Ensysce completes Cy Biopharma acquisition, adds CRPS candidate CY200

Ensysce Biosciences reported second quarter 2026 results on August 13, 2026, disclosing that it had completed the acquisition of Cy Biopharma, Inc. on August 6, 2026, through private placement financings of $38.6 million, adding CY200, an Orphan Drug-designated candidate for Complex Regional Pain Syndrome, as its lead pipeline asset.¹ The company said it now has cash runway into late 2027, with a second financing tranche of up to $38.6 million available if certain clinical milestones are met, which would extend the runway into 2028.¹

The deal structure combined a stock-for-stock merger that brought in $17.1 million in cash from Cy Biopharma's pre-acquisition convertible note financing¹ with a concurrent private placement of Series C non-voting convertible preferred stock that raised approximately $21.5 million before expenses, led by Ally Bridge Group with participation from Perceptive Advisors, Dellora Investments, Ikarian Capital and Adage Capital Partners, L.P.¹

On the CRPS program, Ensysce said it plans to use the private placement proceeds mainly to move CY200 into a randomized Phase 2 trial testing efficacy, safety and tolerability for symptom relief in patients with CRPS Type 1, while also preparing for registrational development.¹

For the legacy opioid pipeline, the company said its PF614-301 study, a pivotal Phase 3, multicenter, randomized, double-blind, placebo-controlled trial evaluating PF614 for moderate to severe pain following abdominoplasty, is continuing.¹ Separately, enrollment continues in the PF614-MPAR-102 study, supported by a NIDA grant, with $5.3 million of that funding remaining available through May 2027.¹

On the balance sheet, Ensysce reported cash and cash equivalents of $0.7 million as of June 30, 2026, down from $4.3 million at the end of 2025¹, before the post-quarter Cy Biopharma transactions added approximately $31 million in cash, net of transaction expenses.¹