Detailed financial statements for Ensysce Biosciences, Inc. (ENSC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ensysce Biosciences, Inc. is a clinical-stage pharmaceutical firm dedicated to developing novel prescription drugs for the treatment of severe pain in the United States, with a specific focus on preventing opioid addiction, misuse, abuse, and overdose.
Analysis Summary
Trailing-twelve-month margins: gross margin 100.0%, operating margin -10.9%, net margin -10.8%.
At the current price of $0.45, ENSC has negative trailing earnings (P/E not meaningful) and an ROE of -316.63%. Market capitalisation stands at $7M.
Balance sheet quality for ENSC: current ratio of 1.6, net cash position of $4.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $1.6M | $3.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$1.6M | -$1.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | 0 | 0 | $3.4M | $4.4M | $4.7M | $19.8M | $7.6M | $7.2M | $10.4M |
| Selling, General & Admin | $146695 | 0 | $6.9M | $1.2M | $18.7M | $6.9M | $5.4M | $4.7M | $4.9M |
| Operating Expenses | $146695 | -$600000 | $6.9M | $1.6M | $19.9M | $24.2M | $10.7M | $6.7M | $10.2M |
| Operating Income | -$147000 | -$959000 | -$8.6M | -$1.6M | -$19.9M | -$24.2M | -$10.7M | -$6.7M | -$10.2M |
| EBITDA | -$27555 | $2.7M | -$8.6M | -$1.6M | -$27.9M | -$24.1M | -$10.3M | -$6.7M | -$10.2M |
| Interest Expense | 0 | 0 | 0 | $995496 | $1.3M | $109525 | $353945 | $1.3M | $18767 |
| Pre-tax Income | -$27558 | $2.7M | -$10.1M | -$160875 | -$29.1M | -$24.2M | -$10.6M | -$8.0M | -$10.2M |
| Income Tax | $3635 | $553916 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$31193 | -$1.3M | -$10.1M | $56770 | -$29.1M | -$24.2M | -$10.6M | -$8.0M | -$10.2M |
| EPS | $-0.01 | $-0.22 | $-1.66 | $0.56 | $-355.68 | $-139.44 | $-4.69 | $-4.57 | $-3.98 |
| EPS (Diluted) | $-0.01 | $-0.22 | $-1.66 | $0.56 | $-355.68 | $-139.44 | $-4.69 | $-4.57 | $-3.98 |
| Shares Outstanding (Diluted) | $6.0M | $6.0M | $6.1M | $6.4M | $84018 | $179932 | $2.3M | $1.7M | $25.6M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.1M | $1.7M | $341536 | $194214 | $12.3M | $3.1M | $1.1M | $3.5M | $4.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $170535 | $173552 | 0 | $441721 | $276821 | $97561 | $124115 | $420345 |
| Inventory | 0 | 0 | 0 | 0 | -$441721 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.3M | $1.9M | $618590 | $347876 | $15.7M | $5.3M | $2.3M | $5.3M | $7.2M |
| Property, Plant & Equipment | 0 | 0 | $351 | $151 | $24.72B | 0 | 0 | 0 | $124129 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $202.4M | $204.8M | $623941 | $351807 | $16.4M | $5.9M | $2.7M | $5.6M | $7.5M |
| Accounts Payable | 0 | 0 | $540778 | $1.7M | $301104 | $2.9M | $1.9M | $1.4M | $3.3M |
| Short-term Debt | 0 | 0 | $2.6M | $4.2M | $12.7M | $4.3M | $854697 | $301660 | $306708 |
| Total Current Liabilities | $156239 | $437886 | $7.3M | $7.0M | $16.5M | $9.5M | $3.3M | $2.2M | $4.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | $4.4M | $140148 | 0 | 0 | 0 |
| Total Liabilities | $7.2M | $7.4M | $7.3M | $7.0M | $24.6M | $9.9M | $3.4M | $2.2M | $4.6M |
