[Form 4] Catalyst Pharmaceutical Inc. Insider Trading Activity

Rhea-AI Filing Summary

Richard J. Daly, President and CEO and director of Catalyst Pharmaceuticals, reported exercises and a related sale on August 26, 2025. He exercised 50,000 stock options at an exercise price of $2.24 per share, and concurrently sold 22,970 common shares at $20.62 per share to fund the exercise price and tax withholding. Following these transactions, Mr. Daly reported 226,794 shares beneficially owned directly and reported derivative holdings that underlie 50,000 option shares; the filing lists total derivative-related beneficial ownership of 2,184,753 shares.

Positive

• Exercise documented: 50,000 options exercised at $2.24 per share on 08/26/2025
• Sale explained: Sale of 22,970 shares at $20.62 stated to fund exercise price and tax withholding
• Clear disclosure: Filing includes post-transaction direct ownership figures and explains vesting schedule

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine executive option exercise with a partial market sale to cover costs; disclosure consistent with Section 16 requirements.

The Form 4 shows an option exercise by the CEO and director, followed by a sale of shares explicitly described as funding the exercise price and tax withholding. The report includes both the resulting direct common shares owned and the outstanding derivative position underlying 50,000 option shares. From a governance perspective, the filing is complete and timely on its face, identifying role, address, transaction codes, and explanatory footnotes for vesting and sale purpose.

Securities Analyst

TL;DR: Insider exercised options at a low strike and sold a portion of shares; transaction is operationally routine and disclosed.

The CEO exercised options with a $2.24 strike converting 50,000 options into shares and sold 22,970 shares at $20.62 on the same date to meet exercise and tax obligations. The filing quantifies post-transaction direct ownership and lists substantial derivative-related beneficial ownership. This is a standard liquidity move following vesting and exercise, clearly annotated in the explanatory notes with vesting history 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^*

Daly Richard J

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		50,000	A	$2.24	249,764	D
Common stock, par value $0.001 per share	08/26/2025		S		22,970	D	$20.62(1)	226,794	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			50,000	(2)	12/19/2025	Common Stock	50,000	$0	2,184,753	D

Explanation of Responses:

1. Shares were sold on the open market to fund the exercise price and tax withholding due from Mr. Daly on the exercise of the 50,000 stock options reported on Table II.

2. Derivative securities vested in three annual tranches beginning on December 19, 2019.

	/s/ Richard J. Daly	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.
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FAQ

What did Richard J. Daly report on the Form 4 for CPRX?

He reported exercising 50,000 stock options at $2.24 and selling 22,970 shares at $20.62 on 08/26/2025.

How many shares did Mr. Daly own after the reported transactions (CPRX)?

He reported 226,794 shares beneficially owned directly after the transactions.

Did the filing explain why shares were sold (CPRX)?

Yes. The filing states the 22,970 shares were sold on the open market to fund the exercise price and tax withholding due on the exercised options.

What is the exercise price and sale price reported in the Form 4 for CPRX?

Exercise price: $2.24 per share. Sale price: $20.62 per share.

How many derivative shares or options does the filing show underlying his position (CPRX)?

The Form 4 shows 50,000 options exercised and lists derivative-related beneficial ownership totaling 2,184,753 shares.