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Executive Summary

Catalyst Pharmaceuticals received SEC effectiveness on July 16, 2026 for four separate shelf registration statements (File Nos. 333-215315, 333-170945, 333-151368, 333-240052, and 333-219259), each previously filed as POS AM amendments. This batch of EFFECT notices confirms the company can now sell securities under multiple shelf registrations at any time, creating a potential dilution overhang. The simultaneous effectiveness of multiple shelves suggests preparation for flexible capital raising, though no specific offering size or timing is disclosed in these filings.

Key Facts

• Four shelf registration statements (File Nos. 333-215315, 333-170945, 333-151368, 333-240052, 333-219259) were declared effective by the SEC on July 16, 2026.
• Each shelf was preceded by a POS AM (post-effective amendment) filing, indicating updates to previously filed registration statements.
• No offering size, pricing, or specific security type is disclosed in these EFFECT notices.
• The company has a $3.9B market cap and analyst consensus is 0% bullish (6 Hold, 1 Sell, 2 Strong Sell).
• Institutional 13F data shows only $28M in disclosed holdings from top holders, with 2 adds and 1 trim in the most recent quarter.

Financial Impact

Multiple shelf registrations effective — potential dilution overhang, but no specific dollar amount disclosed in these filings.

Risk Factors

• Potential dilutive equity offering at any time under the now-effective shelf registrations
• Bearish analyst consensus with 0% bullish ratings and 3 sell-equivalent ratings
• Low institutional ownership ($28M disclosed) suggests limited support from large funds

Market Snapshot

Investment Themes

Documents Analyzed

This report is based on 24 SEC documents filed with EDGAR.

US Market Status