term obligation - current portion	4,573	14,664
Total current liabilities	20,392	27,374
Commitments
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 10,000 shares authorized and no shares outstanding at June 30, 2017 and December 31, 2016
Common stock, par value $0.001 per share, 280,000 shares authorized and 113,362 and 112,710 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	113	113
Additional paid-in capital	371,282	363,534
Accumulated other comprehensive loss	(17)	0
Accumulated deficit	(305,233)	(322,268)
Total stockholders’ equity	66,145	41,379
Total liabilities and stockholders’ equity	$ 86,537	$ 68,753

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	280,000,000	280,000,000
Common stock, shares issued	113,362,000	112,710,000
Common stock, shares outstanding	113,362,000	112,710,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Product revenue, net	$ 35,559,000	$ 19,724,000	$ 63,158,000	$ 35,785,000
Operating expenses:
Cost of sales	775,000	426,000	1,421,000	829,000
Research and development	7,876,000	5,672,000	15,052,000	10,307,000
Selling, general and administrative	14,113,000	12,118,000	29,150,000	22,549,000
Total operating expenses	22,764,000	18,216,000	45,623,000	33,685,000
Income from operations	12,795,000	1,508,000	17,535,000	2,100,000
Interest and other expense	(98,000)	(531,000)	(323,000)	(1,142,000)
Income before income taxes	12,697,000	977,000	17,212,000	958,000
Provision for income taxes	(50,000)	0	(177,000)	0
Net income	12,647,000	977,000	17,035,000	958,000
Other comprehensive income (loss):
Net unrealized loss on available-for-sale investments	(5,000)	0	(17,000)	0
Total comprehensive income	$ 12,642,000	$ 977,000	$ 17,018,000	$ 958,000
Basic net income per common share	$ 0.11	$ 0.01	$ 0.15	$ 0.01
Diluted net income per common share	$ 0.10	$ 0.01	$ 0.14	$ 0.01
Weighted-average shares outstanding used in computing net income per share
Basic	113,249	110,034	113,059	109,848
Diluted	123,011	115,329	122,171	114,448

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 17,035	$ 958
Adjustments to reconcile net income to net cash generated from operations:
Stock-based compensation	5,906	3,270
Accretion of interest expense	419	1,107
Amortization of debt financing costs	11	11
Depreciation and amortization of property and equipment	22	51
Changes in operating assets and liabilities:
Trade receivables	356	(3,080)
Inventory	(1,135)	388
Prepaid expenses and other current assets	(563)	(784)
Other assets	(25)	0
Accounts payable	(216)	756
Accrued clinical expenses	44	(208)
Other accrued liabilities	3,273	2,576
Deferred revenue	0	(158)
Net cash provided by operating activities	25,127	4,887
Cash flows from investing activities:
Purchases of property and equipment	(308)	(29)
Purchases of marketable securities	(34,053)	0
Cash used in investing activities	(34,361)	(29)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of options and warrants, net of issuance costs	1,842	2,806
Payments related to long-term obligation	(10,521)	(6,310)
Net cash used in financing activities	(8,679)	(3,504)
Net (decrease) increase in cash and cash equivalents	(17,913)	1,354
Cash and cash equivalents, at beginning of period	51,536	40,435
Cash and cash equivalents, at end of period	$ 33,623	$ 41,789

