Enanta Pharmaceuticals (ENTA) Q2 2026 earnings summary

Executive summary

• Revenue for the quarter ended March 31, 2026 was $17.2 million, up from $14.9 million year-over-year, driven by higher HCV royalties from AbbVie and MAVYRET®/MAVIRET® sales.

• Net loss for the quarter was $13.1 million ($0.45 per share), a significant improvement from $22.6 million ($1.06 per share) in the prior year period.

• Research and development expenses decreased due to timing of RSV clinical trials, while immunology program costs increased with scale-up and IND-enabling activities.

• Cash, cash equivalents, and marketable securities totaled $227.0 million as of March 31, 2026, expected to fund operations into fiscal 2029.

• Initiated dosing in Phase 1 trial of EDP-978 for chronic urticaria, with topline data expected in Q4 2026, and advancing pivotal study preparations for zelicapavir in RSV.

Financial highlights

• Royalty revenue for the quarter was $17.2 million, up $2.2 million year-over-year due to higher HCV sales.

• Operating expenses for the quarter were $29.0 million, down from $39.5 million year-over-year, with R&D at $19.4 million and G&A at $9.6 million.

• Interest expense rose to $3.3 million from $1.7 million, reflecting increased royalty revenue and related debt amortization.

• For the six months ended March 31, 2026, revenue was $35.8 million and net loss was $25.0 million.

• Net loss per share was $0.45, compared to $1.06 in the prior year quarter.

Outlook and guidance

• Existing cash and expected royalty streams are projected to fund operations and capital expenditures into fiscal 2029.

• Management expects a reduction in external R&D expenses over the next 12 months, primarily due to the timing of RSV clinical trials.

• IND filing for EPS-3903 (STAT6 inhibitor) and selection of MRGPRX2 candidate expected in 2H 2026.

• Update on pivotal zelicapavir RSV study design and development path anticipated in Q2 2026.