Catalyst Pharma insider files Form 144 to sell 30,000 shares on NASDAQ

Rhea-AI Filing Summary

Catalyst Pharmaceutical, Inc. (CPRX) filing a Form 144 notifies the proposed sale of 30,000 common shares through Fidelity Brokerage Services with an aggregate market value of $585,640.54. The shares represent options granted on 12/19/2018 and were acquired on 09/04/2025; payment is expected in cash. The filing lists 122,391,010 shares outstanding and names NASDAQ as the exchange for an approximate sale date of 09/04/2025. It also discloses a recent sale of 20,000 shares by Brian Elsbernd on 09/03/2025 for gross proceeds of $401,514.00. The filer certifies no undisclosed material adverse information.

Positive

• Full disclosure of sale details including broker, quantity, aggregate value, and acquisition source (option grant)
• Filer certifies no undisclosed material adverse information and follows Rule 144 reporting requirements

Negative

• Insider sell activity increases available share supply: 30,000 shares proposed and 20,000 shares sold recently
• Timing clustered (sale on 09/03/2025 and proposed sale on 09/04/2025) could be viewed unfavorably by some investors

Insights

Securities Analyst

TL;DR: Insider option exercise and planned sale of 30,000 shares is routine but increases share supply.

The Form 144 documents an exercise-derived sale: 30,000 common shares from an option grant are slated for sale through Fidelity on NASDAQ with an aggregate value of $585,640.54, indicating a per-share price roughly aligned with that aggregate divided by quantity. The filing also records a prior sale of 20,000 shares by Brian Elsbernd one day earlier for $401,514.00. For investors, these are supply-side disclosures showing insiders monetizing equity; the filing does not state any change to operations or financial results.

Corporate Governance Expert

TL;DR: Disclosure follows Rule 144 mechanics; signature statement asserts absence of undisclosed material information.

The submission includes required declarations that the seller is unaware of undisclosed material adverse information and references potential Rule 10b5-1 trading plans without indicating one was used. Dates of acquisition, option grant origin, payment method, and broker are all provided, meeting standard transparency expectations for an officer/director or affiliate disposition under Rule 144. No governance or compliance issues are alleged in the filing itself.

FAQ

What does the Form 144 for CPRX disclose about the proposed sale?

The Form 144 reports a proposed sale of 30,000 common shares via Fidelity with an aggregate market value of $585,640.54, expected on 09/04/2025 on NASDAQ.

How were the 30,000 CPRX shares acquired?

The shares were acquired on 09/04/2025 through an option granted on 12/19/2018, with payment to be made in cash.

Does the filing show recent insider sales for CPRX?

Yes; it lists a sale by Brian Elsbernd of 20,000 shares on 09/03/2025 generating gross proceeds of $401,514.00.

How many CPRX shares are outstanding according to the filing?

The filing reports 122,391,010 shares outstanding.

Does the Form 144 indicate any undisclosed material information about Catalyst Pharmaceutical?

The filer represents by signature that they do not know of any material adverse information that has not been publicly disclosed.

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Accepted by SEC EDGAR 09/04/2025 - 11:28 AM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001763511
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	CATALYST PHARMACEUTICALS, INC.
SEC File Number	001-33057
Address of Issuer	355 ALHAMBRA CIRCLE SUITE 801 CORAL GABLES FLORIDA 33134
Phone	(305) 529-2522
Name of Person for Whose Account the Securities are To Be Sold	Elsbernd Brian
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	30000	585640.54	122391010	09/04/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/04/2025	Option Granted - 12/19/2018	Issuer			30000	09/04/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Brian Elsbernd 355 Alhambra Circle Suite 801 Coral Gables FL 33134	Common	09/03/2025	20000	401514.00

144: Remarks and Signature

Remarks
Date of Notice	09/04/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Daniel Tucci, as a duly authorized representative of Fidelity Brokerage Services LLC, as attorney-in-fact for Brian Elsbernd
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)