$CPRX
CATALYST PHARMACEUTICALS, INC.

2018 Q1 Form 10-K Financial Statement

#000119312518082292 Filed on March 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $2.674M $2.110M $1.600M
YoY Change 43.02% 41.61% 12.68%
% of Gross Profit
Research & Development $3.259M $3.400M $2.705M
YoY Change 15.82% 20.57% 8.46%
% of Gross Profit
Depreciation & Amortization $8.015K $10.00K $12.84K
YoY Change -38.15% 0.0% 35.4%
% of Gross Profit
Operating Expenses $5.933M $5.510M $4.307M
YoY Change 26.79% 27.84% 10.03%
Operating Profit -$5.933M -$5.512M -$4.307M
YoY Change 26.79% 27.76% 10.03%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $233.5K $120.0K $129.1K
YoY Change 112.36% 200.0% 92.68%
Pretax Income -$5.700M -$5.390M -$4.178M
YoY Change 14.75% 29.57% 5.66%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.700M -$5.388M -$4.178M
YoY Change 14.75% 29.41% 5.66%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$55.58K -$58.90K -$49.29K
COMMON SHARES
Basic Shares Outstanding 102.6M shares 85.23M shares 84.55M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.90M $84.00M $33.90M
YoY Change 113.42% 107.92% -24.16%
Cash & Equivalents $19.60M $57.50M $7.329M
Short-Term Investments $58.30M $26.50M $26.60M
Other Short-Term Assets $1.000M $1.200M $600.0K
YoY Change 0.0% 20.0% 100.0%
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $78.94M $85.19M $34.42M
YoY Change 110.74% 105.5% -23.61%
LONG-TERM ASSETS
Property, Plant & Equipment $183.4K $191.4K $205.5K
YoY Change -20.7% -21.63% -17.5%
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 $192.3K $200.3K $214.3K
YoY Change -19.94% -20.87% -16.9%
TOTAL ASSETS
Total Short-Term Assets $78.94M $85.19M $34.42M
Total Long-Term Assets $192.3K $200.3K $214.3K
Total Assets $79.13M $85.39M $34.63M
YoY Change 109.91% 104.73% -23.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $805.0K $1.946M $1.082M
YoY Change -12.3% 108.49% 2.49%
Accrued Expenses $1.926M $2.321M $1.656M
YoY Change 95.05% 99.82% 76.12%
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 $2.731M $4.266M $2.738M
YoY Change 43.34% 103.68% 37.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change -71.43% -33.33% -50.0%
Total Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change -71.43% -33.33% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.731M $4.266M $2.738M
Total Long-Term Liabilities $200.0K $200.0K $200.0K
Total Liabilities $2.882M $4.424M $2.902M
YoY Change 10.8% 84.48% 20.43%
SHAREHOLDERS EQUITY
Retained Earnings -$132.3M -$126.6M -$121.2M
YoY Change 16.93% 17.03% 16.53%
Common Stock $102.6K $102.5K $85.24K
YoY Change 23.64% 23.59% 2.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.25M $80.96M $31.73M
YoY Change
Total Liabilities & Shareholders Equity $79.13M $85.39M $34.63M
YoY Change 109.91% 104.73% -23.57%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$5.700M -$5.388M -$4.178M
YoY Change 14.75% 29.41% 5.66%
Depreciation, Depletion And Amortization $8.015K $10.00K $12.84K
YoY Change -38.15% 0.0% 35.4%
Cash From Operating Activities -$6.081M -$4.030M -$2.630M
YoY Change 56.74% -8.62% -19.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$31.85M $60.00K -$30.00K
YoY Change 106066.67% -89.83% -101.36%
Cash From Investing Activities -$31.85M $60.00K -$30.00K
YoY Change 106058.98% -89.66% -101.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.03K 54.14M 1.400M
YoY Change 67575.0%
NET CHANGE
Cash From Operating Activities -6.081M -4.030M -2.630M
Cash From Investing Activities -31.85M 60.00K -30.00K
Cash From Financing Activities 33.03K 54.14M 1.400M
Net Change In Cash -37.90M 50.17M -1.260M
YoY Change 869.21% -1437.87% 16.67%
FREE CASH FLOW
Cash From Operating Activities -$6.081M -$4.030M -$2.630M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$6.081M -$4.030M -$2.630M
YoY Change -8.41% -19.82%

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<div> <table> <tr> <td valign="top" width="4%" align="left"><b>m.</b></td> <td valign="top" align="left"><b>CONCENTRATION OF CREDIT RISK.</b> The financial instruments that potentially subject the Company to concentration of credit risk are cash equivalents (i.e. money market funds) and short-term investments. The Company places its cash equivalents with high-credit quality financial institutions. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in these accounts.</td> </tr> </table> </div>
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CATALYST PHARMACEUTICALS, INC.
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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 style="page-break-inside:avoid"> <td width="8%" 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. and subsidiary (collectively, 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. The Company (f/k/a Catalyst Pharmaceutical Partners, Inc.) was incorporated in Delaware in July 2006. It is the successor by merger to Catalyst Pharmaceutical Partners, Inc., a Florida corporation, which commenced operations in January 2002.</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 December&#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 11.</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"> 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-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> The Company may raise required funds in the future 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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