$CPRX
Catalyst Pharmaceuticals Inc

2015 Q3 Form 10-Q Financial Statement

#000119312515284852 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 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 $1.970M $2.320M $890.0K
YoY Change 61.48% 160.67% 71.15%
% of Gross Profit
Research & Development $3.043M $2.578M $2.099M
YoY Change 5.43% 22.8% -1.55%
% of Gross Profit
Depreciation & Amortization $11.26K $8.975K $6.083K
YoY Change 55.62% 47.54% 6.61%
% of Gross Profit
Operating Expenses $5.017M $4.897M $2.990M
YoY Change 22.11% 63.78% 12.69%
Operating Profit -$5.017M -$4.897M -$2.990M
YoY Change 22.11% 63.78% 12.69%
Interest Expense $520.0K $330.0K -$220.0K
YoY Change -157.14% -250.0% -56.0%
% of Operating Profit
Other Income/Expense, Net $46.66K $4.871K $15.74K
YoY Change 687.63% -69.06% 57.44%
Pretax Income -$4.449M -$4.559M -$3.198M
YoY Change -11.19% 42.54% 1.73%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.449M -$4.559M -$3.198M
YoY Change -11.19% 42.54% 1.73%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$53.96K -$55.58K -$48.36K
COMMON SHARES
Basic Shares Outstanding 82.48M shares 82.01M shares 67.17M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.00M $67.40M $45.00M
YoY Change 52.17% 49.78% 294.74%
Cash & Equivalents $32.75M $37.22M $14.80M
Short-Term Investments $30.20M $30.20M $30.20M
Other Short-Term Assets $1.400M $800.0K $800.0K
YoY Change -67.44% 0.0% -27.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $64.36M $68.26M $45.86M
YoY Change 40.63% 48.87% 267.3%
LONG-TERM ASSETS
Property, Plant & Equipment $197.6K $63.29K $65.40K
YoY Change 177.27% -3.21% 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 $206.5K $72.18K $74.28K
YoY Change 157.61% -2.83% 21.92%
TOTAL ASSETS
Total Short-Term Assets $64.36M $68.26M $45.86M
Total Long-Term Assets $206.5K $72.18K $74.28K
Total Assets $64.56M $68.34M $45.93M
YoY Change 40.83% 48.79% 266.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $817.0K $1.316M $1.238M
YoY Change 55.68% 6.31% 176.2%
Accrued Expenses $1.600M $1.200M $1.126M
YoY Change -70.45% 6.55% -5.31%
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 $2.386M $2.553M $2.364M
YoY Change -59.82% 7.99% 44.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.500M $3.000M $2.400M
YoY Change -54.55% 25.0% 130.22%
Total Long-Term Liabilities $1.500M $3.000M $2.400M
YoY Change -54.55% 25.0% 130.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.386M $2.553M $2.364M
Total Long-Term Liabilities $1.500M $3.000M $2.400M
Total Liabilities $3.913M $5.545M $4.741M
YoY Change -57.57% 16.94% 75.55%
SHAREHOLDERS EQUITY
Retained Earnings -$84.26M -$79.81M -$61.34M
YoY Change 26.99% 30.11% 30.33%
Common Stock $82.70K $82.10K $67.17K
YoY Change 23.11% 22.22% 61.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.65M $62.79M $41.19M
YoY Change
Total Liabilities & Shareholders Equity $64.56M $68.34M $45.93M
YoY Change 40.83% 48.79% 266.11%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$4.449M -$4.559M -$3.198M
YoY Change -11.19% 42.54% 1.73%
Depreciation, Depletion And Amortization $11.26K $8.975K $6.083K
YoY Change 55.62% 47.54% 6.61%
Cash From Operating Activities -$5.340M -$4.250M -$2.980M
YoY Change 50.42% 42.62% 64.64%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 -$10.00K
YoY Change 0.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$30.00K $40.00K -$10.00M
YoY Change -200.0% -100.4% -592.61%
Cash From Investing Activities -$50.00K $30.00K -$10.02M
YoY Change -350.0% -100.3% -596.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 910.0K 120.0K 26.72M
YoY Change -99.55% 133500.0%
NET CHANGE
Cash From Operating Activities -5.340M -4.250M -2.980M
Cash From Investing Activities -50.00K 30.00K -10.02M
Cash From Financing Activities 910.0K 120.0K 26.72M
Net Change In Cash -4.480M -4.100M 13.72M
YoY Change 26.91% -129.88% 5865.22%
FREE CASH FLOW
Cash From Operating Activities -$5.340M -$4.250M -$2.980M
Capital Expenditures -$10.00K $0.00 -$10.00K
Free Cash Flow -$5.330M -$4.250M -$2.970M
YoY Change 50.56% 43.1% 64.09%

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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="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 Pharmaceuticals, Inc. (the Company) is a development-stage biopharmaceutical company focused on the development and commercialization of prescription drugs targeting rare (orphan) neuromuscular and 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 June&#xA0;30, 2015. 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. The Company has conducted two registered direct offerings under the 2014 Shelf Registration Statement. See Note 9.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> While there can be no assurance, based on currently available information, the Company estimates that it currently has sufficient resources to support its operations through the end of 2016. The Company will require additional funding to support the Company&#x2019;s operations in periods after 2016.</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 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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DocumentPeriodEndDate
2015-06-30
us-gaap Use Of Estimates
UseOfEstimates
<div><b>b.</b> <table> <tr> <td valign="top" align="left"><b>USE OF ESTIMATES.</b> The preparation of financial statements in conformity with U.S. GAAP 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>
dei Trading Symbol
TradingSymbol
CPRX
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
79054960 shares
us-gaap Loss Contingency Settlement Agreement Date
LossContingencySettlementAgreementDate
April 16, 2015
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9040
us-gaap Net Income Loss
NetIncomeLoss
-9968762
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
640922
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
34873869
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-191430
us-gaap Operating Income Loss
OperatingIncomeLoss
-9189245
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
66805
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1966246
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
2502
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
37424
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-9968762
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Share Based Compensation
ShareBasedCompensation
678346
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
846322
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
28124675
us-gaap Operating Expenses
OperatingExpenses
9189245
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12558
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
36177939
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1304070
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4927060
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
692753
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4262185
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
662175
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
662175
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-497918
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
-1016
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
34873869
us-gaap Depreciation
Depreciation
17123
cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
804131 shares
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
cprx Minimum Amortization Period Of Compensation Cost On Straight Line Basis
MinimumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P3Y
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
66167556 shares
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-3198020
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2990173
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15744
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
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 Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
22570
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
223591
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
2990173
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2098958
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
891215
CY2014Q2 us-gaap Depreciation
Depreciation
6083
CY2014Q2 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82037560 shares
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-4558503
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4897330
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4871
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4558503
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
363895
CY2015Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-333956
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
4897330
CY2015Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
113044
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2577508
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2319822
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
251305
CY2015Q2 us-gaap Depreciation
Depreciation
8975
CY2015Q2 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
86957 shares

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