Corcept Therapeutics (CORT) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		107,649,854
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001088856
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 50,243	$ 77,617
Short-term marketable securities	346,019	145,918
Trade receivables, net of allowances	29,414	27,625
Inventory	6,046	4,988
Prepaid expenses and other current assets	20,680	10,315
Total current assets	452,402	266,463
Strategic inventory	11,027	12,962
Operating lease right-of-use asset	1,707	514
Property and equipment, net of accumulated depreciation and amortization	801	1,002
Long-term marketable securities	4,895	112,277
Other assets	5,081	3,083
Deferred tax assets, net	57,342	27,455
Total assets	533,255	423,756
Current liabilities:
Accounts payable	8,178	6,908
Accrued research and development expenses	13,771	12,442
Accrued and other liabilities	29,412	27,665
Short-term operating lease liability	1,707	526
Total current liabilities	53,068	47,541
Long-term accrued income taxes payable	6,823	409
Total liabilities	59,891	47,950
Commitments and contingencies
Stockholders’ equity:
Preferred stock	0	0
Common stock	130	127
Treasury stock	(453,001)	(410,411)
Additional paid-in capital	648,831	591,349
Accumulated other comprehensive loss	(2,381)	(227)
Retained earnings	279,785	194,968
Total stockholders’ equity	473,364	375,806
Total liabilities and stockholders’ equity	$ 533,255	$ 423,756

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Product revenue, net	$ 101,728	$ 96,131	$ 298,802	$ 267,156
Operating expenses:
Cost of sales	1,339	1,275	3,905	3,927
Research and development	33,292	28,091	94,237	85,345
Selling, general and administrative	35,163	30,533	110,525	90,071
Total operating expenses	69,794	59,899	208,667	179,343
Income from operations	31,934	36,232	90,135	87,813
Interest and other income	1,070	72	1,780	457
Income before income taxes	33,004	36,304	91,915	88,270
Income tax benefit (expense)	1,604	(5,833)	(7,098)	(7,811)
Net income	34,608	30,471	84,817	80,459
Net income attributable to common stockholders basic	34,550	30,471	84,755	80,459
Net income attributable to common stockholders diluted	$ 34,550	$ 30,471	$ 84,755	$ 80,459
Basic net income per common share (in dollars per share)	$ 0.32	$ 0.26	$ 0.80	$ 0.69
Diluted net income per common share (in dollars per share)	$ 0.30	$ 0.24	$ 0.73	$ 0.63
Weighted-average shares outstanding used in computing net income per common share
Basic (in shares)	107,125	115,791	106,479	116,297
Diluted (in shares)	116,620	125,136	115,818	127,173

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 34,608	$ 30,471	$ 84,817	$ 80,459
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale investments, net of tax effect of $(23), $8, $449 and $85, respectively	74	(23)	(1,415)	(265)
Foreign currency translation loss, net of tax	(314)	(77)	(739)	(35)
Total comprehensive income	$ 34,368	$ 30,371	$ 82,663	$ 80,159

