Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), a clinical-stage biotech firm focused on developing small molecule drugs for virology and immunology, has reported its financial results for the fiscal third quarter ending June 30, 2024.
Recent Business Highlights:
- RSVPEDs Study Completion: Enanta has finished enrolling participants in RSVPEDs, its first-in-pediatrics study of zelicapavir, an N-protein inhibitor. Topline data is expected next quarter. The company appreciates the contributions of patients, caregivers, and investigators.
- Advancement of Clinical Programs: Enanta is making progress in its RSV portfolio. The oral L-protein inhibitor EDP-323 has completed its Phase 2a human challenge study, with topline data anticipated this quarter.
- Financial Results: For the fiscal third quarter ended June 30, 2024, total revenue was $18.0 million, including $6.6 million from MAVYRET®/MAVIRET® sales and $1.2 million from CHEMOSAT. This is a decrease from $18.9 million in the same period last year.
- Royalty Revenue: Enanta’s ongoing royalty revenue from MAVYRET®/MAVIRET® is partially paid to OMERS, following a royalty sale transaction. This transaction is recorded as debt, with an interest expense of $2.4 million for the quarter.
- Expenses: Research and development costs were $28.7 million, down from $43.0 million the previous year, due to reduced costs from the COVID-19 program. General and administrative expenses rose to $13.4 million, primarily due to increased legal costs.
- Net Loss: The net loss for the quarter was $22.7 million, or $1.07 per diluted share, compared to a loss of $39.1 million, or $1.86 per diluted share, in the previous year.
- Cash Position: As of June 30, 2024, Enanta had $272.6 million in cash, cash equivalents, and marketable securities. This amount is expected to support the company’s operations through the third quarter of fiscal 2027.
Clinical and Research Updates:
- RSV Programs: Zelicapavir is being tested in two Phase 2 trials: RSVPEDs for pediatric patients and RSVHR for high-risk adults. Enrollment in RSVHR is ongoing, and topline data for RSVPEDs is expected in Q4 2024. EDP-323’s Phase 2a challenge study has been completed, with data forthcoming.
- Immunology Programs: Enanta continues to develop KIT inhibitors for chronic spontaneous urticaria (CSU). The company aims to nominate a leading clinical candidate by Q4 2024 and plans to introduce a second immunology program.
Upcoming Events:
- H.C. Wainwright Annual Global Investment Conference: September 10, 2024
- Baird Global Healthcare Conference: September 11, 2024
- Cantor Global Healthcare Conference: September 17, 2024
Enanta will release its full-year and fiscal fourth-quarter results on November 25, 2024. The company will not hold a conference call with today’s update.
About Enanta Pharmaceuticals, Inc.:
Enanta is focused on developing small molecule drugs for virology and immunology, with ongoing research in RSV and CSU. The company’s HCV treatment, developed in collaboration with AbbVie, contributes to its funding through royalties.
