Ensysce Biosciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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~$0.3
Price-to-sales vs peers
Base case. Range ~$0.3–$2.6. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Ensysce Biosciences, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Ensysce Biosciences has little or no product revenue yet; it used $9m of cash in the twelve months to June 2026. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 3 financial-health checks. Our price-to-sales vs peers value is $0.89 a share, against a share price of $0.45.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ensysce Biosciences, Inc.'s trailing-twelve-month revenue fell 39.3% year on year, with a free-cash-flow margin of -197.2%. Where it stands out: stock pay as % of revenue of 1.8% ranks 9 of 179 biotechnology companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -39.3% (-14.9pp vs the prior quarter), the 4th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Ensysce Biosciences, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.3 ~$0.8–$2.6 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.3 ~$0.3–$2.6 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ensysce Biosciences, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Share price | $44766.00 | $16920.00 | $135.00 | $15.90 | $8.14 | $0.92 |
| Market value | $739.0bn | $341.2bn | $24m | $2m | $6m | $2m |
| + Net debt (− = net cash) | $5m | $5m | $1m | −$1m | −$3m | −$4m |
| Enterprise value | $739.0bn | $341.2bn | $26m | $1m | $2m | −$2m |
| Multiples | ||||||
| Price / sales | n/m | n/m | 9.6x | 1.1x | 1.1x | 0.5x |
| Price / earnings | n/m | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.60 | +85% | $5m | −11% |
| Next | −$0.05 | — | $3m | −33% |
The consensus EPS forecast for the current fiscal year is −60.8% on 90 days ago. In the last 30 days, 1 analyst raised Ensysce Biosciences, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | −$1.53 |
| 60 days ago | −$1.09 |
| 30 days ago | −$1.09 |
| 7 days ago | −$1.09 |
| Now | −$0.60 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.50 | −$0.20 | +60.5% |
| Mar 2026 | −$0.73 | −$0.52 | +28.8% |
| Dec 2025 | −$1.26 | −$0.75 | +40.5% |
| Sept 2025 | −$0.93 | −$1.29 | −38.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ENSC | −62% | −99% | −88% | −49% | −89% | −59% |
| Industry peers (median) | −35% | −56% | −17% | −28% | −5% | −26% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ENSC | 42% | 17% | 17% | 25% | 25% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ENSC | −95% | −99% | −93% | −90% | −90% | −77% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 14, 2018: 100% from February 1, 2021 to June 12, 2026. Getting back needed a 34407868% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | +0.3% | +0.5% | −5.3% | +20.6% |
| May 15, 2026 | +14.4% | −1.3% | +15.2% | +0.4% |
| March 30, 2026 | +2.1% | +2.6% | +9.1% | −31.6% |
| November 14, 2025 | −5.3% | −0.9% | −23.2% | −43.0% |
| August 13, 2025 | −1.4% | +0.4% | −1.2% | +1.0% |
| May 13, 2025 | +5.5% | +0.8% | +10.5% | −2.3% |
| March 10, 2025 | −8.4% | −3.5% | −22.3% | −62.9% |
| November 12, 2024 | +2.6% | −0.3% | −1.9% | −41.0% |
| August 14, 2024 | −4.1% | +2.0% | −1.0% | −20.5% |
| May 13, 2024 | +5.9% | +0.5% | +41.0% | +2.3% |
| March 15, 2024 | +8.0% | −0.1% | +6.5% | −13.9% |
| November 9, 2023 | −12.1% | +0.8% | +3.3% | +19.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $3.1M |
