ESSA Pharma Inc (EPIX) Reports Fiscal Q4 and Full-Year Earnings, Advances in Prostate Cancer ...
ESSA Pharma Inc (NASDAQ:EPIX) completes Phase 1 dose escalation for masofaniten/enzalutamide combination study.
Company reports a strong cash balance with a runway expected to fund operations through 2025.
Net loss for the fiscal year 2023 narrowed to $26.6 million compared to $35.1 million in the previous year.
Total assets stood at $149.1 million as of September 30, 2023, down from $169.5 million the previous year.
On December 12, 2023, ESSA Pharma Inc (NASDAQ:EPIX) released its 8-K filing, announcing its financial results for the fourth quarter and fiscal year ended September 30, 2023. The clinical-stage pharmaceutical company, which focuses on developing novel therapies for prostate cancer, reported significant progress in its clinical trials and a solid financial position to support its operations into 2025.
Operational Highlights and Clinical Progress
ESSA Pharma Inc (NASDAQ:EPIX) has completed the Phase 1 dose escalation for its masofaniten (EPI-7386)/enzalutamide combination study in patients with metastatic castration-resistant prostate cancer (mCRPC). The company has reported compelling safety and efficacy data, which was presented at the Prostate Cancer Foundation 2023 Scientific Retreat and ESMO 2023. Dr. David Parkinson, President and CEO of ESSA, expressed satisfaction with the progress and highlighted the deep and durable reductions in prostate-specific antigen (PSA) observed in patients.
Financial Performance
The company's financial results reflect a focused execution of its development plans. The net loss for the fiscal year 2023 was $26.6 million, showing an improvement from a net loss of $35.1 million in the previous year. This reduction in net loss is indicative of the company's efficient management of its operating expenses. Research and development costs for the year amounted to $21.3 million, compared to $24.4 million in the previous year, demonstrating a strategic allocation of resources towards its most promising clinical trials.
ESSA Pharma Inc (NASDAQ:EPIX) reported total assets of $149.1 million as of September 30, 2023, a decrease from $169.5 million the previous year. The company's cash position remains strong, with cash and short-term investments totaling $148.1 million, providing a runway that is expected to fund planned operations through 2025.
Balance Sheet and Shareholder's Equity
The balance sheet shows that ESSA Pharma Inc (NASDAQ:EPIX) maintains a robust financial position. Shareholders' equity stood at $145.6 million as of September 30, 2023, compared to $167.1 million the previous year. The company's current liabilities were modest at $3.5 million, indicating a solid financial structure to support ongoing clinical developments.
Looking Forward
ESSA Pharma Inc (NASDAQ:EPIX) is poised to continue its clinical advancements with a strong cash balance and a clear strategic focus. The company is currently undertaking a head-to-head Phase 2 dose expansion study evaluating the masofaniten/enzalutamide combination versus enzalutamide monotherapy in mCRPC patients. This study is critical in determining the potential of masofaniten as a new treatment for prostate cancer patients at earlier stages of the disease.
As ESSA Pharma Inc (NASDAQ:EPIX) moves into 2024, investors and stakeholders can anticipate further developments from the company's pipeline, with the potential to significantly impact the treatment landscape for prostate cancer.
For more detailed information on ESSA Pharma Inc (NASDAQ:EPIX)'s financial results and corporate updates, please visit the company's website and refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from ESSA Pharma Inc for further details.
This article first appeared on GuruFocus.
