Ensysce Biosciences (ENSC) 10-K 10 Mar 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Mar. 07, 2025	Jun. 28, 2024
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-38306
Entity Registrant Name	ENSYSCE BIOSCIENCES, INC.
Entity Central Index Key	0001716947
Entity Tax Identification Number	82-2755287
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	7946 Ivanhoe Avenue
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	(858)
Local Phone Number	263-4196
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4
Entity Common Stock, Shares Outstanding		1,405,134
Documents Incorporated by Reference [Text Block]	None
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	659
Auditor Name	Moss Adams LLP
Auditor Location	San Diego, California
Common Stock Par Value [Member]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ENSC
Security Exchange Name	NASDAQ
Warrants, to purchase one share of Common Stock
Title of 12(b) Security	Warrants, to purchase one share of Common Stock
Trading Symbol	ENSCW

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,502,077	$ 1,123,604
Unbilled receivable	124,115	97,561
Prepaid expenses and other current assets	1,718,490	1,067,703
Total current assets	5,344,682	2,288,868
Other assets	252,550	419,217
Total assets	5,597,232	2,708,085
Current liabilities:
Accounts payable	1,357,079	1,936,007
Accrued expenses and other liabilities	548,458	542,260
Notes payable and accrued interest	301,660	854,697
Total current liabilities	2,207,197	3,332,964
Long-term liabilities:
Other long-term liabilities	10,096	26,388
Total long-term liabilities	10,096	26,388
Total liabilities	2,217,293	3,359,352
Commitments and contingencies (Note 6)
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value, 1,500,000 shares authorized, no shares issued and outstanding at December 31, 2024 and December 31, 2023
Common stock, $0.0001 par value, 250,000,000 shares authorized at December 31, 2024 and December 31, 2023; 1,355,779 and 209,745 shares issued at December 31, 2024 and December 31, 2023, respectively; 1,355,773 and 209,739 shares outstanding at December 31, 2024 and December 31, 2023, respectively	136	21
Additional paid-in capital	133,252,585	121,234,195
Accumulated deficit	(129,544,299)	(121,557,074)
Total Ensysce Biosciences, Inc. stockholders’ equity (deficit)	3,708,422	(322,858)
Noncontrolling interests in stockholders’ deficit	(328,483)	(328,409)
Total stockholders’ equity (deficit)	3,379,939	(651,267)
Total liabilities and stockholders’ equity (deficit)	$ 5,597,232	$ 2,708,085

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,500,000	1,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	1,355,779	209,745
Common stock, shares outstanding	1,355,773	209,739

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Federal grants	$ 5,210,031	$ 2,230,520
Operating expenses:
Research and development	7,219,437	7,587,473
General and administrative	4,720,728	5,361,234
Total operating expenses	11,940,165	12,948,707
Loss from operations	(6,730,134)	(10,718,187)
Other income (expense):
Loss on conversions and change in fair value of convertible notes		146,479
Change in fair value of liability classified warrants	16,292	283,958
Interest expense, net	(1,290,444)	(353,945)
Other income and expense, net	17,277	15,420
Total other income (expense), net	(1,256,875)	91,912
Net loss	(7,987,009)	(10,626,275)
Net loss attributable to noncontrolling interests	(74)	(13,201)
Deemed dividend related to warrants down round provision	290	12,937
Net loss attributable to common stockholders	$ (7,987,225)	$ (10,626,011)
Net loss per basic and diluted share:
Net loss per share attributable to common stockholders, basic	$ (11.45)	$ (70.40)
Net loss per share attributable to common stockholders, diluted	$ (11.45)	$ (70.40)
Weighted average common shares outstanding, basic	697,686	150,937
Weighted average common shares outstanding, diluted	697,686	150,937

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2022	$ 4	$ 107,216,615	$ (110,931,063)	$ (315,208)	$ (4,029,652)
Balance, shares at Dec. 31, 2022	35,650
Settlement of restricted stock units
Settlement of restricted stock units, shares	4,064
Settlement of commitment fee		400,000			400,000
Settlement of commitment fee, shares	2,964
Conversion of convertible notes	$ 3	3,056,889			3,056,892
Conversions of convertible notes, shares	27,240
Public offering	$ 9	9,049,995			9,050,004
Public offering, net, shares	92,109
Stock-based compensation		879,160			879,160
Issuance of warrants - debt discount		1,066,483			1,066,483
Transaction costs associated with public offering		(447,879)			(447,879)
Issuance of common stock upon exercise of warrants	$ 5	(5)
Issuance of common stock upon exercise of warrants, shares	47,792
Reverse split fractional shares
Reverse split fractional shares, shares	80
Deemed dividend related to warrants down round provision		12,937	(12,937)
Net loss			(10,613,074)	(13,201)	(10,626,275)
Balance at Dec. 31, 2023	$ 21	121,234,195	(121,557,074)	(328,409)	(651,267)
Balance, shares at Dec. 31, 2023	209,739
Settlement of restricted stock units
Settlement of restricted stock units, shares	5
Conversion of convertible notes	$ 5	1,168,595			$ 1,168,600
Conversions of convertible notes, shares	49,702				49,702
Public offering	$ 24	1,669,977			$ 1,670,001
Public offering, net, shares	236,880
Stock-based compensation		110,723			110,723
Issuance of common stock upon exercise of warrants	$ 14	2,433,066			2,433,080
Issuance of common stock upon exercise of warrants, shares	139,028
Reverse split fractional shares
Reverse split fractional shares, shares	62
Deemed dividend related to warrants down round provision		290	(290)
Net loss			(7,986,935)	(74)	(7,987,009)
Issuance of common stock upon warrant inducements	$ 72	8,103,870			8,103,942
Issuance of common stock upon warrant inducements , shares	720,357
Transaction costs associated with public offering and warrant inducements		(1,468,131)			(1,468,131)
Balance at Dec. 31, 2024	$ 136	$ 133,252,585	$ (129,544,299)	$ (328,483)	$ 3,379,939
Balance, shares at Dec. 31, 2024	1,355,773

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (7,987,009)	$ (10,626,275)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest	43,927	18,648
Amortization of orginal issue discount and debt issuance costs	1,197,200	326,151
Loss on conversions and change in fair value of convertible notes		(146,479)
Change in fair value of liability classified warrants	(16,292)	(283,958)
Stock-based compensation	110,723	879,160
Lease cost		(150)
Unbilled receivable	(26,554)	179,260
Prepaid expenses and other assets	(251,965)	1,392,181
Accounts payable	(578,928)	(1,234,287)
Accrued expenses and other liabilities	6,198	(1,284,233)
Net cash used in operating activities	(7,502,700)	(10,779,982)
Cash flows from financing activities:
Proceeds from public offerings, net	1,670,001	9,050,004
Proceeds from warrant exercises	2,433,080
Proceeds from warrant inducement, net of issuance costs	8,103,942
Transaction costs from public offerings		(447,879)
Transaction costs associated with public offering and warrant inducements	(1,468,131)
Proceeds from issuance of convertible notes, net		1,605,635
Repayment of convertible notes	(485,190)	(1,000,208)
Repayment of financed insurance premiums	(372,529)	(451,668)
Net cash provided by financing activities	9,881,173	8,755,884
Increase (decrease) in cash and cash equivalents	2,378,473	(2,024,098)
Cash and cash equivalents beginning of period	1,123,604	3,147,702
Cash and cash equivalents end of period	3,502,077	1,123,604
Supplemental cash flow information:
Income tax payments	3,200	3,200
Supplemental disclosure of non-cash investing and financing activities:
Incremental fair value of August 2024 Warrant Inducement	10,210,616
Incremental fair value of February 2024 Warrant Inducement	5,167,372
Conversion of convertible notes into common stock	1,168,600	3,056,892
Original debt discount from convertible notes		136,000
Debt discount from warrants issuance		1,066,483
Issuance cost from convertible notes		226,503
Financed insurance premiums	232,155	445,737
Settlement of commitment fee in shares		400,000
Deemed dividend related to warrants down round provision	$ 290	$ 12,937

