Catalyst Pharmaceuticals (NASDAQ: CPRX) reported first-quarter 2019 revenue and earnings that surpassed analysts’ expectations. Shares climbed around 4% in premarket hours on Monday.
Total net revenue was $12.4 million in the first quarter of 2019. Net loss was $645,000, or $0.01 per share, compared to $5.7 million, or $0.06 per share, in the same period last year.
Research and development expenses were $3.3 million, in line with the first quarter of 2018. Cost of sales was $1.7 million.
Catalyst received FDA approval of the Firdapse new drug application in November and commercially launched Firdapse in January. As of May 9, 409 unique LEMS patients were prescribed Firdapse and 380 LEMS patients were active on Firdapse.
In the second half of 2019, Catalyst expects topline results from the Phase 3 trials for MuSK-MG and CMS and in the first half of 2020, the company expects topline results for the SMA Type 3 proof of concept trial.
At March 31, 2019, Catalyst had cash and cash equivalents and investments of $50.6 million and no funded-debt. The company believes that its existing capital resources will be sufficient to support its planned operations for at least the next year.