CORCEPT THERAPEUTICS INC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
CORT$73.35-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $99,652 | $141,209 | $106,140 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Stock-based compensation | 84,500 | 61,354 | 48,940 |
| Accretion of discount on marketable securities, net | (5,103) | (10,938) | (9,128) |
| Depreciation and amortization | 1,149 | 795 | 1,042 |
| Deferred income taxes | (37,537) | (40,191) | (29,493) |
| Amortization of right-of-use asset | 741 | 541 | 1,320 |
| Changes in operating assets and liabilities: | |||
| Trade receivables | (5,810) | (12,853) | (10,066) |
| Insurance recovery receivable related to Melucci litigation (Note 10) | — | 14,000 | — |
| Inventory | (7,481) | 305 | 1,265 |
| Prepaid expenses and other current assets | (18,917) | 5,422 | (11,603) |
| Other assets | 1,457 | (69) | (1,483) |
| Accounts payable | 25,068 | (2,020) | 5,420 |
| Accrued research and development expenses | 86 | 12,538 | 6,757 |
| Accrued and other liabilities | 3,928 | 38,242 | 17,649 |
| Accrued settlement related to Melucci litigation (Note 10) | — | (14,000) | — |
| Long-term accrued income taxes | 1,092 | 3,777 | 1,210 |
| Operating lease liability | (829) | 183 | (1,289) |
| Net cash provided by operating activities | 141,996 | 198,295 | 126,681 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (211) | (2,172) | (139) |
| Proceeds from maturities of marketable securities | 389,576 | 412,878 | 419,793 |
| Purchases of marketable securities | (319,607) | (588,310) | (328,748) |
| Net cash provided (used in) by investing activities | 69,758 | (177,604) | 90,906 |
| Cash flows from financing activities: | |||
| Proceeds from stock option exercises, net of issuance costs | 15,869 | 4,157 | 1,977 |
| Proceeds from purchases under the Employee Stock Purchase Program | 9,621 | 5,459 | 3,834 |
| Repurchases of common stock in connection with Stock Repurchase Program | (172,915) | (15,664) | — |
| Repurchase of common stock in connection with Tender Offer | — | — | (145,428) |
| Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants | (72,941) | (22,301) | (9,106) |
| Net cash used in financing activities | (220,366) | (28,349) | (148,723) |
| Net effect of exchange rate changes on cash and cash equivalents | 1,442 | (228) | 358 |
| Net (decrease) increase in cash and cash equivalents | (7,170) | (7,886) | 69,222 |
| Cash and cash equivalents, at beginning of period | 127,665 | 135,551 | 66,329 |
| Cash and cash equivalents, at end of period | $120,495 | $127,665 | $135,551 |
| Supplemental disclosure: | |||
| Income taxes paid | $12,969 | $60,267 | $47,602 |
| Exercise cost of shares repurchased for net settlement of cashless option exercises | $24,557 | $21,195 | $25,032 |
The accompanying notes are an integral part of these consolidated financial statements
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