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented cybersecurity risk management processes ● physical, technological and administrative controls intended to support our cybersecurity and data governance framework, including protections designed to protect the confidentiality, integrity and availability of our key information systems; ● risk assessments designed to help identify material cybersecurity risks to our critical systems and information; ● designated team members are responsible for managing our cybersecurity risk assessment processes, our security controls, and our response to cybersecurity incidents; and ● the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls. We have no
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented cybersecurity risk management processes
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	We have no
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function. The Audit Committee The Audit Committee receives periodic reports from management on our cybersecurity risks. In addition, management Our management team, including our Chief Financial Officer, is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, including our Chief Financial Officer, is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives periodic reports from management on our cybersecurity risks. In addition, management
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES Ensysce Biosciences, Inc. (“Ensysce”), along with its 79.2 In 2020, the Company commenced an initiative to develop a therapeutic for the treatment of certain coronavirus infections through the formation of a separate entity, EBIR, a Delaware corporation. Pursuant to the articles of incorporation, EBIR was authorized to issue 1,000,000 0.001 100,000 0.001 79.2 19.8 1.0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 2 - BASIS OF PRESENTATION The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Ensysce Biosciences, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated in the consolidation. Reverse Stock Split In March 2023, the Company completed a 1-for-12 In December 2024, the Company completed a 1-for-15 All references in these consolidated financial statements to shares and per share amounts in all periods have been retrospectively restated to reflect the effects of both reverse splits noted above. The number of authorized shares and the par value of the shares did not change as a result of the reverse stock splits. Going Concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has not generated any product revenue. There is no assurance that profitable operations will ever be achieved, and, if achieved, would be sustained on a continuing basis. Product development activities, clinical and pre-clinical testing, and commercialization of the Company’s product candidates are necessary to develop the Company’s products and will require significant additional financing. There can be no assurance the Company will be able to obtain such funds. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company believes in the viability of its strategy to ultimately realize revenues and in its ability to raise additional funds, management cannot be certain that additional funding will be available on acceptable terms, or at all. The Company’s ability to continue as a going concern is dependent upon its ability to obtain adequate financing and achieve profitable operations. As a result, these plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern for a period of 12 months following the date these consolidated financial statements were issued. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosed in the accompanying notes. Actual results may differ from those estimates and such differences may be material to the consolidated financial statements. The more significant estimates and assumptions by management include, but are not limited to, the expense recognition for certain accrued research and development services. Cash and Cash Equivalents For purposes of the consolidated balance sheets and consolidated statements of cash flows, the Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Concentrations of Credit Risk and Off-Balance Sheet Risk Cash and cash equivalents are financial instruments that are potentially subject to concentrations of credit risk. The Company’s cash and cash equivalents are deposited in accounts at large financial institutions and amounts currently exceed federally insured limits. The Company has no financial instruments with off-balance sheet risk of loss. Additionally, the Company had a concentration in accounts payable, as three and two research and development vendors made up greater than 10% individually, and 74 38 Segments The Company operates and manages its business as one Property and Equipment Property and equipment are fully depreciated as such there is no Fair Value Measurement ASC 820, Fair Value Measurements Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. This determination requires significant judgments to be made by the Company. As of December 31, 2024 and 2023, the recorded values of cash and cash equivalents, prepaid expenses, accounts payable, and accrued expenses and other liabilities approximate their fair values due to the short-term nature of these items. Warrants The Company issued liability classified warrants in connection with the issuance of the 2021 Notes and 2022 Notes. The warrants were liability classified due to certain cash settlement features and included in “Other long-term liabilities” on the consolidated balance sheets. The Company uses a Black Scholes model to estimate the fair value of the warrants. Changes in the fair value of the warrants are recognized in other income (expense) for each reporting period. Refer to Note 8 for additional details of the warrants. The following tables present assets and liabilities measured and recorded at fair value on the Company’s consolidated balance sheet as of December 31, 2024 and 2023. SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE Total Level 1 Level 2 Level 3 December 31, 2024 Total Level 1 Level 2 Level 3 Liability classified warrants $ 10,096 $ - $ - $ 10,096 Total $ 10,096 $ - $ - $ 10,096 Total Level 1 Level 2 Level 3 December 31, 2023 Total Level 1 Level 2 Level 3 Liability classified warrants 26,388 - - 26,388 Total $ 26,388 $ - $ - $ 26,388 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements The following table summarizes the change in fair value of the Company’s Level 3 liabilities for the year ended December 31, 2024 (no level 3 assets as of the year ended December 31, 2024): SCHEDULE OF CHANGE IN FAIR VALUE OF COMPANY’S LEVEL 3 Liability classified warrants Fair value, December 31, 2023 $ 26,388 Change in fair value (16,292 ) Fair value, December 31, 2024 $ 10,096 Federal Grants In September 2019, the NIH/NIDA awarded the Company a second research and development grant related to the development of its TAAP/MPAR abuse deterrent technology for Opioid Use Disorder (the “OUD Grant”). The total approved budget was approximately $ 5.4 In September 2018, the National Institutes of Health (“NIH”) through the National Institute on Drug Abuse (“NIDA”) awarded the Company a research and development grant related to the development of its MPAR ® 10.7 14 1.6 The Company recognizes revenue when costs related to the grants are incurred and assessed as reimbursable. The Company believes this policy is consistent with the overarching premise in Accounting Standards Codification Topic 606, Revenue from Contracts with The revenue recognized under the MPAR Grant and OUD Grant was as follows: SCHEDULE OF REVENUE RECOGNITION UNDER GRANTS 2024 2023 Year Ended December 31, 2024 2023 MPAR $ 3,086,464 $ 1,293,238 TAAP/OUD 2,123,567 937,282 Total $ 5,210,031 $ 2,230,520 Amounts requested or eligible to be requested through the NIH payment management system, but for which cash has not been received, are presented as an unbilled receivable on the Company’s consolidated balance sheet. As all amounts are expected to be remitted timely, no valuation allowances are recorded. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements Research and Development Costs The Company’s research and development expenses consist primarily of third-party research and development expenses, consulting expenses, preclinical and clinical studies, and any allocable direct overhead, including facilities and depreciation costs, as well as salaries, payroll taxes, and employee benefits for those individuals directly involved in ongoing research and development efforts. Research and development expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. General and Administrative Expenses General and administrative expenses consist primarily of personnel costs associated with the Company’s executive, finance, human resources, compliance, and other administrative personnel, as well as accounting and legal professional services fees. Stock-based Compensation The Company expenses stock-based compensation over the requisite service period based on the estimated grant-date fair value of the awards using a graded amortization approach. The Company accounts for forfeitures as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock-based compensation costs are recorded in research and development and general and administrative expenses in the consolidated statements of operations. From time-to-time equity classified awards may be modified. On the modification date, the Company estimates the fair value of the awards immediately before and immediately after modification. The incremental increase in fair value is recognized as expense immediately to the extent the underlying equity awards are vested and on a straight-line basis over the same remaining amortization schedule as the unvested underlying equity awards. Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements Earnings per Share The basic earnings per share is calculated by dividing the Company’s net income or loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. The diluted earnings per share is calculated by dividing the Company’s net earnings attributable to common stockholders by the diluted weighted average number of common shares outstanding during the period, determined using the treasury stock method and the average stock price during the period. The following weighted average shares have been excluded from the calculations of diluted weighted average common shares outstanding because they would have been anti-dilutive (the Company has utilized the principal balance outstanding and the end of period conversion price for the Convertible Notes for the purposes of the weighted average share calculation below): SCHEDULE OF WEIGHTED AVERAGE SHARES OF ANTI-DILUTIVE SECURITIES 2024 2023 Year Ended December 31, 2024 2023 Stock options 38,734 8,784 Warrants 551,287 253,208 Convertible Notes 9,187 78,086 Total 599,208 340,078 Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting,” including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the standard with an effective date of January 1, 2024 and the adoption did not have a significant impact on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement on our related disclosures. In November 2024, the FASB issued ASU 2024-04, “Debt – Debt with Conversion and other Options (Subtopic 470-20) “, which set forth to improve the relevance and consistency in the application of induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other Options such as clarifying the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for all entities after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS 2024 2023 December 31, 2024 2023 Prepaid research and development $ 1,342,461 $ 535,474 Prepaid insurance 315,306 441,871 Other prepaid expenses 42,723 72,358 Other current assets 18,000 18,000 Total prepaid expenses and other current assets $ 1,718,490 $ 1,067,703

