Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.001 par value | |
Trading Symbol | CORT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 102,546,606 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001088856 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 172,377 | $ 66,329 |
Short-term marketable securities | 190,885 | 365,343 |
Trade receivables, net of allowances | 32,553 | 31,057 |
Insurance recovery receivable related to Melucci litigation (Note 4) | 14,000 | 14,000 |
Inventory | 6,915 | 6,100 |
Prepaid expenses and other current assets | 15,858 | 16,424 |
Total current assets | 432,588 | 499,253 |
Strategic inventory | 8,762 | 10,931 |
Operating lease right-of-use asset | 235 | 1,143 |
Property and equipment, net | 413 | 633 |
Long-term marketable securities | 0 | 4,947 |
Other assets | 4,413 | 5,058 |
Deferred tax assets, net | 78,214 | 61,465 |
Total assets | 524,625 | 583,430 |
Current liabilities: | ||
Accounts payable | 7,976 | 11,976 |
Accrued research and development expenses | 18,607 | 14,573 |
Accrued and other liabilities | 52,179 | 30,799 |
Accrued settlement related to Melucci litigation (Note 4) | 14,000 | 14,000 |
Short-term operating lease liability | 297 | 1,143 |
Total current liabilities | 93,059 | 72,491 |
Long-term accrued income taxes payable | 9,952 | 9,097 |
Total liabilities | 103,011 | 81,588 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 132 | 131 |
Treasury stock | (614,074) | (456,148) |
Additional paid-in capital | 695,718 | 662,342 |
Accumulated other comprehensive income (loss) | 45 | (869) |
Retained earnings | 339,793 | 296,386 |
Total stockholders’ equity | 421,614 | 501,842 |
Total liabilities and stockholders’ equity | $ 524,625 | $ 583,430 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Product revenue, net | $ 117,715 | $ 103,386 | $ 223,369 | $ 197,074 |
Operating expenses: | ||||
Cost of sales | 1,574 | 1,316 | 2,960 | 2,566 |
Research and development | 43,277 | 32,825 | 84,128 | 60,945 |
Selling, general and administrative | 43,281 | 37,813 | 91,845 | 75,362 |
Total operating expenses | 88,132 | 71,954 | 178,933 | 138,873 |
Income from operations | 29,583 | 31,432 | 44,436 | 58,201 |
Interest and other income | 3,347 | 630 | 6,928 | 710 |
Income before income taxes | 32,930 | 32,062 | 51,364 | 58,911 |
Income tax expense | (5,402) | (4,650) | (7,957) | (8,702) |
Net income | 27,528 | 27,412 | 43,407 | 50,209 |
Net income attributable to common stockholders basic | 27,356 | 27,398 | 43,173 | 50,196 |
Net income attributable to common stockholders diluted | $ 27,356 | $ 27,398 | $ 43,173 | $ 50,196 |
Basic net income per share (in dollars per share) | $ 0.27 | $ 0.26 | $ 0.41 | $ 0.47 |
Diluted net income per share (in dollars per share) | $ 0.25 | $ 0.24 | $ 0.38 | $ 0.44 |
Weighted-average shares outstanding used in computing net income per common share | ||||
Basic (in shares) | 101,964 | 106,289 | 104,908 | 106,151 |
Diluted (in shares) | 109,590 | 115,399 | 112,492 | 115,222 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to common stockholders | $ 27,528 | $ 27,412 | $ 43,407 | $ 50,209 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale investments, net of tax effect of $(23), $149, $(215) and $472, respectively | 75 | (470) | 680 | (1,489) |
Foreign currency translation gain (loss), net of tax | 123 | (320) | 234 | (425) |
Total comprehensive income | $ 27,726 | $ 26,622 | $ 44,321 | $ 48,295 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on available-for-sale investments, tax expense (benefit) | $ 23 | $ (149) | $ 215 | $ (472) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 43,407 | $ 50,209 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Stock-based compensation | 22,999 | 21,367 |
(Accretion) amortization of interest income | (3,180) | 1,870 |
Depreciation and amortization of property and equipment | 358 | 404 |
Deferred income taxes | (16,964) | (20,565) |
Non-cash amortization of right-of-use asset | 1,205 | 1,066 |
Changes in operating assets and liabilities: | ||
Trade receivables | (1,496) | (539) |
Inventory | 1,480 | 655 |
Prepaid expenses and other assets | 1,211 | (3,794) |
Accounts payable | (3,802) | 680 |
Accrued research and development expenses | 4,034 | 1,361 |
Accrued and other liabilities | 19,279 | (2,921) |
Long-term accrued income taxes | 855 | 4,572 |
Operating lease liability | (1,143) | (1,078) |
Net cash provided by operating activities | 68,243 | 53,287 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (102) | (31) |
Proceeds from maturities of marketable securities | 272,295 | 87,306 |
