Corcept Therapeutics (CORT) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	101 Redwood Shores Parkway
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
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		104,775,137
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 137,289	$ 135,551
Short-term marketable securities	243,047	232,670
Trade receivables, net of allowances	59,717	41,123
Insurance recovery receivable related to Melucci litigation (Note 4)	0	14,000
Inventory	8,050	7,730
Prepaid expenses and other current assets	18,875	27,562
Total current assets	466,978	458,636
Strategic inventory	7,764	8,244
Operating lease right-of-use asset	5,503	120
Property and equipment, net	2,930	195
Long-term marketable securities	167,310	57,176
Other assets	6,973	6,541
Deferred tax assets, net	126,799	90,605
Total assets	784,257	621,517
Current liabilities:
Accounts payable	18,584	17,396
Accrued research and development expenses	27,736	21,330
Accrued and other liabilities	79,464	51,628
Accrued settlement related to Melucci litigation (Note 4)	0	14,000
Short-term operating lease liability	432	151
Total current liabilities	126,216	104,505
Long-term operating lease liability	6,359	0
Long-term accrued income taxes payable	12,847	10,307
Total liabilities	145,422	114,812
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock	0	0
Common stock	135	133
Treasury stock	(682,177)	(635,078)
Additional paid-in capital	806,317	738,515
Accumulated other comprehensive income	1,571	609
Retained earnings	512,989	402,526
Total stockholders’ equity	638,835	506,705
Total liabilities and stockholders’ equity	$ 784,257	$ 621,517

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 182,546	$ 123,601	$ 493,150	$ 346,970
Operating expenses:
Cost of sales	2,867	1,645	7,926	4,604
Research and development	59,336	45,517	176,587	129,646
Selling, general and administrative	73,745	45,262	196,948	137,107
Total operating expenses	135,948	92,424	381,461	271,357
Income from operations	46,598	31,177	111,689	75,613
Interest and other income	6,345	5,208	17,844	12,135
Income before income taxes	52,943	36,385	129,533	87,748
Income tax expense	(5,730)	(5,007)	(19,070)	(12,963)
Net income	47,213	31,378	110,463	74,785
Net income attributable to common stockholders basic	46,690	31,172	109,344	74,353
Net income attributable to common stockholders diluted	$ 46,690	$ 31,172	$ 109,344	$ 74,353
Basic net income per common share (in dollars per share)	$ 0.45	$ 0.31	$ 1.06	$ 0.72
Diluted net income per common share (in dollars per share)	$ 0.41	$ 0.28	$ 0.98	$ 0.66
Weighted-average shares outstanding used in computing net income per common share
Basic (in shares)	103,371	102,014	103,094	103,933
Diluted (in shares)	113,723	111,099	111,571	112,054

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 47,213	$ 31,378	$ 110,463	$ 74,785
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale investments, net of tax effect of $(256), $31, $(139) and $(184), respectively	951	(95)	432	586
Foreign currency translation gain (loss)	536	(184)	530	49
Total comprehensive income	$ 48,700	$ 31,099	$ 111,425	$ 75,420

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on available-for-sale investments, tax expense (benefit)	$ (256)	$ 31	$ (139)	$ (184)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 110,463	$ 74,785
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	44,558	35,875
Accretion of discount on marketable securities, net	(8,747)	(5,933)
Depreciation and amortization	514	828
Deferred income taxes	(36,333)	(25,821)
Amortization of right-of-use asset	362	1,262
Changes in operating assets and liabilities:
Trade receivables	(18,594)	(3,569)
Insurance recovery receivable related to Melucci litigation	14,000	0
Inventory	383	936
Prepaid expenses and other current assets	8,462	(5,579)
Other assets	(432)	0
Accounts payable	1,616	4,783
Accrued research and development expenses	6,406	6,732
Accrued and other liabilities	27,531	36,695
Accrued settlement related to Melucci litigation	(14,000)	0
Long-term accrued income taxes	2,540	1,373
Operating lease liability	38	(1,215)
Net cash provided by operating activities	138,767	121,152
Cash flows from investing activities:
Purchases of property and equipment	(2,051)	(139)
Proceeds from maturities of marketable securities	332,545	372,793
Purchases of marketable securities	(443,738)	(298,846)
Net cash (used in) provided by investing activities	(113,244)	73,808
Cash flows from financing activities:
Proceeds from stock option exercises, net of issuance costs	3,268	1,091
Proceeds from purchases under the Employee Stock Purchase Program	3,927	2,959
Repurchase of common stock in connection with Stock Repurchase Program	(15,664)	0
Repurchase of common stock in connection with Tender Offer	0	(145,428)
Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants	(15,316)	(8,111)
Net cash used in financing activities	(23,785)	(149,489)
Net increase in cash and cash equivalents	1,738	45,471
Cash and cash equivalents, at beginning of period	135,551	66,329
Cash and cash equivalents, at end of period	137,289	111,800
Supplemental disclosure:
Exercise cost of shares repurchased for net settlement of cashless option exercises	$ 14,184	$ 22,199