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 84,817	$ 80,459
Adjustments to reconcile net income to net cash provided by operations:
Stock-based compensation	31,921	32,121
Amortization of interest income	2,121	3,805
Depreciation and amortization of property and equipment	599	783
Deferred income taxes	(29,438)	2,047
Non-cash amortization of right-of-use asset	1,623	1,487
Changes in operating assets and liabilities:
Trade receivables	(1,789)	(310)
Inventory	1,074	2,655
Prepaid expenses and other current assets	(10,365)	(2,288)
Other assets	(1,998)	894
Accounts payable	515	(3,961)
Accrued research and development expenses	1,329	(860)
Accrued and other liabilities	1,747	3,123
Long-term accrued income taxes	6,414	15
Operating lease liability	(1,635)	(1,505)
Net cash provided by operating activities	86,935	118,465
Cash flows from investing activities:
Purchases of property and equipment	(382)	(404)
Proceeds from maturities of marketable securities	161,718	308,864
Purchases of marketable securities	(258,422)	(312,805)
Net cash used in investing activities	(97,086)	(4,345)
Cash flows from financing activities:
Proceeds from issuance of common stock under our incentive award plan, net of issuance costs	3,596	13,182
Repurchase of common stock	0	(88,485)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants	(20,819)	(20,319)
Net cash used in financing activities	(17,223)	(95,622)
Net (decrease) increase in cash and cash equivalents	(27,374)	18,498
Cash and cash equivalents, at beginning of period	77,617	76,190
Cash and cash equivalents, at end of period	50,243	94,688
Supplemental disclosure:
Exercise cost of shares repurchased for net settlement of cashless option exercises	21,975	9,705
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 (in shares)		(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	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	80,459
Ending balance (in shares) at Sep. 30, 2021		115,303
Ending balance at Sep. 30, 2021	540,229	$ 126	571,377	(194,304)	115	162,915
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 (in shares)		(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	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		904
Issuance of common stock upon exercise of options	6,225	$ 1	6,224
Purchases of treasury stock (in shares)		(1,220)
Purchases of treasury stock	(25,775)			(25,775)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(202)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(4,266)			(4,266)
Stock-based compensation	10,999		10,999
Other comprehensive income (loss), net of tax	(100)				(100)
Net income	30,471					30,471
Ending balance (in shares) at Sep. 30, 2021		115,303
Ending balance at Sep. 30, 2021	540,229	$ 126	571,377	(194,304)	115	162,915
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 (in shares)		(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	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	84,817
Ending balance (in shares) at Sep. 30, 2022		107,611
Ending balance at Sep. 30, 2022	473,364	$ 130	648,831	(453,001)	(2,381)	279,785
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		6,597
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(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	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options (in shares)		1,934
Issuance of common stock upon exercise of options	12,226	$ 2	12,224
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares)		(981)
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises	(26,187)			(26,187)
Stock-based compensation	10,631		10,631
Other comprehensive income (loss), net of tax	(240)				(240)
Net income	34,608					34,608
Ending balance (in shares) at Sep. 30, 2022		107,611
Ending balance at Sep. 30, 2022	$ 473,364	$ 130	$ 648,831	$ (453,001)	$ (2,381)	$ 279,785

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale investments, tax (expense) benefit	$ (23)	$ 8	$ 449	$ 85

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 (collectively, “Corcept,” the “Company,” “we,” “us” and “our”) 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 September 30, 2022, (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and nine-month periods ended September 30, 2022 and 2021, and (iii) condensed consolidated statements of cash flows for the nine-month periods ended September 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 nine-month periods ended September 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	9 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Composition of Certain Balance Sheet Items	Composition of Certain Balance Sheet Items Inventory September 30, December 31, (in thousands) Work in progress $ 11,171 $ 11,450 Finished goods 5,902 6,500 Total inventory 17,073 17,950 Less strategic inventory classified as non-current (11,027) (12,962) Total inventory classified as current $ 6,046 $ 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 September 30, December 31, (in thousands) Furniture and equipment $ 1,220 $ 1,157 Software 1,508 1,508 Leasehold improvements 1,597 1,262 Total property and equipment 4,325 3,927 Less accumulated depreciation and amortization (3,524) (2,925) Property and equipment, net of accumulated depreciation and amortization $ 801 $ 1,002 Accrued and other liabilities September 30, December 31, (in thousands) Accrued compensation $ 12,297 $ 13,339 Government rebates 11,683 11,174 Legal fees 2,058 842 Accrued selling and marketing costs 1,602 1,351 Professional fees 909 150 Other 863 809 Total accrued and other liabilities $ 29,412 $ 27,665 Other assets As of September 30, 2022 and December 31, 2021, other assets included $4.9 million and $2.9 million of deposits for clinical trials, respectively.

