Ensysce Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents totaled $29.7 million as of September 30, 2026, an increase from $4.3 million as of December 31, 2025.
• Net loss attributable to common stockholders was $82.3 million for the third quarter of 2026, compared to a net loss of $3.7 million in the same period of 2025.
• Research and development expenses were $3.2 million for the third quarter of 2026, up from $3.0 million in the third quarter of 2025.
• General and administrative expenses were $1.6 million for the third quarter of 2026, up from $1.3 million in the third quarter of 2025.
• Federal grant funding totaled $2.2 million for the third quarter of 2026, compared to $0.5 million in the third quarter of 2025.
• Net cash used in operating activities was $6.9 million for the first nine months of 2026.
• Net cash provided by financing activities was $21.1 million for the first nine months of 2026, primarily driven by $19.6 million in net proceeds from a Series C private placement.
• A one-time non-cash charge of approximately $79.9 million for acquired in-process research and development (IPR&D) related to CY200 was recorded in the third quarter of 2026.
• Net loss per share attributable to common stockholders was $4.52 for the third quarter of 2026, compared to $1.29 in the third quarter of 2025.
• Total assets were $30.95 million as of September 30, 2026, compared to $7.45 million as of December 31, 2025.
• Total liabilities were $3.84 million as of September 30, 2026, compared to $4.57 million as of December 31, 2025.

Business Segments and Product Lines:

• Completed the acquisition of Cy Biopharma, Inc., adding CY200, a clinical-stage neuroplastogenic candidate for Complex Regional Pain Syndrome (CRPS), as the lead pipeline asset.
• CY200 is a psilocybin-predominant botanical extract with FDA Orphan Drug Designation for its active ingredient.
• Submitted the Phase 2a protocol (CYBIO 001) for CY200 to the UK Medicines and Healthcare products Regulatory Agency (MHRA) in September 2026.
• On November 6, 2026, the MHRA and research ethics committee requested additional information regarding the CY200 Phase 2a clinical trial application.
• Completed enrollment in Part 3, the final stage of the PF614-MPAR-102 study for PF614-MPAR, a Breakthrough Therapy-designated opioid with overdose protection.
• PF614-MPAR combines TAAP™ PF614 (trypsin-activated abuse protection) with MPAR® (Multi-Pill Abuse Resistance) technology.
• The PF614-MPAR-102 study is funded by a $15.1 million multi-year NIDA award, with $2.7 million remaining available as of September 30, 2026.
• Hosted a clinical symposium on severe pain and CRPS at PainWeek 2026 in September 2026.
• Professor Richard Langford, CMO of Cy Biopharma, presented at the FDA's public hearing on "Considerations for Potential Future Therapeutic Use of Psychedelic Drugs."

Other Key Points:

• The acquisition of Cy Biopharma added $11.4 million of net cash to the balance sheet.
• Total other income for the third quarter of 2026 was $0.4 million, primarily consisting of foreign exchange gains from foreign subsidiaries acquired in the Cy Biopharma transaction.
• A $0.2 million deemed dividend related to the retirement of Series B Preferred Stock was included in the third quarter 2026 net loss.
• The company intends to use proceeds from recent private placement financings primarily to advance CY200 through the Phase 2a study and prepare for registrational development.
• The company noted it is a clinical-stage biotechnology company and expects continued losses for the foreseeable future as it advances product candidates toward regulatory approval.