Purchases of marketable securities | (88,815) | (179,571) |
Net cash provided by (used in) investing activities | 183,378 | (92,296) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock under our incentive award plan, net of issuance costs | 2,907 | 1,932 |
Repurchase of common stock in connection with Tender Offer | (145,428) | 0 |
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants | (3,052) | (5,194) |
Net cash used in financing activities | (145,573) | (3,262) |
Net increase (decrease) in cash and cash equivalents | 106,048 | (42,271) |
Cash and cash equivalents, at beginning of period | 66,329 | 77,617 |
Cash and cash equivalents, at end of period | 172,377 | 35,346 |
Supplemental disclosure: | ||
Exercise cost of shares repurchased for net settlement of cashless option exercises | 8,532 | 11,209 |
Recognition of right-of-use asset and lease liability | 297 | 2,816 |
Excise tax payable | $ 1,316 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - 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, 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 | 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 and vesting of restricted stock (in shares) | 873 | |||||
Issuance of common stock upon exercise of options and vesting of restricted stock | 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 |
Beginning balance (in shares) at Dec. 31, 2022 | 107,835 | |||||
Beginning balance at Dec. 31, 2022 | 501,842 | $ 131 | 662,342 | (456,148) | (869) | 296,386 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 618 | |||||
Issuance of common stock upon exercise of options | 6,540 | 6,540 | ||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises (in shares) | (297) | |||||
Shares purchased to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises | (6,359) | (6,359) | ||||
Stock-based compensation | 10,966 | 10,966 | ||||
Other comprehensive income (loss), net of tax | 716 | 716 | ||||
Net income | 15,879 | 15,879 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 108,156 | |||||
Ending balance at Mar. 31, 2023 | 529,584 | $ 131 | 679,848 | (462,507) | (153) | 312,265 |
Beginning balance (in shares) at Dec. 31, 2022 | 107,835 | |||||
Beginning balance at Dec. 31, 2022 | 501,842 | $ 131 | 662,342 | (456,148) | (869) | 296,386 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 43,407 | |||||
Ending balance (in shares) at Jun. 30, 2023 | 102,512 | |||||
Ending balance at Jun. 30, 2023 | 421,614 | $ 132 | 695,718 | (614,074) | 45 | 339,793 |
Beginning balance (in shares) at Mar. 31, 2023 | 108,156 | |||||
Beginning balance at Mar. 31, 2023 | 529,584 | $ 131 | 679,848 | (462,507) | (153) | 312,265 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of options (in shares) | 1,168 | |||||
Issuance of common stock upon exercise of options | 4,497 | $ 1 | 4,496 | |||
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 | (4,823) | (4,823) | ||||
Purchase of treasury shares (in shares) | (6,610) | |||||
Repurchase of common stock in connection with Tender Offer | (145,428) | (145,428) | ||||
Excise tax related to net share repurchases | (1,316) | (1,316) | ||||
Stock-based compensation | 11,374 | 11,374 | ||||
Other comprehensive income (loss), net of tax | 198 | 198 | ||||
Net income | 27,528 | 27,528 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 102,512 | |||||
Ending balance at Jun. 30, 2023 | $ 421,614 | $ 132 | $ 695,718 | $ (614,074) | $ 45 | $ 339,793 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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, oncology, metabolism and neurology 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, 2023 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and six-month periods ended June 30, 2023 and 2022 and (iii) condensed consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022. 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, 2023 are not necessarily indicative of the results for the remainder of 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in our Annual Report on Form 10-K. The December 31, 2022 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, 2022. |
Composition of Certain Balance
Composition of Certain Balance Sheet Items | 6 Months Ended |
Jun. 30, 2023 | |
