SCHEDULE: Morgan Stanley Reduces ESSA Pharma Stake Below 5%

Morgan Stanley and its subsidiary, Morgan Stanley & Co. LLC, have reported reducing their beneficial ownership in ESSA Pharma Inc. to below the 5% threshold.

Summary

• Morgan Stanley and Morgan Stanley & Co. LLC filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in ESSA Pharma Inc.
• The filing indicates that Morgan Stanley has ceased to be the beneficial owner of more than five percent of ESSA Pharma Inc.'s common shares as of September 30, 2025.
• As of the event date, Morgan Stanley beneficially owned an aggregate of 1,904,062 common shares, representing 4.0% of the class.
• Morgan Stanley reported shared voting power over 1,876,562 shares and shared dispositive power over 1,904,062 shares.
• Morgan Stanley & Co. LLC reported 0.00% beneficial ownership, having also ceased to be a beneficial owner of more than five percent.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: This filing is a routine regulatory disclosure of a change in beneficial ownership, not an announcement of financial performance or strategic initiatives. As such, it carries a neutral sentiment based solely on the information presented.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding ESSA Pharma Inc.'s future performance or Morgan Stanley's future investment intentions beyond the current ownership status.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing represents a routine regulatory disclosure for institutional investors when their beneficial ownership in a public company crosses certain thresholds. It reflects a change in Morgan Stanley's passive investment position in ESSA Pharma Inc. rather than a broader industry trend or strategic move.

Related Party Transactions

• Morgan Stanley & Co. LLC, which previously held beneficial ownership, is a wholly-owned subsidiary of Morgan Stanley, the parent holding company.

Stakeholder Impact

• Shareholders of ESSA Pharma Inc. will note the reduction in institutional ownership by Morgan Stanley, which could be interpreted by some as a decrease in institutional confidence, though the filing states the holding was in the ordinary course of business.

Key Dates

Keywords

ESSA Pharma, Morgan Stanley, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Ownership, Stake Reduction