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Mar 31, 2024
Enanta Pharmaceuticals Q2 2024 Earnings Report
Reported financial results for the fiscal second quarter, highlighting progress in RSV and immunology programs.
Key Takeaways
Enanta Pharmaceuticals reported a net loss of $31.2 million for the fiscal second quarter ended March 31, 2024, with total revenue of $17.1 million primarily from royalty revenue. The company is advancing its RSV and immunology programs, anticipating multiple RSV data readouts and selecting a CSU development candidate.
Total revenue for the quarter was $17.1 million, derived from royalty revenue from AbbVie's HCV regimen.
Net loss for the quarter was $31.2 million, or $1.47 per diluted common share.
Research and development expenses totaled $35.6 million for the quarter.
Cash, cash equivalents, and short-term marketable securities totaled $300.3 million as of March 31, 2024.
Revenue by Segment
Forward Guidance
Enanta is updating its expense guidance at this fiscal year mid-point. Research and development expense is $125 million to $145 million. General and administrative expense is $50 million to $60 million.
Positive Outlook
- Advancing multiple clinical programs through a robust antiviral treatment portfolio aimed at populations at high-risk for serious outcomes from RSV infection.
- On track to select a KIT inhibitor development candidate in the fourth quarter and plans to move into the clinic shortly thereafter.
- Plans to expand its presence in immunology and introduce a second program in 2024.
- Enanta expects that its current cash, cash equivalents and marketable securities, as well as its retained portion of future royalty revenue, will be sufficient to meet the anticipated cash requirements of its existing business and development programs through the third quarter of fiscal 2027.
- The research and development expense increase reflects the impact of the company’s new immunology programs as well as additional efforts to accelerate the RSV clinical studies.
Challenges Ahead
- Net loss for the three months ended March 31, 2024 was $31.2 million.
Historical Earnings Impact
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