Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 29, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-50679 | |
Entity Registrant Name | CORCEPT THERAPEUTICS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0487658 | |
Entity Address, Address Line One | 149 Commonwealth Drive | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 327-3270 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | CORT | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 113,688,837 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001088856 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 58,141 | $ 41,625 |
Short-term marketable securities | 143,396 | 165,135 |
Trade receivables, net of allowances | 19,774 | 17,588 |
Inventory | 5,142 | 4,732 |
Prepaid expenses and other current assets | 6,202 | 7,740 |
Total current assets | 232,655 | 236,820 |
Strategic inventory | 12,726 | 11,510 |
Operating lease right-of-use asset | 1,106 | |
Property and equipment, net of accumulated depreciation | 1,177 | 655 |
Long-term marketable securities | 24,165 | 0 |
Other assets | 150 | 50 |
Deferred tax assets, net | 56,700 | 62,659 |
Total assets | 328,679 | 311,694 |
Current liabilities: | ||
Accounts payable | 7,026 | 8,266 |
Accrued clinical expenses | 5,770 | 3,521 |
Accrued and other liabilities | 16,437 | 23,786 |
Operating lease liability | 1,148 | |
Total current liabilities | 30,381 | 35,573 |
Long-term accrued income taxes | 245 | 239 |
Total liabilities | 30,626 | 35,812 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 118 | 117 |
Additional paid-in capital | 436,622 | 417,228 |
Treasury stock | (59,732) | (23,657) |
Accumulated other comprehensive gain (loss) | 321 | (70) |
Accumulated deficit | (79,276) | (117,736) |
Total stockholders’ equity | 298,053 | 275,882 |
Total liabilities and stockholders’ equity | $ 328,679 | $ 311,694 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Product revenue, net | $ 72,257 | $ 62,312 | $ 137,086 | $ 119,971 |
Operating expenses: | ||||
Cost of sales | 1,377 | 1,154 | 2,617 | 2,328 |
Research and development | 21,656 | 20,543 | 41,900 | 37,593 |
Selling, general and administrative | 24,591 | 19,981 | 48,980 | 38,421 |
Total operating expenses | 47,624 | 41,678 | 93,497 | 78,342 |
Income from operations | 24,633 | 20,634 | 43,589 | 41,629 |
Interest and other income | 1,178 | 562 | 2,275 | 856 |
Income before income taxes | 25,811 | 21,196 | 45,864 | 42,485 |
Income tax expense | (5,625) | (3,000) | (7,404) | (6,830) |
Net income | 20,186 | 18,196 | 38,460 | 35,655 |
Other comprehensive income (loss): | ||||
Net unrealized income (loss) on available-for-sale investments, net of tax impact of $(73), $(7), $(124) and $41, respectively | 227 | 25 | 391 | (127) |
Total comprehensive income | $ 20,413 | $ 18,221 | $ 38,851 | $ 35,528 |
Basic net income per share (in dollars per share) | $ 0.18 | $ 0.16 | $ 0.34 | $ 0.31 |
Diluted net income per share (in dollars per share) | $ 0.17 | $ 0.14 | $ 0.31 | $ 0.28 |
Weighted-average shares outstanding used in computing net income per share | ||||
Basic (in shares) | 114,340 | 115,492 | 114,590 | 115,189 |
Diluted (in shares) | 121,783 | 127,515 | 122,831 | 127,610 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized income (loss) on available-for-sale investments, tax impact | $ (73) | $ (7) | $ (124) | $ 41 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 38,460 | $ 35,655 |
Adjustments to reconcile net income to net cash generated from operations: | ||
Stock-based compensation | 14,432 | 10,971 |
Deferred income taxes | 5,834 | 5,642 |
Accretion of interest income | (1,053) | (546) |
Depreciation and amortization of property and equipment | 263 | 105 |
Amortization of right-of-use asset | 772 | |
Changes in operating assets and liabilities: | ||
Trade receivables | (2,186) | (13,404) |
Other receivable | 0 | 12,896 |
Inventory | (1,543) | (2,071) |
Prepaid expenses and other current assets | 1,538 | (910) |
Other assets | (100) | (3) |
Accounts payable | (1,299) | (2,214) |
Accrued clinical expenses | 2,197 | 3,150 |
Accrued and other liabilities | (7,349) | 370 |
Operating lease liability | (730) | |
Net cash provided by operating activities | 49,236 | 49,641 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (667) | (140) |
Proceeds from maturities of marketable securities | 130,145 | 40,300 |
Purchases of marketable securities | (131,001) | (95,664) |
Net cash used in investing activities | (1,523) | (55,504) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon exercise of options, net of issuance costs | 3,947 | 5,966 |
Repurchase of common stock | (30,975) | 0 |
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercise | (4,169) | 0 |
Net cash (used in) provided by financing activities | (31,197) | 5,966 |
Net increase in cash and cash equivalents | 16,516 | 103 |
Cash and cash equivalents, at beginning of period | 41,625 | 31,062 |
Cash and cash equivalents, at end of period | 58,141 | 31,165 |
Supplemental disclosure: | ||
