$CPRX
Catalyst Pharmaceuticals Inc

2014 Q2 Form 10-Q Financial Statement

#000119312514201244 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $890.0K $760.0K $610.0K
YoY Change 71.15% 24.59% -4.69%
% of Gross Profit
Research & Development $2.099M $2.749M $1.092M
YoY Change -1.55% 151.64% 49.63%
% of Gross Profit
Depreciation & Amortization $6.083K $5.285K $5.364K
YoY Change 6.61% -1.47%
% of Gross Profit
Operating Expenses $2.990M $3.508M $1.705M
YoY Change 12.69% 105.72% 25.4%
Operating Profit -$2.990M -$3.508M -$1.705M
YoY Change 12.69% 105.72% 24.97%
Interest Expense -$220.0K -$340.0K -$50.00K
YoY Change -56.0% 580.0% -118.52%
% of Operating Profit
Other Income/Expense, Net $15.74K $32.76K $10.00K
YoY Change 57.44% 227.6%
Pretax Income -$3.198M -$3.811M -$1.744M
YoY Change 1.73% 118.49% 60.03%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.198M -$3.811M -$1.744M
YoY Change 1.73% 118.49% 60.15%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$48.36K -$70.37K -$42.01K
COMMON SHARES
Basic Shares Outstanding 67.17M shares 54.15M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.00M $21.30M $13.20M
YoY Change 294.74% 61.36% 180.85%
Cash & Equivalents $14.80M $1.072M $646.0K
Short-Term Investments $30.20M $20.20M $12.50M
Other Short-Term Assets $800.0K $900.0K $1.200M
YoY Change -27.27% -25.0% 500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $45.86M $22.17M $14.40M
YoY Change 267.3% 53.94% 188.0%
LONG-TERM ASSETS
Property, Plant & Equipment $65.40K $52.65K $100.0K
YoY Change 25.66% -47.35%
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 $74.28K $61.54K $100.0K
YoY Change 21.92% -38.46%
TOTAL ASSETS
Total Short-Term Assets $45.86M $22.17M $14.40M
Total Long-Term Assets $74.28K $61.54K $100.0K
Total Assets $45.93M $22.23M $14.50M
YoY Change 266.11% 53.31% 190.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.238M $932.1K $600.0K
YoY Change 176.2% 55.35% 50.0%
Accrued Expenses $1.126M $1.505M $400.0K
YoY Change -5.31% 276.16% -20.0%
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 $2.364M $2.437M $1.000M
YoY Change 44.38% 143.67% 11.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.400M $2.200M $600.0K
YoY Change 130.22% 266.67% -57.14%
Total Long-Term Liabilities $2.400M $2.200M $600.0K
YoY Change 130.22% 266.67% -57.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.364M $2.437M $1.000M
Total Long-Term Liabilities $2.400M $2.200M $600.0K
Total Liabilities $4.741M $4.591M $1.500M
YoY Change 75.55% 206.09% -34.78%
SHAREHOLDERS EQUITY
Retained Earnings -$61.34M -$58.14M
YoY Change 30.33%
Common Stock $67.17K $54.15K
YoY Change 61.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.19M $17.64M $12.90M
YoY Change
Total Liabilities & Shareholders Equity $45.93M $22.23M $14.50M
YoY Change 266.11% 53.31% 190.0%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$3.198M -$3.811M -$1.744M
YoY Change 1.73% 118.49% 60.15%
Depreciation, Depletion And Amortization $6.083K $5.285K $5.364K
YoY Change 6.61% -1.47%
Cash From Operating Activities -$2.980M -$2.430M -$2.250M
YoY Change 64.64% 8.0% 73.08%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $17.31K $9.433K
YoY Change 83.46%
Acquisitions
YoY Change
Other Investing Activities -$10.00M $1.280M $1.490M
YoY Change -592.61% -14.09%
Cash From Investing Activities -$10.02M $1.270M $1.490M
YoY Change -596.04% -14.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.72M 20.00K 0.000
YoY Change 133500.0%
NET CHANGE
Cash From Operating Activities -2.980M -2.430M -2.250M
Cash From Investing Activities -10.02M 1.270M 1.490M
Cash From Financing Activities 26.72M 20.00K 0.000
Net Change In Cash 13.72M -1.140M -760.0K
YoY Change 5865.22% 50.0% -41.54%
FREE CASH FLOW
Cash From Operating Activities -$2.980M -$2.430M -$2.250M
Capital Expenditures -$10.00K $17.31K $9.433K
Free Cash Flow -$2.970M -$2.447M -$2.259M
YoY Change 64.09% 8.32% 73.8%

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CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001369568
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Loss Contingency Actions Taken By Court Arbitrator Or Mediator
LossContingencyActionsTakenByCourtArbitratorOrMediator
20 days
CY2014Q1 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
2 Lawsuits
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <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> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Catalyst Pharmaceutical Partners, Inc. (the Company) is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting rare (orphan) neurological diseases and disorders, including Lambert-Eaton Myasthenic Syndrome (LEMS) and infantile spasms.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company has incurred operating losses in each period from inception through March&#xA0;31, 2014. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Capital Resources</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> On January&#xA0;31, 2014, the Company filed a Shelf Registration Statement on Form S-3 (the 2014 Shelf Registration Statement) with the SEC to sell up to $100 million of common stock. This registration statement (file No.&#xA0;333-193699) was declared effective by the SEC on March&#xA0;19, 2014. Subsequent to quarter end, on April&#xA0;3, 2014, the Company offered for sale 13,023,750 shares of its common stock in an underwritten public offering under the 2014 Shelf Registration Statement, raising net proceeds of approximately $26.8 million. See Note 12. While there can be no assurance, based on currently available information, the Company estimates that it has sufficient working capital (excluding the proceeds of its recently completed public offering) to support its operations through the end of 2014.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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>
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54138580 shares
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2425044
CY2014Q1 us-gaap Loss Contingency Date Of Dismissal
LossContingencyDateOfDismissal
2014-01-03
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><b>c.</b> <table> <tr> <td valign="top" align="left"><b>USE OF ESTIMATES.</b> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</td> </tr> </table> </div>
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8262830 shares
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
6.00
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-726149
CY2014Q1 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-983738
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
32760
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3508365
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3811119
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3811119
CY2014Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
35041
CY2014Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
23130
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17306
CY2014Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
CY2014Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2500
CY2014Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
18537
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
CY2014Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
16504
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
23130
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1143493
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
214681
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
335514
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
759682
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
16504
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
1265047
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
81316
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2748683
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5285
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
18537
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
3508365
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2014Q1 cprx Minimum Amortization Period Of Compensation Cost On Straight Line Basis
MinimumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P3Y
CY2014Q1 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
12696 shares
CY2014Q1 cprx Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
CY2014Q1 cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
3 months
CY2014Q1 cprx Maximum Amortization Period Of Compensation Cost On Straight Line Basis
MaximumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P5Y
CY2014Q1 cprx Non Cash Incentive Received From Lessor
NonCashIncentiveReceivedFromLessor
CY2014Q1 cprx Payments For Proceeds From Certificates Of Deposit
PaymentsForProceedsFromCertificatesOfDeposit
-298615

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