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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 balance sheet as of June 30, 2017 and the statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 and the statements of cash flows for the six months ended June 30, 2017 and 2016 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 six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2016 included in our Annual Report on Form 10-K. The accompanying balance sheet as of December 31, 2016 has been derived from audited financial statements at that date. Principles of Consolidation Our financial statements include the financial position and results of Corcept Therapeutics UK Limited, our wholly owned subsidiary. Corcept Therapeutics UK Limited was incorporated in the United Kingdom in March 2017, and to date, there have been no material financial transactions or balances related to this entity. Use of Estimates The preparation of financial statements in conformity with U.S. 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, sales returns, inventory, allowances for doubtful accounts, 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 inputs), 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 inputs), then the lowest priority to unobservable inputs, such as our own data about the assumptions that market participants would use in pricing an asset or liability (Level 3 inputs). Fair value is a market-based measurement and should therefore be based on the assumptions that third-party market participants would use in pricing the asset or liability . Cash and Cash Equivalents and Marketable Securities We consider all highly liquid investments purchased with original 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 December 31, 2016, all of our funds were held in checking and money market fund accounts maintained at major U.S. financial institutions. Effective January 2017, we invested a portion of our funds in marketable securities, primarily US Treasury securities, commercial paper and corporate notes. We classify our marketable securities as available-for-sale securities and report them at fair value as “cash equivalents” or “marketable securities” on our 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” in our statement of comprehensive income. Concentration of Credit Risk We are subject to credit risk from our portfolio of cash, cash equivalents and marketable securities. We limit our investments to U.S. Treasury obligations and high-grade corporate debt with less than a 36-month maturity. We are not exposed to any significant concentration of credit from these investments. 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 in that period. 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 we recorded as a long-term obligation. In return, we were obligated to make payments to Biopharma totaling $45.0 million. These payments equal a percentage of (i) our net product sales, including 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 (together, Korlym Receipts). Once we had paid Biopharma a total of $45.0 million, no more payments would be due and the obligation would be extinguished. We made our final payment to Biopharma, completely satisfying our obligations under the Financing Agreement, in July 2017. We recognized a portion of each quarterly payment under the Financing Agreement as interest expense, which we determined 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 was an estimate of the amount we expected to pay Biopharma in the following 12 months. We recorded the balance of the outstanding portion of the obligation, if any, as a long-term liability. Our estimates of the amount and timing of each quarterly payment to Biopharma were uncertain and subject to change, because they depended on our estimates of future Korlym Receipts, which are difficult to predict. Any changes to our assumed payment stream changed the accretion of interest expense and our split between the current and long-term portions of the obligation, although the total we were obligated to pay Biopharma was fixed at $45.0 million. See Note 4, Long-Term Obligation Net Product Sales We primarily sell Korlym directly to patients through a specialty pharmacy, Dohmen Life Science Services (Dohmen). Prior authorization and confirmation of coverage by the patient’s private or government insurance plan or by a third-party charity is a prerequisite for selling Korlym to a patient. We recognize revenue upon the delivery of Korlym if (i) there is persuasive evidence that an arrangement exists with the customer, (ii) collectability is reasonably assured and (iii) the sales price is fixed or determinable. Prior authorization or confirmation of coverage by the patient’s insurance plan or a supporting charitable foundation is a prerequisite to the sale 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 revenue from a sale and (ii) reasonably estimate the associated net revenue. We recognize sales to our specialty distributor (SD) at the time of sale. Sales to the SD were less than one percent of our net revenue in the three and six months ended June 30, 2017. We donate cash to patient support organizations that help patients with financial need pay for the treatment of Cushing’s syndrome. We do not include in revenue payments we receive from these organizations. 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 determine the amount of such assistance by applying our program guidelines to all eligible sales in the period . Sales Returns : We deduct from each period’s gross revenue the amount of Korlym we estimate will be returned. When estimating future returns, we analyze quantitative and qualitative information including, but not limited to, historical return rates, the amount of product in the distribution channel, the expiration date of the product, current and projected product demand, the introduction of competing products that may erode demand, and broad economic and industry-wide indicators. If we cannot reasonably estimate product returns with respect to a particular sale, we defer recognition of revenue from that sale until we can make a reasonable estimate. 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 . Segment Reporting We determine our operating segments based on the way we organize our business to make operating decisions and assess performance. We have only one operating segment, which is the discovery, development and commercialization of pharmaceutical products. 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. We recognize this expense over the requisite service period, net of estimated forfeitures. Employee stock-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates and an adjustment to stock-based compensation expense will be recognized at that time . 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 Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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”). We adopted this standard on January 1, 2017. Because we generated cash in 2015 and 2016 and expect to generate cash in 2017, adoption had no impact on our financial statements . In July 2015, FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11), which requires certain inventory to be measured at the lower of cost or net realizable value. We adopted this standard on January 1, 2017 and it did not have a material impact on our financial statements . In November 2015, FASB issued ASU No. 2015-17 (ASU 2015-17) "Balance Sheet Classification of Deferred Taxes," which requires that deferred tax liabilities and assets be classified as noncurrent. We adopted this standard prospectively on January 1, 2017. Because we have a valuation allowance equal to the full amount of our deferred tax assets, adoption did not have a material impact on our financial statements . In March 2016, FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), which simplifies accounting for transactions involving shares awarded to employees as part of their stock-based compensation . It requires companies to record excess tax benefits and deficiencies as income tax expenses or benefits instead of including them in additional paid-in capital. At the start of the year they implement the guidance, companies must adjust retained earnings by an amount equal to any previously unrecognized excess tax expenses or benefits. We adopted this guidance on January 1, 2017, at which time we recognized a $0.7 million deferred tax asset, with a corresponding increase to our deferred tax valuation allowance. We elected to report cash flows related to excess tax benefits as an operating activity on a prospective basis. . Adoption did not have a material impact on our financial statements. Recently Issued Accounting Pronouncement Not Yet Adopted In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which changes the way companies recognize revenue. We plan to adopt this update using the modified retrospective approach, with the cumulative effect of adoption being recorded to our retained earnings on January 1, 2018. At present, our only source of revenue is the sale of Korlym. Our evaluation of the contracts governing our sales is in progress. Because our arrangements with customers contain variable consideration, we have focused our analysis on how the update will affect our estimate of transaction prices. We are also reviewing our related policies, procedures and controls and will make appropriate changes to them when we adopt the update. We have not completed our assessment of the adoption on our financial statements . In February 2016, FASB issued ASU No. 2016-02, “Leases” (ASU 2016-02), which requires the recognition of lease transactions with terms longer than 12 months on the balance sheet as “lease liabilities” and “right-of-use assets.” We plan to adopt this new standard prospectively on January 1, 2019 and are evaluating the impact on our financial statements. We expect that adoption will increase our “lease liabilities” and “right-of-use assets” equally . In August 2016, FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” We plan to adopt this standard on January 1, 2018, and do not expect it to have a material impact on our financial statements . In May 2017 FASB issued ASU No. 2017-09, Stock Compensation (Topic 718): “Scope of Modification Accounting,” which changes the accounting for modifications to the terms and conditions of share-based payment awards. We plan to adopt this standard on January 1, 2018 and do not expect it to have a material impact on our financial statements

