Second quarter 2026
Filed Aug 13, 2026Ensysce reported a wider second-quarter net loss, completed the Cy Biopharma acquisition after quarter-end, and disclosed cash runway into late 2027.
Second-quarter federal-grant funding declined and net loss widened, while post-quarter-end acquisition financing added approximately $31 million in cash, net of transaction expenses, and extended stated cash runway into late 2027.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Federal grants, three months ended June 30GAAP | $1,164,315 | – | $0.2 million decrease |
| Research and development expense, three months ended June 30GAAP | $2,471,752 | – | increase of $0.5 million |
| General and administrative expense, three months ended June 30GAAP | $1,268,952 | – | increase of $0.1 million |
| Total operating expenses, three months ended June 30GAAP | $3,740,704 | – | – |
| Loss from operations, three months ended June 30GAAP | $(2,576,389) | – | – |
| Total other income (expense), net, three months ended June 30GAAP | $5,514 | – | – |
| Net loss, three months ended June 30GAAP | $(2,570,875) | – | – |
| Adjustments to net loss, three months ended June 30other | 166 | – | – |
| Net loss attributable to common stockholders, three months ended June 30GAAP | $(2,570,709) | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, three months ended June 30GAAP | $(0.20) | – | – |
| Federal grants, six months ended June 30GAAP | $2,125,313 | – | – |
| Research and development expense, six months ended June 30GAAP | $5,818,633 | – | – |
| General and administrative expense, six months ended June 30GAAP | $2,445,299 | – | – |
| Total operating expenses, six months ended June 30GAAP | $8,263,932 | – | – |
| Loss from operations, six months ended June 30GAAP | $(6,138,619) | – | – |
| Total other income (expense), net, six months ended June 30GAAP | $11,329 | – | – |
| Net loss, six months ended June 30GAAP | $(6,127,290) | – | – |
| Adjustments to net loss, six months ended June 30other | 166 | – | – |
| Net loss attributable to common stockholders, six months ended June 30GAAP | $(6,127,124) | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, six months ended June 30GAAP | $(0.62) | – | – |
| Net cash used in operating activities, six months ended June 30GAAP | $(5,463,383) | – | – |
| Net cash provided by financing activities, six months ended June 30GAAP | $1,829,733 | – | – |
| Change in cash and cash equivalents, six months ended June 30GAAP | $(3,633,650) | – | – |
| Cash and cash equivalents at end of periodGAAP | $676,704 | – | – |
| Prepaid expenses and other current assets as of June 30GAAP | $2,169,506 | – | – |
| Total current assets as of June 30GAAP | $2,846,210 | – | – |
| Other assets as of June 30GAAP | $111,063 | – | – |
| Total assets as of June 30GAAP | $2,957,273 | – | – |
| Accounts payable as of June 30GAAP | $1,977,629 | – | – |
| Accrued expenses and other liabilities as of June 30GAAP | $1,893,635 | – | – |
| Notes payable and accrued interest as of June 30GAAP | $196,842 | – | – |
| Total current liabilities as of June 30GAAP | $4,068,106 | – | – |
| Long-term liabilities as of June 30GAAP | — | – | – |
| Total liabilities as of June 30GAAP | $4,068,106 | – | – |
| Stockholders’ equity (deficit) as of June 30GAAP | $(1,110,833) | – | – |
| Total liabilities and stockholders’ equity (deficit) as of June 30GAAP | $2,957,273 | – | – |
Post-quarter-end cash runway outlook
- NoteWe now have cash runway into late 2027
- Notea second financing tranche of up to $38.6 million, triggered upon achievement of certain clinical milestones, would carry the company into 2028
What drove it
- Federal-grant funding declined primarily due to the timing of research activities eligible for funding under the MPAR grant.
- Research and development expense increased primarily due to external research and development costs related to increased clinical activity for PF614.
- The Company completed the acquisition of Cy Biopharma, adding CY200, an Orphan Drug-designated candidate for Complex Regional Pain Syndrome.
- The Company continued to enroll subjects in the PF614-MPAR-102 study, supported by the NIDA grant.
- The Taiwan Intellectual Property Office issued an MPAR patent during the quarter.
Concerns
- Net loss attributable to common stockholders was $(2,570,709), compared to $(1,733,351) in the comparable year-ago quarter.
- Cash and cash equivalents were $676,704 as of June 30, 2026.
- The additional financing tranche of up to $38.6 million is triggered upon achievement of certain clinical milestones.
- Results for periods after June 30, 2026, will reflect the acquisition of Cy Biopharma and related transaction expenses and are therefore not comparable to the periods presented.