| Retained Earnings | -$31193 | $2.1M | -$56.0M | -$56.0M | -$85.8M | -$110.9M | -$121.6M | -$129.5M | -$139.7M |
| Total Equity | $195.3M | $197.4M | -$6.7M | -$6.4M | -$7.9M | -$3.7M | -$322858 | $3.7M | $3.2M |
| Total Debt | 0 | 0 | $2.6M | $4.3M | $17.2M | $4.4M | $854697 | $301660 | $306708 |
| Net Debt | -$2.1M | -$1.7M | $2.3M | $4.1M | $4.9M | $1.3M | -$268907 | -$3.2M | -$4.0M |
| Working Capital | $2.2M | $1.5M | -$6.7M | -$6.7M | -$819073 | -$4.2M | -$1.0M | $3.1M | $2.7M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$31193 | -$1.3M | $365954 | -$160875 | -$29.1M | -$24.2M | -$10.6M | -$8.0M | -$10.2M |
| Depreciation & Amortization | 0 | 0 | 0 | $201 | $151 | 0 | 0 | 0 | $6533 |
| Stock-based Compensation | 0 | 0 | 0 | $178679 | $121764 | $1.1M | $879160 | $110723 | $177086 |
| Change in Working Capital | -$101501 | $273129 | $2.5M | $185103 | -$1.3M | $5.5M | -$947079 | -$851249 | $1.5M |
| Operating Cash Flow | -$251831 | -$1.2M | $11.0M | -$1.2M | -$8.2M | -$17.9M | -$10.8M | -$7.5M | -$7.8M |
| Capital Expenditure | 0 | 0 | $4 | 0 | 0 | 0 | 0 | 0 | -$123643 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$11.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$251831 | -$1.2M | $11.0M | -$1.2M | -$8.2M | -$17.9M | -$10.8M | -$7.5M | -$7.9M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | ||||||||
| Net Income Growth (YoY) | -4205.5% | -652.2% | +100.6% | -51330.8% | +16.9% | +56.1% | +24.7% | -27.4% | |
| EPS Growth (YoY) | -4130.8% | -654.5% | +133.7% | -63614.3% | +60.8% | +96.6% | +2.6% | +12.9% | |
| Shares Change (YoY) | +0.4% | +1.4% | +4.5% | -98.7% | +114.2% | +1158.3% | -22.8% | +1363.9% | |
| FCF Growth (YoY) | -391.7% | +987.9% | -111.3% | -560.8% | -117.0% | +39.7% | +30.4% | -5.7% | |
| Gross Margin | -92.9% | ||||||||
| Operating Margin | -485.7% | ||||||||
| EBITDA Margin | -485.7% | ||||||||
| Net Margin | -572.7% | ||||||||
| FCF Margin | 623.3% | ||||||||
| Effective Tax Rate | -13.2% | 20.7% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.04 | $-0.21 | $1.81 | $-0.20 | $-98.10 | $-99.41 | $-4.76 | $-4.29 | $-0.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.0M | $6.0M | $6.1M | $4.5M | $84018 | $179932 | $2.3M | $1.7M | $2.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -316.63% |
| Return on Invested Capital | -320.89% |
| Return on Assets | -136.54% |
| Gross Margin | 100.00% |
| Operating Margin | -1087.47% |
| Net Margin | -1084.23% |
Financial Health
| Debt / Equity | -0.25 |
| Current Ratio | 0.70 |
| Piotroski F-Score | 0 |
| Altman Z-Score | -29.36 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -6611538.46 | -160690.91 | -22597.59 | 79937.36 | -47.57 | -0.97 | -3.39 | -1.78 | -0.23 |
| P/B | 1053.57 | 1075.65 | -34223.64 | -30984.03 | -180.44 | -6.54 | -111.50 | 3.83 | 0.73 |
| P/S | 0.00 | 0.00 | 129529.84 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | -92.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | -485.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | -572.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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