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 5 – ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES 2024 2023 December 31, 2024 2023 Accrued research and development $ 324,521 $ 329,228 Accrued professional fees 88,995 110,202 Other accrued liabilities 134,942 102,830 Total accrued expenses and other liabilities $ 548,458 $ 542,260

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 - COMMITMENTS AND CONTINGENCIES Purchase Commitments As of December 31, 2024, the Company’s commitments included an estimated $ 12.0 Litigation As of December 31, 2024 and 2023, there were no pending legal proceedings against the Company that are expected to have a material adverse effect on cash flows, financial condition or results of operations. From time to time, the Company could become involved in disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations matters. Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim or legal claim is considered probable and the amount can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements Lease The Company’s current lease agreement (as amended) has a term that extends through October 31, 2025, with no option to renew. As of December 31, 2024, the future lease payments totaled $ 29,545 35,217 33,747

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 7 - NOTES PAYABLE The following table provides a summary of the Company’s outstanding debt as of December 31, 2024: SCHEDULE OF DEBT Principal balance Accrued interest Net debt balance 2023 Notes $ 216,000 14,368 (1,197,200 $ 230,368 Financed insurance 71,292 - 71,292 Total $ 287,292 $ 14,368 $ 301,660 The following table provides a summary of the Company’s outstanding debt as of December 31, 2023: Principal balance Accrued interest Unamortized Debt Discount & Issuance Costs Net debt balance 2023 Notes $ 1,836,000 $ 13,078 $ (1,197,200 ) $ 651,878 Financed insurance 197,249 5,570 - 202,819 Total $ 2,033,249 $ 18,648 $ (1,197,200 ) $ 854,697 Interest expense The interest expense recognized for financed insurance was $ 8,848 14,716 1,281,597 339,230 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements 2023 Notes On October 23, 2023, the Company entered into a Securities Purchase Agreement (“SPA”) for an aggregate financing of $ 1.8 0.2 612,000 566,667 83,714 0.0001 1,224,000 1,133,333 167,427 The Company reflected the outstanding principal amount, the remaining unamortized discount (both original issue discount and the relative fair value discount associated with the warrants discussed below) and the remaining debt issuance costs as a net amount on the face of the balance sheet. The amortization of the original debt discount (approximately $ 0.1 0.3 The warrants have an exercise price of $ 23.5125 1.1 During 2024, the Company converted 49,702 1.2 1.0 0.5 0.5 Financed Insurance Premiums In June 2024, the Company renewed and financed its directors’ and officers’ liability insurance in the amount of $ 0.2

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 8 - STOCKHOLDERS’ EQUITY The Company’s current Certificate of Incorporation authorizes 250,000,000 1,500,000 0.0001 no Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements Reverse Stock Split On November 27, 2024, the Company filed an amendment to the Company’s Third Amended and Restated Certificate of Incorporation (as amended to date, the “Certificate of Incorporation”), with the Secretary of State of the State of Delaware to effect a one-for-fifteen ( 1-for-15 0.0001 As described in detail in our definitive proxy statement filed with the SEC on October 18, 2024, the Board authorized a 1-for-15 The exercise prices, and the number of shares of Common Stock issuable upon exercise of the Company’s warrants automatically adjusted, in accordance with their terms, in proportion to the Reverse Stock Split ratio, and proportionate adjustments were also made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options and restricted stock unit awards issued by the Company and outstanding immediately prior to the effective time of the Reverse Stock Split, which resulted in a proportionate decrease in the number of shares of Common Stock reserved for issuance upon exercise or vesting of such stock options and restricted stock unit awards, and a proportionate increase in the exercise price of all such stock options and restricted stock unit awards. Concurrently, the number of shares reserved for issuance under the Company’s Amended and Restated 2021 Omnibus Incentive Plan immediately prior to the effective time of the Reverse Stock Split were reduced proportionately. No fractional shares were issued in connection with the Reverse Stock Split. In lieu of the issuance of fractional shares, the Company rounded up any fractional shares resulting from the Reverse Stock Split to the nearest whole share. Fractional shares will be rounded up at the participant (per broker) level, with such rounding adjustment subject to each broker’s particular processes. 2024 Registered Direct Offering and 2024 August Warrant Inducement In August 2024, the Company entered into a definitive Securities Purchase Agreement with certain institutional investors, pursuant to which the Company agreed to issue and sell in a registered direct offering, (i) an aggregate of 166,054 0.0001 7.05 70,827 7.0485 0.0015 1.67 The Company also entered into the August Inducement Letter with certain warrant holders for the exercise of certain outstanding warrants to purchase up to an aggregate of 480,234 15.90 7.05 133,334 23.51 7.05 10.2 In a concurrent private placement, pursuant to the terms of the August Inducement Letter and Securities Purchase Agreement, the Company utilized an exclusive placement agent for the 2024 Registered Direct Offering and 2024 August Warrant Inducement and incurred approximately $ 0.6 the Company issued to the placement agent as compensation unregistered warrants to purchase up to 50,200 August 28, 2029 8.81 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements 2024 February Warrant Inducement In February 2024, the Company executed an Inducement Letter with certain holders of existing warrants to purchase up to an aggregate of 240,120 240,120 15.90 240,120 240,120 15.90 15.90 May 12, 2028 4.7 5.2 In connection with the execution of the Inducement Letter, the Company executed a waiver related to the 2023 Notes’ SPA it had entered into as of October 23, 2023. The SPA contained restrictions on the Company’s ability to undertake certain transactions, which included the execution of the Inducement Letter. The Waiver permitted the Company to execute the Inducement Letter but required repayment of the certain investor held notes issued under the SPA with a premium following closing of the transaction contemplated thereby. Refer to Note 7 for the details of the waiver fee and the application of the amounts to the outstanding notes and as a transaction cost of the warrant inducement. The Company utilized an exclusive placement agent for the 2024 Warrant Inducement and incurred approximately $ 0.3 the Company issued to the placement agent as compensation unregistered warrants to purchase up to 16,811 May 12, 2028 24.56 2023 May Offering On May 12, 2023, the Company completed a public offering of an aggregate of 120,059 0.0001 58.305 7.0 0.7 In connection with the offering, the Company also agreed to amend certain existing warrants to purchase up to an aggregate of 14,006 252.00 2,808.00 54.60 1.875 2023 February Offering On February 2, 2023, the Company agreed to issue and sell in a registered direct offering an aggregate of 19,842 0.0001 151.20 3.0 0.3 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements Warrants The following table provides a summary of outstanding warrants to purchase shares of common stock as of December 31, 2024: SCHEDULE OF OUTSTANDING WARRANT Reference Shares Underlying Outstanding Warrants Exercise Price Description Classification (a) 1,913,906 $ 7.05 8.8125 August 2024 Warrants Equity (b) 16,811 $ 24.56 February 2024 Warrants Equity (c) 162,881 $ 7.05 23.51 2023 Notes Warrants Equity (d) 73,474 $ 54.56 41,400 Other Warrants Equity & Liability 2,167,072 (a) On August 29, 2024, in connection with the 2024 Registered Direct Offering and 2024 August Warrant Inducement , 1,964,658 1,914,466 7.05 50,200 8.8125 August 28, 2029 50,760 (b) On February 12, 2024, the Company issued 497,042 15.90 August 14, 2025 May 12, 2028 24.56 May 12, 2028 480,234 (c) On October 25, 2023, and November 28, 2023, the Company issued warrants to purchase 83,714 167,427 23.51 October 25, 2028 November 28, 2028 88,261 23.51 133,334 23.51 7.05 (d) At various dates from the Closing of the Business Combination through September 30, 2023, the Company assumed or issued a total of 73,474 54.60 41,400 2,778 2,901 June 30, 2026 August 7, 2028

