Company: CORT
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001628280-25-048841
Chunk: 45

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 45
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094 Dilutive effect of employee stock options and unvested RSUs15,894 10,352 16,062 8,477 Weighted-average shares used to compute diluted net income per common share119,439 113,723 119,981 111,571 Net income per share attributable to common stockholdersBasic$0.19 $0.45 $0.71 $1.06 Diluted$0.16 $0.41 $0.62 $0.98 We excluded from the computation of diluted net income per share, on a weighted-average basis, 2.8 million and 2.3 million stock options outstanding during the three and nine months ended September 30, 2025, respectively, and 1.0 million and 8.6 million stock options outstanding during the three and nine months ended September 30, 2024, respectively, because including them would have reduced dilution.

8. Income Taxes

We recorded an income tax benefit of $4.4 million and $18.8 million for the three and nine months ended September 30, 2025, respectively, as compared to an income tax expense of $5.7 million and $19.1 million for the comparable periods in 2024. The decreases in income tax expenses during the three and nine months ended September 30, 2025 were primarily due to increased stock compensation deductions and decreased pre-tax income.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 and nine months ended September 30, 2025, unrecognized tax benefits increased by $0.9 million and $2.7 million, respectively.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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On July 4, 2025, the United States enacted tax