$CPRX
CATALYST PHARMACEUTICALS, INC.

2015 Q4 Form 10-Q Financial Statement

#000119312515371935 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 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 $2.360M $1.970M $1.220M
YoY Change 47.5% 61.48% 177.27%
% of Gross Profit
Research & Development $3.830M $3.043M $2.886M
YoY Change 60.92% 5.43% 2.91%
% of Gross Profit
Depreciation & Amortization $0.00 $11.26K $7.235K
YoY Change -100.0% 55.62% 26.77%
% of Gross Profit
Operating Expenses $6.190M $5.017M $4.109M
YoY Change 55.53% 22.11% 26.6%
Operating Profit -$6.192M -$5.017M -$4.109M
YoY Change 55.42% 22.11% 26.6%
Interest Expense $390.0K $520.0K -$910.0K
YoY Change -17.02% -157.14% -66.04%
% of Operating Profit
Other Income/Expense, Net -$10.00K $46.66K $5.924K
YoY Change -150.0% 687.63% -40.76%
Pretax Income -$5.820M -$4.449M -$5.010M
YoY Change 66.76% -11.19% -15.26%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.815M -$4.449M -$5.010M
YoY Change 66.62% -11.19% -15.26%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$70.27K -$53.96K -$74.59K
COMMON SHARES
Basic Shares Outstanding 82.82M shares 82.48M shares 67.17M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.40M $63.00M $41.40M
YoY Change 48.6% 52.17% 49.46%
Cash & Equivalents $28.24M $32.75M $11.26M
Short-Term Investments $30.20M $30.20M $30.20M
Other Short-Term Assets $1.500M $1.400M $4.300M
YoY Change -67.39% -67.44% 330.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $59.90M $64.36M $45.76M
YoY Change 36.67% 40.63% 59.79%
LONG-TERM ASSETS
Property, Plant & Equipment $191.5K $197.6K $71.28K
YoY Change 168.36% 177.27% 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 $200.4K $206.5K $80.17K
YoY Change 149.72% 157.61% 45.17%
TOTAL ASSETS
Total Short-Term Assets $59.90M $64.36M $45.76M
Total Long-Term Assets $200.4K $206.5K $80.17K
Total Assets $60.10M $64.56M $45.84M
YoY Change 36.88% 40.83% 59.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.794M $817.0K $524.8K
YoY Change -1.11% 55.68% -64.38%
Accrued Expenses $1.646M $1.600M $5.414M
YoY Change -59.25% -70.45% 251.96%
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 $3.441M $2.386M $5.939M
YoY Change -41.24% -59.82% 97.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.200M $1.500M $3.300M
YoY Change -57.14% -54.55% -8.33%
Total Long-Term Liabilities $1.200M $1.500M $3.300M
YoY Change -57.14% -54.55% -8.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.441M $2.386M $5.939M
Total Long-Term Liabilities $1.200M $1.500M $3.300M
Total Liabilities $4.625M $3.913M $9.222M
YoY Change -46.63% -57.57% 40.24%
SHAREHOLDERS EQUITY
Retained Earnings -$90.08M -$84.26M -$66.35M
YoY Change 28.97% 26.99% 25.24%
Common Stock $82.85K $82.70K $67.17K
YoY Change 19.87% 23.11% 24.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.48M $60.65M $36.62M
YoY Change
Total Liabilities & Shareholders Equity $60.10M $64.56M $45.84M
YoY Change 36.88% 40.83% 59.76%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$5.815M -$4.449M -$5.010M
YoY Change 66.62% -11.19% -15.26%
Depreciation, Depletion And Amortization $0.00 $11.26K $7.235K
YoY Change -100.0% 55.62% 26.77%
Cash From Operating Activities -$4.640M -$5.340M -$3.550M
YoY Change 16.58% 50.42% 110.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$10.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $50.00K -$30.00K $30.00K
YoY Change 400.0% -200.0% -100.71%
Cash From Investing Activities $50.00K -$50.00K $20.00K
YoY Change -600.0% -350.0% -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 70.00K 910.0K 0.000
YoY Change -96.15% -100.0%
NET CHANGE
Cash From Operating Activities -4.640M -5.340M -3.550M
Cash From Investing Activities 50.00K -50.00K 20.00K
Cash From Financing Activities 70.00K 910.0K 0.000
Net Change In Cash -4.520M -4.480M -3.530M
YoY Change 108.29% 26.91% -129.22%
FREE CASH FLOW
Cash From Operating Activities -$4.640M -$5.340M -$3.550M
Capital Expenditures $0.00 -$10.00K -$10.00K
Free Cash Flow -$4.640M -$5.330M -$3.540M
YoY Change 17.17% 50.56% 109.47%

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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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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), Congenital Myasthenic Syndromes (CMS) 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 September&#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-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 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; 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>
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CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
CATALYST PHARMACEUTICALS, INC.
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
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
80205864 shares
us-gaap Loss Contingency Settlement Agreement Date
LossContingencySettlementAgreementDate
April 16, 2015
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23465
us-gaap Net Income Loss
NetIncomeLoss
-14417800
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
324949
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
952670
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
34873869
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
341220
us-gaap Operating Income Loss
OperatingIncomeLoss
-14206673
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
113464
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
3617261
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
32071
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14417800
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
56446
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Share Based Compensation
ShareBasedCompensation
1009116
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
324591
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
23653681
us-gaap Operating Expenses
OperatingExpenses
14206673
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-56976
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
37094556
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1895738
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7969731
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
324949
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1010221
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6236942
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
1721523
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
1721523
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-997189
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
-1440
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
34873869
us-gaap Depreciation
Depreciation
28382
cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
1178261 shares
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
cprx Minimum Amortization Period Of Compensation Cost On Straight Line Basis
MinimumAmortizationPeriodOfCompensationCostOnStraightLineBasis
P3Y
cprx Non Cash Incentive Received From Lessor
NonCashIncentiveReceivedFromLessor
131175
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
67169383 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-5009892
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4109029
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5924
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5009892
CY2014Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
444626
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
906787
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
4109029
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2885892
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1223137
CY2014Q3 us-gaap Depreciation
Depreciation
7235
CY2014Q3 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82470139 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-4449038
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5017428
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
46659
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4449038
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
330770
CY2015Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-521731
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
5017428
CY2015Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
591668
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3042671
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1974757
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
1059348
CY2015Q3 us-gaap Depreciation
Depreciation
11259
CY2015Q3 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
374130 shares
CY2015Q3 cprx Tenant Build Out Allowance
TenantBuildOutAllowance
131000

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cprx-20150930.xml Edgar Link completed
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