Company: CORT
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037005
Chunk: 58

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 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, (2) the cost of vendors supporting commercial activities and (3) legal and accounting fees.

22

Selling, general and administrative expense was $103.9 million and $194.5 million for the three and six months ended June 30, 2025, respectively, compared to $66.9 million and $123.2 million for the comparable periods in 2024. The increases were primarily due to increased employee compensation expenses and sales and marketing activities to support commercialization of our existing and potential future products.

We expect our selling, general and administrative expense to be higher in 2025 than in 2024 due to increased commercial and administrative activities to support our increased sales and marketing efforts.

Interest and other income - Interest and other income was $5.0 million and $11.2 million for the three and six months ended June 30, 2025, respectively, compared to $6.0 million and $11.5 million for the comparable periods in 2024 and consisted primarily of interest income from marketable securities. The decreases were due to market-wide decreases in interest rates.

Income tax benefit (expense) - Income tax benefit was $3.5 million and $14.4 million for the three and six months ended June 30, 2025, respectively, compared to income tax expense of $6.1 million and $13.3 million for the comparable periods in 2024. The decreases in income tax expense were primarily due to increased stock compensation deductions and decreases in year-to-date pretax income.

Liquidity and Capital Resources

Since 2015, we have relied on revenues from the sale of our Products to fund our operations.

Based on our current plans and expectations, we expect to fund our operations and planned research and development activities over the next 12 months and beyond without needing to raise additional funds, although we may choose to raise additional funds for other reasons. If we were to raise funds, equity financing would be dilutive, debt financing could involve restrictive covenants and funds raised through collaborations with other companies may require