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Ensysce Biosciences Inc. (ENSC+3.92%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing highlights that Ensysce is a clinical-stage pharmaceutical company focused on developing solutions for severe pain relief while reducing the potential for opioid misuse, abuse, and overdose. The company is advancing its lead product candidate, PF614, which is in Phase 3 clinical development.
The company reported total revenue of $5.2 million from federal grants in 2024, up from $2.2 million in 2023. This increase is attributed to the timing of research activities eligible for funding.
Research and development expenses were $7.2 million for 2024, a slight decrease from $7.6 million in 2023. This decrease was primarily due to reduced external research and development costs related to clinical and pre-clinical programs for PF614 and PF614-MPAR.
General and administrative expenses for 2024 were $4.7 million, down from $5.4 million in 2023, mainly due to reduced stock-based compensation expenses.
Ensysce reported a net loss of $8 million for 2024, compared to a net loss of $10.6 million in 2023. The company attributes this improvement to increased grant revenue and reduced operating expenses.
The company raised $9.9 million in net proceeds from financing activities in 2024, including public offerings and warrant exercises.
Ensysce acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund operations beyond the second quarter of 2025.
The company continues to focus on advancing its product pipeline, including the development of PF614-MPAR and nafamostat, while exploring additional funding opportunities through equity or debt financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ensysce Biosciences Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.