Essa Pharma reports Q3 EPS (17c), consensus (19c)

At June 30 the Company had available cash reserves and short-term investments of $152.5M reflecting the gross proceeds of the February 2021 financing of approximately $150.0M, less operating expenses in the intervening period. The Company’s cash position is expected to be sufficient to fund current and planned operations through 2025. “Over the past months we have ramped up preparations to initiate the randomized Phase 2 combination study of EPI-7386 and Astellas and Pfizer’s antiandrogen Xtandi, or enzalutamide, and we expect to complete the Phase 1 part of the study in the coming quarter,” stated David Parkinson, President and CEO of ESSA. “In the past quarter, we finalized our clinical collaboration with Janssen to evaluate EPI-7386 in combination with Janssen’s antiandrogens Erleada, or apalutamide, and Zytiga, or abiraterone acetate, in two Phase 1 cohorts, building on initial Phase 1 clinical data demonstrating promising prostate-specific antigen, or PSA, declines following combination treatment. ESSA is in a strong cash position as we advance our EPI-7386 studies, with our cash runway expected to fund operations and programs through 2025.”