Catalyst Pharmaceuticals, Inc.

Greetings and welcome to the Catalyst Pharmaceuticals fourth quarter and full year 2022 financial results conference call. At this time, all participants are in a loose and lonely mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce one of your hosts, Allie Grundy, Chief Financial Officer. Please go ahead.

Good morning, everyone, and thank you for joining our conference call to discuss Catalina's fourth quarter and full year 2022 financial resource and corporate highlights. Leading the call today is Patrick McEnany, Chairman and Chief Executive Officer. We're also joined by Dr. Stephen Miller, our Chief Operating Officer and Chief Scientific Officer, and Jeffrey DelCarmen, our Chief Commercial Officer. Further, for the Q&A session, we will also have Dr. Gary Ingenito, our Chief Medical and Regulatory Officer. Before we begin, I would like to remind you that in the following comments and in the Q&A session, we will make statements about expected future results, which may be forward-looking statements for purposes of federal securities laws. The statements relate to our current expectations, estimates, and projections and are not guarantees of future performance. They involve risks, uncertainties, and assumptions that are difficult to predict and may prove not to be accurate. Actual results may vary from the expectations containing our forward-looking statements. These forward-looking statements should be considered only in conjunction with the detailed information containing our SEC filings, including the risk factors described in our 2022 annual report At this time, I will turn the call over to Pat.

Thanks, Allie, and welcome everyone to our fourth quarter and full year 2022 results conference call. I'm pleased today to highlight the progress we've made across our business throughout 2022 and now into the start of 2023. As we did in yesterday's press release, let me highlight several key points. 2022 was a pivotal year for Catalyst as we delivered exceptional financial performance, exceeding our 2022 total net revenue guidance projections driven by consecutive quarterly revenue growth and fiscal discipline. The robust results capped an important year of transformation as we successfully executed our strategic initiatives across all segments of the business, This included attaining a favorable resolution of the patent litigation relating to the resurgi along with the U.S. rights underscoring the strength of the FERDAPS intellectual property portfolio, the receipt of a positive U.S. court decision supporting FERDAPS orphan drug exclusivity, the approval of an expanded pediatric indication for FERDAPS, and the recent acquisition of Phi Kappa. With our sights set on further expansion, these accomplishments added considerable strength to our neuroscience presence and confidence that we can accelerate the company's long-term growth strategy. Important to note, Ferdapps continues its strong performance and remains the cornerstone of our success. We are pleased with the strong demand and growth for Ferdapps. as we continue to see very positive trends across a number of our key performance indicators, which Jeff will address shortly. Our full year 2022 total revenues were $214 million, representing a 52% year-over-year increase compared to $141 million in total revenue for 2021. Fourth quarter total net revenues were $61 million, a 59% increase compared to $38 million in 2021. We reported GAAP net income of $83 million for the full year of 2022, or $0.80 per basic share and $0.75 per diluted share, a 110% increase compared to $39 million for $0.38 per share basic and $0.37 per share diluted. In 2021, further, non-GAAP net income for the full year 2022 was $114 million, or $1.10 per basic and $1.02 per diluted share, a 93% increase compared to $59 million. Please hold while we reconnect our speakers.