Catalyst Pharma Q2 Revenue Up, Acquires FYCOMPA Rights

TL;DR

CPRX Q2 revenue up to $196.6M, bought FYCOMPA US rights July 11.

AI Summary

Catalyst Pharmaceuticals, Inc. reported its Q2 2024 results, ending June 30, 2024. The company generated $196.6 million in net product revenue for the six months ended June 30, 2024, compared to $174.9 million for the same period in 2023. A significant subsequent event occurred on July 11, 2024, with the acquisition of the U.S. rights for FYCOMPA.

Why It Matters

This filing details Catalyst Pharmaceuticals' financial performance and strategic growth through the acquisition of new product rights, impacting its future revenue streams and market position.

Risk Assessment

Risk Level: medium — The company's reliance on specific products and the inherent risks in pharmaceutical acquisitions and product development contribute to a medium risk level.

Key Numbers

• $196.6M — Net Product Revenue (YTD) (Represents growth compared to the prior year period.)
• $174.9M — Net Product Revenue (Prior YTD) (Provides a basis for year-over-year comparison.)

Key Players & Entities

• CATALYST PHARMACEUTICALS, INC. (company) — Filer
• 355 ALHAMBRA CIRCLE, SUITE 801, CORAL GABLES, FL 33134 (address) — Business and Mail Address
• $196.6 million (dollar_amount) — Net product revenue for the six months ended June 30, 2024
• $174.9 million (dollar_amount) — Net product revenue for the six months ended June 30, 2023
• July 11, 2024 (date) — Subsequent event date for FYCOMPA rights acquisition
• FYCOMPA (product) — Acquired U.S. rights

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share CPRX NASDAQ Capital Marke

Filing Documents

• cprx-20240630.htm (10-Q) — 1954KB
• cprx-ex10_1.htm (EX-10.1) — 263KB
• cprx-ex31_1.htm (EX-31.1) — 13KB
• cprx-ex31_2.htm (EX-31.2) — 13KB
• cprx-ex32_1.htm (EX-32.1) — 9KB
• cprx-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-092745.txt ( ) — 9991KB
• cprx-20240630.xsd (EX-101.SCH) — 1305KB
• cprx-20240630_htm.xml (XML) — 1923KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Consolidated balance sheets at June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated statements of changes in stockholders' equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 (unaudited) 6 Notes to unaudited consolidated financial statements 7 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32 Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 46 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 46

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 47 Item 1A.

RISK FACTORS

RISK FACTORS 47 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 47 Item 3. DEFAULTS UPON SENIOR SECURITIES 48 Item 4. MINE SAFETY DISCLOSURE 48 Item 5. OTHER INFORMATION 48 Item 6. EXHIBITS 49

SIGNATURES

SIGNATURES 50 2 Table of Contents CATALYST PHARMACEUTICALS, INC. CONSOLIDATED BALA NCE SHEETS (in thousands, except share data) June 30, 2024 December 31, 2023 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 375,693 $ 137,636 Accounts receivable, net 57,172 53,514 Inventory 18,014 15,644 Prepaid expenses and other current assets 23,550 12,535 Total current assets 474,429 219,329 Operating lease right-of-use asset 2,371 2,508 Property and equipment, net 1,227 1,195 License and acquired intangibles, net 175,361 194,049 Deferred tax assets, net 39,889 36,544 Investment in equity securities 13,083 16,489 Total assets $ 706,360 $ 470,114 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 7,116 $ 14,795 Accrued expenses and other liabilities 85,202 61,268 Total current liabilities 92,318 76,063 Operating lease liability, net of current portion 2,991 3,188 Other non-current liabilities 2,396 2,982 Total liabilities 97,705 82,233 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.001 par value, 5,000,000 shares authorized: no ne issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 200,000,000 shares authorized; 118,521,366 shares and 107,121,549 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 119 107 Additional paid-in capital 423,195 266,488 Retained earnings 185,341 121,272 Accumulated other comprehensive income (Note 4) — 14 Total stockholders' equity 608,655 387,881 Total liabilities and stockholders' equity $ 706,360 $ 470,114 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents CATALYST PHARMACEUTICALS, INC. CONSOLIDATED STATEMENTS OF OPERATI ONS AND COMPREHENSIVE IN

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