2020 Q2 Form 10-Q Financial Statement
#000119312520139026 Filed on May 11, 2020
Income Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q4 |
|---|---|---|---|
| Revenue | $29.60M | $29.14M | $30.12M |
| YoY Change | 2.64% | 134.06% | 5924.51% |
| Cost Of Revenue | $4.140M | $4.151M | $4.400M |
| YoY Change | -2.85% | 142.49% | |
| Gross Profit | $25.46M | $24.99M | $25.72M |
| YoY Change | 3.6% | 132.71% | |
| Gross Profit Margin | 86.01% | 85.75% | 85.38% |
| Selling, General & Admin | $10.83M | $10.06M | $11.41M |
| YoY Change | 20.5% | 19.56% | 64.65% |
| % of Gross Profit | 42.54% | 40.28% | 44.36% |
| Research & Development | $4.350M | $4.223M | $6.310M |
| YoY Change | -6.03% | 27.66% | -25.06% |
| % of Gross Profit | 17.09% | 16.9% | 24.53% |
| Depreciation & Amortization | $30.00K | $13.54K | $20.00K |
| YoY Change | 200.0% | -1.51% | 100.0% |
| % of Gross Profit | 0.12% | 0.05% | 0.08% |
| Operating Expenses | $15.18M | $14.29M | $17.72M |
| YoY Change | -15.09% | 6.32% | 15.51% |
| Operating Profit | $10.28M | $10.70M | $8.007M |
| YoY Change | -6.2% | -1183.22% | -153.94% |
| Interest Expense | |||
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | $110.0K | $336.2K | $400.0K |
| YoY Change | -75.58% | -2.05% | 17.65% |
| Pretax Income | $10.39M | $11.04M | $8.410M |
| YoY Change | -8.94% | -1812.32% | -158.0% |
| Income Tax | $610.0K | $610.0K | $480.0K |
| % Of Pretax Income | 5.87% | 5.53% | 5.71% |
| Net Earnings | $9.780M | $10.43M | $7.930M |
| YoY Change | -10.77% | -1717.68% | -154.69% |
| Net Earnings / Revenue | 33.04% | 35.78% | 26.32% |
| Basic Earnings Per Share | $0.10 | $0.08 | |
| Diluted Earnings Per Share | $91.63K | $0.10 | $0.07 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 103.4M | 103.4M | 103.0M |
| Diluted Shares Outstanding | 106.5M |
Balance Sheet
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $115.1M | $101.8M | $94.50M |
| YoY Change | 92.15% | 123.25% | 76.64% |
| Cash & Equivalents | $115.1M | $101.8M | $89.51M |
| Short-Term Investments | $0.00 | $0.00 | $5.000M |
| Other Short-Term Assets | $7.500M | $6.000M | $4.300M |
| YoY Change | 400.0% | 215.79% | 152.94% |
| Inventory | $1.800M | $2.211M | $1.957M |
| Prepaid Expenses | |||
| Receivables | $6.800M | $6.919M | $10.54M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $131.2M | $116.9M | $111.4M |
| YoY Change | 82.08% | 113.16% | 101.79% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $200.0K | $196.9K | $210.5K |
| YoY Change | 35.48% | 40.34% | -14.24% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $0.00 | ||
| YoY Change | -100.0% | ||
| Other Assets | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Total Long-Term Assets | $200.0K | $936.1K | $1.013M |
| YoY Change | -96.76% | -84.94% | -80.76% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $131.2M | $116.9M | $111.4M |
| Total Long-Term Assets | $200.0K | $936.1K | $1.013M |
| Total Assets | $131.4M | $117.9M | $112.4M |
| YoY Change | 67.96% | 93.0% | 85.9% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $5.800M | $1.348M | $4.117M |
| YoY Change | 74.24% | -54.17% | 76.16% |
| Accrued Expenses | $12.60M | $16.29M | $19.98M |
| YoY Change | 16.42% | 167.63% | 178.52% |
| 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 | $20.20M | $17.64M | $24.10M |
| YoY Change | 42.74% | 95.38% | 153.37% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $0.00 | $600.0K | $600.0K |
| YoY Change | -100.0% | -33.33% | 200.0% |
| Total Long-Term Liabilities | $0.00 | $600.0K | $600.0K |
| YoY Change | -100.0% | -33.33% | 200.0% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $20.20M | $17.64M | $24.10M |
| Total Long-Term Liabilities | $0.00 | $600.0K | $600.0K |
| Total Liabilities | $20.20M | $18.20M | $24.75M |
| YoY Change | 35.09% | 83.86% | 156.01% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$118.3M | -$128.7M | |
| YoY Change | -26.64% | -19.85% | |
| Common Stock | $103.4K | $103.4K | |
| YoY Change | 0.59% | 0.64% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $111.2M | $99.68M | $87.63M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $131.4M | $117.9M | $112.4M |
| YoY Change | 67.96% | 93.0% | 85.9% |
Cashflow Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $9.780M | $10.43M | $7.930M |
| YoY Change | -10.77% | -1717.68% | -154.69% |
| Depreciation, Depletion And Amortization | $30.00K | $13.54K | $20.00K |
| YoY Change | 200.0% | -1.51% | 100.0% |
| Cash From Operating Activities | $13.27M | $7.213M | $12.29M |
| YoY Change | -5.35% | -189.98% | -255.57% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | -100.0% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $5.000M | $31.65M |
| YoY Change | -100.0% | -51.92% | 130.01% |
| Cash From Investing Activities | $0.00 | $5.000M | $31.65M |
| YoY Change | -100.0% | -52.15% | 131.02% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 30.00K | 26.15K | 580.0K |
| YoY Change | -84.21% | -70.73% | 286.67% |
| NET CHANGE | |||
| Cash From Operating Activities | 13.27M | 7.213M | 12.29M |
| Cash From Investing Activities | 0.000 | 5.000M | 31.65M |
