# EDGAR Filing Document

**Accession Number:** 0001369568
**File Stem:** 0001193125-25-174540
**Filing Date:** 2025-8
**Character Count:** 28027
**Document Hash:** e9e236d8c9a8e4c3bad515d843091faa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-174540.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001193125-25-174540

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CATALYST PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001369568
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33057
- **FILM NUMBER:** 251190407

**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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of Earliest Event Reported): August 6, 2025

## CATALYST PHARMACEUTICALS, INC.

#### (Exact Name Of Registrant As Specified In Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33057** | **76-0837053** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **355 Alhambra Circle** |  |
| **Suite 801** |  |
| **Coral Gables, Florida** | **33134** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

---

| | |
|:---|:---|
| **Registrant's telephone number, including area code:** | **(305) 420-3200** |

---

#### Not Applicable

#### Former Name or Former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Name of Exchange**<br> **on Which Registered** | **Ticker**<br> **Symbol** |
| Common Stock, par value $0.001 per share | NASDAQ Capital Market | CPRX |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this Chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events**  |

---

On August 6, 2025, the Company issued a press release announcing its results of operations for the three and six months ended June 30, 2025 and providing a business update. A copy of the press release is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

---

| | |
|:---|:---|
| (d) | <u>Exhibits</u> |
| 99.1 | [Press release issued by the Company on August 6, 2025.](d941750dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Catalyst Pharmaceuticals, Inc.** | **Catalyst Pharmaceuticals, Inc.** |
| By: | /s/ Michael Kalb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Kalb |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and CFO |

---

Dated: August 6, 2025

## Exhibit 99.1

**Exhibit 99.1** 

**Catalyst Pharmaceuticals Reports Record Second Quarter and First Half 2025 Financial Results; Provides Business Update** 

*Achieved Record Q2 2025 Total Revenues of $146.6 Million, an Increase of 19.4% YoY, Marking Another Quarter of Consecutive Growth* 

*Reported Record First Half 2025 Total Revenues of $288.0 Million, an Increase of 30.2% Over Prior Year* 

*Reaffirms Full-Year 2025 Total Revenue Guidance of $545 Million to $565 Million, Reflecting Broad-Based Growth and Sustained Demand* 

*FIRDAPSE<sup>®</sup> Q2 2025 Net Product Revenue of $84.8 Million, Up 9.7% YoY; First Half 2025 Net Product Revenue of $168.6 Million, a 16.9% Increase Over Prior Year, Underscoring Sustained Momentum and Confidence in Long-Term Growth* 

*AGAMREE<sup>®</sup> Q2 2025 Net Product Revenue of $27.4 Million, Up 212.9% YoY; First Half 2025 Net Product Revenue of $49.4 Million, a 398.0% Increase Over Prior Year, Highlighting Continued Product Momentum* 

*FYCOMPA<sup>®</sup> Q2 2025 Net Product Revenue of $34.3 Million; Slight Decrease YoY Due to Generic Entry Following Loss of Exclusivity* 

*Strong Cash Position of $652.8 Million and No Funded Debt at the End of Q2 2025* 

*Conference Call and Webcast to be Held on August 7, 2025, at 8:30 AM ET* 

**CORAL GABLES, Fla., - Aug. 06, 2025** - Catalyst Pharmaceuticals, Inc. ("Catalyst" or "Company") (Nasdaq: CPRX), today reported record financial results for the second quarter and first half of 2025, and provided a business update.

"Catalyst's record performance reflects disciplined execution and sustained demand across our portfolio, highlighting the meaningful impact our therapies have for patients," said Richard J. Daly, president and chief executive officer of Catalyst. "With portfolio momentum, focused execution, and a disciplined approach to growth, we are well-positioned to achieve our 2025 guidance and remain confident in our ability to deliver value for patients, providers, and our stakeholders."

As expected, second-quarter results reflect a one-time timing anomaly stemming from last year's industry-wide Change Health insurance claims processing disruption, which resulted in an increase in claims adjudications in Q2 2024. The underlying demand for FIRDAPSE remains strong despite this temporary impact. In the first half of 2025, FIRDAPSE net revenues grew 16.9% over the same period in 2024, demonstrating the strength and resilience of our business. FIRDAPSE remains firmly on its multi-quarter growth trajectory.

AGAMREE extended its momentum with robust triple-digit growth of 212.9% over the second quarter 2024 and 398.0% for the first half of 2025, achieving record revenue driven by accelerating physician adoption and continued uptake following its mid-March 2024 launch. FYCOMPA also delivered a strong revenue contribution and demonstrated durability following first approval of a generic version of the tablets in late May.

