Enanta Pharmaceuticals(ENTA) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for the fiscal first quarter ended December 31, 2024, was $17.0 million, a decrease from$ 18.0 million in the same period of 2023, primarily due to a decline in AbbVie's sales of MAVYRET®/MAVIRET®[4] - Net loss for the three months ended December 31, 2024, was $22.3 million, or a loss of$ 1.05 per diluted common share, compared to a net loss of $33.4 million, or a loss of$ 1.58 per diluted common share, for the same period in 2023[10] Expenses - Research and development expenses decreased to $27.7 million for the three months ended December 31, 2024, from$ 36.4 million in the same period of 2023, attributed to timing of clinical trials in the RSV program[6] - General and administrative expenses were $12.8 million for the three months ended December 31, 2024, down from$ 16.5 million in the same period of 2023, due to reduced legal expenses related to a patent infringement lawsuit[7] - Interest expense for the three months ended December 31, 2024, was $2.0 million, down from$ 3.4 million in the same period of 2023[5] Cash and Assets - Cash, cash equivalents, and short-term marketable securities totaled $216.7 million at December 31, 2024, expected to support operations into fiscal year 2028[11] - Cash and cash equivalents increased significantly from$ 37,233 million in September 2024 to $84,349 million in December 2024, representing a growth of 126.5%[22] - Total current assets decreased from$ 299,852 million in September 2024 to $268,145 million in December 2024, a decline of approximately 10.6%[22] - Property and equipment, net increased from$ 32,688 million in September 2024 to $37,368 million in December 2024, a growth of about 14.0%[22] - Short-term marketable securities decreased from$ 210,953 million in September 2024 to $132,342 million in December 2024, a decline of approximately 37.3%[22] Liabilities - Total liabilities decreased from$ 247,838 million in September 2024 to $236,826 million in December 2024, a reduction of about 4.5%[22] - Accounts payable decreased from$ 8,002 million in September 2024 to $4,726 million in December 2024, a decrease of about 41.4%[22] - Accrued expenses and other current liabilities decreased from$ 13,547 million in September 2024 to $10,575 million in December 2024, a decline of approximately 22.8%[22] - Liability related to the sale of future royalties decreased from$ 34,462 million in September 2024 to $32,743 million in December 2024, a reduction of about 5.0%[22] - Operating lease liabilities increased slightly from$ 1,524 million in September 2024 to $1,006 million in December 2024, a decrease of approximately 34.0%[22] Future Developments - Enanta is on track to report topline results for RSVHR, a Phase 2 study of zelicapavir, in the third quarter of 2025[3] - The company plans to announce a lead development candidate for its STAT6 program in the second half of 2025[3] - Enanta aims to develop a first-in-disease and best-in-class RSV antiviral treatment portfolio, with both zelicapavir and EDP-323 in clinical development[13] Royalty Revenue - A portion (54.5%) of ongoing royalty revenue from AbbVie's net sales of MAVYRET®/MAVIRET® is paid to OMERS, with a liability of$ 200.0 million recorded for the royalty sale transaction[5]