ESSA Pharma Reports Financial Results for Fiscal First Quarter Ended December 31, 2024

Company continues to explore and review strategic options focused on maximizing shareholder value , /PRNewswire/ - ESSA Pharma Inc. ("ESSA," or the "Company") (NASDAQ: EPIX), a pharmaceutical company that, prior to the discontinuation of its clinical trials and development programs, has been focused on developing novel therapies for the treatment of prostate cancer, today reported financial results for the fiscal first quarter ended December 31, 2024. "Following our decision to terminate the clinical development of masofaniten, we have been evaluating and reviewing strategic options with a focus on maximizing shareholder value," said David Parkinson, MD, President and CEO of ESSA. "We look forward to providing updates in the near future." First Quarter 2025 and Recent Updates Following the decision to terminate all clinical trials evaluating masofaniten and to withdraw the related IND and CTAs, ESSA is conducting a comprehensive process to explore and review a range of strategic options focused on maximizing shareholder value. These options may include, but are not limited to, a merger, amalgamation, take-over, business combination, asset sale or acquisition, shareholder distribution, wind-up, liquidation and dissolution, or other strategic direction. The process is expected to involve headcount and other cost reductions. Summary of Financial Results(Amounts expressed in U.S. dollars) Net Loss. ESSA recorded a net loss of $8.5 million for the first quarter ended December 31, 2024, compared to $6.0 million for the first quarter ended December 31, 2023. Investment and other income was $1.1 million for the first quarter ended December 31, 2024, compared to $1.6 million for the first quarter ended December 31, 2023. Research and Development ("R&D") expenditures. R&D expenditures for the first quarter ended December 31, 2024 were $5.5 million compared to $5.4 million for the first quarter ended December 31, 2023, and include non-cash costs related to share-based payments of $729,780 for the first quarter ended 2024 compared to $526,241 for the first quarter ended 2023. The increase in the first quarter was primarily attributed to the initiation and wind-down of clinical site closures. General and Administration ("G&A") expenditures. G&A expenditures for the first quarter ended December 31, 2024 were $4.2 million compared to $2.2 million for the first quarter ended December 31, 2023 and include non-cash costs related to share-based payments of $1,972,151 for the first quarter ended 2024 compared to $277,177 for the first quarter ended 2023. Liquidity and Outstanding Share Capital As of December 31, 2024, the Company had available cash reserves and short-term investments of $120.6 million and net working capital of $118.8 million. The company has no long-term debt facilities. As of December 31, 2024, the Company had 44,388,550 common shares issued and outstanding, and there were 2,920,000 common shares issuable upon the exercise of prefunded warrants at an exercise price of $0.0001. About ESSA Pharma Inc. ESSA is a pharmaceutical company that was previously focused on developing novel and proprietary therapies for the treatment of patients with prostate cancer. For more information, please visit www.essapharma.com. Forward-Looking Statement Disclaimer This release contains certain information which, as presented, constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements that relate to future events and often addresses expected future business and financial performance, containing words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements regarding the termination of the Company's clinical studies of masofaniten, the Company's evaluation of its strategic alternatives and future announcements in connection therewith, the Company's expected headcount and cost reductions and other statements surrounding the Company's evaluation of masofaniten. Forward-looking statements are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of ESSA to control or predict, and which may cause ESSA's actual results, performance or achievements to be materially different from those expressed or implied thereby. Such statements reflect ESSA's current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by ESSA as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. In making forward looking statements, ESSA may make various material assumptions, including but not limited to (i) the accuracy of ESSA's financial projections; (ii) obtaining necessary regulatory approvals; (iii) ESSA's ability to efficiently wind down its clinical trial activities (iv) that one or more strategic options may be available to ESSA at reasonably acceptable terms; and (v) general business, market and economic conditions. Forward-looking statements are developed based on assumptions about such risks, uncertainties and other factors set out herein and in ESSA's Annual Report on Form 10-K dated December 17, 2024, under the heading "Risk Factors", a copy of which is available on ESSA's profile on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca, and as otherwise disclosed from time to time on ESSA's EDGAR and SEDAR+ profiles. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and ESSA undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable United States and Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements. ContactsESSA Pharma Inc.David Wood, Chief Financial Officer778.331.0962[email protected] Investors and MediaArgot Partners212.600.1902[email protected] ESSA PHARMA INC.CONSOLIDATED BALANCE SHEETSUnauditedAmounts in thousands of United States dollars December 31, 2024 September 30, 2024 Cash $ 93,311 $ 103,710 Prepaids and other assets 29,323 24,402 Total assets $ 122,634 $ 128,112 Current liabilities 3,687 3,301 Long-term debt 180 205 Shareholders' deficiency 118,767 124,606 Total liabilities and shareholders' equity $ 122,634 $ 128,112 ESSA PHARMA INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSUnauditedAmounts in thousands of United States dollars, except share and per share data Three months ended December 31, 2024 Three months ended December 31, 2023 OPERATING EXPENSES Research and development $ 5,474 $ 5,377 General and administration 4,211 2,218 Total operating expenses (9,685) (7,595) Interest and other items 1,153 1,630 Net loss for the period $ (8,532) $ (5,965) OTHER COMPREHENSIVE LOSS Unrealized gain (loss) on short-term investments (9) 20 Loss and comprehensive loss for the period $ (8,541) $ (5,945) Basic and diluted loss per common share $ (0.19) $ (0.14) Weighted average number of common shares outstanding 44,388,550 44,129,491 SOURCE ESSA Pharma Inc WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

ESSA Pharma Reports Financial Results for Fiscal First Quarter Ended December 31, 2024

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