Ensysce Biosciences(US:ENSC)2024-11-12 21:15Financial Performance - Net income attributable to common stockholders for Q3 2024 was $0.7 million, compared to a net loss of $2.7 million in Q3 2023, attributed to the timing of federal grant funding[12]. - The company expects net income for Q3 2024 to be a one-time event, with anticipated losses in future quarters due to ongoing R&D efforts[12]. - Total operating expenses for Q3 2024 were $2.8 million, down from $3.1 million in Q3 2023[10]. Grants and Funding - Ensysce received a $14 million multi-year NIH grant to support the clinical development of PF614-MPAR, allowing the initiation of a second Phase 1b trial[2]. - Federal grants totaled $3.4 million for Q3 2024, a significant increase from $0.4 million in the same quarter of 2023, due to increased research activities[9]. - Ensysce anticipates advancing its opioid use disorder program with the lead candidate PF9001, supported by a $15 million NIH grant[7]. Cash and Assets - Cash and cash equivalents increased to $4.2 million as of September 30, 2024, compared to $1.1 million as of December 31, 2023, driven by cumulative net proceeds of $8.5 million from equity financings[8]. - Total current assets increased to $9,090,507 in 2024 from $2,288,868 in 2023, representing a growth of approximately 297%[18]. - Cash and cash equivalents rose significantly to $4,153,592 in 2024, up from $1,123,604 in 2023, marking an increase of about 270%[18]. - Total assets increased to $9,384,724 in 2024 from $2,708,085 in 2023, showing a growth of around 247%[18]. Liabilities and Equity - Total liabilities decreased to $2,804,997 in 2024 from $3,359,352 in 2023, reflecting a reduction of approximately 16.5%[18]. - Current liabilities decreased to $2,801,784 in 2024 from $3,332,964 in 2023, a decline of approximately 15.9%[18]. - Long-term liabilities decreased significantly to $3,213 in 2024 from $26,388 in 2023, a reduction of about 87.8%[18]. - Stockholders' equity improved to $6,579,727 in 2024, compared to a deficit of $(651,267) in 2023, indicating a positive turnaround[18]. Research and Development - Research and development expenses were $1.7 million for Q3 2024, a decrease from $1.9 million in Q3 2023, primarily due to reduced external costs related to clinical programs[10]. - The company submitted the Phase 3 protocol for PF614 to the FDA, expecting feedback by the end of November 2024[2]. - The lead product PF614 is designed with Trypsin-Activated Abuse Protection (TAAP) technology, aimed at reducing opioid abuse and overdose risks[3]. Other Financial Metrics - Accounts payable slightly increased to $1,967,573 in 2024 from $1,936,007 in 2023, a rise of about 1.6%[18]. - Prepaid expenses and other current assets surged to $4,936,915 in 2024, up from $1,165,264 in 2023, an increase of approximately 323%[18]. - Accrued expenses and other liabilities decreased to $447,035 in 2024 from $542,260 in 2023, a decline of approximately 17.5%[18].