Latest news with #ESSAPharmaInc
Associated Press
08-05-2025
- Business
- Associated Press
ESSA Pharma Reports Financial Results for Fiscal Second Quarter Ended March 31, 2025
Company continues to explore and review strategic options focused on maximizing shareholder value SOUTH SAN FRANCISCO, Calif. and VANCOUVER, BC, May 8, 2025 /PRNewswire/ - 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 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 and on SEDAR+ at 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 [email protected] Investors and Media Argot Partners 212.600.1902 [email protected] ESSA PHARMA INC. CONSOLIDATED BALANCE SHEETS Unaudited Amounts in thousands of United States dollars ESSA PHARMA INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Unaudited Amounts in thousands of United States dollars, except share and per share data View original content: SOURCE ESSA Pharma Inc
Cision Canada
08-05-2025
- Business
- Cision Canada
ESSA Pharma Reports Financial Results for Fiscal Second Quarter Ended March 31, 2025
Company continues to explore and review strategic options focused on maximizing shareholder value 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 ESSA continues to evaluate a range of strategic options focused on maximizing shareholder value. These options may include, but are not limited to, a merger, amalgamation, take-over, business combination, asset sale or acquisition, shareholder distribution, wind-up, liquidation and dissolution, or other strategic direction. The process is expected to involve continuing headcount and other cost reductions. Summary of Financial Results (Amounts expressed in U.S. dollars) Net Loss. ESSA recorded a net loss of $6.4 million for the second quarter ended March 31, 2025, compared to $9.0 million for the second quarter ended March 31, 2024. Investment and other income was $1.0 million for the second quarter ended March 31, 2025, compared to $1.5 million for the second quarter ended March 31, 2024. Research and Development ("R&D") expenditures. R&D expenditures for the second quarter ended March 31, 2025 were $3.5 million compared to $6.2 million for the second quarter ended March 31, 2024, and include non-cash costs related to share-based payments of $551,433 for the second quarter ended 2025 compared to $455,903 for the second quarter ended 2024. The increase in the second quarter was primarily attributed to the wind-down of clinical trials and cessation of preclinical work. General and Administration ("G&A") expenditures. G&A expenditures for the second quarter ended March 31, 2025 were $3.9 million compared to $4.3 million for the second quarter ended March 31, 2024 and include non-cash costs related to share-based payments of $620,676 for the second quarter ended 2025 compared to $671,710 for the second quarter ended 2024. Liquidity and Outstanding Share Capital As of March 31, 2025, the Company had available cash reserves and short-term investments of $113.9 million and net working capital of $113.5 million. The company has no long-term debt facilities. As of March 31, 2025, the Company had 44,388,550 common shares issued and outstanding, and there were 2,920,000 common shares issuable upon the exercise of prefunded warrants at an exercise price of $0.0001. 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 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 and on SEDAR+ at 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 [email protected] Investors and Media Argot Partners 212.600.1902 [email protected] ESSA PHARMA INC. CONSOLIDATED BALANCE SHEETS Unaudited Amounts in thousands of United States dollars March 31, 2025 September 30, 2024 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
Associated Press
25-03-2025
- Business
- Associated Press
EPIX Deadline Today: Rosen Law Firm Urges ESSA Pharma Inc. (NASDAQ: EPIX) Stockholders with Large Losses to Contact the Firm for Information About Their Rights
NEW YORK--(BUSINESS WIRE)--Mar 25, 2025-- Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of purchasers and acquirers of ESSA Pharma Inc. (NASDAQ: EPIX) securities between December 12, 2023 and October 31, 2024, inclusive (the 'Class Period'). The lawsuit describes ESSA as a 'clinical stage pharmaceutical company that focuses on the development of small molecular drugs for the treatment of prostate cancer.' For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. The Allegations: Rosen Law Firm is Investigating the Allegations that ESSA Pharma Inc. (NASDAQ: EPIX) Misled Investors Regarding its Business Operations. According to the lawsuit, defendants, throughout the Class Period, failed to disclose to investors that: (1) masofaniten in combination with enzalutamide had no clear efficacy benefit over enzalutamide alone; (2) accordingly, masofaniten in combination with enzalutamide was less effective in treating prostate cancer than defendants had led investors to believe; (3) the M-E Combination Study was unlikely to meet its prespecified Phase 2 primary endpoint; (4) accordingly, defendants had overstated masofaniten's clinical, regulatory, and commercial prospects; and (5) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. What Now: You may be eligible to participate in the class action against ESSA Pharma Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by March 25, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders. Attorney Advertising. Prior results do not guarantee a similar outcome. CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 [email protected] SOURCE: The Rosen Law Firm, P.A. Copyright Business Wire 2025. PUB: 03/25/2025 11:18 AM/DISC: 03/25/2025 11:18 AM
Associated Press
22-03-2025
- Business
- Associated Press
EPIX DEADLINE ALERT: ROSEN, A LEADING NATIONAL FIRM, Encourages ESSA Pharma Inc. Investors to Secure Counsel Before Important March 25 Deadline in Securities Class Action
New York, New York--(Newsfile Corp. - March 21, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of ESSA Pharma Inc. (NASDAQ: EPIX) between December 12, 2023 and October 31, 2024, inclusive (the 'Class Period'), of the important March 25, 2025 lead plaintiff deadline. SO WHAT: If you purchased ESSA Pharma Inc. securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the ESSA Pharma Inc. class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 25, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants, throughout the Class Period, failed to disclose to investors that: (1) masofaniten in combination with enzalutamide had no clear efficacy benefit over enzalutamide alone; (2) accordingly, masofaniten in combination with enzalutamide was less effective in treating prostate cancer than defendants had led investors to believe; (3) the M-E Combination Study was unlikely to meet its prespecified Phase 2 primary endpoint; (4) accordingly, defendants had overstated masofaniten's clinical, regulatory, and commercial prospects; and (5) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the ESSA Pharma Inc. class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827
Associated Press
21-03-2025
- Business
- Associated Press
Levi & Korsinsky Reminds Shareholders of a Lead Plaintiff Deadline of March 25, 2025 in ESSA Pharma Inc. Lawsuit
NEW YORK, March 21, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in ESSA Pharma Inc. ('ESSA Pharma Inc.' or the 'Company') (NASDAQ: EPIX) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of ESSA Pharma Inc. investors who were adversely affected by alleged securities fraud between December 12, 2023 and October 31, 2024. Follow the link below to get more information and be contacted by a member of our team: EPIX investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500. CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) masofaniten in combination with enzalutamide had no clear efficacy benefit over enzalutamide alone; (ii) accordingly, masofaniten in combination with enzalutamide was less effective in treating prostate cancer than defendants had led investors to believe; (iii) the M-E Combination Study, a monotherapy and combination therapy for the treatment of prostate cancer, was unlikely to meet its prespecified Phase 2 primary endpoint; (iv) accordingly, defendants had overstated masofaniten's clinical, regulatory, and commercial prospects; and (v) as a result, defendants' public statements were materially false and misleading at all relevant times. WHAT'S NEXT? If you suffered a loss in ESSA Pharma Inc. during the relevant time frame, you have until March 25, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate. WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. Ed Korsinsky, Esq. 33 Whitehall Street, 17th Floor New York, NY 10004
