Catalyst Pharmaceuticals Reports Record First Quarter 2022 Financial Results And Provides Corporate Update Achieved Record Revenues of more than $43 Million, a 42.7% Increase YoY Three New Patents Issued; Now Five Orange

Catalyst Pharmaceuticals Reports Record First Quarter 2022 Financial Results And Provides Corporate Update

Achieved Record Revenues of more than $43 Million, a 42.7% Increase YoY

Three New Patents Issued; Now Five Orange-Book Listed Patents for FIRDAPSE

Significant Cash Position of $198 Million and No Funded Debt

Advanced Plans to Diversify and Invest in Innovative Rare Disease Opportunities

Reaffirms FY 2022 Total Revenue Guidance of $195 Million to $205 Million

Company to Host a Conference Call and Webcast on May 11, 2022, at 8:30 AM ET

CORAL GABLES, Fla., May 10, 2022 Catalyst Pharmaceuticals, Inc. ( Catalyst ) (Nasdaq: CPRX), a

commercial-stage biopharmaceutical company focused on in-licensing, developing, and commercializing novel medicines for patients living with rare diseases, today reported financial results for the first

quarter 2022 and provided a corporate update.

I am proud of Catalyst s solid progress in the first quarter of 2022, where we delivered

record revenues, driven in part, by new patients converting to FIRDAPSE following the removal of Ruzurgi from the U. S. market in

February 2022. Our accomplishments exemplify our exceptional commercial and patient services capabilities and steadfast commitment to the LEMS patient community that we serve, said Patrick J. McEnany, Chairman and Chief Executive Officer of

Catalyst. We also achieved several meaningful milestones during the quarter, including the issuance of three new patents that we believe position us to deliver sustainable long-term growth for FIRDAPSE. We anticipate this to be a

transformative year for Catalyst, as we work with increased momentum to diversify and invest in innovative therapeutic opportunities for rare diseases. We approach these objectives from a position of strength and look forward to enhancing our growth

potential near-term, as well as adding long-term value for all of our stakeholders.

RECENT BUSINESS HIGHLIGHTS

First Quarter 2022 Financial Results

Total revenue: Total revenue in the first quarter of 2022 was $43.1 million, compared to $30.2 million for the first quarter of

2021, representing an increase of 42.7% year-over-year.

Research and development expenses: R&D expenses in the first quarter of 2022 were

$3.4 million, compared to R&D expenses of $3.0 million in the first quarter of 2021.

Selling, general, and administrative expenses:

Selling, general, and administrative expenses for the first quarter of 2022 were $16.4 million, compared to $12.7 million in the first quarter of 2021.

Operating income: Operating income for the first quarter of 2022 was $17.4 million, compared to $9.8 million in the first

quarter of 2021, representing an increase of 77.2% year-over-year.

GAAP Net Income for the first quarter of 2022 was $13.2 million ($0.13 per

basic and $0.12 per diluted share), compared to $7.7 million ($0.07 per basic and diluted share) for the first quarter of 2021, representing a year-over-year increase of 72.8%.

Non-GAAP Financial Measures

Non-GAAP1 net income for the first quarter of 2022 was

$19.4 million ($0.19 per basic and $0.18 per diluted share), which excludes from GAAP net income of $13.2 million (i) stock-based compensation expense of $1.9 million, (ii) depreciation of $34 thousand, and

(iii) the provision for income taxes of $4.2 million. This compares to non-GAAP1 net income for the first quarter of 2021 of $11.6 million

The non-GAAP financial measure in this press release excludes from the calculation of net income (i) the expense associated with non-cash, stock-based

compensation, (ii) depreciation expense, and (iii) the provision for income taxes. Non-GAAP income per share is calculated by dividing non-GAAP income by the weighted average common shares outstanding.

basic and diluted share), which excludes from GAAP net income of $7.7 million (i) stock-based compensation expense of $1.6 million, (ii) depreciation of $97 thousand, and

(iii) a provision for income taxes of $2.2 million. A tabular presentation of non-GAAP1 net income for the three months ended March 31, 2022

and 2021 is included below.

More detailed financial information and analysis can be found in the Company s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which was filed with the Securities and Exchange Commission ( SEC ) on May 10, 2022.

Cash and investments were $198 million as of March 31, 2022, with no funded debt.

Share repurchase program: The Company implemented a share repurchase program in March 2021. As of March 31, 2022, the Company had repurchased

2.6 million shares of Catalyst common stock in the open market, at an average price of $5.61 per share, for a total purchase price of $14.6 million.

2022 Financial Guidance: The Company continues to forecast full year 2022 total revenues to be in the range of between $195 million and

$205 million, representing a 38% - 45% increase in total revenues as compared to 2021, with cash operating expenses for the full year 2022 expected to be in the range of $65 million to $70 million. Key guidance assumptions included in

these forecasts reflect a continued recovery in macroeconomic and healthcare activity throughout 2022 as it relates to the current COVID-19 environment.

Conference Call & Webcast Details

will host a conference call and webcast on Wednesday, May 11, 2022, at 8:30 AM ET to discuss the financial results and provide a business update.

US/Canada Dial-in Number: (877) 407-8912

International Dial-in Number: (201) 689-8059

A webcast and accompanying materials will be accessible under the investor section on the Company s website at www.catalystpharma.com. A replay of

the webcast will be available on the Catalyst website for 30 days following the date of the event.

About Catalyst Pharmaceuticals

Catalyst Pharmaceuticals is a commercial-stage biopharmaceutical company focused on in-licensing, developing, and

commercializing novel medicines for patients living with rare diseases. With exceptional patient focus, Catalyst is committed to developing a robust pipeline of cutting-edge,

best-in-class medicines for rare diseases. Catalyst s New Drug Application for

FIRDAPSE (amifampridine) Tablets 10 mg for the treatment of adults with Lambert-Eaton myasthenic syndrome ( LEMS ) was approved in 2018 by the U.S. Food & Drug

Administration ( FDA ), and FIRDAPSE is commercially available in the United States as a treatment for adults with LEMS. Further, Canada s national healthcare regulatory agency, Health Canada, has approved the

use of FIRDAPSE for the treatment of adult patients in Canada with LEMS.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause

Catalyst s actual results in future periods to differ materially from forecasted results. A number of factors, including (i) the continuing effect of the COVID-19 pandemic on Catalyst s business

and results of operations, (ii) Catalyst s ability to locate and acquire new product candidates through acquisition or in-licensing, (iii) Catalyst s ability to successfully develop any new

product candidates acquired or in-licensed, (iv) whether Catalyst s total revenue and cash operating expenses forecasts for 2022 will prove to be accurate, and (v) those factors described in

Catalyst s Annual Report on Form 10-K for the fiscal year 2021 and Catalyst s other filings with the U.S. Securities and Exchange Commission ( SEC ), could adversely affect

Catalyst. Copies of Catalyst s filings with the SEC are available from the SEC, may be found on Catalyst s website, or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to

update the information contained herein, which speaks only as of this date.

Source: Catalyst Pharmaceuticals, Inc.

Catalyst Pharmaceuticals, Inc.

CATALYST PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share data)

CATALYST PHARMACEUTICALS, INC.

RECONCILIATION OF NON-GAAP METRICS (unaudited)

(in thousands, except share data)

CATALYST PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS