$CPRX
Catalyst Pharmaceuticals Inc

2014 Q3 Form 10-Q Financial Statement

#000119312514308488 Filed on August 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.220M $890.0K $520.0K
YoY Change 177.27% 71.15% -1.89%
% of Gross Profit
Research & Development $2.886M $2.099M $2.132M
YoY Change 2.91% -1.55% 300.2%
% of Gross Profit
Depreciation & Amortization $7.235K $6.083K $5.706K
YoY Change 26.77% 6.61% 110.55%
% of Gross Profit
Operating Expenses $4.109M $2.990M $2.654M
YoY Change 26.6% 12.69% 148.61%
Operating Profit -$4.109M -$2.990M -$2.654M
YoY Change 26.6% 12.69% 148.61%
Interest Expense -$910.0K -$220.0K -$500.0K
YoY Change -66.04% -56.0% -164.1%
% of Operating Profit
Other Income/Expense, Net $5.924K $15.74K $10.00K
YoY Change -40.76% 57.44%
Pretax Income -$5.010M -$3.198M -$3.144M
YoY Change -15.26% 1.73% 987.45%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.010M -$3.198M -$3.144M
YoY Change -15.26% 1.73% 987.45%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$74.59K -$48.36K -$75.75K
COMMON SHARES
Basic Shares Outstanding 67.17M shares 67.17M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.40M $45.00M $11.40M
YoY Change 49.46% 294.74% 52.0%
Cash & Equivalents $11.26M $14.80M $879.1K
Short-Term Investments $30.20M $30.20M $10.50M
Other Short-Term Assets $4.300M $800.0K $1.100M
YoY Change 330.0% -27.27% 450.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $45.76M $45.86M $12.48M
YoY Change 59.79% 267.3% 62.13%
LONG-TERM ASSETS
Property, Plant & Equipment $71.28K $65.40K $52.04K
YoY Change 53.84% 25.66%
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 $80.17K $74.28K $60.93K
YoY Change 45.17% 21.92%
TOTAL ASSETS
Total Short-Term Assets $45.76M $45.86M $12.48M
Total Long-Term Assets $80.17K $74.28K $60.93K
Total Assets $45.84M $45.93M $12.55M
YoY Change 59.76% 266.11% 62.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $524.8K $1.238M $448.3K
YoY Change -64.38% 176.2% 124.14%
Accrued Expenses $5.414M $1.126M $1.189M
YoY Change 251.96% -5.31% 197.35%
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 $5.939M $2.364M $1.638M
YoY Change 97.2% 44.38% 133.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.300M $2.400M $1.043M
YoY Change -8.33% 130.22% 73.75%
Total Long-Term Liabilities $3.300M $2.400M $1.043M
YoY Change -8.33% 130.22% 73.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.939M $2.364M $1.638M
Total Long-Term Liabilities $3.300M $2.400M $1.043M
Total Liabilities $9.222M $4.741M $2.701M
YoY Change 40.24% 75.55% 107.76%
SHAREHOLDERS EQUITY
Retained Earnings -$66.35M -$61.34M -$47.07M
YoY Change 25.24% 30.33%
Common Stock $67.17K $67.17K $41.47K
YoY Change 24.42% 61.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.62M $41.19M $9.844M
YoY Change
Total Liabilities & Shareholders Equity $45.84M $45.93M $12.55M
YoY Change 59.76% 266.11% 62.92%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$5.010M -$3.198M -$3.144M
YoY Change -15.26% 1.73% 987.45%
Depreciation, Depletion And Amortization $7.235K $6.083K $5.706K
YoY Change 26.77% 6.61% 110.55%
Cash From Operating Activities -$3.550M -$2.980M -$1.810M
YoY Change 110.06% 64.64% 57.39%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K -$10.00M $2.030M
YoY Change -100.71% -592.61%
Cash From Investing Activities $20.00K -$10.02M $2.020M
YoY Change -100.48% -596.04% -20300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 26.72M 20.00K
YoY Change -100.0% 133500.0% -99.49%
NET CHANGE
Cash From Operating Activities -3.550M -2.980M -1.810M
Cash From Investing Activities 20.00K -10.02M 2.020M
Cash From Financing Activities 0.000 26.72M 20.00K
Net Change In Cash -3.530M 13.72M 230.0K
YoY Change -129.22% 5865.22% -91.73%
FREE CASH FLOW
Cash From Operating Activities -$3.550M -$2.980M -$1.810M
Capital Expenditures -$10.00K -$10.00K $0.00
Free Cash Flow -$3.540M -$2.970M -$1.810M
YoY Change 109.47% 64.09% 58.77%

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<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 biopharmaceutical 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%"> Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company&#x2019;s primary focus is on the development and commercialization of its drug candidates. The Company has incurred operating losses in each period from inception through June&#xA0;30, 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 U.S. Securities and Exchange Commission (SEC) to sell up to $100 million of shares of common stock. This registration statement (file No.&#xA0;333-193699) was declared effective by the SEC on March&#xA0;19, 2014. On April&#xA0;3, 2014, the Company sold 13,023,750 shares of its common stock in an underwritten public offering under the 2014 Shelf Registration Statement, raising net proceeds of approximately $26.7 million. While there can be no assurance, based on currently available information, the Company estimates that it currently has sufficient working capital to support its operations through the end of 2015. The Company will require additional capital to support its operations in periods after 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company may raise required funds in the future 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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us-gaap Loss Contingency Date Of Dismissal
LossContingencyDateOfDismissal
2014-01-03
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8257830 shares
us-gaap Use Of Estimates
UseOfEstimates
<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>b.</b></td> <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>
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
6.00
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-767348
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
9014527
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
us-gaap Investment Income Interest
InvestmentIncomeInterest
48504
us-gaap Operating Income Loss
OperatingIncomeLoss
-6498538
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-7009139
us-gaap Net Income Loss
NetIncomeLoss
-7009139
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
35041
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
45700
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26725130
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
16504
us-gaap Share Based Compensation
ShareBasedCompensation
45700
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
12585586
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8747144
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
387387
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4847641
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11368
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
18537
us-gaap Operating Expenses
OperatingExpenses
6498538
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
cprx Minimum Amortization Period Of Compensation Cost On Straight Line Basis
MinimumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P3Y
cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
12696 shares
cprx Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
26725130
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
3 months
cprx Maximum Amortization Period Of Compensation Cost On Straight Line Basis
MaximumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P5Y
cprx Payments For Proceeds From Certificates Of Deposit
PaymentsForProceedsFromCertificatesOfDeposit
-297691
CY2013Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3 Lawsuits
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
66167556 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
15744
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2990173
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3198020
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-3198020
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
223591
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
891215
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
22570
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2098958
CY2014Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6083
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
2990173
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41445413 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2013Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
8526
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2653529
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3143590
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-3143590
CY2013Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
498587
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
521491
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
44888
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2132038
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5706
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
2653529
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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