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 9 - STOCK-BASED COMPENSATION In connection with the Business Combination, the Company assumed the 2021 Omnibus Incentive Plan. In February 2024, the Company’s Board approved an annual increase of 10,487 The Company recognized within general and administrative expense stock-based compensation expense of $ 75,494 627,406 35,229 251,754 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements Option Activity During the year ended December 31, 2024, the Company did not grant any stock options. During the year ended December 31, 2023, the Company granted stock options to purchase an aggregate of 37,000 16.95 17.70 The following table summarizes the Company’s stock option activity during the year ended December 31, 2024: SCHEDULE OF STOCK OPTION ACTIVITY Weighted average Options Exercise price Remaining contractual life Intrinsic value Outstanding at December 31, 2023 38,785 $ 501.65 9.57 $ - Granted - - - - Exercised - - - - Expired / Forfeited - - - - Outstanding at December 31, 2024 38,785 501.65 8.58 - Exercisable at December 31, 2024 38,734 493.54 - - Vested and expected to vest 38,785 501.65 8.58 - Option Valuation The fair value of each stock option granted has been determined using the Black-Scholes option-pricing model. The material assumptions used in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows (no stock options were granted during the year ended December 31, 2024): SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS December 31, 2023 Exercise price $ 16.95 17.70 Expected stock price volatility 106.77 106.82 Expected term (years) 5.00 Risk-free interest rate 4.62 4.89 Expected dividend yield 0 % ● Expected stock-price volatility. ● Expected term. ● Risk-free interest rate. ● Expected dividend yield. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements The weighted-average grant date fair value of options granted during the year ended December 31, 2023 was $ 13.98 As of December 31, 2024, the Company had an aggregate of $ 27,860 0.75 Shares Reserved for Future Issuance The following shares of common stock are reserved for future issuance: SCHEDULE OF COMMON STOCK FUTURE ISSUANCE December 31, 2024 Awards outstanding under the 2021 Omnibus Incentive Plan 38,785 Awards available for future grant under 2021 Omnibus Incentive Plan 10,596 Warrants outstanding 2,167,072 Total shares of common stock reserved for future issuance 2,216,453

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES Loss before provision for income taxes consisted of the following: SCHEDULE OF INCOME TAXES BENEFIT Year ending December 31, 2024 2023 United States $ (7,987,009 ) $ (10,626,275 ) The federal and state income tax provision (benefit), included in general and administrative expenses in the Consolidated Statement of Operations, is summarized as follows: SCHEDULE OF FEDERAL AND STATE INCOME TAX PROVISION (BENEFIT) Year ending December 31, 2024 2023 Current state provision $ 3,300 $ 3,200 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows: SCHEDULE OF FEDERAL INCOME TAX RATE RECONCILIATION 2024 2023 Year ending December 31, 2024 2023 Income (benefit) taxes at statutory rates $ (1,677,271 ) $ (2,231,518 ) State income tax, net of federal benefit (62,342 ) (77,243 ) Warrants and convertible debt (3,421 ) (90,392 ) Nondeductible executive compensation 17,325 2,107 Stock based compensation 22,633 580,823 Research and development tax credits (428,675 ) (629,239 ) Expiring attributes 183,912 - Change in tax rates (296 ) (3,848 ) Other 11,282 77,162 Change in valuation allowance 1,936,853 2,372,148 Total $ - $ - Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS 2024 2023 As of December 31, 2024 2023 Deferred tax assets: Net operating loss tax carryforwards $ 29,728,009 $ 28,485,164 Tax credits 5,212,263 4,793,138 Capitalized research costs 4,655,425 4,368,767 Stock-based compensation 729,318 746,444 Other 36,630 31,279 Gross deferred tax assets 40,361,645 38,424,792 Valuation allowance (40,361,645 ) (38,424,792 ) Total deferred tax assets - - Deferred tax liabilities: Other - - Total deferred tax liabilities - - Net deferred tax assets $ - $ - As of December 31, 2024, the Company had federal and California net operating loss (NOL) carryforwards of $ 116.4 75.6 34.9 carryforward indefinitely and be available to offset up to 80% of future taxable income each year 81.6 expire in 2025 expire in 2028 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements In addition, as of December 31, 2024, the Company had federal and state research and development (R&D) tax credit carryforwards of $ 5.6 1.7 expire in 2025 Pursuant to IRC Sections 382 and 383, annual use of the Company’s NOL and R&D credit carryforwards may be limited in the event that a cumulative change in ownership of more than 50% occurs within a three-year period. Although the Company has not completed an IRC Section 382/383 analysis regarding the limitation of NOL and R&D credit carryforwards as of December 31, 2024, the Company estimates that approximately $ 1.5 The following table summarizes the activity related to the Company’s unrecognized tax benefits: SCHEDULE OF UNRECOGNIZED TAX BENEFITS 2024 2023 Year ending December 31, 2024 2023 Balance at beginning of year $ 1,685,360 $ 1,428,261 Increases related to current year tax positions 141,023 128,404 Increases related to prior year tax positions 1,054 128,695 Decreases related to prior year tax positions (444 ) - Balance at end of year $ 1,826,993 $ 1,685,360 As of December 31, 2024 and 2023, the Company had unrecognized tax benefits of $ 1.8 1.7 no The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. With few exceptions, the Company is no longer subject to United States federal income tax examinations for years before 2021 and state and local income tax examinations before 2020. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses were generated and carried forward, and make adjustments up to the amount of the NOL carryforward amount. The Company is not currently under examination by the Internal Revenue Service or any state or local tax authority.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 11 - RELATED PARTIES As of December 31, 2024, the Company held a $ 0.2 29,547 23.51 April 25, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 - SUBSEQUENT EVENTS In January 2025, the Company issued 49,361 0.3 In January 2025, the Company entered into a product development and supply agreement with Galephar Pharmaceutical Research, Inc., a Puerto Rico specialty drug manufacturer (“Galephar”). Galephar will support the development, manufacture, packaging and testing of the Company’s PF614 and PF614-MPAR drug products for use in clinical trials and potential future commercial launch. The Company will pay Galephar upon achievement of defined milestones at up to 1.2 times Galephar’s costs, subject to a cap. Payment will be in the form of common stock at fifty percent (50%) restricted shares and fifty percent (50%) freely tradeable registered shares, with the number of shares to be issued by the Company determined by the trailing five-day average closing price of the Company’s common stock upon achievement of each milestone. In addition, the Company will issue up to 13,801 1

