Company: CORT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022173
Chunk: 99

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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 provided to our specialty distributor for prompt payment and reserves for expected returns.

Net product revenue was $157.2 million for the three months ended March 31, 2025, compared to $146.8 million for the comparable period in 2024. The increase was driven by a 23.5 percent increase in sales volume, partially offset by a 13.3 percent decrease in average price due to higher sales volume from our authorized generic version of Korlym.

Cost of sales – Cost of sales includes the cost of the active pharmaceutical ingredient (“API”), tableting, packaging, personnel, overhead, stability testing and distribution.

Cost of sales was $2.4 million for the three months ended March 31, 2025, compared to $2.5 million for the comparable period in 2024. Cost of sales as a percentage of revenue was 1.5 percent and 1.7 percent for the three months ended March 31, 2025 and 2024, respectively. The decrease in cost of sales as a percentage of revenue was due to a one-time $0.5 million write-off of API that was scrapped during the manufacturing phase in the three months ended March 31, 2024, which did not recur in the comparable period in 2025.

Research and development expense – Research and development expense includes the cost of (1) clinical trials, (2) recruiting and compensating development personnel, (3) manufacturing investigational drug product, (4) preclinical studies, (5) drug discovery research and (6) the development of new drug formulations and manufacturing processes.

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Research and development expense was $60.7 million for the three months ended March 31, 2025, compared to $58.5 million for the comparable period in 2024. The increase was primarily due to increased employee compensation expenses and expenses related to the advancement of our development programs, partially offset by decreased expenses related to development programs that are nearing completion.

Three Months Ended March 31, 20252024(in thousands)Development programs:  Oncology$8,299 $17,685 Hypercortisolism (Cushing’s syndrome)17,973 10,811 Metabolic diseases11,084 10,989 Pre-clinical and early-stage selective cortisol modulators and ALS8,702 8,670 Unallocated activities, including manufacturing and regulatory activities8,356 6,429 Stock-based compensation6,321