Summary by Moomoo AI
Ensysce Biosciences reported Q2 2024 financial results and provided updates on its pain and opioid use disorder (OUD) programs. The company's PF614-MPAR, an FDA-designated Breakthrough Therapy, is progressing to a Phase 1b study to verify overdose protection and effective oxycodone delivery. Ensysce also selected PF9001 as the lead candidate for its OUD program.The company is finalizing the Phase 3 protocol for PF614, its lead TAAP™ product for severe pain, with the trial expected to start in H2 2024. Q2 financial results showed $1.0 million in cash as of June 30, 2024. Federal grant funding was $0.2 million, down from $0.5 million YoY. R&D expenses decreased to $0.9 million from $1.6 million YoY, while G&A expenses remained stable at $1.2 million.Net loss attributable to common stockholders for Q2 2024 was $2.0 million, compared to $2.2 million in Q2 2023. Ensysce continues to advance its proprietary TAAP™ and MPAR® platforms to develop safer prescription drugs for pain management and OUD treatment.
