$EPIX
ESSA Pharma Inc.

2023 Q1 Form 10-Q Financial Statement

#000155837023000948 Filed on February 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $62.77K $0.00
YoY Change -6.05%
Gross Profit -$62.77K $0.00
YoY Change -6.05%
Gross Profit Margin
Selling, General & Admin $3.887M $2.585M $3.066M
YoY Change 1.74% -15.68% 38.74%
% of Gross Profit
Research & Development $4.481M $5.344M $6.020M
YoY Change -41.42% -11.22% 34.2%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $8.213M $7.866M $9.086M
YoY Change -28.39% -13.43% 35.7%
Operating Profit -$8.276M -$7.866M
YoY Change -28.26%
Interest Expense $1.155M $1.124M -$12.01K
YoY Change 87.55% -9457.54% -109.24%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.059M -$6.742M -$9.098M
YoY Change -34.97% -25.9% 38.6%
Income Tax $1.600K $0.00 $100.00
% Of Pretax Income
Net Earnings -$7.060M -$6.742M -$9.098M
YoY Change -34.96% -25.9% 39.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.15 -$0.21
Diluted Earnings Per Share -$0.16 -$0.15 -$206.8K
COMMON SHARES
Basic Shares Outstanding 44.09M 44.07M 43.98M
Diluted Shares Outstanding 44.09M 44.07M 43.99M

