$CPRX
Catalyst Pharmaceuticals Inc

2016 Q3 Form 10-Q Financial Statement

#000119312516676742 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 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 $1.420M $2.310M $2.320M
YoY Change -27.92% -0.43% 160.67%
% of Gross Profit
Research & Development $2.494M $2.509M $2.578M
YoY Change -18.03% -2.66% 22.8%
% of Gross Profit
Depreciation & Amortization $9.482K $8.762K $8.975K
YoY Change -15.78% -2.37% 47.54%
% of Gross Profit
Operating Expenses $3.914M $4.814M $4.897M
YoY Change -21.99% -1.69% 63.78%
Operating Profit -$3.914M -$4.814M -$4.897M
YoY Change -21.99% -1.69% 63.78%
Interest Expense -$110.0K $150.0K $330.0K
YoY Change -121.15% -54.55% -250.0%
% of Operating Profit
Other Income/Expense, Net $66.98K $92.76K $4.871K
YoY Change 43.55% 1804.23% -69.06%
Pretax Income -$3.954M -$4.569M -$4.559M
YoY Change -11.13% 0.23% 42.54%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.954M -$4.569M -$4.559M
YoY Change -11.13% 0.23% 42.54%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$47.67K -$55.15K -$55.58K
COMMON SHARES
Basic Shares Outstanding 82.87M shares 82.87M shares 82.01M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.70M $48.00M $67.40M
YoY Change -29.05% -28.78% 49.78%
Cash & Equivalents $17.64M $18.72M $37.22M
Short-Term Investments $27.10M $29.30M $30.20M
Other Short-Term Assets $300.0K $600.0K $800.0K
YoY Change -78.57% -25.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $45.06M $48.67M $68.26M
YoY Change -29.99% -28.7% 48.87%
LONG-TERM ASSETS
Property, Plant & Equipment $249.0K $258.5K $63.29K
YoY Change 26.01% 308.44% -3.21%
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 $257.9K $267.4K $72.18K
YoY Change 24.89% 270.46% -2.83%
TOTAL ASSETS
Total Short-Term Assets $45.06M $48.67M $68.26M
Total Long-Term Assets $257.9K $267.4K $72.18K
Total Assets $45.31M $48.94M $68.34M
YoY Change -29.82% -28.38% 48.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.055M $707.3K $1.316M
YoY Change 29.17% -46.27% 6.31%
Accrued Expenses $940.3K $1.598M $1.200M
YoY Change -41.23% 33.18% 6.55%
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 $1.996M $2.305M $2.553M
YoY Change -16.37% -9.7% 7.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $400.0K $300.0K $3.000M
YoY Change -73.33% -90.0% 25.0%
Total Long-Term Liabilities $400.0K $300.0K $3.000M
YoY Change -73.33% -90.0% 25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.996M $2.305M $2.553M
Total Long-Term Liabilities $400.0K $300.0K $3.000M
Total Liabilities $2.410M $2.616M $5.545M
YoY Change -38.41% -52.83% 16.94%
SHAREHOLDERS EQUITY
Retained Earnings -$104.0M -$100.0M -$79.81M
YoY Change 23.41% 25.33% 30.11%
Common Stock $82.87K $82.87K $82.10K
YoY Change 0.21% 0.94% 22.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.90M $46.33M $62.79M
YoY Change
Total Liabilities & Shareholders Equity $45.31M $48.94M $68.34M
YoY Change -29.82% -28.38% 48.79%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.954M -$4.569M -$4.559M
YoY Change -11.13% 0.23% 42.54%
Depreciation, Depletion And Amortization $9.482K $8.762K $8.975K
YoY Change -15.78% -2.37% 47.54%
Cash From Operating Activities -$3.280M -$4.340M -$4.250M
YoY Change -38.58% 2.12% 42.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$90.00K $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $2.200M $930.0K $40.00K
YoY Change -7433.33% 2225.0% -100.4%
Cash From Investing Activities $2.200M $840.0K $30.00K
YoY Change -4500.0% 2700.0% -100.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 120.0K
YoY Change -100.0% -100.0% -99.55%
NET CHANGE
Cash From Operating Activities -3.280M -4.340M -4.250M
Cash From Investing Activities 2.200M 840.0K 30.00K
Cash From Financing Activities 0.000 0.000 120.0K
Net Change In Cash -1.080M -3.500M -4.100M
YoY Change -75.89% -14.63% -129.88%
FREE CASH FLOW
Cash From Operating Activities -$3.280M -$4.340M -$4.250M
Capital Expenditures $0.00 -$90.00K $0.00
Free Cash Flow -$3.280M -$4.250M -$4.250M
YoY Change -38.46% 0.0% 43.1%

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us-gaap Nature Of Operations
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Organization and Description of Business.</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> Catalyst Pharmaceuticals, Inc. (the Company) 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:8%; 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, 2016. 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:8%; 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 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:8%; font-size:10pt; font-family:Times New Roman"> While there can be no assurance, based on currently available information, the Company estimates that it has sufficient resources to support its operations for at least the next year.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:8%; 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>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-10273738
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88929
us-gaap Use Of Estimates
UseOfEstimates
<div><b>b.</b> <table> <tr> <td align="left" valign="top"><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>
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
4.64
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-11265
dei Trading Symbol
TradingSymbol
CPRX
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6055288
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
949283
us-gaap Share Based Compensation
ShareBasedCompensation
815238
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82865366 shares
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
cprx Number Of Offerings Under Shelf Registration
NumberOfOfferingsUnderShelfRegistration
2 Offerings
cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
CY2015Q2 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
86957 shares
CY2015Q2 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
86957 shares
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2305555
CY2016Q2 us-gaap Depreciation
Depreciation
8762
CY2016Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-152783
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
92755
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
251305
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2319822
CY2015Q2 us-gaap Depreciation
Depreciation
8975
CY2015Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-333956
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4871
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
4897330
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-4558503
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4558503
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4897330
CY2015Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
113044
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2577508
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
363895
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82037560 shares
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
4814452
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-4568914
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4568914
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4814452
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2508897
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
357269
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82870649 shares
CY2016Q2 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares

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