Summary by Moomoo AI
Ensysce Biosciences reported Q3 2024 financial results, highlighting a net income of $0.7M compared to a $2.7M loss in Q3 2023. The company secured a significant $14M multi-year NIH grant for developing PF614-MPAR, their breakthrough therapy for pain treatment with overdose protection. Cash position strengthened to $4.2M as of September 30, 2024, up from $1.1M at 2023 year-end.The company achieved key operational milestones, including submitting the Phase 3 protocol for PF614 to FDA for review and initiating a second clinical trial for PF614-MPAR. Federal grant funding increased to $3.4M in Q3 2024 from $0.4M year-over-year, while R&D expenses decreased to $1.7M from $1.9M. G&A expenses remained stable at $1.1M.Management expects the positive net income to be a one-time event due to timing of grant funding. The company maintains compliance with Nasdaq's $2.5M stockholders' equity requirement, reporting $6.6M in equity as of Q3 2024. Looking ahead, Ensysce anticipates increased R&D expenses as clinical activities for OUD and MPAR programs advance.
