Catalyst Pharmaceuticals is a commercial-stage rare disease biopharmaceutical company. Rather than discovering drugs internally, Catalyst in-licenses or acquires approved or near-approval drugs for rare diseases and commercializes them in the U.S. through a specialized sales force and patient support infrastructure. Catalyst sells three products. FIRDAPSE (amifampridine) is the core product and primary revenue driver — it is the only FDA-approved treatment for Lambert-Eaton Myasthenic Syndrome (LEMS), a rare autoimmune neuromuscular disorder affecting an estimated 3,600 U.S. patients, many of whom remain undiagnosed. AGAMREE (vamorolone), launched in early 2024, is a novel corticosteroid for Duchenne muscular dystrophy (DMD), a rare and fatal genetic muscle disorder; Catalyst positions AGAMREE as offering similar efficacy to standard steroids with a better side effect profile. FYCOMPA (perampanel), an epilepsy treatment acquired in 2023, is now in decline following generic entry and Catalyst has ceased marketing it. Catalyst sells through specialty pharmacies and supports patients through its "Catalyst Pathways" program, which helps navigate insurance and financial assistance. Revenue per patient is high given the ultra-orphan nature of these diseases, and payer approval rates exceed 90% for both FIRDAPSE and AGAMREE. Catalyst does not own manufacturing facilities and relies on contract manufacturers. Near-term growth is driven by expanding FIRDAPSE into cancer-associated LEMS patients treated by oncologists, and deepening AGAMREE adoption within DMD centers. Longer-term, Catalyst is actively pursuing additional rare disease acquisitions, backed by a strong cash position and no debt.