Composition of Certain Balance

Composition of Certain Balance Sheet Items	6 Months Ended
	Jun. 30, 2017
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: June 30, December 31, 2017 2016 (in thousands) Raw materials $ 2,962 $ 1,848 Work in progress 1,293 1,414 Finished goods 2,044 1,902 Total inventory 6,299 5,164 Less strategic inventory classified as non-current (3,210 ) (2,835 ) Total inventory classified as current $ 3,089 $ 2,329 In order to be prepared for potential demand for Korlym and because we rely on single-source manufacturers of both the API for Korlym and Korlym tablets, we have purchased significant inventory of these materials. We classify inventory we do not expect to use within 12 months of the balance sheet date as “Strategic Inventory,” a long-term asset. Other Accrued Liabilities Other accrued liabilities consisted of the following: June 30, December 31, 2017 2016 (in thousands) Government rebates $ 5,556 $ 3,426 Accrued compensation 5,002 4,702 Commercialization costs 370 308 Legal fees 297 164 Professional fees 521 34 Other 480 319 Total other accrued liabilities $ 12,226 $ 8,953

Available-for-Sale Securities a

Available-for-Sale Securities and Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Available For Sale Securities And Fair Value Measurements [Abstract]
Available-for-Sale Securities and Fair Value Measurements	3. Available-for-Sale Securities and Fair Value Measurements Our available-for-sale securities included: Fair Value Estimated Fair Value Hierarchy June 30, December 31, Level 2017 2016 (in thousands) Corporate bonds Level 2 $ 16,142 $ — Commercial paper Level 2 14,006 — U.S. treasury securities Level 1 6,686 — Money market funds Level 1 10,854 31,605 Total Marketable securities $ 47,688 $ 31,605 Classified as: Cash equivalents $ 13,652 $ 31,605 Short-term marketable securities 32,542 — Long-term marketable securities 1,494 — Total marketable securities $ 47,688 $ 31,605 The estimated fair value of marketable securities is based on quoted market prices for these or similar investments obtained from a commercial pricing service. The fair value of marketable securities classified within Level 2 is based upon inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. At June 30, 2017, our accumulated other comprehensive loss on our balance sheets consisted of net unrealized losses on available-for-sale investments of $17,000 and zero at June 30, 2017 and December 31, 2016, respectively. As of June 30, 2017, all our marketable securities had maturities of less than two years. The weighted-average maturity of our holdings was four months. None of our marketable securities changed from one fair value hierarchy to another during the three and six months ended June 30, 2017.