Available-for-Sale Securities a

Available-for-Sale Securities and Fair Value Measurements	9 Months Ended
	Sep. 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: September 30, December 31, (in thousands) Cash equivalents $ 24,973 $ 45,088 Short-term marketable securities 346,019 145,918 Long-term marketable securities 4,895 112,277 Total marketable securities $ 375,887 $ 303,283 The following table presents our available-for-sale securities grouped by asset type: Fair Value September 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 $ 151,372 $ — $ (1,415) $ 149,957 $ 125,370 $ 3 $ (276) $ 125,097 Commercial paper Level 2 118,993 — — 118,993 30,963 — — 30,963 Asset-backed securities Level 2 8,423 — (10) 8,413 57,801 — (67) 57,734 U.S. Treasury securities Level 1 73,952 — (402) 73,550 44,473 — (72) 44,401 Money market funds Level 1 24,974 — — 24,974 45,088 — — 45,088 Total marketable securities $ 377,714 $ — $ (1,827) $ 375,887 $ 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. 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 $0.9 million and $1.4 million as of September 30, 2022 and December 31, 2021, respectively, as prepaid and other current assets on our condensed consolidated balance sheets. As of September 30, 2022, all our marketable securities had original maturities of less than two years. The weighted-average maturity of our holdings was five months. As of September 30, 2022, our long-term marketable securities had remaining maturities of 18 months. None of our marketable securities changed from one fair value hierarchy to another during the three and nine months ended September 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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, 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. For further information about our ongoing legal matters, see Part II. Item 1, Legal Proceedings .

Leases

Leases	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 was $0.6 million and $1.7 million, respectively, compared to $0.5 million and $1.6 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Cash paid for operating lease liabilities $ 578 $ 530 $ 1,687 $ 1,574 Right-of-use assets obtained in exchange for new operating lease obligations $ — $ — $ 2,816 $ — Weighted-average remaining lease term 9 months 6 months Weighted-average discount rate 4.0 % 4.8 % As of September 30, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands): 2022 (remainder) $ 578 2023 1,157 Total lease payments 1,735 Less imputed interest (28) Present value of operating lease liabilities $ 1,707

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 nine months ended September 30, 2022, we issued 1.9 million and 3.3 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 nine months ended September 30, 2022, we purchased 1.0 million and 1.7 million shares in connection with option net exercises and paid $15.4 million and $20.6 million, respectively, to satisfy associated tax withholding obligations. During the three and nine months ended September 30, 2021, we issued 0.9 million and 3.6 million, respectively, shares of our common stock upon the exercise of stock options. During the three and nine months ended September 30, 2021, we purchased 0.2 million and 1.2 million shares in connection with option net exercises and paid $2.3 million and $20.3 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 September 30, 2022 and December 31, 2021, we had 23.0 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 and September 30, 2022. Restricted Stock Awards (“RSAs”) During the three and nine months ended September 30, 2022, we granted employees 0.2 million and 0.3 million RSAs with a weighted-average grant date fair value of $26.19 and $25.20 per share, respectively. 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. 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 took place on September 1, 2022. For each purchased share, the participating employee will receive one matching share, also issued from the 2012 Plan if certain conditions are met. There is no vesting requirement for shares issued pursuant to the ESPP purchase. The matching share will be granted in the form of a RSA that will vest at one year from the respective ESPP purchase date, net of any applicable tax withholding. The vesting condition on the RSA is that the participating employee hold the corresponding share purchased under the ESPP for one year from the purchase date. Shares purchased pursuant to the ESPP 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation capitalized in inventory $ 77 $ 47 $ 197 $ 151 Cost of sales 19 12 49 38 Research and development 3,149 3,434 9,706 10,764 Selling, general and administrative 7,386 7,506 22,166 21,319 Total stock-based compensation $ 10,631 $ 10,999 $ 32,118 $ 32,272

