CATALYST PHARMACEUTICALS, INC., 10-K/A filed on 4/30/2026
Amended Annual Report
v3.26.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Apr. 27, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K/A    
Document Period End Date Dec. 31, 2025    
Amendment Flag true    
Document Fiscal Year Focus 2025    
Entity Registrant Name CATALYST PHARMACEUTICALS, INC.    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001369568    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Shell Company false    
Entity Filer Category Large Accelerated Filer    
Trading Symbol CPRX    
Entity Emerging Growth Company false    
Entity Small Business false    
Entity Address, State or Province FL    
Entity Interactive Data Current Yes    
Title of 12(b) Security Common Stock, par value $0.001 per share    
Security Exchange Name NASDAQ    
Entity Common Stock, Shares Outstanding   122,346,043  
Entity Tax Identification Number 76-0837053    
Entity Incorporation, State or Country Code DE    
Entity Address, Address Line One 355 Alhambra Circle    
Entity Address, Address Line Two Suite 801    
Entity Address, City or Town Coral Gables    
Entity Address, Postal Zip Code 33134    
City Area Code 305    
Local Phone Number 420-3200    
Document Annual Report true    
Document Transition Report false    
Entity File Number 001-33057    
Entity Public Float     $ 2,514,112,459
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Amendment Description On February 25, 2026, Catalyst Pharmaceuticals, Inc. filed its Annual Report on Form 10-K (the “2025 Annual Report”) for the year ended December 31, 2025. The 2025 Annual Report omitted Part III, Items 10 (Directors, Executive Officers and Corporate Governance), 11 (Executive Compensation), 12 (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters), 13 (Certain Relationships and Related Transactions, and Director Independence) and 14 (Principal Accountant Fees and Services) in reliance on General Instruction G(3) to Form 10-K, which provides that such information may either be incorporated by reference from the registrant’s definitive proxy statement or included in an amendment to Form 10-K, in either case filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year. This Amendment No. 1 to Form 10-K (“Amendment”) is being filed solely to:     •   Amend Part III, Items 10, 11, 12, 13, and 14 of the 2025 Annual Report to include the information required by such items;     •   Delete the reference on the cover of the 2025 Annual Report to the incorporation by reference of portions of our proxy statement into Part III of the Annual Report; and     •   File new certifications of our principal executive officer and principal financial officer as exhibits to this Amendment under Item 15 of Part IV hereof, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934. Because no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted. We are not including certifications under Section 906 of the Sarbanes-Oxley Act of 2002, as no financial statements are being filed with this Amendment. Except as described above, this Amendment does not modify or update disclosure in, or exhibits to, the 2025 Annual Report. Further, this Amendment does not change any previously reported financial results, nor does it reflect events occurring after the date of the 2025 Annual Report. Information not affected by this Amendment remains unchanged and reflects the disclosures made at the time the 2025 Annual Report was filed. Accordingly, this Amendment should be read in conjunction with our 2025 Annual Report and other filings with the SEC.    
Documents Incorporated by Reference [Text Block] None    
v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
The following table sets forth information concerning the compensation of our PEO and
non-PEO
NEOs for the fiscal years ended December 31, 2025, 2024 and 2023, and our financial performance for each such fiscal year:
 
                                   
Value of Initial $100 Fixed
Investment Based on (3)
         
Year
  
Summary
Compens-
ation Table
Total for
PEO ($)
    
Compensation
Actually Paid
to PEO ($)
(1)(2)
    
Average
Summary
Compensation
Table Total
for
non-PEO

NEOs
    
Average
Compensation
Actually Paid
to
non-PEO

NEOs (1)(2)
     
Total
Shareholder
Return ($)
     
Peer Group
Total
Sharehol-der

Return ($)
     
Net
Income (in
thousands)
($)
     
Net
Product
Revenue
(in
thousands)
($)
  
2025     8,177,496       10,022,355       3,471,813       3,946,293        699        176        214,326        588,807  
2024     7,774,160       12,896,544       3,723,348       5,024,539        557        88        163,889        489,327  
2023     2,146,499       1,007,034       2,256,711       1,952,842        448        54        71,410        396,502  
 
