Company: CORT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022173
Chunk: 51

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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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 3,921 Total research and development expense$60,735 $58,505 

It is difficult to predict the timing and cost of development activities, which are subject to many uncertainties and risks, including inconclusive or negative results, slow patient enrollment, adverse side effects and difficulties in the formulation or manufacture of study drugs and lack of drug-candidate efficacy. In addition, clinical development is subject to government oversight and regulations that may change without notice. We expect our research and development expense to be higher in 2025 than in 2024 as our clinical programs advance and we initiate new clinical trials. Research and development spending in future years will depend on the outcome of our pre-clinical and clinical trials and our development plans.

Selling, general and administrative expense – Selling, general and administrative expense includes (1) compensation of employees, consultants and contractors engaged in commercial and administrative activities,