| FY23 Q4 | $2.2M |
| FY24 Q1 | $1.7M |
| FY24 Q2 | $1.4M |
| FY24 Q3 | $4.4M |
| FY24 Q4 | $5.2M |
| FY25 Q1 | $6.2M |
| FY25 Q2 | $7.4M |
| FY25 Q3 | $4.5M |
| FY25 Q4 | $5.1M |
| FY26 Q1 | $4.7M |
| FY26 Q2 | $4.5M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 15.5% |
| FY23 Q4 | -11.6% |
| FY24 Q1 | -35.5% |
| FY24 Q2 | -52.0% |
| FY24 Q3 | 40.4% |
| FY24 Q4 | 133.6% |
| FY25 Q1 | 256.4% |
| FY25 Q2 | 415.6% |
| FY25 Q3 | 1.5% |
| FY25 Q4 | -2.8% |
| FY26 Q1 | -24.4% |
| FY26 Q2 | -39.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -437.1% |
| FY23 Q4 | -480.5% |
| FY24 Q1 | -572.5% |
| FY24 Q2 | -671.9% |
| FY24 Q3 | -142.7% |
| FY24 Q4 | -129.2% |
| FY25 Q1 | -110.1% |
| FY25 Q2 | -89.7% |
| FY25 Q3 | -245.9% |
| FY25 Q4 | -202.1% |
| FY26 Q1 | -251.4% |
| FY26 Q2 | -281.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q1 | -46.1% |
| FY21 Q2 | -68.9% |
| FY21 Q3 | -216.6% |
| FY21 Q4 | -233.4% |
| FY24 Q4 | -144.0% |
| FY25 Q1 | -93.2% |
| FY25 Q2 | -83.6% |
| FY25 Q3 | -157.0% |
| FY25 Q4 | -154.2% |
| FY26 Q1 | -204.2% |
| FY26 Q2 | -197.2% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 4 | 4 | 3 | 2 | 5 | 5 | 5 |
| EBITDA | −2 | −20 | −24 | −11 | −7 | −10 | −13 |
| Operating income | −2 | −20 | −24 | −11 | −7 | −10 | −13 |
| Net income | 4 | −30 | −25 | −11 | −8 | −10 | −13 |
| Diluted EPS | $0.00 | −$1.48 | −$139.42 | −$70.40 | −$11.45 | −$3.98 | — |
| Growth (year on year) | |||||||
| Revenue | — | −10.2% | −28.5% | −11.6% | +133.6% | −2.8% | −39.3% |
| Net income | — | −793.3% | — | — | — | — | — |
| Margins | |||||||
| EBITDA margin | −41.0% | −562.7% | −959.9% | −480.5% | −129.2% | −202.0% | −280.9% |
| Operating margin | −41.0% | −562.7% | −959.9% | −480.5% | −129.2% | −202.1% | −281.3% |
| Net margin | 109.7% | −846.4% | −994.1% | −476.4% | −153.3% | −200.8% | −280.5% |
| Free-cash-flow margin | — | — | — | — | — | −156.5% | — |
| Cash flow | |||||||
| Cash from operations | −1 | −8 | −18 | −11 | −8 | −8 | −9 |
| Capital spending | — | — | — | — | — | 0 | — |
| Free cash flow | — | — | — | — | — | −8 | — |
| Stock-based pay | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | — | — | −8 | — |
| Balance sheet | |||||||
| Cash | 0 | 12 | 3 | 1 | 4 | 4 | 1 |
| Total debt | 5 | 17 | 5 | — | 0 | 0 | 0 |
| Net debt (negative = net cash) | 5 | 5 | 1 | −1 | −3 | −4 | −0 |
| Diluted shares | 17m | 20m | — | — | — | 3m | — |
| Returned to shareholders | |||||||
| Buybacks | 185 | — | — | — | — | — | — |
| Total returned | 185 | — | — | — | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3,419 | 1,304 | 1,320 | 1,371 | 493 | 1,882 | 961 | 1,164 |
| EBITDA | 645 | −3,576 | −1,968 | −1,751 | −3,741 | −2,775 | −3,556 | −2,570 |
| Operating income | 645 | −3,576 | −1,968 | −1,751 | −3,741 | −2,782 | −3,562 | −2,576 |
| Net income | 662 | −3,564 | −1,946 | −1,733 | −3,729 | −2,768 | −3,556 | −2,571 |
| Diluted EPS | $0.50 | −$1.47 | −$0.69 | −$0.40 | −$0.65 | −$0.28 | −$0.26 | −$0.20 |
| Growth (year on year) | ||||||||
| Revenue | +685.3% | +153.1% | +331.7% | +654.4% | −85.6% | +44.4% | −27.2% | −15.1% |
| EBITDA | — | — | — | — | −680.2% | — | — | — |
| Operating income | — | — | — | — | −680.2% | — | — | — |
| Net income | — | — | — | — | −663.5% | — | — | — |
| Diluted EPS | — | — | — | — | −229.0% | — | — | — |
| Margins | ||||||||
| EBITDA margin | 18.9% | −274.3% | −149.1% | −127.6% | −758.7% | −147.4% | −370.0% | −220.7% |
