ENSC · Ensysce Biosciences, Inc.
Ensysce Biosciences, Inc., a clinical-stage pharmaceutical company, develops prescription drugs for severe pain relief in opioid misuse, abuse, and overdose in the United States. It develops products using Trypsin Activated Abuse Protection (TAAP) platform, designed to release clinically effective drugs only when exposed to specific physiological conditions; and Multi-Pill Abuse Resistance (MPAR) platform, an over-dose protection opioid prodrug technology. The company's lead product candidate is PF614, a TAAP oxycodone prodrug candidate for the treatment of severe or chronic pain; and PF614-MPAR, a combination product of PF614 and nafamostat for overdose protection. It is also developing PF8001 and PF8026 are extended and immediate-release prodrugs of amphetamine for attention deficit hyperactivity disorder; and PF9001 to treat opioid use disorder. Ensysce Biosciences, Inc. was founded in 2003 and is based in La Jolla, California.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.38 |
| SO | 19.5M |
| Options | 0.1M |
| Warrants | 0.3M |
| FD SO | 19.8M |
| MC | $7.6M |
| Cash | $0.7M |
| Total debt | $0.4M |
| EV | $7.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.6x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 4.7% |
| Insiders | 0.0% |
| # Institutions | 18 |
| Analysts | 1 |
| Consensus | Strong Buy |
| Avg target | $8.25 |
| Short % float | 1.2% |
| Days to cover | 0.16 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-19 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 1.16 | 0.96 | 1.88 | 0.49 |
| Revenue YoY % | (15.1%) | (27.2%) | 44.4% | (85.6%) |
| SG&A | 1.27 | 1.18 | 1.05 | 1.28 |
| R&D | 2.47 | 3.35 | 3.61 | 2.95 |
| Operating Income | (2.58) | (3.56) | (2.78) | (3.74) |
| Operating Income YoY % | (47.2%) | (81.1%) | 22.2% | (680.2%) |
| Operating Margin % | (221.3%) | (370.7%) | (147.8%) | (758.7%) |
| EBITDA | (2.57) | (3.56) | (2.78) | (3.74) |
| EBITDA Margin % | (220.7%) | (370.0%) | (147.4%) | (758.7%) |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 |
| Pretax Income | (2.57) | (3.56) | (2.77) | (3.73) |
| Net Income | (2.57) | (3.56) | (2.77) | (3.73) |
| Net Margin % | (220.8%) | (370.1%) | (147.0%) | (756.3%) |
| Diluted EPS | -$0.20 | -$0.52 | -$0.56 | -$1.29 |
| Basic EPS | -$0.20 | -$0.52 | -$0.56 | -$1.29 |
| Diluted Avg Shares | 13.0 | 6.8 | — | 2.9 |
| Basic Avg Shares | 13.0 | 6.8 | — | 2.9 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 4.50 | 5.07 | 5.21 | 2.23 | 2.52 |
| Revenue YoY % | (11.2%) | (2.8%) | 133.6% | (11.6%) | — |
| SG&A | 4.78 | 4.93 | 4.72 | 5.36 | 6.91 |
| R&D | 12.39 | 10.38 | 7.22 | 7.59 | 19.84 |
| Operating Income | (12.66) | (10.24) | (6.73) | (10.72) | (24.22) |
| Operating Income YoY % | (23.6%) | (52.2%) | 37.2% | 55.8% | — |
| Operating Margin % | (281.3%) | (202.1%) | (129.2%) | (480.5%) | (959.9%) |
| EBITDA | (12.64) | (10.23) | (6.73) | (10.72) | (24.22) |
| EBITDA Margin % | (280.9%) | (202.0%) | (129.2%) | (480.5%) | (959.9%) |
| Interest Expense | 0.01 | 0.01 | 0.01 | 0.35 | 0.11 |
| Other Income / (Expense) | — | — | (1.25) | — | — |
| Pretax Income | (12.62) | (10.18) | (7.99) | (10.63) | (24.21) |
| Net Income | (12.62) | (10.18) | (7.99) | (10.63) | (24.21) |
| Net Margin % | (280.5%) | (200.8%) | (153.3%) | (476.4%) | (959.3%) |
| Diluted EPS | -$2.57 | -$3.98 | -$11.45 | -$70.40 | -$139.42 |
| Basic EPS | -$2.57 | -$3.98 | -$11.45 | -$70.40 | -$139.42 |
| Diluted Avg Shares | 13.0 | 2.6 | 0.7 | 0.2 | 0.2 |
