{"url_path":"/sec/ensc/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1716947/0001493152-26-023811-index.html","accession_number":"0001493152-26-023811","cik":"0001716947","ticker":"ENSC","issuer_name":"Ensysce Biosciences, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1716947/0001493152-26-023811-index.html","primary_entity_key":"0001716947","primary_entity_name":"Ensysce Biosciences, 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EXCHANGE COMMISSION**\n\n**WASHINGTON,\nD.C. 20549**\n\n \n\n**Form\n10-Q**\n\n \n\n☒\n**QUARTERLY\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe quarterly period ended: March 31, 2026**\n\n \n\n**OR**\n\n \n\n☐\n**TRANSITION\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe transition period from           to**          \n\n \n\nCommission\nFile Number 001-38306\n\n \n\n**ENSYSCE\nBIOSCIENCES, INC.**\n\n(Exact\nname of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**82-2755287**\n\n(State\nor other jurisdiction of\n\nincorporation\nor organization)\n\n \n\n(I.R.S.\nEmployer\n\nIdentification\nNo.)\n\n \n \n \n\n**7946\nIvanhoe Avenue**, **Suite 201**\n\n**La\nJolla**, **California**\n\n \n**92037**\n\n(Address\nof principal executive offices)\n \n(Zip\nCode)\n\n \n\n**(858)\n263-4196**\n\n(Registrant’s\ntelephone number, including area code)\n\n \n\n**SECURITIES\nREGISTERED PURSUANT TO SECTION 12(b) OF THE ACT**:\n\n \n\n**Title\nof each class**\n \n**Trading\nSymbol(s)**\n \n**Name\nof each exchange on which registered**\n\nCommon\nStock, $0.0001 par value per share\n \nENSC\n \nThe\nNasdaq Stock Market\n\nWarrants,\nto purchase one share of Common Stock\n \nENSCW\n \nPink\nLimited Market\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)\nhas been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company,\nor an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller\nreporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge\naccelerated filer ☐\nAccelerated\nfiler ☐\n\nNon-accelerated\nfiler ☒\nSmaller\nreporting company ☒\n\n \nEmerging\ngrowth company ☐\n\n \n\nIf\nan emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act ☐\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nRegistrant\nhad 14,694,492 shares of common stock outstanding as of May 14, 2026.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**FORWARD-LOOKING\nSTATEMENTS**\n\n \n\nThis\nQuarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you\ncan identify forward-looking statements by terms such as “anticipate,” “believe,” “continue,” “could,”\n“estimate,” “expect,” “intend,” “may,” “might,” “objective,”\n“ongoing,” “plan,” “potential,” “predict,” “project,” “should,”\n“will” and “would,” or the negative of these terms or other similar expressions intended to identify statements\nabout the future. We have based these forward-looking statements largely on our current expectations and projections about future events\nand financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements\ninclude, without limitation, statements about:\n\n \n\n \n●\nour\nestimates regarding expenses, revenue, capital requirements and timing and availability of and the need for additional financing\nwill almost certainly not match actual amounts and timing;\n\n \n \n \n\n \n●\nthe\ndilutive effect of recent financing transactions which may negatively affect our stock price;\n\n \n \n \n\n \n●\nour\nability to continue as a going concern for the next twelve months;\n\n \n \n \n\n \n●\nthe\nrisk that our common stock will be delisted from Nasdaq if we are not able to maintain compliance with applicable listing standards;\n\n \n \n \n\n \n●\nthe\nrisk that our lead product candidate PF614 and PF614-MPAR may not be successful in limiting or impeding abuse, overdose, or misuse\nor providing additional safety upon commercialization;\n\n \n \n \n\n \n●\nreliance\nby us on third-party contract research organizations, or CROs, for our research and development activities and clinical trials;\n\n \n \n \n\n \n●\nthe\nneed for substantial additional funding to complete the development and commercialization of our product candidates;\n\n \n \n \n\n \n●\nthe\nrisk that our clinical trials may fail to replicate positive results from earlier preclinical studies or clinical trials conducted\nby us or third parties;\n\n \n \n \n\n \n●\nthe\nrisk that the potential product candidates that we develop may not progress through clinical development or receive