------

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
| **For the Three Months Ended June 30,** | **2025** | **2024** | **% Change** |
| *(In thousands, except per share data)* |  |  |  |
|  Product Revenue, Net | $146540 | $122653 | 19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRDAPSE Product Revenue, Net | $84845 | $77372 | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGAMREE Product Revenue, Net | $27363 | $8746 | 212.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FYCOMPA Product Revenue, Net | $34332 | $36535 | (6.0%) |
|  GAAP Net Income | $52108 | $40794 | 27.7% |
|  Non-GAAP Net Income\* | $86350 | $69631 | 24.0% |
|  GAAP Net Income Per Share – Basic | $0.43 | $0.35 | 22.9% |
|  Non-GAAP Net Income Per Share – Basic\* | $0.71 | $0.59 | 20.3% |
|  GAAP Net Income Per Share – Diluted | $0.41 | $0.33 | 24.2% |
|  Non-GAAP Net Income Per Share – Diluted\* | $0.68 | $0.56 | 21.4% |
| **As of June 30, 2025, and December 31, 2024**<br> *(In thousands)* |  |  |  |
|  Cash and Cash Equivalents | $652800 | $517553 | 26.1% |

---

\* S*tatements made in this press release include non-GAAP financial measures. Such information is provided as additional information and not as an alternative to Catalyst's financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are intended to enhance an overall understanding of Catalyst's current financial performance. Catalyst believes that the non-GAAP financial measures presented in this press release provide investors and prospective investors with an alternative method for assessing Catalyst's operating results in a manner that Catalyst believes is focused on the performance of ongoing operations and provides a more consistent basis for comparison between periods. Non-GAAP financial measures should not be considered in isolation or as a substitute for comparable GAAP accounting. Further, non-GAAP measures of net income used by Catalyst may be different from and not directly comparable to similarly titled measures used by other companies.* 

**Second Quarter and First Half 2025 Financial Highlights** 

The Company delivered another record performance in the second quarter and the first half of 2025, driven by disciplined commercial execution, sustained portfolio demand, and the ongoing strength of the Company's long-term growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total Q2 2025 net product revenue was $146.5 million, a 19.5% increase year-over-year, driven by growth
across the portfolio and continued market demand. First-half 2025 total net product revenue was $287.9 million, representing a 30.2% increase year-over-year.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FIRDAPSE Q2 2025 net product revenue was $84.8 million, a 9.7% increase year-over-year. The results reflect
a one-time anomaly related to insurance processing delays in Q1 2024, which resulted in a slight increase in claims processing in Q2 2024. First-half 2025 net product revenue for FIRDAPSE was
$168.6 million, representing a 16.9% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AGAMREE Q2 2025 net product revenue was $27.4 million, up 212.9% year-over-year, achieving consistent strong
quarterly growth since its mid-March 2024 launch. First-half 2025 net product revenue for AGAMREE was $49.4 million, representing a 398.0% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FYCOMPA Q2 2025 net product revenue was $34.3 million, a 6.0% decrease year-over-year, reflecting continued
commercial durability following first approval of a generic version of the tablet form in late May. Oral suspension exclusivity remains in place through mid-December 2025. Generic competition is expected to
impact net revenue going forward. FYCOMPA's net product revenue for the first half of 2025 was $70.0 million, representing a 4.5% increase year-over-year.

**Business Highlights** 

The Company continued to advance its strategic priorities, demonstrated by strong commercial execution and continued progress across key growth initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earlier today, Catalyst announced that the National Comprehensive Cancer Network<sup>®</sup> (NCCN) published updated guidelines including VGCC antibody testing for cancer-associated Lambert-Eaton myasthenic syndrome (LEMS) and use of amifampridine (FIRDAPSE) in its treatment, marking a
key milestone that we believe will broaden clinical awareness, enhance diagnostic rates, and drive treatment of cancer-associated LEMS in oncology care.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 4, 2025, Catalyst announced the appointment of Daniel J. Curran, MD, to its Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 30, 2025, Catalyst published its *2024 ESG Report,* highlighting the Company's practices,
policies, and performance on key environmental, social, and governance (ESG) priorities during fiscal year 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, the SUMMIT study had expanded to a total of 19 clinical sites to support ongoing
clinical progress and the generation of long-term, real-world evidence to demonstrate AGAMREE's potential benefits over other Duchenne muscular dystrophy (DMD) treatments, such as in the areas of stature, bone health, and cardiovascular health.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 2, 2025, Catalyst announced the appointment of William T. Andrews, MD, FACP, as Chief Medical
Officer, further strengthening its medical and clinical leadership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 23, 2025, exclusivity protection for FYCOMPA tablets expired, with exclusivity covering the oral
suspension set to expire on December 15, 2025. The first entry of a generic version of the tablet form has begun to impact the product's net revenue and is reflected in the full-year 2025 outlook.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 1, 2025, Catalyst successfully completed a strategic realignment of its commercial teams supporting
FIRDAPSE and AGAMREE, aligning resources in an effort to drive scalable growth and strengthen execution across both brands.

<sup>1</sup> NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way. To learn more about NCCN go to https://www.nccn.org/home/about.

------

**Second Quarter 2025 and First Half 2025 Financial Results** 

**Cost of Sales:** Cost of sales was $20.6 million in Q2 2025, compared to $15.4 million in Q2 2024, representing an increase of approximately 33.8%, primarily due to higher product sales volumes. For the first half of 2025, cost of sales totaled $38.5 million, compared to $27.9 million in the first half of 2024, an increase of approximately 38.0%. As previously disclosed, royalty percentages and sales-based milestone obligations related to AGAMREE will increase as net sales grow on an annual basis with the first tier of increases occurring at $100 million of net product revenue. FYCOMPA royalties to the licensor will commence after the loss of patent protection, with tiered rates based on annual net sales and timing of generic entry.

**Research and Development (R&D) Expenses:** R&D expenses were $4.4 million in Q2 2025, compared to $3.0 million in Q2 2024, representing an increase of approximately 46.0%. For the first half of 2025, R&D expenses totaled $8.2 million, compared to $5.6 million in the first half of 2024, an increase of approximately 48.1%.

**Selling, General, and Administrative (SG&A) Expenses:** SG&A expenses were $45.9 million in Q2 2025, compared to $40.7 million in Q2 2024, an increase of approximately 12.8%. For the first half of 2025, SG&A expenses totaled $92.9 million, compared to $87.7 million in the same period of 2024, representing an increase of approximately 5.9%.

**Amortization of Intangible Assets:** Amortization expense was $9.3 million in both Q2 2025 and 2024. For the first half of both 2025 and 2024, amortization expense totaled $18.7 million.

**Operating Income:** Operating income was $66.3 million in Q2 2025, compared to $54.2 million in Q2 2024, an increase of approximately 22.2%. For the first half of 2025, operating income totaled $129.7 million, compared to $81.4 million in the first half of 2024, an increase of approximately 59.3%.

**GAAP Net Income:** GAAP net income for Q2 2025 was $52.1 million ($0.43 per basic share and $0.41 per diluted share), compared to $40.8 million ($0.35 per basic share and $0.33 per diluted share) in Q2 2024, an increase of approximately 27.7%. For the first half of 2025, GAAP net income was $108.8 million ($0.89 per basic share and $0.86 per diluted share), compared to $64.1 million ($0.55 per basic share and $0.52 per diluted share) in the same period of 2024, an increase of approximately 69.9%**.**

**Non-GAAP Net Income:** Non-GAAP net income for Q2 2025 was $86.4 million ($0.71 per basic share and $0.68 per diluted share), compared to $69.6 million ($0.59 per basic share and $0.56 per diluted share) in Q2 2024, representing an increase of approximately 24.0%. For the first half of 2025, non-GAAP net income totaled $172.9 million ($1.42 per basic share and $1.36 per diluted share), compared to $116.4 million ($0.99 per basic share and $0.94 per diluted share) in the first half of 2024, an increase of approximately 48.6%.

Non-GAAP net income for all periods excludes stock-based compensation, depreciation, amortization of intangible assets, and the income tax provision.

**Cash and cash equivalents:** Cash and cash equivalents were $652.8 million as of June 30, 2025.

More detailed financial information and analysis of our financial condition and results of operations can be found in our Form 10-Q for the second quarter of 2025, which was filed with the U.S. Securities and Exchange Commission on August 6, 2025.

------

**Conference Call & Webcast Details** 

---

| | |
|:---|:---|
| Date: | August 7, 2025 |
| Time: | 8:30 AM ET |
| US/Canada Dial-in Number: | (877) 407-8912 |
| International Dial-in Number: | (201) 689-8059 |

---

The webcast will be accessible under the Investors section on the Company's website at www.catalystpharma.com. A webcast replay will be available on Catalyst's website for at least 30 days following the date of the event.

**About Catalyst Pharmaceuticals** 

Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX), is a biopharmaceutical company committed to improving the lives of patients with rare diseases. With a proven track record of bringing life-changing treatments to the market, we focus on in-licensing, commercializing, and developing innovative therapies. Guided by our deep commitment to patient care, we prioritize accessibility, ensuring patients receive the care they need through a comprehensive suite of support services designed to provide seamless access and ongoing assistance. Catalyst maintains a well-established U.S. presence, which remains the cornerstone of our commercial strategy, while continuously evaluating strategic opportunities to expand our global footprint. Catalyst, headquartered in Coral Gables, Fla., was recognized on the Forbes 2025 list as one of America's Most Successful Mid-Cap Companies and on the 2024 Deloitte Technology Fast 500<sup>™</sup> list as one of North America's Fastest-Growing Companies.

For more information, please visit Catalyst's website at www.catalystpharma.com.

**Forward-Looking Statements** 

This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Catalyst's actual results in future periods to differ materially from forecasted results. A number of factors, including (i) whether Catalyst's revenue forecasts for 2025 that are included in this press release will prove to be accurate, (ii) whether Catalyst will continue to be profitable and cash flow positive in 2025 and beyond, (iii) whether Catalyst will complete any acquisitions of additional products, and the timing of any such acquisitions, (iv) the impact of the pending Paragraph IV litigation relating to FIRDAPSE if the results of these litigation matters are adverse, and (v) those factors described in Catalyst's Annual Report on Form 10-K for the 2024 fiscal year, Catalyst's Quarterly Report on Form 10-Q for the second quarter of 2025, and its subsequent filings with the U.S. Securities and Exchange Commission ("SEC"), could adversely affect Catalyst. Copies of Catalyst's filings with the SEC are available from the SEC, may be found on Catalyst's website, or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to update the information contained herein, which speaks only as of this date.

------

**CATALYST PHARMACEUTICALS, INC.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)** 

***(in thousands, except share and per share data)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months**<br>**Ended June 30,** | **For the Three Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product revenue, net | $146540 | $122653 | $287940 | $221094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; License and other revenue | 23 | 57 | 44 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 146563 | 122710 | 287984 | 221219 |
|  Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales (a) | 20614 | 15405 | 38525 | 27925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 4358 | 2985 | 8245 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative (a) | 45949 | 40730 | 92860 | 87668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 9344 | 9344 | 18689 | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating costs and expenses | 80265 | 68464 | 158319 | 139847 |
|  Operating income | 66298 | 54246 | 129665 | 81372 |
|  Other income, net | 2995 | 1542 | 10914 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income before income taxes | 69293 | 55788 | 140579 | 84877 |
|  Income tax provision | 17185 | 14994 | 31734 | 20808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $52108 | $40794 | $108845 | $64069 |
|  Net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.43 | $0.35 | $0.89 | $0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.41 | $0.33 | $0.86 | $0.52 |
|  Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 122163212 | 118180396 | 121819748 | 117493257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 127543284 | 124655999 | 127261527 | 124028752 |

---

(a) exclusive of amortization of intangible assets

------

**CATALYST PHARMACEUTICALS, INC.** 

**RECONCILIATION OF NON-GAAP METRICS (unaudited)** 

***(in thousands, except share and per share data)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months**<br>**Ended June 30,** | **For the Three Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** | **For the Six Months**<br>**Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **GAAP net income** | $52108 | $40794 | $108845 | $64069 |
|  Non-GAAP adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 7597 | 4408 | 13447 | 12656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 116 | 91 | 231 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | 9344 | 9344 | 18689 | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax provision | 17185 | 14994 | 31734 | 20808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP net income | $86350 | $69631 | $172946 | $116398 |
|  **Non-GAAP net income per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.71 | $0.59 | $1.42 | $0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.68 | $0.56 | $1.36 | $0.94 |
|  **Weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 122163212 | 118180396 | 121819748 | 117493257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 127543284 | 124655999 | 127261527 | 124028752 |

---

------

**CATALYST PHARMACEUTICALS, INC.** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

***(in thousands)***

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025**<br>**(unaudited)** | **December 31,**<br>**2024** |
|  **Assets** |  |  |
|  Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $652800 | $517553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 65863 | 65476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory, net | 18650 | 19541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 21426 | 21039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 758739 | 623609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use asset, net | 2084 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 1149 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; License and acquired intangibles, net | 137983 | 156672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets, net | 50704 | 45982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in equity securities | 21256 | 21564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $971915 | $851411 |
|  **Liabilities and Stockholders' Equity** |  |  |
|  Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $5528 | $16593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 107479 | 104085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 113007 | 120678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability, net of current portion | 2572 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 309 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 115888 | 123779 |
|  Total stockholders' equity | 856027 | 727632 |
|  Total liabilities and stockholders' equity | $971915 | $851411 |

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Source: Catalyst Pharmaceuticals, Inc.

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**Contact information:** 

**Investor Contact** 

Mary Coleman, Catalyst Pharmaceuticals, Inc.

(305) 420-3200

IR@catalystpharma.com

**Media Contact** 

David Schull, Russo Partners

(858) 717-2310

david.schull@russopartnersllc.com