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 $ 6,679 $ 7,827 Finished goods 8,998 9,204 Total inventory 15,677 17,031 Less strategic inventory classified as non-current (8,762) (10,931) Total inventory classified as current $ 6,915 $ 6,100 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 June 30, December 31, (in thousands) Furniture and equipment $ 1,270 $ 1,235 Software 1,508 1,508 Leasehold improvements 1,700 1,597 Total property and equipment 4,478 4,340 Less accumulated depreciation and amortization (4,065) (3,707) Property and equipment, net $ 413 $ 633 Accrued and other liabilities June 30, December 31, (in thousands) Income taxes payable $ 19,488 $ 89 Government rebates 15,523 11,098 Accrued compensation 12,579 15,511 Legal fees 1,377 2,673 Excise tax payable 1,316 — Accrued selling and marketing costs 668 434 Professional fees 590 211 Other 638 783 Total accrued and other liabilities $ 52,179 $ 30,799 |
Available-for-Sale Securities a
Available-for-Sale Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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 $ 68,487 $ 36,380 Short-term marketable securities 190,885 365,343 Long-term marketable securities — 4,947 Total marketable securities $ 259,372 $ 406,670 The following table presents our available-for-sale securities grouped by asset type: Fair Value June 30, 2023 December 31, 2022 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 $ 15,502 $ — $ (23) $ 15,479 $ 151,069 $ — $ (625) $ 150,444 Commercial paper Level 2 45,790 — — 45,790 136,132 — — 136,132 U.S. government agency securities Level 2 25,692 — (16) 25,676 25,113 23 — 25,136 Asset-backed securities Level 2 — — — — 185 — — 185 U.S. Treasury securities Level 1 112,936 17 (41) 112,912 58,536 — (142) 58,394 Money market funds Level 1 59,515 — — 59,515 36,379 — — 36,379 Total marketable securities $ 259,435 $ 17 $ (80) $ 259,372 $ 407,414 $ 23 $ (767) $ 406,670 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, and 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 $0.6 million and $1.8 million as of June 30, 2023 and December 31, 2022, respectively, as prepaid and other current assets on our condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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, 2022. 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. Melucci Litigation and Settlement On March 14, 2019, a purported securities class action complaint was filed in the United States District Court for the Northern District of California by Nicholas Melucci (Melucci v. Corcept Therapeutics Incorporated, et al., Case No. 5:19-cv-01372-LHK) (the “Melucci litigation”). The complaint named us and certain of our executive officers as defendants asserting violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder and alleges that the defendants made false and materially misleading statements and failed to disclose adverse facts about our business, operations and prospects. The complaint asserts a putative class period extending from August 2, 2017 to February 5, 2019 and seeks unspecified monetary relief, interest and attorneys’ fees. On October 7, 2019, the Court appointed a lead plaintiff and lead counsel. The lead plaintiff’s consolidated complaint was filed on December 6, 2019. With respect to these allegations, we have stated, from the beginning, that we have done nothing wrong. On February 8, 2023, we reached an agreement in principle (the “Proposed Settlement”) to resolve all claims in the Melucci litigation. Under the Proposed Settlement, we have agreed to make a one-time payment of $14.0 million, which will be covered in full by our insurers. In connection with the Proposed Settlement, we recorded a settlement expense of $14.0 million and corresponding insurance recovery of $14.0 million in operating expenses on our consolidated statement of income in the fourth quarter of 2022. Accordingly, we recorded an accrued liability of $14.0 million and a corresponding insurance recovery receivable of $14.0 million on our condensed consolidated balance sheet as of June 30, 2023. The Proposed Settlement is subject to the final approval of the Court. 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 | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases We lease our office facilities in Menlo Park, California. On April 1, 2023, we signed an amendment to extend our lease through June 30, 2024. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $0.3 million in the three months ended June 30, 2023. 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, 2023 was $0.6 million and $1.2 million, respectively, compared to $0.6 million and $1.1 million, respectively, for the comparable periods in 2022. 