required regulatory\napprovals within expected timelines or at all;\n\n \n\ni\n\n \n\n \n\n \n●\nthe\nrisk that clinical trials may not confirm any safety, potency, or other product characteristics described or assumed in this Quarterly\nReport on Form 10-Q;\n\n \n \n \n\n \n●\nthe\nrisk that we will be unable to successfully market or gain market acceptance of our product candidates;\n\n \n \n \n\n \n●\nthe\nrisk that our product candidates may not be beneficial to patients or successfully commercialized;\n\n \n \n \n\n \n●\nthe\nrisk that we have overestimated the size of the target market, patients’ willingness to try new therapies, and the willingness\nof physicians to prescribe these therapies;\n\n \n \n \n\n \n●\neffects\nof competition;\n\n \n \n \n\n \n●\nthe\nrisk that third parties on which we depend for laboratory, clinical development, manufacturing, and other critical services will\nfail to perform satisfactorily;\n\n \n \n \n\n \n●\nthe\nrisk that our business, operations, clinical development plans and timelines, and supply chain could be adversely affected by the\neffects of health epidemics\n\n \n \n \n\n \n●\nthe\nrisk that we will be unable to obtain and maintain sufficient intellectual property protection for its investigational products or\nwill infringe the intellectual property protection of others;\n\n \n \n \n\n \n●\nthe\nloss of key members of our management team;\n\n \n \n \n\n \n●\nchanges\nin our regulatory environment;\n\n \n \n \n\n \n●\nthe\nability to attract and retain key scientific, medical, commercial, or management personnel;\n\n \n \n \n\n \n●\nchanges\nin our industry;\n\n \n \n \n\n \n●\nour\nability to remediate any material weaknesses or maintain effective internal controls over financial reporting;\n\n \n \n \n\n \n●\nother\nfactors disclosed in this Quarterly Report on Form 10-Q; and\n\n \n \n \n\n \n●\nother\nfactors beyond our control.\n\n \n\nThe\nforward-looking statements contained in this Quarterly Report on Form 10-Q are based on Ensysce’s current expectations and beliefs\nconcerning future developments and their potential effects on Ensysce. There can be no assurance that future developments affecting Ensysce\nwill be those that Ensysce has anticipated. These forward-looking statements involve risks, uncertainties (some of which are beyond Ensysce’s\ncontrol) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied\nby these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the\nheading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the\nSecurities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the assumptions\nprove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Moreover, the\noccurrence of the events described in the “Risk Factors” in our Annual Report on Form 10-K may adversely affect Ensysce.\nEnsysce will not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information,\nfuture events or otherwise, except as may be required under applicable securities laws.\n\n \n\nii\n\n \n\n \n\n**GLOSSARY**\n\n \n\n**Definitions:**\n \n \n\n \n \n \n\n**2021\nOmnibus Incentive Plan**\n \nEnsysce\nBiosciences, Inc. Amended and Restated 2021 Omnibus Incentive Plan (“Plan”)\n\n \n \n \n\n**2023\nNotes**\n \nThe\nsenior secured convertible promissory notes in the aggregate original principal amount of $1.8 million, sold in two closings on October\n25, 2023, and November 28, 2023, respectively, pursuant to the Securities Purchase Agreement entered into on October 23, 2023\n\n \n \n \n\n**2023\nMay Offering**\n \nThe\nCompany’s May 2023 registered direct offering of common stock (including pre-funded warrants in lieu thereof) for aggregate\nconsideration of $7.0 million\n\n \n \n \n\n**2024\nFebruary Warrant Inducement**\n \nThe\nCompany’s February 2024 transaction including the cash exercise of certain existing warrants at a reduced price and the issuance\nof new warrants\n\n \n \n \n\n**2024\nAugust Warrant Inducement**\n \nThe\nCompany’s August 2024 transaction including the cash exercise of certain existing warrants at a reduced price and the issuance\nof new warrants\n\n \n \n \n\n**August\nInducement Letter**\n \nInducement\noffer letter entered into with certain holders of existing warrants to purchase 480,234 shares of the Company’s common stock\n(issued in February of 2024) to reduce the exercise price from $15.90 per share to $7.05 per share. The Company also agreed to amend\ncertain existing warrants to purchase up to an aggregate of 133,334 shares of common stock that were previously issued in November\n2023 and had an exercise price of $23.51 per share such that the amended warrants have a reduced exercise price of $7.05 per share.