SOUTH SAN FRANCISCO, Calif. and VANCOUVER, BC, May 8, 2025 /CNW/ - ESSA Pharma Inc. ("ESSA," or the "Company") (NASDAQ: EPIX), a pharmaceutical company that, prior to the discontinuation of its clinical trials and development programs, had been focused on developing novel therapies for the treatment of prostate cancer, today reported financial results for the fiscal second quarter ended March 31, 2025.
"We continue to rigorously evaluate strategic options with a focus on maximizing shareholder value," said David Parkinson, MD, President and CEO of ESSA. "We have taken productive steps towards a decision and hope to share an update in the near future."
Second Quarter 2025 and Recent Updates
Summary of Financial Results
(Amounts expressed in U.S. dollars)
Liquidity and Outstanding Share Capital
About ESSA Pharma Inc.
ESSA is a pharmaceutical company that was previously focused on developing novel and proprietary therapies for the treatment of patients with prostate cancer. For more information, please visit www.essapharma.com.
Forward-Looking Statement Disclaimer
This release contains certain information which, as presented, constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements that relate to future events and often address expected future business and financial performance, containing words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions and include, but are not limited to, statements regarding the termination of the Company's clinical studies of masofaniten, the Company's evaluation of its strategic alternatives and future announcements in connection therewith and the Company's expected headcount and cost reductions.
Forward-looking statements are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of ESSA to control or predict, and which may cause ESSA's actual results, performance or achievements to be materially different from those expressed or implied thereby. Such statements reflect ESSA's current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by ESSA as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. In making forward looking statements, ESSA may make various material assumptions, including but not limited to (i) the accuracy of ESSA's financial projections; (ii) obtaining necessary regulatory approvals; (iii) ESSA's ability to efficiently wind down its clinical trial activities (iv) that one or more strategic options may be available to ESSA at reasonably acceptable terms; and (v) general business, market and economic conditions.
Forward-looking statements are developed based on assumptions about such risks, uncertainties and other factors set out herein and in ESSA's Annual Report on Form 10-K dated December 17, 2024, under the heading "Risk Factors", a copy of which is available on ESSA's profile on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca, and as otherwise disclosed from time to time on ESSA's EDGAR and SEDAR+ profiles. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and ESSA undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable United States and Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.
Contacts
ESSA Pharma Inc.
David Wood, Chief Financial Officer
778.331.0962
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Investors and Media
Argot Partners
212.600.1902
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ESSA PHARMA INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
Amounts in thousands of United States dollars
March 31, 2025 | September 30, | |
Cash | $ 86,308 | $ 103,710 |
Prepaids and other assets | 29,107 | 24,402 |
Total assets | $ 115,415 | $ 128,112 |
Current liabilities | 1,714 | 3,301 |
Long-term debt | 154 | 205 |
Shareholders' equity | 113,547 | 124,606 |
Total liabilities and shareholders' equity | $ 115,415 | $ 128,112 |
ESSA PHARMA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unaudited
Amounts in thousands of United States dollars, except share and per share data
Three months ended March 31, 2025 | Three months ended March 31, 2024 | Six months ended March 31, 2025 | Six months ended March 31, 2024 | |
OPERATING EXPENSES | ||||
Research and development | $ 3,484 | $ 6,178 | $ 8,959 | $ 11,555 |
General and administration | 3,897 | 4,316 | 8,108 | 6,533 |
Total operating expenses | (7,381) | (10,494) | (17,067) | (18,088) |
Interest and other items | 1,007 | 1,504 | 2,160 | 3,134 |
Net loss for the period | (6,374) | (8,990) | (14,907) | (14,954) |
OTHER COMPREHENSIVE LOSS | ||||
Unrealized gain (loss) on short-term investments | (18) | (1) | (27) | 19 |
Net loss and comprehensive loss for the period | $ (6,392) | $ (8,991) | $ (14,934) | $ (14,935) |
Basic and diluted loss per common share | $ (0.14) | $ (0.20) | $ (0.34) | $ (0.34) |
Weighted average number of common shares outstanding | 44,388,550 | 44,237,124 | 44,388,550 | 44,183,013 |
| Last Trade: | US$1.71 |
| Daily Change: | -0.02 -1.16 |
| Daily Volume: | 407,032 |
| Market Cap: | US$75.910M |
February 11, 2025 December 17, 2024 September 13, 2024 September 11, 2024 August 05, 2024 | |
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