Company: CORT
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048841
Chunk: 8

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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3-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to give investors more detailed income tax information. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. We have adopted this guidance for the fiscal year ending December 31, 2025. The effects of the adoption of this guidance will be included in our year-end income tax footnotes.

10

Recently Issued Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued 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 makes targeted improvements to 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.Although there were several other new accounting pronouncements issued by the FASB during the three and nine months ended September 30, 2025, we do not believe any of them had or will have a material impact on the condensed consolidated financial statements.

 2. Composition of Certain Balance Sheet Items

InventorySeptember 30,2025December 31,2024 (in thousands)Raw materials$1,552 $— Work in progress14,197 7,789 Finished goods8,602 8,206 Total inventory24,351 15,995 Less strategic inventory classified as non-current(12,002)(3,583)Total inventory classified as current$12,349 $12,412 We have purchased and hold significant quantities of active pharmaceutical ingredient (“API”),