$CPRX
Catalyst Pharmaceuticals Inc

2013 Q4 Form 10-Q Financial Statement

#000119312513440258 Filed on November 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $640.0K $440.0K $630.0K
YoY Change -15.79% -30.16% 21.15%
% of Gross Profit
Research & Development $2.070M $2.804M $654.8K
YoY Change 179.73% 328.25% 7.35%
% of Gross Profit
Depreciation & Amortization $0.00 $5.707K $2.725K
YoY Change 109.43%
% of Gross Profit
Operating Expenses $2.710M $3.246M $1.284M
YoY Change 79.47% 152.84% 13.6%
Operating Profit -$2.707M -$3.246M -$1.284M
YoY Change 79.82% 152.84%
Interest Expense $1.330M -$2.680M -$1.340M
YoY Change -6.34% 100.0%
% of Operating Profit
Other Income/Expense, Net $20.00K $10.00K $0.00
YoY Change 100.0%
Pretax Income -$1.350M -$5.912M -$2.622M
YoY Change 1587.5% 125.52% 131.99%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.355M -$5.912M -$2.622M
YoY Change 1668.83% 125.52% 131.99%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$24.90K -$132.2K -$81.54K
COMMON SHARES
Basic Shares Outstanding 54.13M shares 41.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.70M $27.70M $12.00M
YoY Change 53.9% 130.83% 185.71%
Cash & Equivalents $2.216M $12.96M $11.97M
Short-Term Investments $21.50M $14.70M
Other Short-Term Assets $1.600M $1.000M $100.0K
YoY Change 23.08% 900.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $25.32M $28.64M $12.10M
YoY Change 51.38% 136.69% 181.4%
LONG-TERM ASSETS
Property, Plant & Equipment $40.63K $46.33K $0.00
YoY Change -24.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $49.52K $55.22K $0.00
YoY Change -20.86%
TOTAL ASSETS
Total Short-Term Assets $25.32M $28.64M $12.10M
Total Long-Term Assets $49.52K $55.22K $0.00
Total Assets $25.37M $28.69M $12.10M
YoY Change 51.11% 137.15% 181.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $850.8K $1.473M $400.0K
YoY Change -37.7% 268.34% 100.0%
Accrued Expenses $1.289M $1.538M $400.0K
YoY Change 358.65% 284.58% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.140M $3.012M $800.0K
YoY Change 29.94% 276.46% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.800M $3.600M $2.000M
YoY Change 261.02% 80.0%
Total Long-Term Liabilities $1.800M $3.600M $2.000M
YoY Change 261.02% 80.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.140M $3.012M $800.0K
Total Long-Term Liabilities $1.800M $3.600M $2.000M
Total Liabilities $3.978M $6.576M $2.700M
YoY Change 83.57% 143.55% 575.0%
SHAREHOLDERS EQUITY
Retained Earnings -$54.33M -$52.98M
YoY Change 28.82%
Common Stock $54.13K $53.99K
YoY Change 30.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.39M $22.12M $9.400M
YoY Change
Total Liabilities & Shareholders Equity $25.37M $28.69M $12.10M
YoY Change 51.11% 137.15% 181.4%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$1.355M -$5.912M -$2.622M
YoY Change 1668.83% 125.52% 131.99%
Depreciation, Depletion And Amortization $0.00 $5.707K $2.725K
YoY Change 109.43%
Cash From Operating Activities -$4.130M -$1.690M -$1.100M
YoY Change 159.75% 53.64% -12.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$6.810M -$4.200M $0.00
YoY Change -51.39%
Cash From Investing Activities -$6.810M -$4.200M $0.00
YoY Change -51.53% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.0K 17.97M 5.560M
YoY Change -96.26% 223.2%
NET CHANGE
Cash From Operating Activities -4.130M -1.690M -1.100M
Cash From Investing Activities -6.810M -4.200M 0.000
Cash From Financing Activities 190.0K 17.97M 5.560M
Net Change In Cash -10.75M 12.08M 4.460M
YoY Change 1.8% 170.85% -451.18%
FREE CASH FLOW
Cash From Operating Activities -$4.130M -$1.690M -$1.100M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$4.130M -$1.690M -$1.100M
YoY Change 166.45% 53.64% -12.7%