Exercise price of shares tendered in net settlement of cashless option exercise | 931 | $ 0 |
Recognition of right-of-use asset and lease liability | $ 1,878 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2017 | 114,717 | |||||
Beginning balance at Dec. 31, 2017 | $ 190,968 | $ 115 | $ 384,074 | $ 0 | $ (75) | $ (193,146) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 479 | |||||
Issuance of common stock upon exercise of options | 1,922 | 1,922 | ||||
Stock-based compensation related to employee and director options | 4,954 | 4,954 | ||||
Net unrealized gain on marketable securities, net of tax | (77) | (77) | ||||
Net income | 17,459 | 17,459 | ||||
Ending balance (in shares) at Mar. 31, 2018 | 115,196 | |||||
Ending balance at Mar. 31, 2018 | 215,226 | $ 115 | 390,950 | 0 | (152) | (175,687) |
Beginning balance (in shares) at Dec. 31, 2017 | 114,717 | |||||
Beginning balance at Dec. 31, 2017 | 190,968 | $ 115 | 384,074 | 0 | (75) | (193,146) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 1,300 | |||||
Net income | 35,655 | |||||
Ending balance (in shares) at Jun. 30, 2018 | 116,017 | |||||
Ending balance at Jun. 30, 2018 | 243,507 | $ 116 | 401,010 | 0 | (128) | (157,491) |
Beginning balance (in shares) at Mar. 31, 2018 | 115,196 | |||||
Beginning balance at Mar. 31, 2018 | 215,226 | $ 115 | 390,950 | 0 | (152) | (175,687) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 821 | |||||
Issuance of common stock upon exercise of options | 4,044 | $ 1 | 4,043 | |||
Stock-based compensation related to employee and director options | 6,017 | 6,017 | ||||
Net unrealized gain on marketable securities, net of tax | 24 | 24 | ||||
Net income | 18,196 | 18,196 | ||||
Ending balance (in shares) at Jun. 30, 2018 | 116,017 | |||||
Ending balance at Jun. 30, 2018 | 243,507 | $ 116 | 401,010 | 0 | (128) | (157,491) |
Beginning balance (in shares) at Dec. 31, 2018 | 115,031 | |||||
Beginning balance at Dec. 31, 2018 | 275,882 | $ 117 | 417,228 | (23,657) | (70) | (117,736) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 1,497 | |||||
Issuance of common stock upon exercise of options | 3,366 | $ 1 | 3,365 | |||
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercise (in shares) | (428) | |||||
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercise | (5,100) | (5,100) | ||||
Stock-based compensation related to employee and director options | 6,724 | 6,724 | ||||
Net unrealized gain on marketable securities, net of tax | 164 | 164 | ||||
Purchases of treasury stock (in shares) | (1,168) | |||||
Purchases of treasury stock | (13,555) | (13,555) | ||||
Net income | 18,274 | 18,274 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 114,932 | |||||
Ending balance at Mar. 31, 2019 | 285,755 | $ 118 | 427,317 | (42,312) | 94 | (99,462) |
Beginning balance (in shares) at Dec. 31, 2018 | 115,031 | |||||
Beginning balance at Dec. 31, 2018 | 275,882 | $ 117 | 417,228 | (23,657) | (70) | (117,736) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 1,800 | |||||
Net income | 38,460 | |||||
Ending balance (in shares) at Jun. 30, 2019 | 113,637 | |||||
Ending balance at Jun. 30, 2019 | 298,053 | $ 118 | 436,622 | (59,732) | 321 | (79,276) |
Beginning balance (in shares) at Mar. 31, 2019 | 114,932 | |||||
Beginning balance at Mar. 31, 2019 | 285,755 | $ 118 | 427,317 | (42,312) | 94 | (99,462) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 317 | |||||
Issuance of common stock upon exercise of options | 1,514 | $ 0 | 1,514 | |||
Stock-based compensation related to employee and director options | 7,791 | 7,791 | ||||
Net unrealized gain on marketable securities, net of tax | 227 | 227 | ||||
Purchases of treasury stock (in shares) | (1,612) | |||||
Purchases of treasury stock | (17,420) | (17,420) | ||||
Net income | 20,186 | 20,186 | ||||
Ending balance (in shares) at Jun. 30, 2019 | 113,637 | |||||
Ending balance at Jun. 30, 2019 | $ 298,053 | $ 118 | $ 436,622 | $ (59,732) | $ 321 | $ (79,276) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation and summary of significant accounting policies | Basis of Presentation and Summary of Significant Accounting Policies Description of Business and Basis of Presentation Corcept Therapeutics Incorporated was incorporated in the State of Delaware in May 1998. Our headquarters are in Menlo Park, California. We are a commercial-stage pharmaceutical company engaged in the discovery and development of medications that treat severe metabolic, oncologic and psychiatric disorders by modulating the effect of the hormone cortisol. In 2012, the U.S. Food and Drug Administration (“FDA”) approved Korlym ® (“mifepristone”) 300 mg tablets, as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. We have discovered and patented three structurally distinct series of selective cortisol modulators, consisting of more than 500 compounds. We are developing compounds from these series as potential treatments for a broad range of serious disorders. Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of June 30, 2019, (ii) statements of comprehensive income and stockholders' equity for the three and six months ended June 30, 2019 and 2018 and (iii) statements of cash flows for the six months ended June 30, 2019 and 2018. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for the remainder of 2019 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2018 included in our Annual Report on Form 10-K. The December 31, 2018 balance sheet was derived from audited financial statements at that date. There have been no material changes in the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2018 except for the adoption of the accounting pronouncements set forth below. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lease transactions with terms longer than 12 months to be recognized on the balance sheet as a liability (“lease liabilities”), offset by an asset of equal amount (“right-of-use assets”). ASU No. 2016-02 supersedes the lease accounting requirements of ASC Topic 840, "Leases" and creates Topic 842, "Leases." We adopted this standard using the modified retrospective approach on January 1, 2019. Prior comparative periods are not adjusted under this approach. We have reviewed all contracts that may contain leases and have determined that the only impact is to the accounting for our leased office space. We have elected to apply the practical expedients in Topic 842 that allow us not to reassess lease classification for any expired or existing lease contracts. On the date of adoption, we increased our “operating right-of-use assets" and “operating lease liability” by approximately $1.9 million , an amount equal to the present value of our expected payments over the remaining term of the lease. There was no change to our retained earnings. See Note 4 for more information regarding our leased office space. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The standard allows companies to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the “Act”). A company that elects to reclassify these amounts must reclassify stranded tax effects related to the Act’s change in US federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Act but do not directly relate to the change in the federal rate. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. We adopted this standard on January 1, 2019. It had no impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from nonemployees. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018. We adopted ASC 718 on January 1, 2019. It had no impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which changes the methodology for measuring credit losses on financial instruments and when such losses are recorded. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted beginning after December 15, 2018. We plan to adopt this standard on January 1, 2020. Although we have not concluded our analysis, we do not expect adoption of this standard to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements (Topic 820),” which eliminates or modifies certain disclosure requirements for fair value measurements and requires disclosure of new information. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which requires a customer that is a party to a cloud computing service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to recognize as deferred assets. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements. |
Composition of Certain Balance
Composition of Certain Balance Sheet Items | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition of certain balance sheet items | Composition of Certain Balance Sheet Items Inventory June 30, December 31, (in thousands) Raw materials $ 7,395 $ 4,195 Work in progress 5,271 5,624 Finished goods 5,202 6,423 Total inventory 17,868 16,242 Less strategic inventory classified as non-current (12,726 ) (11,510 ) Total inventory classified as current $ 5,142 $ 4,732 Because we rely on single manufacturers of both the active pharmaceutical ingredient (“API”) for Korlym and Korlym tablets, we have purchased and hold significant quantities of these materials. We classify inventory we do not expect to sell within 12 months of the balance sheet date as “Strategic Inventory,” a long-term asset. Accrued and other liabilities June 30, December 31, (in thousands) Government rebates $ 7,688 $ 11,132 Accrued compensation 5,083 7,879 Accrued selling and marketing costs 1,275 261 Legal fees 967 314 Professional fees 694 240 Accrued manufacturing costs 261 2,032 Income taxes payable — 1,542 Other 469 386 Total accrued and other liabilities $ 16,437 $ 23,786 |
Available-for-Sale Securities a
Available-for-Sale Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Available For Sale Securities And Fair Value Measurements [Abstract] | |