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per ShareWe 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Numerator: Net income attributable to common stockholders $ 34,550 $ 30,471 $ 84,755 $ 80,459 Denominator: Weighted-average shares used to compute basic net income per common share 107,125 115,791 106,479 116,297 Dilutive effect of employee stock options and unvested RSUs 9,495 9,345 9,339 10,876 Weighted-average shares used to compute diluted net income per common share 116,620 125,136 115,818 127,173 Net income per share attributable to common stockholders Basic $ 0.32 $ 0.26 $ 0.80 $ 0.69 Diluted $ 0.30 $ 0.24 $ 0.73 $ 0.63 As of September 30, 2022, we had 23.5 million stock options, 0.2 million RSUs and 0.2 million RSAs outstanding. As of September 30, 2021, we had 25.5 million stock options outstanding and no RSUs or RSAs outstanding. We excluded from the computation of diluted net income per share, on a weighted-average basis, 7.5 million and 7.2 million stock options and unvested RSUs outstanding during the three and nine months ended September 30, 2022, respectively, and 5.3 million and 4.1 million stock options outstanding during the three and nine months ended September 30, 2021, respectively, because including them would have reduced dilution.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax benefit of $1.6 million for the three months ended September 30, 2022 and income tax expense of $7.1 million for the nine months ended September 30, 2022. In the three and nine months ended September 30, 2021, our income tax expense was $5.8 million and $7.8 million, respectively. The income tax benefit during the three months ended September 30, 2022 was due to excess tax deductions from stock-based compensation compared to income tax expense in the corresponding period in 2021. The decrease in income tax expense during the nine months ended September 30, 2022 was due to increased tax credits that were generated and utilized in the current year 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 nine months ended September 30, 2022, unrecognized tax benefits increased by $0.6 million and $1.6 million, respectively. As of September 30, 2022, the Company had unrecognized tax benefits of $8.4 million that, if recognized, would reduce the Company’s effective tax rate and approximately $2.4 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. Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. Except for the valuation allowances that offsets the value of our California net deferred tax assets, we have determined that it is more likely than not we will realize the benefit related to our deferred tax assets. To the extent we increase a valuation allowance, we will include an expense in the Condensed Consolidated Statement of Comprehensive Income in the period in which such determination is made. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the right to deduct research and development expenditures for tax purposes in the period the expenses were incurred and instead requires all U.S. and foreign research and development expenditures to be amortized over five and fifteen tax years, respectively. Congress has considered legislation that would defer the amortization requirement to later years, but as of September 30, 2022, the requirement has not been modified.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2022, (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and nine-month periods ended September 30, 2022 and 2021, and (iii) condensed consolidated statements of cash flows for the nine-month periods ended September 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 nine-month periods ended September 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)	9 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of composition of inventory, current	Inventory September 30, December 31, (in thousands) Work in progress $ 11,171 $ 11,450 Finished goods 5,902 6,500 Total inventory 17,073 17,950 Less strategic inventory classified as non-current (11,027) (12,962) Total inventory classified as current $ 6,046 $ 4,988
Schedule of composition of inventory, noncurrent	Inventory September 30, December 31, (in thousands) Work in progress $ 11,171 $ 11,450 Finished goods 5,902 6,500 Total inventory 17,073 17,950 Less strategic inventory classified as non-current (11,027) (12,962) Total inventory classified as current $ 6,046 $ 4,988
Schedule of property and equipment	Property and equipment, net of accumulated depreciation and amortization September 30, December 31, (in thousands) Furniture and equipment $ 1,220 $ 1,157 Software 1,508 1,508 Leasehold improvements 1,597 1,262 Total property and equipment 4,325 3,927 Less accumulated depreciation and amortization (3,524) (2,925) Property and equipment, net of accumulated depreciation and amortization $ 801 $ 1,002
Schedule of other accrued liabilities	Accrued and other liabilities September 30, December 31, (in thousands) Accrued compensation $ 12,297 $ 13,339 Government rebates 11,683 11,174 Legal fees 2,058 842 Accrued selling and marketing costs 1,602 1,351 Professional fees 909 150 Other 863 809 Total accrued and other liabilities $ 29,412 $ 27,665