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, 2023 2022 2023 2022 Cash paid for operating lease liabilities $ 578 $ 578 $ 1,157 $ 1,108 Right-of-use assets obtained in connection with new operating lease obligations $ 297 $ — $ 297 $ 2,816 Weighted-average remaining lease term 12 months 12 months Weighted-average discount rate 8.0 % 4.0 % As of June 30, 2023, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands): 2023 (remainder) $ 155 2024 155 Total operating lease payments 310 Less imputed interest (13) Present value of operating lease liabilities $ 297 As of June 30, 2023, future minimum lease payments under non-cancellable short-term leases were $1.1 million for the remainder of 2023 and $1.1 million for 2024. We do not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less, rather, we recognize the associated lease payments in the condensed consolidated statements of income on a straight-line basis over the lease term. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Common Stock In March 2023, we announced that our Board of Directors approved a tender offer to purchase up to 7.5 million shares of our common stock. The tender offer commenced on March 6, 2023 and expired on March 31, 2023. On April 5, 2023, we purchased 6.6 million shares through the tender offer at a price of $22.00 per share for an aggregate purchase price of $145.4 million, excluding related fees and expenses. We recorded purchased shares as treasury stock on our condensed consolidated balance sheet at cost. Incentive Award Plan We have one stock option plan – the Corcept Therapeutics Incorporated 2012 Incentive Award Plan (the “2012 Plan”). Stock Options During the three and six months ended June 30, 2023, we issued 0.4 million and 1.0 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, 2023, we purchased 0.2 million and 0.5 million shares, respectively, in connection with such option net exercises and paid $1.5 million and $2.6 million, respectively, to satisfy associated tax withholding obligations. 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. During the three and six months ended June 30, 2022, we purchased 0.4 million and 0.7 million shares, respectively, in connection with option net exercises and paid $3.3 million and $5.2 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, 2023 and December 31, 2022, we had 30.2 million and 23.1 million treasury shares outstanding, respectively. Restricted Stock Units (“RSUs”) During the six months ended June 30, 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 and six months ended June 30, 2023. Restricted Stock Awards (“RSAs”) During the three and six months ended June 30, 2023, we granted employees 0.1 million and 0.4 million RSAs, respectively, with a weighted-average grant date fair value of $22.80 and $22.50 per share, respectively. During each of 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. 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 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. In January 2023, we increased the number of ESPP purchase dates to occur quarterly on March 1st, June 1st, September 1st and December 1st (or, if those dates fall on holidays or weekends, on the first business day thereafter). 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 on the one-year anniversary of the respective ESPP purchase date, net of 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 and any matching shares issued upon satisfaction of the one-year holding requirement may be held, sold or transferred at the employee’s sole discretion. During the three and six months ended June 30, 2023, we issued less than 0.1 million and 0.1 million shares, respectively, of our common stock in connection with our ESPP. During the three and six months ended June 30, 2022, we issued zero shares of our common stock in connection with our ESPP. As of June 30, 2023 and December 31, 2022, we had a liability of $1.0 million and $0.2 million, respectively, related to RSAs granted in connection with our ESPP in “Accrued and other liabilities” on our condensed consolidated balance sheets. 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. We value restricted stock at the closing market price of our 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, 2023 2022 2023 2022 (in thousands) Stock-based compensation capitalized in inventory $ 34 $ 56 $ 126 $ 120 Cost of sales 9 14 32 30 Research and development 3,661 3,186 7,145 6,557 Selling, general and administrative 8,188 7,406 15,822 14,780 Total stock-based compensation $ 11,892 $ 10,662 $ 23,125 $ 21,487 |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except per share amounts) Numerator: Net income attributable to common stockholders $ 27,356 $ 27,398 $ 43,173 $ 50,196 Denominator: Weighted-average shares used to compute basic net income per common share 101,964 106,289 104,908 106,151 Dilutive effect of employee stock options and unvested RSUs 7,626 9,110 7,584 9,071 Weighted-average shares used to compute diluted net income per common share 109,590 115,399 112,492 115,222 Net income per share attributable to common stockholders Basic $ 0.27 $ 0.26 $ 0.41 $ 0.47 Diluted $ 0.25 $ 0.24 $ 0.38 $ 0.44 As of June 30, 2023, we had 24.3 million stock options, 0.1 million RSUs and 0.7 million RSAs outstanding. As of June 30, 2022, we had 25.4 million stock options, 0.2 million RSUs and 0.1 million RSAs outstanding. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We recorded income tax expense of $5.4 million and $8.0 million for the three and six months ended June 30, 2023, respectively. In the three and six months ended June 30, 2022, our income tax expense was $4.7 million and $8.7 million, respectively. The increase during the three months ended June 30, 2023 was primarily due to decreased stock based compensation deductions compared to the comparable period in 2022. The decrease in income tax expense during the six months ended June 30, 2023 was primarily due to decreased income before income taxes compared to the comparable period in 2022. 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 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, 2023, unrecognized tax benefits increased by $0.7 million and $1.1 million, respectively. As of June 30, 2023, the Company had unrecognized tax benefits of $9.9 million that, if recognized, would affect the Company’s effective tax rate and approximately $2.6 million of unrecognized tax benefits that would not impact the effective tax rate as they would be offset by a corresponding change in valuation allowance. Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. If we believe that recovery of these deferred tax assets is not more likely than not, we establish a valuation allowance offsetting such assets on our balance sheet. Significant judgment is required in assessing the need for a valuation allowance. We consider all available evidence, including our recent operating results and our forecasts of future taxable income. Other than valuation allowances against our California net deferred tax assets, we have determined that it is more likely than not we will realize the benefit related to all other deferred tax assets. To the extent we increase a valuation allowance, we will include an expense in the Condensed Consolidated Statement of Income in the period in which such determination is made. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net income attributable to common stockholders | $ 27,528 | $ 15,879 | $ 27,412 | $ 22,797 | $ 43,407 | $ 50,209 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | During the quarter ended June 30, 2023, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted Rule 10b5-1 trading arrangements that are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended. Instructions or written plans for the purchase or sale of our securities are set forth in the table below. Name and Position Action Adoption/ Termination Date (1) Total Shares of Common Stock to be Sold Expiration Date Dan Swisher, Board of Director Adoption 5/8/2023 Up to 25,000 8/8/2024 J.D. Lyon, Chief Accounting Officer Adoption 5/8/2023 Up to 60,000 7/31/2024 Sean Maduck, President, Corcept Endocrinology Adoption 6/20/2023 Up to 225,000 5/31/2024 | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Dan Swisher [Member] | ||
Trading Arrangements, by Individual | ||
Name | Dan Swisher | |
Title | Board of Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/8/2023 | |
Arrangement Duration | 458 days | |
Aggregate Available | 25,000 | 25,000 |
J.D. Lyon [Member] | ||
Trading Arrangements, by Individual | ||
Name | J.D. Lyon | |
Title | Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/8/2023 | |
Arrangement Duration | 450 days | |
Aggregate Available | 60,000 | 60,000 |
Sean Maduck [Member] | ||
Trading Arrangements, by Individual | ||
Name | Sean Maduck | |
Title | President, Corcept Endocrinology | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 6/20/2023 | |
Arrangement Duration | 346 days | |
Aggregate Available | 225,000 | 225,000 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and six-month periods ended June 30, 2023 and 2022 and (iii) condensed consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022. 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, 2023 are not necessarily indicative of the results for the remainder of 2023 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2022 included in our Annual Report on Form 10-K. The December 31, 2022 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, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of composition of inventory, current | Inventory June 30, December 31, (in thousands) Work in progress $ 6,679 $ 7,827 Finished goods 8,998 9,204 Total inventory 15,677 17,031 Less strategic inventory classified as non-current (8,762) (10,931) Total inventory classified as current $ 6,915 $ 6,100 |
Schedule of composition of inventory, noncurrent | Inventory June 30, December 31, (in thousands) Work in progress $ 6,679 $ 7,827 Finished goods 8,998 9,204 Total inventory 15,677 17,031 Less strategic inventory classified as non-current (8,762) (10,931) Total inventory classified as current $ 6,915 $ 6,100 |
Schedule of property and equipment | Property and equipment, net June 30, December 31, (in thousands) Furniture and equipment $ 1,270 $ 1,235 Software 1,508 1,508 Leasehold improvements 1,700 1,597 Total property and equipment 4,478 4,340 Less accumulated depreciation and amortization (4,065) (3,707) Property and equipment, net $ 413 $ 633 |
Schedule of other accrued liabilities | Accrued and other liabilities June 30, December 31, (in thousands) Income taxes payable $ 19,488 $ 89 Government rebates 15,523 11,098 Accrued compensation 12,579 15,511 Legal fees 1,377 2,673 Excise tax payable 1,316 — Accrued selling and marketing costs 668 434 Professional fees 590 211 Other 638 783 Total accrued and other liabilities $ 52,179 $ 30,799 |
Available-for-Sale Securities_2
Available-for-Sale Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 $ 68,487 $ 36,380 Short-term marketable securities 190,885 365,343 Long-term marketable securities — 4,947 Total marketable securities $ 259,372 $ 406,670 |
Schedule of available-for-sale securities | The following table presents our available-for-sale securities grouped by asset type: Fair Value June 30, 2023 December 31, 2022 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 $ 15,502 $ — $ (23) $ 15,479 $ 151,069 $ — $ (625) $ 150,444 Commercial paper Level 2 45,790 — — 45,790 136,132 — — 136,132 U.S. government agency securities Level 2 25,692 — (16) 25,676 25,113 23 — 25,136 Asset-backed securities Level 2 — — — — 185 — — 185 U.S. Treasury securities Level 1 112,936 17 (41) 112,912 58,536 — (142) 58,394 Money market funds Level 1 59,515 — — 59,515 36,379 — — 36,379 Total marketable securities $ 259,435 $ 17 $ (80) $ 259,372 $ 407,414 $ 23 $ (767) $ 406,670 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Cash paid for operating lease liabilities $ 578 $ 578 $ 1,157 $ 1,108 Right-of-use assets obtained in connection with new operating lease obligations $ 297 $ — $ 297 $ 2,816 Weighted-average remaining lease term 12 months 12 months Weighted-average discount rate 8.0 % 4.0 % |
Schedule of future minimum lease payments under non-cancelable operating leases | As of June 30, 2023, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands): 2023 (remainder) $ 155 2024 155 Total operating lease payments 310 Less imputed interest (13) Present value of operating lease liabilities $ 297 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 (in thousands) Stock-based compensation capitalized in inventory $ 34 $ 56 $ 126 $ 120 Cost of sales 9 14 32 30 Research and development 3,661 3,186 7,145 6,557 Selling, general and administrative 8,188 7,406 15,822 14,780 Total stock-based compensation $ 11,892 $ 10,662 $ 23,125 $ 21,487 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 (in thousands, except per share amounts) Numerator: Net income attributable to common stockholders $ 27,356 $ 27,398 $ 43,173 $ 50,196 Denominator: Weighted-average shares used to compute basic net income per common share 101,964 106,289 104,908 106,151 Dilutive effect of employee stock options and unvested RSUs 7,626 9,110 7,584 9,071 Weighted-average shares used to compute diluted net income per common share 109,590 115,399 112,492 115,222 Net income per share attributable to common stockholders Basic $ 0.27 $ 0.26 $ 0.41 $ 0.47 Diluted $ 0.25 $ 0.24 $ 0.38 $ 0.44 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2023 series compound | |
Accounting Policies [Abstract] | |
Number of series of selective cortisol modulators | series | 4 |
Number of compounds, more than | compound | 1,000 |
Composition of Certain Balanc_3
Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Work in progress | $ 6,679 | $ 7,827 |
Finished goods | 8,998 | 9,204 |
Total inventory | 15,677 | 17,031 |
Less strategic inventory classified as non-current | (8,762) | (10,931) |
