Revenue: As of FY2026 Q1, the actual value is USD 961 K, missing the estimate of USD 1.9 M.

EPS: As of FY2026 Q1, the actual value is USD -0.52, beating the estimate of USD -0.73.

EBIT: As of FY2026 Q1, the actual value is USD -3.568 M.

Ensysce Biosciences, Inc. operates as one reportable and operating segment, with its Chief Executive Officer reviewing consolidated financial information for resource allocation and performance assessment.

Revenue

Revenue from federal grants was $960,999 for the three months ended March 31, 2026, a decrease of -$358,773 from $1,319,772 for the same period in 2025. This decrease was primarily due to the timing of research activities eligible for funding under the MPAR grant.

Operating Expenses

Research and development expenses increased to $3,346,881 for the three months ended March 31, 2026, from $1,885,528 for the same period in 2025, an increase of $1,461,353, primarily due to increased clinical activity for PF614. General and administrative expenses decreased to $1,176,348 for the three months ended March 31, 2026, from $1,401,756 for the same period in 2025, a decrease of -$225,408. Total operating expenses were $4,523,229 for the three months ended March 31, 2026, compared to $3,287,284 for the same period in 2025.

Loss from Operations

Loss from operations was -$3,562,230 for the three months ended March 31, 2026, compared to -$1,967,512 for the same period in 2025.

Net Loss

Net loss was -$3,556,415 for the three months ended March 31, 2026, compared to -$1,945,573 for the same period in 2025.

Other Income (Expense)

Change in fair value of liability classified warrants was $0 for the three months ended March 31, 2026, compared to $9,916 for the same period in 2025. Interest expense, net, was -$3,923 for the three months ended March 31, 2026, and -$3,856 for the same period in 2025. Other income and expense, net, was $9,738 for the three months ended March 31, 2026, compared to $15,879 for the same period in 2025. Total other income (expense), net, was $5,815 for the three months ended March 31, 2026, compared to $21,939 for the same period in 2025.

Cash and Cash Equivalents

Cash and cash equivalents totaled $745,482 as of March 31, 2026, a decrease from $4,310,354 as of December 31, 2025.

Cash Flow from Operating Activities

Net cash used in operating activities was -$3,500,925 for the three months ended March 31, 2026, compared to -$1,707,412 for the same period in 2025.

Cash Flow from Financing Activities

Net cash used in financing activities was -$63,947 for the three months ended March 31, 2026, primarily due to repayments of financed insurance premiums. In contrast, net cash provided by financing activities was $1,257,826 for the three months ended March 31, 2025, mainly from proceeds from a public offering of common stock and warrant exercises.

Unique Metrics and Operational Highlights

Ensysce Biosciences, Inc.’s lead product candidate, PF614, is in Phase 3 clinical development, while PF614-MPAR is in Phase 1b clinical development, and nafamostat has completed Phase 1 clinical development. The remaining funding under the MPAR federal research grant totaled $6.0 million as of March 31, 2026, and is expected to be utilized by May 31, 2027. The company’s commitments as of March 31, 2026, included an estimated $17.0 million related to open purchase orders and contractual obligations, primarily with contract research organizations for multi-year preclinical and clinical research studies.

Future Outlook and Strategy

Ensysce Biosciences, Inc. expects to continue incurring net losses and will require substantial additional funding for the foreseeable future. The company’s current cash on hand is estimated to be sufficient to fund operations through the late second quarter of 2026, raising substantial doubt about its ability to continue as a going concern. Future operations are planned to be financed through public or private equity or debt offerings, or other sources such as potential collaboration agreements.