Available-for-Sale Securities_2

Available-for-Sale Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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: September 30, December 31, (in thousands) Cash equivalents $ 24,973 $ 45,088 Short-term marketable securities 346,019 145,918 Long-term marketable securities 4,895 112,277 Total marketable securities $ 375,887 $ 303,283
Schedule of available-for-sale securities	The following table presents our available-for-sale securities grouped by asset type: Fair Value September 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 $ 151,372 $ — $ (1,415) $ 149,957 $ 125,370 $ 3 $ (276) $ 125,097 Commercial paper Level 2 118,993 — — 118,993 30,963 — — 30,963 Asset-backed securities Level 2 8,423 — (10) 8,413 57,801 — (67) 57,734 U.S. Treasury securities Level 1 73,952 — (402) 73,550 44,473 — (72) 44,401 Money market funds Level 1 24,974 — — 24,974 45,088 — — 45,088 Total marketable securities $ 377,714 $ — $ (1,827) $ 375,887 $ 303,695 $ 3 $ (415) $ 303,283

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Cash paid for operating lease liabilities $ 578 $ 530 $ 1,687 $ 1,574 Right-of-use assets obtained in exchange for new operating lease obligations $ — $ — $ 2,816 $ — Weighted-average remaining lease term 9 months 6 months Weighted-average discount rate 4.0 % 4.8 %
Schedule of future minimum lease payments under non-cancelable operating leases	As of September 30, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands): 2022 (remainder) $ 578 2023 1,157 Total lease payments 1,735 Less imputed interest (28) Present value of operating lease liabilities $ 1,707

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of stock-based compensation	The following table summarizes our stock-based compensation by account: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation capitalized in inventory $ 77 $ 47 $ 197 $ 151 Cost of sales 19 12 49 38 Research and development 3,149 3,434 9,706 10,764 Selling, general and administrative 7,386 7,506 22,166 21,319 Total stock-based compensation $ 10,631 $ 10,999 $ 32,118 $ 32,272

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Numerator: Net income attributable to common stockholders $ 34,550 $ 30,471 $ 84,755 $ 80,459 Denominator: Weighted-average shares used to compute basic net income per common share 107,125 115,791 106,479 116,297 Dilutive effect of employee stock options and unvested RSUs 9,495 9,345 9,339 10,876 Weighted-average shares used to compute diluted net income per common share 116,620 125,136 115,818 127,173 Net income per share attributable to common stockholders Basic $ 0.32 $ 0.26 $ 0.80 $ 0.69 Diluted $ 0.30 $ 0.24 $ 0.73 $ 0.63

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Work in progress	$ 11,171	$ 11,450
Finished goods	5,902	6,500
Total inventory	17,073	17,950
Less strategic inventory classified as non-current	(11,027)	(12,962)
Total inventory classified as current	$ 6,046	$ 4,988

Composition of Certain Balanc_4

Composition of Certain Balance Sheet Items - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,325	$ 3,927
Less accumulated depreciation and amortization	(3,524)	(2,925)
Property and equipment, net of accumulated depreciation and amortization	801	1,002
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,220	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	$ 1,597	$ 1,262

Composition of Certain Balanc_5

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 12,297	$ 13,339
Government rebates	11,683	11,174
Legal fees	2,058	842
Accrued selling and marketing costs	1,602	1,351
Professional fees	909	150
Other	863	809
Total accrued and other liabilities	$ 29,412	$ 27,665

Composition of Certain Balanc_6

Composition of Certain Balance Sheet Items - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Deposits for clinical trials	$ 4.9	$ 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	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 375,887	$ 303,283
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	24,973	45,088
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	346,019	145,918
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 4,895	$ 112,277

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	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 377,714	$ 303,695
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(1,827)	(415)
Estimated Fair Value	375,887	303,283
Corporate bonds | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	151,372	125,370
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(1,415)	(276)
Estimated Fair Value	149,957	125,097
Commercial paper | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	118,993	30,963
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	118,993	30,963
Asset-backed securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,423	57,801
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(10)	(67)
Estimated Fair Value	8,413	57,734
U.S. Treasury securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	73,952	44,473
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(402)	(72)
Estimated Fair Value	73,550	44,401
Money market funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,974	45,088
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 24,974	$ 45,088

Available-for-Sale Securities_5

Available-for-Sale Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest receivable, current	$ 0.9	$ 1.4
Maximum maturity period (in years)	2 years
Weighted average maturity period (in years)	5 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long term marketable securities, remaining maturity	18 months

