Company: CORT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022173
Chunk: 13

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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106 102,791 Dilutive effect of employee stock options and unvested RSUs15,713 7,124 Weighted-average shares used to compute diluted net income per common share119,819 109,915 Net income per share attributable to common stockholdersBasic$0.19 $0.27 Diluted$0.17 $0.25 We excluded from the computation of diluted net income per share, on a weighted-average basis, 1.2 million stock options outstanding during the three months ended March 31, 2025 and 11.5 million stock options outstanding during the three months ended March 31, 2024, because including them would have reduced dilution.

8. Income Taxes

We recorded an income tax benefit of $10.9 million for the three months ended March 31, 2025, compared to an income tax expense of $7.2 million for the comparable period in 2024. The decrease in income tax expense during the three months ended March 31, 2025 was primarily due to increased stock compensation deductions and a decrease in year-to-date pretax income compared to the corresponding period in 2024.Our effective tax rate differs from the federal statutory rate due to state income taxes and the non-deductible portion of our stock-based compensation, which increased our tax expense, offset by research and development credits and the excess tax deduction arising from the exercise of employee stock options, which reduced our taxable income.During the three months ended March 31, 2025, unrecognized tax benefits increased by $0.1 million.Each quarter, we assess the likelihood that we will generate sufficient taxable income to use our federal and state deferred tax assets. Except for the valuation allowances that offset the value of our California net deferred tax assets, we have determined that it is more likely than not we will realize the benefit related to all other deferred tax assets. To the extent we increase a valuation allowance, we will include an expense in the Condensed Consolidated Statement of Income in the period in which such determination is made.

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ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand our results of operations and financial condition and is provided as a supplement to, and should be read in conjunction with our condensed consolidated financial statements and the accompanying notes