Ensysce Biosciences(US:ENSC)2024-05-13 12:10Financial Performance - Cash and cash equivalents increased to $3.4 million as of March 31, 2024, up from $1.1 million as of December 31, 2023[8] - Net loss attributable to common stockholders for Q1 2024 was $3.1 million, compared to a net loss of $2.2 million in Q1 2023, representing an increase of approximately 41%[12] - Total operating expenses for Q1 2024 were $2.1 million, down from $3.4 million in Q1 2023, a decrease of about 36%[18] - Federal grants funding totaled $0.3 million in Q1 2024, down from $0.8 million in the same quarter of the previous year due to the completion of funding under the MPAR grant[9] - The company received cash proceeds of $2.1 million from warrant exercises in January 2024 and $4.7 million in February 2024 from additional warrant exercises[8] - Total assets increased to $5.1 million as of March 31, 2024, compared to $2.7 million as of December 31, 2023[22] Expenses - Research and Development (R&D) expenses decreased to $0.8 million in Q1 2024 from $1.8 million in Q1 2023, a reduction of approximately 56%[9] - General and Administrative (G&A) expenses were $1.4 million in Q1 2024, down from $1.6 million in Q1 2023, a decrease of about 13%[10] Clinical Development - The FDA granted Breakthrough Therapy designation for PF614-MPAR, which is intended to expedite the development of this innovative opioid product[6] - Ensysce plans to initiate Phase 3 clinical trials for PF614 in the second half of 2024, following positive guidance from the FDA[2]