| Cash From Financing Activities | 30.00K | 26.15K | 580.0K |
| Net Change In Cash | 13.30M | 12.24M | 44.52M |
| YoY Change | 207.16% | 385.24% | 648.24% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $13.27M | $7.213M | $12.29M |
| Capital Expenditures | $0.00 | $0.00 | $0.00 |
| Free Cash Flow | $13.27M | $7.213M | $12.29M |
| YoY Change | -5.42% | -189.92% | -256.56% |
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|
<div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="font-weight:bold;display:inline;">o.</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">CONCENTRATION OF RISK. </div>The financial instruments that potentially subject the Company to concentration of credit risk are cash equivalents (i.e., money market funds), investments and accounts receivable, net. The Company places its cash and 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. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company sells its product in the United States through an exclusive distributor (its Customer) 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 expected credit loss primarily based on the credit worthiness of its Customer, historical payment patterns, aging of receivable balances and general economic conditions. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="font-family: "times new roman"; 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="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</div>, and expects Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</div> to constitute virtually all of product revenue for the foreseeable future. The Company’s success depends on its ability to effectively commercialize Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</div>. </div></div><div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company relies exclusively on third parties to formulate and manufacture Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</div> and its drug candidates. The commercialization of Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</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 for the commercialization of Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</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 its drugs. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2020Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
|
135679 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
103407347 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
102747923 | |
| CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5400000 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
10600000 | |
| CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="font-weight:bold;display:inline;">c.</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">USE OF ESTIMATES. </div>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> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0481 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
349788 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
329662 | |
| CY2020Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="font-weight:bold;display:inline;">t.</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">RECLASSIFICATIONS.</div> Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation. </div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2020Q1 | cprx |
Maximum Maturity Period Of Cash And Cash Equivalent
MaximumMaturityPeriodOfCashAndCashEquivalent
|
three months | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
934994 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
59896 | |
| CY2020Q1 | cprx |
Lessee Operating Lease Liability Payments Total
LesseeOperatingLeaseLiabilityPaymentsTotal
|
875098 | |
| CY2020Q1 | cprx |
Accrued Non Clinical And Clinical Trial Expenses
AccruedNonClinicalAndClinicalTrialExpenses
|
940963 | |
| CY2019Q4 | cprx |
Accrued Non Clinical And Clinical Trial Expenses
AccruedNonClinicalAndClinicalTrialExpenses
|
1183513 | |
| CY2020Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
3309351 | |
| CY2019Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1241526 | |
| CY2020Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1814396 | |
| CY2019Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
3064645 | |
| CY2020Q1 | cprx |
Accrued License Fees Current
AccruedLicenseFeesCurrent
|
3945991 | |
| CY2019Q4 | cprx |
Accrued License Fees Current
AccruedLicenseFeesCurrent
|
8751991 | |
| CY2020Q1 | cprx |
Accrued Variable Consideration
AccruedVariableConsideration
|
1308344 | |
| CY2020Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
2143490 | |
| CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
139733 | |
| CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
172332 | |
| CY2020Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
16287936 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
50783809 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
933411 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
89350 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
13560 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