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, 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 under incentive award plan (in shares)		618
Issuance of common stock under incentive award plan	6,540		6,540
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares)		(297)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(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	74,785
Ending balance (in shares) at Sep. 30, 2023		102,996
Ending balance at Sep. 30, 2023	461,679	$ 133	722,397	(631,788)	(234)	371,171
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 under incentive award plan (in shares)		1,168
Issuance of common stock under incentive award plan	4,497	$ 1	4,496
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares)		(202)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(4,823)			(4,823)
Repurchase of common stock in connection with Stock Repurchase Program (in shares)		(6,610)
Repurchase of common stock in connection with Stock Repurchase Program	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive award plan (in shares)		1,068
Issuance of common stock under incentive award plan	13,950	$ 1	13,949
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares)		(584)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(17,866)			(17,866)
Excise tax related to net share repurchases	152			152
Stock-based compensation	11,660		11,660
Vesting of RSAs in connection with ESPP	1,070		1,070
Other comprehensive income (loss), net of tax	(279)				(279)
Net income	31,378					31,378
Ending balance (in shares) at Sep. 30, 2023		102,996
Ending balance at Sep. 30, 2023	461,679	$ 133	722,397	(631,788)	(234)	371,171
Beginning balance (in shares) at Dec. 31, 2023		103,405
Beginning balance at Dec. 31, 2023	506,705	$ 133	738,515	(635,078)	609	402,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive award plan (in shares)		786
Issuance of common stock under incentive award plan	3,485		3,485
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares)		(143)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(3,554)		2,032	(5,586)
Repurchase of common stock in connection with Stock Repurchase Program (in shares)		(20)
Repurchase of common stock in connection with Stock Repurchase Program	(476)			(476)
Excise tax related to net share repurchases	81			81
Stock-based compensation	12,929		12,929
Vesting of RSAs in connection with ESPP	1,283		1,283
Other comprehensive income (loss), net of tax	(351)				(351)
Net income	27,762					27,762
Ending balance (in shares) at Mar. 31, 2024		104,028
Ending balance at Mar. 31, 2024	547,864	$ 133	758,244	(641,059)	258	430,288
Beginning balance (in shares) at Dec. 31, 2023		103,405
Beginning balance at Dec. 31, 2023	506,705	$ 133	738,515	(635,078)	609	402,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110,463
Ending balance (in shares) at Sep. 30, 2024		104,703
Ending balance at Sep. 30, 2024	638,835	$ 135	806,317	(682,177)	1,571	512,989
Beginning balance (in shares) at Mar. 31, 2024		104,028
Beginning balance at Mar. 31, 2024	547,864	$ 133	758,244	(641,059)	258	430,288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive award plan (in shares)		700
Issuance of common stock under incentive award plan	7,574	$ 1	7,573
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares)		(208)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(6,242)			(6,242)
Repurchase of common stock in connection with Stock Repurchase Program (in shares)		(122)
Repurchase of common stock in connection with Stock Repurchase Program	(3,478)			(3,478)
Excise tax related to net share repurchases	16			16
Stock-based compensation	13,881		13,881
Vesting of RSAs in connection with ESPP	1,314		1,314
Other comprehensive income (loss), net of tax	(174)				(174)
Net income	35,488					35,488
Ending balance (in shares) at Jun. 30, 2024		104,398
Ending balance at Jun. 30, 2024	596,243	$ 134	781,012	(650,763)	84	465,776
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive award plan (in shares)		1,175
Issuance of common stock under incentive award plan	10,322	$ 1	10,321
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares)		(526)
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock	(19,704)			(19,704)
Repurchase of common stock in connection with Stock Repurchase Program (in shares)		(344)
Repurchase of common stock in connection with Stock Repurchase Program	(11,710)			(11,710)
Stock-based compensation	14,286		14,286
Vesting of RSAs in connection with ESPP	698		698
Other comprehensive income (loss), net of tax	1,487				1,487
Net income	47,213					47,213
Ending balance (in shares) at Sep. 30, 2024		104,703
Ending balance at Sep. 30, 2024	$ 638,835	$ 135	$ 806,317	$ (682,177)	$ 1,571	$ 512,989

