CATALYST PHARMACEUTICALS, INC.
CPRX · Pharmaceutical Preparations · 122.4M shares · +2%/yr ↑ shares · EDGAR filings ↗
Reference price $23.20 · est. market cap ~$2.8B — last insider sale, 2025-12-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A86Cash-rich rare-disease specialty pharma with top-decile margins, strong cash generation, and orphan-exclusivity moats.
Strengths
- Top-decile profitability: operating margin 43.8% (97th pct), net margin 36.4% (93rd pct), ROA 19.4% (96th pct)
- Exceptional cash generation: FCF $209M (92nd pct), FCF margin 35% (95th pct); $709M cash (89th pct)
- Durable orphan franchise (FIRDAPSE/LEMS with pivotal Phase 3 wins, AGAMREE, FYCOMPA) and 20% revenue growth
Risks
- Concentration in small LEMS/DMD populations and orphan-exclusivity/Orphan Drug Act legal risk
- Dependence on licensing partners for AGAMREE/FYCOMPA supply and on accretive M&A for growth
- Failed expansion trials in adjacent indications (MuSK-MG, legacy CNS) limit near-term pipeline optionality
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $709M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 7→8 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
85.2%
Operating margin
43.8%
Net margin
36.4%
Return on equity
22.5%
Return on assets
19.4%
Revenue growth (QoQ)
-2.1%
Net-income growth
30.8%
Current ratio
6.1×
Free cash flow
$209M
Tangible book value
$823M
Cash & investments
$709M
Stock comp / revenue
4.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-03 | Andrews William T. | Tax withheld | 743 | — |
| 2026-06-03 | Andrews William T. | Option exercise | 3.1K | — |
| 2026-02-17 | Russo Gregg | Tax withheld | 211 | — |
| 2026-02-17 | Russo Gregg | Option exercise | 687 | — |
| 2026-01-05 | Daly Richard J | Tax withheld | 11K | — |
| 2026-01-05 | Kalb Michael Wayne | Option exercise | 7.1K | — |
| 2026-01-05 | Kalb Michael Wayne | Tax withheld | 2.1K | — |
| 2026-01-05 | Daly Richard J | Option exercise | 42K | — |
| 2025-12-29 | Elsbernd Brian | Option exercise | 6.7K | — |
| 2025-12-29 | DENKHAUS DONALD A | Option exercise | 1.3K | — |
| 2025-12-29 | Del Carmen Jeffrey | Option exercise | 8.7K | — |
| 2025-12-29 | Del Carmen Jeffrey | Tax withheld | 3.8K | — |
| 2025-12-29 | Daly Richard J | Option exercise | 1.3K | — |
| 2025-12-29 | Daly Richard J | Tax withheld | 524 | — |
| 2025-12-29 | Elsbernd Brian | Tax withheld | 2.6K | — |
| 2025-12-29 | Tierney David S | Option exercise | 1.3K | — |
| 2025-12-29 | Sundaram Preethi | Option exercise | 6.7K | — |
| 2025-12-29 | Sundaram Preethi | Tax withheld | 2.4K | — |
| 2025-12-29 | Miller Steve | Option exercise | 14K | — |
| 2025-12-29 | MCENANY PATRICK J | Option exercise | 26K | — |
| 2025-12-29 | MCENANY PATRICK J | Tax withheld | 6.8K | — |
| 2025-12-29 | Harper Molly | Option exercise | 1.3K | — |
| 2025-12-12 | Harper Molly | Option exercise | 20K | $5.78 |
| 2025-12-12 | Harper Molly | Sell | 16K | $23.20 |
| 2025-12-12 | Harper Molly | Sell | 4.5K | $23.73 |
| 2025-12-12 | Harper Molly | Sell | 6.7K | $23.06 |
| 2025-12-08 | Tierney David S | Option exercise | 1.4K | — |
| 2025-12-08 | Thompson Tamar | Option exercise | 1.4K | — |
| 2025-12-08 | Sundaram Preethi | Option exercise | 6.9K | — |
| 2025-12-08 | Sundaram Preethi | Tax withheld | 1.7K | — |
| 2025-12-08 | Miller Steve | Option exercise | 12K | — |
| 2025-12-08 | MCENANY PATRICK J | Option exercise | 3.5K | — |
| 2025-12-08 | Harper Molly | Option exercise | 1.4K | — |
| 2025-12-08 | Elsbernd Brian | Option exercise | 7.1K | — |
| 2025-12-08 | Elsbernd Brian | Tax withheld | 2.8K | — |
| 2025-12-08 | DENKHAUS DONALD A | Option exercise | 1.4K | — |
| 2025-12-08 | Del Carmen Jeffrey | Option exercise | 8.0K | — |
