Ensysce Biosciences (ENSC) Q2 2026 earnings summary

Executive summary

• Completed acquisition of Cy Biopharma, adding CY200, an Orphan Drug-designated candidate for CRPS Type 1, and expanding the pipeline into chronic pain.

• Lead clinical programs include PF614 in Phase 3, PF614-MPAR in Phase 1b, and CY200 advancing toward Phase 2.

• No product revenue to date; operations funded by equity, warrants, grants, and debt.

• Secured up to $77 million in new funding through acquisition and private placement, with $21.5 million closed and potential for $38.6 million more upon milestones.

• Advanced PF614-MPAR development, supported by a $15.1 million NIDA grant.

Financial highlights

• Net loss for Q2 2026 was $2.6 million, up from $1.7 million in Q2 2025; six-month net loss was $6.1 million, up from $3.7 million year-over-year.

• Revenue from federal grants was $1.2 million for Q2 2026, down from $1.4 million in Q2 2025; six-month grant revenue was $2.1 million, down from $2.7 million year-over-year.

• Research and development expenses rose to $2.5 million in Q2 2026 from $1.9 million in Q2 2025, and to $5.8 million for the six months from $3.8 million year-over-year.

• Cash and cash equivalents were $0.7 million as of June 30, 2026, prior to the Cy Biopharma acquisition and related financing.

• Post-quarter, the Cy Biopharma acquisition and financings added approximately $31 million in net cash.

Outlook and guidance

• Cash runway is projected into late 2027, with a second financing tranche available upon clinical milestones to potentially extend into 2028.

• Ongoing and future expenses expected to remain elevated due to clinical trials, regulatory, and public company costs.

• Remaining $5.3 million in federal grant funding expected to be utilized by May 2027.

• Continued focus on advancing CY200 through Phase 2 trials and preparing for registrational development.

• Ongoing development of PF614 and PF614-MPAR, with external validation and grant support.