Ensysce Biosciences, Inc.

# Signal Note: Perceptive Advisors initiates in Ensysce (ENSCW) Edelman's entry into Ensysce suggests conviction in their abuse-deterrent opioid platform, likely driven by upcoming Phase 2 data catalysts for lead candidate ENSC-01 (oxycodone formulation) and/or FDA feedback on their tamper-resistant technology—a space with limited competition. The ~$80K position size indicates exploratory/watch-list status rather than core conviction, typical for early-stage biotech with regulatory execution risk ahead.