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 endocrinologic, oncologic, metabolic and neurologic 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. In June 2024, we made available an authorized generic version of Korlym for the same indication. 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 Redwood City, California. Basis of Presentation We have prepared the following interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of September 30, 2024 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and nine-month periods ended September 30, 2024 and 2023 and (iii) condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023. 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, 2024 are not necessarily indicative of the results for the remainder of 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K. The December 31, 2023 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, 2023. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2025. We are currently evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The standard is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We will adopt this guidance for the annual period ending December 31, 2024 and for interim periods thereafter. The Chief Executive Officer is our Chief Operating Decision Maker and we view our operations and manage our business as one operating segment.

Composition of Certain Balance

Composition of Certain Balance Sheet Items	9 Months Ended
	Sep. 30, 2024
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 7,764 8,233 Finished goods 8,050 7,741 Total inventory 15,814 15,974 Less strategic inventory classified as non-current (7,764) (8,244) Total inventory classified as current $ 8,050 $ 7,730 We rely on two manufacturers to produce the active pharmaceutical ingredient (“API”) for our medications. 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 non-current asset. Prepaid expenses and other current assets September 30, December 31, (in thousands) Prepaid expenses $ 5,817 $ 4,319 Deferred clinical materials 5,707 13,496 Clinical deposits 2,771 3,865 Other current assets 4,580 5,882 Total prepaid expenses and other current assets $ 18,875 $ 27,562 Accrued and other liabilities September 30, December 31, (in thousands) Government rebates $ 38,799 $ 18,468 Accrued compensation 27,568 25,457 Accrued selling and marketing costs 3,959 1,771 Legal fees 1,836 542 Other 7,302 5,390 Total accrued and other liabilities $ 79,464 $ 51,628 Other assets As of September 30, 2024 and December 31, 2023, other assets included $6.0 million and $6.4 million of deposits for clinical trials, respectively.

