$CPRX
Catalyst Pharmaceuticals Inc

2019 Q1 Form 10-Q Financial Statement

#000119312519144387 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $12.45M $500.0K $0.00
YoY Change
Cost Of Revenue $1.712M $0.00
YoY Change
Gross Profit $10.74M $0.00
YoY Change
Gross Profit Margin 86.25%
Selling, General & Admin $8.416M $6.930M $2.674M
YoY Change 214.7% 228.44% 43.02%
% of Gross Profit 78.39%
Research & Development $3.308M $8.420M $3.259M
YoY Change 1.5% 147.65% 15.82%
% of Gross Profit 30.81%
Depreciation & Amortization $13.75K $10.00K $8.015K
YoY Change 71.53% 0.0% -38.15%
% of Gross Profit 0.13%
Operating Expenses $13.44M $15.34M $5.933M
YoY Change 126.45% 178.4% 26.79%
Operating Profit -$987.8K -$14.84M -$5.933M
YoY Change -83.35% 169.3% 26.79%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $343.3K $340.0K $233.5K
YoY Change 46.98% 183.33% 112.36%
Pretax Income -$644.5K -$14.50M -$5.700M
YoY Change -88.69% 169.02% 14.75%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$644.5K -$14.50M -$5.700M
YoY Change -88.69% 169.12% 14.75%
Net Earnings / Revenue -5.18% -2899.92%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01 -$141.1K -$55.58K
COMMON SHARES
Basic Shares Outstanding 102.7M 102.7M shares 102.6M shares
Diluted Shares Outstanding 102.7M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.60M $53.50M $77.90M
YoY Change -41.46% -36.31% 113.42%
Cash & Equivalents $19.08M $16.56M $19.60M
Short-Term Investments $26.60M $36.90M $58.30M
Other Short-Term Assets $1.900M $1.700M $1.000M
YoY Change 90.0% 41.67% 0.0%
Inventory $96.59K $56.01K
Prepaid Expenses
Receivables $7.251M $0.00
Other Receivables $0.00
Total Short-Term Assets $54.86M $55.19M $78.94M
YoY Change -30.5% -35.22% 110.74%
LONG-TERM ASSETS
Property, Plant & Equipment $140.3K $245.4K $183.4K
YoY Change -23.48% 28.24% -20.7%
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 $6.215M $5.263M $192.3K
YoY Change 3132.55% 2527.69% -19.94%
TOTAL ASSETS
Total Short-Term Assets $54.86M $55.19M $78.94M
Total Long-Term Assets $6.215M $5.263M $192.3K
Total Assets $61.08M $60.45M $79.13M
YoY Change -22.81% -29.21% 109.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.940M $2.337M $805.0K
YoY Change 265.22% 20.14% -12.3%
Accrued Expenses $6.086M $7.174M $1.926M
YoY Change 215.93% 209.15% 95.05%
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 $9.026M $9.511M $2.731M
YoY Change 230.46% 122.95% 43.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $900.0K $200.0K $200.0K
YoY Change 350.0% 0.0% -71.43%
Total Long-Term Liabilities $900.0K $200.0K $200.0K
YoY Change 350.0% 0.0% -71.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.026M $9.511M $2.731M
Total Long-Term Liabilities $900.0K $200.0K $200.0K
Total Liabilities $9.901M $9.666M $2.882M
YoY Change 243.58% 118.51% 10.8%
SHAREHOLDERS EQUITY
Retained Earnings -$161.2M -$160.6M -$132.3M
YoY Change 21.89% 26.87% 16.93%
Common Stock $102.8K $102.7K $102.6K
YoY Change 0.21% 0.19% 23.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.18M $50.78M $76.25M
YoY Change
Total Liabilities & Shareholders Equity $61.08M $60.45M $79.13M
YoY Change -22.81% -29.21% 109.91%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income -$644.5K -$14.50M -$5.700M
YoY Change -88.69% 169.12% 14.75%
Depreciation, Depletion And Amortization $13.75K $10.00K $8.015K
YoY Change 71.53% 0.0% -38.15%
Cash From Operating Activities -$8.016M -$7.900M -$6.081M
YoY Change 31.82% 96.03% 56.74%
INVESTING ACTIVITIES
Capital Expenditures $5.633K -$50.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.40M $13.76M -$31.85M
YoY Change -132.65% 22833.33% 106066.67%
Cash From Investing Activities $10.45M $13.70M -$31.85M
YoY Change -132.81% 22733.33% 106058.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 89.35K 150.0K 33.03K
YoY Change 170.5% -99.72%
NET CHANGE
Cash From Operating Activities -8.016M -7.900M -6.081M
Cash From Investing Activities 10.45M 13.70M -31.85M
Cash From Financing Activities 89.35K 150.0K 33.03K
Net Change In Cash 2.522M 5.950M -37.90M
YoY Change -106.66% -88.14% 869.21%
FREE CASH FLOW
Cash From Operating Activities -$8.016M -$7.900M -$6.081M
Capital Expenditures $5.633K -$50.00K $0.00
Free Cash Flow -$8.022M -$7.850M -$6.081M
YoY Change 31.91% 94.79%

