$CPRX
Catalyst Pharmaceuticals Inc

2015 Q1 Form 10-K Financial Statement

#000119312515091323 Filed on March 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2013 Q4 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 $1.940M $640.0K $440.0K
YoY Change 155.26% -15.79% -30.16%
% of Gross Profit
Research & Development $2.350M $2.070M $2.804M
YoY Change -14.52% 179.73% 328.25%
% of Gross Profit
Depreciation & Amortization $8.148K $0.00 $5.707K
YoY Change 54.17% 109.43%
% of Gross Profit
Operating Expenses $4.292M $2.710M $3.246M
YoY Change 22.33% 79.47% 152.84%
Operating Profit -$4.292M -$2.707M -$3.246M
YoY Change 22.33% 79.82% 152.84%
Interest Expense -$1.180M $1.330M -$2.680M
YoY Change 247.06% -6.34% 100.0%
% of Operating Profit
Other Income/Expense, Net $61.93K $20.00K $10.00K
YoY Change 89.05% 100.0%
Pretax Income -$5.410M -$1.350M -$5.912M
YoY Change 41.96% 1587.5% 125.52%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.410M -$1.355M -$5.912M
YoY Change 41.96% 1668.83% 125.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$71.15K -$24.90K -$132.2K
COMMON SHARES
Basic Shares Outstanding 81.44M shares 54.13M shares 41.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.50M $23.70M $27.70M
YoY Change 235.68% 53.9% 130.83%
Cash & Equivalents $41.32M $2.216M $12.96M
Short-Term Investments $30.20M $21.50M $14.70M
Other Short-Term Assets $4.400M $1.600M $1.000M
YoY Change 388.89% 23.08% 900.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $75.97M $25.32M $28.64M
YoY Change 242.7% 51.38% 136.69%
LONG-TERM ASSETS
Property, Plant & Equipment $71.14K $40.63K $46.33K
YoY Change 35.12% -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 $80.03K $49.52K $55.22K
YoY Change 30.05% -20.86%
TOTAL ASSETS
Total Short-Term Assets $75.97M $25.32M $28.64M
Total Long-Term Assets $80.03K $49.52K $55.22K
Total Assets $76.05M $25.37M $28.69M
YoY Change 242.11% 51.11% 137.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.051M $850.8K $1.473M
YoY Change 12.7% -37.7% 268.34%
Accrued Expenses $4.800M $1.289M $1.538M
YoY Change 219.02% 358.65% 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 $5.849M $2.140M $3.012M
YoY Change 140.04% 29.94% 276.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.600M $1.800M $3.600M
YoY Change 63.64% 261.02% 80.0%
Total Long-Term Liabilities $3.600M $1.800M $3.600M
YoY Change 63.64% 261.02% 80.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.849M $2.140M $3.012M
Total Long-Term Liabilities $3.600M $1.800M $3.600M
Total Liabilities $9.427M $3.978M $6.576M
YoY Change 105.33% 83.57% 143.55%
SHAREHOLDERS EQUITY
Retained Earnings -$75.25M -$54.33M -$52.98M
YoY Change 29.42% 28.82%
Common Stock $82.01K $54.13K $53.99K
YoY Change 51.46% 30.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.62M $21.39M $22.12M
YoY Change
Total Liabilities & Shareholders Equity $76.05M $25.37M $28.69M
YoY Change 242.11% 51.11% 137.15%

Cashflow Statement

Concept 2015 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$5.410M -$1.355M -$5.912M
YoY Change 41.96% 1668.83% 125.52%
Depreciation, Depletion And Amortization $8.148K $0.00 $5.707K
YoY Change 54.17% 109.43%
Cash From Operating Activities -$3.790M -$4.130M -$1.690M
YoY Change 55.97% 159.75% 53.64%
INVESTING ACTIVITIES
Capital Expenditures $7.910K $0.00 $0.00
YoY Change -54.29% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$40.00K -$6.810M -$4.200M
YoY Change -103.13% -51.39%
Cash From Investing Activities -$40.00K -$6.810M -$4.200M
YoY Change -103.15% -51.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 36.06M 190.0K 17.97M
YoY Change 180200.0% -96.26% 223.2%
NET CHANGE
Cash From Operating Activities -3.790M -4.130M -1.690M
Cash From Investing Activities -40.00K -6.810M -4.200M
Cash From Financing Activities 36.06M 190.0K 17.97M
Net Change In Cash 32.23M -10.75M 12.08M
YoY Change -2927.19% 1.8% 170.85%
FREE CASH FLOW
Cash From Operating Activities -$3.790M -$4.130M -$1.690M
Capital Expenditures $7.910K $0.00 $0.00
Free Cash Flow -$3.798M -$4.130M -$1.690M
YoY Change 55.19% 166.45% 53.64%

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10-K
CY2014 dei Entity Registrant Name
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CATALYST PHARMACEUTICAL PARTNERS, INC.
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No
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CPRX
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" 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> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Catalyst Pharmaceutical Partners, Inc. (the &#x201C;Company&#x201D;) 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. The Company was incorporated in Delaware in July 2006. It is the successor by merger to Catalyst Pharmaceutical Partners, Inc., a Florida corporation, which commenced operations in January&#xA0;2002.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 December&#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 11.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Capital Resources</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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. Subsequent to year end, on February&#xA0;4, 2015, the Company sold 11,500,000 shares of its common stock in an underwritten public offering under the 2014 Shelf Registration Statement, raising net proceeds of approximately $34.7&#xA0;million. (See Note 11). 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 2016. The Company will require additional capital to support its operations in periods after 2016.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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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2014-01-03
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CY2013Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3 Lawsuits
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-3490030
CY2014Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
472026
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2653529
CY2013Q2 us-gaap Revenues
Revenues
0
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-3143590
CY2013Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-498587
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2990173
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-3198020
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-223591
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3245776
CY2013Q3 us-gaap Revenues
Revenues
0
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-5912059
CY2013Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-2676601
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4109029
CY2014Q3 us-gaap Revenues
Revenues
0
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-5009892
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-906787
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-2706923
CY2013Q4 us-gaap Revenues
Revenues
0
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-1354658
CY2013Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1330155
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-3983861
CY2014Q4 us-gaap Revenues
Revenues
0

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