$CPRX
Catalyst Pharmaceuticals Inc

2014 Q4 Form 10-Q Financial Statement

#000119312514411268 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.600M $1.220M $440.0K
YoY Change 150.0% 177.27% -30.16%
% of Gross Profit
Research & Development $2.380M $2.886M $2.804M
YoY Change 14.98% 2.91% 328.25%
% of Gross Profit
Depreciation & Amortization $10.00K $7.235K $5.707K
YoY Change 26.77% 109.43%
% of Gross Profit
Operating Expenses $3.980M $4.109M $3.246M
YoY Change 46.86% 26.6% 152.84%
Operating Profit -$3.984M -$4.109M -$3.246M
YoY Change 47.17% 26.6% 152.84%
Interest Expense $470.0K -$910.0K -$2.680M
YoY Change -64.66% -66.04% 100.0%
% of Operating Profit
Other Income/Expense, Net $20.00K $5.924K $10.00K
YoY Change 0.0% -40.76%
Pretax Income -$3.490M -$5.010M -$5.912M
YoY Change 158.52% -15.26% 125.52%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.490M -$5.010M -$5.912M
YoY Change 157.63% -15.26% 125.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$50.62K -$74.59K -$132.2K
COMMON SHARES
Basic Shares Outstanding 69.12M shares 67.17M shares 41.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.30M $41.40M $27.70M
YoY Change 65.82% 49.46% 130.83%
Cash & Equivalents $9.097M $11.26M $12.96M
Short-Term Investments $30.20M $30.20M $14.70M
Other Short-Term Assets $4.600M $4.300M $1.000M
YoY Change 187.5% 330.0% 900.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $43.83M $45.76M $28.64M
YoY Change 73.1% 59.79% 136.69%
LONG-TERM ASSETS
Property, Plant & Equipment $71.38K $71.28K $46.33K
YoY Change 75.68% 53.84%
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 $80.27K $80.17K $55.22K
YoY Change 62.1% 45.17%
TOTAL ASSETS
Total Short-Term Assets $43.83M $45.76M $28.64M
Total Long-Term Assets $80.27K $80.17K $55.22K
Total Assets $43.91M $45.84M $28.69M
YoY Change 73.07% 59.76% 137.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.814M $524.8K $1.473M
YoY Change 113.24% -64.38% 268.34%
Accrued Expenses $4.041M $5.414M $1.538M
YoY Change 213.53% 251.96% 284.58%
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 $5.855M $5.939M $3.012M
YoY Change 173.65% 97.2% 276.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.800M $3.300M $3.600M
YoY Change 55.56% -8.33% 80.0%
Total Long-Term Liabilities $2.800M $3.300M $3.600M
YoY Change 55.56% -8.33% 80.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.855M $5.939M $3.012M
Total Long-Term Liabilities $2.800M $3.300M $3.600M
Total Liabilities $8.666M $9.222M $6.576M
YoY Change 117.83% 40.24% 143.55%
SHAREHOLDERS EQUITY
Retained Earnings -$69.84M -$66.35M -$52.98M
YoY Change 28.54% 25.24%
Common Stock $69.12K $67.17K $53.99K
YoY Change 27.68% 24.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.24M $36.62M $22.12M
YoY Change
Total Liabilities & Shareholders Equity $43.91M $45.84M $28.69M
YoY Change 73.07% 59.76% 137.15%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$3.490M -$5.010M -$5.912M
YoY Change 157.63% -15.26% 125.52%
Depreciation, Depletion And Amortization $10.00K $7.235K $5.707K
YoY Change 26.77% 109.43%
Cash From Operating Activities -$3.980M -$3.550M -$1.690M
YoY Change -3.63% 110.06% 53.64%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.00K $30.00K -$4.200M
YoY Change -100.15% -100.71%
Cash From Investing Activities -$10.00K $20.00K -$4.200M
YoY Change -99.85% -100.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.820M 0.000 17.97M
YoY Change 857.89% -100.0% 223.2%
NET CHANGE
Cash From Operating Activities -3.980M -3.550M -1.690M
Cash From Investing Activities -10.00K 20.00K -4.200M
Cash From Financing Activities 1.820M 0.000 17.97M
Net Change In Cash -2.170M -3.530M 12.08M
YoY Change -79.81% -129.22% 170.85%
FREE CASH FLOW
Cash From Operating Activities -$3.980M -$3.550M -$1.690M
Capital Expenditures -$20.00K -$10.00K $0.00
Free Cash Flow -$3.960M -$3.540M -$1.690M
YoY Change -4.12% 109.47% 53.64%

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
CATALYST PHARMACEUTICAL PARTNERS, INC.
dei Trading Symbol
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CPRX
dei Entity Filer Category
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Smaller Reporting Company
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us-gaap Nature Of Operations
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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="2%">&#xA0;</td> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Organization and Description of Business.</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 September&#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-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Capital Resources</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 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 width="4%"></td> <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 Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
62539571 shares
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
dei Entity Central Index Key
EntityCentralIndexKey
0001369568
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9460534 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26725130
us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
18316
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
8985602
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2707916
us-gaap Operating Income Loss
OperatingIncomeLoss
-10607567
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-12019031
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
35041
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43427
us-gaap Net Income Loss
NetIncomeLoss
-12019031
us-gaap Investment Income Interest
InvestmentIncomeInterest
54428
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
490326
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
18603
us-gaap Operating Expenses
OperatingExpenses
10607567
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7733533
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
18537
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
9047719
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1465892
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
4116292
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
296942
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
26741634
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
18537
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8732087
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
26725130
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2874034
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-325994
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
16504
us-gaap Share Based Compensation
ShareBasedCompensation
490326
cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
12696 shares
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
3 months
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
67169383 shares
cprx Maximum Amortization Period Of Compensation Cost On Straight Line Basis
MaximumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P7Y
cprx Minimum Amortization Period Of Compensation Cost On Straight Line Basis
MinimumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P3Y
CY2013Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3 Lawsuits
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44686310 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3245776
CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
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 Investment Income Interest
InvestmentIncomeInterest
10318
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5707
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
3245776
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2804352
CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
174900
CY2013Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2676601
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
441424
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
46665
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q3 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
29430
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4109029
CY2014Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5009892
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-5009892
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
5924
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7235
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
4109029
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2885892
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
906787
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1223137
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
444626
CY2014Q3 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares

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