$CPRX
CATALYST PHARMACEUTICALS, INC.

2017 Q4 Form 10-Q Financial Statement

#000119312517337326 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 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 $2.110M $1.600M $1.420M
YoY Change 41.61% 12.68% -27.92%
% of Gross Profit
Research & Development $3.400M $2.705M $2.494M
YoY Change 20.57% 8.46% -18.03%
% of Gross Profit
Depreciation & Amortization $10.00K $12.84K $9.482K
YoY Change 0.0% 35.4% -15.78%
% of Gross Profit
Operating Expenses $5.510M $4.307M $3.914M
YoY Change 27.84% 10.03% -21.99%
Operating Profit -$5.512M -$4.307M -$3.914M
YoY Change 27.76% 10.03% -21.99%
Interest Expense $0.00 $0.00 -$110.0K
YoY Change -100.0% -100.0% -121.15%
% of Operating Profit
Other Income/Expense, Net $120.0K $129.1K $66.98K
YoY Change 200.0% 92.68% 43.55%
Pretax Income -$5.390M -$4.178M -$3.954M
YoY Change 29.57% 5.66% -11.13%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.388M -$4.178M -$3.954M
YoY Change 29.41% 5.66% -11.13%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$58.90K -$49.29K -$47.67K
COMMON SHARES
Basic Shares Outstanding 85.23M shares 84.55M shares 82.87M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.00M $33.90M $44.70M
YoY Change 107.92% -24.16% -29.05%
Cash & Equivalents $57.50M $7.329M $17.64M
Short-Term Investments $26.50M $26.60M $27.10M
Other Short-Term Assets $1.200M $600.0K $300.0K
YoY Change 20.0% 100.0% -78.57%
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $85.19M $34.42M $45.06M
YoY Change 105.5% -23.61% -29.99%
LONG-TERM ASSETS
Property, Plant & Equipment $191.4K $205.5K $249.0K
YoY Change -21.63% -17.5% 26.01%
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 $200.3K $214.3K $257.9K
YoY Change -20.87% -16.9% 24.89%
TOTAL ASSETS
Total Short-Term Assets $85.19M $34.42M $45.06M
Total Long-Term Assets $200.3K $214.3K $257.9K
Total Assets $85.39M $34.63M $45.31M
YoY Change 104.73% -23.57% -29.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.946M $1.082M $1.055M
YoY Change 108.49% 2.49% 29.17%
Accrued Expenses $2.321M $1.656M $940.3K
YoY Change 99.82% 76.12% -41.23%
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 $4.266M $2.738M $1.996M
YoY Change 103.68% 37.18% -16.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K $400.0K
YoY Change -33.33% -50.0% -73.33%
Total Long-Term Liabilities $200.0K $200.0K $400.0K
YoY Change -33.33% -50.0% -73.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.266M $2.738M $1.996M
Total Long-Term Liabilities $200.0K $200.0K $400.0K
Total Liabilities $4.424M $2.902M $2.410M
YoY Change 84.48% 20.43% -38.41%
SHAREHOLDERS EQUITY
Retained Earnings -$126.6M -$121.2M -$104.0M
YoY Change 17.03% 16.53% 23.41%
Common Stock $102.5K $85.24K $82.87K
YoY Change 23.59% 2.85% 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.96M $31.73M $42.90M
YoY Change
Total Liabilities & Shareholders Equity $85.39M $34.63M $45.31M
YoY Change 104.73% -23.57% -29.82%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$5.388M -$4.178M -$3.954M
YoY Change 29.41% 5.66% -11.13%
Depreciation, Depletion And Amortization $10.00K $12.84K $9.482K
YoY Change 0.0% 35.4% -15.78%
Cash From Operating Activities -$4.030M -$2.630M -$3.280M
YoY Change -8.62% -19.82% -38.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $60.00K -$30.00K $2.200M
YoY Change -89.83% -101.36% -7433.33%
Cash From Investing Activities $60.00K -$30.00K $2.200M
YoY Change -89.66% -101.36% -4500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 54.14M 1.400M 0.000
YoY Change 67575.0% -100.0%
NET CHANGE
Cash From Operating Activities -4.030M -2.630M -3.280M
Cash From Investing Activities 60.00K -30.00K 2.200M
Cash From Financing Activities 54.14M 1.400M 0.000
Net Change In Cash 50.17M -1.260M -1.080M
YoY Change -1437.87% 16.67% -75.89%
FREE CASH FLOW
Cash From Operating Activities -$4.030M -$2.630M -$3.280M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$4.030M -$2.630M -$3.280M
YoY Change -8.41% -19.82% -38.46%

Facts In Submission

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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="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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Catalyst Pharmaceuticals, Inc. (the Company) is a development-stage biopharmaceutical company focused on developing and commercializing innovating therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), Congenital Myasthenic Syndromes (CMS), MuSK antibody positive myasthenia gravis, and infantile spasms.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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, 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: 4%"> 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: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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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<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="4%" align="left"><b>c.</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>
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-779191
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6416715
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-13909132
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-738803
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-697403
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1193883
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2966113
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13551764
us-gaap Operating Expenses
OperatingExpenses
14966002
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-11265
us-gaap Net Income Loss
NetIncomeLoss
-13909132
us-gaap Operating Income Loss
OperatingIncomeLoss
-14966002
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
277679
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11265
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88931
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
94154
us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
ProceedsFromPaymentsForInInterestBearingDepositsInBanks
3149198
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8549287
us-gaap Share Based Compensation
ShareBasedCompensation
1347440
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
82867140 shares
cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
0 shares
CY2016 cprx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2016Q3 us-gaap Depreciation
Depreciation
9482
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2016Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
106948
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
106948
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1420015
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3953981
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
3914014
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-3953981
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3914014
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
66981
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
CY2017Q3 us-gaap Depreciation
Depreciation
12839
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1601785
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4177649
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
4306708
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-4177649
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4306708
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
129059
CY2017Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1403986
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2704923
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
529738
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84797969 shares
CY2017Q3 cprx Number Of Warrants Exercised
NumberOfWarrantsExercised
675000 shares
CY2017Q3 cprx Shares Issued During Period Warrants Exercised
SharesIssuedDuringPeriodWarrantsExercised
675000 shares

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