ENSCW · Ensysce Biosciences, Inc.

Ensysce Biosciences reported a Q1 2026 net loss of $3.6 million, or $(0.52) per share, widening from $1.9 million, or $(1.39) per share, in the prior-year quarter, driven primarily by a $1.4 million increase in R&D expenses to $3.3 million due to external costs for the PF614 Phase 3 clinical trial. Federal grant revenue declined $0.3 million to $1.0 million from timing of MPAR grant-eligible research activities, while G&A expenses decreased slightly to $1.2 million. Cash burned rapidly, ending the quarter at $0.7 million from $4.3 million at year-end, with $3.5 million used in operations; a post-quarter $2.0 million financing tranche provided some relief. CEO Dr. Lynn Kirkpatrick highlighted operational momentum, including 50% enrollment in the pivotal PF614-301 Phase 3 trial at two U.S. sites for post-surgical pain relief, validating the TAAP technology's abuse-deterrent profile. MPAR progress included peer-reviewed publication in Journal of Opioid Management confirming overdose protection at supratherapeutic doses, IRB approval for PF614-MPAR-102 Part 3, and prior FDA Breakthrough Therapy designation. Patent expansion covered ADHD candidate PF8026, with OUD program PF9001 supported by NIDA/HEAL grants. The Board's formal strategic alternatives review, targeting partnerships for TAAP and MPAR platforms, signals potential value-unlocking transactions amid low cash runway, underscoring execution discipline in a challenging biotech funding environment.