| 2025-12-08 | Del Carmen Jeffrey | Tax withheld | 2.5K | — |
| 2025-12-01 | MCENANY PATRICK J | Gift | 45K | — |
| 2025-12-01 | MCENANY PATRICK J | Gift | 45K | — |
| 2025-12-01 | MCENANY PATRICK J | Gift | 45K | — |
| 2025-11-26 | Del Carmen Jeffrey | Option exercise | 11K | $4.21 |
| 2025-11-26 | Del Carmen Jeffrey | Sell | 11K | $23.33 |
| 2025-11-21 | Del Carmen Jeffrey | Option exercise | 5.6K | — |
| 2025-11-21 | Tierney David S | Option exercise | 947 | — |
| 2025-11-21 | Thompson Tamar | Option exercise | 947 | — |
| 2025-11-21 | Sundaram Preethi | Option exercise | 5.6K | — |
| 2025-11-21 | Sundaram Preethi | Tax withheld | 1.4K | — |
| 2025-11-21 | Miller Steve | Option exercise | 8.3K | — |
| 2025-11-21 | MCENANY PATRICK J | Option exercise | 1.8K | — |
| 2025-11-21 | Kalb Michael Wayne | Option exercise | 6.9K | — |
| 2025-11-21 | Kalb Michael Wayne | Tax withheld | 2.5K | — |
| 2025-11-21 | Harper Molly | Option exercise | 947 | — |
| 2025-11-21 | Elsbernd Brian | Option exercise | 5.2K | — |
| 2025-11-21 | Elsbernd Brian | Tax withheld | 2.0K | — |
| 2025-11-21 | DENKHAUS DONALD A | Option exercise | 947 | — |
| 2025-11-21 | Del Carmen Jeffrey | Tax withheld | 1.6K | — |
| 2025-11-21 | Daly Richard J | Option exercise | 20K | — |
| 2025-11-21 | Daly Richard J | Tax withheld | 7.9K | — |
| 2025-11-12 | Elsbernd Brian | Sell | 40K | $22.70 |
| 2025-09-08 | Elsbernd Brian | Sell | 30K | $20.30 |
| 2025-09-08 | Elsbernd Brian | Option exercise | 112K | $2.24 |
| 2025-09-04 | Elsbernd Brian | Sell | 30K | $19.52 |
| 2025-09-04 | Elsbernd Brian | Option exercise | 30K | $2.24 |
| 2025-09-03 | Elsbernd Brian | Option exercise | 20K | $2.24 |
| 2025-09-03 | Elsbernd Brian | Sell | 20K | $20.08 |
| 2025-08-27 | Miller Steve | Option exercise | 110K | $2.24 |
| 2025-08-27 | Tierney David S | Option exercise | 50K | $2.24 |
| 2025-08-27 | Tierney David S | Sell | 26K | $20.20 |
| 2025-08-26 | Miller Steve | Option exercise | 115K | $2.24 |
| 2025-08-26 | Miller Steve | Sell | 115K | $20.28 |
| 2025-08-26 | Daly Richard J | Option exercise | 50K | $2.24 |
| 2025-08-26 | Daly Richard J | Sell | 23K | $20.62 |
| 2025-06-11 | Sundaram Preethi | Sell | 1.6K | $26.42 |
| 2025-06-10 | Sundaram Preethi | Sell | 2.3K | $26.41 |
| 2025-06-09 | MCENANY PATRICK J | Sell | 172K | $26.11 |
| 2025-06-06 | MCENANY PATRICK J | Sell | 28K | $25.95 |
| 2025-05-30 | Daly Richard J | Sell | 70K | $24.86 |
| 2025-05-14 | INGENITO GARY | Option exercise | 44K | $4.64 |
| 2025-05-14 | INGENITO GARY | Sell | 44K | $23.63 |
| 2025-05-13 | INGENITO GARY | Option exercise | 200K | $3.42 |
| 2025-05-13 | INGENITO GARY | Sell | 200K | $23.68 |
| 2025-03-06 | INGENITO GARY | Option exercise | 180K | $2.24 |
| 2025-03-06 | INGENITO GARY | Sell | 180K | $21.67 |
| 2025-03-05 | INGENITO GARY | Sell | 45K | $22.09 |
| 2025-03-05 | INGENITO GARY | Option exercise | 45K | $2.24 |
| 2025-03-03 | Del Carmen Jeffrey | Sell | 30K | $22.89 |
| 2025-03-03 | Elsbernd Brian | Option exercise | 9.3K | $2.24 |
| 2025-03-03 | Elsbernd Brian | Sell | 9.7K | $23.23 |
| 2025-03-03 | Elsbernd Brian | Option exercise | 53K | $2.24 |
| 2025-03-03 | Elsbernd Brian | Sell | 53K | $22.93 |
| 2025-02-14 | Miller Steve | Option exercise | 14K | — |
| 2025-02-14 | INGENITO GARY | Option exercise | 10K | — |
| 2025-02-14 | INGENITO GARY | Tax withheld | 2.4K | — |
| 2025-02-14 | Harper Molly | Option exercise | 4.0K | — |
| 2025-02-14 | Elsbernd Brian | Option exercise | 9.7K | — |
| 2025-02-14 | Elsbernd Brian | Tax withheld | 2.4K | — |
| 2025-02-14 | DENKHAUS DONALD A | Option exercise | 4.0K | — |
| 2025-02-14 | Del Carmen Jeffrey | Option exercise | 11K | — |
| 2025-02-14 | Del Carmen Jeffrey | Tax withheld | 3.1K | — |