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Use of Estimates and Assumptions	Use of Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosed in the accompanying notes. Actual results may differ from those estimates and such differences may be material to the consolidated financial statements. The more significant estimates and assumptions by management include, but are not limited to, the expense recognition for certain accrued research and development services.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of the consolidated balance sheets and consolidated statements of cash flows, the Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
Concentrations of Credit Risk and Off-Balance Sheet Risk	Concentrations of Credit Risk and Off-Balance Sheet Risk Cash and cash equivalents are financial instruments that are potentially subject to concentrations of credit risk. The Company’s cash and cash equivalents are deposited in accounts at large financial institutions and amounts currently exceed federally insured limits. The Company has no financial instruments with off-balance sheet risk of loss. Additionally, the Company had a concentration in accounts payable, as three and two research and development vendors made up greater than 10% individually, and 74 38
Segments	Segments The Company operates and manages its business as one
Property and Equipment	Property and Equipment Property and equipment are fully depreciated as such there is no
Fair Value Measurement	Fair Value Measurement ASC 820, Fair Value Measurements Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. This determination requires significant judgments to be made by the Company. As of December 31, 2024 and 2023, the recorded values of cash and cash equivalents, prepaid expenses, accounts payable, and accrued expenses and other liabilities approximate their fair values due to the short-term nature of these items. Warrants The Company issued liability classified warrants in connection with the issuance of the 2021 Notes and 2022 Notes. The warrants were liability classified due to certain cash settlement features and included in “Other long-term liabilities” on the consolidated balance sheets. The Company uses a Black Scholes model to estimate the fair value of the warrants. Changes in the fair value of the warrants are recognized in other income (expense) for each reporting period. Refer to Note 8 for additional details of the warrants. The following tables present assets and liabilities measured and recorded at fair value on the Company’s consolidated balance sheet as of December 31, 2024 and 2023. SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE Total Level 1 Level 2 Level 3 December 31, 2024 Total Level 1 Level 2 Level 3 Liability classified warrants $ 10,096 $ - $ - $ 10,096 Total $ 10,096 $ - $ - $ 10,096 Total Level 1 Level 2 Level 3 December 31, 2023 Total Level 1 Level 2 Level 3 Liability classified warrants 26,388 - - 26,388 Total $ 26,388 $ - $ - $ 26,388 Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements The following table summarizes the change in fair value of the Company’s Level 3 liabilities for the year ended December 31, 2024 (no level 3 assets as of the year ended December 31, 2024): SCHEDULE OF CHANGE IN FAIR VALUE OF COMPANY’S LEVEL 3 Liability classified warrants Fair value, December 31, 2023 $ 26,388 Change in fair value (16,292 ) Fair value, December 31, 2024 $ 10,096 Federal Grants In September 2019, the NIH/NIDA awarded the Company a second research and development grant related to the development of its TAAP/MPAR abuse deterrent technology for Opioid Use Disorder (the “OUD Grant”). The total approved budget was approximately $ 5.4 In September 2018, the National Institutes of Health (“NIH”) through the National Institute on Drug Abuse (“NIDA”) awarded the Company a research and development grant related to the development of its MPAR ® 10.7 14 1.6 The Company recognizes revenue when costs related to the grants are incurred and assessed as reimbursable. The Company believes this policy is consistent with the overarching premise in Accounting Standards Codification Topic 606, Revenue from Contracts with The revenue recognized under the MPAR Grant and OUD Grant was as follows: SCHEDULE OF REVENUE RECOGNITION UNDER GRANTS 2024 2023 Year Ended December 31, 2024 2023 MPAR $ 3,086,464 $ 1,293,238 TAAP/OUD 2,123,567 937,282 Total $ 5,210,031 $ 2,230,520 Amounts requested or eligible to be requested through the NIH payment management system, but for which cash has not been received, are presented as an unbilled receivable on the Company’s consolidated balance sheet. As all amounts are expected to be remitted timely, no valuation allowances are recorded. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements
Research and Development Costs	Research and Development Costs The Company’s research and development expenses consist primarily of third-party research and development expenses, consulting expenses, preclinical and clinical studies, and any allocable direct overhead, including facilities and depreciation costs, as well as salaries, payroll taxes, and employee benefits for those individuals directly involved in ongoing research and development efforts. Research and development expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of personnel costs associated with the Company’s executive, finance, human resources, compliance, and other administrative personnel, as well as accounting and legal professional services fees.
Stock-based Compensation	Stock-based Compensation The Company expenses stock-based compensation over the requisite service period based on the estimated grant-date fair value of the awards using a graded amortization approach. The Company accounts for forfeitures as they occur. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock-based compensation costs are recorded in research and development and general and administrative expenses in the consolidated statements of operations. From time-to-time equity classified awards may be modified. On the modification date, the Company estimates the fair value of the awards immediately before and immediately after modification. The incremental increase in fair value is recognized as expense immediately to the extent the underlying equity awards are vested and on a straight-line basis over the same remaining amortization schedule as the unvested underlying equity awards.
Income Taxes	Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense. Ensysce Biosciences, Inc. Notes to the Consolidated Financial Statements
Earnings per Share	Earnings per Share The basic earnings per share is calculated by dividing the Company’s net income or loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. The diluted earnings per share is calculated by dividing the Company’s net earnings attributable to common stockholders by the diluted weighted average number of common shares outstanding during the period, determined using the treasury stock method and the average stock price during the period. The following weighted average shares have been excluded from the calculations of diluted weighted average common shares outstanding because they would have been anti-dilutive (the Company has utilized the principal balance outstanding and the end of period conversion price for the Convertible Notes for the purposes of the weighted average share calculation below): SCHEDULE OF WEIGHTED AVERAGE SHARES OF ANTI-DILUTIVE SECURITIES 2024 2023 Year Ended December 31, 2024 2023 Stock options 38,734 8,784 Warrants 551,287 253,208 Convertible Notes 9,187 78,086 Total 599,208 340,078
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting,” including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted the standard with an effective date of January 1, 2024 and the adoption did not have a significant impact on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement on our related disclosures. In November 2024, the FASB issued ASU 2024-04, “Debt – Debt with Conversion and other Options (Subtopic 470-20) “, which set forth to improve the relevance and consistency in the application of induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other Options such as clarifying the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for all entities after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE	The following tables present assets and liabilities measured and recorded at fair value on the Company’s consolidated balance sheet as of December 31, 2024 and 2023. SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE Total Level 1 Level 2 Level 3 December 31, 2024 Total Level 1 Level 2 Level 3 Liability classified warrants $ 10,096 $ - $ - $ 10,096 Total $ 10,096 $ - $ - $ 10,096 Total Level 1 Level 2 Level 3 December 31, 2023 Total Level 1 Level 2 Level 3 Liability classified warrants 26,388 - - 26,388 Total $ 26,388 $ - $ - $ 26,388
SCHEDULE OF CHANGE IN FAIR VALUE OF COMPANY’S LEVEL 3	The following table summarizes the change in fair value of the Company’s Level 3 liabilities for the year ended December 31, 2024 (no level 3 assets as of the year ended December 31, 2024): SCHEDULE OF CHANGE IN FAIR VALUE OF COMPANY’S LEVEL 3 Liability classified warrants Fair value, December 31, 2023 $ 26,388 Change in fair value (16,292 ) Fair value, December 31, 2024 $ 10,096
SCHEDULE OF REVENUE RECOGNITION UNDER GRANTS	The revenue recognized under the MPAR Grant and OUD Grant was as follows: SCHEDULE OF REVENUE RECOGNITION UNDER GRANTS 2024 2023 Year Ended December 31, 2024 2023 MPAR $ 3,086,464 $ 1,293,238 TAAP/OUD 2,123,567 937,282 Total $ 5,210,031 $ 2,230,520
SCHEDULE OF WEIGHTED AVERAGE SHARES OF ANTI-DILUTIVE SECURITIES	The following weighted average shares have been excluded from the calculations of diluted weighted average common shares outstanding because they would have been anti-dilutive (the Company has utilized the principal balance outstanding and the end of period conversion price for the Convertible Notes for the purposes of the weighted average share calculation below): SCHEDULE OF WEIGHTED AVERAGE SHARES OF ANTI-DILUTIVE SECURITIES 2024 2023 Year Ended December 31, 2024 2023 Stock options 38,734 8,784 Warrants 551,287 253,208 Convertible Notes 9,187 78,086 Total 599,208 340,078

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets consisted of the following: SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS 2024 2023 December 31, 2024 2023 Prepaid research and development $ 1,342,461 $ 535,474 Prepaid insurance 315,306 441,871 Other prepaid expenses 42,723 72,358 Other current assets 18,000 18,000 Total prepaid expenses and other current assets $ 1,718,490 $ 1,067,703

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES	Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES 2024 2023 December 31, 2024 2023 Accrued research and development $ 324,521 $ 329,228 Accrued professional fees 88,995 110,202 Other accrued liabilities 134,942 102,830 Total accrued expenses and other liabilities $ 548,458 $ 542,260

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
SCHEDULE OF DEBT	The following table provides a summary of the Company’s outstanding debt as of December 31, 2024: SCHEDULE OF DEBT Principal balance Accrued interest Net debt balance 2023 Notes $ 216,000 14,368 (1,197,200 $ 230,368 Financed insurance 71,292 - 71,292 Total $ 287,292 $ 14,368 $ 301,660 The following table provides a summary of the Company’s outstanding debt as of December 31, 2023: Principal balance Accrued interest Unamortized Debt Discount & Issuance Costs Net debt balance 2023 Notes $ 1,836,000 $ 13,078 $ (1,197,200 ) $ 651,878 Financed insurance 197,249 5,570 - 202,819 Total $ 2,033,249 $ 18,648 $ (1,197,200 ) $ 854,697

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
SCHEDULE OF OUTSTANDING WARRANT	The following table provides a summary of outstanding warrants to purchase shares of common stock as of December 31, 2024: SCHEDULE OF OUTSTANDING WARRANT Reference Shares Underlying Outstanding Warrants Exercise Price Description Classification (a) 1,913,906 $ 7.05 8.8125 August 2024 Warrants Equity (b) 16,811 $ 24.56 February 2024 Warrants Equity (c) 162,881 $ 7.05 23.51 2023 Notes Warrants Equity (d) 73,474 $ 54.56 41,400 Other Warrants Equity & Liability 2,167,072 (a) On August 29, 2024, in connection with the 2024 Registered Direct Offering and 2024 August Warrant Inducement , 1,964,658 1,914,466 7.05 50,200 8.8125 August 28, 2029 50,760 (b) On February 12, 2024, the Company issued 497,042 15.90 August 14, 2025 May 12, 2028 24.56 May 12, 2028 480,234 (c) On October 25, 2023, and November 28, 2023, the Company issued warrants to purchase 83,714 167,427 23.51 October 25, 2028 November 28, 2028 88,261 23.51 133,334 23.51 7.05 (d) At various dates from the Closing of the Business Combination through September 30, 2023, the Company assumed or issued a total of 73,474 54.60 41,400 2,778 2,901 June 30, 2026 August 7, 2028