Available-for-Sale Marketable S

Available-for-Sale Marketable Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Available For Sale Securities And Fair Value Measurements [Abstract]
Available-for-Sale Marketable Securities and Fair Value Measurements	Available-for-Sale Marketable 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 $ 110,789 $ 97,170 Short-term marketable securities 243,047 232,670 Long-term marketable securities 167,310 57,176 Total marketable securities $ 521,146 $ 387,016 The following table presents our available-for-sale securities grouped by asset type: Fair Value September 30, 2024 December 31, 2023 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 $ 300,504 $ 836 $ (87) $ 301,253 $ 120,508 $ 307 $ — $ 120,815 Commercial paper Level 2 4,875 12 — 4,887 75,308 20 (9) 75,319 U.S. Treasury securities Level 1 104,171 46 — 104,217 93,655 61 (4) 93,712 Money market funds Level 1 110,789 — — 110,789 97,170 — — 97,170 Total marketable securities $ 520,339 $ 894 $ (87) $ 521,146 $ 386,641 $ 388 $ (13) $ 387,016 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 $2.9 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively, as prepaid and other current assets on our condensed consolidated balance sheets. As of September 30, 2024, all of our long-term marketable securities had original maturities of no more than 26 months and all our marketable securities classified as short-term have maturities of less than one year. The weighted-average maturity of our short-term and long-term marketable securities was ten months. As of September 30, 2024, our long-term marketable securities had remaining maturities between 13 months and 24 months. None of our marketable securities changed from one fair value hierarchy to another during the three and nine months ended September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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, 2023. 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. On February 8, 2023, we reached an agreement in principle (the “Proposed Settlement”) to resolve all claims in the Melucci litigation. As previously disclosed, we made a one-time payment of $14.0 million into escrow as required by the Proposed Settlement and our insurers have since reimbursed us in full for this payment. On June 6, 2024, Judge James Donato of the United States District Court for the Northern District of California granted final approval of the Proposed Settlement which will govern administration of payments to eligible members of the plaintiff class. 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, 2024
Leases [Abstract]
Leases	Leases In April 2024, we entered into a six-year sublease (the “Sublease”) with Zuora, Inc. for office space located at 101 Redwood Shores Parkway, Redwood City, California, effective from July 1, 2024. The leased property became our new headquarters effective August 1, 2024. The portion of the premises subject to the Sublease is 50,632 rentable square feet. The Sublease commenced on June 1, 2024 due to early access rights and will end on June 30, 2030. We are obligated to pay a base rent of an average of $1.5 million annually over the term of the lease. As a result of the agreement, we recorded a right-of-use asset and corresponding lease liability related to the leased property based on the present value of future lease payments. The lease for our previous headquarters in Menlo Park, California ended on August 31, 2024. We do not recognize right-of-use assets or lease liabilities for leases with a term of 12 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. Therefore, we did not record an additional right of use asset and corresponding lease liability related to our previous headquarters, as the remaining lease term was less than 12 months. As the operating leases for our facilities do not provide sufficient information to determine the implicit borrowing 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. Operating lease right-of-use assets also include any rent paid prior to the commencement date, less any lease incentives received. 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, 2024 was $0.7 million and $2.1 million, respectively, compared to $0.6 million and $1.8 million, respectively, for the comparable periods in 2023. Supplemental information related to operating leases was as follows (in thousands, except weighted average amounts): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cash paid for operating lease liabilities $ — $ 617 $ 1,358 $ 1,774 Recognition of right-of-use asset in exchange for lease liability $ — $ 297 $ 5,745 $ 297 Weighted-average remaining lease term 69 months 9 months Weighted-average discount rate 8.5 % 8.0 % As of September 30, 2024, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands): 2024 (remainder) $ — 2025 1,382 2026 1,551 2027 1,598 2028 1,646 Thereafter 2,555 Total operating lease payments 8,732 Less imputed interest (1,941) Present value of operating lease liabilities $ 6,791

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Treasury Stock In January 2024, our Board of Directors approved a program authorizing the repurchase of up to $200 million of our common stock (the “Stock Repurchase Program”). Purchases under this program may be made in the open market, in privately negotiated transactions or otherwise. The timing and amount of any repurchases will be determined based on market conditions, our stock price and other factors. The program does not require us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time without notice. During the three and nine months ended September 30, 2024, we purchased 0.3 million and 0.5 million, respectively shares of our common stock under the Stock Repurchase Program in open market transactions at an average price of $34.02 and $32.25 per share, respectively, for aggregate purchase prices of $11.7 million and $15.7 million, respectively. As of September 30, 2024, $184.3 million of the current authorization remained available for the repurchase of shares of our common stock. We recorded purchased shares as treasury stock on our condensed consolidated balance sheets at cost. As of September 30, 2024 and December 31, 2023, we had 32.4 million and 30.9 million treasury shares outstanding, respectively. Incentive Award Plan We have one equity award plan – the Corcept Therapeutics Incorporated 2024 Incentive Award Plan (the “2024 Plan”). In February 2024, our Board of Directors approved the 2024 Plan, which became effective upon its approval by our stockholders at our 2024 Annual Meeting of Stockholders on May 17, 2024 and replaced the Corcept Therapeutics Incorporated 2012 Incentive Award Plan (the “2012 Plan”). The aggregate number of shares which may be issued or transferred pursuant to awards under the 2024 Plan is equal to the sum of (i) 8.0 million shares, (ii) 4.1 million shares, which equals the number of shares available for future grant under the 2012 Plan as of May 17, 2024, and (iii) any shares underlying awards outstanding under the 2012 Plan that, on or after May 17, 2024, terminate, expire or lapse for any reason without the delivery of shares to the holder thereof. After May 17, 2024, no additional awards were or will be issued under the 2012 Plan. Under the 2024 Plan, we can issue stock options, stock purchase and stock appreciation rights and restricted stock awards to our employees, officers, directors and consultants. Stock Options During the three and nine months ended September 30, 2024, we issued 1.0 million and 1.8 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, 2024, we purchased 0.5 million and 0.8 million shares, respectively, in connection with such option net exercises and paid $10.5 million and $12.2 million, respectively, to satisfy associated tax withholding obligations. During the three and nine months ended September 30, 2023, we issued 1.0 million and 2.0 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 nine months ended September 30, 2023, we purchased 0.6 million and 1.1 million shares, respectively, in connection with such option net exercises and paid $4.2 million and $6.8 million, respectively, to satisfy associated tax withholding obligations. Restricted Stock Awards (“RSAs”) During the three and nine months ended September 30, 2024, we granted employees 0.2 million and 0.8 million RSAs, respectively, with a weighted-average grant date fair value of $34.58 and $27.07 per share, respectively. During the three and nine months ended September 30, 2023, we granted employees 0.1 million and 0.5 million RSAs with a weighted-average grant date fair value of $26.96 and $23.26 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”) Our ESPP 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 2024 Plan 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) at the then-current fair market value of our stock, as determined at the close of trading on those days. For each purchased share, the participating employee receives one matching share, also issued from the 2024 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 an 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 may be held, sold or transferred at the employee’s sole discretion. As of September 30, 2024 and December 31, 2023, we had a liability of $2.7 million and $2.3 million, respectively, of stock-based compensation related to RSAs granted in connection with our ESPP in “Accrued and other liabilities” on our unaudited condensed consolidated balance sheets. Stock-based Compensation The following table summarizes our stock-based compensation by account: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Capitalized stock-based compensation $ 95 $ 44 $ 223 $ 170 Cost of sales 24 11 49 43 Research and development 4,660 4,023 13,018 11,169 Selling, general and administrative 11,418 8,841 31,491 24,663 Total stock-based compensation $ 16,197 $ 12,919 $ 44,781 $ 36,045