Long-Term Obligation

Long-Term Obligation	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Obligation	4. Long-Term Obligation As discussed in Note 1, Basis of Presentation and Summary of Significant Accounting Policies, Long-term Obligation We recorded interest expense of $149,000 and $419,000 for the three and six months ended June 30, 2017, respectively, and $523,000 and $1.1 million for the three and six months ended June 30, 2016, respectively and total accreted interest of $15.0 million for the period from August 2012 through June 30, 2017. The following table provides a summary of the payment obligations under the Financing Agreement as of June 30, 2017 and December 31, 2016, utilizing the payment assumptions discussed above: June 30, December 31, 2017 2016 (in thousands) Total repayment obligation $ 45,000 $ 45,000 Less interest in future periods (37 ) (456 ) Less unamortized financing costs (3 ) (14 ) Less payments made (40,387 ) (29,866 ) Less current portion (4,573 ) (14,664 ) Long-term obligation, net of current portion $ — $ — We capitalized $140,000 of issuance costs related to the Financing Agreement, which we amortized over the term of the obligation, based on the assumptions discussed above. At June 30, 2017 and December 31, 2016, the unamortized issuance costs were approximately $3,000 and $14,000, respectively, and are included in “long-term obligation,” netted against debt on our balance sheets.

Lease Obligation

Lease Obligation	6 Months Ended
	Jun. 30, 2017
Leases [Abstract]
Lease Obligations	5. In February 2016, we extended the lease for our office space through 2019 and added more space. Effective May 1, 2016, we terminated our lease early and replaced it with a new one effective through March 31, 2019. On June 1, 2017, we amended that lease to add more space. Rent expense for the three months ended June 30, 2017 and 2016 was $256,000 and $218,000, respectively. Rent expense for the six months ended June 30, 2017 and 2016 was $507,000 and $394,000, respectively. As of June 30, 2017, future minimum lease payments under non-cancelable operating leases were as follows: Lease Payments 2017 (remainder) $ 528 2018 1,256 2019 314 Thereafter — Total $ 2,098

Stock Option Plans

Stock Option Plans	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Plans	6. 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). On February 10, 2017, our Board of Directors authorized an increase in the shares available for grant under the 2012 Plan by 4.5 million shares in the number of shares available for issuance under the 2012 Plan. During the six months ended June 30, 2017, we issued an aggregate of 652,000 shares of our common stock upon the exercise of stock options. The following table summarizes our stock-based compensation: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) (in thousands) Research and development $ 850 $ 272 $ 1,503 $ 558 Selling, general and administrative 2,355 1,384 4,403 2,712 Total stock-based compensation $ 3,205 $ 1,656 $ 5,906 $ 3,270

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income Per Share	7. Net Income Per Share Basic and diluted net income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. The number of dilutive shares of common stock resulting from the potential exercise of stock options was determined using the treasury stock method. The computation of net income per share for each period, including the number of weighted-average shares outstanding, is shown in the statements of comprehensive income . The following table shows the computation of net income per share for each period: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) (in thousands) Numerator: Net income $ 12,647 $ 977 $ 17,035 $ 958 Denominator: Weighted-average shares used to compute basic net income per share 113,249 110,034 113,059 109,848 Dilutive effect of employee stock options 9,762 5,295 9,112 4,600 Weighted-average shares used to compute diluted net income per share 123,011 115,329 122,171 114,448 Net income per share attributable to common stockholders Basic $ 0.11 $ 0.01 $ 0.15 $ 0.01 Diluted $ 0.10 $ 0.01 $ 0.14 $ 0.01 On a weighted-average basis, 4.1 million and 4.2 million stock options outstanding during the three and six months ended June 30, 2017, respectively; 5.2 million and 5.9 million stock options outstanding during the three and six months ended June 30, 2016, respectively, were excluded from the computation of diluted net income per share because including them would have reduced dilution. The following table presents information on securities outstanding as of the end of each period that could potentially dilute the per share data: June 30, 2017 2016 (in thousands) Stock options outstanding 21,306 18,573

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	8. Income taxes Our quarterly income taxes reflect our estimate of the corresponding year’s annual effective tax rate. We recorded an income tax expense of $50,000 and $177,000 during the three and six months ended June 30, 2017, respectively, compared to no income tax benefit or expense for the three and six months ended June 30, 2016. Income tax expenses increased due primarily to income tax in states where we do not have enough tax credits or net operating loss carryforwards We recorded a full valuation allowance against all our net deferred tax assets at both June 30, 2017 and December 31, 2016. We intend to continue maintaining a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, there is a reasonable possibility that within the next year sufficient positive evidence may become available to reach a conclusion that a portion of the valuation allowance will no longer be needed. As such, we may release a portion of its valuation allowance against our deferred tax assets within the next 12 months. This release would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period such release is recorded.