Total inventory classified as current | $ 6,915 | $ 6,100 |
Composition of Certain Balanc_4
Composition of Certain Balance Sheet Items - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,478 | $ 4,340 |
Less accumulated depreciation and amortization | (4,065) | (3,707) |
Property and equipment, net | 413 | 633 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,270 | 1,235 |
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 | $ 1,700 | $ 1,597 |
Composition of Certain Balanc_5
Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Income taxes payable | $ 19,488 | $ 89 |
Government rebates | 15,523 | 11,098 |
Accrued compensation | 12,579 | 15,511 |
Legal fees | 1,377 | 2,673 |
Excise tax payable | 1,316 | 0 |
Accrued selling and marketing costs | 668 | 434 |
Professional fees | 590 | 211 |
Other | 638 | 783 |
Total accrued and other liabilities | $ 52,179 | $ 30,799 |
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, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 259,372 | $ 406,670 |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 68,487 | 36,380 |
Short-term marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | 190,885 | 365,343 |
Long-term marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total marketable securities | $ 0 | $ 4,947 |
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, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 259,372 | $ 406,670 |
Estimate of fair value measurement | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 259,435 | 407,414 |
Gross Unrealized Gains | 17 | 23 |
Gross Unrealized Losses | (80) | (767) |
Estimated Fair Value | 259,372 | 406,670 |
Estimate of fair value measurement | Corporate bonds | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,502 | 151,069 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (23) | (625) |
Estimated Fair Value | 15,479 | 150,444 |
Estimate of fair value measurement | Commercial paper | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 45,790 | 136,132 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 45,790 | 136,132 |
Estimate of fair value measurement | U.S. government agency securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25,692 | 25,113 |
Gross Unrealized Gains | 0 | 23 |
Gross Unrealized Losses | (16) | 0 |
Estimated Fair Value | 25,676 | 25,136 |
Estimate of fair value measurement | Asset-backed securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 185 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 185 |
Estimate of fair value measurement | U.S. Treasury securities | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 112,936 | 58,536 |
Gross Unrealized Gains | 17 | 0 |
Gross Unrealized Losses | (41) | (142) |
Estimated Fair Value | 112,912 | 58,394 |
Estimate of fair value measurement | Money market funds | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 59,515 | 36,379 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 59,515 | $ 36,379 |
Available-for-Sale Securities_5
Available-for-Sale Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Available For Sale Securities And Fair Value Measurements [Abstract] | ||
Interest receivable, current | $ 0.6 | $ 1.8 |
Marketable securities, maximum maturity period | 2 years | |
Marketable securities, short-term, maximum maturity period | 1 year | |
Weighted average maturity period | 3 months |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | ||
Feb. 08, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Loss Contingencies [Line Items] | |||
Accrued liability, litigation | $ 14,000,000 | $ 14,000,000 | |
Insurance recovery receivable | 14,000,000 | 14,000,000 | |
Other losses for contingent liability | 0 | ||
Other provisions for a loss contingency | 0 | ||
Melucci | Settled Litigation | |||
Loss Contingencies [Line Items] | |||
Payment awarded to other party | $ 14,000,000 | ||
Litigation settlement, expense | 14,000,000 | ||
Insurance recoveries | $ 14,000,000 | ||
Accrued liability, litigation | 14,000,000 | ||
Insurance recovery receivable | $ 14,000,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease right-of-use asset | $ 235 | $ 235 | $ 1,143 | ||
Present value of operating lease liabilities | 297 | 297 | |||
Operating lease expenses | 600 | $ 600 | 1,200 | $ 1,100 | |
Future minimum short-term lease payments, remainder of 2023 | 1,100 | 1,100 | |||
Future minimum short-term lease payments, 2024 | 1,100 | 1,100 | |||
Accounting Standards Update 2016-02 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease right-of-use asset | 300 | 300 | |||
