Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-50679 | |
Entity Registrant Name | CORCEPT THERAPEUTICS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0487658 | |
Entity Address, Address Line One | 149 Commonwealth Drive | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 327-3270 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | CORT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 107,105,078 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001088856 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 35,346 | $ 77,617 |
Short-term marketable securities | 334,740 | 145,918 |
Trade receivables, net of allowances | 28,164 | 27,625 |
Inventory | 5,437 | 4,988 |
Prepaid expenses and other current assets | 15,358 | 10,315 |
Total current assets | 419,045 | 266,463 |
Strategic inventory | 11,978 | 12,962 |
Operating lease right-of-use asset | 2,264 | 514 |
Property and equipment, net of accumulated depreciation and amortization | 862 | 1,002 |
Long-term marketable securities | 11,890 | 112,277 |
Other assets | 1,834 | 3,083 |
Deferred tax assets, net | 48,491 | 27,455 |
Total assets | 496,364 | 423,756 |
Current liabilities: | ||
Accounts payable | 8,246 | 6,908 |
Accrued research and development expenses | 13,803 | 12,442 |
Accrued and other liabilities | 24,744 | 27,665 |
Short-term operating lease liability | 2,264 | 526 |
Total current liabilities | 49,057 | 47,541 |
Long-term accrued income taxes payable | 4,981 | 409 |
Total liabilities | 54,038 | 47,950 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 128 | 127 |
Treasury stock | (426,814) | (410,411) |
Additional paid-in capital | 625,976 | 591,349 |
Accumulated other comprehensive loss | (2,141) | (227) |
Retained earnings | 245,177 | 194,968 |
Total stockholders’ equity | 442,326 | 375,806 |
Total liabilities and stockholders’ equity | $ 496,364 | $ 423,756 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Product revenue, net | $ 103,386 | $ 91,588 | $ 197,074 | $ 171,025 |
Operating expenses: | ||||
Cost of sales | 1,316 | 1,384 | 2,566 | 2,652 |
Research and development | 32,825 | 28,232 | 60,945 | 57,254 |
Selling, general and administrative | 37,813 | 30,029 | 75,362 | 59,538 |
Total operating expenses | 71,954 | 59,645 | 138,873 | 119,444 |
Income from operations | 31,432 | 31,943 | 58,201 | 51,581 |
Interest and other income | 630 | 110 | 710 | 385 |
Income before income taxes | 32,062 | 32,053 | 58,911 | 51,966 |
Income tax expense | (4,650) | (5,530) | (8,702) | (1,978) |
Net income | 27,412 | 26,523 | 50,209 | 49,988 |
Net income attributable to common stockholders basic | 27,398 | 26,523 | 50,196 | 49,988 |
Net income attributable to common stockholders diluted | $ 27,398 | $ 26,523 | $ 50,196 | $ 49,988 |
Basic net income per share (in dollars per share) | $ 0.26 | $ 0.23 | $ 0.47 | $ 0.43 |
Diluted net income per share (in dollars per share) | $ 0.24 | $ 0.21 | $ 0.44 | $ 0.39 |
Weighted-average shares outstanding used in computing net income per common share | ||||
Basic (in shares) | 106,289 | 116,294 | 106,151 | 116,555 |
Diluted (in shares) | 115,399 | 126,680 | 115,222 | 128,204 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to common stockholders | $ 27,412 | $ 26,523 | $ 50,209 | $ 49,988 |
Other comprehensive income (loss): | ||||
Unrealized loss on available-for-sale investments, net of tax effect of $149, $16, $472 and $77, respectively | (470) | (50) | (1,489) | (242) |
Net income attributable to common stockholders | (320) | 16 | (425) | 42 |
Total comprehensive income | $ 26,622 | $ 26,489 | $ 48,295 | $ 49,788 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized loss on available-for-sale investments, tax effect | $ 149 | $ 16 | $ 472 | $ 77 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 50,209 | $ 49,988 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Stock-based compensation | 21,367 | 21,169 |
Amortization of interest income | (20,565) | (2,061) |
Depreciation and amortization of property and equipment | 1,870 | 2,471 |
Deferred income taxes | 404 | 514 |
Non-cash amortization of right-of-use asset | 1,066 | 985 |
Changes in operating assets and liabilities: | ||
Trade receivables | (539) | (1,422) |
Inventory | 655 | 1,858 |
Prepaid expenses and other current assets | (5,043) | (2,047) |
Other assets | 1,249 | 860 |
Accounts payable | 680 | (1,304) |
Accrued research and development expenses | 1,361 | (591) |
Accrued and other liabilities | (2,921) | 328 |
Long-term accrued income taxes | 4,572 | 5 |
Operating lease liability | (1,078) | (992) |
Net cash provided by operating activities | 53,287 | 69,761 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (31) | (245) |
Proceeds from maturities of marketable securities | 87,306 | 244,971 |
Purchases of marketable securities | (179,571) | (223,268) |
Net cash (used in) provided by investing activities | (92,296) | 21,458 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options, net of issuance costs | 1,932 | 8,786 |
Repurchase of common stock | 0 | (62,711) |