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share We compute our basic and diluted net income per share in conformity with the two-class method required for companies with participating shares. Under the two-class method, net income is determined by allocating net income between common stock and unvested RSAs. We compute basic net income per share by dividing our net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. We compute diluted net income per share by dividing our net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, including potentially dilutive stock options and unvested restricted stock units (“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, 2024 2023 2024 2023 (in thousands, except per share amounts) Numerator: Net income attributable to common stockholders $ 46,690 $ 31,172 $ 109,344 $ 74,353 Denominator: Weighted-average shares used to compute basic net income per common share 103,371 102,014 103,094 103,933 Dilutive effect of employee stock options and unvested RSUs 10,352 9,085 8,477 8,121 Weighted-average shares used to compute diluted net income per common share 113,723 111,099 111,571 112,054 Basic net income per common share $ 0.45 $ 0.31 $ 1.06 $ 0.72 Diluted net income per common share $ 0.41 $ 0.28 $ 0.98 $ 0.66 As of September 30, 2024, we had 25.0 million stock options, 1.2 million RSAs and 0.1 million RSUs outstanding. As of September 30, 2023, we had 23.3 million stock options, 0.7 million RSAs and 0.1 million RSUs outstanding. We excluded from the computation of diluted net income per share, on a weighted-average basis, 1.0 million and 8.6 million stock options outstanding during the three and nine months ended September 30, 2024, respectively, and 6.3 million and 9.0 million stock options outstanding during the three and nine months ended September 30, 2023, respectively, because including them would have reduced dilution.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded income tax expense of $5.7 million and $19.1 million for the three and nine months ended September 30, 2024, respectively, as compared to an income tax expense of $5.0 million and $13.0 million for the three and nine months ended September 30, 2023. The increases during the three and nine months ended September 30, 2024 were primarily due to increased pretax book income compared to the corresponding periods in 2023. 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 nine months ended September 30, 2024, unrecognized tax benefits increased by $1.3 million and $3.4 million, respectively. 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 offset 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 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. 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, 2024, the requirement has not been modified.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 47,213	$ 35,488	$ 27,762	$ 31,378	$ 27,528	$ 15,879	$ 110,463	$ 74,785

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarter ended September 30, 2024, none of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K, other than as set forth in the table below. Name Position Action Adoption Date Total Shares of Common Stock to be Sold Expiration Date (1) Daniel Swisher Director Adoption 8/1/2024 Up to 26,400 10/13/2025 Joseph D. Lyon Chief Accounting and Technology Officer Adoption 8/30/2024 Up to 260,000 12/31/2025 Sean Maduck President, Endocrinology Adoption 9/5/2024 Up to 340,000 12/31/2025 (1) Each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel Swisher [Member]
Trading Arrangements, by Individual
Name	Daniel Swisher
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/1/2024
Expiration Date	10/13/2025
Arrangement Duration	438 days
Aggregate Available	26,400	26,400
Joseph D. Lyon [Member]
Trading Arrangements, by Individual
Name	Joseph D. Lyon
Title	Chief Accounting and Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/30/2024
Expiration Date	12/31/2025
Arrangement Duration	488 days
Aggregate Available	260,000	260,000
Sean Maduck [Member]
Trading Arrangements, by Individual
Name	Sean Maduck
Title	President, Endocrinology
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/5/2024
Expiration Date	12/31/2025
Arrangement Duration	482 days
Aggregate Available	340,000	340,000

