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Jun 30, 2024
Enanta Pharmaceuticals Q3 2024 Earnings Report
Reported financial results for the fiscal third quarter and announced completion of enrollment of RSVPEDs and EDP-323 Phase 2a Challenge Study in RSV.
Key Takeaways
Enanta Pharmaceuticals reported a total revenue of $18.0 million for Q3 2024, primarily from royalty revenue from AbbVie's HCV regimen MAVYRET®/MAVIRET®. The company's cash and marketable securities totaled $272.6 million as of June 30, 2024. Net loss for the quarter was $22.7 million, or $1.07 per diluted common share.
Completed enrollment of RSVPEDs, a Phase 2 study of Zelicapavir in pediatric Respiratory Syncytial Virus (RSV) patients, with topline data expected in Q4 2024.
Completed EDP-323 Phase 2a Challenge Study in RSV, with topline data expected in late Q3 2024.
Cash and marketable securities totaled $272.6 million at June 30, 2024.
Enanta expects cash, cash equivalents and marketable securities and its continuing portion of cash from future royalty revenue, should be sufficient to meet the anticipated cash requirements through Q3 2027.
Revenue by Segment
Forward Guidance
Enanta anticipates reporting topline data from the RSVPEDs study in the fourth quarter of 2024 and from the EDP-323 Phase 2a challenge study in late third quarter of 2024. Preclinical optimization of Enanta’s potent and selective oral KIT inhibitors is ongoing. The company continues to evaluate multiple compounds with the goal of nominating a best-in-class clinical candidate in the fourth quarter of 2024. Enanta plans to expand its presence in immunology with the introduction of a second program in the fourth quarter of 2024.
Positive Outlook
- Topline data from RSVPEDs study expected in Q4 2024.
- Topline data from EDP-323 Phase 2a challenge study expected in late Q3 2024.
- Ongoing preclinical optimization of KIT inhibitors.
- Goal to nominate a best-in-class clinical candidate in Q4 2024.
- Plans to introduce a second immunology program in Q4 2024.
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