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises | (5,194) | (18,054) |
Net cash used in financing activities | (3,262) | (71,979) |
Net (decrease) increase in cash and cash equivalents | (42,271) | 19,240 |
Cash and cash equivalents, at beginning of period | 77,617 | 76,190 |
Cash and cash equivalents, at end of period | 35,346 | 95,430 |
Supplemental disclosure: | ||
Cost of shares repurchased for net settlement of cashless option exercises | 11,209 | 7,704 |
Recognition of right-of-use asset and lease liability | $ 2,816 | $ 0 |
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) | Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2020 | 116,735 | |||||
Beginning balance at Dec. 31, 2020 | $ 523,338 | $ 122 | $ 516,140 | $ (75,795) | $ 415 | $ 82,456 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 1,832 | |||||
Issuance of common stock upon exercise of options | 10,083 | $ 2 | 10,081 | |||
Purchases of treasury stock (in shares) | (1,282) | |||||
Purchases of treasury stock | (33,540) | (33,540) | ||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (808) | |||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (22,520) | (22,520) | ||||
Stock-based compensation | 10,142 | 10,142 | ||||
Other comprehensive income (loss), net of tax | (166) | (166) | ||||
Net income attributable to common stockholders | 23,465 | 23,465 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 116,477 | |||||
Ending balance at Mar. 31, 2021 | 510,802 | $ 124 | 536,363 | (131,855) | 249 | 105,921 |
Beginning balance (in shares) at Dec. 31, 2020 | 116,735 | |||||
Beginning balance at Dec. 31, 2020 | 523,338 | $ 122 | 516,140 | (75,795) | 415 | 82,456 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income attributable to common stockholders | 49,988 | |||||
Ending balance (in shares) at Jun. 30, 2021 | 115,821 | |||||
Ending balance at Jun. 30, 2021 | 522,675 | $ 125 | 554,154 | (164,263) | 215 | 132,444 |
Beginning balance (in shares) at Mar. 31, 2021 | 116,477 | |||||
Beginning balance at Mar. 31, 2021 | 510,802 | $ 124 | 536,363 | (131,855) | 249 | 105,921 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 855 | |||||
Issuance of common stock upon exercise of options | 6,661 | $ 1 | 6,660 | |||
Purchases of treasury stock (in shares) | (1,365) | |||||
Purchases of treasury stock | (29,170) | (29,170) | ||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (146) | |||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (3,238) | (3,238) | ||||
Stock-based compensation | 11,131 | 11,131 | ||||
Other comprehensive income (loss), net of tax | (34) | (34) | ||||
Net income attributable to common stockholders | 26,523 | 26,523 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 115,821 | |||||
Ending balance at Jun. 30, 2021 | 522,675 | $ 125 | 554,154 | (164,263) | 215 | 132,444 |
Beginning balance (in shares) at Dec. 31, 2021 | 105,940 | |||||
Beginning balance at Dec. 31, 2021 | 375,806 | $ 127 | 591,349 | (410,411) | (227) | 194,968 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 586 | |||||
Issuance of common stock upon exercise of options | 6,544 | $ 1 | 6,543 | |||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (305) | |||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (7,037) | (7,037) | ||||
Stock-based compensation | 10,825 | 10,825 | ||||
Other comprehensive income (loss), net of tax | (1,124) | (1,124) | ||||
Net income attributable to common stockholders | 22,797 | 22,797 | ||||
Ending balance (in shares) at Mar. 31, 2022 | 106,221 | |||||
Ending balance at Mar. 31, 2022 | 407,811 | $ 128 | 608,717 | (417,448) | (1,351) | 217,765 |
Beginning balance (in shares) at Dec. 31, 2021 | 105,940 | |||||
Beginning balance at Dec. 31, 2021 | 375,806 | $ 127 | 591,349 | (410,411) | (227) | 194,968 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income attributable to common stockholders | 50,209 | |||||
Ending balance (in shares) at Jun. 30, 2022 | 106,658 | |||||
Ending balance at Jun. 30, 2022 | 442,326 | $ 128 | 625,976 | (426,814) | (2,141) | 245,177 |
Beginning balance (in shares) at Mar. 31, 2022 | 106,221 | |||||
Beginning balance at Mar. 31, 2022 | 407,811 | $ 128 | 608,717 | (417,448) | (1,351) | 217,765 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 873 | |||||
Issuance of common stock upon exercise of options | 6,597 | $ 0 | 6,597 | |||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (436) | |||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (9,366) | (9,366) | ||||
Stock-based compensation | 10,662 | 10,662 | ||||
Other comprehensive income (loss), net of tax | (790) | (790) | ||||
Net income attributable to common stockholders | 27,412 | 27,412 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 106,658 | |||||
