Revenue volatility remains extreme, with quarterly figures fluctuating between zero and $3.4 million, while the lack of a stable gross margin is evidenced by the 2025Q3 negative 5.0% margin.
| Sales/Revenue | 2.83M | 5.07M | 5.21M | 2.23M | 2.52M | 3.53M | 3.93M | 1.76M | 0 | 0 |
| Revenue Growth % | -54.6% | -2.75% | 133.53% | -11.59% | -28.54% | -10.18% | 122.86% | - | - | - |
| Cost of Goods Sold | 4.88M | 0 | 7.22M | 7.59M | 19.84M | 151 | 201 | 3.4M | 1.56M | 0 |
| COGS % of Revenue | - | - | 138.56% | 340.07% | 786.08% | 0% | 0.01% | 192.88% | - | - |
| Gross Profit | -2.06M | 0 | -2.01M | -5.36M | -17.31M | 3.53M | 3.93M | -1.64M | -1.56M | 0 |
| Gross Margin % | -72.88% | - | -38.57% | -240.12% | -686.08% | 100% | 99.99% | -92.88% | - | - |
| Gross Profit Growth % | - | 100% | 62.49% | 69.06% | -590.29% | -10.17% | 339.94% | -5.09% | - | - |
| Operating Expenses | 9.78M | 10.24M | 4.72M | 5.36M | 6.91M | 23.4M | 5.54M | 6.93M | -600K | 146.69K |
| OpEx % of Revenue | - | 202.12% | 90.61% | 240.3% | 273.82% | 662.71% | 141.03% | 392.86% | - | - |
| Selling, General & Admin | 4.71M | 4.93M | 4.72M | 5.36M | 6.91M | 18.71M | 1.15M | 6.93M | 0 | 146.69K |
| SG&A % of Revenue | - | 97.32% | 90.61% | 240.3% | 273.82% | 529.89% | 29.37% | 392.86% | - | - |
| Research & Development | 11.84M | 10.38M | 7.22M | 7.59M | 19.84M | 4.69M | 4.39M | 3.4M | 0 | 0 |
| R&D % of Revenue | - | 204.81% | 138.56% | 340.07% | 786.08% | 132.82% | 111.66% | 192.88% | - | - |
| Other Operating Expenses | -3M | -5.07M | -7.22M | -7.59M | -19.84M | 0 | 0 | -3.4M | 0 | 0 |
| Operating Income | -11.84M | -10.24M | -6.73M | -10.72M | -24.22M | -19.87M | -1.61M | -8.57M | -959K | -147K |
| Operating Margin % | -418.88% | -202.12% | -129.17% | -480.41% | -959.91% | -562.71% | -41.04% | -485.74% | - | - |
| Operating Income Growth % | - | -52.17% | 37.21% | 55.75% | -21.9% | -1131.67% | 81.17% | -793.46% | -552.38% | - |
| EBITDA | -6.32M | -10.23M | -6.73M | -10.72M | -24.22M | -19.87M | -1.61M | -8.57M | 2.68M | -27.55K |
| EBITDA Margin % | -223.84% | -202% | -129.17% | -480.41% | -959.9% | -562.71% | -41.03% | -485.73% | - | - |
| EBITDA Growth % | -395.61% | -52.07% | 37.21% | 55.75% | -21.9% | -1131.82% | 81.17% | -420.18% | 9811.49% | - |
| D&A (Non-Cash Add-back) | 5.49M | 6.53K | 4 | -3 | 151 | 151 | 201 | 201 | 0 | 0 |
| EBIT | -11.8M | -10.16M | -6.73M | -10.72M | -24.22M | -25.93M | 834.62K | -8.57M | 2.68M | -27.55K |
| Net Interest Income | -18.83K | -18.77K | -1.29M | -354K | 1.14M | 1.92M | -276K | 4.25M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 1.25M | 3.21M | 719.65K | 4.25M | 3.63M | 0 |
| Interest Expense | 18.83K | 18.77K | 1.29M | 353.94K | 109.53K | 1.29M | 995.5K | 0 | 0 | 0 |
| Other Income/Expense | 48.64K | 64.76K | -1.26M | 91.91K | 14.41K | -9.28M | 1.45M | -1.53M | 3.63M | 119.14K |
| Pretax Income | -11.79M | -10.18M | -7.99M | -10.63M | -24.21M | -29.15M | -160.88K | -10.1M | 2.68M | -27.56K |
| Pretax Margin % | -417.16% | -200.85% | -153.3% | -476.29% | -959.33% | -825.38% | -4.09% | -572.7% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 553.92K | 3.63K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20.7% | -13.19% |
| Net Income | -11.79M | -10.18M | -7.99M | -10.61M | -24.17M | -29.08M | 56.77K | -10.1M | -1.34M | -31.19K |
| Net Margin % | -417.14% | -200.84% | -153.3% | -475.71% | -957.93% | -823.62% | 1.44% | -572.7% | - | - |
| Net Income Growth % | -72.91% | -27.4% | 24.74% | 56.09% | 16.89% | -51330.78% | 100.56% | -652.22% | -4205.45% | - |
| Net Income (Continuing) | -11.79M | -10.18M | -7.99M | -10.63M | -24.21M | -29.15M | -160.88K | -10.1M | 2.12M | -31.19K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -328.97K | -328.97B | -328.48K | -328.41K | -315.21K | -279.81K | -217.63K | 0 | 0 | 0 |
