Company: CORT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022173
Chunk: 10

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 (in thousands, except weighted average amounts):Three Months Ended March 31,20252024Cash paid for operating lease liabilities$247 $617 Recognition of right-of-use asset in exchange for lease liability$— $297 Weighted-average remaining lease term63 months4 monthsWeighted-average discount rate8.5 %8.0 %

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As of March 31, 2025, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):2025 (remainder)1,135 20261,551 20271,598 20281,646 20291,695 2030860 Total operating lease payments8,485 Less imputed interest(1,650)Present value of operating lease liabilities$6,835 

6. Stockholders’ Equity

Treasury StockIn 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 months ended March 31, 2025, we purchased 0.5 million shares of our common stock under the Stock Repurchase Program in open market transactions at an average price of $54.84 per share, for an aggregate purchase price of $27.4 million. As of March 31, 2025, $156.9 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 March 31, 2025 and December 31, 2024, we had 33.5 million and 32.6 million treasury shares outstanding, respectively.Incentive Award PlanWe have one equity award plan – the Corcept Therapeutics Incorporated 2024 Incentive Award Plan (the “2024 Plan”).Stock OptionsDuring the three months ended March 31, 2025, we issued 1.2 million shares of our common stock upon the exercise of stock options. Some option holders exercised their options on a “net exercise” basis, pursuant