(1)
Amounts represent compensation actually paid (“CAP”) to our PEO and the average compensation actually paid to our
non-PEO
NEOs for the relevant fiscal year, as determined under SEC rules (and described below).
(2)
Fair value or change in fair value, as applicable, of stock options in the “Compensation Actually Paid” columns was estimated using a Black-Scholes option pricing model for the purposes of this disclosure in accordance with SEC rules and do not reflect compensation actually earned, realized or received during each applicable year. The calculation of CAP for purposes of this table includes
point-in-time
fair values of equity awards and those values will fluctuate based on our stock price and various accounting valuation assumptions. See the Summary Compensation Table for certain other compensation of our PEO and our
non-PEO
NEOs for each applicable fiscal year.
(3)
For the relevant fiscal year, represents our cumulative TSR or the cumulative TSR of the Nasdaq Biotechnology Index, in each case assuming an initial investment of $100 as described under the Narrative Disclosure to Pay Versus Performance heading below. We have never declared or paid a dividend on our common stock and do not anticipate doing so in the foreseeable future.
In the table immediately above, the columns “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflect the Total Compensation reported in the 2025 Summary Compensation Table (“SCT”), as adjusted based on the following:
 
    
SCT Total
($)
     
Minus SCT
Equity
Awards ($)
     
Plus Value
of New
Unvested
Awards as
of 12/31 ($)
     
Plus
Annual
Change in
Value of
Prior Year
Awards
that
Remain
Unvested
($)
    
Plus
Value of
Awards
Vested
and
Granted
During
Year ($)
     
Plus
Change in
Value of
Prior
Year
Awards
that Vest
During
Year ($)
    
Total CAP
($)
  
PEO
                   
2025
      8,177,496        6,562,685        7,301,200        1,573,761       —         (467,417 )      10,022,355  
2024
      7,774,160        6,338,431        6,922,548        4,488,419       —         49,848       12,896,544  
2023
      2,146,499        749,999        943,365        (736,903 )      —         (595,928 )      1,007,034  
Average
Non-PEO
NEOs
 
             
2025
      3,471,813        2,603,498        2,800,296        197,829       —         79,853       3,946,293  
2024
      3,723,348        2,838,396        3,237,565        572,615       —         329,407       5,024,539  
2023
      2,256,711        1,446,560        1,819,515        (326,149 )      —         (350,675 )      1,952,842  
The following tables illustrate the valuation assumptions as of the vesting date for awards that vested in each of 2025, 2024 and 2023.
 
    
For Stock Options Vesting in
    
2025
   
2024
   
2023
Risk-free interest rate
    3.66% – 
4.33
%		    3.85% – 4.52%    3.75% – 4.65%
Expected term
    0.4 – 4.8 years    1.6 – 5.0 years    4.5 years
Expected volatility
    49.9% – 52.5%    54.1% – 60.4%    68.0% – 71.0%
Expected dividend yield
    —     —     — 
Expected forfeiture rate
    —     —     — 
    
Weighted Average Fair Value of
Full Value Awards Vesting in
  
    
2025
     
2024
     
2023
  
For Restricted Stock Units
    $ 14.87      $ 11.19      $ 11.25  
   
Company Selected Measure Name Net Product Revenue    
Named Executive Officers, Footnote
The Company’s principal executive officer (“PEO”) and our
non-PEO
named executive officers (“NEOs”) were as follows for the fiscal years ended December 31, 2025, 2024 and 2023:
 
Year
   
PEO
   
Non-PEO
NEOs
2025    Richard J. Daly    Michael W. Kalb, Steven R. Miller, Jeffrey Del Carmen, William T. Andrews
2024    Richard J. Daly    Michael W. Kalb, Steven R. Miller, Jeffrey Del Carmen, Preethi Sundaram
2023    Patrick J. McEnany    Alicia Grande, Steven R. Miller, Gary Ingenito, Jeffrey Del Carmen
   
Peer Group Issuers, Footnote For the relevant fiscal year, represents our cumulative TSR or the cumulative TSR of the Nasdaq Biotechnology Index, in each case assuming an initial investment of $100 as described under the Narrative Disclosure to Pay Versus Performance heading below. We have never declared or paid a dividend on our common stock and do not anticipate doing so in the foreseeable future.    
PEO Total Compensation Amount $ 8,177,496 $ 7,774,160 $ 2,146,499
PEO Actually Paid Compensation Amount $ 10,022,355 12,896,544 1,007,034
Adjustment To PEO Compensation, Footnote
In the table immediately above, the columns “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflect the Total Compensation reported in the 2025 Summary Compensation Table (“SCT”), as adjusted based on the following:
 
    
SCT Total
($)
     
Minus SCT
Equity
Awards ($)
     
