Essa Pharma reports Q2 EPS (20c), consensus (19c)

As of March 31, 2024, the company had available cash reserves and short-term investments of $135.9M. Cash position is expected to be sufficient to fund current and planned operations beyond 2025. “The year is off to a strong start with the presentation of updated Phase 1 masofaniten dose escalation data at the 2024 ASCO Genitourinary Cancers Symposium (“ASCO-GU”), which demonstrated that masofaniten combined with enzalutamide continues to be well tolerated with deep and durable reductions in prostate-specific antigen (“PSA”) in patients with metastatic castration-resistant prostate cancer (“mCRPC”) naive to second-generation antiandrogens,” said CEO David Parkinson. “Looking ahead, we have multiple critical milestones we are working toward, including reporting more updated data from the Phase 1 dose escalation study evaluating masofaniten combined with enzalutamide in this patient population during the second half of 2024, and completing enrollment in the Phase 2 dose expansion study evaluating masofaniten in combination with enzalutamide during Q1 2025, with preliminary data expected to follow in mid-2025.”