ESSA Pharma Reports Financial Results for Fiscal First Quarter Ended December 31, 2024
ESSA Pharma (NASDAQ: EPIX) reported financial results for Q1 2025 ended December 31, 2024. Following the termination of masofaniten clinical trials, the company is exploring strategic options to maximize shareholder value, including potential merger, asset sale, or dissolution.
Key financial highlights: Net loss increased to $8.5 million compared to $6.0 million in Q1 2023. R&D expenses were $5.5 million vs $5.4 million year-over-year, while G&A expenses rose to $4.2 million from $2.2 million. The company maintains a strong financial position with $120.6 million in cash reserves and short-term investments, and $118.8 million in net working capital.
The company has 44,388,550 common shares outstanding and 2,920,000 common shares issuable through prefunded warrants at $0.0001 exercise price.
ESSA Pharma (NASDAQ: EPIX) ha riportato i risultati finanziari per il primo trimestre del 2025 conclusosi il 31 dicembre 2024. A seguito della cessazione degli studi clinici su masofaniten, l'azienda sta esplorando opzioni strategiche per massimizzare il valore per gli azionisti, inclusi potenziali fusioni, vendita di asset o liquidazione.
Principali approfondimenti finanziari: la perdita netta 猫 aumentata a 8,5 milioni di dollari rispetto ai 6 milioni di dollari nel primo trimestre del 2023. Le spese per R&S sono state di 5,5 milioni di dollari contro 5,4 milioni di dollari rispetto all'anno precedente, mentre le spese generali e amministrative sono aumentate a 4,2 milioni di dollari rispetto ai 2,2 milioni di dollari. L'azienda mantiene una solida posizione finanziaria con 120,6 milioni di dollari in riserve di liquidit脿 e investimenti a breve termine, e 118,8 milioni di dollari in capitale circolante netto.
L'azienda ha 44.388.550 azioni ordinarie in circolazione e 2.920.000 azioni ordinarie emettibili tramite warrant prefinanziati a un prezzo di esercizio di 0,0001 dollari.
ESSA Pharma (NASDAQ: EPIX) inform贸 los resultados financieros del primer trimestre de 2025 que finaliz贸 el 31 de diciembre de 2024. Tras la finalizaci贸n de los ensayos cl铆nicos de masofaniten, la empresa est谩 explorando opciones estrat茅gicas para maximizar el valor para los accionistas, incluyendo posibles fusiones, venta de activos o disoluci贸n.
Aspectos financieros clave: la p茅rdida neta aument贸 a 8,5 millones de d贸lares en comparaci贸n con 6,0 millones de d贸lares en el primer trimestre de 2023. Los gastos en I+D fueron de 5,5 millones de d贸lares frente a 5,4 millones de d贸lares en el a帽o anterior, mientras que los gastos generales y administrativos aumentaron a 4,2 millones de d贸lares desde 2,2 millones de d贸lares. La compa帽铆a mantiene una s贸lida posici贸n financiera con 120,6 millones de d贸lares en reservas de efectivo e inversiones a corto plazo, y 118,8 millones de d贸lares en capital neto de trabajo.
La empresa tiene 44.388.550 acciones ordinarias en circulaci贸n y 2.920.000 acciones ordinarias que pueden emitirse a trav茅s de warrants prefinanciados a un precio de ejercicio de 0,0001 d贸lares.
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ESSA Pharma (NASDAQ: EPIX) a publi茅 ses r茅sultats financiers pour le premier trimestre 2025 clos le 31 d茅cembre 2024. Suite 脿 l'arr锚t des essais cliniques sur le masofaniten, l'entreprise explore des options strat茅giques pour maximiser la valeur pour les actionnaires, y compris des fusions potentielles, la vente d'actifs ou la dissolution.
Les principaux points financiers : la perte nette a augment茅 脿 8,5 millions de dollars contre 6 millions de dollars au premier trimestre 2023. Les d茅penses de R&D s'茅levaient 脿 5,5 millions de dollars contre 5,4 millions l'ann茅e pr茅c茅dente, tandis que les d茅penses g茅n茅rales et administratives ont augment茅 脿 4,2 millions de dollars contre 2,2 millions de dollars. L'entreprise maintient une solide position financi猫re avec 120,6 millions de dollars en r茅serves de liquidit茅s et investissements 脿 court terme, et 118,8 millions de dollars en fonds de roulement net.
