$CPRX
Catalyst Pharmaceuticals Inc

2017 Q3 Form 10-Q Financial Statement

#000119312517252800 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 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 $1.600M $1.730M $2.310M
YoY Change 12.68% -25.11% -0.43%
% of Gross Profit
Research & Development $2.705M $2.452M $2.509M
YoY Change 8.46% -2.28% -2.66%
% of Gross Profit
Depreciation & Amortization $12.84K $12.96K $8.762K
YoY Change 35.4% 47.88% -2.37%
% of Gross Profit
Operating Expenses $4.307M $4.181M $4.814M
YoY Change 10.03% -13.15% -1.69%
Operating Profit -$4.307M -$4.181M -$4.814M
YoY Change 10.03% -13.15% -1.69%
Interest Expense $0.00 $210.0K $150.0K
YoY Change -100.0% 40.0% -54.55%
% of Operating Profit
Other Income/Expense, Net $129.1K $91.04K $92.76K
YoY Change 92.68% -1.85% 1804.23%
Pretax Income -$4.178M -$3.880M -$4.569M
YoY Change 5.66% -15.08% 0.23%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.178M -$3.880M -$4.569M
YoY Change 5.66% -15.08% 0.23%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$49.29K -$46.24K -$55.15K
COMMON SHARES
Basic Shares Outstanding 84.55M shares 83.79M shares 82.87M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.90M $35.10M $48.00M
YoY Change -24.16% -26.88% -28.78%
Cash & Equivalents $7.329M $8.584M $18.72M
Short-Term Investments $26.60M $26.50M $29.30M
Other Short-Term Assets $600.0K $600.0K $600.0K
YoY Change 100.0% 0.0% -25.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $34.42M $35.75M $48.67M
YoY Change -23.61% -26.55% -28.7%
LONG-TERM ASSETS
Property, Plant & Equipment $205.5K $218.3K $258.5K
YoY Change -17.5% -15.56% 308.44%
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 $214.3K $227.2K $267.4K
YoY Change -16.9% -15.04% 270.46%
TOTAL ASSETS
Total Short-Term Assets $34.42M $35.75M $48.67M
Total Long-Term Assets $214.3K $227.2K $267.4K
Total Assets $34.63M $35.98M $48.94M
YoY Change -23.57% -26.48% -28.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.082M $692.3K $707.3K
YoY Change 2.49% -2.11% -46.27%
Accrued Expenses $1.656M $1.148M $1.598M
YoY Change 76.12% -28.16% 33.18%
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 $2.738M $1.840M $2.305M
YoY Change 37.18% -20.17% -9.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K $300.0K
YoY Change -50.0% -33.33% -90.0%
Total Long-Term Liabilities $200.0K $200.0K $300.0K
YoY Change -50.0% -33.33% -90.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.738M $1.840M $2.305M
Total Long-Term Liabilities $200.0K $200.0K $300.0K
Total Liabilities $2.902M $2.011M $2.616M
YoY Change 20.43% -23.12% -52.83%
SHAREHOLDERS EQUITY
Retained Earnings -$121.2M -$117.0M -$100.0M
YoY Change 16.53% 16.96% 25.33%
Common Stock $85.24K $84.56K $82.87K
YoY Change 2.85% 2.03% 0.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.73M $33.97M $46.33M
YoY Change
Total Liabilities & Shareholders Equity $34.63M $35.98M $48.94M
YoY Change -23.57% -26.48% -28.38%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$4.178M -$3.880M -$4.569M
YoY Change 5.66% -15.08% 0.23%
Depreciation, Depletion And Amortization $12.84K $12.96K $8.762K
YoY Change 35.4% 47.88% -2.37%
Cash From Operating Activities -$2.630M -$3.200M -$4.340M
YoY Change -19.82% -26.27% 2.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$90.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$30.00K $0.00 $930.0K
YoY Change -101.36% -100.0% 2225.0%
Cash From Investing Activities -$30.00K $0.00 $840.0K
YoY Change -101.36% -100.0% 2700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.400M 1.810M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.630M -3.200M -4.340M
Cash From Investing Activities -30.00K 0.000 840.0K
Cash From Financing Activities 1.400M 1.810M 0.000
Net Change In Cash -1.260M -1.390M -3.500M
YoY Change 16.67% -60.29% -14.63%
FREE CASH FLOW
Cash From Operating Activities -$2.630M -$3.200M -$4.340M
Capital Expenditures $0.00 $0.00 -$90.00K
Free Cash Flow -$2.630M -$3.200M -$4.250M
YoY Change -19.82% -24.71% 0.0%

Facts In Submission

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="8%" 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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, 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b><i>Capital Resources</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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 12 months.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> 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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us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.47
cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
1582663 shares
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
2114568
dei Trading Symbol
TradingSymbol
CPRX
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
83441650 shares
us-gaap Use Of Estimates
UseOfEstimates
<table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="5%" align="left"><b>b.</b></td> <td valign="top" align="left"><b>USE OF ESTIMATES.&#xA0;</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>
cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
1582663 shares
us-gaap Share Based Compensation
ShareBasedCompensation
815238
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 Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
82865366 shares
cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7609330 shares
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9517912
us-gaap Depreciation
Depreciation
21960
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-886139
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-886139
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4996700
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9955151
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1086835
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-36572
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-853761
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
767091
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-10273738
us-gaap Operating Expenses
OperatingExpenses
11051988
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-11265
us-gaap Net Income Loss
NetIncomeLoss
-9955151
us-gaap Operating Income Loss
OperatingIncomeLoss
-11051988
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
210698
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11265
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88929
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
93263
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
949283
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6055288
CY2016Q2 us-gaap Depreciation
Depreciation
8762
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2016Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-152783
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-152783
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2305555
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4568914
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
4814452
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-4568914
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4814452
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
92755
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
CY2017Q2 us-gaap Depreciation
Depreciation
12957
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2017Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-210331
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
309130
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-210331
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1729520
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3879901
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
4181271
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-3879901
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4181271
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
91039
CY2017Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1805437
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2451751
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
638569
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
83905827 shares
CY2017Q2 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
1582663 shares
CY2017Q2 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
1582663 shares

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