- The Company disclosed risks including possible NASDAQ delisting, clinical-development delays, potential safety or efficacy concerns, continuation of government funding, funding needs, and dilution from stock issuances.
What to watch
- Progress of the randomized Phase 2 trial of CY200 for CRPS Type 1 and preparation for registrational development.
- Achievement of the clinical milestones required to trigger the second financing tranche of up to $38.6 million.
- Continued enrollment in the PF614-MPAR-102 study.
- Development of the pivotal PF614-301 Phase 3 clinical trial.
- Use and availability of the $5.3 million remaining through May 2027 under the NIDA grant.
Balance sheet and cash flow
- Cash and cash equivalents were $0.7 million as of June 30, 2026, compared to $4.3 million as of December 31, 2025.
- Net cash used in operating activities was $(5,463,383) for the six months ended June 30, 2026, compared to $(4,414,280) for the six months ended June 30, 2025.
- Net cash provided by financing activities was $1,829,733 for the six months ended June 30, 2026, compared to $3,123,778 for the six months ended June 30, 2025.
- Following quarter-end, the acquisition of Cy Biopharma and related financings provided cash of approximately $31 million, net of transaction expenses.
- Notes payable and accrued interest were $196,842 as of June 30, 2026, compared to $306,708 as of December 31, 2025.
- Stockholders’ equity (deficit) was $(1,110,833) as of June 30, 2026, compared to $2,884,750 as of December 31, 2025.
Analysis
Ensysce remains a clinical-stage company whose reported operating funding consists of federal grants rather than product revenue. Federal grants were $1,164,315 in the second quarter, compared with $1,371,438 in the comparable year-ago quarter. The company attributed the decline to the timing of research activities eligible for funding under the MPAR grant. There were no commercial revenue, gross-margin, or segment-revenue disclosures in the filing.
Spending increased around the PF614 program. Research and development expense was $2,471,752, compared with $1,923,430 in the prior-year quarter, with the company citing external research and development costs and increased clinical activity for PF614. General and administrative expense was $1,268,952, compared with $1,198,523. Total operating expenses were $3,740,704, and net loss attributable to common stockholders was $(2,570,709), compared with $(1,733,351).
Liquidity at the reporting date was limited, with cash and cash equivalents of $676,704 as of June 30, 2026. During the first six months, net cash used in operating activities was $(5,463,383), while net cash provided by financing activities was $1,829,733. The balance sheet reported total current liabilities of $4,068,106 and stockholders’ equity (deficit) of $(1,110,833). After quarter-end, the completed Cy Biopharma acquisition and related financings provided approximately $31 million in cash, net of transaction expenses.
The strategic focus changed after quarter-end through the acquisition of Cy Biopharma and addition of CY200 as the lead pipeline asset for CRPS Type 1. Management stated that cash runway extends into late 2027, while a second financing tranche of up to $38.6 million is contingent on certain clinical milestones and would carry the company into 2028. Investors should focus on CY200 Phase 2 execution, the contingent financing milestones, PF614-MPAR-102 enrollment, PF614-301 development, and the company’s disclosure that future results will include acquisition-related effects and will not be comparable with the periods presented.
Management, verbatim
Cy Biopharma’s neuroplastogenic approach to complex pain was the most compelling strategic opportunity we explored, and we believe this acquisition represents a significant value creation opportunity for Ensysce stockholders. The concurrent private placement financing was intentionally sized to support our immediate strategic objectives while maintaining financial discipline and allow us to progress our lead candidate in a pain market valued over $1 billion for which there is currently no approved therapy,
Dr. Lynn Kirkpatrick, Chief Executive Officer of Ensysce
During the second quarter of 2026 we also advanced the clinical development of PF614-MPAR, the first opioid engineered with built-in overdose protection. To support this clinical development, we were awarded the third year of funding under a $15.1 million grant from the National Institute on Drug Abuse (NIDA), completing the award, a powerful vote of confidence from a leading federal agency that has backed this program with two major awards totaling over $26 million over six years.
Dr. Lynn Kirkpatrick, Chief Executive Officer of Ensysce
Not in the filing
stated, not guessed- Total revenue
- Commercial product revenue
- Segment revenue and segment comparisons
- Gross profit and gross margin
- GAAP operating income
- Non-GAAP operating income, net income, EPS, or other non-GAAP measures
- Quarterly operating cash flow
- Free cash flow
- Share repurchases
- Dividend declarations or payments
- Formal guidance for revenue, gross margin, operating expenses, tax rate, EPS, or cash flow
- Prior-quarter comparisons for reported second-quarter operating metrics
- Year-over-year percentage changes for most reported financial-statement line items
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.