Company: CORT
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037005
Chunk: 35

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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 on Form 10-K. The December 31, 2024 balance sheet was derived from audited financial statements at that date.Segment ReportingWe determine our operating segments based on the way we organize our business, make decisions, allocate resources and assess performance. Joseph K. Belanoff, M.D., Chief Executive Officer, is our Chief Operating Decision Maker who reviews our consolidated balance sheets and statements of income. We view our operations and manage our business as one operating segment, which is the discovery, development and commercialization of biopharmaceutical products.There have been no material changes to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2024.Recently Adopted Accounting PronouncementsIn December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, 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.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 consolidated financial statements.

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 2. Composition of Certain Balance Sheet Items

InventoryJune 30,2025December 31,2024 (in thousands)Raw materials$1,745 $— Work in progress11,798 7,789 Finished goods6,724 8,206 Total inventory20,267 15,995 Less strategic inventory classified as non-current(7,991)(3,583)Total inventory classified as current$12,276 $12,412 We have purchased and hold significant quantities of active pharmaceutical ingredient (“API”), included in work in