Catalyst Pharmaceuticals Inc (NASDAQ:CPRX) Q2 2020 Earnings Conference Call - Final Transcript
Aug 11, 2020 • 08:30 am ET
Hello and welcome to the Catalyst Pharmaceuticals Second Quarter 2020 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Ali Grande, CFO. Please go ahead.
Good morning, everyone, and welcome to today's conference call. Joining me on today's call are members of the Catalyst team, including Patrick McEnany, Chairman and Chief Executive Officer; Dr. Steven Miller, Chief Operating Officer and Chief Scientific Officer; Dr. Gary Ingenito, Chief Medical and Regulatory Officer; and Jeffrey Del Carmen, Chief Commercial Officer.
Before we begin, I would like to remind you that in the following comments and in the Q&A session, we will make statements about expected future results, which may be forward-looking statements for purposes of the federal securities laws. These statements relate to our current expectations, estimates and projections and are not guarantees of future performance.
They involve risks, uncertainties and assumptions that are difficult to predict and may prove not to be accurate, especially in light of COVID-19. Actual results may vary. These forward-looking statements should be considered only in conjunction with the detailed information contained in our SEC filings, including the risk factors described in our 2019 Annual Report on Form 10-K.
At this time, I'll turn the call over to Pat.
Patrick J. McEnany
Thanks Ali, and thanks everyone for joining us this morning for our second quarter results and business update call. I hope that everyone is staying safe and healthy during these unprecedented and challenging times.
We have a number of items to update you on this morning. I will start with how pleased we are with the second quarter financial results that were achieved. Despite operating under very difficult conditions in the COVID-19 environment, we managed to generate $29.6 million in net revenue and net income of $9.8 million, which included a non-cash stock-based compensation expense of $1.8 million.
Additionally, we ended the quarter with $115.1 million in cash and cash equivalents, and no funded debt. Ali will provide you with more financial details in a few minutes. I want to emphasize how proud I am of our team's ongoing effort to demonstrate their steadfast commitment to the patients that we serve. They have shown a remarkable resilience and ability to continue to expand the number of patients benefiting from Firdapse to treat their LEMS condition. COVID-19 continues to make it difficult for patients who may have LEMS and have not received a definitive diagnosis from their physician because of their inability to schedule or concerns about in-person meeting with their physician. That has had an impact on the number of patients enrolled in Catalyst pathways.
As we have previously anticipated, travel for our sales representatives to physicians' offices continues to be mostly restricted by the pandemic. Having said that, our base of adults [Phonetic] LEMS patients remain solid and intact as we add new patients albeit at a slower pace than we projected before the pandemic. We are resolute in our decision at the beginning