Ending balance at Jun. 30, 2022 | $ 442,326 | $ 128 | $ 625,976 | $ (426,814) | $ (2,141) | $ 245,177 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 is a commercial-stage pharmaceutical company engaged in the discovery and development of medications to treat severe endocrine, oncologic, metabolic and neurological disorders by modulating the effects of the hormone cortisol. In 2012, the United States Food and Drug Administration (“FDA”) approved Korlym (“mifepristone”) 300 mg tablets, as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery. We have discovered and patented four structurally distinct series of selective cortisol modulators, consisting of more than 1,000 compounds. We are developing compounds from these series as potential treatments for a broad range of serious disorders. We were incorporated in the State of Delaware in May 1998. Our headquarters are located in Menlo Park, California. Basis of Presentation We have prepared the following in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of June 30, 2022 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and six-month periods ended June 30, 2022 and 2021 and (iii) condensed consolidated statements of cash flows for the six-month periods ended June 30, 2022 and 2021. 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-month periods ended June 30, 2022 are not necessarily indicative of the results for the remainder of 2022 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K. The December 31, 2021 balance sheet was derived from audited financial statements at that date. There have been no material changes to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2021. |
Composition of Certain Balance
Composition of Certain Balance Sheet Items | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Composition of Certain Balance Sheet Items | Composition of Certain Balance Sheet Items Inventory June 30, December 31, (in thousands) Work in progress $ 11,374 $ 11,450 Finished goods 6,041 6,500 Total inventory 17,415 17,950 Less strategic inventory classified as non-current (11,978) (12,962) Total inventory classified as current $ 5,437 $ 4,988 Because we rely on a single manufacturer to produce Korlym’s active pharmaceutical ingredient (“API”), we have purchased and hold significant quantities of API, included in work in progress inventory. We classify inventory we do not expect to sell within 12 months of the balance sheet date as “Strategic Inventory,” a long-term asset. Property and equipment, net of accumulated depreciation and amortization June 30, December 31, (in thousands) Furniture and equipment $ 1,204 $ 1,157 Software 1,508 1,508 Leasehold improvements 1,479 1,262 Total property and equipment 4,191 3,927 Less accumulated depreciation and amortization (3,329) (2,925) Property and equipment, net of accumulated depreciation and amortization $ 862 $ 1,002 Accrued and other liabilities June 30, December 31, (in thousands) Government rebates $ 12,015 $ 11,174 Accrued compensation 8,873 13,339 Legal fees 1,351 842 Accrued selling and marketing costs 1,138 1,351 Professional fees 744 150 Other 623 809 Total accrued and other liabilities $ 24,744 $ 27,665 Other assets As of June 30, 2022 and December 31, 2021, other assets included $1.7 million and $2.9 million of deposits for clinical trials, respectively. |
Available-for-Sale Securities a
Available-for-Sale Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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, December 31, (in thousands) Cash equivalents $ 15,239 $ 45,088 Short-term marketable securities 334,740 145,918 Long-term marketable securities 11,890 112,277 Total marketable securities $ 361,869 $ 303,283 The following table presents our available-for-sale securities grouped by asset type: Fair Value June 30, 2022 December 31, 2021 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 $ 150,169 $ — $ (1,380) $ 148,789 $ 125,370 $ 3 $ (276) $ 125,097 Commercial paper Level 2 96,468 — — 96,468 30,963 — — 30,963 Asset-backed securities Level 2 27,733 — (75) 27,658 57,801 — (67) 57,734 U.S. Treasury securities Level 1 74,161 — (447) 73,714 44,473 — (72) 44,401 Money market funds Level 1 15,240 — — 15,240 45,088 — — 45,088 Total marketable securities $ 363,771 $ — $ (1,902) $ 361,869 $ 303,695 $ 3 $ (415) $ 303,283 We estimate the fair value of marketable securities classified as Level 1 using quoted market prices obtained from a commercial pricing service for these or identical investments. We estimate the fair value of marketable securities classified as Level 2 using inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. We periodically review our debt securities to determine if any of our investments is impaired due to the issuer’s poor credit or other reasons. If the fair value of our investment is less than our amortized cost, we evaluate quantitative and subjective factors – including, but not limited to, the nature of security, changes in credit ratings and analyst reports concerning the security’s issuer and industry, interest rate fluctuations and general market conditions to determine whether an allowance for credit losses is appropriate. As of June 30, 2022 and December 31, 2021, unrealized losses on our available-for-sale debt securities were $1.9 million and $0.4 million, respectively. None of our investments, including those with unrealized losses, are impaired. Unrealized losses on our investments are due to interest rate fluctuations. We do not intend to sell investments that currently have unrealized losses and it is highly unlikely that we will sell any investment before recovery of its amortized cost basis, which may be at maturity. Accordingly, we have not recorded an allowance for credit losses for these investments. We classified accrued interest on our marketable securities of $1.7 million and $1.4 million as of June 30, 2022 and December 31, 2021, respectively, as prepaid and other current assets on our condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThere 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, 2021. 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. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases We lease our office facilities in Menlo Park, California. In March 2022, we amended our lease to extend its term from March 31, 2022 to June 30, 2023. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $2.8 million. The right-of-use asset and lease liability recognized equals the present value of the remaining payments due under our amended lease. As the operating lease for our facilities does not expressly state an interest rate, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a collateralized loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. We recognize operating lease payments as expenses using the straight-line method over the term of the lease. Operating lease expense for the three and six months ended June 30, 2022 was $0.6 million and $1.1 million, respectively, compared to $0.5 million and $1.0 million, respectively, for the comparable periods in 2021. Our right-of-use assets and related lease liabilities were as follows (in thousands, except weighted average amounts): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Cash paid for operating lease liabilities $ 578 $ 530 $ 1,108 $ 1,044 Right-of-use assets obtained in exchange for new operating lease obligations $ — $ — $ 2,816 $ — Weighted-average remaining lease term 12 months 9 months Weighted-average discount rate 4.0 % 4.8 % As of June 30, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands): 2022 (remainder) $ 1,157 2023 1,157 Total lease payments 2,314 Less imputed interest (50) Present value of operating lease liabilities $ 2,264 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Incentive Award Plan We have one stock option plan – the Corcept Therapeutics Incorporated 2012 Incentive Award Plan (the “2012 Plan”). In December 2021, our Board of Directors authorized a 4.2 million increase in the shares available for grant under the 2012 Plan. Stock Options During the three and six months ended June 30, 2022, we issued 0.9 million and 1.5 million, respectively, shares of our common stock upon the exercise of stock options. Some option holders exercised their options on a “net exercise” basis, pursuant to which they surrendered to us, and we purchased from them, at the then current market price, shares equal in value to the associated exercise price and tax withholding obligations. During the three and six months ended June 30, 2022, we purchased 0.4 million and 0.7 million shares in connection with such option net exercises and paid $3.3 million and $5.2 million, respectively, to satisfy associated tax withholding obligations. During the three and six months ended June 30, 2021, we issued 0.9 million and 2.7 million, respectively, shares of our common stock upon the exercise of stock options. During the three and six months ended June 30, 2021, we purchased 0.1 million and 1.0 million shares in connection with option net exercises and paid $1.6 million and $18.1 million, respectively, to satisfy associated tax withholding obligations. We recorded purchased shares as treasury stock on our condensed consolidated balance sheets at cost. As of June 30, 2022 and December 31, 2021, we had 22.0 million and 21.3 million treasury shares outstanding, respectively. Restricted Stock Units (“RSUs”) During the three months ended March 31, 2022, we granted employees 0.2 million RSUs with a weighted-average grant date fair value of $19.34 per share. No RSUs were granted during the three months ended June 30, 2022. Restricted Stock Awards (“RSAs”) During the three and six months ended June 30, 2022, we granted employees 0.1 million RSAs with a weighted-average grant date fair value of $22.58 per share. RSAs include voting and dividend rights and are therefore “participating” shares for the purpose of calculating basic and diluted net income per share. See “Note 7” below. No RSAs vested during the periods. Employee Stock Purchase Plan (“ESPP”) In February 2022, we adopted an ESPP that allows employees to set aside, by means of payroll deductions, up to ten percent of their annual cash compensation for the purchase of our common stock. Shares are issued to participating employees from the 2012 Plan on March 1st and September 1st of each year (or, if those dates fall on holidays or weekends, on the first business day thereafter) at the then-current fair market value of our stock, as determined at the close of trading on those days. Payroll deductions for participating employees began April 1, 2022, and the first purchase under the plan will take place on September 1, 2022. For each purchased share held for one year, the purchasing employee will receive one matching share, also issued from the 2012 Plan, net of any applicable tax withholding. There is no vesting requirement with respect to shares issued pursuant to the ESPP. Shares purchased pursuant to the ESPP as well as any matching shares issued upon satisfaction of the one-year holding requirement may be held, sold or otherwise transferred at the employee’s sole discretion. Stock-based Compensation Stock-based compensation expense associated with stock options and awards of restricted stock is measured at the grant date based on the fair value of the award, and is recognized, net of forfeitures, as expense over the remaining requisite service period on a straight-line basis. The Company values restricted stock at the closing market price of the Company’s common stock on the date of grant. The following table summarizes our stock-based compensation by account: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation capitalized in inventory $ 56 $ 63 $ 120 $ 104 Cost of sales 14 16 30 26 Research and development 3,186 3,825 6,557 7,330 Selling, general and administrative 7,406 7,227 14,780 13,813 Total stock-based compensation $ 10,662 $ 11,131 $ 21,487 $ 21,273 |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share We compute our basic and diluted net income per share in conformity with the two-class method required for companies with participating shares. Under the two-class method, net income is determined by allocating net income between common stock and unvested RSAs. We compute basic net income per share by dividing our net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. We compute diluted net income per share by dividing our net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, including potentially dilutive stock options and unvested RSUs, less unvested RSAs. We use the treasury stock method to determine the number of dilutive shares of common stock resulting from stock options and unvested RSUs. The following table shows the computation of net income per share for each period: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands, except per share amounts) Numerator: Net income attributable to common stockholders $ 27,398 $ 26,523 $ 50,196 $ 49,988 Denominator: Weighted-average shares used to compute basic net income per common share 106,289 116,294 106,151 116,555 Dilutive effect of employee stock options and unvested RSUs 9,110 10,386 9,071 11,649 Weighted-average shares used to compute diluted net income per common share 115,399 126,680 115,222 128,204 Net income per share attributable to common stockholders Basic $ 0.26 $ 0.23 $ 0.47 $ 0.43 Diluted $ 0.24 $ 0.21 $ 0.44 $ 0.39 As of June 30, 2022, we had 25.4 million stock options, 0.2 million RSUs and 0.1 million RSAs outstanding. As of June 30, 2021, we had 26.0 million stock options outstanding and no outstanding RSUs or RSAs. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax expense of $4.7 million and $8.7 million for the three and six months ended June 30, 2022, respectively. In the three and six months ended June 30, 2021, our income tax expense was $5.5 million and $2.0 million, respectively. The decrease in income tax expense during the three months ended June 30, 2022 was primarily due to increased research credits generated as compared to the corresponding period in 2021. The increase in income tax expense during the six months ended June 30, 2022 was primarily due to increased income before income taxes and decreased excess tax deductions from stock-based compensation as compared to the corresponding period in 2021. Our effective tax rate differs from the federal statutory rate due to state income taxes and the non-deductible portion of our stock-based compensation, which increased our tax expense, offset by research and development tax credits and the excess tax deduction arising from the exercise of employee stock options, which reduced our taxable income. During the three and six months ended June 30, 2022, unrecognized tax benefits increased by $0.6 million and $1.0 million, respectively. As of June 30, 2022, the Company had unrecognized tax benefits of $8.1 million that, if recognized, would reduce the Company’s effective tax rate and approximately $2.1 million of unrecognized tax benefits that would not reduce the effective tax rate, because they would be offset by an increase in the valuation allowance. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 1, 2022, we amended the pharmaceutical manufacturer services agreement between us and Optime Care, Inc. (“Optime”), dated as of August 4, 2017 (the “Optime Agreement”), to extend its term to September 30, 2022. The material terms of the Optime Agreement are described in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 7, 2017, as qualified by reference to the original agreement, a copy of which was filed as an exhibit to our Quarterly Report on Form 10-Q filed with the SEC on November 2, 2017. On August 2, 2022, we entered into a distribution and services agreement (the “Agreement”) with Orsini Pharmaceutical Services, LLC (“Orsini”) under the terms of which, subject to certain exceptions, Orsini will act as the exclusive specialty pharmacy dispensing Korlym in the United States. Pursuant to the Agreement, Orsini will provide services related to pharmacy operations; patient intake, access and reimbursement; patient support; shipping, claims management and accounts receivable; and reporting. The Agreement's initial term ends August 31, 2027, unless earlier terminated. The Agreement contains customary termination provisions, representations, warranties and covenants. Subject to certain limitations, we will indemnify Orsini for third-party claims related to Korlym. Each party will indemnify the other for certain breaches of representations, warranties, covenants and other specified matters. The Agreement may be extended by the mutual written agreement of the parties. The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, which will be filed as an exhibit to our Quarterly Report on Form 10-Q for the period ending September 30, 2022. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and six-month periods ended June 30, 2022 and 2021 and (iii) condensed consolidated statements of cash flows for the six-month periods ended June 30, 2022 and 2021. 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-month periods ended June 30, 2022 are not necessarily indicative of the results for the remainder of 2022 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2021 included in our Annual Report on Form 10-K. The December 31, 2021 balance sheet was derived from audited financial statements at that date. |
Composition of Certain Balanc_2
Composition of Certain Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of composition of inventory, current | Inventory June 30, December 31, (in thousands) Work in progress $ 11,374 $ 11,450 Finished goods 6,041 6,500 Total inventory 17,415 17,950 Less strategic inventory classified as non-current (11,978) (12,962) Total inventory classified as current $ 5,437 $ 4,988 |
Schedule of composition of inventory, noncurrent | Inventory June 30, December 31, (in thousands) Work in progress $ 11,374 $ 11,450 Finished goods 6,041 6,500 Total inventory 17,415 17,950 Less strategic inventory classified as non-current (11,978) (12,962) Total inventory classified as current $ 5,437 $ 4,988 |
Schedule of property and equipment | Property and equipment, net of accumulated depreciation and amortization June 30, December 31, (in thousands) Furniture and equipment $ 1,204 $ 1,157 Software 1,508 1,508 Leasehold improvements 1,479 1,262 Total property and equipment 4,191 3,927 Less accumulated depreciation and amortization (3,329) (2,925) Property and equipment, net of accumulated depreciation and amortization $ 862 $ 1,002 |
Schedule of other accrued liabilities | Accrued and other liabilities June 30, December 31, (in thousands) Government rebates $ 12,015 $ 11,174 Accrued compensation 8,873 13,339 Legal fees 1,351 842 Accrued selling and marketing costs 1,138 1,351 Professional fees 744 150 Other 623 809 Total accrued and other liabilities $ 24,744 $ 27,665 |
Available-for-Sale Securities_2
Available-for-Sale Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, December 31, (in thousands) Cash equivalents $ 15,239 $ 45,088 Short-term marketable securities 334,740 145,918 Long-term marketable securities 11,890 112,277 Total marketable securities $ 361,869 $ 303,283 |
Schedule of available-for-sale securities | The following table presents our available-for-sale securities grouped by asset type: Fair Value June 30, 2022 December 31, 2021 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 $ 150,169 $ — $ (1,380) $ 148,789 $ 125,370 $ 3 $ (276) $ 125,097 Commercial paper Level 2 96,468 — — 96,468 30,963 — — 30,963 Asset-backed securities Level 2 27,733 — (75) 27,658 57,801 — (67) 57,734 U.S. Treasury securities Level 1 74,161 — (447) 73,714 44,473 — (72) 44,401 Money market funds Level 1 15,240 — — 15,240 45,088 — — 45,088 Total marketable securities $ 363,771 $ — $ (1,902) $ 361,869 $ 303,695 $ 3 $ (415) $ 303,283 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of information of leases asset and liabilities | Our right-of-use assets and related lease liabilities were as follows (in thousands, except weighted average amounts): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Cash paid for operating lease liabilities $ 578 $ 530 $ 1,108 $ 1,044 Right-of-use assets obtained in exchange for new operating lease obligations $ — $ — $ 2,816 $ — Weighted-average remaining lease term 12 months 9 months Weighted-average discount rate 4.0 % 4.8 % |
