Ensysce Biosciences, Inc.

Listed Company

ENSCWCIK 0001716947OTCNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.07M

Net Income

$-10.18M

Total Assets

$7.45M

Equity

$3.21M

Shares Out

9.28M

Op. Cash Flow

$-7.81M

Business

Ensysce Biosciences, Inc. is a clinical-stage pharmaceutical company developing molecularly engineered prodrugs to improve prescription drug safety and reduce opioid misuse and overdose. Its main products and services center on two proprietary platforms — the Trypsin Activated Abuse Protection (TAAP) prodrug technology and the Multi‑Pill Abuse Resistant (MPAR®) overdose‑protection combination — with lead candidates PF614 and PF614‑MPAR in clinical trials. Key activities comprise research and discovery, clinical development, intellectual property management, and CMO partnerships for manufacturing. The company pursues U.S. and international regulatory pathways, conducts clinical trials primarily in the U.S., and targets distribution through prescription channels via healthcare providers and pharmacies.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Federal grants	5	5	2	3	4
Research and development	10	7	8	20	5
General and administrative	5	5	5	7	19
Total operating expenses	15	12	13	27	23
Loss from operations	−10	−7	−11	−24	−20
Change in fair value of liability classified warrants	10,096	16,292	283,958	7	−1
Interest expense, net	−18,767	−1	−353,945	—	—
Other income and expense, net	73,430	17,277	15,420	86,223	−282,279
Total other income (expense), net	64,759	−1	91,912	14,410	−9
Net loss	−10	−8	−11	−24	−29
Net loss attributable to noncontrolling interests	−487	−74	−13,201	−35,393	−62,190
Deemed dividend related to warrants down round provision	—	290	12,937	913,204	803,140
Net loss attributable to common stockholders	−10	−8	−11	−25	−30
Net loss per share attributable to common stockholders, basic	−3.98	−11.45	−70.4	−139.42	−29.64
Net loss per share attributable to common stockholders, diluted	−3.98	−11.45	−70.4	−139.42	−1.48
Weighted average common shares outstanding, basic	3	697,686	150,937	179,925	1
Weighted average common shares outstanding, diluted	3	697,686	150,937	179,925	20

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4	4	1	3	12
Unbilled receivable	420,345	124,115	97,561	276,821	441,721
Prepaid expenses and other current assets	3	2	1	2	—
Total current assets	7	5	2	5	16
Property and equipment, net	124,129	—	—	—	—
Other assets	85,882	252,550	419,217	585,883	754,756
Total assets	7	6	3	6	16
Accounts payable	3	1	2	3	301,104
Accrued expenses and other liabilities	993,411	548,458	542,260	2	3
Notes payable and accrued interest	306,708	301,660	854,697	4	13
Total current liabilities	5	2	3	9	16
Other long-term liabilities	—	10,096	26,388	310,346	—
Total long-term liabilities	—	10,096	26,388	450,494	8
Total liabilities	5	2	3	10	25
Commitments and contingencies (Note 7)	—	—	—	—	—
Preferred stock, $0.0001 par value, 1,500,000 shares authorized, 4,000 shares issued, 3,305 shares outstanding, and $3,635,500 liquidation preference at December 31, 2025; no shares issued and outstanding at December 31, 2024	—	—	—	—	—
Common stock, $0.0001 par value, 250,000,000 shares authorized at December 31, 2025 and December 31, 2024; 4,574,983 and 1,355,779 shares issued at December 31, 2025 and December 31, 2024, respectively; 4,574,977 and 1,355,773 shares outstanding at December 31, 2025 and December 31, 2024, respectively	459	136	21	53	124
Additional paid-in capital	143	133	121	107	78
Accumulated deficit	−140	−130	−122	−111	−86
Total Ensysce Biosciences, Inc. stockholders equity	3	4	−322,858	−4	−8
Noncontrolling interests in stockholders deficit	−328,970	−328,483	−328,409	−315,208	−279,815
Total stockholders equity	3	3	−651,267	−4	−8
Total liabilities and stockholders equity	7	6	3	6	16

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accrued interest	12,393	43,927	18,648	60,488	349,339
Amortization of original issue discount and debt issuance costs	—	1	326,151	—	—
Consultant compensation	668,682	—	—	—	—
Stock-based compensation	177,086	110,723	879,160	1	121,764
Depreciation expense	6,533	—	—	—	151
Unbilled receivable	−296,230	−26,554	179,260	164,900	−441,721
Prepaid expenses and other assets	−438,565	−251,965	1	2	−2
Accounts payable	2	−578,928	−1	3	−1
Accrued expenses and other liabilities	434,434	6,198	−1	1	2
Net cash used in operating activities	−8	−8	−11	−18	−8
Investment in property and equipment	−123,643	—	—	—	—
Net cash flows used in investing activities	−123,643	—	—	4,500	—
Proceeds from public offerings	1	2	9	4	—
Proceeds from warrant exercises	3	2	—	—	—
Proceeds from warrant inducement, net of issuance costs	2	8	—	—	—
Proceeds from issuance of Series B Preferred Stock	4	—	—	—	—
Transaction costs associated with public offering and warrant inducements	−501,214	−1	—	—	—
Transaction costs associated with Series B Preferred Stock issuance	−391,376	—	—	—	—
Repayment of convertible notes	—	−485,190	−1	−1	—
Repayment of financed insurance premiums	−216,284	−372,529	−451,668	−595,509	−488,543
Net cash provided by financing activities	9	10	9	9	20
Increase in cash and cash equivalents	808,277	2	−2	−9	12
State minimum tax payments	2,500	3,200	3,200	1,600	1,600
Incremental fair value of August 2024 Warrant Inducement	—	10	—	—	—
Incremental fair value of February 2024 Warrant Inducement	—	5	—	—	—
Incremental fair value of April 2025 Warrant Inducement	3	—	—	—	—
Transaction costs under accounts payable and accrued expenses	119,266	—	—	—	—
Investment in property and equipment under accounts payable	7,091	—	—	—	—
Conversion of convertible notes into common stock	—	1	3	18	—
Financed insurance premiums	188,046	232,155	445,737	400,000	867,300
Deemed dividend related to warrants down round provision	—	290	12,937	913,204	803,140

Filings

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