Company: CORT
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037005
Chunk: 11

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 11
---
 lease payments. As the operating leases for our facilities do not provide sufficient information to determine the implicit borrowing rate, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a collateralized loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. Operating lease right-of-use assets also include any rent paid prior to the commencement date, less any lease incentives received. We recognize operating lease payments as expenses using the straight-line method over the term of the lease.Operating lease expense for the three and six months ended June 30, 2025 was $0.6 million and $1.3 million, respectively, which include variable lease costs of $0.2 million and $0.6 million, respectively, primarily related to common area maintenance and other administrative expenses. In the comparable periods in 2024, operating lease expense was $0.8 million and $1.4 million, respectively.Supplemental information related to operating leases was as follows (in thousands, except weighted average amounts):Three months ended June 30,Six months ended June 30,2025202420252024Cash paid for operating lease liabilities$371 $741 $618 $1,358 Recognition of right-of-use asset in exchange for lease liability$— $5,745 $— $5,745 Weighted-average remaining lease term60 months72 monthsWeighted-average discount rate8.5 %8.5 %As of June 30, 2025, future minimum lease payments under non-cancelable capitalized operating leases were as follows (in thousands):

13

2025 (remainder)$764 20261,551 20271,598 20281,646 20291,695 2030860 Total operating lease payments8,114 Less imputed interest(1,509)Present value of operating lease liabilities$6,605 

6. Stockholders’ Equity

Treasury StockIn January 2024, our Board of Directors approved a program authorizing the repurchase of up to $200 million of our common stock (the “Stock Repurchase Program”). Purchases under this program may be made in the open market, in privately negotiated transactions or otherwise. The timing and amount of any repurchases will be determined based on market conditions, our stock price and other factors. The program does not require us to repurchase any specific number of shares and may be modified, suspended or discontinued at