\n\n \n \n \n\n**2025\nRegistered Direct Offering**\n \nA\ndefinitive Securities Purchase Agreement with certain institutional investors, pursuant to which the Company agreed to issue and\nsell in a registered direct offering shares of common stock and pre-funded warrants for an aggregate amount of $1.1 million.\n\n \n \n \n\n**2025\nMarch Warrant Offering**\n \nAn\nagreement by the Company to issue and sell unregistered warrants of Common Stock, Series A-5, and Series A-6 warrants to purchase\nshares of Common Stock\n\n \n \n \n\n**2025\nApril Warrant Inducement**\n \nThe\nCompany’s April 2025 Inducement offer letter entered into with certain holders of existing warrants to purchase 630,376 shares\nof the Company’s common stock (issued in March of 2025) and the issuance of new warrants exercisable for an aggregate of up\nto 1,260,752 shares of common stock with an exercise price of $1.90 per share.\n\n \n \n \n\n**CMOs**\n \nContract\nmanufacturing organizations\n\n \n \n \n\n**Company**\n \nEnsysce\nBiosciences, Inc. and its consolidated subsidiaries\n\n \n \n \n\n**Covistat**\n \nA\nsubsidiary renamed EBIR, Inc.\n\n \n \n \n\n**CROs**\n \nContract\nresearch organizations\n\n \n \n \n\n**EB**\n \nEnsysce\nBiosciences, Inc. prior to its merger with Signature Acquisition Corp. pursuant to the EB-ST Agreement.\n\n  \n\niii\n\n \n\n \n\n**EBIR**\n \nPreviously\nknown as Covistat, Inc., EBIR, Inc. is a clinical stage pharmaceutical company that is developing a compound utilized in the Company’s\noverdose protection program for the treatment of COVID-19 and 79.2%-owned subsidiary of the Company\n\n \n \n \n\n**EB-ST\nAgreement**\n \nAgreement\nand Plan of Merger, dated as of December 28, 2015, by and among Signature, SAQ, and EB\n\n \n \n \n\n**Ensysce**\n \nEnsysce\nBiosciences, Inc.\n\n \n \n \n\n**Exchange\nAct**\n \nSecurities\nExchange Act of 1934, as amended\n\n \n \n \n\n**FDA**\n \nUnited\nStates Food and Drug Administration\n\n \n \n \n\n**GAAP**\n \nGenerally\nAccepted Accounting Principles in the United States of America\n\n \n \n \n\n**JOBS\nAct**\n \nJumpstart\nOur Business Startups Act of 2012\n\n \n \n \n\n**MPAR\nGrant**\n \nResearch\nand development grant related to the development of its MPAR® overdose prevention technology initially awarded to\nthe Company by NIH through NIDA in September 2018, with a second award effective September 2024\n\n \n \n \n\n**Nasdaq**\n \nThe\nNasdaq Stock Market LLC\n\n \n \n \n\n**NIDA**\n \nNational\nInstitute of Drug Abuse\n\n \n \n \n\n**NIH**\n \nNational\nInstitutes of Health\n\n \n \n \n\n**OUD\nGrant**\n \nResearch\nand development grant related to the development of its TAAP/MPAR® abuse deterrent technology for Opioid Use Disorder\nawarded to the Company by NIH/NIDA in September 2019\n\n \n \n \n\n**Registered\nDirect Offering**\n \nAugust\n2024 registered direct offering of common stock (236,880 shares), private placement warrants (to purchase up to 473,760 shares) and\nthe cash exercise of certain existing warrants (480,234 warrant shares) at a reduced price and the issuance of new warrants (to purchase\nup to 1,440,701 shares).\n\n \n \n \n\n**SEC**\n \nU.S.\nSecurities and Exchange Commission\n\n \n \n \n\n**Securities\nAct**\n \nSecurities\nAct of 1933, as amended\n\n \n \n \n\n**Securities\nPurchase Agreement**\n \nThe\nSecurities Purchase Agreement, in September 2021, June 2022, October 2023, August 2024, or March 2025, as the context dictates, by\nand between Ensysce and the institutional investors party thereto\n\n \n \n \n\n**Series\nB Preferred Stock Financing**\n \nThe\nCompany’s November 2025 financing transaction of a registered direct offering and concurrent private placement, involving the\nissuance of 4,000 shares of convertible Series B Preferred Stock and 992,000 equity classified warrants of which 880,000 warrants\nwere issued to certain institutional investors and 112,000 warrants to the placement agent.\n\n \n \n \n\n**TAAP**\n \nTrypsin\nActivated Abuse Protection\n\n \n\niv\n\n \n\n \n\n**Table\nof Contents**\n\n \n\n \n \n**Page**\n\n \n \n \n\n \n[Forward-Looking Statements](#VK_001)\ni\n\n \n[Glossary](#VK_002)\niii\n\n \n \n \n\n**PART\nI.**\nFINANCIAL INFORMATION"}