Diamond Equity Research Releases Update Note on Ensysce Biosciences, Inc. (NASDAQ: ENSC)

Core Insights - Ensysce Biosciences, Inc. has made significant advancements in its clinical programs and manufacturing partnerships in the first half of 2024, particularly with the PF614 Phase 3 clinical trial and the PF614-MPAR program receiving Breakthrough Therapy designation from the FDA [1][5][6] Business Model and Services - Ensysce focuses on developing prescription drugs for severe pain relief, utilizing innovative technologies such as Trypsin Activated Abuse Protection (TAAP™) and Multi-Pill Abuse Resistance (MPAR™) [7] Industry Developments - The opioid use disorder (OUD) program has identified PF9001 as the lead candidate, which shows lower cardiovascular side effects compared to traditional methadone, supported by a $15 million NIDA HEAL award [2] Financial Results - As of the end of H1 2024, Ensysce had cash reserves of $1.04 million, with total operating cash burn decreasing to $5.7 million from $6.7 million year-over-year [4] - Operating expenses for Q2 2024 were $2.14 million, down from $2.78 million in Q2 2023, primarily due to reduced research and development costs [4] Valuation - The valuation of Ensysce is reiterated at $8.00 per share, contingent on successful execution of its clinical programs and advancements in its pipeline candidates [3]