CPRX

MKT CAP:$3B

Catalyst Pharmaceuticals, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$25.94+$2.79 (+12.05%)

Apr 22, 2026

Company Details

Catalyst Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies for people with rare debilitating, chronic neuromuscular, and neurological diseases in the United States. It o...

CEO

Richard John Daly

IPO Date

Nov 8, 2006

Website

www.catalystpharma.com

Key Metrics TTM

Revenue

$589M

+19.8% YoY

Net Income

$214M

EPS (Diluted)

$1.68

Free Cash Flow

$209M

Revenue / Share

$4.63

Gross Margin

85.2%

Operating Margin

43.8%

Net Margin

36.4%

FCF Margin

35.4%

P/S

5.7x

P/E

15.6x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$589M+19.8%EPS $1.68

Q4 2025

Feb 25, 2026

$153M+7.6%EPS $0.40

Q3 2025

Nov 5, 2025

$148M+15.3%EPS $0.42

Q2 2025

Aug 6, 2025

$147M+19.4%EPS $0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$43M	$37M	$17M
Q2 22	$53M	$45M	$29M
Q3 22	$57M	$48M	$25M
Q4 22	$61M	$50M	$31M
Q1 23	$85M	$75M	$36M
Q2 23	$100M	$88M	$47M
Q3 23	$103M	$89M	-$37M
Q4 23	$111M	$95M	$42M
Q1 24	$99M	$86M	$27M
Q2 24	$123M	$107M	$54M
Q3 24	$129M	$109M	$51M
Q4 24	$142M	$120M	$63M
Q1 25	$141M	$124M	$63M
Q2 25	$147M	$117M	$66M
Q3 25	$148M	$123M	$66M
Q4 25	$153M	$139M	$62M

Valuation

Quarter	P/S	P/E
Q1 22	21.8x	74.3x
Q2 22	19.6x	61.5x
Q3 22	17.5x	50.1x
Q4 22	15.6x	40.3x
Q1 23	13.1x	33.7x
Q2 23	11.1x	29.0x
Q3 23	9.6x	54.0x
Q4 23	8.4x	46.9x
Q1 24	8.1x	51.4x
Q2 24	7.7x	49.1x
Q3 24	7.3x	23.5x
Q4 24	6.8x	20.4x
Q1 25	6.3x	17.0x
Q2 25	6.0x	16.1x
Q3 25	5.8x	15.4x
Q4 25	5.7x	15.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$8M	$8M
Q2 22	$26M	$26M
Q3 22	$41M	$41M
Q4 22	$40M	$40M
Q1 23	$12M	-$150M
Q2 23	$31M	$31M
Q3 23	$45M	$45M
Q4 23	$56M	$53M
Q1 24	$32M	$32M
Q2 24	$64M	$64M
Q3 24	$73M	$73M
Q4 24	$71M	$71M
Q1 25	$60M	$60M
Q2 25	$71M	$71M
Q3 25	$32M	$32M
Q4 25	$45M	$45M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$162M
Q2 23	$0
Q3 23	$64.0K
Q4 23	$2M
Q1 24	$199.0K
Q2 24	$10.0K
Q3 24	$259.0K
Q4 24	$88.0K
Q1 25	$0
Q2 25	$26.0K
Q3 25	$0
Q4 25	$32.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+42.7%	+26.1%
Q2 22	+46.1%	+19.6%
Q3 22	+59.2%	+46.4%
Q4 22	+58.6%	+17.2%
Q1 23	+98.1%	+93.4%
Q2 23	+87.5%	+115.5%
Q3 23	+79.4%	+335.2%
Q4 23	+82.0%	+129.9%
Q1 24	+15.4%	+43.5%
Q2 24	+23.2%	+29.5%
Q3 24	+25.3%	-44.4%
Q4 24	+28.3%	+14.7%
Q1 25	+43.6%	+9.3%
Q2 25	+19.4%	+17.2%
Q3 25	+15.3%	+5.6%
Q4 25	+7.6%	+14.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	4.4%
Q2 22	$2M	3.8%
Q3 22	$2M	3.6%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$4M	3.8%
Q1 24	$8M	8.4%
Q2 24	$4M	3.6%
Q3 24	$4M	3.4%
Q4 24	$5M	3.6%
Q1 25	$6M	4.1%
Q2 25	$8M	5.2%
Q3 25	$6M	3.8%
Q4 25	$6M	3.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$3M	$10M	$7M	—
Q2 22	$4M	$6M	$7M	—
Q3 22	$8M	$6M	$8M	—
Q4 22	$4M	$7M	$8M	—
Q1 23	$4M	$12M	$18M	—
Q2 23	$4M	$10M	$18M	—
Q3 23	$84M	$12M	$22M	—
Q4 23	$2M	$13M	$29M	—
Q1 24	$3M	$22M	$25M	—
Q2 24	$3M	$14M	$26M	—
Q3 24	$3M	$43M	$3M	—
Q4 24	$4M	$14M	$31M	—
Q1 25	$4M	$44M	$3M	—
Q2 25	$4M	$42M	$4M	—
Q3 25	$3M	$45M	$3M	—
Q4 25	$2M	—	—	$53M

Revenue Segments

Quarter	License And Other Revenue	Product Revenue Net
Q1 22	$56.0K	$43M
Q2 22	$64.0K	$53M
Q3 22	$71.0K	$57M
Q4 22	$74.0K	$61M
Q1 23	$62.0K	$85M
Q2 23	$105.0K	$99M
Q3 23	$71.0K	$103M
Q4 23	$1M	$109M
Q1 24	$68.0K	$98M
Q2 24	$57.0K	$123M
Q3 24	$2M	$126M
Q1 25	$21.0K	$141M
Q2 25	$23.0K	$147M
Q3 25	$27.0K	$148M
Q4 25	$111.0K	$153M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$178M	$19M	$198M
Q2 22	$211M	$10M	$221M
Q3 22	$256M	$0	$256M
Q4 22	$298M	$0	$298M
Q1 23	$148M	$0	$148M
Q2 23	$179M	$0	$179M
Q3 23	$121M	$0	$121M
Q4 23	$138M	$0	$138M
Q1 24	$310M	$0	$310M
Q2 24	$376M	$0	$376M
Q3 24	$442M	$0	$442M
Q4 24	$518M	$0	$518M
Q1 25	$581M	$0	$581M
Q2 25	$653M	$0	$653M
Q3 25	$690M	$0	$690M
Q4 25	$709M	$0	$709M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	109M	+0.1%	+2.2%
Q2 22	109M	+0.2%	+1.4%
Q3 22	112M	+2.5%	+3.8%
Q4 22	114M	+1.4%	+4.2%
Q1 23	114M	+0.4%	+4.5%
Q2 23	114M	-0.3%	+4.0%
Q3 23	107M	-6.3%	-4.8%
Q4 23	114M	+6.7%	+0.2%
Q1 24	123M	+8.5%	+8.3%
Q2 24	125M	+1.0%	+9.7%
Q3 24	125M	+0.6%	+17.7%
Q4 24	126M	+0.7%	+11.0%
Q1 25	127M	+0.5%	+2.9%
Q2 25	128M	+0.5%	+2.3%
Q3 25	127M	-0.4%	+1.3%
Q4 25	127M	+0.1%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$567.0K	76
Q2 22	$698.9K	76
Q3 22	$753.2K	76
Q4 22	$740.9K	82
Q1 23	$1M	82
Q2 23	$1M	82
Q3 23	$1M	82
Q4 23	$662.1K	167
Q1 24	$589.9K	167
Q2 24	$734.8K	167
Q3 24	$770.6K	167
Q4 24	$783.5K	181
Q1 25	$781.3K	181
Q2 25	$809.7K	181
Q3 25	$819.8K	181
Q4 25	$838.5K	182

Revenue / Employee