$CPRX
Catalyst Pharmaceuticals Inc

2018 Q4 Form 10-Q Financial Statement

#000119312518320889 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $500.0K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.930M $3.644M $1.600M
YoY Change 228.44% 127.76% 12.68%
% of Gross Profit
Research & Development $8.420M $4.538M $2.705M
YoY Change 147.65% 67.78% 8.46%
% of Gross Profit
Depreciation & Amortization $10.00K $9.294K $12.84K
YoY Change 0.0% -27.61% 35.4%
% of Gross Profit
Operating Expenses $15.34M $8.183M $4.307M
YoY Change 178.4% 90.0% 10.03%
Operating Profit -$14.84M -$8.183M -$4.307M
YoY Change 169.3% 90.0% 10.03%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $340.0K $343.7K $129.1K
YoY Change 183.33% 166.34% 92.68%
Pretax Income -$14.50M -$7.839M -$4.178M
YoY Change 169.02% 87.64% 5.66%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.50M -$7.839M -$4.178M
YoY Change 169.12% 87.64% 5.66%
Net Earnings / Revenue -2899.92%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$141.1K -$0.08 -$49.29K
COMMON SHARES
Basic Shares Outstanding 102.7M shares 102.6M 84.55M shares
Diluted Shares Outstanding 102.6M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.50M $61.70M $33.90M
YoY Change -36.31% 82.01% -24.16%
Cash & Equivalents $16.56M $10.62M $7.329M
Short-Term Investments $36.90M $51.00M $26.60M
Other Short-Term Assets $1.700M $800.0K $600.0K
YoY Change 41.67% 33.33% 100.0%
Inventory $56.01K
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $55.19M $62.48M $34.42M
YoY Change -35.22% 81.54% -23.61%
LONG-TERM ASSETS
Property, Plant & Equipment $245.4K $201.1K $205.5K
YoY Change 28.24% -2.12% -17.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M $5.000M
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $5.263M $5.229M $214.3K
YoY Change 2527.69% 2339.53% -16.9%
TOTAL ASSETS
Total Short-Term Assets $55.19M $62.48M $34.42M
Total Long-Term Assets $5.263M $5.229M $214.3K
Total Assets $60.45M $67.71M $34.63M
YoY Change -29.21% 95.52% -23.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.337M $1.341M $1.082M
YoY Change 20.14% 23.98% 2.49%
Accrued Expenses $7.174M $2.127M $1.656M
YoY Change 209.15% 28.47% 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 $9.511M $3.468M $2.738M
YoY Change 122.95% 26.7% 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 0.0% 0.0% -50.0%
Total Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.511M $3.468M $2.738M
Total Long-Term Liabilities $200.0K $200.0K $200.0K
Total Liabilities $9.666M $3.633M $2.902M
YoY Change 118.51% 25.19% 20.43%
SHAREHOLDERS EQUITY
Retained Earnings -$160.6M -$146.1M -$121.2M
YoY Change 26.87% 20.54% 16.53%
Common Stock $102.7K $102.7K $85.24K
YoY Change 0.19% 20.48% 2.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.78M $64.08M $31.73M
YoY Change
Total Liabilities & Shareholders Equity $60.45M $67.71M $34.63M
YoY Change -29.21% 95.52% -23.57%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$14.50M -$7.839M -$4.178M
YoY Change 169.12% 87.64% 5.66%
Depreciation, Depletion And Amortization $10.00K $9.294K $12.84K
YoY Change 0.0% -27.61% 35.4%
Cash From Operating Activities -$7.900M -$6.960M -$2.630M
YoY Change 96.03% 164.64% -19.82%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$30.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $13.76M $7.600M -$30.00K
YoY Change 22833.33% -25433.33% -101.36%
Cash From Investing Activities $13.70M $7.570M -$30.00K
YoY Change 22733.33% -25333.33% -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 150.0K 100.0K 1.400M
YoY Change -99.72% -92.86%
NET CHANGE
Cash From Operating Activities -7.900M -6.960M -2.630M
Cash From Investing Activities 13.70M 7.570M -30.00K
Cash From Financing Activities 150.0K 100.0K 1.400M
Net Change In Cash 5.950M 710.0K -1.260M
YoY Change -88.14% -156.35% 16.67%
FREE CASH FLOW
Cash From Operating Activities -$7.900M -$6.960M -$2.630M
Capital Expenditures -$50.00K -$30.00K $0.00
Free Cash Flow -$7.850M -$6.930M -$2.630M
YoY Change 94.79% 163.5% -19.82%

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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"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left"><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: 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), and MuSK antibody positive myasthenia gravis <font style="WHITE-SPACE: nowrap">(MuSK-MG).</font></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, 2018. 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 10.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Capital Resources</i></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 additional funds in the future, if required for its business, 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 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt"> &#xA0;</p> </div>
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-29631129
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
141616
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17390876
us-gaap Net Income Loss
NetIncomeLoss
-19503905
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-45948
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
947993
us-gaap Operating Expenses
OperatingExpenses
20451898
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-45948
us-gaap Operating Income Loss
OperatingIncomeLoss
-20451898
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-45948
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
37141968
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><b>n.</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="left"><b>RECLASSIFICATIONS.</b> Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation.</p> </td> </tr> </table> </div>
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4448
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35193
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
146064
us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
7546032
us-gaap Profit Loss
ProfitLoss
-19503905
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11502235
us-gaap Use Of Estimates
UseOfEstimates
<div><b>c.</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="left"><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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
102598740 shares
cprx Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
Three months
us-gaap Share Based Compensation
ShareBasedCompensation
2521023
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10549
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
146064
dei Trading Symbol
TradingSymbol
CPRX
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.79
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
4.64
cprx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2017 cprx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1.00 pure
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4177649
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 Net Income Loss
NetIncomeLoss
-4177649
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
129059
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
4306708
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4306708
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
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7848323
CY2018Q3 us-gaap Depreciation
Depreciation
9294
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3644234
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7838873
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-7838873
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
343730
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
8182603
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-8182603
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-9450
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4538369
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
758176
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
102641504 shares

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