Company: CORT
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048841
Chunk: 12

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 class of plaintiffs. This matter is closed.To date, we have recorded no losses and no provision for a loss contingency with respect to any matter. For further information about our ongoing legal matters, see Part II. Item 1, Legal Proceedings.

5. 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. 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, 2025 was $0.6 million and $1.9 million, respectively, which include variable lease costs of $0.3 million and $0.9 million, respectively, primarily related to common area maintenance and other administrative expenses. In the comparable periods in 2024, operating lease expense was $0.7 million and $2.1 million, respectively.Supplemental information related to operating leases was as follows (in thousands, except weighted average amounts):

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Three months ended September 30,Nine months ended September 30,2025202420252024Cash paid for operating lease liabilities$382 $— $1,000 $1,358 Recognition of right-of-use asset in exchange for lease liability$— $— $—