$CPRX
Catalyst Pharmaceuticals Inc

2016 Q1 Form 10-K Financial Statement

#000119312516505167 Filed on March 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2014 Q4 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 $2.690M $1.600M $1.220M
YoY Change 38.66% 150.0% 177.27%
% of Gross Profit
Research & Development $3.546M $2.380M $2.886M
YoY Change 50.94% 14.98% 2.91%
% of Gross Profit
Depreciation & Amortization $13.20K $10.00K $7.235K
YoY Change 61.98% 26.77%
% of Gross Profit
Operating Expenses $6.238M $3.980M $4.109M
YoY Change 45.33% 46.86% 26.6%
Operating Profit -$6.238M -$3.984M -$4.109M
YoY Change 45.33% 47.17% 26.6%
Interest Expense $730.0K $470.0K -$910.0K
YoY Change -161.86% -64.66% -66.04%
% of Operating Profit
Other Income/Expense, Net $117.9K $20.00K $5.924K
YoY Change 90.43% 0.0% -40.76%
Pretax Income -$5.386M -$3.490M -$5.010M
YoY Change -0.44% 158.52% -15.26%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.386M -$3.490M -$5.010M
YoY Change -0.44% 157.63% -15.26%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$65.05K -$50.62K -$74.59K
COMMON SHARES
Basic Shares Outstanding 82.88M shares 69.12M shares 67.17M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.50M $39.30M $41.40M
YoY Change -26.57% 65.82% 49.46%
Cash & Equivalents $22.23M $9.097M $11.26M
Short-Term Investments $30.20M $30.20M $30.20M
Other Short-Term Assets $1.000M $4.600M $4.300M
YoY Change -77.27% 187.5% 330.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $53.48M $43.83M $45.76M
YoY Change -29.61% 73.1% 59.79%
LONG-TERM ASSETS
Property, Plant & Equipment $178.4K $71.38K $71.28K
YoY Change 150.71% 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 $187.2K $80.27K $80.17K
YoY Change 133.97% 62.1% 45.17%
TOTAL ASSETS
Total Short-Term Assets $53.48M $43.83M $45.76M
Total Long-Term Assets $187.2K $80.27K $80.17K
Total Assets $53.67M $43.91M $45.84M
YoY Change -29.43% 73.07% 59.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.251M $1.814M $524.8K
YoY Change 19.13% 113.24% -64.38%
Accrued Expenses $1.412M $4.041M $5.414M
YoY Change -70.58% 213.53% 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 $2.664M $5.855M $5.939M
YoY Change -54.46% 173.65% 97.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $2.800M $3.300M
YoY Change -86.11% 55.56% -8.33%
Total Long-Term Liabilities $500.0K $2.800M $3.300M
YoY Change -86.11% 55.56% -8.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.664M $5.855M $5.939M
Total Long-Term Liabilities $500.0K $2.800M $3.300M
Total Liabilities $3.129M $8.666M $9.222M
YoY Change -66.81% 117.83% 40.24%
SHAREHOLDERS EQUITY
Retained Earnings -$95.46M -$69.84M -$66.35M
YoY Change 26.85% 28.54% 25.24%
Common Stock $82.87K $69.12K $67.17K
YoY Change 1.05% 27.68% 24.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.54M $35.24M $36.62M
YoY Change
Total Liabilities & Shareholders Equity $53.67M $43.91M $45.84M
YoY Change -29.43% 73.07% 59.76%

Cashflow Statement

Concept 2016 Q1 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$5.386M -$3.490M -$5.010M
YoY Change -0.44% 157.63% -15.26%
Depreciation, Depletion And Amortization $13.20K $10.00K $7.235K
YoY Change 61.98% 26.77%
Cash From Operating Activities -$5.930M -$3.980M -$3.550M
YoY Change 56.46% -3.63% 110.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$20.00K -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$70.00K $10.00K $30.00K
YoY Change 75.0% -100.15% -100.71%
Cash From Investing Activities -$70.00K -$10.00K $20.00K
YoY Change 75.0% -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 -10.00K 1.820M 0.000
YoY Change -100.03% 857.89% -100.0%
NET CHANGE
Cash From Operating Activities -5.930M -3.980M -3.550M
Cash From Investing Activities -70.00K -10.00K 20.00K
Cash From Financing Activities -10.00K 1.820M 0.000
Net Change In Cash -6.010M -2.170M -3.530M
YoY Change -118.65% -79.81% -129.22%
FREE CASH FLOW
Cash From Operating Activities -$5.930M -$3.980M -$3.550M
Capital Expenditures $0.00 -$20.00K -$10.00K
Free Cash Flow -$5.930M -$3.960M -$3.540M
YoY Change 56.14% -4.12% 109.47%

Facts In Submission

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; 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'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Catalyst Pharmaceuticals, Inc., formerly known as Catalyst Pharmaceutical Partners, Inc., (the &#x201C;Company&#x201D;), is a development-stage biopharmaceutical company focused on developing and commercializing innovating therapies for people with rare debilitating diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), Congenital Myasthenic Syndromes (CMS), infantile spasms and Tourette&#x2019;s Disorder. The Company was incorporated in Delaware in July&#xA0;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'; WIDOWS: 1; 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, 2015.&#xA0;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'; WIDOWS: 1; 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'; WIDOWS: 1; 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. 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 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'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 first quarter of 2017. The Company will require additional capital to support its operations in periods after the first quarter of 2017.</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'; WIDOWS: 1; 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> <br class="Apple-interchange-newline" /> </div>
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ProceedsFromIssuanceOrSaleOfEquity
34873869
CY2015 us-gaap Depreciation
Depreciation
34468
CY2015 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
1178261 shares
CY2015 cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
CY2015 cprx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.00 pure
CY2015 cprx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2015 cprx Non Cash Incentive Received From Lessor
NonCashIncentiveReceivedFromLessor
131175
CY2015 cprx Operating Losses Carryforwards Expiration Dates
OperatingLossesCarryforwardsExpirationDates
Beginning in 2023 and ending in 2035
CY2013Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3 Lawsuits
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3811119
CY2014Q1 us-gaap Revenues
Revenues
0
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3508365
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
335514
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-5410259
CY2015Q1 us-gaap Revenues
Revenues
0
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4291915
CY2015Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1180278
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-3198020
CY2014Q2 us-gaap Revenues
Revenues
0
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2990173
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
223591
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-4558503
CY2015Q2 us-gaap Revenues
Revenues
0
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4897330
CY2015Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-333956
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-5009892
CY2014Q3 us-gaap Revenues
Revenues
0
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4109029
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
906787
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-4449038
CY2015Q3 us-gaap Revenues
Revenues
0
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5017428
CY2015Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-521731
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-3490030
CY2014Q4 us-gaap Revenues
Revenues
0
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-3983861
CY2014Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-472026
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-5815158
CY2015Q4 us-gaap Revenues
Revenues
0
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-6191679
CY2015Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-389596

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