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ESSA Pharma Provides Corporate Update and Reports Financial Results for Fiscal Fourth Quarter and Year Ended September 30, 2024
ESSA Pharma ESSA Pharma (US:EPIX) Prnewswireยท2024-12-17 12:00

Core Viewpoint - ESSA Pharma Inc. has decided to terminate its clinical development of masofaniten and is exploring strategic options to maximize shareholder value following disappointing trial results [2][3][4][6]. Company Updates - The decision to halt the clinical trials for masofaniten was based on an interim analysis indicating that the combination with enzalutamide was unlikely to meet its primary endpoint [2][3][4]. - ESSA is currently reviewing a range of strategic options, which may include mergers, asset sales, or other business combinations, and anticipates potential cost reductions [6]. Financial Results - For the fiscal year ended September 30, 2024, ESSA reported a net loss of $28.5 million, compared to a net loss of $26.6 million for the previous year [8]. - Research and Development (R&D) expenditures for the year were $21.2 million, slightly down from $21.3 million in the prior year, with fourth-quarter R&D expenditures at $4.2 million compared to $5.2 million in the same quarter of the previous year [8]. - General and Administration (G&A) expenditures increased to $13.2 million for the year ended September 30, 2024, up from $10.8 million in the previous year, with fourth-quarter G&A expenditures at $3.5 million compared to $1.9 million in the same quarter of the previous year [9]. Liquidity Position - As of September 30, 2024, ESSA had cash reserves and short-term investments totaling $126.8 million, with net working capital of $124.3 million and no long-term debt [10].