Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2026 | |
| 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, 2026 and (ii) condensed consolidated statements of income, comprehensive income, cash flows and stockholders’ equity for the three- and six-month periods ended June 30, 2026 and 2025. 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, 2026 are not necessarily indicative of the results for the remainder of 2026 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K. The December 31, 2025 balance sheet was derived from audited financial statements at that date.
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| Segment Reporting | Segment Reporting Based on the way we organize our business, make decisions, allocate resources and assess performance, we have determined that Corcept has a single reportable segment – the discovery, development and commercialization of pharmaceutical products. Our Chief Executive Officer, Joseph K. Belanoff, M.D., is the Chief Operating Decision Maker (“CODM”), with ultimate responsibility for its activities and performance. He bases his decisions as CODM on regular reviews of our consolidated balance sheets (including cash and cash equivalents, investments and liabilities), statements of income (including revenue, expense and net income), statements of cash flows, and regular reviews of expenses that are consistent with those disclosed in our consolidated statements of income.
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| Net Product Revenue | Net Product Revenue We sell Korlym and our authorized generic version of Korlym (our “Hypercortisolism Products”) and Lifyorli (collectively with our Hypercortisolism Products, our “Products”) in the United States through specialty pharmacies and specialty distributors. We sell our Products directly to patients through specialty pharmacies and hospitals and other purchasers through specialty distributors. We recognize revenue for sales directly to patients at the time the patient receives the medication. We recognize revenue from sales to specialty distributors at the time the specialty distributor receives the medication. To determine revenue from the sale of our Products, we (i) identify our contract with each customer; (ii) identify the obligations of Corcept under the contract; (iii) determine the transaction price; (iv) allocate the transaction price to our performance obligation under the contracts, which is to deliver the Products to the customers; and (v) recognize revenue once our Products have been delivered and control has transferred to the customer. We recognize revenue provided we deem it probable that we will collect the payment due to us. Confirmation of coverage by private or government insurance or by a third-party charity is a prerequisite for selling our Products to a patient through the specialty pharmacy channel. To determine net product revenue, we deduct from gross sales the cost of our patient co-pay assistance programs and our estimates of government chargebacks and rebates, prompt-payment discounts, distribution and administrative fees, voucher assistance and reserves for expected returns, as applicable to each product and channel. We record these estimates at the time we recognize revenue and update them as new information becomes available. Our estimates take into account our understanding of the range of possible outcomes. If results differ from our estimates, we adjust our estimates, which changes our net product revenue and earnings. We report any changes in the period they become known, even if they concern transactions occurring in prior periods. Government Rebates: Our Products are eligible for purchase by, or qualify for reimbursement from, Medicaid, Medicare and other government programs that are eligible for rebates on the price they pay for our Products. To determine the appropriate amount to reserve against these rebates, we identify or estimate Products sold to specialty distributors and patients covered by government-funded programs, apply the applicable government discount to these sales, then estimate utilization of such programs by government payors. We (i) deduct this reserve from revenue in the period to which the rebates relate and (ii) include in accrued expenses on our condensed consolidated balance sheet current or long-term liabilities of an equal amount. Chargebacks: Although we sell our Hypercortisolism Products to the specialty distributor at full price, some of the government entities to which the specialty distributor sells receive a negotiated price. The specialty distributor recovers the full amount of any related price differences by reducing its payment to us (this reduction is called a “chargeback”). Chargebacks sometimes relate to our Hypercortisolism Products purchased by the specialty distributor in prior periods. We deduct from our revenue in each period chargebacks claimed by the specialty distributor for our Hypercortisolism Products it purchased in that period. We also create a reserve for chargebacks we estimate the specialty distributor will claim in future periods against Hypercortisolism Products it purchased in the current period but has not yet resold. We determine the amount of this reserve based on our experience with chargebacks and our understanding of the specialty distributor’s customers and business practices. We deduct this reserve from revenue and include in accrued expenses on our consolidated balance sheet a current liability of an equal amount. To date, chargebacks for our Hypercortisolism Products have not been material. For Lifyorli, hospitals, clinics, government purchasers and other eligible entities may purchase Lifyorli at contractually or statutorily negotiated prices. We estimate these related chargebacks based on applicable contractual or statutory requirements, expected utilization, claims activity and available product-specific or other informative data. These estimates are recorded as reductions in revenue for the period in which the related revenue is recognized, with a corresponding liability included in accrued expenses. Discounts, Distribution Fees, Patient Assistance Programs and Charitable Support: We provide prompt-payment discounts and in some cases pay distribution, administrative, data or other fees in connection with the distribution of our Products, particularly those sold through specialty distributors. We also offer financial assistance to eligible patients whose insurance policies have high deductibles or co-payments. We determine the assistance we provide each patient by applying our program guidelines to that patient’s financial position and the patient’s insurance policy’s co-payment and deductible requirements. We deduct any fees we pay or patient assistance we provide from gross revenue. We provide prompt-payment discounts and pay distribution and administrative fees in connection with sales of Lifyorli. We also provide copay and voucher assistance to eligible commercially-insured patients. We record these amounts as reductions in revenue based on contractual terms, expected payment behavior, actual and expected claims activity and other available information. For our Hypercortisolism Products, we donate cash to charities that help patients with financial need pay for treatment, including treatment of Cushing’s syndrome. We do not include payments from these charities in revenue, but record our donations as a deduction to selling, general and administrative expenses. We also provide our Hypercortisolism Products at no cost to eligible patients through patient assistance, replacement or starter programs. We do not recognize revenue for free product dispensed under these programs and record the cost of these products as selling, general and administrative expenses. We also provide Lifyorli at no cost to eligible patients through patient assistance and starter drug programs. We do not recognize revenue for free product dispensed under these programs and record the cost of these products as selling, general and administrative expenses. Sales Returns: Federal law prohibits the return of Products sold to patients through the specialty pharmacies. Sales to our specialty distributor are subject to return under our returned goods policy. We deduct the amount of Products we estimate each distributor will return from each period’s gross revenue. We base our estimates on quantitative and qualitative information including, but not limited to, that distributor’s historical return rates, the amount of Products held by that distributor and projected demand. To date, returns have not been material. There have been no other material changes or additions to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2025.
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| Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, which requires additional information about certain expense categories in the notes to financial statements. This ASU is effective for public companies with annual periods beginning after December 15, 2026, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2027. We are evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, which improves the accounting for internal software by eliminating the concept of development stages and requiring capitalization of software costs once management has authorized and committed funding for the project and it is probable the project will be completed and placed in service as intended. This ASU is effective for public companies with annual periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2028. We are evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, which amends ASC 270, Interim Reporting (“ASC 270”) to clarify the scope, form, and content of interim financial statements and centralizes interim disclosure requirements within ASC 270. This ASU introduces a new interim disclosure principle requiring entities to disclose material events and changes occurring since the last annual reporting period and clarifies the preparation and presentation of condensed interim financial information. This ASU is effective for public companies for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements. Although there were several other new accounting pronouncements issued by the FASB during the three and six months ended June 30, 2026, we do not believe any of them had or will have a material impact on the condensed consolidated financial statements.
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