Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Gerberry - Bank of America - Analyst : So maybe just starting with kind of the overarching. BD in licensing and that's obviously kind of core to what you do and building out the business and you had a sort of a stop gap product with FYCOMPA but you know your two main assets for kind of the longer-term are AGAMREE and FIRDAPSE and so yeah how important is it for you to get a resolution with FIRDAPSE IP before you deploy capital in a more significant way. Maybe just talk about the importance of doing a deal in 2026 as a priority. Maybe we can start there and then, delve into additional questions.

Question: Jason Gerberry - Bank of America - Analyst : You mentioned, and maybe I haven't heard this part before, but a ceiling of $500 million that would be like a peak revenue, sort of like what you're screening for.

Question: Jason Gerberry - Bank of America - Analyst : Well, I know there's been like analogies to your business model to Horizon Therapeutics who had a model like this, and Yeah, there was probably a time when people thought Tepezza would be a $500 million peaksel drug, right? There, there's an opportunity for apps to eclipse $500 million in peak revenue, right? So is it that, maybe $500 million is sort of a conservative base case when you look at assets, but they have the upside, potential to exceed, that revenue threshold just.

Question: Jason Gerberry - Bank of America - Analyst : When do you think you'll have a handle on that aspect of other rare opportunities for a AGAMREE I imagine, with the patent and the data exclusivity and factors like that, you can't wait forever to identify those and, more visibly kind of outline those.

Question: Jason Gerberry - Bank of America - Analyst : Okay, and then going back to my initial question, what I didn't hear was that FIRDAPSE IP resolution was like a swing factor at all on the BD prioritization and timing of making a decision.

Question: Jason Gerberry - Bank of America - Analyst : I haven't checked recently, but do you have a trial date teed up for that one, outstanding we do. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 5:35PM, CPRX.OQ - Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Jason Gerberry - Bank of America - Analyst : Okay. In terms of deal type size, structure, is the priority still sort of an exclusive license, maybe something that's manageable on the upfront size of dollars out such that you can not have to take on leverage, or is the aperture just. Hey, we're going to go with the best opportunity in front of us and if that requires us to take on leverage, we'll do that.

Question: Jason Gerberry - Bank of America - Analyst : And then I think you guys had made some comments about looking a little bit more broadly in orphan space beyond CNS. I guess I would have looked at your business model and said. When you're looking at all these different rare orphan indications like these deals are probably not predicated on SG&A synergies, right, because these sales forces are pretty small so I guess like the only relevance to me of that statement is just like hey maybe we have competencies in house for looking at stuff in the CNS space but now we feel like perhaps we have greater competency in-house to look, I don't know, at another therapeutic area specifically that's rare orphan.

Question: Jason Gerberry - Bank of America - Analyst : In your BD team, can you remind me how many people you have looking at transactions and do you have the, I guess the scope internally to look at assets coming out of China or is the China, biotech engine really less focused on some of these [nichier] orphan drug applications that kind of fall within your sweet spot because it does seem to me like there's a lot of focus on. Me bio or me better sort of treatments in big large established categories, so I just wonder how that maybe fits within your. Scope of transactions that are interesting to you.

Question: Jason Gerberry - Bank of America - Analyst : Okay, well, maybe we'll shift gears to, [nichier] which has been, an important new launch for you guys and maybe just the latest in terms of. How you're sourcing patients between Emflaza prednisone, has it changed or evolved? Has it exceeded expectation where the patient sources are coming from?

Question: Jason Gerberry - Bank of America - Analyst : In just rough terms this market, right, because it is capped by size factors, right, but I think Emflaza achieved peak penetration of around a third of the market if I recall. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 5:35PM, CPRX.OQ - Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Jason Gerberry - Bank of America - Analyst : Okay, so call it [250-ish] sales at getting a third of the market. So said a different way, it could be a $750 million market for steroids, assuming gene therapy adoption didn't somehow diminish the utilization of steroids. Is that a way to think about the ceiling of this marketplace?

Question: Jason Gerberry - Bank of America - Analyst : How important really is Summit to getting to some of these more bullish, market outlooks, in your mind versus. X summit, like, I don't know, like, do you feel like you still would be on a trajectory to having an implaza like kind of peak sales profile?