Schedule of future minimum lease payments under non-cancelable operating leases | As of June 30, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands): 2022 (remainder) $ 1,157 2023 1,157 Total lease payments 2,314 Less imputed interest (50) Present value of operating lease liabilities $ 2,264 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of stock-based compensation | The following table summarizes our stock-based compensation by account: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation capitalized in inventory $ 56 $ 63 $ 120 $ 104 Cost of sales 14 16 30 26 Research and development 3,186 3,825 6,557 7,330 Selling, general and administrative 7,406 7,227 14,780 13,813 Total stock-based compensation $ 10,662 $ 11,131 $ 21,487 $ 21,273 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 2022 2021 (in thousands, except per share amounts) Numerator: Net income attributable to common stockholders $ 27,398 $ 26,523 $ 50,196 $ 49,988 Denominator: Weighted-average shares used to compute basic net income per common share 106,289 116,294 106,151 116,555 Dilutive effect of employee stock options and unvested RSUs 9,110 10,386 9,071 11,649 Weighted-average shares used to compute diluted net income per common share 115,399 126,680 115,222 128,204 Net income per share attributable to common stockholders Basic $ 0.26 $ 0.23 $ 0.47 $ 0.43 Diluted $ 0.24 $ 0.21 $ 0.44 $ 0.39 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2022 series | |
Accounting Policies [Abstract] | |
Number of series of selective cortisol modulators | 4 |
Composition of Certain Balanc_3
Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Work in progress | $ 11,374 | $ 11,450 |
Finished goods | 6,041 | 6,500 |
Total inventory | 17,415 | 17,950 |
Less strategic inventory classified as non-current | (11,978) | (12,962) |
Total inventory classified as current | $ 5,437 | $ 4,988 |
Composition of Certain Balanc_4
Composition of Certain Balance Sheet Items - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,191 | $ 3,927 |
Less accumulated depreciation and amortization | (3,329) | (2,925) |
Property and equipment, net of accumulated depreciation and amortization | 862 | 1,002 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,204 | 1,157 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,508 | 1,508 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,479 | $ 1,262 |
Composition of Certain Balanc_5
Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Government rebates | $ 12,015 | $ 11,174 |
Accrued compensation | 8,873 | 13,339 |
Legal fees | 1,351 | 842 |
Accrued selling and marketing costs | 1,138 | 1,351 |
Professional fees | 744 | 150 |
Other | 623 | 809 |
Total accrued and other liabilities | $ 24,744 | $ 27,665 |
Composition of Certain Balanc_6
Composition of Certain Balance Sheet Items - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Deposits for clinical trials | $ 1.7 | $ 2.9 |
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, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 361,869 | $ 303,283 |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 15,239 | 45,088 |
Short-term marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 334,740 | 145,918 |
Long-term marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 11,890 | $ 112,277 |
Available-for-Sale Securities_4
Available-for-Sale Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 361,869 | $ 303,283 |
Estimate of fair value measurement | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 363,771 | 303,695 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (1,902) | (415) |
Estimated Fair Value | 361,869 | 303,283 |
Estimate of fair value measurement | Corporate bonds | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 150,169 | 125,370 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (1,380) | (276) |
Estimated Fair Value | 148,789 | 125,097 |
Estimate of fair value measurement | Commercial paper | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 96,468 | 30,963 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 96,468 | 30,963 |
Estimate of fair value measurement | Asset-backed securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 27,733 | 57,801 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (75) | (67) |
Estimated Fair Value | 27,658 | 57,734 |
Estimate of fair value measurement | U.S. Treasury securities | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 74,161 | 44,473 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (447) | (72) |
Estimated Fair Value | 73,714 | 44,401 |
Estimate of fair value measurement | Money market funds | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,240 | 45,088 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 15,240 | $ 45,088 |
Available-for-Sale Securities_5
Available-for-Sale Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest receivable, current | $ 1,700 | $ 1,400 |
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 | 21 months | |
Estimate of fair value measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross Unrealized Losses | $ (1,902) | $ (415) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Losses for contingent liability | $ 0 |
Provision for a loss contingency | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||||||