Basis of Presentation and Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying balance sheet as of June 30, 2017 and the statements of comprehensive income for the three and six months ended June 30, 2017 and 2016 and the statements of cash flows for the six months ended June 30, 2017 and 2016 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 six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2016 included in our Annual Report on Form 10-K. The accompanying balance sheet as of December 31, 2016 has been derived from audited financial statements at that date.
Principles of Consolidation	Principles of Consolidation Our financial statements include the financial position and results of Corcept Therapeutics UK Limited, our wholly owned subsidiary. Corcept Therapeutics UK Limited was incorporated in the United Kingdom in March 2017, and to date, there have been no material financial transactions or balances related to this entity.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. 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, sales returns, inventory, allowances for doubtful accounts, 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 inputs), 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 inputs), then the lowest priority to unobservable inputs, such as our own data about the assumptions that market participants would use in pricing an asset or liability (Level 3 inputs). Fair value is a market-based measurement and should therefore be based on the assumptions that third-party market participants would use in pricing the asset or liability .
Cash and Cash Equivalents and Marketable Securities	Cash and Cash Equivalents and Marketable Securities We consider all highly liquid investments purchased with original 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 December 31, 2016, all of our funds were held in checking and money market fund accounts maintained at major U.S. financial institutions. Effective January 2017, we invested a portion of our funds in marketable securities, primarily US Treasury securities, commercial paper and corporate notes. We classify our marketable securities as available-for-sale securities and report them at fair value as “cash equivalents” or “marketable securities” on our 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” in our statement of comprehensive income.
Concentration of Credit Risk	Concentration of Credit Risk We are subject to credit risk from our portfolio of cash, cash equivalents and marketable securities. We limit our investments to U.S. Treasury obligations and high-grade corporate debt with less than a 36-month maturity. We are not exposed to any significant concentration of credit from these investments.
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 in that period. 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 we recorded as a long-term obligation. In return, we were obligated to make payments to Biopharma totaling $45.0 million. These payments equal a percentage of (i) our net product sales, including 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 (together, Korlym Receipts). Once we had paid Biopharma a total of $45.0 million, no more payments would be due and the obligation would be extinguished. We made our final payment to Biopharma, completely satisfying our obligations under the Financing Agreement, in July 2017. We recognized a portion of each quarterly payment under the Financing Agreement as interest expense, which we determined 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 was an estimate of the amount we expected to pay Biopharma in the following 12 months. We recorded the balance of the outstanding portion of the obligation, if any, as a long-term liability. Our estimates of the amount and timing of each quarterly payment to Biopharma were uncertain and subject to change, because they depended on our estimates of future Korlym Receipts, which are difficult to predict. Any changes to our assumed payment stream changed the accretion of interest expense and our split between the current and long-term portions of the obligation, although the total we were obligated to pay Biopharma was fixed at $45.0 million. See Note 4, Long-Term Obligation
Net Product Sales	Net Product Sales We primarily sell Korlym directly to patients through a specialty pharmacy, Dohmen Life Science Services (Dohmen). Prior authorization and confirmation of coverage by the patient’s private or government insurance plan or by a third-party charity is a prerequisite for selling Korlym to a patient. We recognize revenue upon the delivery of Korlym if (i) there is persuasive evidence that an arrangement exists with the customer, (ii) collectability is reasonably assured and (iii) the sales price is fixed or determinable. Prior authorization or confirmation of coverage by the patient’s insurance plan or a supporting charitable foundation is a prerequisite to the sale 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 revenue from a sale and (ii) reasonably estimate the associated net revenue. We recognize sales to our specialty distributor (SD) at the time of sale. Sales to the SD were less than one percent of our net revenue in the three and six months ended June 30, 2017. We donate cash to patient support organizations that help patients with financial need pay for the treatment of Cushing’s syndrome. We do not include in revenue payments we receive from these organizations. 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 determine the amount of such assistance by applying our program guidelines to all eligible sales in the period . Sales Returns : We deduct from each period’s gross revenue the amount of Korlym we estimate will be returned. When estimating future returns, we analyze quantitative and qualitative information including, but not limited to, historical return rates, the amount of product in the distribution channel, the expiration date of the product, current and projected product demand, the introduction of competing products that may erode demand, and broad economic and industry-wide indicators. If we cannot reasonably estimate product returns with respect to a particular sale, we defer recognition of revenue from that sale until we can make a reasonable estimate.
