MeritValue

Ensysce Biosciences, Inc.

ENSCdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ensysce Biosciences, Inc. earns about -266% on equity, and has bought back 87% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.53M1$2.52M2$2.23M3$5.21M4$5.07M4
Net income−$29.1M5−$24.2M6−$10.6M7−$7.99M8−$10.2M8
Operating cash flow−$8.24M9−$17.9M10−$10.8M11−$7.5M12−$7.81M12
Capital expenditure————$123,64313
Free cash flow (derived)————−$7.93M12
Total debt—————
Cash & equivalents$12.3M14$3.15M15$1.12M16$3.5M17$4.31M17
Diluted shares20.2M179,925150,937697,6862.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.57
your share of equity
Profit it earned you last year
−$39.79
Free cash flow it threw off
−$31.01
Debt you’d be carrying
—

10 shares is a claim on $12.57 of net worth that earned you −$39.79 and generated −$31.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-266% avg · 5y
FY21 —FY22 —FY23 —FY24 -215%FY25 -317%

It earned an average -266% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009844 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009993 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009703 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013633 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009844 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009993 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009703 (ProfitLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013633 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009844 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009993 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009703 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013633 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2025-12-31 · accession 0001493152-26-013633 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-009844 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-009993 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001493152-25-009703 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-013633 (CashAndCashEquivalentsAtCarryingValue)