Operating lease right-of-use asset | $ 2,264 | $ 2,264 | $ 514 | |||
Present value of operating lease liabilities | 2,264 | 2,264 | ||||
Operating lease expenses | $ 600 | $ 500 | $ 1,100 | $ 1,000 | ||
Accounting Standards Update 2016-02 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease right-of-use asset | $ 2,800 | |||||
Present value of operating lease liabilities | $ 2,800 |
Leases - Right-of-use Assets an
Leases - Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Cash paid for operating lease liabilities | $ 578 | $ 530 | $ 1,108 | $ 1,044 |
Right-of-use assets obtained in connection with operating lease obligations | $ 0 | $ 0 | $ 2,816 | $ 0 |
Weighted-average remaining lease term (months) | 12 months | 9 months | 12 months | 9 months |
Weighted-average discount rate | 4% | 4.80% | 4% | 4.80% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (remainder) | $ 1,157 |
2023 | 1,157 |
Total lease payments | 2,314 |
Less imputed interest | (50) |
Present value of operating lease liabilities | $ 2,264 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 shares | Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 $ / shares shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2022 USD ($) stockOptionPlan shares | Jun. 30, 2021 USD ($) shares | |
Shareholders Equity [Line Items] | ||||||
Number of stock option plans | stockOptionPlan | 1 | |||||
Payment tax withholding share-based payment arrangement | $ | $ 5,194 | $ 18,054 | ||||
Vested in period (in shares) | 0 | 0 | ||||
2012 Equity Incentive Award Plan | ||||||
Shareholders Equity [Line Items] | ||||||
Increase in shares authorized for grant | 4,200,000 | |||||
Stock Options to Purchase Common Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Issuance of common stock upon exercise of options (in shares) | 900,000 | 900,000 | 1,500,000 | 2,700,000 | ||
Shares withheld for tax withholding obligation | 400,000 | 100,000 | 700,000 | 1,000,000 | ||
Payment tax withholding share-based payment arrangement | $ | $ 3,300 | $ 1,600 | $ 5,200 | $ 18,100 | ||
Treasury stock, shares | 21,300,000 | 22,000,000 | 22,000,000 | |||
Restricted Stock Units (RSUs) | ||||||
Shareholders Equity [Line Items] | ||||||
Grants in period (in shares) | 0 | 200,000 | ||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.34 | |||||
Restricted Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Grants in period (in shares) | 100,000 | |||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.58 | |||||
Employee Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate | 10% | 10% | ||||
Award Holding period | 1 year |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation capitalized in inventory | $ 56 | $ 63 | $ 120 | $ 104 |
Total stock-based compensation | 10,662 | 11,131 | 21,487 | 21,273 |
Cost of sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 14 | 16 | 30 | 26 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 3,186 | 3,825 | 6,557 | 7,330 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | $ 7,406 | $ 7,227 | $ 14,780 | $ 13,813 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net income attributable to common stockholders diluted | $ 27,398 | $ 26,523 | $ 50,196 | $ 49,988 |
Net income attributable to common stockholders basic | $ 27,398 | $ 26,523 | $ 50,196 | $ 49,988 |
Denominator: | ||||
Weighted-average shares used to compute basic net income per common share | 106,289 | 116,294 | 106,151 | 116,555 |
Dilutive effect of employee stock options (in shares) | 9,110 | 10,386 | 9,071 | 11,649 |
Weighted-average shares used to compute diluted net income per common share | 115,399 | 126,680 | 115,222 | 128,204 |
Net income per share attributable to common stockholders | ||||
Basic (in dollars per share) | $ 0.26 | $ 0.23 | $ 0.47 | $ 0.43 |
Diluted (in dollars per share) | $ 0.24 | $ 0.21 | $ 0.44 | $ 0.39 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stock options outstanding (in shares) | 26,000,000 | 26,000,000 | |||
Stock Options to Purchase Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stock options outstanding (in shares) | 25,400,000 | 25,400,000 | |||
Restricted Stock Units (RSUs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Equity instruments other than options, outstanding | 200,000 | 0 | 200,000 | 0 | |
Grants in period (in shares) | 0 | 200,000 | |||
Restricted Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Equity instruments other than options, outstanding | 100,000 | 0 | 100,000 | 0 | |
Grants in period (in shares) | 100,000 | ||||
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 | 4,600,000 | 3,500,000 | |||
Restricted Stock Units and Stock Options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average options excluded from the computation of diluted net income per share | 7,800,000 | 7,300,000 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 4,650 | $ 5,530 | $ 8,702 | $ 1,978 |
Unrecognized tax benefits, period increase | 600 | 1,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 8,100 | 8,100 | ||
Unrecognized tax benefits that would be offset by a change in valuation allowance | $ 2,100 | $ 2,100 |