[Form 4] Catalyst Pharmaceutical Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steve Miller, Chief Operating & Scientific Officer of Catalyst Pharmaceuticals (CPRX), reported option exercises and an open-market sale. On 08/26/2025 he exercised 115,000 options at an exercise price of $2.24 and sold 115,000 shares at a weighted average price of $20.28 (sales ranged $20.04–$20.645) to fund the exercise price and estimated taxes. After those transactions his reported beneficial ownership moved between 1,064,663 and 949,663 shares. On 08/27/2025 he exercised an additional 110,000 options at $2.24. The Form 4 was signed 08/28/2025.

Positive

• Timely SEC disclosure of option exercises and sale by the reporting officer
• Explanation provided that sold shares funded the exercise price and estimated taxes
• Transaction price range disclosed for the open-market sale ($20.04–$20.645)

Negative

• Insider sale of 115,000 shares reported, which may be viewed negatively by some investors
• Significant option exercises (225,000 total) increase the insider's ability to realize liquidity

Insights

Financial Analyst

TL;DR: Insider exercised large option blocks and sold shares to cover costs; no new cash infusion into the company reported.

The filing shows material option exercises totaling 225,000 shares at $2.24 per share and an open-market sale of 115,000 shares at a weighted average of $20.28 to cover exercise and tax obligations. These actions change the reporting insider's beneficial ownership levels but do not indicate any corporate financing or change to outstanding share count. Impact to shareholders is primarily informational regarding insider liquidity.

Corporate Governance Expert

TL;DR: Proper Section 16 disclosure filed for option exercises and subsequent sale, consistent with routine insider reporting.

The Form 4 discloses timely reporting of option exercises vested in prior tranches and the corresponding market sale used to fund exercise costs. The explanation explicitly states the sales funded exercise price and estimated taxes. No indications of unusual derivative grant terms or undisclosed related-party transactions appear in the filing text provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Steve

(Last) (First) (Middle)

355 ALHAMBRA CIRCLE, SUITE 801

(Street)

CORAL GABLES FL 33134

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CATALYST PHARMACEUTICALS, INC. [ CPRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Op. & Scientific Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, par value $0.001 per share	08/26/2025		M		115,000	A	$2.24	1,064,663	D
Common stock, par value $0.001 per share	08/26/2025		S		115,000	D	$20.28(1)(2)	949,663	D
Common stock, par value $0.001 per share	08/27/2025		M		110,000	A	$2.24	1,059,663	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options to purchase common stock	$2.24	08/26/2025		M			115,000	(3)	12/19/2025	Common Stock	115,000	$0	1,409,509	D
Options to purchase common stock	$2.24	08/27/2025		M			110,000	(3)	12/19/2025	Common Stock	110,000	$0	1,299,509	D

Explanation of Responses:

1. Shares were sold on the open market to fund the exercise price and estimated taxes due from Reporting Person as a result of the exercise of the 225,000 stock options reported on Table II.

2. Represents a weighted average sale price. Shares were sold in a range from $20.04 to $20.645 per share.

3. Derivative Securities vested in three annual tranches beginning on December 18, 2019.

	/s/ Steve Miller	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Steve Miller report on Form 4 for CPRX?

He reported exercising a total of 225,000 options at $2.24 and selling 115,000 shares on 08/26/2025 with sales at a weighted average price of $20.28.

Why were shares sold according to the filing?

The filing states the shares were sold on the open market to fund the exercise price and estimated taxes due from the option exercises.

How many shares did the insider beneficially own after the transactions?

Reported beneficial ownership amounts in the form include 1,064,663, 949,663 and post-exercise figures shown as 1,059,663; derivative holdings reported as 1,409,509 and 1,299,509 in Table II.

What price range were the sold shares transacted at?

Sales occurred in a range from $20.04 to $20.645 per share, with a weighted average of $20.28.

When were the derivative securities originally vested?

The filing explains the derivative securities vested in three annual tranches beginning on December 18, 2019.