ESSA Pharma Inc. (NASDAQ:EPIX) Reports Financial Results for Fiscal First Quarter Ended December 31, 2024

ESSA Pharma Inc. recently released its financial results for the fiscal first quarter ending December 31, 2024. The company, focused on developing novel therapies for prostate cancer treatment, disclosed a net loss of $8.5 million for this quarter compared to $6.0 million from the corresponding period in 2023. Its investment and other income were reported at $1.1 million this quarter, down from $1.6 million the previous year.

Research and Development (“R&D”) expenditures for the quarter totaled $5.5 million, indicating a slight increase from $5.4 million in 2023. General and Administrative (“G&A”) expenditures saw a more significant rise, reaching $4.2 million compared to $2.2 million in the prior year. The G&A costs include non-cash expenses related to share-based payments at approximately $1.97 million in 2024, a notable surge from $277,177 in 2023.

As of December 31, 2024, ESSA Pharma had cash reserves and short-term investments amounting to $120.6 million and net working capital of $118.8 million. The company reported having 44,388,550 common shares issued and outstanding during this quarter, with an additional 2,920,000 common shares issuable upon the exercise of prefunded warrants at an exercise price of $0.0001.

After deciding to discontinue clinical trials of masofaniten and withdrawing related permits, the firm is actively exploring various strategic options aimed at enhancing shareholder value. Such alternatives may encompass mergers, acquisitions, asset sales, or other strategic initiatives, which could involve cost reduction measures such as headcount reductions.

ESSA Pharma’s CEO, David Parkinson, expressed the company’s strategic focus on maximizing shareholder value following the cessation of masofaniten’s clinical development. The company remains dedicated to providing further updates on its evolving strategic direction.

The company has communicated that the information shared, including Exhibit 99.1, is a disclosure and not a filed document according to the Securities Act of 1934, exempting it from certain liabilities. For more information, interested parties are directed to ESSA Pharma’s official website at www.essapharma.com.

Forward-looking statements within this release encompass future business performances and certain undertakings. These projections inherently involve risks, uncertainties, and assumptions that may differ from realized results. Such statements are based on prevailing conditions and may change per regulatory or operational variations.

This article is derived from an 8-K submission to the United States Securities and Exchange Commission on February 11, 2025, and highlights ESSA Pharma’s financial performance in the mentioned period.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ESSA Pharma’s 8K filing here.

About ESSA Pharma

ESSA Pharma Inc, a clinical stage pharmaceutical company, focuses the development of small molecule drugs for the treatment of prostate cancer. The company’s lead candidate EPI-7386, an androgen receptor based resistance mechanisms that develop in patients with castration-resistant prostate cancer and metastatic castration-resistant prostate cancer.