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10-Q: Q3 2024 Earnings Report

SEC ·  Nov 12, 2024 21:31

Summary by Moomoo AI

Ensysce Biosciences reported strong financial results for Q3 2024, with federal grant revenue surging to $3.4 million from $0.4 million in Q3 2023. The company achieved net income of $662,000 compared to a net loss of $2.7 million in the prior year period, driven by increased research activities under the OUD grant and newly awarded $14 million MPAR grant.Research and development expenses decreased to $1.7 million from $1.9 million year-over-year, reflecting reduced clinical trial activities for PF614 and PF614-MPAR programs. General and administrative expenses also declined to $1.1 million from $1.2 million in Q3 2023, demonstrating improved cost management.The company strengthened its financial position through multiple transactions in 2024, including a $1.7 million registered direct offering and warrant exercises generating $8.9 million in net proceeds. With $4.2 million in cash at quarter-end, management expects current resources to fund operations into Q1 2025, though additional financing will be required to advance its clinical programs.
Ensysce Biosciences reported strong financial results for Q3 2024, with federal grant revenue surging to $3.4 million from $0.4 million in Q3 2023. The company achieved net income of $662,000 compared to a net loss of $2.7 million in the prior year period, driven by increased research activities under the OUD grant and newly awarded $14 million MPAR grant.Research and development expenses decreased to $1.7 million from $1.9 million year-over-year, reflecting reduced clinical trial activities for PF614 and PF614-MPAR programs. General and administrative expenses also declined to $1.1 million from $1.2 million in Q3 2023, demonstrating improved cost management.The company strengthened its financial position through multiple transactions in 2024, including a $1.7 million registered direct offering and warrant exercises generating $8.9 million in net proceeds. With $4.2 million in cash at quarter-end, management expects current resources to fund operations into Q1 2025, though additional financing will be required to advance its clinical programs.
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