Present value of operating lease liabilities | $ 300 | $ 300 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Cash paid for operating lease liabilities | $ 578 | $ 578 | $ 1,157 | $ 1,108 |
Right-of-use assets obtained in connection with operating lease obligations | $ 297 | $ 0 | $ 297 | $ 2,816 |
Weighted-average remaining lease term (months) | 12 months | 12 months | 12 months | 12 months |
Weighted-average discount rate | 8% | 4% | 8% | 4% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 (remainder) | $ 155 |
2024 | 155 |
Total operating lease payments | 310 |
Less imputed interest | (13) |
Present value of operating lease liabilities | $ 297 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 05, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) plan $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Mar. 06, 2023 shares | |
Shareholders Equity [Line Items] | |||||||
Purchase price of stock repurchase | $ | $ 145,428 | $ 0 | |||||
Payment tax withholding share-based payment arrangement | $ | $ 3,052 | $ 5,194 | |||||
Tender Offer | |||||||
Shareholders Equity [Line Items] | |||||||
Number of shares repurchased (in shares) | 7,500,000 | ||||||
Purchase of treasury shares (in shares) | 6,600,000 | ||||||
Common stock repurchased, average price (in dollars per share) | $ / shares | $ 22 | ||||||
Purchase price of stock repurchase | $ | $ 145,400 | ||||||
2012 Equity Incentive Award Plan | |||||||
Shareholders Equity [Line Items] | |||||||
Number of stock option plans | plan | 1 | ||||||
Stock Options to Purchase Common Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Issuance of common stock upon exercise of options (in shares) | 400,000 | 900,000 | 1,000,000 | 1,500,000 | |||
Shares withheld for tax withholding obligation | 200,000 | 400,000 | 500,000 | 700,000 | |||
Payment tax withholding share-based payment arrangement | $ | $ 1,500 | $ 3,300 | $ 2,600 | $ 5,200 | |||
Treasury stock (in shares) | 30,200,000 | 30,200,000 | 23,100,000 | ||||
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) | 100,000 | 100,000 | 400,000 | 100,000 | |||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.80 | $ 22.58 | $ 22.50 | $ 22.58 | |||
Allocated share-based compensation expense | $ | $ 1,000 | $ 200 | |||||
Employee Stock | |||||||
Shareholders Equity [Line Items] | |||||||
ESPP maximum employee subscription rate | 10% | 10% | |||||
Award vesting period | 1 year | ||||||
Shares issued in period (in shares) | 100,000 | 0 | 100,000 | 0 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation capitalized in inventory | $ 34 | $ 56 | $ 126 | $ 120 |
Total stock-based compensation | 11,892 | 10,662 | 23,125 | 21,487 |
Cost of sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 9 | 14 | 32 | 30 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 3,661 | 3,186 | 7,145 | 6,557 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | $ 8,188 | $ 7,406 | $ 15,822 | $ 14,780 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income attributable to common stockholders basic | $ 27,356 | $ 27,398 | $ 43,173 | $ 50,196 |
Net income attributable to common stockholders diluted | $ 27,356 | $ 27,398 | $ 43,173 | $ 50,196 |
Denominator: | ||||
Weighted-average shares used to compute basic net income per common share | 101,964 | 106,289 | 104,908 | 106,151 |
Dilutive effect of employee stock options (in shares) | 7,626 | 9,110 | 7,584 | 9,071 |
Weighted-average shares used to compute diluted net income per common share | 109,590 | 115,399 | 112,492 | 115,222 |
Net income per share attributable to common stockholders | ||||
Basic (in dollars per share) | $ 0.27 | $ 0.26 | $ 0.41 | $ 0.47 |
Diluted (in dollars per share) | $ 0.25 | $ 0.24 | $ 0.38 | $ 0.44 |
Net Income Per Share - Narrativ
Net Income Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
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) | 9.5 | 7.8 | 9.2 | 7.3 |
Stock Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options outstanding (in shares) | 24.3 | 25.4 | 24.3 | 25.4 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Equity instruments other than options, outstanding (in shares) | 0.1 | 0.2 | 0.1 | 0.2 |
Restricted Stock Awards (RSAs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Equity instruments other than options, outstanding (in shares) | 0.7 | 0.1 | 0.7 | 0.1 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 5,402 | $ 4,650 | $ 7,957 | $ 8,702 |
Unrecognized tax benefits, period increase | 700 | 1,100 | ||
Unrecognized tax benefits that would impact effective tax rate | 9,900 | 9,900 | ||
Unrecognized tax benefits that would be offset by a change in valuation allowance | $ 2,600 | $ 2,600 |