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CPRX

Catalyst Pharmaceuticals, Inc.

CPRX

Catalyst Pharmaceuticals, Inc. • NASDAQ
$23.41 ▼ -0.09% (-0.02)
Market Cap $2.88 B
52w High $26.58
52w Low $19.05
Dividend Yield 0%
P/E 13.69
Volume 527.44K
Outstanding Shares 122.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $148.392M ▲ $56.814M ▲ $52.783M ▲ 35.57% ▲ $0.43 $80.451M ▲
Q2-2025 $146.563M ▲ $50.307M ▼ $52.108M ▼ 35.553% ▼ $0.43 ▼ $78.753M ▲
Q1-2025 $141.421M ▼ $60.143M ▲ $56.737M ▲ 40.119% ▲ $0.47 $72.827M ▲
Q4-2024 $141.82M ▲ $57.334M ▼ $55.936M ▲ 39.442% ▲ $0.47 ▲ $72.301M ▲
Q3-2024 $128.695M $58.509M $43.884M 34.099% $0.37 $50.909M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $689.892M ▲ $1.052B ▲ $131.357M ▲ $920.245M ▲
Q2-2025 $652.8M ▲ $971.915M ▲ $115.888M ▲ $856.027M ▲
Q1-2025 $580.656M ▲ $908.872M ▲ $114.589M ▼ $794.283M ▲
Q4-2024 $517.553M ▲ $851.411M ▲ $123.779M ▲ $727.632M ▲
Q3-2024 $442.331M $772.01M $111.069M $660.941M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $52.783M ▲ $32.438M ▼ $0 ▲ $4.654M ▲ $37.092M ▼ $32.438M ▼
Q2-2025 $52.108M ▼ $71.298M ▲ $-26K ▼ $872K ▼ $72.144M ▲ $71.272M ▲
Q1-2025 $56.737M ▲ $60.043M ▼ $0 ▲ $3.06M ▼ $63.103M ▼ $60.043M ▼
Q4-2024 $55.936M ▲ $70.877M ▼ $-88K ▲ $4.433M ▲ $75.222M ▲ $70.789M ▼
Q3-2024 $43.884M $72.871M $-259K $-5.974M $66.638M $72.612M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License And Other Revenue
License And Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Product Revenue Net
Product Revenue Net
 $260.00M ▲$140.00M ▼$150.00M ▲$150.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, more than tripling, which is notable for a small biotech. Profitability has improved along the way: gross profits are high relative to sales, operating profits have widened, and net income has stayed solidly positive. Earnings did bounce around a bit earlier in the period, but the overall direction is upward, with recent years showing stronger and more consistent profit levels. This suggests the core products are scaling well and pricing remains strong, though dependence on a limited number of drugs is a structural risk.

Balance Sheet

Balance Sheet The balance sheet looks clean and conservative. Total assets have expanded meaningfully, driven largely by a growing cash position. The company reports essentially no debt, and shareholders’ equity has built up year after year, reflecting retained profits rather than heavy borrowing. This combination of rising cash, no financial leverage, and growing equity gives Catalyst a solid cushion to fund deals, development, and potential setbacks without immediate balance sheet pressure.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and has grown over time, which is unusual strength for a biotech focused on rare diseases. Free cash flow has generally tracked operating cash flow closely, with only one year showing a temporary drag from higher investment spending. That pattern suggests the business is capital-light, with most cash going to operations, licensing, and possibly deals rather than heavy bricks-and-mortar projects. Overall, the cash flow profile supports the idea that current products are not just profitable on paper but also translating into real cash in the bank.

Competitive Edge

Competitive Edge Catalyst occupies a focused niche in rare and ultra-rare diseases, anchored by Firdapse for LEMS, which has regulatory exclusivity and strong patent coverage. The company benefits from orphan drug status, a supportive legal backdrop, and patents that extend well beyond the near-term loss of orphan exclusivity. Its high-touch patient support program deepens relationships with patients, physicians, and payers, which makes switching to alternatives less likely. On the other hand, the portfolio is still concentrated in a small number of products, so any competitive, regulatory, or reimbursement shock to one of them could have an outsized impact.

Innovation and R&D

Innovation and R&D Instead of relying mainly on in-house discovery, Catalyst runs a “buy and build” model—acquiring or in-licensing later-stage, de-risked rare disease drugs and then maximizing their commercial value. Firdapse is a first key example, with a clear mechanism and strong data in LEMS. Agamree brings a differentiated steroid approach that aims to preserve benefits while reducing side effects, and Fycompa adds a novel epilepsy treatment mechanism. Future innovation is expected to come from further product acquisitions, label expansions into new indications, and geographic rollouts rather than early-stage lab research. This strategy can be efficient but also makes the company reliant on finding and integrating the right external assets.

Summary

Catalyst Pharmaceuticals shows the profile of a rare-disease specialist that has moved beyond the typical biotech “cash-burning” phase into a period of sustained profitability and strong cash generation. Revenues and profits have increased steadily, the balance sheet is cash-rich with no debt, and the business throws off healthy free cash flow. Strategically, Catalyst enjoys a defensible position in niche markets supported by orphan drug protections, long-dated patents, and intensive patient-support infrastructure. At the same time, it faces the usual rare-disease risks: dependence on a small drug portfolio, looming changes as key exclusivity periods roll off, pricing and reimbursement scrutiny, and execution risk in acquiring and integrating new products. Overall, it appears to be a financially solid, commercially focused rare-disease platform, with its future trajectory tied closely to how well it can broaden and deepen its portfolio while defending its existing franchises.

NEWS

November 24, 2025 · 8:03 AM UTC

Catalyst Pharmaceuticals to Participate in the Bank of America CNS Therapeutics Virtual Conference

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November 19, 2025 · 8:03 AM UTC

Catalyst Pharmaceuticals Recognized as One of North America's Fastest-Growing Companies on the 2025 Deloitte Technology Fast 500™

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November 18, 2025 · 8:03 AM UTC

Catalyst Pharmaceuticals to Participate in Citi's 2025 Global Healthcare Conference

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November 5, 2025 · 4:06 PM UTC

Catalyst Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Business Update

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November 4, 2025 · 4:03 PM UTC

Catalyst Pharmaceuticals Recognized Among BioSpace 2026 Best Places to Work

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