$CPRX
Catalyst Pharmaceuticals Inc

2016 Q4 Form 10-Q Financial Statement

#000119312516764344 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.490M $1.420M $2.360M
YoY Change -36.86% -27.92% 47.5%
% of Gross Profit
Research & Development $2.820M $2.494M $3.830M
YoY Change -26.37% -18.03% 60.92%
% of Gross Profit
Depreciation & Amortization $10.00K $9.482K $0.00
YoY Change -15.78% -100.0%
% of Gross Profit
Operating Expenses $4.310M $3.914M $6.190M
YoY Change -30.37% -21.99% 55.53%
Operating Profit -$4.314M -$3.914M -$6.192M
YoY Change -30.32% -21.99% 55.42%
Interest Expense $110.0K -$110.0K $390.0K
YoY Change -71.79% -121.15% -17.02%
% of Operating Profit
Other Income/Expense, Net $40.00K $66.98K -$10.00K
YoY Change -500.0% 43.55% -150.0%
Pretax Income -$4.160M -$3.954M -$5.820M
YoY Change -28.52% -11.13% 66.76%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.163M -$3.954M -$5.815M
YoY Change -28.41% -11.13% 66.62%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$50.18K -$47.67K -$70.27K
COMMON SHARES
Basic Shares Outstanding 82.87M shares 82.87M shares 82.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.40M $44.70M $58.40M
YoY Change -30.82% -29.05% 48.6%
Cash & Equivalents $13.89M $17.64M $28.24M
Short-Term Investments $26.50M $27.10M $30.20M
Other Short-Term Assets $1.000M $300.0K $1.500M
YoY Change -33.33% -78.57% -67.39%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $41.45M $45.06M $59.90M
YoY Change -30.8% -29.99% 36.67%
LONG-TERM ASSETS
Property, Plant & Equipment $244.2K $249.0K $191.5K
YoY Change 27.49% 26.01% 168.36%
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 $253.1K $257.9K $200.4K
YoY Change 26.27% 24.89% 149.72%
TOTAL ASSETS
Total Short-Term Assets $41.45M $45.06M $59.90M
Total Long-Term Assets $253.1K $257.9K $200.4K
Total Assets $41.71M $45.31M $60.10M
YoY Change -30.61% -29.82% 36.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $933.2K $1.055M $1.794M
YoY Change -47.99% 29.17% -1.11%
Accrued Expenses $1.161M $940.3K $1.646M
YoY Change -29.46% -41.23% -59.25%
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 $2.095M $1.996M $3.441M
YoY Change -39.12% -16.37% -41.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $400.0K $1.200M
YoY Change -75.0% -73.33% -57.14%
Total Long-Term Liabilities $300.0K $400.0K $1.200M
YoY Change -75.0% -73.33% -57.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.095M $1.996M $3.441M
Total Long-Term Liabilities $300.0K $400.0K $1.200M
Total Liabilities $2.398M $2.410M $4.625M
YoY Change -48.16% -38.41% -46.63%
SHAREHOLDERS EQUITY
Retained Earnings -$108.1M -$104.0M -$90.08M
YoY Change 20.06% 23.41% 28.97%
Common Stock $82.97K $82.87K $82.85K
YoY Change 0.15% 0.21% 19.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.31M $42.90M $55.48M
YoY Change
Total Liabilities & Shareholders Equity $41.71M $45.31M $60.10M
YoY Change -30.61% -29.82% 36.88%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$4.163M -$3.954M -$5.815M
YoY Change -28.41% -11.13% 66.62%
Depreciation, Depletion And Amortization $10.00K $9.482K $0.00
YoY Change -15.78% -100.0%
Cash From Operating Activities -$4.410M -$3.280M -$4.640M
YoY Change -4.96% -38.58% 16.58%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $590.0K $2.200M $50.00K
YoY Change 1080.0% -7433.33% 400.0%
Cash From Investing Activities $580.0K $2.200M $50.00K
YoY Change 1060.0% -4500.0% -600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 0.000 70.00K
YoY Change 14.29% -100.0% -96.15%
NET CHANGE
Cash From Operating Activities -4.410M -3.280M -4.640M
Cash From Investing Activities 580.0K 2.200M 50.00K
Cash From Financing Activities 80.00K 0.000 70.00K
Net Change In Cash -3.750M -1.080M -4.520M
YoY Change -17.04% -75.89% 108.29%
FREE CASH FLOW
Cash From Operating Activities -$4.410M -$3.280M -$4.640M
Capital Expenditures -$10.00K $0.00 $0.00
Free Cash Flow -$4.400M -$3.280M -$4.640M
YoY Change -5.17% -38.46% 17.17%

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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%">&#xA0;</td> <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: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 September&#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
-13551764
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88931
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
8549287
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
3149198
us-gaap Share Based Compensation
ShareBasedCompensation
1347440
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82867140 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
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
1059348
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1974757
CY2015Q3 us-gaap Depreciation
Depreciation
11259
CY2015Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-521731
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
46659
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
5017428
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-4449038
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4449038
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5017428
CY2015Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
591668
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3042671
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
330770
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82470139 shares
CY2015Q3 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
374130 shares
CY2015Q3 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
374130 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1420015
CY2016Q3 us-gaap Depreciation
Depreciation
9482
CY2016Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
106948
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
66981
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
3914014
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-3953981
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3953981
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3914014
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2493999
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
532202
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82870649 shares
CY2016Q3 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares

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