NEW YORK, May 26, 2026, 08:04 EDT
Ensysce Biosciences shares slipped in pre-market trading Tuesday. The clinical-stage drug maker said Nasdaq sent it a warning on a possible delisting if it does not outline a plan to address its stockholders’ equity deficit.
Nasdaq gave Ensysce until July 6 to send a compliance plan, according to a Friday filing posted before U.S. markets closed for Memorial Day. The notice says stockholders’ equity is what remains for shareholders after assets minus liabilities. The rule in the notice calls for at least $2.5 million in equity.
Ensysce is trading deep under $1, which puts it in a tough spot in the thinner parts of the biotech sector, where worries about raising money can push the stock around. ENSC was last seen near $0.31 early Tuesday. On Robinhood, shares traded in a tight band between $0.311 and $0.319, with about 77,000 shares moving before the main session.
Nasdaq regular hours kick off at 9:30 a.m. ET, but traders can get in early starting at 4:00 a.m. ET during pre-market. The exchange cautions that extended hours often see less liquidity and more volatility, so prices can swing faster when fewer participants are active.
Ensysce said in the filing that if Nasdaq signs off on its plan, it could have as much as 180 days from May 21 to get back in compliance. But if Nasdaq turns down the plan, Ensysce can appeal to a hearings panel. The company said there’s no guarantee the plan will be accepted or that it will regain compliance before the deadline.
Ensysce’s latest quarterly filing showed a drop into negative equity. The company posted a total stockholders’ equity deficit of $669,012 as of March 31, down from positive equity of $2.9 million at the end of December. Cash and cash equivalents dropped to $745,482 from $4.3 million in the same stretch.
Ensysce is also dealing with a Nasdaq notice over its share price. Back in February, the company said it got a letter from Nasdaq after its stock closed below $1 for 30 business days in a row. The company now has until Aug. 24 to fix the issue and get its share price above $1 for at least 10 straight business days to come back into compliance.
Ensysce is betting on pain and central nervous system drugs that target abuse and overdose problems. The company’s main project, PF614, is an extended-release oxycodone prodrug, meaning it only turns active after a chemical step in the body. Ensysce says its TAAP tech activates the drug in the small intestine. MPAR aims to prevent opioid release if too many tablets are taken.
Chief Executive Lynn Kirkpatrick told investors earlier this month the company had “meaningful operational and clinical momentum” in the first quarter, pointing to progress enrolling patients in the PF614-301 Phase 3 trial and new peer-reviewed data on the MPAR platform. Kirkpatrick also said the board is reviewing “strategic alternatives,” with options like partnerships and licensing on the table. Ensysce Biosciences, Inc.
Ensysce spelled out its funding picture in the 10-Q, saying it has no products on the market and doesn’t expect any revenue from sales for years, if at all. The company said its current cash, without new financing, only covers planned operations through late second quarter. That raised substantial doubt over its status as a going concern—that is, whether it can keep operating.
Collegium Pharmaceutical has Xtampza ER on the market as an extended-release oxycodone with abuse-deterrent tech. Pacira BioSciences sells EXPAREL, a non-opioid pain treatment used during surgery to lower or prevent opioid use. That sets the stage for Ensysce, which has to show clinical results and a way to get funded in a tough pain market.
Downside risk is still closest in. Ensysce’s shares could stay weak if it can’t get capital without major dilution, get Nasdaq to approve its equity plan, and keep its share price high enough for listing. Progress in clinical work won’t matter much if it fails there. The company flagged in a February filing that delisting would hurt trading in the stock and may limit public market funding.
