[8-K] ENANTA PHARMACEUTICALS INC Reports Material Event
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 11, 2026, Enanta Pharmaceuticals, Inc. announced via press release its results for the fiscal quarter ended March 31, 2026. A copy of Enanta's press release is hereby furnished to the Commission and incorporated by reference herein as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number |
Description |
99.1 |
Press Release of Enanta Pharmaceuticals, Inc. dated May 11, 2026, reporting Enanta's financial results for the fiscal quarter ended March 31, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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ENANTA PHARMACEUTICALS, INC. |
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Date: |
May 11, 2026 |
By: |
/s/ Jay R. Luly, Ph.D. |
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Jay R. Luly, Ph.D. |
Exhibit 99.1
Enanta Pharmaceuticals Reports Financial Results for its Fiscal Second Quarter Ended March 31, 2026
WATERTOWN, Mass., May 11, 2026 – Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), a clinical-stage biotechnology company dedicated to creating small molecule drugs for viral infections and immunological diseases, today reported financial results for its fiscal second quarter ended March 31, 2026.
“Since the inception of our immunology portfolio targeting type 2 diseases, our team has worked diligently to advance highly selective inhibitors of KIT, STAT6 and MRGPRX2 designed to enable convenient oral dosing and best-in-class profiles,” said Jay Luly, Ph.D., President and Chief Executive Officer of Enanta. “This quarter, we achieved a key milestone with dosing initiation in our Phase 1 trial of EDP-978, an oral KIT inhibitor in development for chronic urticaria. Along with advancing EDP-978 into the clinic, we remain on track to file an IND for EPS-3903, our oral STAT6 inhibitor, and to nominate an MRGPRX2 development candidate, in the second half of 2026. In parallel, we are continuing to conduct enabling activities for a pivotal study of zelicapavir in adults at high risk of serious complications from RSV infection and look forward to providing an update on the development path later this quarter. With a strong balance sheet and ongoing royalty revenues, we are well-positioned to execute on our strategy and to deliver multiple value-driving milestones over the coming year.”
Fiscal Second Quarter Ended March 31, 2026 Financial Results
Total revenue for the three months ended March 31, 2026 was $17.2 million and consisted of royalty revenue from worldwide net sales of MAVYRET®/MAVIRET® (glecaprevir/pibrentasvir), AbbVie’s treatment for hepatitis C virus, compared to $14.9 million for the three months ended March 31, 2025. The increase in revenue is due to an increase in AbbVie’s product sales quarter over quarter.
A portion (54.5%) of Enanta’s ongoing royalty revenue from AbbVie’s net sales of MAVYRET®/MAVIRET® is paid to OMERS, one of Canada’s largest defined benefit pension plans, pursuant to a royalty sale transaction affecting royalties earned after June 2023. For financial reporting purposes, the transaction was treated as debt, with the upfront purchase payment of $200.0 million recorded as a liability. Each
quarter, Enanta records 100% of the royalty earned as revenue and then amortizes the debt liability proportionally as 54.5% of the cash royalty payments are paid to OMERS through June 30, 2032, subject to a cap of 1.42 times the purchase payment, after which point 100% of the cash royalty payments will be retained by Enanta. Interest expense was $3.3 million for the three months ended March 31, 2026, as compared to $1.7 million for the three months ended March 31, 2025. The increase was due to the increase in royalty revenue from AbbVie’s net sales of MAVYRET®/MAVIRET®.
Research and development expenses totaled $19.4 million for the three months ended March 31, 2026, compared to $28.1 million for the three months ended March 31, 2025. The decrease was due to a decrease in clinical trial expenses for Enanta’s RSV programs, partially offset by increased costs associated with the Company’s immunology programs.
General and administrative expenses totaled $9.6 million for the three months ended March 31, 2026, compared to $11.4 million for the three months ended March 31, 2025. The decrease was primarily due to a decrease in stock-based compensation expenses.
Interest and investment income, net, totaled $2.1 million for the three months ended March 31, 2026, compared to $2.3 million for the three months ended March 31, 2025. The decrease in interest and investment income was due to lower interest rates year over year.
Enanta recorded an income tax expense of less than $0.1 million for the three months ended March 31, 2026 compared to an income tax benefit of $1.3 million for the three months ended March 31, 2025. Enanta recorded an additional federal income tax refund of $0.9 million during the three months ended March 31, 2025. The federal income tax refund of $33.8 million, including interest, was received in April 2025.
Net loss for the three months ended March 31, 2026 was $13.1 million, or a loss of $0.45 per diluted common share, compared to a net loss of $22.6 million, or a loss of $1.06 per diluted common share, for the corresponding period in 2025.
Enanta’s cash, cash equivalents and short-term and long-term marketable securities totaled $227.0 million at March 31, 2026. 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 into fiscal 2029.
Virology
Enanta’s virology pipeline includes the leading portfolio of RSV treatments in clinical development, consisting of zelicapavir, a once-daily N-protein inhibitor, and EDP-323, a once-daily L-protein inhibitor, both of which received Fast Track designation from the U.S. Food and Drug Administration (FDA).
Immunology
Enanta’s immunology pipeline is focused on designing and developing highly potent and selective oral inhibitors for the treatment of inflammatory diseases, by targeting key drivers of the type 2 immune response.
Corporate
About Enanta Pharmaceuticals, Inc.
Enanta is using its robust, chemistry-driven approach and drug discovery capabilities to become a leader in the discovery and development of small molecule drugs for viral infections and immunological diseases. In virology, Enanta’s clinical programs are focused on the development of first-in-disease and best-in-disease treatments for respiratory syncytial virus (RSV). The Company’s immunology pipeline aims to develop treatments for inflammatory diseases by targeting key drivers of the type 2 immune response, with KIT, STAT6 and MRGPRX2 inhibition.
