Ensysce raises $2M at 78% discount, burns $3.6M in Q1; cash runs out late Q2 2026

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~1 min read

Key Changes

• high

  April 2026 financing priced Series B Preferred at $0.55/share conversion, down 78% from November 2025's $2.50, signaling severe equity devaluation and sharply higher dilution risk for common shareholders.

  MD&A: April 2026 Series B Preferred tranche verify on EDGAR →
• high

  Q1 2026 net loss jumped 83% to $3.6M vs $1.9M prior year, driven by $1.5M increase in R&D for PF614 Phase 3 trial; cash runway now extends only to late Q2 2026 without additional capital.

  MD&A: Net loss & going concern cash runway verify on EDGAR →
• high

  Contractual commitments more than doubled to $17M from $8.1M, reflecting expanded multi-year CRO obligations for PF614 Phase 3; obligations are cancellable but signal planned burn rate.

  MD&A: Commitments verify on EDGAR →