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF STOCK OPTION ACTIVITY	The following table summarizes the Company’s stock option activity during the year ended December 31, 2024: SCHEDULE OF STOCK OPTION ACTIVITY Weighted average Options Exercise price Remaining contractual life Intrinsic value Outstanding at December 31, 2023 38,785 $ 501.65 9.57 $ - Granted - - - - Exercised - - - - Expired / Forfeited - - - - Outstanding at December 31, 2024 38,785 501.65 8.58 - Exercisable at December 31, 2024 38,734 493.54 - - Vested and expected to vest 38,785 501.65 8.58 -
SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS	The fair value of each stock option granted has been determined using the Black-Scholes option-pricing model. The material assumptions used in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows (no stock options were granted during the year ended December 31, 2024): SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS December 31, 2023 Exercise price $ 16.95 17.70 Expected stock price volatility 106.77 106.82 Expected term (years) 5.00 Risk-free interest rate 4.62 4.89 Expected dividend yield 0 %
SCHEDULE OF COMMON STOCK FUTURE ISSUANCE	The following shares of common stock are reserved for future issuance: SCHEDULE OF COMMON STOCK FUTURE ISSUANCE December 31, 2024 Awards outstanding under the 2021 Omnibus Incentive Plan 38,785 Awards available for future grant under 2021 Omnibus Incentive Plan 10,596 Warrants outstanding 2,167,072 Total shares of common stock reserved for future issuance 2,216,453

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAXES BENEFIT	Loss before provision for income taxes consisted of the following: SCHEDULE OF INCOME TAXES BENEFIT Year ending December 31, 2024 2023 United States $ (7,987,009 ) $ (10,626,275 )
SCHEDULE OF FEDERAL AND STATE INCOME TAX PROVISION (BENEFIT)	The federal and state income tax provision (benefit), included in general and administrative expenses in the Consolidated Statement of Operations, is summarized as follows: SCHEDULE OF FEDERAL AND STATE INCOME TAX PROVISION (BENEFIT) Year ending December 31, 2024 2023 Current state provision $ 3,300 $ 3,200
SCHEDULE OF FEDERAL INCOME TAX RATE RECONCILIATION	The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows: SCHEDULE OF FEDERAL INCOME TAX RATE RECONCILIATION 2024 2023 Year ending December 31, 2024 2023 Income (benefit) taxes at statutory rates $ (1,677,271 ) $ (2,231,518 ) State income tax, net of federal benefit (62,342 ) (77,243 ) Warrants and convertible debt (3,421 ) (90,392 ) Nondeductible executive compensation 17,325 2,107 Stock based compensation 22,633 580,823 Research and development tax credits (428,675 ) (629,239 ) Expiring attributes 183,912 - Change in tax rates (296 ) (3,848 ) Other 11,282 77,162 Change in valuation allowance 1,936,853 2,372,148 Total $ - $ -
SCHEDULE OF DEFERRED TAX ASSETS	The Company’s deferred tax assets were comprised of the following: SCHEDULE OF DEFERRED TAX ASSETS 2024 2023 As of December 31, 2024 2023 Deferred tax assets: Net operating loss tax carryforwards $ 29,728,009 $ 28,485,164 Tax credits 5,212,263 4,793,138 Capitalized research costs 4,655,425 4,368,767 Stock-based compensation 729,318 746,444 Other 36,630 31,279 Gross deferred tax assets 40,361,645 38,424,792 Valuation allowance (40,361,645 ) (38,424,792 ) Total deferred tax assets - - Deferred tax liabilities: Other - - Total deferred tax liabilities - - Net deferred tax assets $ - $ -
SCHEDULE OF UNRECOGNIZED TAX BENEFITS	The following table summarizes the activity related to the Company’s unrecognized tax benefits: SCHEDULE OF UNRECOGNIZED TAX BENEFITS 2024 2023 Year ending December 31, 2024 2023 Balance at beginning of year $ 1,685,360 $ 1,428,261 Increases related to current year tax positions 141,023 128,404 Increases related to prior year tax positions 1,054 128,695 Decreases related to prior year tax positions (444 ) - Balance at end of year $ 1,826,993 $ 1,685,360

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Narrative) - $ / shares	Dec. 31, 2024	Nov. 27, 2024	Dec. 31, 2023	May 12, 2023	Feb. 02, 2023	Dec. 31, 2020
Common stock, shares authorized	250,000,000		250,000,000
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,500,000		1,500,000
Preferred stock, par value	$ 0.0001		$ 0.0001
EBIR, Inc [Member]
Ownership percentage	79.20%
Common stock, shares authorized						1,000,000
Common stock, par value						$ 0.001
Preferred stock, shares authorized						100,000
Preferred stock, par value						$ 0.001
EBIR, Inc [Member] | Key Personnel [Member]
Ownership percentage	19.80%
EBIR, Inc [Member] | Unrelated Party [Member]
Ownership percentage	1%

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative)			1 Months Ended
	Nov. 27, 2024	Oct. 18, 2024	Dec. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	1-for-15	1-for-15	1-for-15	1-for-12

SCHEDULE OF ASSETS AND LIABILIT

SCHEDULE OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Liability classified warrants	$ 10,096	$ 26,388
Total	10,096	26,388
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Liability classified warrants
Total
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Liability classified warrants
Total
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Liability classified warrants	10,096	26,388
Total	$ 10,096	$ 26,388

SCHEDULE OF CHANGE IN FAIR VALU

SCHEDULE OF CHANGE IN FAIR VALUE OF COMPANY’S LEVEL 3 (Details) - Liability Classified Warrants [Member]	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 26,388
Change in fair value	(16,292)
Ending balance	$ 10,096

SCHEDULE OF REVENUE RECOGNITION

SCHEDULE OF REVENUE RECOGNITION UNDER GRANTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Total	$ 5,210,031	$ 2,230,520
MPAR [Member]
Product Information [Line Items]
Total	3,086,464	1,293,238
TAAP/OUD [Member]
Product Information [Line Items]
Total	$ 2,123,567	$ 937,282

SCHEDULE OF WEIGHTED AVERAGE SH

SCHEDULE OF WEIGHTED AVERAGE SHARES OF ANTI-DILUTIVE SECURITIES (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	599,208	340,078
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	38,734	8,784
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	551,287	253,208
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,187	78,086

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Aug. 31, 2024 USD ($)	Sep. 30, 2019 USD ($)
Product Information [Line Items]
Concentration of risk, description	three and two research and development vendors made up greater than 10% individually, and 74% and 38% in aggregate
Number of reportable segments | Segment	1
Number of operating segments | Segment	1
Depreciation | $	$ 0	$ 0
Grants receivable | $	$ 1,600,000	$ 10,700,000	$ 14,000,000	$ 5,400,000
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer [Member]
Product Information [Line Items]
Concentration of risk	74%	38%

SCHEDULE OF PREPAID EXPENSES AN

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development	$ 1,342,461	$ 535,474
Prepaid insurance	315,306	441,871
Other prepaid expenses	42,723	72,358
Other current assets	18,000	18,000
Total prepaid expenses and other current assets	$ 1,718,490	$ 1,067,703

SCHEDULE OF ACCRUED EXPENSES AN

SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development	$ 324,521	$ 329,228
Accrued professional fees	88,995	110,202
Other accrued liabilities	134,942	102,830
Total accrued expenses and other liabilities	$ 548,458	$ 542,260

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 12,000,000
Future lease payments	29,545
Rent expense	$ 35,217	$ 33,747

SCHEDULE OF DEBT (Details)

