Corcept Therapeutics Inc (CORT) Q1 2017 10-Q Quarterly Earnings

Short answer

Corcept Therapeutics Inc (CORT) filed its Q1 2017 10-Q quarterly report on May 2, 2017 for the quarter ended Mar 31, 2017.

AI summary of MD&A and risk factor updates

Revenue $27.6M, up $11.5M YoY from $16.1M, driven by higher sales volume and price increases
Cost-of-sales margin 97.7% vs 97.5% YoY, with cost of sales at 2.3% vs 2.5% of revenue
Best performer: Korlym, driving revenue growth; R&D $7.2M, up 54.9% YoY
Cash, equivalents and securities $57.3M vs $51.5M cash at December 31; operating cash flow $9.6M vs $3.3M YoY
Outlook: higher 2017 R&D and SG&A spending; financing obligation fully repayable in July 2017

Newly heightened regulatory risk: Trump administration Executive Orders could delay FDA rulemaking, guidance, oversight and marketing approvals
Commercial risk: Korlym revenue depends on physician adoption, insurance coverage and reimbursement in a rare disease market
Compliance risk: Off-label promotion allegations could trigger FDA enforcement, False Claims Act penalties, fines or criminal sanctions
Operational risk: PCAS supplies all Korlym API and Alcami produces all tablets, creating single-source manufacturing exposure
Financial risk: Biopharma receives 20% of net product sales until payments reach $45.0 million, increasing to 50% after specified breaches

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

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