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 .
Segment Reporting	Segment Reporting We determine our operating segments based on the way we organize our business to make operating decisions and assess performance. We have only one operating segment, which is the discovery, development and commercialization of pharmaceutical products.
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. We recognize this expense over the requisite service period, net of estimated forfeitures. Employee stock-based compensation expense is calculated based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates and an adjustment to stock-based compensation expense will be recognized at that time . 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 Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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”). We adopted this standard on January 1, 2017. Because we generated cash in 2015 and 2016 and expect to generate cash in 2017, adoption had no impact on our financial statements . In July 2015, FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11), which requires certain inventory to be measured at the lower of cost or net realizable value. We adopted this standard on January 1, 2017 and it did not have a material impact on our financial statements . In November 2015, FASB issued ASU No. 2015-17 (ASU 2015-17) "Balance Sheet Classification of Deferred Taxes," which requires that deferred tax liabilities and assets be classified as noncurrent. We adopted this standard prospectively on January 1, 2017. Because we have a valuation allowance equal to the full amount of our deferred tax assets, adoption did not have a material impact on our financial statements . In March 2016, FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), which simplifies accounting for transactions involving shares awarded to employees as part of their stock-based compensation . It requires companies to record excess tax benefits and deficiencies as income tax expenses or benefits instead of including them in additional paid-in capital. At the start of the year they implement the guidance, companies must adjust retained earnings by an amount equal to any previously unrecognized excess tax expenses or benefits. We adopted this guidance on January 1, 2017, at which time we recognized a $0.7 million deferred tax asset, with a corresponding increase to our deferred tax valuation allowance. We elected to report cash flows related to excess tax benefits as an operating activity on a prospective basis. . Adoption did not have a material impact on our financial statements.
Recently Issued Accounting Pronouncement Not Yet Adopted	Recently Issued Accounting Pronouncement Not Yet Adopted In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which changes the way companies recognize revenue. We plan to adopt this update using the modified retrospective approach, with the cumulative effect of adoption being recorded to our retained earnings on January 1, 2018. At present, our only source of revenue is the sale of Korlym. Our evaluation of the contracts governing our sales is in progress. Because our arrangements with customers contain variable consideration, we have focused our analysis on how the update will affect our estimate of transaction prices. We are also reviewing our related policies, procedures and controls and will make appropriate changes to them when we adopt the update. We have not completed our assessment of the adoption on our financial statements . In February 2016, FASB issued ASU No. 2016-02, “Leases” (ASU 2016-02), which requires the recognition of lease transactions with terms longer than 12 months on the balance sheet as “lease liabilities” and “right-of-use assets.” We plan to adopt this new standard prospectively on January 1, 2019 and are evaluating the impact on our financial statements. We expect that adoption will increase our “lease liabilities” and “right-of-use assets” equally . In August 2016, FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” We plan to adopt this standard on January 1, 2018, and do not expect it to have a material impact on our financial statements . In May 2017 FASB issued ASU No. 2017-09, Stock Compensation (Topic 718): “Scope of Modification Accounting,” which changes the accounting for modifications to the terms and conditions of share-based payment awards. We plan to adopt this standard on January 1, 2018 and do not expect it to have a material impact on our financial statements
Income Taxes	We recorded a full valuation allowance against all our net deferred tax assets at both June 30, 2017 and December 31, 2016. We intend to continue maintaining a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, there is a reasonable possibility that within the next year sufficient positive evidence may become available to reach a conclusion that a portion of the valuation allowance will no longer be needed. As such, we may release a portion of its valuation allowance against our deferred tax assets within the next 12 months. This release would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period such release is recorded.

