Enanta Pharmaceuticals(US:ENTA)2024-11-25 21:05Financial Performance - Total revenue for Q4 2024 was $14.6 million, down from $18.9 million in Q4 2023, and total revenue for the fiscal year was $67.6 million compared to $79.2 million in 2023, reflecting a decline due to decreased sales of AbbVie's MAVYRET®/MAVIRET®[4] - Net loss for Q4 2024 was $28.8 million, or a loss of $1.36 per diluted share, compared to a net loss of $28.1 million, or a loss of $1.33 per diluted share in Q4 2023; for the fiscal year, net loss was $116.0 million, or a loss of $5.48 per diluted share, compared to a net loss of $133.8 million, or a loss of $6.38 per diluted share in 2023[10] - Revenue for September 2024 was $14,607 million, a decrease of 30% from $18,932 million in September 2023[21] - Net loss for September 2024 was $28,823 million, compared to a net loss of $28,107 million in September 2023, indicating a slight increase in losses[21] - Net loss per share (basic and diluted) for September 2024 was $(1.36), compared to $(1.33) in September 2023[21] Research and Development - Research and development expenses decreased to $30.8 million in Q4 2024 from $36.2 million in Q4 2023, and for the fiscal year, expenses were $131.5 million compared to $163.5 million in 2023, primarily due to reduced costs associated with the COVID-19 program[6] - Positive topline results for EDP-323 in a Phase 2a study showed statistically significant reductions in viral load and clinical symptoms compared to placebo, indicating a strong potential for RSV treatment[13] - Enanta is on track to report topline results for the RSVPEDs study of zelicapavir in December 2024, which could position the company with two leading clinical candidates for RSV treatment[3] - The company has nominated EPS-1421 as its lead development candidate for its KIT inhibition program, targeting chronic spontaneous urticaria and other mast cell-driven diseases[14] - Enanta's second discovery program focuses on developing oral STAT6 inhibitors for type 2 immune-driven diseases, with initial efforts aimed at atopic dermatitis[14] Expenses and Liabilities - Interest expense for Q4 2024 was $2.6 million, compared to $3.2 million in Q4 2023, while total interest expense for the fiscal year was $10.9 million, up from $5.1 million in 2023[5] - Total operating expenses decreased to $44,461 million in September 2024 from $49,962 million in September 2023, representing a reduction of approximately 10%[21] - Research and development expenses were $30,778 million in September 2024, down from $36,167 million in September 2023, a decrease of about 15%[21] - Interest expense decreased to $2,581 million in September 2024 from $3,151 million in September 2023, a reduction of about 18%[21] - A portion of ongoing royalty revenue (54.5%) from AbbVie's sales is paid to OMERS, with the upfront purchase payment of $200.0 million recorded as a liability[5] Cash and Assets - Enanta has $248.2 million in cash and marketable securities as of September 30, 2024, which is expected to be sufficient to meet anticipated cash requirements into fiscal 2027[11] - Cash and cash equivalents decreased to $37,233 million as of September 30, 2024, from $85,388 million as of September 30, 2023, a decline of approximately 56%[24] - Total assets decreased to $376,652 million in September 2024 from $462,275 million in September 2023, a reduction of about 19%[24] - Total stockholders' equity fell to $128,814 million in September 2024, down from $216,735 million in September 2023, a decrease of approximately 41%[24] - Current liabilities decreased slightly to $57,535 million in September 2024 from $62,787 million in September 2023[24]