Available-for-sale securities and fair value measurements | Available-for-Sale Securities and Fair Value Measurements The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows: June 30, 2019 December 31, 2018 (in thousands) Cash equivalents $ 43,269 $ 27,075 Short-term marketable securities 143,396 165,135 Long-term marketable securities 24,165 — Total marketable securities $ 210,830 $ 192,210 The following table presents our available-for-sale securities grouped by asset type: Fair Value Hierarchy Level June 30, 2019 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Corporate bonds Level 2 $ 91,501 $ 183 $ (2 ) $ 91,682 $ 54,513 $ 2 $ (46 ) $ 54,469 Commercial paper Level 2 17,881 — — 17,881 67,906 — — 67,906 Asset-backed securities Level 2 38,452 106 — 38,558 10,970 — (5 ) 10,965 Repurchase agreements Level 2 30,000 — — 30,000 15,000 — — 15,000 U.S. treasury securities Level 1 19,406 34 — 19,440 39,308 — (21 ) 39,287 Money market funds Level 1 13,269 — — 13,269 4,583 — — 4,583 Total Marketable securities $ 210,509 $ 323 $ (2 ) $ 210,830 $ 192,280 $ 2 $ (72 ) $ 192,210 We estimate the fair value of marketable securities classified as Level 1 using quoted market prices for these or similar investments obtained from a commercial pricing service. We estimate the fair value of marketable securities classified as Level 2 using inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. As of June 30, 2019, all our marketable securities had original maturities of less than two years . The weighted-average maturity of our holdings was six months . As of June 30, 2019, our long-term marketable securities had a remaining maturity of 12 to 14 months. None of our marketable securities changed from one fair value hierarchy to another during the three and six months ended June 30, 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease our office facilities in Menlo Park, California. Our lease expires on March 31, 2020. On January 1, 2019, we recognized a right-of-use asset and a corresponding lease liability of $1.9 million , which equals the present value of the remaining payments due under our lease. Because the discount rate implicit in our lease is not readily determinable, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a loan with monthly payments and a term equal to the payments and remaining term of our lease. We recognize operating lease payments as expenses using the straight-line method over the term of the lease. For any future lease transactions, we will recognize operating lease right-of-use assets and liabilities equal to the present value of the expected lease payments at the time the lease is executed. Operating lease expense for the three and six months ended June 30, 2019 was approximately $0.4 million and $0.8 million , respectively. Our right-of-use assets and related lease liabilities were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Cash paid for operating lease liability $ 391 $ 769 Right-of-use assets obtained in exchange for new operating lease liability $ — $ 1,878 Weighted-average remaining lease term 9 months 9 months Weighted-average discount rate 5.0 % 5.0 % As of June 30, 2019, future minimum lease payments under non-cancelable operating leases due in each of the next two years were as follows (in thousands) : 2019 (remainder) $ 781 2020 391 1,172 Less imputed interest (24 ) Total lease liability $ 1,148 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and Contingencies There have been no material changes in our obligations under contractual agreements described in our Annual Report on Form 10-K for the year ended December 31, 2018. In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing potential outcomes under various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. No losses and no provision for a loss contingency have been recorded to date. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' equity | Stockholders' Equity 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”). In February 2019, our Board of Directors authorized a 4.6 million increase in the shares available for grant under the 2012 Plan. During the three and six months ended June 30, 2019, we issued 0.3 million and 1.8 million shares, respectively, of our common stock upon the exercise of stock options, compared to 0.8 million and 1.3 million shares during the same periods of 2018, respectively. The following table summarizes our stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Stock-based compensation capitalized in inventory $ 55 $ — $ 83 $ — Cost of sales 55 — 83 — Research and development 2,505 1,963 4,484 3,427 Selling, general and administrative 5,176 4,054 9,865 7,544 Total stock-based compensation $ 7,791 $ 6,017 $ 14,515 $ 10,971 Stock Repurchase Program On August 9, 2018, we announced a program to repurchase up to $100 million of our common stock (the “Stock Repurchase Program”). The terms of this program did not require us to acquire any shares and allowed for repurchases by a variety of methods, including in the open market, in block trades, through privately negotiated transactions, accelerated share repurchase transactions or any combination of such methods. During the three and six months ended June 30, 2019 , we repurchased 1.6 million and 2.8 million shares of common stock under the Stock Repurchase Program in open market transactions at costs of $17.4 million and $31.0 million (average prices of $10.81 and $11.14 per share), respectively. In total, we repurchased 4.6 million shares under the Program at a cost of $54.6 million (an average price of $11.91 per share). We recorded shares repurchased as treasury stock at cost on our consolidated balance sheet. The Stock Repurchase Program expired on June 30, 2019 . |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net income per share | Net Income Per Share We compute basic and diluted net income per share by dividing our net income by the weighted-average number of common shares outstanding during the period. We used the treasury stock method to determine the number of dilutive shares of common stock resulting from the potential exercise of stock options. The statements of comprehensive income show the computation of net income per share for each period, including the number of weighted-average shares outstanding. The following table shows the computation of net income per share for each period: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Numerator: Net income $ 20,186 $ 18,196 $ 38,460 $ 35,655 Denominator: Weighted-average shares used to compute basic net income per share 114,340 115,492 114,590 115,189 Dilutive effect of employee stock options 7,443 12,023 8,241 12,421 Weighted-average shares used to compute diluted net income per share 121,783 127,515 122,831 127,610 Net income per share Basic $ 0.18 $ 0.16 $ 0.34 $ 0.31 Diluted $ 0.17 $ 0.14 $ 0.31 $ 0.28 As of June 30, 2019 and 2018, we had 24.7 million and 23.0 million stock options outstanding, respectively. Because including them would have reduced dilution, we excluded from the computation of diluted net income per share, on a weighted-average basis, 10.8 million and 9.8 million stock options outstanding during the three and six months ended June 30, 2019, respectively, and 5.0 million and 3.9 million stock options outstanding during the three and six months ended June 30, 2018 , respectively. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We recorded income tax expense of $5.6 million and $7.4 million for the three and six months ended June 30, 2019 , respectively, net of discrete benefits related to stock option exercises and dispositions of $0.3 million and $3.2 million , respectively. Income tax expense in these periods consisted primarily of reductions in our deferred tax assets of $4.9 million and $5.8 million , respectively, caused by utilization of our federal and state net operating losses, and income tax expense of $0.7 million and $1.6 million , respectively, in states where we do not have net operating loss carryforwards. In the three and six month ended June 30, 2018 , our income tax expense was $3.0 million and $6.8 million , respectively, consisting primarily of reductions of $2.5 million and $5.6 million , respectively, in our deferred tax assets caused by utilization of our federal and state net operating losses, and income tax expense of $0.5 million and $1.2 million , respectively, in states where we do not have net operating loss carryforwards. Our effective tax rate differed from the federal statutory rate in these periods due to state income taxes and non-deductible stock-based compensation, which increased our tax expense, offset by research and development tax credits and the excess tax deduction arising from the exercise of employee stock options, which reduced our taxable income. Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. In the fourth quarter of 2017, we determined that it was more likely than not that we would generate sufficient taxable income to utilize all of our federal deferred tax assets and all of our state deferred tax assets in every state except California. We therefore included in our balance sheet at December 31, 2017 the net value of our federal deferred tax assets and all of state deferred tax assets except those related to California income tax. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of June 30, 2019, (ii) statements of comprehensive income and stockholders' equity for the three and six months ended June 30, 2019 and 2018 and (iii) statements of cash flows for the six months ended June 30, 2019 and 2018. These do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (which in the applicable periods consist only of normal, recurring adjustments) have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results for the remainder of 2019 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2018 included in our Annual Report on Form 10-K. The December 31, 2018 balance sheet was derived from audited financial statements at that date. |
Recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lease transactions with terms longer than 12 months to be recognized on the balance sheet as a liability (“lease liabilities”), offset by an asset of equal amount (“right-of-use assets”). ASU No. 2016-02 supersedes the lease accounting requirements of ASC Topic 840, "Leases" and creates Topic 842, "Leases." We adopted this standard using the modified retrospective approach on January 1, 2019. Prior comparative periods are not adjusted under this approach. We have reviewed all contracts that may contain leases and have determined that the only impact is to the accounting for our leased office space. We have elected to apply the practical expedients in Topic 842 that allow us not to reassess lease classification for any expired or existing lease contracts. On the date of adoption, we increased our “operating right-of-use assets" and “operating lease liability” by approximately $1.9 million , an amount equal to the present value of our expected payments over the remaining term of the lease. There was no change to our retained earnings. See Note 4 for more information regarding our leased office space. In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The standard allows companies to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the “Act”). A company that elects to reclassify these amounts must reclassify stranded tax effects related to the Act’s change in US federal tax rate for all items accounted for in other comprehensive income. These entities can also elect to reclassify other stranded effects that relate to the Act but do not directly relate to the change in the federal rate. This standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. We adopted this standard on January 1, 2019. It had no impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from nonemployees. This standard is effective for fiscal years and interim periods within those years beginning after December 15, 2018. We adopted ASC 718 on January 1, 2019. It had no impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which changes the methodology for measuring credit losses on financial instruments and when such losses are recorded. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted beginning after December 15, 2018. We plan to adopt this standard on January 1, 2020. Although we have not concluded our analysis, we do not expect adoption of this standard to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements (Topic 820),” which eliminates or modifies certain disclosure requirements for fair value measurements and requires disclosure of new information. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which requires a customer that is a party to a cloud computing service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to recognize as deferred assets. This standard will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. We plan to adopt this standard on January 1, 2020. We are evaluating the likely impact of this new standard on our consolidated financial statements. |
Income taxes | Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. In the fourth quarter of 2017, we determined that it was more likely than not that we would generate sufficient taxable income to utilize all of our federal deferred tax assets and all of our state deferred tax assets in every state except California. We therefore included in our balance sheet at December 31, 2017 the net value of our federal deferred tax assets and all of state deferred tax assets except those related to California income tax. |
Composition of Certain Balanc_2
Composition of Certain Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of composition of inventory, current | June 30, December 31, (in thousands) Raw materials $ 7,395 $ 4,195 Work in progress 5,271 5,624 Finished goods 5,202 6,423 Total inventory 17,868 16,242 Less strategic inventory classified as non-current (12,726 ) (11,510 ) Total inventory classified as current $ 5,142 $ 4,732 |
Schedule of composition of inventory, noncurrent | June 30, December 31, (in thousands) Raw materials $ 7,395 $ 4,195 Work in progress 5,271 5,624 Finished goods 5,202 6,423 Total inventory 17,868 16,242 Less strategic inventory classified as non-current (12,726 ) (11,510 ) Total inventory classified as current $ 5,142 $ 4,732 |
Schedule of other accrued liabilities | June 30, December 31, (in thousands) Government rebates $ 7,688 $ 11,132 Accrued compensation 5,083 7,879 Accrued selling and marketing costs 1,275 261 Legal fees 967 314 Professional fees 694 240 Accrued manufacturing costs 261 2,032 Income taxes payable — 1,542 Other 469 386 Total accrued and other liabilities $ 16,437 $ 23,786 |
Available-for-Sale Securities_2
Available-for-Sale Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Available For Sale Securities And Fair Value Measurements [Abstract] | |
Summary of the classification of available-for-sale securities in condensed consolidated balance sheets | The available-for-sale securities in our Condensed Consolidated Balance Sheets are as follows: June 30, 2019 December 31, 2018 (in thousands) Cash equivalents $ 43,269 $ 27,075 Short-term marketable securities 143,396 165,135 Long-term marketable securities 24,165 — Total marketable securities $ 210,830 $ 192,210 |
