ESSA Pharma Provides Corporate Update and Reports Financial Results for Fiscal Third Quarter Ended June 30, 2024

Core Insights - ESSA Pharma Inc. is progressing with its clinical studies on masofaniten, particularly in combination with enzalutamide for treating metastatic castration-resistant prostate cancer (mCRPC) [1][2][3] - The company plans to report updated data from its Phase 1 and Phase 2 studies in the second half of 2024 and mid-2025, respectively [1][3][5] - Financial results indicate a net loss of $7.2 million for the third quarter of fiscal 2024, with sufficient cash reserves to fund operations beyond 2025 [6][7] Clinical Development - The Phase 1 dose escalation study of masofaniten combined with enzalutamide is ongoing, with results expected to be presented at the ESMO 2024 congress [2][3] - Enrollment for the Phase 2 dose expansion study is projected to complete in Q1 2025, with preliminary data anticipated in mid-2025 [1][3] - The combination therapy has shown promising results, with 88% of patients achieving a PSA reduction of 50% or more [3] Financial Performance - For the third quarter ended June 30, 2024, ESSA reported a net loss of $7.2 million, slightly improved from a loss of $7.3 million in the same quarter of 2023 [6] - Research and Development (R&D) expenditures decreased to $5.5 million from $6.3 million year-over-year, reflecting a focus on ongoing clinical trials [6] - General and Administration (G&A) expenditures increased to $3.2 million from $2.6 million year-over-year, influenced by higher share-based payment costs [6] Liquidity Position - As of June 30, 2024, ESSA had cash reserves and short-term investments totaling $130.7 million, sufficient to support operations well into 2025 [7] - The company had 44,368,959 common shares outstanding as of the same date [7]