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the following interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X: (i) condensed consolidated balance sheet as of September 30, 2024 and (ii) condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three- and nine-month periods ended September 30, 2024 and 2023 and (iii) condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023. 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, 2024 are not necessarily indicative of the results for the remainder of 2024 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K. The December 31, 2023 balance sheet was derived from audited financial statements at that date.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2025. We are currently evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The standard is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We will adopt this guidance for the annual period ending December 31, 2024 and for interim periods thereafter. The Chief Executive Officer is our Chief Operating Decision Maker and we view our operations and manage our business as one operating segment.

Composition of Certain Balanc_2

Composition of Certain Balance Sheet Items (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of composition of inventory, current	Inventory September 30, December 31, (in thousands) Work in progress 7,764 8,233 Finished goods 8,050 7,741 Total inventory 15,814 15,974 Less strategic inventory classified as non-current (7,764) (8,244) Total inventory classified as current $ 8,050 $ 7,730
Schedule of composition of inventory, noncurrent	Inventory September 30, December 31, (in thousands) Work in progress 7,764 8,233 Finished goods 8,050 7,741 Total inventory 15,814 15,974 Less strategic inventory classified as non-current (7,764) (8,244) Total inventory classified as current $ 8,050 $ 7,730
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets September 30, December 31, (in thousands) Prepaid expenses $ 5,817 $ 4,319 Deferred clinical materials 5,707 13,496 Clinical deposits 2,771 3,865 Other current assets 4,580 5,882 Total prepaid expenses and other current assets $ 18,875 $ 27,562
Schedule of other accrued liabilities	Accrued and other liabilities September 30, December 31, (in thousands) Government rebates $ 38,799 $ 18,468 Accrued compensation 27,568 25,457 Accrued selling and marketing costs 3,959 1,771 Legal fees 1,836 542 Other 7,302 5,390 Total accrued and other liabilities $ 79,464 $ 51,628

Available-for-Sale Marketable_2

Available-for-Sale Marketable Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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 $ 110,789 $ 97,170 Short-term marketable securities 243,047 232,670 Long-term marketable securities 167,310 57,176 Total marketable securities $ 521,146 $ 387,016
Schedule of available-for-sale securities	The following table presents our available-for-sale securities grouped by asset type: Fair Value September 30, 2024 December 31, 2023 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 $ 300,504 $ 836 $ (87) $ 301,253 $ 120,508 $ 307 $ — $ 120,815 Commercial paper Level 2 4,875 12 — 4,887 75,308 20 (9) 75,319 U.S. Treasury securities Level 1 104,171 46 — 104,217 93,655 61 (4) 93,712 Money market funds Level 1 110,789 — — 110,789 97,170 — — 97,170 Total marketable securities $ 520,339 $ 894 $ (87) $ 521,146 $ 386,641 $ 388 $ (13) $ 387,016

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of information of leases asset and liabilities	Supplemental information related to operating leases was as follows (in thousands, except weighted average amounts): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cash paid for operating lease liabilities $ — $ 617 $ 1,358 $ 1,774 Recognition of right-of-use asset in exchange for lease liability $ — $ 297 $ 5,745 $ 297 Weighted-average remaining lease term 69 months 9 months Weighted-average discount rate 8.5 % 8.0 %
Schedule of future minimum lease payments under non-cancelable operating leases	As of September 30, 2024, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands): 2024 (remainder) $ — 2025 1,382 2026 1,551 2027 1,598 2028 1,646 Thereafter 2,555 Total operating lease payments 8,732 Less imputed interest (1,941) Present value of operating lease liabilities $ 6,791

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of stock-based compensation	The following table summarizes our stock-based compensation by account: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Capitalized stock-based compensation $ 95 $ 44 $ 223 $ 170 Cost of sales 24 11 49 43 Research and development 4,660 4,023 13,018 11,169 Selling, general and administrative 11,418 8,841 31,491 24,663 Total stock-based compensation $ 16,197 $ 12,919 $ 44,781 $ 36,045

