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financial strength: ESSA Pharma Inc (NASDAQ:EPIX) maintains a strong cash position of $35,345 in cash and cash equivalents, ensuring its operations are funded through 2025 and beyond.
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Research and Development: Research and development expenses remained unchanged in the quarter at $5,377, reflecting continued investment in clinical research.
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General and administrative expenses: General and administrative expenses decreased slightly from $2,519 to $2,218 compared to the prior year period, demonstrating improved cost control.
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net loss: The company reported a net loss of $5,964, an improvement from a loss of $6,742 in the year-ago period.
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Shareholders' equity: ESSA Pharma Inc (NASDAQ:EPIX) reported a strong stock position of $140,683, demonstrating continued investor confidence.
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clinical advances: Significant clinical advances with masoaniten show promising results in prostate cancer treatment.
February 13, 2024 ESSA Pharma Inc (NASDAQ:EPIX), a clinical-stage pharmaceutical company focused on developing novel treatments for prostate cancer, reports company update and fiscal year financial results The 8-K application has been released. The company remains focused on advancing Masofaniten in combination with second-generation anti-androgens, aiming to improve clinical outcomes for patients with castration-resistant prostate cancer (CRPC).
Financial highlights and clinical advances
ESSA Pharma Inc (NASDAQ:EPIX) reports strong financials with total cash and cash equivalents of $35,345, which is expected to fund operations through 2025 and beyond. The company's research and development expenses are in line with prior year spending, indicating steady investment in clinical programs. . General and administrative expenses decreased slightly due to efficient cost management. Net loss for the period showed improvement, decreasing from $6,742 the previous year to $5,964. Shareholders' equity remains strong at $140,683, confirming investors' continued confidence in the company's strategy and execution.
The company's clinical progress was highlighted by promising results with the combination of masoaniten and enzalutamide. The treatment was well tolerated and showed significant and sustained reductions in prostate-specific antigen (PSA) levels, with 81% of patients achieving PSA90 and 63% achieving PSA <0.2ng/mL Did. Median time to PSA progression is 16.6 months. ESSA Pharma Inc (NASDAQ: EPIX) expects to report updated data from its Phase 1 dose escalation study in the second half of 2024.
Operational and clinical development
ESSA Pharma Inc (NASDAQ:EPIX) continues its Phase 2 study of the combination of masoaniten and enzalutamide and continues to make progress in its clinical program. The company's commitment to advancing treatment options for CRPC is evidenced by its strong pipeline and clinical data presented at major medical conferences. These financial results confirm the company's ability to support its clinical activities with strong cash position providing runway for the future.
ESSA Pharma Inc (NASDAQ:EPIX) remains focused on its mission of providing innovative treatments to patients with prostate cancer. ESSA Pharma Inc (NASDAQ:EPIX) is well-positioned to continue advancing in the biotechnology industry with a clear strategic direction and financial strength to support its clinical programs.
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financial indicators |
1st quarter of 2024 |
1st quarter of 2023 |
|---|---|---|
|
cash and cash equivalents |
$35,345 |
$33,702 |
|
Research and development expenses |
$5,377 |
$5,344 |
|
General and administrative expenses |
$2,218 |
$2,519 |
|
net loss |
$(5,964) |
$(6,742) |
|
Shareholders' equity |
$140,683 |
$145,627 |
To learn more about ESSA Pharma Inc (NASDAQ:EPIX) and its financial results, visit GuruFocus.com.
For more information, see ESSA Pharma Inc's full 8-K earnings release here.
This article first appeared on GuruFocus.