Facts In Submission

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CY2019Q1 us-gaap Use Of Estimates
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<table cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; margin-bottom: 0px; margin-top: 0px; table-layout: fixed;;text-align:left;;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in; padding: 0px;"></td><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">c.</div></div><div style="font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">USE OF ESTIMATES.&#160;</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 6pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 6pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<table cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; margin-bottom: 0px; margin-top: 0px; table-layout: fixed;;text-align:left;;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in; padding: 0px;"></td><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">s.</div></div><div style="font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RECLASSIFICATIONS.&#160;</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-size: 18pt; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-size: 18pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CATALYST PHARMACEUTICALS, INC.
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<table cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; margin-bottom: 0px; margin-top: 0px; table-layout: fixed;;text-align:left;;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0in; padding: 0px;"></td><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div><div style="font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Organization and Description of Business. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in; background: none;">Catalyst Pharmaceuticals, Inc. and subsidiary (collectively, the Company) is a 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), Anti-MuSK antibody positive myasthenia gravis (MuSK-MG), Congenital Myasthenic Syndromes (CMS), and Spinal Muscular Atrophy (SMA) Type 3.</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in; background: none;">On November 28, 2018, the U.S. Food and Drug Administration, or FDA, granted approval of Firdapse&#174; for the treatment of adults with LEMS. On January 15, 2019, the Company launched its first product, Firdapse&#174;, in the United States for the treatment of adults with LEMS. </div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in; background: none;">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, raising capital, and selling its product. The Company has incurred operating losses in each period from inception through March&#160;31, 2019. The Company has been able to fund its cash needs to date through several public and private offerings of its securities and revenues from its product sales. See Note 12.</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 18pt; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Capital Resources </div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 6pt; text-indent: 0.79in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 from the issuance date of this Form 10-Q. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in; background: none;">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&#8217;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&#8217;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&#8217;s business.<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<table cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; margin-bottom: 0px; margin-top: 0px; table-layout: fixed;;text-align:left;;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in; padding: 0px;"></td><td style="overflow-wrap: break-word; vertical-align: top; width: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">m.</div></div><div style="font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-left: 0in; text-indent: 0in; background: none; line-height: normal;"><div style="font-weight:bold;display:inline;">CONCENTRATION OF RISK.&#160;</div>The Company sells its product in the United States&#160;through an exclusive distributor to specialty pharmacies. Therefore, its distributor and specialty pharmacies account for all of its trade receivables and net product revenues. The creditworthiness of its Customer&#160;is continuously monitored, and the Company has internal policies regarding customer credit limits. The Company estimates an allowance for doubtful accounts primarily based on the credit worthiness of its Customer, historical payment patterns, aging of receivable balances and general economic conditions.</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 6pt; margin-bottom: 0px; margin-left: 1.56in; margin-top: 0px; background: none;"><div style="font-size: 6pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 1.56in; margin-top: 0pt; background: none; line-height: 12pt;"><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company relies exclusively on third parties to formulate and manufacture Firdapse&#174; and its drug candidates. The commercialization of Firdapse&#174; and any other drug candidates, if approved, could be stopped, delayed or made less profitable if those third parties fail to provide sufficient quantities of product or fail to do so at acceptable quality levels or prices. The Company does not intend to establish its own manufacturing facilities. The Company is using the same third-party contractors to manufacture, supply, store and distribute drug supplies for clinical trials and the commercialization of Firdapse&#174;. If the Company is unable to continue its relationships with one or more of these third-party contractors, it could experience delays in the development or commercialization efforts as it locates and qualifies new manufacturers. The Company intends to rely on one or more third-party contractors to manufacture the commercial supply of drugs.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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