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 (in thousands, except per share amounts) Numerator: Net income attributable to common stockholders $ 46,690 $ 31,172 $ 109,344 $ 74,353 Denominator: Weighted-average shares used to compute basic net income per common share 103,371 102,014 103,094 103,933 Dilutive effect of employee stock options and unvested RSUs 10,352 9,085 8,477 8,121 Weighted-average shares used to compute diluted net income per common share 113,723 111,099 111,571 112,054 Basic net income per common share $ 0.45 $ 0.31 $ 1.06 $ 0.72 Diluted net income per common share $ 0.41 $ 0.28 $ 0.98 $ 0.66

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) compound in Thousands	9 Months Ended
	Sep. 30, 2024 series compound
Accounting Policies [Abstract]
Number of series of selective cortisol modulators | series	4
Number of compounds (more than) | compound	1

Composition of Certain Balanc_3

Composition of Certain Balance Sheet Items - Schedule of Composition of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Work in progress	$ 7,764	$ 8,233
Finished goods	8,050	7,741
Total inventory	15,814	15,974
Less strategic inventory classified as non-current	(7,764)	(8,244)
Total inventory classified as current	$ 8,050	$ 7,730

Composition of Certain Balanc_4

Composition of Certain Balance Sheet Items - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) manufacturer	Dec. 31, 2023 USD ($)
Balance Sheet Related Disclosures [Abstract]
Number of manufacturers | manufacturer	2
Deposits for clinical trials | $	$ 6	$ 6.4

Composition of Certain Balanc_5

Composition of Certain Balance Sheet Items - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 5,817	$ 4,319
Deferred clinical materials	5,707	13,496
Clinical deposits	2,771	3,865
Other current assets	4,580	5,882
Prepaid expenses and other current assets	$ 18,875	$ 27,562

Composition of Certain Balanc_6

Composition of Certain Balance Sheet Items - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Government rebates	$ 38,799	$ 18,468
Accrued compensation	27,568	25,457
Accrued selling and marketing costs	3,959	1,771
Legal fees	1,836	542
Other	7,302	5,390
Total accrued and other liabilities	$ 79,464	$ 51,628

Available-for-Sale Marketable_3

Available-for-Sale Marketable Securities and Fair Value Measurements - Schedule of the Classification of Available-for-Sale Securities in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 521,146	$ 387,016
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	110,789	97,170
Short-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	243,047	232,670
Long-term marketable securities
Debt Securities, Available-for-sale [Line Items]
Total marketable securities	$ 167,310	$ 57,176

Available-for-Sale Marketable_4

Available-for-Sale Marketable Securities and Fair Value Measurements - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 521,146	$ 387,016
Estimate of fair value measurement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	520,339	386,641
Gross Unrealized Gains	894	388
Gross Unrealized Losses	(87)	(13)
Estimated Fair Value	521,146	387,016
Estimate of fair value measurement | Corporate bonds | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	300,504	120,508
Gross Unrealized Gains	836	307
Gross Unrealized Losses	(87)	0
Estimated Fair Value	301,253	120,815
Estimate of fair value measurement | Commercial paper | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,875	75,308
Gross Unrealized Gains	12	20
Gross Unrealized Losses	0	(9)
Estimated Fair Value	4,887	75,319
Estimate of fair value measurement | U.S. Treasury securities | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	104,171	93,655
Gross Unrealized Gains	46	61
Gross Unrealized Losses	0	(4)
Estimated Fair Value	104,217	93,712
Estimate of fair value measurement | Money market funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	110,789	97,170
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 110,789	$ 97,170

Available-for-Sale Marketable_5

Available-for-Sale Marketable Securities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Interest receivable, current	$ 2.9	$ 1.7
Marketable securities, maximum maturity period	26 months
Marketable securities, short-term, maximum maturity period	1 year
Weighted average maturity period	10 months
Minimum
Debt Securities, Available-for-sale [Line Items]
Long-term marketable securities remaining maturity	13 months
Maximum
Debt Securities, Available-for-sale [Line Items]
Long-term marketable securities remaining maturity	24 months

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Feb. 08, 2023	Sep. 30, 2024
Loss Contingencies [Line Items]
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