51175627 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
64939250 | |
| CY2019 | us-gaap |
Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
|
9505 | |
| CY2019 | us-gaap |
Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
|
0 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
64929745 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
69997200 | |
| CY2020Q1 | cprx |
Prepaid Manufacturing Expense
PrepaidManufacturingExpense
|
3471078 | |
| CY2020Q1 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
995146 | |
| CY2019Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
1263129 | |
| CY2020Q1 | cprx |
Prepaid Subscription Fees
PrepaidSubscriptionFees
|
492716 | |
| CY2019Q4 | cprx |
Prepaid Subscription Fees
PrepaidSubscriptionFees
|
501251 | |
| CY2020Q1 | cprx |
Prepaid Research Fee
PrepaidResearchFee
|
490102 | |
| CY2019Q4 | cprx |
Prepaid Research Fee
PrepaidResearchFee
|
481057 | |
| CY2020Q1 | cprx |
Prepaid Precommercial Expenses
PrepaidPrecommercialExpenses
|
287083 | |
| CY2019Q4 | cprx |
Prepaid Precommercial Expenses
PrepaidPrecommercialExpenses
|
62959 | |
| CY2020Q1 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
326590 | |
| CY2019Q4 | us-gaap |
Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
|
516665 | |
| CY2019Q4 | cprx |
Prepaid Manufacturing Expense
PrepaidManufacturingExpense
|
1526013 | |
| CY2020Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
74079 | |
| CY2020Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
84061 | |
| CY2020Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
5305 | |
| CY2020Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
730284 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
306677 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
568421 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
875098 | |
| CY2019Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
19981295 | |
| CY2020Q1 | cprx |
Other Noncurrent Accrued Expenses And Other Liabilities
OtherNoncurrentAccruedExpensesAndOtherLiabilities
|
568421 | |
| CY2019Q4 | cprx |
Other Noncurrent Accrued Expenses And Other Liabilities
OtherNoncurrentAccruedExpensesAndOtherLiabilities
|
647532 | |
| CY2020Q1 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
16856357 | |
| CY2019Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
20628827 | |
| CY2020Q1 | cprx |
Accrued Purchases Current
AccruedPurchasesCurrent
|
1243991 | |
| CY2020Q1 | cprx |
Accrued Charitable Contributions
AccruedCharitableContributions
|
1135000 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
300518 | |
| CY2019Q4 | cprx |
Accrued Variable Consideration
AccruedVariableConsideration
|
884764 | |
| CY2019Q4 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
1533696 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
647532 | |
| CY2019Q4 | cprx |
Accrued Purchases Current
AccruedPurchasesCurrent
|
1313310 | |
| CY2019Q4 | cprx |
Accrued Charitable Contributions
AccruedCharitableContributions
|
1535000 | |
| CY2020Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2019Q1 | us-gaap |
Trading Securities
TradingSecurities
|
0 | |
| CY2018Q4 | us-gaap |
Trading Securities
TradingSecurities
|
0 | |
| CY2020Q1 | cprx |
Trading Securities Sales
TradingSecuritiesSales
|
0 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2019 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2020Q1 | us-gaap |
Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
|
1 year | |
| CY2020Q1 | us-gaap |
Lessor Operating Lease Option To Terminate
LessorOperatingLeaseOptionToTerminate
|
1 year | |
| CY2020Q1 | us-gaap |
Finance Lease Liability
FinanceLeaseLiability
|
0 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
255544 | |
| CY2020Q1 | cprx |
Period Of Collaboration Agreement
PeriodOfCollaborationAgreement
|
P10Y | |
| CY2020Q1 | cprx |
Number Of Votes Entitlement For Each Share Held By Common Stock Holders
NumberOfVotesEntitlementForEachShareHeldByCommonStockHolders
|
1 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
12201668 | |
| CY2020Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
29136472 | |
| CY2019Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
12448438 | |
| CY2019Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P2Y8M12D | |
| CY2020Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
101750937 | |
| CY2020Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
6918563 | |
| CY2020Q1 | us-gaap |
Inventory Net
InventoryNet
|
2211338 | |
| CY2020Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
6062715 | |
| CY2020Q1 | us-gaap |
Assets Current
AssetsCurrent
|
116943553 | |
| CY2020Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
196926 | |
| CY2020Q1 | us-gaap |
Deposits Assets Noncurrent
DepositsAssetsNoncurrent
|
8888 | |
| CY2020Q1 | us-gaap |
Assets
Assets
|
117879651 | |
| CY2020Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1347577 | |
| CY2020Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
17635513 | |
| CY2020Q1 | us-gaap |
Liabilities
Liabilities
|
18203934 | |
| CY2020Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