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.0M $163.1M $189.2M
YoY Change -13.24% -13.81% 153.96%
Cash & Equivalents $44.30M $51.22M $121.1M
Short-Term Investments $112.7M $111.9M $68.14M
Other Short-Term Assets $1.061M $1.502M $1.748M
YoY Change -0.29% -14.07% 58.87%
Inventory
Prepaid Expenses $1.061M $1.502M $1.748M
Receivables $8.780K $14.64K $2.030K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $158.1M $164.6M $190.9M
YoY Change -13.17% -13.81% 151.59%
LONG-TERM ASSETS
Property, Plant & Equipment $125.6K $156.1K $277.8K
YoY Change -49.23% -43.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $264.6K $259.5K $259.5K
YoY Change 1.98% 0.0% -13.51%
Total Long-Term Assets $390.2K $415.5K $537.3K
YoY Change -23.02% -22.67% 93.52%
TOTAL ASSETS
Total Short-Term Assets $158.1M $164.6M $190.9M
Total Long-Term Assets $390.2K $415.5K $537.3K
Total Assets $158.5M $165.0M $191.5M
YoY Change -13.2% -13.83% 151.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.196M $1.635M $1.563M
YoY Change 58.06% 4.67% 13.57%
Accrued Expenses $359.2K $738.4K $1.635M
YoY Change -85.55% -54.85% 168.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.147M $2.935M $3.658M
YoY Change -42.74% -19.76% 79.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.78K $48.27K $289.0K
YoY Change -86.38% -83.3%
Total Long-Term Liabilities $19.78K $48.27K $289.0K
YoY Change -86.38% -83.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.147M $2.935M $3.658M
Total Long-Term Liabilities $19.78K $48.27K $289.0K
Total Liabilities $2.166M $2.983M $3.947M
YoY Change -44.37% -24.41% 90.33%
SHAREHOLDERS EQUITY
Retained Earnings -$166.7M -$159.6M -$126.9M
YoY Change 21.02% 25.81% 45.0%
Common Stock $278.1M $278.1M $277.6M
YoY Change 0.04% 0.18% 106.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.3M $162.0M $187.5M
YoY Change
Total Liabilities & Shareholders Equity $158.5M $165.0M $191.5M
YoY Change -13.2% -13.83% 151.38%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$7.060M -$6.742M -$9.098M
YoY Change -34.96% -25.9% 39.35%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$6.974M -$4.995M -$5.820M
YoY Change -16.83% -14.17% 47.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $86.27K -$876.3K -$11.00M
YoY Change -100.32% -92.03%
Cash From Investing Activities $86.27K -$876.3K -$11.00M
YoY Change -100.32% -92.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.64K 15.65K 99.31K
YoY Change -118.91% -84.24% -34.2%
NET CHANGE
Cash From Operating Activities -6.974M -4.995M -5.820M
Cash From Investing Activities 86.27K -876.3K -11.00M
Cash From Financing Activities -34.64K 15.65K 99.31K
Net Change In Cash -6.923M -5.856M -16.77M
YoY Change -80.12% -65.07% 337.06%
FREE CASH FLOW
Cash From Operating Activities -$6.974M -$4.995M -$5.820M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q4 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
29427
CY2022Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6712455
CY2021Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9097919
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44073286
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q4 us-gaap Profit Loss
ProfitLoss
-6741882
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44073286
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43989773
CY2022Q4 dei Entity Central Index Key
EntityCentralIndexKey
0001633932
CY2022Q4 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2022Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2022Q4 dei Amendment Flag
AmendmentFlag
false
CY2022Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss Statement Of Financial Position Extensible List
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#ShortTermInvestments
CY2022Q3 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss Statement Of Financial Position Extensible List
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLossStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2021-01-31#ShortTermInvestments
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
44092374
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
44073076
CY2022Q4 dei Document Type
DocumentType
10-Q
CY2022Q4 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2022Q4 dei Document Period End Date
DocumentPeriodEndDate
2022-12-31
CY2022Q4 dei Document Transition Report
DocumentTransitionReport
false
CY2022Q4 dei Entity File Number
EntityFileNumber
001-37410
CY2022Q4 dei Entity Registrant Name
EntityRegistrantName
ESSA Pharma Inc.
CY2022Q4 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
A1
CY2022Q4 dei Entity Address Country
EntityAddressCountry
CA
CY2022Q4 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1250703
CY2022Q4 dei Entity Address Address Line1
EntityAddressAddressLine1
Suite 720
CY2022Q4 dei Entity Address Address Line2
EntityAddressAddressLine2
999 West Broadway
CY2022Q4 dei Entity Address City Or Town
EntityAddressCityOrTown
Vancouver
CY2022Q4 dei Entity Address State Or Province
EntityAddressStateOrProvince
BC
CY2022Q4 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
V5Z 1K5
CY2022Q4 dei City Area Code
CityAreaCode
778
CY2022Q4 dei Local Phone Number
LocalPhoneNumber
331-0962
CY2022Q4 dei Security12b Title
Security12bTitle
Common Shares
CY2022Q4 dei Trading Symbol
TradingSymbol
EPIX
CY2022Q4 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2022Q4 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2022Q4 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022Q4 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2022Q4 dei Entity Small Business
EntitySmallBusiness
true
CY2022Q4 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.     NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Nature of Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company’s head office address is Suite 720 – 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup> Floor at 595 Burrard Street, Three Bentall Centre, Vancouver, BC, V7X 1L3. The Company is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “EPIX”. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is focused on the development of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (“NTD”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As of December 31, 2022, no products are in commercial production or use.</p>
CY2022Q4 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.</p>
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
111406980
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
29239
CY2022Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
473154
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
111850895
CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
109833757
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
58666
CY2022Q3 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
385938
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1128061
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
1611516
CY2022Q4 epix Prepaid Preclinical And Clinical Expenses And Deposits
PrepaidPreclinicalAndClinicalExpensesAndDeposits
181835
CY2022Q3 epix Prepaid Preclinical And Clinical Expenses And Deposits
PrepaidPreclinicalAndClinicalExpensesAndDeposits
181835
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
191800
CY2022Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
22275
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1501696
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1815626
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1635455
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
954598
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
738393
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
807484
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
431607
CY2022Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
414483
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2805455
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2176565
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
308286
CY2021Q4 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
30447
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
277839
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
186499
CY2022Q4 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
30447
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
156052
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
330970
CY2021Q4 epix Operating Lease Liabilities Accretion Expenses
OperatingLeaseLiabilitiesAccretionExpenses
3884
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
32373
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
302481
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
210252
CY2022Q4 epix Operating Lease Liabilities Accretion Expenses
OperatingLeaseLiabilitiesAccretionExpenses
2350
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
34639
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
177963
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
129689
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
48274
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.050
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
20352
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.79
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.84
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.84
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
307273
CY2022Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 epix Cash Canada Deposit Insurance Corporation Insured Amount
CashCanadaDepositInsuranceCorporationInsuredAmount
100000
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 epix Working Capital
WorkingCapital
161652689
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
307273
CY2022Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 epix Cash Canada Deposit Insurance Corporation Insured Amount
CashCanadaDepositInsuranceCorporationInsuredAmount
100000
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 epix Working Capital
WorkingCapital
161652689

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