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 30, 2024 USD ($) ft²
Leases [Abstract]
Term of contract					6 years
Rentable area | ft²					50,632
Obligated base rent					$ 1.5
Operating lease expenses	$ 0.7	$ 0.6	$ 2.1	$ 1.8

Leases - Schedule of Right-of-u

Leases - Schedule of Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for operating lease liabilities	$ 0	$ 617	$ 1,358	$ 1,774
Recognition of right-of-use asset in exchange for lease liability	$ 0	$ 297	$ 5,745	$ 297
Weighted-average remaining lease term	69 months	9 months	69 months	9 months
Weighted-average discount rate	8.50%	8%	8.50%	8%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remainder)	$ 0
2025	1,382
2026	1,551
2027	1,598
2028	1,646
Thereafter	2,555
Total operating lease payments	8,732
Less imputed interest	(1,941)
Present value of operating lease liabilities	$ 6,791

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 29, 2024 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) plan $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Jan. 31, 2024 USD ($)
Shareholders Equity [Line Items]
Purchase price of stock repurchase | $				$ 15,664	$ 0
Number of stock option plans | plan				1
Number of shares authorized (in shares) | shares	8
Increase in shares authorized for grant (in shares) | shares	4.1
Payment tax withholding share-based payment arrangement | $				$ 15,316	$ 8,111
Employee Stock Option
Shareholders Equity [Line Items]
Treasury stock (in shares) | shares		32.4		32.4		30.9
Issuance of common stock under incentive award plan (in shares) | shares		1	1	1.8	2
Shares tendered to satisfy cost and statutory withholding requirements for net settlement of cashless option exercises and vesting of restricted stock (in shares) | shares		0.5	0.6	0.8	1.1
Payment tax withholding share-based payment arrangement | $		$ 10,500	$ 4,200	$ 12,200	$ 6,800
Restricted Stock Awards (RSAs)
Shareholders Equity [Line Items]
Grants in period (in shares) | shares		0.2	0.1	0.8	0.5
Weighted average grant date fair value (in dollars per share) | $ / shares		$ 34.58	$ 26.96	$ 27.07	$ 23.26
Allocated share-based compensation expense | $				$ 2,700		$ 2,300
Employee Stock
Shareholders Equity [Line Items]
ESPP maximum employee subscription rate		10%		10%
Award vesting period				1 year
Stock Repurchase Program
Shareholders Equity [Line Items]
Repurchase of common stock in connection with Stock Repurchase Program (in shares) | shares		0.3		0.5
Common stock repurchased, average price (in dollars per share) | $ / shares		$ 34.02		$ 32.25
Purchase price of stock repurchase | $		$ 11,700		$ 15,700
Stock repurchase program, remaining authorized amount available for repurchase | $		$ 184,300		$ 184,300
Stock Repurchase Program | Common Stock
Shareholders Equity [Line Items]
Stock repurchase amount | $							$ 200,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Capitalized stock-based compensation	$ 95	$ 44	$ 223	$ 170
Total stock-based compensation	16,197	12,919	44,781	36,045
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	24	11	49	43
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	4,660	4,023	13,018	11,169
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated share-based compensation expense	$ 11,418	$ 8,841	$ 31,491	$ 24,663

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to common stockholders basic	$ 46,690	$ 31,172	$ 109,344	$ 74,353
Net income attributable to common stockholders diluted	$ 46,690	$ 31,172	$ 109,344	$ 74,353
Denominator:
Weighted-average shares used to compute basic net income per common share (in shares)	103,371	102,014	103,094	103,933
Dilutive effect of employee stock options and unvested RSUs (in shares)	10,352	9,085	8,477	8,121
Weighted-average shares used to compute diluted net income per common share (in shares)	113,723	111,099	111,571	112,054
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic net income per common share (in dollars per share)	$ 0.45	$ 0.31	$ 1.06	$ 0.72
Diluted net income per common share (in dollars per share)	$ 0.41	$ 0.28	$ 0.98	$ 0.66

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option
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)	1	6.3	8.6	9
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options outstanding (in shares)	25	23.3	25	23.3
Restricted Stock Awards (RSAs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity instruments other than options, outstanding (in shares)	1.2	0.7	1.2	0.7
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	0.1	0.1	0.1

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,730	$ 5,007	$ 19,070	$ 12,963
Unrecognized tax benefits, period increase	$ 1,300		$ 3,400