Schedule of Available-for-Sale Securities | The following table presents our available-for-sale securities grouped by asset type: Fair Value Hierarchy Level June 30, 2019 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Corporate bonds Level 2 $ 91,501 $ 183 $ (2 ) $ 91,682 $ 54,513 $ 2 $ (46 ) $ 54,469 Commercial paper Level 2 17,881 — — 17,881 67,906 — — 67,906 Asset-backed securities Level 2 38,452 106 — 38,558 10,970 — (5 ) 10,965 Repurchase agreements Level 2 30,000 — — 30,000 15,000 — — 15,000 U.S. treasury securities Level 1 19,406 34 — 19,440 39,308 — (21 ) 39,287 Money market funds Level 1 13,269 — — 13,269 4,583 — — 4,583 Total Marketable securities $ 210,509 $ 323 $ (2 ) $ 210,830 $ 192,280 $ 2 $ (72 ) $ 192,210 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Information of Leases Asset and Liabilities | Our right-of-use assets and related lease liabilities were as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (in thousands) Cash paid for operating lease liability $ 391 $ 769 Right-of-use assets obtained in exchange for new operating lease liability $ — $ 1,878 Weighted-average remaining lease term 9 months 9 months Weighted-average discount rate 5.0 % 5.0 % |
Schedule of future minimum lease payments under non-cancelable operating leases | As of June 30, 2019, future minimum lease payments under non-cancelable operating leases due in each of the next two years were as follows (in thousands) : 2019 (remainder) $ 781 2020 391 1,172 Less imputed interest (24 ) Total lease liability $ 1,148 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Stock-Based Compensation | The following table summarizes our stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Stock-based compensation capitalized in inventory $ 55 $ — $ 83 $ — Cost of sales 55 — 83 — Research and development 2,505 1,963 4,484 3,427 Selling, general and administrative 5,176 4,054 9,865 7,544 Total stock-based compensation $ 7,791 $ 6,017 $ 14,515 $ 10,971 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Numerator: Net income $ 20,186 $ 18,196 $ 38,460 $ 35,655 Denominator: Weighted-average shares used to compute basic net income per share 114,340 115,492 114,590 115,189 Dilutive effect of employee stock options 7,443 12,023 8,241 12,421 Weighted-average shares used to compute diluted net income per share 121,783 127,515 122,831 127,610 Net income per share Basic $ 0.18 $ 0.16 $ 0.34 $ 0.31 Diluted $ 0.17 $ 0.14 $ 0.31 $ 0.28 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($)series | Dec. 31, 2018compound | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of series of selective cortisol modulators | series | 3 | ||
Number of compounds (more than) | compound | 500 | ||
Total lease liability | $ 1,148 | ||
Operating lease right-of-use asset | $ 1,106 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total lease liability | $ 1,900 | ||
Operating lease right-of-use asset | $ 1,878 |
Composition of Certain Balanc_3
Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 7,395 | $ 4,195 |
Work in progress | 5,271 | 5,624 |
Finished goods | 5,202 | 6,423 |
Total inventory | 17,868 | 16,242 |
Less strategic inventory classified as non-current | (12,726) | (11,510) |
Total inventory classified as current | $ 5,142 | $ 4,732 |
Composition of Certain Balanc_4
Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Government rebates | $ 7,688 | $ 11,132 |
Accrued compensation | 5,083 | 7,879 |
Accrued selling and marketing costs | 1,275 | 261 |
Legal fees | 967 | 314 |
Professional fees | 694 | 240 |
Accrued manufacturing costs | 261 | 2,032 |
Income taxes payable | 0 | 1,542 |
Other | 469 | 386 |
Total accrued and other liabilities | $ 16,437 | $ 23,786 |
Available-for-Sale Securities_3
Available-for-Sale Securities and Fair Value Measurements - Summary of the classification of available-for-sale securities in condensed consolidated balance sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 210,830 | $ 192,210 |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 43,269 | 27,075 |
Short-term marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 143,396 | 165,135 |
Long-term marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 24,165 | $ 0 |
Available-for-Sale Securities_4
Available-for-Sale Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - Estimate of fair value measurement - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 210,509 | $ 192,280 |
Gross Unrealized Gains | 323 | 2 |
Gross Unrealized Losses | (2) | (72) |
Estimated Fair Value | 210,830 | 192,210 |
Corporate bonds | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 91,501 | 54,513 |
Gross Unrealized Gains | 183 | 2 |
Gross Unrealized Losses | (2) | (46) |
Estimated Fair Value | 91,682 | 54,469 |
Commercial paper | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,881 | 67,906 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 17,881 | 67,906 |
Asset-backed securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 38,452 | 10,970 |
Gross Unrealized Gains | 106 | 0 |
Gross Unrealized Losses | 0 | (5) |
Estimated Fair Value | 38,558 | 10,965 |
Repurchase agreements | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 30,000 | 15,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 30,000 | 15,000 |
