Ensysce Q3 net loss widens on in-process R&D charge
Overview
US biotech's Q3 net loss widened sharply due to a $79.9 mln in-process R&D charge
Company completed Cy Biopharma acquisition, adding CY200 for Complex Regional Pain Syndrome
Cash and equivalents rose to $29.7 mln, boosted by financing and Cy Biopharma acquisition
Outlook
Company plans to commence CY200 Phase 2a trial enrollment in the UK after regulatory clearance
Company intends to use recent financing proceeds to advance CY200 through Phase 2a study
Ensysce expects continued losses as it advances product candidates toward regulatory approval
Result Drivers
CY BIOPHARMA ACQUISITION - Co said increased R&D and G&A expenses were driven by incremental costs from Cy Biopharma acquisition
IN-PROCESS R&D CHARGE - Q3 net loss included a $79.9 mln non-cash charge for acquired in-process R&D from Cy Biopharma deal
FEDERAL GRANT FUNDING - Higher federal grant funding in Q3 was due to timing of research activities under the MPAR grant
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Loss Per Share | $4.52 | ||
Q3 Net Loss | $82.30 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Ensysce Biosciences Inc is $2.00, about 455.4% above its November 11 closing price of $0.36
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)