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use asset	$ 1,707		$ 1,707		$ 2,800	$ 514
Operating lease liability	1,707		1,707		$ 2,800
Operating lease expenses	$ 600	$ 500	$ 1,700	$ 1,600

Leases - Right-of-use Assets an

Leases - Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Cash paid for operating lease liabilities	$ 578	$ 530	$ 1,687	$ 1,574
Right-of-use assets obtained in exchange for new operating lease obligations	$ 0	$ 0	$ 2,816	$ 0
Weighted-average remaining lease term (in months)	9 months	6 months	9 months	6 months
Weighted-average discount rate	4%	4.80%	4%	4.80%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Leases [Abstract]
2022 (remainder)	$ 578
2023	1,157
Total lease payments	1,735
Less imputed interest	(28)
Present value of operating lease liabilities	$ 1,707	$ 2,800

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Dec. 31, 2021 shares	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 shares	Mar. 31, 2022 $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) stockOptionPlan $ / shares shares	Sep. 30, 2021 USD ($) shares	Feb. 28, 2022
Shareholders Equity [Line Items]
Number of stock option plans | stockOptionPlan						1
Payment tax withholding share-based payment arrangement | $						$ 20,819	$ 20,319
2012 Equity Incentive Award Plan
Shareholders Equity [Line Items]
Increase in shares authorized for grant (in shares)	4,200,000
Stock Options to Purchase Common Stock
Shareholders Equity [Line Items]
Issuance of common stock upon exercise of options (in shares)		1,900,000			900,000	3,300,000	3,600,000
Shares withheld for tax withholding obligation (in shares)		1,000,000			200,000	1,700,000	1,200,000
Payment tax withholding share-based payment arrangement | $		$ 15,400			$ 2,300	$ 20,600	$ 20,300
Treasury shares outstanding (in shares)	21,300,000	23,000,000				23,000,000
Restricted Stock Units (RSUs)
Shareholders Equity [Line Items]
Grants in period (in shares)		0	0	200,000
Weighted average grant date fair value (in dollars per share) | $ / shares				$ 19.34
Restricted Stock Awards (RSAs)
Shareholders Equity [Line Items]
Grants in period (in shares)		200,000				300,000
Weighted average grant date fair value (in dollars per share) | $ / shares		$ 26.19				$ 25.20
Employee Stock
Shareholders Equity [Line Items]
ESPP maximum employee subscription rate								10%
Award holding period						1 year

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation capitalized in inventory	$ 77	$ 47	$ 197	$ 151
Total stock-based compensation	10,631	10,999	32,118	32,272
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	19	12	49	38
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	3,149	3,434	9,706	10,764
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 7,386	$ 7,506	$ 22,166	$ 21,319

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to common stockholders basic	$ 34,550	$ 30,471	$ 84,755	$ 80,459
Net income attributable to common stockholders diluted	$ 34,550	$ 30,471	$ 84,755	$ 80,459
Denominator:
Weighted-average shares used to compute basic net income per common share (in shares)	107,125	115,791	106,479	116,297
Dilutive effect of employee stock options (in shares)	9,495	9,345	9,339	10,876
Weighted-average shares used to compute diluted net income per common share (in shares)	116,620	125,136	115,818	127,173
Net income per share attributable to common stockholders
Basic (in dollars per share)	$ 0.32	$ 0.26	$ 0.80	$ 0.69
Diluted (in dollars per share)	$ 0.30	$ 0.24	$ 0.73	$ 0.63

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	23,500,000	25,500,000	23,500,000	25,500,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity instruments other than options, outstanding (in shares)	200,000	0	200,000	0
Restricted Stock Awards (RSAs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity instruments other than options, outstanding (in shares)	200,000	0	200,000	0
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)		5,300,000		4,100,000
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 (in shares)	7,500,000		7,200,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,604)	$ 5,833	$ 7,098	$ 7,811
Unrecognized tax benefits, period increase	600		1,600
Unrecognized tax benefits that would impact effective tax rate	8,400		8,400
Unrecognized tax benefits that would be offset by a change in valuation allowance	$ 2,400		$ 2,400