SCHEDULE OF DEBT (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Principal balance	$ 287,292	$ 2,033,249
Accrued interest	14,368	18,648
Unamortized Debt Discount & Issuance Costs		(1,197,200)
Net debt balance	301,660	854,697
2023 Notes [Member]
Short-Term Debt [Line Items]
Principal balance	216,000	1,836,000
Accrued interest	14,368	13,078
Unamortized Debt Discount & Issuance Costs		(1,197,200)
Net debt balance	230,368	651,878
Financed Insurance [Member]
Short-Term Debt [Line Items]
Principal balance	71,292	197,249
Accrued interest		5,570
Unamortized Debt Discount & Issuance Costs
Net debt balance	$ 71,292	$ 202,819

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)				1 Months Ended	12 Months Ended
	Nov. 29, 2023	Oct. 25, 2023	Oct. 23, 2023	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Nov. 27, 2024	Aug. 31, 2024	Feb. 29, 2024	Feb. 12, 2024	Jan. 31, 2024	Nov. 30, 2023	Nov. 28, 2023	Sep. 30, 2023	May 12, 2023	Feb. 02, 2023
Short-Term Debt [Line Items]
Interest expense					$ 8,848	$ 14,716
Aggregate principal amount					$ 287,292	$ 2,033,249
Warrants to purchase common shares								133,334				133,334		73,474	14,006
Common stock, par value					$ 0.0001	$ 0.0001	$ 0.0001								$ 0.0001	$ 0.0001
Warrant, exercise price												$ 23.51			$ 54.60
Conversion of shares					49,702
Conversion of shares value					$ 1,168,600	$ 3,056,892
Transaction cost					8,103,942
Financed insurance premiums				$ 200,000	$ 232,155	445,737
Warrant [Member]
Short-Term Debt [Line Items]
Warrants to purchase common shares		83,714							240,120		88,261		167,427
Warrant, exercise price		$ 23.51			$ 23.51			$ 8.81	$ 24.56	$ 24.56	$ 23.51		$ 23.51
Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Aggregate purchase price			$ 1,800,000
Warrant, exercise price			$ 23.5125
Transaction cost					$ 1,000,000
Warrant inducement cost					500,000
Transaction cost					500,000
2023 Notes [Member]
Short-Term Debt [Line Items]
Interest expense					1,281,597	339,230
Aggregate principal amount					216,000	1,836,000
Amortization of debt discount premium					100,000
Amortization of financing costs						$ 300,000
2023 Notes [Member] | Warrant [Member]
Short-Term Debt [Line Items]
Payments of debt issuance costs					$ 1,100,000
2023 Notes [Member] | Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Aggregate purchase price			$ 200,000
2023 Notes [Member] | First Closing Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Aggregate purchase price		$ 566,667
Aggregate principal amount		$ 612,000
Warrants to purchase common shares		83,714
Common stock, par value		$ 0.0001
2023 Notes [Member] | Second Closing Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Aggregate purchase price	$ 1,133,333
Aggregate principal amount	$ 1,224,000
Warrants to purchase common shares	167,427

SCHEDULE OF OUTSTANDING WARRANT

SCHEDULE OF OUTSTANDING WARRANT (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Outstanding warrant | shares	2,167,072
Warrant One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Outstanding warrant | shares	1,913,906	[1]
Warrant description	August 2024 Warrants	[1]
Warrant One [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price	$ 7.05	[1]
Warrant One [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price	$ 8.8125	[1]
Warrant Two [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Outstanding warrant | shares	16,811	[2]
Exercise price	$ 24.56	[2]
Warrant description	February 2024 Warrants	[2]
Warrant Three [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Outstanding warrant | shares	162,881	[3]
Warrant description	2023 Notes Warrants	[3]
Warrant Three [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price	$ 7.05	[3]
Warrant Three [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price	$ 23.51	[1]
Warrant Four [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Outstanding warrant | shares	73,474	[4]
Warrant description	Other Warrants	[4]
Warrant Four [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price	$ 54.56	[3]
Warrant Four [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price	$ 41,400	[1]
[1]On August 29, 2024, in connection with the 2024 Registered Direct Offering and 2024 August Warrant Inducement , 1,964,658 1,914,466 7.05 50,200 8.8125 August 28, 2029 50,760 497,042 15.90 August 14, 2025 May 12, 2028 24.56 May 12, 2028 480,234 83,714 167,427 23.51 October 25, 2028 November 28, 2028 88,261 23.51 133,334 23.51 7.05 73,474 54.60 41,400 2,778 2,901 June 30, 2026 August 7, 2028

SCHEDULE OF OUTSTANDING WARRA_2

SCHEDULE OF OUTSTANDING WARRANT (Details) (Parenthetical) - $ / shares

Dec. 31, 2024

Aug. 31, 2024

Aug. 30, 2024

Aug. 29, 2024

Feb. 29, 2024

Feb. 12, 2024

Jan. 31, 2024

Nov. 30, 2023

Nov. 28, 2023

Oct. 25, 2023

Sep. 30, 2023

Sep. 29, 2023

May 12, 2023

Class of Warrant or Right [Line Items]

Warrants issued

133,334

133,334

73,474

14,006

Warrant exercise price

$ 23.51

$ 54.60

Share price

$ 7.05

$ 23.51

$ 7.05

Minimum [Member]

Class of Warrant or Right [Line Items]

Warrant exercise price

$ 54.60

Share price

252

Maximum [Member]

Class of Warrant or Right [Line Items]

Warrant exercise price

$ 41,400

Share price

$ 2,808

Warrant [Member]

Class of Warrant or Right [Line Items]

Warrants issued

240,120

88,261

167,427

83,714

Warrant exercise price

$ 23.51

$ 8.81

$ 24.56

$ 24.56

$ 23.51

$ 23.51

$ 23.51

Warrant expiration date

Aug. 28, 2029

May 12, 2028

Nov. 28, 2028

Oct. 25, 2028

Share price

$ 15.90

Public Warrant [Member]

Class of Warrant or Right [Line Items]

Class of warrant or right, outstanding

2,778

Notes 2021 and 2022 [Member]

Class of Warrant or Right [Line Items]

Warrant expiration date

Aug. 07, 2028

Jun. 30, 2026

Class of warrant or right, outstanding

2,901

Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

Warrant expiration date

Aug. 28, 2029

Placement Agent Warrants [Member] | Warrant [Member]

Class of Warrant or Right [Line Items]

Warrants issued

480,234

497,042

Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants issued

240,120

Warrant exercise price

$ 15.90

$ 15.90

Warrant expiration date

May 12, 2028

May 12, 2028

Series A Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants issued

240,120

Warrant exercise price

$ 15.90

Warrant expiration date

Aug. 14, 2025

Institutional Investor [Member]

Class of Warrant or Right [Line Items]