Glecaprevir, a protease inhibitor discovered by Enanta, is part of one of the leading treatment regimens for curing hepatitis C virus (HCV) infection and is sold by AbbVie in numerous countries under the tradenames MAVYRET® (U.S.) and MAVIRET® (ex-U.S.) (glecaprevir/pibrentasvir). A portion of Enanta’s royalties from HCV products developed under its collaboration with AbbVie contribute ongoing funding to Enanta’s operations. Please visit www.enanta.com for more information.
Forward Looking Statements
This press release contains forward-looking statements, including statements with respect to the timeline and prospects for advancement of Enanta’s clinical programs in RSV and KIT inhibition and its pre-clinical immunology programs, including its programs targeting STAT6 and MRGPRX2 inhibition, as well as statements regarding Enanta’s ongoing litigation matters. Statements that are not historical facts are based on management’s current expectations, estimates, forecasts and projections about Enanta’s business and the industry in which it operates and management’s beliefs and assumptions. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors and risks that may affect actual results include: the impact of development, regulatory and marketing efforts of others with respect to vaccines and competitive treatments for RSV; the discovery and development risks of Enanta’s programs in virology and immunology; Enanta’s limited clinical development experience; Enanta’s ability to partner its RSV or other programs; Enanta’s need to attract and retain senior management and key research and development personnel; Enanta’s need to obtain and maintain patent protection for its product candidates and avoid potential infringement of the intellectual property rights of others; the timing and outcome of Enanta’s ongoing litigation matters; and other risk factors described or referred to in “Risk Factors” in Enanta’s Form 10-K for the fiscal year-ended September 30, 2025, and any other periodic reports filed more recently with the Securities and Exchange Commission. Enanta cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Enanta undertakes no obligation to update or revise these statements, except as may be required by law.
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Media and Investors Contact:
Jennifer Viera
jviera@enanta.com
Tables to Follow
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ENANTA PHARMACEUTICALS, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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UNAUDITED |
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(in thousands, except per share amounts) |
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Three Months Ended |
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Six Months Ended |
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March 31, |
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March 31, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
$ |
17,159 |
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$ |
14,926 |
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$ |
35,774 |
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$ |
31,885 |
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Operating expenses |
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Research and development |
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19,443 |
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28,065 |
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40,302 |
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55,721 |
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General and administrative |
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9,568 |
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11,388 |
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18,577 |
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24,234 |
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Total operating expenses |
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29,011 |
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39,453 |
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58,879 |
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79,955 |
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Loss from operations |
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(11,852 |
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(24,527 |
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(23,105 |
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(48,070 |
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Interest expense |
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(3,316 |
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(1,714 |
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(6,399 |
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(3,676 |
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Interest and investment income, net |
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2,084 |
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2,292 |
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4,506 |
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5,091 |
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Loss before income taxes |
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(13,084 |
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(23,949 |
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(24,998 |
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(46,655 |
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Income tax (expense) benefit |
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(7 |
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1,305 |
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(31 |
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1,721 |
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Net loss |
$ |
(13,091 |
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$ |
(22,644 |
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$ |
(25,029 |
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$ |
(44,934 |
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Net loss per share |
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Basic |
$ |
(0.45 |
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$ |
(1.06 |
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$ |
(0.87 |
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$ |
(2.11 |
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Diluted |
$ |
(0.45 |
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$ |
(1.06 |
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$ |
(0.87 |
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$ |
(2.11 |
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Weighted average common shares outstanding |
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Basic |
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29,040 |
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21,355 |
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28,892 |
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21,295 |
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Diluted |
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29,040 |
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21,355 |
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28,892 |
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21,295 |
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ENANTA PHARMACEUTICALS, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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UNAUDITED |
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(in thousands) |
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March 31, |
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September 30, |
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2026 |
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2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ |
34,928 |
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$ |
32,298 |
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Short-term marketable securities |
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128,846 |
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156,566 |
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Accounts receivable |
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7,809 |
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6,882 |
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Prepaid expenses and other current assets |
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6,810 |
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8,590 |
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Income tax receivable |
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19 |
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— |
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Total current assets |
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178,412 |
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204,336 |
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Long-term marketable securities |
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63,238 |
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— |
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Property and equipment, net |
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33,114 |
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35,395 |
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Operating lease, right-of-use assets |
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36,436 |
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37,549 |
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Long-term restricted cash |
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3,360 |
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3,360 |
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Other long-term assets |
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144 |
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92 |
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Total assets |
$ |
314,704 |
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$ |
280,732 |
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Liabilities and Stockholders' Equity |
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Current liabilities |
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Accounts payable |
$ |
4,363 |
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$ |
1,948 |
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Accrued expenses and other current liabilities |
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6,859 |
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12,751 |
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Liability related to the sale of future royalties |
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31,461 |
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30,710 |
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Operating lease liabilities |
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3,759 |
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3,146 |
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Total current liabilities |
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46,442 |
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48,555 |
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Liability related to the sale of future royalties, net of current portion |
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97,309 |
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111,132 |
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Operating lease liabilities, net of current portion |
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52,777 |
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54,757 |
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Series 1 nonconvertible preferred stock |
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1,311 |
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1,311 |
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Other long-term liabilities |
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278 |
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260 |
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Total liabilities |
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198,117 |
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216,015 |
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Total stockholders' equity |
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116,587 |
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64,717 |
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Total liabilities and stockholders' equity |
$ |
314,704 |
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$ |
280,732 |
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