Essa Pharma reports Q1 EPS (14c), consensus (17c)

As of December 31, 2023, the company had available cash reserves and short-term investments of $142.1M, expected to be sufficient to fund current and planned operations beyond 2025. “As we enter 2024, we are focused on advancing the investigation of masofaniten in combination with second-generation antiandrogen agents, with the goal of improving clinical outcomes for patients battling prostate cancer,” said CEO David Parkinson. “We are extremely pleased with the data reported to date from the Phase 1 dose escalation study evaluating masofaniten combined with enzalutamide in patients with mCRPC naive to second generation anti-androgens where we continue to observe compelling, deep and durable reductions in prostate-specific antigen, along with an encouraging 16.6 month median time to PSA progression. We look forward to reporting updated Phase 1 dose escalation data during 2024. In addition, we continue to advance enrollment in both Phase 1 arms evaluating masofaniten in combination with apalutamide or abiraterone acetate, respectively, and look forward to reporting preliminary data during the second half of 2024. On the financial front, we are bolstered by our strong cash position that we expect will provide sufficient runway to fund our planned operations through several data readouts and beyond 2025”.