Warrants issued

1,964,658

Investor Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants issued

50,760

1,914,466

Warrant exercise price

$ 7.05

Placement Agent Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants issued

50,200

Warrant exercise price

$ 8.8125

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)						1 Months Ended				12 Months Ended
	Nov. 27, 2024	Oct. 18, 2024	May 12, 2023	Feb. 06, 2023	Feb. 02, 2023	Dec. 31, 2024	Aug. 31, 2024	Feb. 29, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Aug. 30, 2024	Feb. 12, 2024	Jan. 31, 2024	Nov. 30, 2023	Nov. 28, 2023	Oct. 25, 2023	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized						250,000,000				250,000,000	250,000,000
Preferred stock, shares authorized						1,500,000				1,500,000	1,500,000
Preferred stock, par value						$ 0.0001				$ 0.0001	$ 0.0001
Preferred stock, shares issued						0				0	0
Preferred stock, shares outstanding						0				0	0
Reverse stock split	1-for-15	1-for-15				1-for-15			1-for-12
Common stock, par value	$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001				$ 0.0001	$ 0.0001
Share price							$ 7.05					$ 23.51			$ 7.05
Common stock, gross proceeds										$ 1,670,001	$ 9,050,004
Warrants to purchase common shares			14,006				133,334								133,334			73,474
Warrant, exercise price			$ 54.60												$ 23.51
Stock issuance costs								$ 10,200,000
Legal fees							$ 600,000	$ 300,000
Warrants issue, description							the Company issued to the placement agent as compensation unregistered warrants to purchase up to 50,200 shares of Common Stock.	the Company issued to the placement agent as compensation unregistered warrants to purchase up to 16,811 shares of Common Stock, equal to 7.0% of the aggregate number of shares of Common Stock (or warrants) placed in the transaction
Warrants to purchase common stock							50,200	16,811
Sale of stock number of shares issued in transaction			120,059		19,842
Combined offering price			$ 58.305		$ 151.20
Sale of stock, consideration received per transaction			$ 7,000,000	$ 3,000,000
Related costs			$ 700,000	$ 300,000
Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price			$ 252
Warrant, exercise price																		$ 54.60
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price			2,808
Warrant, exercise price																		$ 41,400
Series A Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase common shares								240,120
Warrant, exercise price								$ 15.90
Warrant maturity date													Aug. 14, 2025
Series B Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase common shares								240,120
Warrant, exercise price								$ 15.90					$ 15.90
Warrant maturity date								May 12, 2028					May 12, 2028
Registered Direct Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, par value							$ 0.0001
Purchase of shares through securities purchase agreement							166,054
Share price							$ 7.05
Prefunded Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of shares through securities purchase agreement							70,827
Share price							$ 7.0485
Agent fees and offering expenses , per share							$ 0.0015
Common stock, gross proceeds							$ 1,670,000
Series A and B Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price								$ 7.05
Warrants to purchase common shares								480,234
Warrant, exercise price								$ 15.90
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price								$ 15.90
Warrants to purchase common shares								240,120						88,261		167,427	83,714
Warrant, exercise price						$ 23.51	$ 8.81	$ 24.56		$ 23.51			$ 24.56	$ 23.51		$ 23.51	$ 23.51
Warrant maturity date							Aug. 28, 2029	May 12, 2028								Nov. 28, 2028	Oct. 25, 2028
Proceeds from warrants								$ 4,700,000
Equity issuance costs								$ 5,200,000
Combined offering price			$ 1.875

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Option outstanding, beginning balance	38,785
Weighted average exercise price. beginning balance	$ 501.65
Weighted average remaining contractual term	8 years 6 months 29 days	9 years 6 months 25 days
Aggregate intrinsic value, beginning balance
Option outstanding, granted
Weighted average exercise price, granted
Aggregate intrinsic value, granted
Option outstanding, exercised
Weighted average exercise price, exercised
Aggregate intrinsic value, exercised
Option outstanding, expired or forfeited
Weighted average exercise price, expired or forfeited
Aggregate intrinsic value, expired or forfeited
Option outstanding, ending balance	38,785	38,785
Weighted average exercise price, ending balance	$ 501.65	$ 501.65
Aggregate intrinsic value, ending balance
Option, exercisable	38,734
Weighted average exercise price, exercisable	$ 493.54
Aggregate intrinsic value, Exercisable
Option vested or expected to vest	38,785
Weighted average exercise price, vested or expected to vest	$ 501.65
Weighted average remaining contractual term, exercisable	8 years 6 months 29 days
Aggregate intrinsic value, vested or expected to vest

SCHEDULE OF SHARE-BASED PAYMENT

SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected stock price volatility, minimum	106.77%
Expected stock price volatility, maximum	106.82%
Expected term (years)	5 years
Risk-free interest rate, minimum	4.62%
Risk-free interest rate, maximum	4.89%
Expected dividend rate	0%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 16.95
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 17.70

SCHEDULE OF COMMON STOCK FUTURE

SCHEDULE OF COMMON STOCK FUTURE ISSUANCE (Details)	Dec. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total shares of common stock reserved for future issuance	2,216,453
Warrant Outstanding [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total shares of common stock reserved for future issuance	2,167,072
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total shares of common stock reserved for future issuance	38,785
Share-Based Payment Arrangement, Option [Member] | Stock Option Available For Future Grant Under 2021 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total shares of common stock reserved for future issuance	10,596

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 29, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	2,216,453
Number of restricted stock granted
Weighted average exercise price, vested or expected to vest	$ 501.65
Weighted-average fair value per share , grant		$ 13.98
Unrecognized stock based compensation	$ 27,860
Weighted average period	9 months
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average exercise price, vested or expected to vest		16.95
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average exercise price, vested or expected to vest		$ 17.70
Board of Members [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock granted		37,000
General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 75,494	$ 627,406
Research and Development Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense	$ 35,229	$ 251,754
2021 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance			10,487

SCHEDULE OF INCOME TAXES BENEFI

SCHEDULE OF INCOME TAXES BENEFIT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
UNITED STATES
Loss before provision for income taxes	$ (7,987,009)	$ (10,626,275)

SCHEDULE OF FEDERAL AND STATE I

SCHEDULE OF FEDERAL AND STATE INCOME TAX PROVISION (BENEFIT) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current state provision	$ 3,300	$ 3,200

SCHEDULE OF FEDERAL INCOME TAX

SCHEDULE OF FEDERAL INCOME TAX RATE RECONCILIATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income (benefit) taxes at statutory rates	$ (1,677,271)	$ (2,231,518)
State income tax, net of federal benefit	(62,342)	(77,243)
Warrants and convertible debt	(3,421)	(90,392)
Nondeductible executive compensation	17,325	2,107
Stock based compensation	22,633	580,823
Research and development tax credits	(428,675)	(629,239)
Expiring attributes	183,912
Change in tax rates	(296)	(3,848)
Other	11,282	77,162
Change in valuation allowance	1,936,853	2,372,148
Total

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss tax carryforwards	$ 29,728,009	$ 28,485,164
Tax credits	5,212,263	4,793,138
Capitalized research costs	4,655,425	4,368,767
Stock-based compensation	729,318	746,444
Other	36,630	31,279
Gross deferred tax assets	40,361,645	38,424,792
Valuation allowance	(40,361,645)	(38,424,792)
Total deferred tax assets
Other
Total deferred tax liabilities
Net deferred tax assets

SCHEDULE OF UNRECOGNIZED TAX BE

SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 1,685,360	$ 1,428,261
Increases related to current year tax positions	141,023	128,404
Increases related to prior year tax positions	1,054	128,695
Decreases related to prior year tax positions	(444)
Balance at end of year	$ 1,826,993	$ 1,685,360

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2017	Dec. 31, 2018
Effective Income Tax Rate Reconciliation [Line Items]
Tax credit carryforward, description	carryforward indefinitely and be available to offset up to 80% of future taxable income each year
Unrecognized tax benefits that would impact effective tax rate	$ 1,800,000	$ 1,700,000
Financing receivable accrued interest write off	0	$ 0
California Franchise Tax Board [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	75,600,000
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	116,400,000		$ 81,600,000	$ 34,900,000
Operating loss carryforwards expiration			expire in 2025
Domestic Tax Jurisdiction [Member] | Research Tax Credit Carryforward [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax credit carryforward amount	$ 5,600,000
California Franchise Tax Board [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards expiration	expire in 2028
Tax credit carryforward expiration	expire in 2025
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax credit carryforward amount	$ 1,500,000
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Tax credit carryforward amount	$ 1,700,000

RELATED PARTIES (Details Narrat

RELATED PARTIES (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Apr. 25, 2024	Dec. 31, 2024	Aug. 31, 2024	Feb. 29, 2024	Feb. 12, 2024	Jan. 31, 2024	Nov. 30, 2023	Nov. 28, 2023	Oct. 25, 2023	Oct. 23, 2023	May 12, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercisable		29,547
Warrant, exercise price							$ 23.51				$ 54.60
Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant, exercise price		$ 23.51	$ 8.81	$ 24.56	$ 24.56	$ 23.51		$ 23.51	$ 23.51
Warrant, expiration date	Apr. 25, 2025
Securities Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt financing amount		$ 0.2
Warrant, exercise price										$ 23.5125

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Value of shares issued upon exercise of warrants		$ 2,433,080
Common Stock [Member]
Subsequent Event [Line Items]
Number of shares issued upon exercise of warrants		139,028	47,792
Value of shares issued upon exercise of warrants		$ 14	$ 5
Restricted common stock issued		5	4,064
Subsequent Event [Member] | Restricted Stock [Member]
Subsequent Event [Line Items]
Restricted common stock issued	13,801
Shares outstanding percentage	1%
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of shares issued upon exercise of warrants	49,361
Value of shares issued upon exercise of warrants	$ 0.3