Company: CORT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022173
Chunk: 1

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 1
---
 20252024Product revenue, net$157,214 $146,808 Operating expenses:Cost of sales2,403 2,535 Research and development60,735 58,505 Selling, general and administrative90,660 56,268 Total operating expenses153,798 117,308 Income from operations3,416 29,500 Interest and other income6,202 5,493 Income before income taxes9,618 34,993 Income tax benefit (expense)10,929 (7,231)Net income$20,547 $27,762 Net income attributable to common stockholders20,288 27,514 Basic net income per common share$0.19 $0.27 Diluted net income per common share$0.17 $0.25 Weighted-average shares outstanding used in computing net income per common shareBasic104,106 102,791 Diluted119,819 109,915 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

Three Months Ended March 31,20252024Net income$20,547 $27,762 Other comprehensive income (loss):Unrealized gain (loss) on available-for-sale investments, net of tax effect of $(175) and $103, respectively551 (330)Foreign currency translation gain (loss)358 (21)Total comprehensive income$21,456 $27,411 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

CORCEPT THERAPEUTICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 Three Months Ended March 31, 20252024Cash flows from operating activities:  Net income$20,547 $27,762 Adjustments to reconcile net income to net cash provided by operations:Stock-based compensation21,830 13,249 Accretion of marketable securities, net(1,693)(2,859)Depreciation and amortization285 120 Deferred income taxes(13,705)(7,162)Non-cash amortization of right-of-use asset177 59 Changes in