$CPRX
Catalyst Pharmaceuticals Inc

2018 Form 10-K Financial Statement

#000119312519078253 Filed on March 18, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 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 $15.88M $2.110M $1.600M
YoY Change 117.48% 41.61% 12.68%
% of Gross Profit
Research & Development $19.92M $3.400M $2.705M
YoY Change 75.11% 20.57% 8.46%
% of Gross Profit
Depreciation & Amortization $37.98K $10.00K $12.84K
YoY Change -16.88% 0.0% 35.4%
% of Gross Profit
Operating Expenses $35.80M $5.510M $4.307M
YoY Change 91.63% 27.84% 10.03%
Operating Profit -$35.30M -$5.512M -$4.307M
YoY Change 88.95% 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 $1.292M $120.0K $129.1K
YoY Change 184.4% 200.0% 92.68%
Pretax Income -$34.00M -$5.390M -$4.178M
YoY Change 84.68% 29.57% 5.66%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$34.00M -$5.388M -$4.178M
YoY Change 84.68% 29.41% 5.66%
Net Earnings / Revenue -6800.7%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$0.33 -$58.90K -$49.29K
COMMON SHARES
Basic Shares Outstanding 102.6M 85.23M shares 84.55M shares
Diluted Shares Outstanding 102.6M

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.50M $84.00M $33.90M
YoY Change -36.31% 107.92% -24.16%
Cash & Equivalents $16.60M $57.50M $7.329M
Short-Term Investments $36.90M $26.50M $26.60M
Other Short-Term Assets $1.700M $1.200M $600.0K
YoY Change 41.67% 20.0% 100.0%
Inventory $100.0K $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $55.20M $85.19M $34.42M
YoY Change -35.21% 105.5% -23.61%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $191.4K $205.5K
YoY Change 0.0% -21.63% -17.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $5.200M $200.3K $214.3K
YoY Change 2500.0% -20.87% -16.9%
TOTAL ASSETS
Total Short-Term Assets $55.20M $85.19M $34.42M
Total Long-Term Assets $5.200M $200.3K $214.3K
Total Assets $60.40M $85.39M $34.63M
YoY Change -29.27% 104.73% -23.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $1.946M $1.082M
YoY Change 21.05% 108.49% 2.49%
Accrued Expenses $7.100M $2.321M $1.656M
YoY Change 208.7% 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 $9.500M $4.266M $2.738M
YoY Change 120.93% 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 0.0% -33.33% -50.0%
Total Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change 0.0% -33.33% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.500M $4.266M $2.738M
Total Long-Term Liabilities $200.0K $200.0K $200.0K
Total Liabilities $9.700M $4.424M $2.902M
YoY Change 120.45% 84.48% 20.43%
SHAREHOLDERS EQUITY
Retained Earnings -$126.6M -$121.2M
YoY Change 17.03% 16.53%
Common Stock $102.5K $85.24K
YoY Change 23.59% 2.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.80M $80.96M $31.73M
YoY Change
Total Liabilities & Shareholders Equity $60.40M $85.39M $34.63M
YoY Change -29.27% 104.73% -23.57%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$34.00M -$5.388M -$4.178M
YoY Change 84.68% 29.41% 5.66%
Depreciation, Depletion And Amortization $37.98K $10.00K $12.84K
YoY Change -16.88% 0.0% 35.4%
Cash From Operating Activities -$26.15M -$4.030M -$2.630M
YoY Change 90.27% -8.62% -19.82%
INVESTING ACTIVITIES
Capital Expenditures $92.02K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$15.43M $60.00K -$30.00K
YoY Change -89.83% -101.36%
Cash From Investing Activities -$15.08M $60.00K -$30.00K
YoY Change 380973.07% -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 293.1K 54.14M 1.400M
YoY Change -99.49% 67575.0%
NET CHANGE
Cash From Operating Activities -26.15M -4.030M -2.630M
Cash From Investing Activities -15.08M 60.00K -30.00K
Cash From Financing Activities 293.1K 54.14M 1.400M
Net Change In Cash -40.94M 50.17M -1.260M
YoY Change -193.89% -1437.87% 16.67%
FREE CASH FLOW
Cash From Operating Activities -$26.15M -$4.030M -$2.630M
Capital Expenditures $92.02K $0.00 $0.00
Free Cash Flow -$26.24M -$4.030M -$2.630M
YoY Change 90.94% -8.41% -19.82%

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CATALYST PHARMACEUTICALS, INC.
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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="4%" align="left"><b>1.</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> Catalyst Pharmaceuticals, Inc. and subsidiary (collectively, the &#x201C;Company&#x201D;), 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&#xA0;<font style="WHITE-SPACE: nowrap">(MuSK-MG).</font>&#xA0;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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> On November&#xA0;28, 2018, the U.S. Food and Drug Administration, or FDA, granted approval of Firdapse<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">&#xAE;</sup>&#xA0;for the treatment of adults with LEMS.</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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -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 December&#xA0;31, 2018. The Company has been able to fund its cash needs to date primarily through public and private offerings of its securities. See Note 11.</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: 400; 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"> <i>Capital Resources</i></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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -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 currently has sufficient resources to support its operations for at least the next 12 months from the issuance date of this Form 10-K.</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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -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 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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NetIncomeLoss
-4177649
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4306708
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-7838873
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-8182603
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-5387698
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-5511786
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-14499609
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-14843267
CY2018Q4 us-gaap Revenues
Revenues
500000

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