Company: CORT
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048841
Chunk: 37

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 37
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 and placed in service as intended. This ASU is effective for public companies with annual periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt this guidance for the fiscal year ending December 31, 2028. We are evaluating the effects adoption of this guidance will have on the condensed consolidated financial statements.Although there were several other new accounting pronouncements issued by the FASB during the three and nine months ended September 30, 2025, we do not believe any of them had or will have a material impact on the condensed consolidated financial statements.

 2. Composition of Certain Balance Sheet Items

InventorySeptember 30,2025December 31,2024 (in thousands)Raw materials$1,552 $— Work in progress14,197 7,789 Finished goods8,602 8,206 Total inventory24,351 15,995 Less strategic inventory classified as non-current(12,002)(3,583)Total inventory classified as current$12,349 $12,412 We have purchased and hold significant quantities of active pharmaceutical ingredient (“API”), included in raw materials and work in progress inventory. We classify inventory that 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 assetsSeptember 30,2025December 31,2024(in thousands)Prepaid expenses$22,981 $9,492 Deferred clinical materials6,010 4,493 Clinical deposits2,479 1,817 Other current assets5,999 6,078 Total prepaid expenses and other current assets$37,469 $21,880 As of September 30, 2025 and December 31, 2024, prepaid expenses included $14.2 million and $3.8 million of prepaid taxes, respectively.

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Accrued and other liabilitiesSeptember 30,2025December 31,2024 (in thousands)Government rebates$53,335 $41,580 Accrued compensation35,284 41,731 Accrued selling and marketing costs8,918 3,345 Other10,910 4,044 Total accrued and other liabilities$108,447 $90,700 

3. Available-for-Sale Marketable Securities and Fair Value Measurements

The available-for-sale securities in our condensed consolidated balance sheets are