103409 | |
| CY2020Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
217751166 | |
| CY2020Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
83751 | |
| CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
99675717 | |
| CY2020Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
117879651 | |
| CY2020Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
4150866 | |
| CY2020Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
4222811 | |
| CY2020Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
10063048 | |
| CY2020Q1 | cprx |
Total Operating Expenses
TotalOperatingExpenses
|
18436725 | |
| CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
10699747 | |
| CY2020Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
336233 | |
| CY2020Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
11035980 | |
| CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
609965 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
10426015 | |
| CY2020Q1 | us-gaap |
Depreciation
Depreciation
|
13541 | |
| CY2020Q1 | cprx |
Non Cash Change In Right Of Use Asset
NonCashChangeInRightOfUseAsset
|
62968 | |
| CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1519351 | |
| CY2020Q1 | cprx |
Change In Accrued Interest And Accretion Of Discount On Investments
ChangeInAccruedInterestAndAccretionOfDiscountOnInvestments
|
-81296 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1711641 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-2769870 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-3699518 | |
| CY2020Q1 | cprx |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
72952 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
7213078 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
5633 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
9944974 | |
| CY2019Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
|
20400000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
12239227 | |
| CY2019Q1 | us-gaap |
Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
|
4980 | |
| CY2020Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
| CY2020Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
2774753 | |
| CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-118262609 | |
| CY2020Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">1.</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; 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="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Catalyst Pharmaceuticals, Inc. and subsidiary (collectively, the “Company”) is a biopharmaceutical company focused on developing and commercializing innovative therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), Anti-MuSK antibody positive myasthenia gravis <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(MuSK-MG),</div> and Spinal Muscular Atrophy (SMA) Type 3. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On November 28, 2018, the U.S. Food and Drug Administration, or FDA, granted approval of Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</div> for the treatment of adults with LEMS (ages 17 and above). On January 15, 2019, the Company launched its first product, Firdapse<div style="font-size: 7.4pt; vertical-align: top; line-height: 5.476pt;;vertical-align: super;font-size: smaller;display:inline;">®</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;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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, and started reporting operating income during the year ended December 31, 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 11 (Stockholders’ Equity). </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; 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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-Q.</div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; 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’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’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’s business. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Risks and Uncertainties </div></div></div></div><div style="font-family: times new roman;font-size: 10pt;margin-top: 6pt;text-indent: 4%;margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">There are many uncertainties regarding the novel coronavirus <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(COVID-19)</div> pandemic, and the Company is closely monitoring the impact of the pandemic on all aspects of its business, including how the pandemic is impacting its patients, employees, suppliers, vendors, business partners, clinical trials and distribution channels. The Company is unable to predict the impact that <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> will have on its financial position and operating results in future periods due to numerous uncertainties. The Company will continue to assess the evolving impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic and make adjustments to its operations as necessary. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |
