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Ensysce Biosciences, Inc. (NASDAQ:ENSC), a pharmaceutical company based in La Jolla, California, with a market capitalization of $3.8 million and currently showing signs of financial stress according to InvestingPro data, has announced a change in its independent registered public accounting firm. On June 3, 2025, the company was informed that its current auditor, Moss Adams LLP, had merged with Baker Tilly US, LLP. Following the merger, Moss Adams resigned as Ensysce’s auditor, and the company’s Audit Committee approved the appointment of Baker Tilly as the new independent auditor effective immediately.
Moss Adams’ audit reports on Ensysce’s consolidated financial statements for the fiscal years ending December 31, 2024, and 2023, did not include adverse opinions or disclaimers. However, the reports did contain an explanatory paragraph regarding a going concern uncertainty - a concern supported by the company’s negative gross profit margin of -34% and significant losses, with earnings per share at -$7.15 for the last twelve months. During the period covered by the audits, there were no disagreements or reportable events between Ensysce and Moss Adams that would have required disclosure under regulatory guidelines.
The transition to Baker Tilly as the new auditor did not involve consultations regarding accounting practices or audit opinions. Ensysce provided Moss Adams with a copy of the current report filed with the Securities and Exchange Commission and requested a letter from Moss Adams confirming the accuracy of the statements made in the report. This letter is included as an exhibit in the filing.
This information is based on a press release statement included in Ensysce Biosciences’ Form 8-K filed with the SEC. For deeper insights into Ensysce’s financial health and access to over 15 additional key ProTips, consider subscribing to InvestingPro, where you’ll find comprehensive analysis tools and exclusive financial metrics.
In other recent news, Ensysce Biosciences has received the second installment of a $15 million grant from the National Institute on Drug Abuse, amounting to $5.3 million, to further develop its opioid product PF614-MPAR. This funding aims to finalize the drug’s formulation and advance clinical evaluations. In a separate development, Ensysce announced definitive agreements to raise approximately $2.2 million through the exercise of outstanding warrants, with H.C. Wainwright & Co. acting as the exclusive placement agent. The proceeds are intended to support the company’s TAAP™ and MPAR® programs and general working capital. Additionally, the company secured a patent for PF9001, an opioid use disorder treatment, which employs its proprietary technologies to reduce overdose risks associated with traditional therapies. Ensysce also completed Part 1 of a clinical trial for PF614-MPAR, demonstrating its potential for overdose protection. Lastly, the company corrected an omission in its SEC filing, ensuring compliance without affecting previously reported financial results.
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