ESSA Pharma Reports Financial Results for Fiscal Second Quarter Ended March 31, 2025
ESSA Pharma (NASDAQ: EPIX) reported its fiscal Q2 2025 financial results, highlighting ongoing efforts to evaluate strategic options after discontinuing its prostate cancer clinical trials. The company recorded a net loss of $6.4 million, improved from $9.0 million in Q2 2024. R&D expenses decreased to $3.5 million from $6.2 million, while G&A expenses reduced to $3.9 million from $4.3 million year-over-year.
The company maintains a strong financial position with $113.9 million in cash and short-term investments and $113.5 million in net working capital as of March 31, 2025. ESSA is exploring various strategic alternatives, including potential mergers, acquisitions, or business combinations, while implementing cost reductions and headcount adjustments.
ESSA Pharma (NASDAQ: EPIX) ha comunicato i risultati finanziari del secondo trimestre fiscale 2025, sottolineando gli sforzi continui per valutare opzioni strategiche dopo aver interrotto gli studi clinici sul cancro alla prostata. L'azienda ha registrato una perdita netta di 6,4 milioni di dollari, migliorata rispetto ai 9,0 milioni del secondo trimestre 2024. Le spese in R&S sono diminuite a 3,5 milioni di dollari rispetto ai 6,2 milioni precedenti, mentre le spese generali e amministrative si sono ridotte a 3,9 milioni di dollari dai 4,3 milioni anno su anno.
L'azienda mantiene una solida posizione finanziaria con 113,9 milioni di dollari in liquidità e investimenti a breve termine e 113,5 milioni di dollari in capitale circolante netto al 31 marzo 2025. ESSA sta valutando diverse alternative strategiche, tra cui potenziali fusioni, acquisizioni o combinazioni aziendali, mentre procede con riduzioni dei costi e adeguamenti del personale.
ESSA Pharma (NASDAQ: EPIX) informó sus resultados financieros del segundo trimestre fiscal de 2025, destacando los esfuerzos continuos para evaluar opciones estratégicas tras la suspensión de sus ensayos clínicos para el cáncer de próstata. La compañía registró una pérdida neta de 6,4 millones de dólares, mejorando desde los 9,0 millones en el segundo trimestre de 2024. Los gastos en I+D disminuyeron a 3,5 millones de dólares desde 6,2 millones, mientras que los gastos generales y administrativos se redujeron a 3,9 millones de dólares desde 4,3 millones año tras año.
La empresa mantiene una sólida posición financiera con 113,9 millones de dólares en efectivo e inversiones a corto plazo y 113,5 millones de dólares en capital de trabajo neto al 31 de marzo de 2025. ESSA está explorando diversas alternativas estratégicas, incluyendo posibles fusiones, adquisiciones o combinaciones de negocios, mientras implementa recortes de costos y ajustes en su plantilla.
ESSA Pharma (NASDAQ: EPIX)는 2025 회계연도 2분기 재무 결과를 발표하며, 전립선암 임상 시험 중단 후 전략적 옵션 평가를 지속하고 있음을 강조했습니다. 회사는 640만 달러의 순손실을 기록했으며, 이는 2024년 2분기 900만 달러에서 개선된 수치입니다. 연구개발 비용은 620만 달러에서 350만 달러로 감소했고, 일반관리비는 430만 달러에서 390만 달러로 줄었습니다.
회사는 2025년 3월 31일 기준으로 1억 1,390만 달러의 현금 및 단기 투자와 1억 1,350만 달러의 순운전자본을 보유하며 견고한 재무 상태를 유지하고 있습니다. ESSA는 비용 절감 및 인력 조정과 함께 잠재적 인수합병 또는 사업 결합 등 다양한 전략적 대안을 모색 중입니다.
ESSA Pharma (NASDAQ : EPIX) a publié ses résultats financiers du deuxième trimestre fiscal 2025, soulignant ses efforts continus pour évaluer des options stratégiques après avoir interrompu ses essais cliniques sur le cancer de la prostate. La société a enregistré une perte nette de 6,4 millions de dollars, en amélioration par rapport à 9,0 millions au deuxième trimestre 2024. Les dépenses en R&D ont diminué à 3,5 millions de dollars contre 6,2 millions, tandis que les frais généraux et administratifs ont été réduits à 3,9 millions de dollars contre 4,3 millions d’une année sur l’autre.
L’entreprise conserve une solide position financière avec 113,9 millions de dollars en liquidités et investissements à court terme et 113,5 millions de dollars en fonds de roulement net au 31 mars 2025. ESSA explore diverses alternatives stratégiques, y compris d’éventuelles fusions, acquisitions ou combinaisons d’entreprises, tout en mettant en œuvre des réductions de coûts et des ajustements d’effectifs.