U.S. treasury securities | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,406 | 39,308 |
Gross Unrealized Gains | 34 | 0 |
Gross Unrealized Losses | 0 | (21) |
Estimated Fair Value | 19,440 | 39,287 |
Money market funds | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,269 | 4,583 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 13,269 | $ 4,583 |
Available-for-Sale Securities_5
Available-for-Sale Securities and Fair Value Measurements - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Maximum maturity period | 2 years |
Weighted average maturity period | 6 months |
Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long term marketable securities, remaining maturity | 12 months |
Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long term marketable securities, remaining maturity | 14 months |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use asset | $ 1,106 | $ 1,106 | |
Operating lease expenses | 400 | 800 | |
Cash paid for operating lease liability | 391 | $ 769 | |
Right-of-use assets obtained in exchange for new operating lease liability | $ 0 | ||
Weighted-average remaining lease term | 9 months | 9 months | |
Weighted-average discount rate | 5.00% | 5.00% | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2019 (remainder) | $ 781 | $ 781 | |
2020 | 391 | 391 | |
Total | 1,172 | 1,172 | |
Less imputed interest | (24) | (24) | |
Total lease liability | $ 1,148 | $ 1,148 | |
Accounting Standards Update 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use asset | $ 1,878 | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Total lease liability | $ 1,900 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Losses for contingent liability | $ 0 |
Provision for a loss contingency | $ 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 11 Months Ended | |||||
Feb. 28, 2019shares | Jun. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Jun. 30, 2018shares | Mar. 31, 2018shares | Jun. 30, 2019USD ($)stock_option_plan$ / sharesshares | Jun. 30, 2018shares | Jun. 30, 2019USD ($)$ / sharesshares | Aug. 09, 2018USD ($) | |
Shareholders Equity [Line Items] | |||||||||
Number of stock option plans | stock_option_plan | 2 | ||||||||
Common stock repurchased | $ | $ 17,420,000 | $ 13,555,000 | |||||||
Common Stock | |||||||||
Shareholders Equity [Line Items] | |||||||||
Common shares issued upon exercise of options (in shares) | 317,000 | 1,497,000 | 821,000 | 479,000 | 1,800,000 | 1,300,000 | |||
Shares tendered to satisfy cost and withholding requirements (in shares) | 428,000 | ||||||||
Common stock repurchased (in shares) | 1,612,000 | 1,168,000 | |||||||
Stock Repurchase Program | Common Stock | |||||||||
Shareholders Equity [Line Items] | |||||||||
Stock repurchase amount | $ | $ 100,000,000 | ||||||||
Common stock repurchased (in shares) | 1,600,000 | 2,800,000 | 4,600,000 | ||||||
Common stock repurchased, average price (in dollars per share) | $ / shares | $ 10.81 | $ 11.14 | $ 11.91 | ||||||
Common stock repurchased | $ | $ 17,400,000 | $ 31,000,000 | |||||||
Stock repurchase program, remaining authorized amount available for repurchase | $ | $ 54,600,000 | $ 54,600,000 | $ 54,600,000 | ||||||
2012 Equity Incentive Award Plan | |||||||||
Shareholders Equity [Line Items] | |||||||||
Increase in shares authorized for grant (in shares) | 4,600,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation capitalized in inventory | $ 55 | $ 0 | $ 83 | $ 0 |
Total stock-based compensation | 7,791 | 6,017 | 14,515 | 10,971 |
Cost of sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 55 | 0 | 83 | 0 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 2,505 | 1,963 | 4,484 | 3,427 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | $ 5,176 | $ 4,054 | $ 9,865 | $ 7,544 |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||||
Net income | $ 20,186 | $ 18,274 | $ 18,196 | $ 17,459 | $ 38,460 | $ 35,655 |
Denominator: | ||||||
Weighted-average shares used to compute basic net income per share (in shares) | 114,340 | 115,492 | 114,590 | 115,189 | ||
Dilutive effect of employee stock options (in shares) | 7,443 | 12,023 | 8,241 | 12,421 | ||
Weighted-average shares used to compute diluted net income per share (in shares) | 121,783 | 127,515 | 122,831 | 127,610 | ||
Net income per share | ||||||
Basic (in dollars per share) | $ 0.18 | $ 0.16 | $ 0.34 | $ 0.31 | ||
Diluted (in dollars per share) | $ 0.17 | $ 0.14 | $ 0.31 | $ 0.28 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options outstanding (in shares) | 24.7 | 23 | 24.7 | 23 |
Stock Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average options excluded from the computation of diluted net income per share (in shares) | 10.8 | 5 | 9.8 | 3.9 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 5,625 | $ 3,000 | $ 7,404 | $ 6,830 |
Discrete benefit from stock option exercises | 300 | 3,200 | ||
Reduction of deferred tax assets | 4,900 | 2,500 | 5,800 | 5,600 |
State income tax expense | $ 700 | $ 500 | $ 1,600 | $ 1,200 |