Corcept Therapeutics Inc (CORT) Q1 2016 10-Q Quarterly Earnings

Short answer

Corcept Therapeutics Inc (CORT) filed its Q1 2016 10-Q quarterly report on May 4, 2016 for the quarter ended Mar 31, 2016.

AI summary of MD&A and risk factor updates

Revenue $16.1M, up from $10.1M YoY, driven by higher sales volume and price increases
GAAP net loss $19K vs $4.8M YoY, with cost of sales margin 2.5% vs 3.0%
Best performer: Korlym, sole commercial product, $16.1M quarterly revenue
Cash $40.7M vs $40.4M at December 31, 2015, operating cash flow $3.3M vs negative $1.8M YoY
Biopharma payments $3.0M, additional $3.3M paid April 2016, obligation expected fully repaid in 2017

Newly triggered regulatory risk: CMS final rule, February 1, 2016, creates uncertainty over Korlym price reporting, rebates and chargebacks
Most materially updated commercialization risk: Korlym competition from Novartis Signifor and Strongbridge’s Phase 3 levoketoconazole program
Compliance risk: Off-label promotion findings could trigger FDA enforcement, civil fines, criminal penalties and False Claims Act exposure
Operational risk: Single-source suppliers PCAS and AAI provide all Korlym API and tablets, creating potential inventory exhaustion
Financial risk: Biopharma receives 20% of covered-product net sales until $45.0 million, with payments potentially increasing to 50% after covenant breaches

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

Compare quarters, check guidance or see what insiders and funds did around the report.