[Form 4] Catalyst Pharmaceutical Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider transaction summary: Director David S. Tierney exercised stock options to acquire 50,000 shares of Catalyst Pharmaceuticals, Inc. common stock at an exercise price of $2.24 per share on 08/27/2025, resulting in 158,274 stock options/underlying derivative securities held following the transaction. To fund the exercise price and estimated taxes, Mr. Tierney sold 26,000 shares in the open market on the same date at a weighted average price of $20.20 per share (sales ranged from $20.10 to $20.32). After these transactions, Mr. Tierney beneficially owned 379,620 shares of common stock. The Form 4 was signed 08/28/2025.

Positive

• Options exercised at a low strike ($2.24), creating potential long-term alignment if shares are retained
• Disclosure includes explanation that sales funded exercise price and taxes, improving transparency
• Substantial remaining ownership after transactions (379,620 shares), indicating continued insider stake

Negative

• Open-market sale of 26,000 shares reduced immediate insider shareholdings and may be viewed as partial liquidity event
• Weighted average sale price shown ($20.20) indicates significant realized value that could reduce future insider holding concentration

Insights

Securities Analyst

TL;DR: Insider exercised options and sold a portion of shares to cover costs, leaving substantial remaining ownership.

The filing shows a routine option exercise where 50,000 options were exercised at $2.24 and 26,000 resulting shares were sold to cover the exercise price and estimated taxes at a weighted average of $20.20. The transactions are consistent with standard post-vesting liquidity behavior and do not indicate an unexpected change in intent or control. Beneficial ownership remains sizeable at 379,620 shares, and 158,274 options/underlying derivative securities remain held, implying continued alignment with shareholder interests while meeting tax/expense obligations.

Corporate Governance Expert

TL;DR: The director exercised vested options and used market sales to satisfy obligations; disclosure is timely and complete.

The Form 4 discloses exercise and contemporaneous open-market sales on 08/27/2025, with an explanation that sales funded the exercise and taxes. The filing lists the director role and provides the vesting schedule note that options vested in annual tranches beginning 12/19/2019. From a governance perspective, the disclosure is clear and follows Section 16 reporting requirements; there is no indication of coordinated or unusual trading patterns in this single filing.

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
Estimated average burden
hours per response:			0.5

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^*

Tierney David S

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		M		50,000	A	$2.24	405,620	D
Common Stock, par value $0.001 per share	08/27/2025		S		26,000	D	$20.2(1)(2)	379,620	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	08/27/2025		M			50,000	(3)	12/19/2025	Common Stock	50,000	$0	158,274	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 stock options reported on Table II.

2. Represents a weighted average sales price for the shares sold. Shares were sold in a range from $20.10 to $20.32 per share.

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

	/s/ David S. Tierney	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 David S. Tierney report on the Form 4 for CPRX?

He reported exercising 50,000 options at $2.24 per share and selling 26,000 shares on 08/27/2025 to fund the exercise and estimated taxes.

How many shares does the reporting person own after the reported transactions?

Following the transactions, the filing reports beneficial ownership of 379,620 shares of common stock.

At what price were the sold shares executed?

The sold shares were executed at a weighted average price of $20.20 per share, with sales ranging from $20.10 to $20.32.

How many derivative securities remain after the exercise?

The filing shows 158,274 derivative securities/underlying options held following the reported transactions.

When did the reported transactions occur and when was the Form 4 signed?

Transactions occurred on 08/27/2025 and the Form 4 was signed on 08/28/2025.