Plus Value
of New
Unvested
Awards as
of 12/31 ($)
     
Plus
Annual
Change in
Value of
Prior Year
Awards
that
Remain
Unvested
($)
    
Plus
Value of
Awards
Vested
and
Granted
During
Year ($)
     
Plus
Change in
Value of
Prior
Year
Awards
that Vest
During
Year ($)
    
Total CAP
($)
  
PEO
                   
2025
      8,177,496        6,562,685        7,301,200        1,573,761       —         (467,417 )      10,022,355  
2024
      7,774,160        6,338,431        6,922,548        4,488,419       —         49,848       12,896,544  
2023
      2,146,499        749,999        943,365        (736,903 )      —         (595,928 )      1,007,034  
Average
Non-PEO
NEOs
 
             
2025
      3,471,813        2,603,498        2,800,296        197,829       —         79,853       3,946,293  
2024
      3,723,348        2,838,396        3,237,565        572,615       —         329,407       5,024,539  
2023
      2,256,711        1,446,560        1,819,515        (326,149 )      —         (350,675 )      1,952,842  
   
Non-PEO NEO Average Total Compensation Amount $ 3,471,813 3,723,348 2,256,711
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,946,293 5,024,539 1,952,842
Adjustment to Non-PEO NEO Compensation Footnote
In the table immediately above, the columns “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to
non-PEO
NEOs” reflect the Total Compensation reported in the 2025 Summary Compensation Table (“SCT”), as adjusted based on the following:
 
    
SCT Total
($)
     
Minus SCT
Equity
Awards ($)
     
Plus Value
of New
Unvested
Awards as
of 12/31 ($)
     
Plus
Annual
Change in
Value of
Prior Year
Awards
that
Remain
Unvested
($)
    
Plus
Value of
Awards
Vested
and
Granted
During
Year ($)
     
Plus
Change in
Value of
Prior
Year
Awards
that Vest
During
Year ($)
    
Total CAP
($)
  
PEO
                   
2025
      8,177,496        6,562,685        7,301,200        1,573,761       —         (467,417 )      10,022,355  
2024
      7,774,160        6,338,431        6,922,548        4,488,419       —         49,848       12,896,544  
2023
      2,146,499        749,999        943,365        (736,903 )      —         (595,928 )      1,007,034  
Average
Non-PEO
NEOs
 
             
2025
      3,471,813        2,603,498        2,800,296        197,829       —         79,853       3,946,293  
2024
      3,723,348        2,838,396        3,237,565        572,615       —         329,407       5,024,539  
2023
      2,256,711        1,446,560        1,819,515        (326,149 )      —         (350,675 )      1,952,842  
   
Compensation Actually Paid vs. Total Shareholder Return
LOGO
   
Compensation Actually Paid vs. Net Income
LOGO
   
Compensation Actually Paid vs. Company Selected Measure
LOGO
   
Total Shareholder Return Vs Peer Group
LOGO
   
Tabular List, Table
2025 Performance Measures
The following list represents the financial and
non-financial
performance measures that we consider to have been the most important in linking Compensation Actually Paid to our PEO and
non-PEO
NEOs to company performance. The measures in this list are not ranked. Of these measures, we have identified Net Product Revenue as our most important of our financial performance measures used to link Compensation Actually Paid to our PEO and
non-PEO
NEOs to company performance:
Net Product Revenue
Net Income
Completion of a transformational acquisition
Quality and Compliance
   
Total Shareholder Return Amount $ 699 557 448
Peer Group Total Shareholder Return Amount 176 88 54
Net Income (Loss) $ 214,326,000 $ 163,889,000 $ 71,410,000
Company Selected Measure Amount 588,807,000 489,327,000 396,502,000
PEO Name Richard J. Daly    
Measure:: 1      
Pay vs Performance Disclosure      
Name Net Product Revenue    
Measure:: 2      
Pay vs Performance Disclosure      
Name Net Income    
Measure:: 3      
Pay vs Performance Disclosure      
Name Completion of a transformational acquisition    
Measure:: 4      
Pay vs Performance Disclosure      
Name Quality and Compliance    
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (6,562,685) $ (6,338,431) $ (749,999)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 7,301,200 6,922,548 943,365
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,573,761 4,488,419 (736,903)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (467,417) 49,848 (595,928)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (2,603,498) (2,838,396) (1,446,560)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,800,296 3,237,565 1,819,515
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 197,829 572,615 (326,149)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 79,853 $ 329,407 $ (350,675)
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true