L'entreprise dispose de 44.388.550 actions ordinaires en circulation et de 2.920.000 actions ordinaires pouvant 锚tre 茅mises par le biais de bons de souscription pr茅financ茅s 脿 un prix d'exercice de 0,0001 dollar.
ESSA Pharma (NASDAQ: EPIX) berichtete 眉ber die finanziellen Ergebnisse f眉r das erste Quartal 2025, das am 31. Dezember 2024 endete. Nach der Beendigung der klinischen Studien zu Masofaniten untersucht das Unternehmen strategische Optionen zur Maximierung des Shareholder-Values, einschlie脽lich m枚glicher Fusionen, Asset-Verk盲ufe oder Liquidationen.
Wichtige finanzielle H枚hepunkte: Der Nettoverlust ist auf 8,5 Millionen US-Dollar gestiegen, verglichen mit 6,0 Millionen US-Dollar im ersten Quartal 2023. Die F&E-Ausgaben betrugen 5,5 Millionen US-Dollar im Vergleich zu 5,4 Millionen US-Dollar im Vorjahr, w盲hrend die allgemeinen und verwaltungstechnischen Ausgaben auf 4,2 Millionen US-Dollar von 2,2 Millionen US-Dollar gestiegen sind. Das Unternehmen h盲lt eine starke Finanzlage mit 120,6 Millionen US-Dollar an liquiden Mitteln und kurzfristigen Investitionen sowie 118,8 Millionen US-Dollar an netto Betriebskapital.
Das Unternehmen hat 44.388.550 ausgegebene Stammaktien und 2.920.000 Stammaktien, die 眉ber vorfinanzierte Warrants zu einem Aus眉bungspreis von 0,0001 US-Dollar ausgegeben werden k枚nnen.
- Strong cash position of $120.6 million with no long-term debt
- Net working capital of $118.8 million
- Net loss increased 41.7% to $8.5 million from $6.0 million YoY
- G&A expenses nearly doubled to $4.2 million from $2.2 million YoY
- Investment income decreased to $1.1 million from $1.6 million YoY
- Termination of all clinical trials for masofaniten
- Planned headcount and cost reductions
Insights
The Q1 FY2025 results highlight ESSA Pharma's critical transition phase following the discontinuation of its lead program. The company's substantial cash reserves of
The
The current quarterly cash burn rate of approximately
Key considerations for investors include:
- The company's strategic review could result in various outcomes, from M&A to asset sales or liquidation, with the substantial cash position providing negotiating leverage
- The current trading below cash value suggests the market is pricing in significant cash burn during the strategic review process
- Management's focus on "maximizing shareholder value" could potentially lead to a distribution of excess cash while pursuing strategic alternatives
Company continues to explore and review strategic options focused on maximizing shareholder value
"Following our decision to terminate the clinical development of masofaniten, we have been evaluating and reviewing strategic options with a focus on maximizing shareholder value," said David Parkinson, MD, President and CEO of ESSA. "We look forward to providing updates in the near future."
First Quarter 2025 and Recent Updates
- Following the decision to terminate all clinical trials evaluating masofaniten and to withdraw the related IND and CTAs, ESSA is conducting a comprehensive process to explore and review a range of strategic options focused on maximizing shareholder value. These options may include, but are not limited to, a merger, amalgamation, take-over, business combination, asset sale or acquisition, shareholder distribution, wind-up, liquidation and dissolution, or other strategic direction. The process is expected to involve headcount and other cost reductions.