Composition of Certain Balanc15

Composition of Certain Balance Sheet Items (Tables)	6 Months Ended
	Jun. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Composition of Inventory	June 30, December 31, 2017 2016 (in thousands) Raw materials $ 2,962 $ 1,848 Work in progress 1,293 1,414 Finished goods 2,044 1,902 Total inventory 6,299 5,164 Less strategic inventory classified as non-current (3,210 ) (2,835 ) Total inventory classified as current $ 3,089 $ 2,329
Other Accrued Liabilities	June 30, December 31, 2017 2016 (in thousands) Government rebates $ 5,556 $ 3,426 Accrued compensation 5,002 4,702 Commercialization costs 370 308 Legal fees 297 164 Professional fees 521 34 Other 480 319 Total other accrued liabilities $ 12,226 $ 8,953

Available-for-Sale Securities16

Available-for-Sale Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Available For Sale Securities And Fair Value Measurements [Abstract]
Schedule of Available-for-Sale Securities	Our available-for-sale securities included: Fair Value Estimated Fair Value Hierarchy June 30, December 31, Level 2017 2016 (in thousands) Corporate bonds Level 2 $ 16,142 $ — Commercial paper Level 2 14,006 — U.S. treasury securities Level 1 6,686 — Money market funds Level 1 10,854 31,605 Total Marketable securities $ 47,688 $ 31,605 Classified as: Cash equivalents $ 13,652 $ 31,605 Short-term marketable securities 32,542 — Long-term marketable securities 1,494 — Total marketable securities $ 47,688 $ 31,605

Long-Term Obligation (Tables)

Long-Term Obligation (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016, utilizing the payment assumptions discussed above: June 30, December 31, 2017 2016 (in thousands) Total repayment obligation $ 45,000 $ 45,000 Less interest in future periods (37 ) (456 ) Less unamortized financing costs (3 ) (14 ) Less payments made (40,387 ) (29,866 ) Less current portion (4,573 ) (14,664 ) Long-term obligation, net of current portion $ — $ —

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 2017
Leases [Abstract]
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases	As of June 30, 2017, future minimum lease payments under non-cancelable operating leases were as follows: Lease Payments 2017 (remainder) $ 528 2018 1,256 2019 314 Thereafter — Total $ 2,098

Stock Option Plans (Tables)

Stock Option Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-Based Compensation	Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) (in thousands) Research and development $ 850 $ 272 $ 1,503 $ 558 Selling, general and administrative 2,355 1,384 4,403 2,712 Total stock-based compensation $ 3,205 $ 1,656 $ 5,906 $ 3,270

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Computation of Net Income Per Share	The following table shows the computation of net income per share for each period: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) (in thousands) Numerator: Net income $ 12,647 $ 977 $ 17,035 $ 958 Denominator: Weighted-average shares used to compute basic net income per share 113,249 110,034 113,059 109,848 Dilutive effect of employee stock options 9,762 5,295 9,112 4,600 Weighted-average shares used to compute diluted net income per share 123,011 115,329 122,171 114,448 Net income per share attributable to common stockholders Basic $ 0.11 $ 0.01 $ 0.15 $ 0.01 Diluted $ 0.10 $ 0.01 $ 0.14 $ 0.01
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: June 30, 2017 2016 (in thousands) Stock options outstanding 21,306 18,573

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2012USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)Segment	Jan. 01, 2017USD ($)	Dec. 31, 2016USD ($)
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
Number of operating segments | Segment			1
Accounting Standards Update 2016-09
Accounting Policies [Line Items]
Deferred tax asset				$ 700,000
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	$ 45,000,000	$ 45,000,000
Maximum
Accounting Policies [Line Items]
Investments maturity term			36 months
Maximum | Sales Revenue, Net [Member] | Customer Concentration Risk
Accounting Policies [Line Items]
Percentage of sales to one specialty distributor		1.00%	1.00%
Maximum | Financing Agreement with Biopharma
Accounting Policies [Line Items]
Cumulative payments to be made under financing agreement		$ 45,000,000	$ 45,000,000

Composition of Certain Balanc22

Composition of Certain Balance Sheet Items (Composition of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 2,962	$ 1,848
Work in progress	1,293	1,414
Finished goods	2,044	1,902
Total inventory	6,299	5,164
Less strategic inventory classified as non-current	(3,210)	(2,835)
Total inventory classified as current	$ 3,089	$ 2,329

Composition of Certain Balanc23

Composition of Certain Balance Sheet Items (Other Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Government rebates	$ 5,556	$ 3,426
Accrued compensation	5,002	4,702
Commercialization costs	370	308
Legal fees	297	164
Professional fees	521	34
Other	480	319
Total other accrued liabilities	$ 12,226	$ 8,953

