$CPRX
Catalyst Pharmaceuticals Inc

2019 Q2 Form 10-Q Financial Statement

#000119312519215324 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $28.84M $0.00
YoY Change
Cost Of Revenue $4.262M
YoY Change
Gross Profit $24.58M
YoY Change
Gross Profit Margin 85.22%
Selling, General & Admin $8.988M $2.631M
YoY Change 241.6% 52.08%
% of Gross Profit 36.57%
Research & Development $4.629M $3.705M
YoY Change 24.96% 51.11%
% of Gross Profit 18.84%
Depreciation & Amortization $10.00K $8.176K
YoY Change 22.31% -36.9%
% of Gross Profit 0.04%
Operating Expenses $17.88M $6.336M
YoY Change 182.18% 51.53%
Operating Profit $10.96M -$6.336M
YoY Change -272.97% 51.53%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $450.4K $370.7K
YoY Change 21.5% 307.2%
Pretax Income $11.41M -$5.965M
YoY Change -291.27% 53.74%
Income Tax $449.7K $0.00
% Of Pretax Income 3.94%
Net Earnings $10.96M -$5.965M
YoY Change -283.73% 53.74%
Net Earnings / Revenue 38.01%
Basic Earnings Per Share $0.11 -$0.06
Diluted Earnings Per Share $0.10 -$0.06
COMMON SHARES
Basic Shares Outstanding 102.9M 102.6M
Diluted Shares Outstanding 105.9M 102.6M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.90M $68.40M
YoY Change -12.43% 94.87%
Cash & Equivalents $23.42M $9.888M
Short-Term Investments $36.50M $58.50M
Other Short-Term Assets $1.500M $700.0K
YoY Change 114.29% 16.67%
Inventory $269.9K
Prepaid Expenses
Receivables $10.38M
Other Receivables $0.00
Total Short-Term Assets $72.06M $69.09M
YoY Change 4.3% 93.23%
LONG-TERM ASSETS
Property, Plant & Equipment $147.6K $187.1K
YoY Change -21.11% -14.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M $5.000M
YoY Change 0.0%
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $6.178M $5.201M
YoY Change 18.79% 2189.55%
TOTAL ASSETS
Total Short-Term Assets $72.06M $69.09M
Total Long-Term Assets $6.178M $5.201M
Total Assets $78.23M $74.29M
YoY Change 5.31% 106.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.329M $922.6K
YoY Change 260.8% 33.26%
Accrued Expenses $10.82M $2.159M
YoY Change 401.19% 88.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.15M $3.082M
YoY Change 359.16% 67.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $800.0K $100.0K
YoY Change 700.0% -50.0%
Total Long-Term Liabilities $800.0K $100.0K
YoY Change 700.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.15M $3.082M
Total Long-Term Liabilities $800.0K $100.0K
Total Liabilities $14.95M $3.225M
YoY Change 363.6% 60.39%
SHAREHOLDERS EQUITY
Retained Earnings -$150.2M -$138.2M
YoY Change 8.7% 18.15%
Common Stock $102.9K $102.6K
YoY Change 0.32% 21.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.28M $71.06M
YoY Change
Total Liabilities & Shareholders Equity $78.23M $74.29M
YoY Change 5.31% 106.47%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $10.96M -$5.965M
YoY Change -283.73% 53.74%
Depreciation, Depletion And Amortization $10.00K $8.176K
YoY Change 22.31% -36.9%
Cash From Operating Activities $14.02M -$4.760M
YoY Change -394.54% 48.75%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities -$9.860M -$4.940M
YoY Change 99.6%
Cash From Investing Activities -$9.880M -$4.950M
YoY Change 99.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.0K 10.00K
YoY Change 1800.0% -99.45%
NET CHANGE
Cash From Operating Activities 14.02M -4.760M
Cash From Investing Activities -9.880M -4.950M
Cash From Financing Activities 190.0K 10.00K
Net Change In Cash 4.330M -9.700M
YoY Change -144.64% 597.84%
FREE CASH FLOW
Cash From Operating Activities $14.02M -$4.760M
Capital Expenditures -$10.00K -$10.00K
Free Cash Flow $14.03M -$4.750M
YoY Change -395.37% 48.44%

Facts In Submission

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us-gaap Earnings Per Share Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Nature Of Operations
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<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><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;"><div style="font-weight:bold;display:inline;">1.</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;; line-height: normal;"><div style="font-weight:bold;display:inline;">Organization and Description of Business.</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; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;times new roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; text-indent: 0.79in; font-size: 10pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Catalyst&#160;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><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 12pt; text-indent: 0.79in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On November&#160;28, 2018, the U.S. Food and Drug Administration, or FDA, granted approval of Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> for the treatment of adults with LEMS. On January&#160;15, 2019, the Company launched its first product, Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div>, in the United States for the treatment of adults with LEMS. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">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 incurred operating losses in each period from inception through March&#160;31, 2019, and reported operating income in the three and six month periods ended June&#160;30, 2019. The Company has been able to fund its cash needs to date through several public and private offerings of its securities and from revenues from its product sales. See Note 12. </div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 18pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2018Q2 us-gaap Depreciation
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us-gaap Lease Expiration Date1
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2022-11-30
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CY2019Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2019Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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CY2018Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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us-gaap Concentration Risk Credit Risk
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<div><table style="border: none; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-style: none; border-color: initial; padding: 0px; vertical-align: middle; width: 0.8in;"></td><td style="border-width: initial; border-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 1in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">m.</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">CONCENTRATION OF RISK. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company sells its product in the United States 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 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></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><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 1.8in; margin-top: 6pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company currently has a single product with limited commercial sales experience, which makes it difficult to evaluate its current business, predict its future prospects and forecast financial performance and growth. The Company has invested a significant portion of its efforts and financial resources in the development and commercialization of the lead product, Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div>, and expects Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> to constitute virtually all of product revenue for the foreseeable future. The Company&#8217;s success depends on its ability to effectively commercialize Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div>. </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 1.8in; margin-top: 6pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company relies exclusively on third parties to formulate and manufacture Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> and its drug candidates. The commercialization of Firdapse<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div> 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<div style="vertical-align: super;font-size: smaller;display:inline;">&#174;</div>. 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>
CY2019Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
801264
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><table style="border: none; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-style: none; border-color: initial; padding: 0px; vertical-align: middle; width: 0.8in;"></td><td style="border-width: initial; border-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 1in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">s.</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RECLASSIFICATIONS.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; 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="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><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Amendment Flag
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false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
CATALYST PHARMACEUTICALS, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001369568
dei Current Fiscal Year End Date
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
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dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Security12b Title
Security12bTitle
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dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2019Q3 dei Entity Common Stock Shares Outstanding
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102929257
dei Trading Symbol
TradingSymbol
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dei Entity Address State Or Province
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cprx Maximum Maturity Period Of Cash And Cash Equivalent
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CY2019Q2 us-gaap Accrued Income Taxes Current
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2018Q4 us-gaap Available For Sale Securities
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cprx Change In Accrued Interest And Accretion Of Discount On Investments
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cprx Change In Accrued Interest And Accretion Of Discount On Investments
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us-gaap Type Of Cost Good Or Service Extensible List
TypeOfCostGoodOrServiceExtensibleList
us-gaap:ProductMember
CY2018Q4 us-gaap Preferred Stock Value
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0

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