| Operating margin | 18.9% | −274.3% | −149.1% | −127.6% | −758.7% | −147.8% | −370.7% | −221.3% |
| Net margin | 19.4% | −273.4% | −147.4% | −126.4% | −756.3% | −147.0% | −370.1% | −220.8% |
| Free-cash-flow margin | — | — | — | — | — | −81.1% | — | −168.6% |
| Cash flow | ||||||||
| Cash from operations | −1,020 | −764 | −1,707 | −2,707 | −1,866 | −1,526 | −3,501 | −1,962 |
| Capital spending | — | — | — | — | — | 0 | — | 0 |
| Free cash flow | — | — | — | — | — | −1,526 | — | −1,962 |
| Stock-based pay | 21 | 30 | 16 | 91 | 46 | 24 | 9 | 2 |
| Free cash flow after stock pay | — | — | — | — | — | −1,550 | — | −1,964 |
| Last 12 months unless stated | ENSC | OCGN | TRDA | CRIS | BOLT | CAMP | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5m | $5m | $5m | $4m | $5m | $4m | $56m |
| Revenue growth, last 12 months | −39.3% | −3.7% | −94.1% | −62.2% | 12.8% | 40.2% | 12.6% |
| Revenue growth, 3-year average | 14.6% | 26.3% | — | −25.0% | −11.5% | — | 13.7% |
| Revenue growth, latest quarter | −15.1% | 8.4% | −53.9% | −100.0% | −99.7% | 18.8% | 10.2% |
| Operating margin | −281.3% | <−999% | <−999% | −203.2% | −654.5% | <−999% | −189.4% |
| Operating margin, 3-year average | −347.6% | <−999% | <−999% | −341.2% | −887.4% | — | −363.5% |
| Net margin | −280.5% | <−999% | <−999% | −490.3% | −611.5% | <−999% | −169.8% |
| Cash from operations / revenue | −196.8% | <−999% | <−999% | −709.0% | −669.2% | −678.2% | −168.0% |
| Free-cash-flow margin | −197.2% | <−999% | <−999% | −709.0% | −669.2% | −681.2% | −162.4% |
| Free-cash-flow margin, 3-year average | −165.8% | <−999% | <−999% | −465.5% | −825.2% | — | −310.0% |
| Stock pay / revenue | 1.8% | 201.1% | 413.3% | 66.4% | 54.1% | 131.4% | 20.0% |
| Change in share count | 74.6% | 14.1% | −0.6% | 90.7% | 1.0% | — | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -39.3% | 12.6% | 137 of 172 |
| Change in growth rate Growth | -14.9pp | -0.1pp | 119 of 172 |
| Operating margin Profitability | -281.3% | -189.4% | 103 of 175 |
| Net margin Profitability | -280.5% | -157.3% | 108 of 180 |
| Free-cash-flow margin Cash generation | -197.2% | -145.4% | 100 of 176 |
| Stock pay as % of revenue Cash generation | 1.8% | 19.2% | 9 of 179 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Jane Street Group, LLC | $60,561 | 209K | 23.2% | ▲ 1438.9% |
| Adage Capital Partners Gp, L.L.C. | $43,416 | 150K | 16.6% | 0.0% |
| Virtu Financial LLC | $28,000 | 95K | 10.7% | ▲ 616.5% |
| Perceptive Advisors LLC | $25,133 | 87K | 9.6% | 0.0% |
| Citadel Advisors LLC | $24,996 | 86K | 9.6% | ▲ 50.3% |
| Xtx Topco Ltd | $22,331 | 77K | 8.6% | ▲ 216.1% |
| Geode Capital Management, LLC | $18,033 | 62K | 6.9% | ▼ 15.8% |
| HRT Financial LP | $15,000 | 54K | 5.7% | New |
| Susquehanna International Group, LLP | $9,941 | 34K | 3.8% | New |
| Tru Independence Asset Management 2, LLC | $3,770 | 13K | 1.4% | 0.0% |
| Two Sigma Securities, LLC | $3,756 | 13K | 1.4% | New |
| Vanguard Capital Management LLC | $3,728 | 13K | 1.4% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ensysce Biosciences, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Gower Bob G Director | August 7, 2026 | Buy | 400,000 | $0.50 | $200,000 |
| Gower Bob G Director | April 23, 2026 | Buy | 508,614 | $0.48 | $244,135 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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