CORCEPT THERAPEUTICS INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $106,140 | $101,418 | $112,512 |
| Adjustments to reconcile net income to net cash provided by operations: | |||
| Stock-based compensation | 48,940 | 42,442 | 42,931 |
| (Accretion) of discount and Amortization of premium on marketable securities, net | (9,128) | 1,383 | 5,083 |
| Amortization of cloud computing arrangements | 465 | 477 | 409 |
| Depreciation and amortization of property and equipment | 577 | 782 | 1,072 |
| Deferred income taxes | (29,493) | (33,905) | 4,346 |
| Non-cash amortization of right-of-use asset | 1,320 | 2,187 | 1,995 |
| Other | — | — | 10 |
| Changes in operating assets and liabilities: | |||
| Trade receivables | (10,066) | (3,432) | (1,427) |
| Insurance recovery receivable related to Melucci litigation | — | (14,000) | — |
| Inventory | 1,265 | 1,199 | 3,444 |
| Prepaid expenses and other current assets | (11,603) | (6,557) | (4,006) |
| Other assets | (1,483) | (1,975) | 1,917 |
| Accounts payable | 5,778 | 4,757 | (3,597) |
| Accrued research and development expenses | 6,757 | 2,131 | (1,262) |
| Accrued and other liabilities | 17,649 | 2,927 | 6,479 |
| Accrued settlement related to Melucci litigation | — | 14,000 | — |
| Long-term accrued income taxes | 1,210 | 8,688 | 11 |
| Operating lease liability | (1,289) | (2,199) | (2,025) |
| Net cash provided by operating activities | 127,039 | 120,323 | 167,892 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (139) | (413) | (469) |
| Proceeds from maturities of marketable securities | 419,793 | 241,152 | 398,937 |
| Proceeds from sales of marketable securities | — | — | 50,463 |
| Purchases of marketable securities | (328,748) | (355,066) | (312,805) |
| Net cash provided (used in) by investing activities | 90,906 | (114,327) | 136,126 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock under our incentive award plan, net of issuance costs | 5,811 | 4,381 | 16,229 |
| Repurchase of common stock in connection with Tender Offer | (145,428) | — | (207,500) |
| Repurchases of common stock in connection with Stock Repurchase Program | — | — | (88,485) |
| Cash paid to satisfy statutory withholding requirement for net settlement of cashless option exercises and vesting of restricted stock grants | (9,106) | (21,665) | (22,835) |
| Net cash used in financing activities | (148,723) | (17,284) | (302,591) |
| Net increase (decrease) in cash and cash equivalents | 69,222 | (11,288) | 1,427 |
| Cash and cash equivalents, at beginning of period | 66,329 | 77,617 | 76,190 |
| Cash and cash equivalents, at end of period | $135,551 | $66,329 | $77,617 |
| Supplemental disclosure: | |||
|---|---|---|---|
| Income taxes paid | $47,602 | $39,747 | $9,104 |
| Exercise cost of shares repurchased for net settlement of cashless option exercises | $25,032 | $24,388 | $15,796 |
| Recognition of right-of-use asset in exchange for lease liability | $297 | $2,816 | $— |
The accompanying notes are an integral part of these consolidated financial statements
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