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Jun 30, 2023
Enanta Pharmaceuticals Q3 2023 Earnings Report
Reported financial results for the fiscal third quarter, highlighting progress in RSV and COVID-19 programs and a strong financial position.
Key Takeaways
Enanta Pharmaceuticals reported $18.9 million in royalty revenue for the third quarter ended June 30, 2023. The company's net loss was $39.1 million, or $1.86 per diluted share. Cash and marketable securities totaled $392.5 million at the end of the quarter.
Reported positive Phase 1 results for EDP-323, an L-protein inhibitor for RSV.
Plans to initiate a Phase 2 human challenge study of EDP-323 in early 4Q 2023.
Cash and marketable securities totaled $392.5 million at June 30, 2023.
Royalty revenue for the quarter was $18.9 million.
Revenue by Segment
Forward Guidance
Enanta provided updated financial guidance for fiscal year 2023.
Positive Outlook
- Expects to complete enrollment in one or more of its ongoing Phase 2 studies of EDP-938 in the upcoming Northern Hemisphere RSV season.
- Plans to initiate a human challenge study evaluating EDP-323 early in the fourth quarter of 2023.
- Anticipates having data results for EDP-323 in the second quarter of 2024.
- Focused on partnering opportunities for progressing EDP-235 into Phase 3 trials.
- Expects to select a dual hMPV/RSV clinical candidate in the fourth quarter of 2023.
Challenges Ahead
- 54.5% of royalties on MAVYRET®/MAVIRET® sales in fiscal fourth quarter will be paid to OMERS.
- The company is focused on partnering opportunities for progressing EDP-235 into Phase 3 trials
- Enanta plans to conduct all future COVID work in the context of a collaboration.
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