| EPS (Diluted) | -1.72 | -3.98 | -4.57 | -4.69 | -139.44 | -355.68 | 0.56 | 0.24 | -0.22 | -0.01 |
| EPS Growth % | 36.79% | 12.91% | 2.56% | 96.64% | 60.8% | -63614.29% | 133.33% | 209.09% | - | - |
| EPS (Basic) | - | -3.98 | -4.57 | -4.69 | -139.44 | -355.68 | 0.56 | 0.24 | -0.22 | -0.01 |
| Diluted Shares Outstanding | 6.84M | 25.57M | 1.75M | 2.26M | 179.93K | 84.02K | 6.37M | 6.09M | 6.01M | 5.98M |
| Basic Shares Outstanding | 6.84M | 2.56M | 1.75M | 2.26M | 179.93K | 84.02K | 4.46M | 6.09M | 6.01M | 5.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in recent financial filings, Ensysce Biosciences exhibits highly erratic revenue patterns, with quarterly figures fluctuating between zero and $3.4 million, reflecting a total reliance on non-recurring federal research grants rather than any sustainable commercial product sales or predictable market-driven demand for its pipeline assets.
The absence of a consistent revenue base suggests that the company remains in a pre-commercial state where top-line performance is dictated by the timing of research milestones. Investors should interpret these figures as non-dilutive funding offsets rather than indicators of future commercial scalability or market penetration.
Based on the company's historical income statements, R&D spending remains the primary driver of the cost structure, frequently exceeding $3 million per quarter, which underscores the significant capital intensity required to advance the TAAP platform through late-stage clinical trials without a commercial revenue buffer.
The high fixed-cost nature of these clinical programs implies that the company lacks operational flexibility, as expenses are tied to patient enrollment and regulatory milestones. This cost profile warrants close monitoring, as any delay in trial execution could exacerbate the existing cash burn without providing the necessary data readouts to justify further investment.
According to the provided income statement data, the company lacks a stable gross margin, with figures oscillating wildly between positive territory and deep negative values, confirming that the firm has not yet established a viable manufacturing or commercial supply chain for its prodrug technology.
The lack of a consistent gross margin is a fundamental characteristic of a clinical-stage entity that has yet to transition to product sales. Analysts should view the current margin volatility as a reflection of accounting adjustments related to grant-funded research rather than an indication of future pricing power or production efficiency.
As indicated by the most recent financial disclosures, the company's cash position of approximately $3.5 million appears insufficient to sustain current R&D burn rates for more than a year, suggesting that the firm faces a high probability of significant equity dilution or potential insolvency risks.
The reliance on external financing to bridge the gap between grant funding and clinical progress creates a precarious situation for shareholders. Investors should consider whether the current valuation adequately accounts for the high likelihood of future capital raises, which may be necessary to maintain the development of the PF614-MPAR platform.
Quick answers to the most common questions about buying ENSC stock.
For fiscal year 2025, Ensysce Biosciences, Inc. (ENSC) reported total revenue of $5.1M.
Ensysce Biosciences, Inc. (ENSC) reported a net loss of $10.2M for the fiscal year ending 2025.
Ensysce Biosciences, Inc. (ENSC) reported an operating income of $-10.2M, resulting in an operating profit margin of -202.1%. This margin reflects the operational efficiency of the business before interest and taxes.