NASDAQ:ENSC
READ THE FULL ENSC RESEARCH REPORT
Ensysce Biosciences (NASDAQ:ENSC) released its 1Q 2024 report and reiterated the positive results seen throughout the quarter that we have previously reported on. Some highlights:
• Cash ended the quarter at $3.4 million, which is up substantially from the year-end number as the exercise of warrants helped to generate much-needed cash.
o Cash available to clinical stage companies is one of the most important factors to consider and ENSC has proven the ability to fund its operations on an ongoing basis, which increases our confidence that the company will be able to bring these important drugs to the commercialization stage.
• Administrative expenses fell from $1.6 million in 1Q2023 to $1.4 million in 1Q2024 and research expenses fell from $1.8 million to $800,000 over the same period.
o We are also impressed with the expense discipline we’ve seen at ENSC, reinforcing our belief that company management is committed to providing much needed opioid relief to the country.
We aren’t going to rehash recent reports that have outlined the positive test results for PF614 and PF614-MPAR. But, as a reminder, these tests have shown that PF614 can provide the much-needed pain relief that is currently available through the highly abused oxycodone, while having abuse resistant properties and lasting longer. Additionally, an important reminder that PF-614-MPAR received an FDA grant of Breakthrough Therapy designation, which allows ENSC the opportunity to accelerate clinical programs and commercialization plans. The grant, which has been applied to fewer than 300 drugs historically, illustrates the importance and urgency that these solutions are needed. We are again reiterating our belief that the treatments being developed by Ensysce will be game changers in the pain relief market and again suggest that investors take a strong look at ENSC.
PF614-MPAR has been shown in testing to have the potential to provide much needed pain relief to patients and provides protections against taking too many pills, which often leads to debilitating addiction. The technology involved causes the drug to become inactive when dosing requirements are exceeded—greatly diminishing the “incentive” patients may have to take more than the prescribed dose.
Ensysce Biosciences continues to be one of the companies that we cover that we believe most of America would hope is successful and one we are becoming more convinced will achieve its goals. The opioid crisis remains a plague on the American public and is destroying families and entire communities. The National Institute on Drug Abuse reported more than 107,000 overdose deaths in 2022—and that doesn’t count the millions of family members and friends impacted by those deaths. Ensysce has extremely promising technology in the form of PF614 and PF614-MPAR that are abuse resistant, while still providing the much-needed pain relief that many Americans need with a longer lasting dose than its bioequivalent OxyContin.
Our confidence in the ultimate approval of these important drugs continues to grow as the company recently added the BTD designation for PF614-MPAR to the Fast Track designation already received for PF614 and continues to obtain the financing needed, as noted above, to continue the testing process. Events such as the BTD designation can happen quickly and without notice, illustrating why we have been suggesting investors look into ENSC before these events occur. Major tests are coming in the not-to-distant future, and we believe, based on the data we’ve seen from earlier tests, that the results will be quite positive and propel the stock higher.
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