Ensysce Biosciences reported Q3 2024 financial results, with federal grant revenue soaring to $3.4 million, up from $0.4 million in Q3 2023. The company posted net income of $661,769, a significant turnaround from a $2.7 million loss in the same period last year. Research and development expenses decreased to $1.7 million from $1.9 million, while general and administrative costs fell to $1.1 million from $1.2 million.The company's cash position improved to $4.2 million as of September 30, 2024. Ensysce raised $4.7 million through a warrant inducement transaction in February and completed a $1.7 million registered direct offering in August. The company also secured a new multi-year MPAR Grant from NIH/NIDA in August 2024, providing $14 million in funding through May 2027.Ensysce's lead product candidate, PF614, is ready for Phase 3 clinical development, while PF614-MPAR is in...Show More

Ensysce Biosciences reported Q3 2024 financial results, with federal grant revenue soaring to $3.4 million, up from $0.4 million in Q3 2023. The company posted net income of $661,769, a significant turnaround from a $2.7 million loss in the same period last year. Research and development expenses decreased to $1.7 million from $1.9 million, while general and administrative costs fell to $1.1 million from $1.2 million.The company's cash position improved to $4.2 million as of September 30, 2024. Ensysce raised $4.7 million through a warrant inducement transaction in February and completed a $1.7 million registered direct offering in August. The company also secured a new multi-year MPAR Grant from NIH/NIDA in August 2024, providing $14 million in funding through May 2027.Ensysce's lead product candidate, PF614, is ready for Phase 3 clinical development, while PF614-MPAR is in Phase 1b trials. The company expects research and development expenses to increase with new grant funding, while general and administrative expenses are anticipated to remain stable. Despite improved financials, Ensysce noted that existing cash resources are only sufficient to fund operations into the first quarter of 2025, raising substantial doubt about its ability to continue as a going concern.