Question: Jason Gerberry - Bank of America - Analyst : And so those updates that we get from summit are are going to be periodic right over time and you do more follow-up and so the first update will be sometime can you remind me of that next year? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 5:35PM, CPRX.OQ - Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Jason Gerberry - Bank of America - Analyst : Okay. And then how has the payer coverage sort of evolved? Do you feel like going into 2026 that this single generic step edit was going to be the more broadly applied kind of coverage policy type?

Question: Jason Gerberry - Bank of America - Analyst : All right, just thinking about sort of the payer coverage right, going into 2026, do you think that that's going to be primarily this, single generic step edit that's been, I guess in my mind, the predominant, type of policy is step through one generic only, not two.

Question: Jason Gerberry - Bank of America - Analyst : And then is there any you can speak to more real time in terms of interplay with with gene therapy rollout, how that's impacting steroid utilization if at all?

Question: Jason Gerberry - Bank of America - Analyst : How are you guys thinking about. Pre-announcing around the time of JPMorgan started the new year for your business, do you feel like you have enough kind of visibility into these components of the business that. That this would make sense for you guys to sort of pre-announce revenue for your, business lines.

Question: Jason Gerberry - Bank of America - Analyst : Okay. Anything else that we haven't hit on with with respect to this topic? I don't know if you've actually even. Sort of shared any of the orphan indication opportunities that are potentially of interest to you or, potentially any sort of directional sizing indicators for what those, expansionary opportunities could be as AGAMREE follow on indications if you can't be that specific at the moment on like maybe what you're looking at.

Question: Jason Gerberry - Bank of America - Analyst : I mean with the pricing paradigm that you have with this, I imagine that does the utilization need to be in in sensitive populations like like pediatric or I would imagine like you know there are. Very large market opportunities where steroids are used, right, but trying to narrow it down. Is some of this population sensitivity, you want, you probably want to stay in rare orphan, right? You want a sensitive population that you can be in the pricing structure. So I'm just kind of curious, am I thinking about that the right way? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 5:35PM, CPRX.OQ - Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Jason Gerberry - Bank of America - Analyst : Okay, makes sense. Maybe shifting gears to Ferd apps, and I actually, have just a couple of mechanical questions, as we think about, Just the different scenarios around IT litigation. I just want to make sure I've got this right, so you have a sort of tail terminal patent that covers certain aspects of the composition, whether they do or do not have sort of this impurity, that you've identified in your patent, and I believe what I understand historically. It's very difficult to not have that impurity in the product, right? And that is something that's patented. So is that sort of the anchor patent as you kind of look at this and what underpins the confidence kind of going into. Whatever you know patent litigation could entail.

Question: Jason Gerberry - Bank of America - Analyst : Understood. And You have a bioarin royalty that that that rolls off this year if I understand correctly.

Question: Jason Gerberry - Bank of America - Analyst : Okay. Avin's got some questions. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 5:35PM, CPRX.OQ - Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual) Unidentified Participant Yeah, I guess just in terms of like the uptake in FDA's lens patients, I think you've previously estimated that there are upwards of 900 tumor LLENS patients and only 3% to 4% of those are ever diagnosed. So this is the growth segment of the lens patient population. Maybe if you can update us on the traction that you're seeing in those thoracic oncology centers and whether the diagnostic code, implementation has improved materially, to aid in the identification of those patients.

Question: Jason Gerberry - Bank of America - Analyst : Hey, Rich, I have a couple follow-ups. So firstly, just on like your rare orphan portfolio, how should we think about pricing power going forward? I know that these are, expensive medications, and is there a certain cap, 2%-3%, given, I don't know with plans, these can be needle moving or are they so small, maybe there's a little more latitude with. Pricing power and I know that there's some Medicaid exposure here right so there's price penalties so just maybe help us think through the framework there.

Question: Jason Gerberry - Bank of America - Analyst : Yeah. And then with Cancer limbs. You, my understanding in past discussions with you guys, this is not like a buy and bill opportunity with these community oncs such that like this could be, a moneymaking endeavor for community oncologists which could spur faster utilization. I know that some people have asked me about that, but I feel like in the past you guys have said you don't expect this to be a buy and build product with these oncologists. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 5:35PM, CPRX.OQ - Catalyst Pharmaceuticals Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Jason Gerberry - Bank of America - Analyst : Yeah, okay, that's helpful to know. I appreciate your time, Rich, as always, and this was really helpful. Thanks for --