$CPRX
Catalyst Pharmaceuticals Inc

2017 Q2 Form 10-Q Financial Statement

#000119312517165926 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.730M $1.870M $2.690M
YoY Change -25.11% -30.48% 38.66%
% of Gross Profit
Research & Development $2.452M $2.814M $3.546M
YoY Change -2.28% -20.65% 50.94%
% of Gross Profit
Depreciation & Amortization $12.96K $12.96K $13.20K
YoY Change 47.88% -1.82% 61.98%
% of Gross Profit
Operating Expenses $4.181M $4.680M $6.238M
YoY Change -13.15% -24.97% 45.33%
Operating Profit -$4.181M -$4.680M -$6.238M
YoY Change -13.15% -24.97% 45.33%
Interest Expense $210.0K -$400.0K $730.0K
YoY Change 40.0% -154.79% -161.86%
% of Operating Profit
Other Income/Expense, Net $91.04K $110.0K $117.9K
YoY Change -1.85% -6.75% 90.43%
Pretax Income -$3.880M -$4.967M -$5.386M
YoY Change -15.08% -7.78% -0.44%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.880M -$4.967M -$5.386M
YoY Change -15.08% -7.78% -0.44%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$46.24K -$59.90K -$65.05K
COMMON SHARES
Basic Shares Outstanding 83.79M shares 82.97M shares 82.88M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.10M $36.50M $52.50M
YoY Change -26.88% -30.48% -26.57%
Cash & Equivalents $8.584M $9.981M $22.23M
Short-Term Investments $26.50M $26.50M $30.20M
Other Short-Term Assets $600.0K $1.000M $1.000M
YoY Change 0.0% 0.0% -77.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.75M $37.46M $53.48M
YoY Change -26.55% -29.96% -29.61%
LONG-TERM ASSETS
Property, Plant & Equipment $218.3K $231.2K $178.4K
YoY Change -15.56% 29.66% 150.71%
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 $227.2K $240.1K $187.2K
YoY Change -15.04% 28.25% 133.97%
TOTAL ASSETS
Total Short-Term Assets $35.75M $37.46M $53.48M
Total Long-Term Assets $227.2K $240.1K $187.2K
Total Assets $35.98M $37.70M $53.67M
YoY Change -26.48% -29.76% -29.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $692.3K $917.9K $1.251M
YoY Change -2.11% -26.65% 19.13%
Accrued Expenses $1.148M $987.6K $1.412M
YoY Change -28.16% -30.07% -70.58%
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 $1.840M $1.906M $2.664M
YoY Change -20.17% -28.47% -54.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $700.0K $500.0K
YoY Change -33.33% 40.0% -86.11%
Total Long-Term Liabilities $200.0K $700.0K $500.0K
YoY Change -33.33% 40.0% -86.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.840M $1.906M $2.664M
Total Long-Term Liabilities $200.0K $700.0K $500.0K
Total Liabilities $2.011M $2.601M $3.129M
YoY Change -23.12% -16.88% -66.81%
SHAREHOLDERS EQUITY
Retained Earnings -$117.0M -$113.1M -$95.46M
YoY Change 16.96% 18.49% 26.85%
Common Stock $84.56K $82.97K $82.87K
YoY Change 2.03% 0.12% 1.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.97M $35.10M $50.54M
YoY Change
Total Liabilities & Shareholders Equity $35.98M $37.70M $53.67M
YoY Change -26.48% -29.76% -29.43%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$3.880M -$4.967M -$5.386M
YoY Change -15.08% -7.78% -0.44%
Depreciation, Depletion And Amortization $12.96K $12.96K $13.20K
YoY Change 47.88% -1.82% 61.98%
Cash From Operating Activities -$3.200M -$3.880M -$5.930M
YoY Change -26.27% -34.57% 56.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$30.00K -$70.00K
YoY Change -100.0% -57.14% 75.0%
Cash From Investing Activities $0.00 -$30.00K -$70.00K
YoY Change -100.0% -57.14% 75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.810M 0.000 -10.00K
YoY Change -100.0% -100.03%
NET CHANGE
Cash From Operating Activities -3.200M -3.880M -5.930M
Cash From Investing Activities 0.000 -30.00K -70.00K
Cash From Financing Activities 1.810M 0.000 -10.00K
Net Change In Cash -1.390M -3.910M -6.010M
YoY Change -60.29% -34.94% -118.65%
FREE CASH FLOW
Cash From Operating Activities -$3.200M -$3.880M -$5.930M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$3.200M -$5.930M
YoY Change -24.71% 56.14%

Facts In Submission

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CATALYST PHARMACEUTICALS, INC.
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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 style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="8%" align="left"><b>1.</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify"><b>Organization and Description of Business.</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%" align="justify">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) and infantile spasms.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%" align="justify">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 March&#xA0;31, 2017. 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: 8%" align="justify">On January&#xA0;31, 2014, the Company filed a Shelf Registration Statement on Form <font style="WHITE-SPACE: nowrap">S-3</font> (the 2014 Shelf Registration Statement) with the U.S. Securities and Exchange Commission (SEC) to sell up to $100&#xA0;million of common stock. This registration statement (file <font style="WHITE-SPACE: nowrap">No.&#xA0;333-193699)</font> 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). The 2014 Shelf Registration Statement, expired on March&#xA0;19, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%" align="justify">On December&#xA0;23, 2016, the Company filed a Shelf Registration Statement on Form <font style="WHITE-SPACE: nowrap">S-3</font> (the 2016 Shelf Registration Statement) with the SEC to sell up to approximately $33.8&#xA0;million of common stock. The 2016 Shelf Registration Statement was filed to continue the registration of the remaining unsold allotment under the 2014 Shelf Registration Statement beyond its expiration date. The 2016 Shelf Registration Statement (file <font style="WHITE-SPACE: nowrap">No.&#xA0;333-215315)</font> was declared effective by the SEC on January&#xA0;9, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%" align="justify">While there can be no assurance, based on currently available information, the Company estimates that it currently has sufficient resources to support its operations for at least the next 12 months.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%" align="justify">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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<div><b>b.</b> <table> <tr> <td align="left" valign="top"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify"><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.</p> </td> </tr> </table> </div>
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TradingSymbol
CPRX
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2813929
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5930218
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
754144
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-11265
CY2016Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
65201
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11265
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82972316 shares
CY2017Q1 cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
CY2017Q1 cprx Number Of Offerings Under Shelf Registration
NumberOfOfferingsUnderShelfRegistration
2 Offerings
CY2017Q1 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
0
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-733356
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6805997 shares
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6007054
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2691145
CY2016Q1 us-gaap Depreciation
Depreciation
13198
CY2016Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-733356
CY2016Q1 us-gaap Revenues
Revenues
0
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
117943
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-219984
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
6237536
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-5386237
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5386237
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-65571
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-542654
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-480846
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6237536
CY2016Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
CY2016Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
4.64
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3546391
CY2016Q1 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
-370
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
457969
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82860083 shares
CY2016Q1 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares

Files In Submission

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0001193125-17-165926-index-headers.html Edgar Link pending
0001193125-17-165926-index.html Edgar Link pending
0001193125-17-165926.txt Edgar Link pending
0001193125-17-165926-xbrl.zip Edgar Link pending
cprx-20170331.xml Edgar Link completed
cprx-20170331.xsd Edgar Link pending
cprx-20170331_cal.xml Edgar Link unprocessable
cprx-20170331_def.xml Edgar Link unprocessable
cprx-20170331_lab.xml Edgar Link unprocessable
cprx-20170331_pre.xml Edgar Link unprocessable
d373714d10q.htm Edgar Link pending
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