| Basic Avg Shares | 13.0 | 2.6 | 0.7 | 0.2 | 0.2 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 0.68 | 0.75 | 4.31 | 1.67 |
| Other Current Assets | 2.17 | 1.26 | 2.93 | 1.26 |
| Total Current Assets | 2.85 | 2.01 | 7.25 | 2.93 |
| Net PPE | 0.11 | 0.12 | 0.12 | 0.12 |
| Total Assets | 2.96 | 2.17 | 7.45 | 3.18 |
| Accounts Payable | 1.98 | 1.61 | 3.27 | 0.46 |
| Other Current Liabilities | 2.09 | 1.23 | 1.30 | 1.84 |
| Total Current Liabilities | 4.07 | 2.84 | 4.57 | 2.30 |
| Total Liabilities | 4.07 | 2.84 | 4.57 | 2.30 |
| Retained Earnings | (145.85) | (143.28) | (139.72) | (136.95) |
| Total Equity | (1.11) | (0.67) | 2.88 | 0.87 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 0.68 | 4.31 | 3.50 | 1.12 | 3.15 |
| Other Current Assets | 2.17 | 2.93 | 1.84 | 1.17 | 2.15 |
| Total Current Assets | 2.85 | 7.25 | 5.34 | 2.29 | 5.30 |
| Net PPE | 0.11 | 0.12 | — | — | — |
| Other Assets | — | — | — | — | 0.59 |
| Total Assets | 2.96 | 7.45 | 5.60 | 2.71 | 5.89 |
| Accounts Payable | 1.98 | 3.27 | 1.36 | 1.94 | 2.94 |
| Current Lease Liabilities | — | — | — | — | 0.03 |
| Other Current Liabilities | 2.09 | 1.30 | 0.85 | 1.40 | 6.49 |
| Total Current Liabilities | 4.07 | 4.57 | 2.21 | 3.33 | 9.46 |
| Total Liabilities | 4.07 | 4.57 | 2.22 | 3.36 | 9.91 |
| Retained Earnings | (145.85) | (139.72) | (129.54) | (121.56) | (110.93) |
| Total Equity | (1.11) | 2.88 | 3.38 | (0.65) | (4.03) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (2.57) | (3.56) | (2.77) | (3.73) |
| D&A | 0.01 | 0.01 | 0.01 | 0.00 |
| Stock-Based Comp | 0.00 | 0.01 | 0.02 | 0.05 |
| Δ Working Cap & Other | 0.60 | 0.04 | 1.21 | 1.82 |
| Operating Cash Flow | (1.96) | (3.50) | (1.53) | (1.87) |
| CapEx | — | — | 0.00 | — |
| Investing Cash Flow | — | — | 0.00 | — |
| Stock Issuance | — | — | — | (0.40) |
| Other Financing | 1.89 | — | 4.16 | 1.85 |
| Financing Cash Flow | 1.89 | (0.06) | 4.16 | 1.45 |
| Free Cash Flow | — | — | (1.53) | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (12.62) | (10.18) | (7.99) | (10.63) | (24.21) |
| D&A | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 |
| Stock-Based Comp | 0.08 | 0.18 | 0.11 | 0.88 | 1.07 |
| Δ Working Cap & Other | 3.67 | 2.19 | 0.37 | (1.03) | 5.25 |
| Operating Cash Flow | (8.86) | (7.81) | (7.50) | (10.78) | (17.89) |
| CapEx | — | (0.12) | — | — | — |
| Investing Cash Flow | — | (0.12) | — | — | 0.00 |
| Other Financing | 7.44 | 8.74 | 9.88 | 8.76 | 8.77 |
| Financing Cash Flow | 7.44 | 8.74 | 9.88 | 8.76 | 8.77 |
| Free Cash Flow | — | (7.93) | — | — | — |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 0.70 | 0.71 | 1.59 | 1.27 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | (220.7%) | (370.0%) | (147.4%) | (758.7%) |
| Working Capital | (1.22) | (0.83) | 2.68 | 0.62 |
| Net Debt | — | — | — | — |
| ROE % | 231.4% | 531.6% | (96.0%) | (426.3%) |
| ROA % | (86.9%) | (164.1%) | (37.1%) | (117.3%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 0.70 | 1.59 | 2.42 | 0.69 | 0.56 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | (280.9%) | (202.0%) | (129.2%) | (480.5%) | (959.9%) |
| Working Capital | (1.22) | 2.68 | 3.14 | (1.04) | (4.17) |
| Net Debt | — | — | — | — | — |
| ROE % | 1136.5% | (352.8%) | (236.3%) | 1631.6% | 600.7% |
| ROA % | (426.9%) | (136.5%) | (142.7%) | (392.4%) | (411.3%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-18 | GOWER BOB G | Director | 2026-08-07 | P | 400,000 | $0.49 | $198,000 |
| 2026-08-18 | GOWER BOB G | Director | 2026-04-23 | P | 508,614 | $0.48 | $246,169 |
| 2026-08-18 | GOWER BOB G | Director | 2026-04-23 | C | 254,307 | — | $0 |