Morgan Stanley reports 4.0% holding in ESSA Pharma (EPIX)

Rhea-AI Filing Summary

ESSA Pharma Inc. filing reports that Morgan Stanley and certain MS reporting units hold 1,904,062 common shares, representing 4.0% of the outstanding class as of the event date 09/30/2025. The filing shows shared voting power of 1,876,562 shares and shared dispositive power of 1,904,062, with no sole voting or dispositive power reported. The document states Morgan Stanley has ceased to be a beneficial owner above 5% of the class. Morgan Stanley & Co. LLC separately reports 0 shares and 0.0% ownership. The filing is a routine Schedule 13G amendment disclosing passive ownership and includes exhibits for a joint filing agreement and subsidiary identification.

Positive

• Clear disclosure of aggregate beneficial ownership: 1,904,062 shares (4.0%)
• Filing classifies the position as passive, stating securities are held in the ordinary course of business and not to influence control

Negative

• Morgan Stanley ceased to be a >5% beneficial owner, which may reduce attention from holders requiring >5% notification
• Shared voting power of 1,876,562 shares remains, meaning the firm still exercises coordinated influence though below 5%

Insights

Equity Ownership Analyst

Passive stake disclosure: Morgan Stanley holds 4.0% (1,904,062 shares).

The filing documents that Morgan Stanley's reporting units collectively beneficially own 1,904,062 common shares, with 4.0% of the class and 1,876,562 shares carrying shared voting power. This indicates a passive, non-control position under the Schedule 13G rules.

Key dependencies include the cap table used to calculate 4.0% and the accuracy of the MS Reporting Units' aggregation. Watch for any subsequent 13D or 13G amendments if the position changes beyond 5.0% or if voting/dispositive arrangements are altered within the next reporting cycle.

Corporate Governance Specialist

The filing confirms the position is held in the ordinary course of business and not for control.

The certification language states the securities were acquired and are held in the ordinary course of business and not to influence control of the issuer, consistent with a Schedule 13G passive reporting posture. The filing also references exhibits identifying the contributing subsidiaries and a joint filing agreement.

Investors may monitor filings for any change to a Schedule 13D status or disclosure of affiliated unit reallocations; any such change would need prompt amendment and could affect governance dynamics over the near term.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ESSA Pharma Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

29668H708

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29668H708

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,876,562.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,904,062.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,904,062.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.0 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP No. 29668H708

1

Names of Reporting Persons

Morgan Stanley & Co. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

BD, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley & Co. LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ESSA Pharma Inc.
(b)	Address of issuer's principal executive offices: SUITE 720, 999 WEST BROADWAY, VANCOUVER, A1, V5Z 1K5
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley & Co. LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 29668H708
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 4.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	10/07/2025

Morgan Stanley & Co. LLC

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley & Co. LLC
Date:	10/07/2025

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What stake does Morgan Stanley report in ESSA Pharma (EPIX)?

Morgan Stanley reports beneficial ownership of 1,904,062 shares, representing 4.0% of ESSA Pharma common shares as of 09/30/2025.

Does Morgan Stanley have sole voting or dispositive power over EPIX shares?

No. The filing reports 0 shares with sole voting power and sole dispositive power; voting and dispositive powers are reported as shared.

Has Morgan Stanley reduced its ownership below regulatory thresholds?

Yes. The filing states Morgan Stanley has ceased to be the beneficial owner of more than 5% of the class and now reports 4.0% ownership.

What does the Schedule 13G filing say about intent to influence control?

The filing certifies the shares are held in the ordinary course of business and not acquired to change or influence control of the issuer.

Did Morgan Stanley & Co. LLC report any ownership separately?

Morgan Stanley & Co. LLC reported 0 shares and 0.0% ownership in the filing.