Catalyst Pharma Q1: FYCOMPA® Distribution Shift, Santhera Payment Complete

TL;DR

Catalyst Pharma Q1: FYCOMPA® distribution now with 3PL, Santhera $5.9M paid.

AI Summary

Catalyst Pharmaceuticals, Inc. reported its first quarter 2024 results, ending March 31, 2024. The company fully paid the $5.9 million related to an investment in Santhera by June 30, 2023, with the final cash payment made as of March 31, 2024. Catalyst Pharmaceuticals also transitioned the sale and distribution of FYCOMPA® from a Transition Service Agreement with Eisai to a third-party logistics organization effective January 1, 2024.

Why It Matters

This filing details operational changes for FYCOMPA® and the finalization of a past investment, impacting the company's sales channels and financial obligations.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $5.9M — Santhera Investment Payment (Fully paid in cash as of March 31, 2024.)

Key Players & Entities

• CATALYST PHARMACEUTICALS, INC. (company) — Filer
• Santhera (company) — Investment
• $5.9 million (dollar_amount) — Santhera investment payment
• July 19, 2023 (date) — Santhera share transfer date
• FYCOMPA® (product) — Product distribution
• Eisai (company) — Former FYCOMPA® partner
• January 1, 2024 (date) — FYCOMPA® distribution change effective date
• March 31, 2024 (date) — Reporting period end date

FAQ

From the Filing

0001193125-24-134195.txt : 20240508 0001193125-24-134195.hdr.sgml : 20240508 20240508160647 ACCESSION NUMBER: 0001193125-24-134195 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 93 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240508 DATE AS OF CHANGE: 20240508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CATALYST PHARMACEUTICALS, INC. CENTRAL INDEX KEY: 0001369568 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33057 FILM NUMBER: 24925967 BUSINESS ADDRESS: STREET 1: 355 ALHAMBRA CIRCLE STREET 2: SUITE 801 CITY: CORAL GABLES STATE: FL ZIP: 33134 BUSINESS PHONE: (305) 529-2522 MAIL ADDRESS: STREET 1: 355 ALHAMBRA CIRCLE STREET 2: SUITE 801 CITY: CORAL GABLES STATE: FL ZIP: 33134 FORMER COMPANY: FORMER CONFORMED NAME: CATALYST PHARMACEUTICAL PARTNERS, INC. DATE OF NAME CHANGE: 20110215 FORMER COMPANY: FORMER CONFORMED NAME: Catalyst Pharmaceutical Partners, Inc. DATE OF NAME CHANGE: 20060719 10-Q 1 d732534d10q.htm FORM 10-Q Form 10-Q Table of Contents false Q1 0001369568 --12-31 exclusive of amortization of intangible assets Recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheet as of the acquisition date and reimbursement was fully applied as of June 30, 2023. As of March 31, 2024, the full $5.9 million has been paid in cash. The fair value of the investment in Santhera was determined based on the closing market price (CHF 8.25) of Santhera shares and the exchange rate (1.1537) of CHF to USD on the date the shares were transferred, July 19, 2023. During 2023, the Company sold FYCOMPA® through a Transition Service Agreement with Eisai. Effective January 1, 2024, FYCOMPA® is being sold and distributed through a 3PL organization. 0001369568 2024-01-01 2024-03-31 0001369568 2024-03-31 0001369568 2023-12-31 0001369568 2023-01-01 2023-03-31 0001369568 2023-01-01 2023-12-31 0001369568 2024-05-06 0001369568 2023-01-01 2023-01-31 0001369568 2022-07-11 0001369568 2023-07-11 0001369568 2023-07-01 2023-07-31 0001369568 2022-12-31 0001369568 2023-03-31 0001369568 cprx:UsTreasuryBondSecuritiesCashEquivalentsMember 2023-12-31 0001369568 us-gaap:SoftwareDevelopmentMember 2023-12-31 0001369568 us-gaap:LeaseholdImprovementsMember 2023-12-31 0001369568 us-gaap:FurnitureAndFixturesMember 2023-12-31 0001369568 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2023-12-31 0001369568 us-gaap:USTreasurySecuritiesMember 2023-12-31 0001369568 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2023-12-31 0001369568 us-gaap:MoneyMarketFundsMember 2023-12-31 0001369568 cprx:LicenseAndAcquiredIntangiblesForRUZURGIMember 2023-12-31 0001369568 cprx:LicenseAndAcquiredIntangiblesForFycompaMember 2023-12-31 0001369568 cprx:LicensedAndAcquiredIntangiblesForAgamreeMember 2023-12-31 0001369568 us-gaap:FairValueInputsLevel1Member 2023-12-31 0001369568 cprx:UsTreasuryBondSecuritiesCashEquivalentsMember 2024-03-31 0001369568 us-gaap:FurnitureAndFixturesMember 2024-03-31 0001369568 us-gaap:SoftwareDevelopmentMember 2024-03-31 0001369568 us-gaap:LeaseholdImprovementsMember 2024-03-31 0001369568 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2024-03-31 0001369568 us-gaap:MoneyMarketFundsMember 2024-03-31 0001369568 cprx:OptionsToPurchaseCommonStockMember 2024-03-31 0001369568 us-gaap:RestrictedStockUnitsRSUMember 2024-03-31 0001369568 cprx:LicenseAndAcquiredIntangiblesForRUZURGIMember 2024-03-31 0001369568 cprx:LicenseAndAcquiredIntangiblesForFycompaMember 2024-03-31 0001369568 cprx:LicensedAndAcquiredIntangiblesForAgamreeMember 2024-03-31 0001369568 us-gaap:ComputerEquipmentMember srt:MaximumMember 2024-03-31 0001369568 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2024-03-31 0001369568 us-gaap:LeaseholdImprovementsMember srt:MaximumMembe