| 2025-02-14 | Daly Richard J | Option exercise | 4.0K | — |
| 2025-02-14 | Daly Richard J | Tax withheld | 1.6K | — |
| 2025-02-14 | Tierney David S | Option exercise | 4.0K | — |
| 2025-02-14 | Sundaram Preethi | Option exercise | 17K | — |
| 2025-02-14 | Sundaram Preethi | Tax withheld | 6.0K | — |
| 2025-02-14 | O'Keeffe Charles B | Option exercise | 4.0K | — |
| 2025-01-08 | DENKHAUS DONALD A | Option exercise | 50K | $2.24 |
| 2025-01-02 | Kalb Michael Wayne | Option exercise | 7.1K | — |
| 2025-01-02 | Kalb Michael Wayne | Tax withheld | 2.9K | — |
| 2025-01-02 | Daly Richard J | Option exercise | 42K | — |
| 2025-01-02 | Daly Richard J | Tax withheld | 11K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06564974 ↗ | Registry Study to Observe Long-term Safety of Vamorolone (AGAMREE®) in Patients With Duchenne Muscular Dystrophy-SUMMIT Duchenne Muscular Dystrophy | — | Recruiting | 2032-02-01 |
| NCT03579966 ↗ | Long Term Safety Study of Amifampridine Phosphate in MuSK-MG (Muscle Specific Tyrosine Kinase Myasthenia Gravis) Myasthenia Gravis, MuSK, AChR Myasthenia Gravis | PHASE3 | Terminated | 2022-08-05 |
| NCT03819660 ↗ | Long Term Safety of Amifampridine Phosphate in Spinal Muscular Atrophy 3 Spinal Muscular Atrophy Type 3 | PHASE2 | Terminated | 2021-09-13 |
| NCT03781479 ↗ | Controlled Trial to Evaluate Amifampridine Phosphate in Spinal Muscular Atrophy Type 3 Patients Muscular Atrophy, Spinal | PHASE2 | Completed | 2020-07-23 |
| NCT03304054 ↗ | Study to Evaluate Amifampridine Phosphate in Patients With MuSK-MG Myasthenia Gravis, Generalized | PHASE3 | Completed | 2020-01-31 |
| NCT02562066 ↗ | Amifampridine Phosphate for the Treatment of Congenital Myasthenic Syndromes Myasthenic Syndromes, Congenital | PHASE3 | Completed | 2019-08-01 |
| NCT02970162 ↗ | Phase 3 Study to Evaluate Efficacy of Amifampridine Phosphate in Lambert-Eaton Myasthenic Syndrome (LEMS) Lambert-Eaton Myasthenic Syndrome | PHASE3 | Completed | 2017-10-01 |
| NCT01377922 ↗ | A Phase 3 Study of Amifampridine Phosphate in Patients With Lambert Eaton Myasthenic Syndrome (LEMS) Lambert Eaton Myasthenic Syndrome | PHASE3 | Completed | 2016-07-01 |
| NCT01281202 ↗ | Vigabatrin for the Treatment of Cocaine Dependency Cocaine Addiction, Cocaine Dependence | PHASE2/PHASE3 | Completed | 2012-10-01 |
| NCT01493596 ↗ | A Safety, Tolerability and Pharmacokinetic Study of CPP-115 Cocaine Dependency | PHASE1 | Completed | 2012-06-01 |
| NCT00730522 ↗ | Safety and Efficacy Study of Vigabatrin to Treat Methamphetamine Dependence Methamphetamine Dependence | PHASE2 | Terminated | 2009-06-01 |
| NCT00611130 ↗ | Vigabatrin for Treatment of Cocaine Dependence Cocaine Dependence | PHASE2 | Completed | 2009-05-01 |
| NCT02189720 ↗ | Expanded Access Study Amifampridine Phosphate in Lambert-Eaton Myasthenic Syndrome (LEMS),Congenital Myasthenic Syndrome Congenital Myasthenic Syndrome, Lambert-Eaton Myasthenic Syndrome | — | Approved For Marketing |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-22 | 0001193125-26-279776 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001369568-26-000002 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-216929 ↗ |
| 8-K | 2026-05-07 | 2026-05-06 | 0001193125-26-210518 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001193125-26-197490 ↗ |
| 8-K/A | 2026-03-19 | 2026-03-18 | 0001193125-26-114764 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0001193125-26-114306 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-071702 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001193125-26-071525 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009822 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-266854 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-267038 ↗ |