Company: CORT
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037005
Chunk: 7

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 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.

10

 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 progress inventory. We classify inventory we do not expect to utilize within 12 months of the balance sheet date as “strategic inventory,” a non-current asset.Prepaid expenses and other current assetsJune 30,2025December 31,2024(in thousands)Prepaid expenses$9,693 $9,492 Deferred clinical materials4,401 4,493 Clinical deposits2,479 1,817 Other current assets7,470 6,078 Total prepaid expenses and other current assets$24,043 $21,880 Accrued and other liabilitiesJune 30,2025December 31,2024 (in thousands)Government rebates$50,866 $41,580 Accrued compensation26,281 41,731 Accrued selling and marketing costs7,042 3,345