Summary of Financial Results
(Amounts expressed in
- Net Loss. ESSA recorded a net loss of
$8.5 million $6.0 million $1.1 million $1.6 million - Research and Development ("R&D") expenditures. R&D expenditures for the first quarter ended December 31, 2024 were
$5.5 million $5.4 million $729,780 $526,241 - General and Administration ("G&A") expenditures. G&A expenditures for the first quarter ended December 31, 2024 were
$4.2 million $2.2 million $1,972,151 $277,177
Liquidity and Outstanding Share Capital
- As of December 31, 2024, the Company had available cash reserves and short-term investments of
$120.6 million $118.8 million - As of December 31, 2024, the Company had 44,388,550 common shares issued and outstanding, and there were 2,920,000 common shares issuable upon the exercise of prefunded warrants at an exercise price of
$0.00 01
About ESSA Pharma Inc.
ESSA is a pharmaceutical company that was previously focused on developing novel and proprietary therapies for the treatment of patients with prostate cancer. For more information, please visit聽www.essapharma.com.
Forward-Looking Statement Disclaimer
This release contains certain information which, as presented, constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements that relate to future events and often addresses expected future business and financial performance, containing words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements regarding the termination of the Company's clinical studies of masofaniten, the Company's evaluation of its strategic alternatives and future announcements in connection therewith, the Company's expected headcount and cost reductions and other statements surrounding the Company's evaluation of masofaniten.
Forward-looking statements are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of ESSA to control or predict, and which may cause ESSA's actual results, performance or achievements to be materially different from those expressed or implied thereby. Such statements reflect ESSA's current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by ESSA as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. In making forward looking statements, ESSA may make various material assumptions, including but not limited to (i) the accuracy of ESSA's financial projections; (ii) obtaining necessary regulatory approvals; (iii) ESSA's ability to efficiently wind down its clinical trial activities (iv) that one or more strategic options may be available to ESSA at reasonably acceptable terms; and (v) general business, market and economic conditions.
Forward-looking statements are developed based on assumptions about such risks, uncertainties and other factors set out herein and in ESSA's Annual Report on Form 10-K dated December 17, 2024, under the heading "Risk Factors", a copy of which is available on ESSA's profile on EDGAR at and on SEDAR+ at , and as otherwise disclosed from time to time on ESSA's EDGAR and SEDAR+ profiles. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and ESSA undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable
Contacts
ESSA Pharma Inc.
David Wood, Chief Financial Officer
778.331.0962
[email protected]
Investors and Media
Argot Partners
212.600.1902
[email protected]
ESSA PHARMA INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
Amounts in thousands of
顿别肠别尘产别谤听31, | 厂别辫迟别尘产别谤听30, | |
Cash | $聽聽聽聽聽聽聽聽 93,311 | $聽聽聽聽聽聽 103,710 |
Prepaids and other assets | 29,323 | 24,402 |
Total assets | $聽聽聽聽聽聽 122,634 | $聽聽聽聽聽聽聽 128,112 |
Current liabilities | 3,687 | 3,301 |
Long-term debt | 180 | 205 |
Shareholders' deficiency | 118,767 | 124,606 |
Total liabilities and shareholders' equity | $聽聽聽聽聽聽 122,634 | $聽聽聽聽聽聽聽 128,112 |
ESSA PHARMA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unaudited
Amounts in thousands of
Three months | Three months | ||
OPERATING EXPENSES | |||
聽聽聽 Research and development | $聽聽聽聽聽聽聽聽聽 5,474 | $聽聽聽聽聽聽聽聽聽 5,377 | |
聽聽聽 General and administration | 4,211 | 2,218 | |
Total operating expenses | (9,685) | (7,595) | |
聽聽聽 Interest and other items | 1,153 | 1,630 | |
Net loss for the period | $聽聽聽聽聽聽聽聽 (8,532) | $聽聽聽聽聽聽聽聽 (5,965) | |
OTHER COMPREHENSIVE LOSS | |||
Unrealized gain (loss) on short-term investments | (9) | 20 | |
Loss and comprehensive loss for the period | $聽聽聽聽聽聽聽聽 (8,541) | $聽聽聽聽聽聽聽聽 (5,945) | |
Basic and diluted loss per common share | $聽聽聽聽聽聽聽聽聽聽聽聽 (0.19) | $聽聽聽聽聽聽聽聽聽聽聽聽聽 (0.14) | |
Weighted average number of common shares outstanding | 44,388,550 | 44,129,491 | |
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SOURCE ESSA Pharma Inc
FAQ
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