Company: CORT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001628280-25-022173
Chunk: 53

Company: CORCEPT THERAPEUTICS INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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able securities could be reduced or our access to them restricted if the financial institutions holding them were to fail or severely adverse conditions were to arise in the markets for public or private debt securities. We have never experienced a material lack of access to cash or material realized losses.

Net cash provided by operating activities was $5.1 million for the three months ended March 31, 2025, compared to $23.8 million for the comparable period in 2024. The decrease was primarily due to lower net income resulting from higher operating expenses to support increased sales and marketing activities.

Net cash used in investing activities was $3.2 million for the three months ended March 31, 2025, compared to $9.0 million for the comparable period in 2024. The decrease was primarily due to a higher allocation of cash proceeds from maturities of marketable securities towards cash equivalents to purchase shares in connection with our Stock Repurchase Program during the three months ended March 31, 2025.

Net cash used in financing activities was $39.8 million for the three months ended March 31, 2025, compared to $0.5 million for the comparable period in 2024. In the three months ended March 31, 2025, we spent $12.9 million acquiring shares of our common stock in connection with the net exercise of employee and director stock options, $2.9 million to satisfy tax withholding requirements from vesting of restricted stock grants and $27.4 million in connection with the Stock Repurchase Program, offset by $1.7 million received from the exercise of stock options and $1.7 million received in connection with our ESPP. In the comparable period in 2024, we spent $0.9 million acquiring shares of our common stock in connection with the net exercise of employee and director stock options, $0.9 million to satisfy tax withholding requirements from vesting of restricted stock grants and $0.5 million in connection with the Stock Repurchase Program, offset by $0.7 million received from the exercise of stock options and $0.9 million received in connection with our ESPP. 

As of March 31, 2025, we had retained earnings of $564.3 million.

Contractual Obligations and Commitments

Our contractual payment obligations and purchase commitments are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024. Our payment obligations and purchase commitments did not change materially during