ESSA Pharma (NASDAQ: EPIX) meldete seine Finanzergebnisse für das zweite Quartal des Geschäftsjahres 2025 und hob dabei die fortlaufenden Bemühungen hervor, nach der Einstellung der klinischen Studien zum Prostatakrebs strategische Optionen zu prüfen. Das Unternehmen verzeichnete einen Nettoverlust von 6,4 Millionen US-Dollar, verbessert gegenüber 9,0 Millionen im zweiten Quartal 2024. Die F&E-Ausgaben sanken auf 3,5 Millionen US-Dollar von 6,2 Millionen, während die Verwaltungs- und Allgemeinkosten auf 3,9 Millionen US-Dollar von 4,3 Millionen Jahr für Jahr reduziert wurden.
Das Unternehmen verfügt über eine starke Finanzlage mit 113,9 Millionen US-Dollar an liquiden Mitteln und kurzfristigen Investitionen sowie 113,5 Millionen US-Dollar an Nettoumlaufvermögen zum 31. März 2025. ESSA prüft verschiedene strategische Alternativen, darunter mögliche Fusionen, Übernahmen oder Unternehmenszusammenschlüsse, während gleichzeitig Kosten gesenkt und Personal angepasst wird.
- Strong cash position of $113.9 million with no long-term debt
- Reduced net loss by 28.9% year-over-year ($6.4M vs $9.0M)
- Decreased R&D expenses by 43.5% and G&A expenses by 9.3%
- Discontinued all clinical trials and development programs in prostate cancer
- Investment income declined from $1.5M to $1.0M year-over-year
- Planned headcount reductions and cost-cutting measures
- Uncertain future as company explores strategic alternatives
Insights
ESSA Pharma has discontinued clinical programs and is evaluating strategic options while holding $113.9M cash, representing potential near-term shareholder returns.
ESSA Pharma's Q2 2025 report reveals a company in transition after discontinuing its prostate cancer clinical development programs. With
The quarterly cash burn rate is concerning – approximately
Management's explicit mention of potential "wind-up, liquidation and dissolution" options alongside merger and business combination possibilities signals they're seriously considering returning capital to shareholders. The
The company's statement about "continuing headcount and other cost reductions" indicates awareness of preservation needs while exploring strategic alternatives. However, no concrete timeline was provided for a decision, only that they "hope to share an update in the near future." For investors, this represents a holding pattern with continued cash burn while awaiting a strategic decision that could include distribution of remaining assets.
Company continues to explore and review strategic options focused on maximizing shareholder value
"We continue to rigorously evaluate strategic options with a focus on maximizing shareholder value," said David Parkinson, MD, President and CEO of ESSA. "We have taken productive steps towards a decision and hope to share an update in the near future."
Second Quarter 2025 and Recent Updates
- ESSA continues to evaluate 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 continuing headcount and other cost reductions.
Summary of Financial Results
(Amounts expressed in
- Net Loss. ESSA recorded a net loss of
$6.4 million $9.0 million $1.0 million $1.5 million - Research and Development ("R&D") expenditures. R&D expenditures for the second quarter ended March 31, 2025 were
$3.5 million $6.2 million $551,433 $455,903 - General and Administration ("G&A") expenditures. G&A expenditures for the second quarter ended March 31, 2025 were
$3.9 million $4.3 million $620,676 $671,710
Liquidity and Outstanding Share Capital
- As of March 31, 2025, the Company had available cash reserves and short-term investments of
$113.9 million $113.5 million - As of March 31, 2025, 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 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 address 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 include, but are 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 and the Company's expected headcount and cost reductions.
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 www.sec.gov and on SEDAR+ at www.sedarplus.ca, 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
dwood@essapharma.com
Investors and Media
Argot Partners
212.600.1902
essa@argotpartners.com
ESSA PHARMA INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
Amounts in thousands of
March 31, 2025 | September 30, | |
Cash | $ 86,308 | $ 103,710 |
Prepaids and other assets | 29,107 | 24,402 |
Total assets | $ 115,415 | $ 128,112 |
Current liabilities | 1,714 | 3,301 |
Long-term debt | 154 | 205 |
Shareholders' equity | 113,547 | 124,606 |
Total liabilities and shareholders' equity | $ 115,415 | $ 128,112 |
ESSA PHARMA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unaudited
Amounts in thousands of
Three months ended March 31, 2025 | Three months ended March 31, 2024 | Six months ended March 31, 2025 | Six months ended March 31, 2024 | |
OPERATING EXPENSES | ||||
Research and development | $ 3,484 | $ 6,178 | $ 8,959 | $ 11,555 |
General and administration | 3,897 | 4,316 | 8,108 | 6,533 |
Total operating expenses | (7,381) | (10,494) | (17,067) | (18,088) |
Interest and other items | 1,007 | 1,504 | 2,160 | 3,134 |
Net loss for the period | (6,374) | (8,990) | (14,907) | (14,954) |
OTHER COMPREHENSIVE LOSS | ||||
Unrealized gain (loss) on short-term investments | (18) | (1) | (27) | 19 |
Net loss and comprehensive loss for the period | $ (6,392) | $ (8,991) | $ (14,934) | $ (14,935) |
Basic and diluted loss per common share | $ (0.14) | $ (0.20) | $ (0.34) | $ (0.34) |
Weighted average number of common shares outstanding | 44,388,550 | 44,237,124 | 44,388,550 | 44,183,013 |
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SOURCE ESSA Pharma Inc
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