Facts In Submission

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dei Entity Registrant Name
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CATALYST PHARMACEUTICAL PARTNERS, INC.
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dei Document Fiscal Year Focus
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dei Document Type
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dei Document Period End Date
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dei Entity Central Index Key
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<div> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Organization and Description of Business.</b></td> </tr> </table> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Catalyst Pharmaceutical Partners, Inc. (the Company) is a development-stage specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting rare (orphan) neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS) and infantile spasms.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company has incurred operating losses in each period from inception through September&#xA0;30, 2013. The Company has been able to fund its cash needs to date through several public and private offerings of its common stock and warrants, through government grants, and through an investment by a strategic purchaser. See Note 9.</p> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i>Capital Resources</i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> On December&#xA0;3, 2010, the Company filed a Shelf Registration Statement on Form S-3 (the 2010 Shelf Registration Statement) with the SEC to sell up to $30 million of common stock and common stock purchase warrants. This registration statement (file No.&#xA0;333-170945) was declared effective by the SEC on December&#xA0;15, 2010. The Company has conducted four registered direct offerings under the 2010 Shelf Registration Statement. See Note 9.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The number of shares that the Company could sell in the future and the amount of the gross proceeds that the Company could raise (in the aggregate) under the 2010 Shelf Registration Statement was limited to 20% of the number of shares of outstanding common stock and 33% of the Company&#x2019;s public float, respectively, pursuant to applicable NASDAQ marketplace and SEC rules. As of September&#xA0;30, 2013, there is no further availability under the 2010 Shelf Registration Statement.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> While there can be no assurance, based on currently available information, the Company estimates that it has sufficient working capital to support its operations through the end of 2014. The Company will require additional capital to support the Company&#x2019;s operations in periods after 2014.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company may raise required funds through public or private equity offerings, debt financings, corporate collaborations, governmental research grants or other means. The Company may also seek to raise new capital to fund additional product development efforts, even if it has sufficient funds for its planned operations. Any sale by the Company of additional equity or convertible debt securities could result in dilution to the Company&#x2019;s current stockholders. There can be no assurance that any such required additional funding will be available to the Company at all or available on terms acceptable to the Company. Further, to the extent that the Company raises additional funds through collaborative arrangements, it may be necessary to relinquish some rights to the Company&#x2019;s drug candidates or grant sublicenses on terms that are not favorable to the Company. If the Company is not able to secure additional funding when needed, the Company may have to delay, reduce the scope of, or eliminate one or more research and development programs, which could have an adverse effect on the Company&#x2019;s business.</p> </div>
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MaximumMaturityPeriodOfCashAndCashEquivalent
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cprx Maximum Amortization Period Of Compensation Cost On Straight Line Basis
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cprx Stock Issued During Period Value Warrant Exercise
StockIssuedDuringPeriodValueWarrantExercise
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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NetCashProvidedByUsedInOperatingActivities
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.62
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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289440
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9498255
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ShareBasedCompensation
135765
us-gaap Cash And Cash Equivalents Period Increase Decrease
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5944793
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91975
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NetCashProvidedByUsedInInvestingActivities
-6882
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ResearchAndDevelopmentExpense
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us-gaap Depreciation Depletion And Amortization
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8236
us-gaap Depreciation
Depreciation
8236
us-gaap Operating Expenses
OperatingExpenses
3715787
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
cprx Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
9498255
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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997589
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
10677928
us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Operating Income Loss
OperatingIncomeLoss
-52086373
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3410
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-52978941
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Debt Conversion Converted Instrument Amount1
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5000000
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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GeneralAndAdministrativeExpense
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NetCashProvidedByUsedInFinancingActivities
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191775
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ProceedsFromNotesPayable
5000000
us-gaap Proceeds From Warrant Exercises
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us-gaap Share Based Compensation
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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ResearchAndDevelopmentExpense
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us-gaap Depreciation Depletion And Amortization
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Income Tax Expense Benefit
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cprx Proceeds From Issuance Of Common Stock And Warrants Net
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cprx Non Cash Incentive Received From Lessor
NonCashIncentiveReceivedFromLessor
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cprx Payments For Proceeds From Certificates Of Deposit
PaymentsForProceedsFromCertificatesOfDeposit
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CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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EarningsPerShareBasicAndDiluted
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CY2012Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
1340566
CY2012Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
11000
CY2012Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1340566
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2012Q3 us-gaap Depreciation
Depreciation
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OperatingExpenses
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CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2676601
CY2013Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2500
CY2013Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2676601
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
441424
CY2013Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3900000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
46665
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
10318
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3245776
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5912059
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-5912059
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2804352
CY2013Q3 us-gaap Depreciation
Depreciation
5707
CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
174900
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
3245776
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2013Q3 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
3716250 shares

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