Available-for-Sale Securities24

Available-for-Sale Securities and Fair Value Measurements (Schedule of Available-for-Sale Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Short-term marketable securities	$ 32,542	$ 0
Long-term marketable securities	1,494	0
Estimated Fair Value
Schedule Of Available For Sale Securities [Line Items]
Marketable securities	47,688	31,605
Cash equivalents	13,652	31,605
Short-term marketable securities	32,542	0
Long-term marketable securities	1,494	0
Corporate Bonds | Estimated Fair Value | Level 2
Schedule Of Available For Sale Securities [Line Items]
Marketable securities	16,142	0
Commercial Paper | Estimated Fair Value | Level 2
Schedule Of Available For Sale Securities [Line Items]
Marketable securities	14,006	0
U.S. Treasury Securities | Estimated Fair Value | Level 1
Schedule Of Available For Sale Securities [Line Items]
Marketable securities	6,686	0
Money Market Funds | Estimated Fair Value | Level 1
Schedule Of Available For Sale Securities [Line Items]
Marketable securities	$ 10,854	$ 31,605

Available-for-Sale Securities25

Available-for-Sale Securities and Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Available For Sale Securities And Fair Value Measurements [Abstract]
Net unrealized losses on available-for-sale investments	$ 5,000	$ 0	$ 17,000	$ 0	$ 0
Maximum maturity period			2 years
Weighted average maturity period			4 months
Fair value, assets, Level 1 to Level 2 transfers, amount	0		$ 0
Fair value, assets, Level 2 to Level 1 transfers, amount	$ 0		$ 0

Long-Term Obligation (Narrative

Long-Term Obligation (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		59 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Aug. 31, 2012
Contractual Obligation [Line Items]
Cumulative payments to be made under financing agreement		$ 45,000		$ 45,000		$ 45,000	$ 45,000
Aggregate payments to long-term obligations				10,521	$ 6,310
Accretion of interest expense		149	$ 523	419	$ 1,107	15,000
Issuance costs capitalized		140		140		140
Unamortized issuance cost		3		3		3	$ 14
Financing Agreement with Biopharma
Contractual Obligation [Line Items]
Cumulative payments to be made under financing agreement		$ 45,000		45,000		$ 45,000		$ 45,000
Aggregate payments to long-term obligations				$ 40,400
Financing Agreement with Biopharma | Subsequent Events
Contractual Obligation [Line Items]
Aggregate payments to long-term obligations	$ 4,600

Long-Term Obligation (Summary o

Long-Term Obligation (Summary of Payment Obligations under Financing Agreement) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Total repayment obligation	$ 45,000	$ 45,000
Less interest in future periods	(37)	(456)
Less unamortized financing costs	(3)	(14)
Less payments made	(40,387)	(29,866)
Less current portion	(4,573)	(14,664)
Long-term obligation, net of current portion	$ 0	$ 0

Lease Obligations (Narratives)

Lease Obligations (Narratives) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Leases [Abstract]
Lease expiration date			Mar. 31, 2019
Rent expenses	$ 256,000	$ 218,000	$ 507,000	$ 394,000

Lease Obligations (Schedule of

Lease Obligations (Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
2017 (remainder)	$ 528
2,018	1,256
2,019	314
Thereafter	0
Total	$ 2,098

Stock Option Plans (Narrative)

Stock Option Plans (Narrative) (Details)	Feb. 10, 2017shares	Jun. 30, 2017itemshares
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		652,000
2012 Equity Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares authorized for grant	4,500,000

Stock Option Plans (Summary of

Stock Option Plans (Summary of Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,205	$ 1,656	$ 5,906	$ 3,270
Research And Development Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	850	272	1,503	558
Selling, General And Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,355	$ 1,384	$ 4,403	$ 2,712

Schedule of Computation of Net

Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income	$ 12,647	$ 977	$ 17,035	$ 958
Denominator:
Weighted-average shares used to compute basic net income per share	113,249	110,034	113,059	109,848
Dilutive effect of employee stock options	9,762	5,295	9,112	4,600
Weighted-average shares used to compute diluted net income per share	123,011	115,329	122,171	114,448
Net income per share attributable to common stockholders
Basic	$ 0.11	$ 0.01	$ 0.15	$ 0.01
Diluted	$ 0.10	$ 0.01	$ 0.14	$ 0.01

Net Income Per Share (Details)

Net Income Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average options excluded from the computation of diluted net income per share	4.1	5.2	4.2	5.9

Net Income Per Share (Securitie

Net Income Per Share (Securities Outstanding that could Potentially Dilute Per Share Data) (Details) - shares shares in Thousands	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Securities outstanding that could potentially dilute per share data	21,306	18,573

Income Taxes - (Narrative) (Det

Income Taxes - (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense benefit	$ 50,000	$ 0	$ 177,000	$ 0