ESSA Pharma (EPIX) - 2025 Q2 - Quarterly Results

ESSA Pharma Q2 2025 Financial Report Strategic Update ESSA Pharma is evaluating strategic options to maximize shareholder value after discontinuing clinical programs, while reducing costs - The company is evaluating a range of strategic options which may include a merger, amalgamation, take-over, business combination, asset sale or acquisition, shareholder distribution, wind-up, liquidation and dissolution[2] - The strategic review process is expected to involve continuing headcount and other cost reductions[2] - Management has indicated that productive steps have been taken towards a decision and an update is expected in the near future[2] Summary of Financial Results For Q2 2025, ESSA reported a net loss of $6.4 million, a significant improvement from the prior year, primarily due to reduced R&D expenditures Q2 Financial Performance | Metric | Q2 2025 (ended Mar 31) | Q2 2024 (ended Mar 31) | | :--- | :--- | :--- | | Net Loss | $6.4 million | $9.0 million | | R&D Expenditures | $3.5 million | $6.2 million | | G&A Expenditures | $3.9 million | $4.3 million | | Investment and other income | $1.0 million | $1.5 million | - The decrease in R&D expenses was primarily attributed to the wind-down of clinical trials and the cessation of preclinical work[3] Liquidity and Outstanding Share Capital As of March 31, 2025, ESSA maintained a strong liquidity position with $113.9 million in cash and no long-term debt, with 44.4 million common shares outstanding Liquidity and Capital Position | Metric | As of March 31, 2025 | | :--- | :--- | | Cash reserves and short-term investments | $113.9 million | | Net working capital | $113.5 million | | Long-term debt | None | | Common shares issued and outstanding | 44,388,550 | - An additional 2,920,000 common shares are issuable upon the exercise of prefunded warrants[8] Consolidated Financial Statements This section presents the unaudited consolidated balance sheets and statements of operations, detailing the company's financial position and performance Consolidated Balance Sheets As of March 31, 2025, total assets were $115.4 million, a decrease from fiscal 2024, primarily due to reduced cash reserves Balance Sheet Summary | Account (in thousands USD) | March 31, 2025 | September 30, 2024 | | :--- | :--- | :--- | | Cash | $86,308 | $103,710 | | Total assets | $115,415 | $128,112 | | Current liabilities | $1,714 | $3,301 | | Shareholders' equity | $113,547 | $124,606 | | Total liabilities and shareholders' equity | $115,415 | $128,112 | Consolidated Statements of Operations and Comprehensive Loss For Q2 2025, the company reported a net loss of $6.4 million or ($0.14) per share, an improvement from the prior year, with the six-month loss remaining stable Three Months Ended March 31 | Three Months Ended March 31 (in thousands USD) | 2025 | 2024 | | :--- | :--- | :--- | | Research and development | $3,484 | $6,178 | | General and administration | $3,897 | $4,316 | | Net loss for the period | ($6,374) | ($8,990) | | Basic and diluted loss per common share | ($0.14) | ($0.20) | Six Months Ended March 31 | Six Months Ended March 31 (in thousands USD) | 2025 | 2024 | | :--- | :--- | :--- | | Net loss for the period | ($14,907) | ($14,954) | | Basic and diluted loss per common share | ($0.34) | ($0.34) | About ESSA Pharma Inc. ESSA Pharma Inc. was previously focused on developing novel therapies for the treatment of prostate cancer - The company was previously focused on developing novel therapies for the treatment of prostate cancer[1][5] Forward-Looking Statement Disclaimer This report contains forward-looking statements regarding strategic alternatives and cost reductions, which are subject to significant risks and uncertainties - Forward-looking statements include information regarding the termination of clinical studies, the evaluation of strategic alternatives, and expected headcount and cost reductions[6] - These statements are subject to various known and unknown risks and uncertainties, and are based on a number of estimates and assumptions considered reasonable by management[7] - The company undertakes no obligation to update forward-looking statements except as required by law[9]