ESSA Pharma (US:EPIX)2024-12-17 12:02Financial Performance - ESSA recorded a net loss of $28.5 million for the year ended September 30, 2024, compared to a net loss of $26.6 million for the previous year, with a fourth-quarter net loss of $6.4 million versus $5.5 million in Q4 2023[9] - Basic and diluted loss per common share for the year ended September 30, 2024, was $0.64, compared to $0.60 for the previous year[16] Research and Development - Research and Development (R&D) expenditures for the year ended September 30, 2024, were $21.2 million, slightly down from $21.3 million in 2023, while Q4 R&D expenditures were $4.2 million compared to $5.2 million in Q4 2023[9] General and Administrative Expenses - General and Administration (G&A) expenditures increased to $13.2 million for the year ended September 30, 2024, from $10.8 million in 2023, with Q4 G&A expenditures at $3.5 million compared to $1.9 million in Q4 2023[9] Cash and Investments - As of September 30, 2024, the company had cash reserves and short-term investments of $126.8 million and net working capital of $124.3 million, with no long-term debt[10] Clinical Trials and Strategic Decisions - The company decided to terminate all clinical trials evaluating masofaniten based on a futility analysis indicating low likelihood of meeting primary endpoints[4][5] - ESSA has initiated a process to explore strategic options, which may include mergers, asset sales, or other strategic directions, potentially involving cost reductions[7] - The company terminated the License Agreement with its licensors effective December 12, 2024[8] Combination Therapy - The combination therapy of masofaniten and enzalutamide was well-tolerated, showing no new safety signals[6] Share Information - The weighted average number of common shares outstanding was 44,366,126 for Q4 2024, compared to 44,092,374 for Q4 2023[16]