Executive Summary

Q3 FY2024 revenue was $18.0M, down modestly YoY from $18.9M as royalties from AbbVie’s HCV regimen continue to be the only revenue stream; diluted EPS improved to $(1.07) from $(1.86) YoY on materially lower R&D expense .
Operating loss narrowed to $(24.2)M from $(36.7)M YoY and net loss improved to $(22.7)M from $(39.1)M YoY, reflecting lower COVID-19 program spend and despite higher G&A tied to Pfizer litigation and royalty sale interest expense .
Liquidity remains solid with $272.6M in cash and marketable securities and runway guided through Q3 FY2027; management again highlighted ongoing retained royalties as a funding source .
Pipeline catalysts: RSV pediatric (RSVPEDs) enrollment completed with topline data targeted in Q4 2024; EDP-323 human challenge study completed with topline data expected late Q3 2024—key potential stock drivers near term .
The company did not host an earnings call this quarter; no new guidance items were introduced (expense ranges last updated at Q2) .

What Went Well and What Went Wrong

RSV pipeline execution: “completed enrollment of RSVPEDs… anticipate reporting topline data next quarter” and EDP-323 challenge study completed with data expected late Q3 2024 .
Expense discipline: R&D down to $28.7M from $43.0M YoY due to winding down COVID-19 program, partially offset by immunology spend; operating loss and net loss improved YoY .
Balance sheet and runway: $272.6M in cash and marketable securities at quarter-end with runway through Q3 FY2027, supporting continued clinical execution without immediate financing needs .

Top line remains single-threaded to AbbVie HCV royalties; revenue declined YoY to $18.0M from $18.9M, offering limited organic growth until pipeline reads out .
G&A increased YoY to $13.4M from $12.6M driven by legal costs in Pfizer patent litigation, an ongoing headwind to operating leverage .
Royalty sale financing costs reduced net results: interest expense of $2.4M this quarter, with 54.5% of cash royalties paid to OMERS until the cap is reached (through June 30, 2032, cap 1.42x) .

Metric (USD Thousands, except per-share)	Q1 2024	Q2 2024	Q3 2024
Revenue	$18,003	$17,054	$17,971
Research & Development	$36,371	$35,585	$28,742
General & Administrative	$16,518	$14,235	$13,414
Total Operating Expenses	$52,889	$49,820	$42,156
Loss from Operations	$(34,886)	$(32,766)	$(24,185)
Interest Expense	$(3,441)	$(2,563)	$(2,355)
Interest & Investment Income, net	$4,298	$3,809	$3,487
Income Tax (Benefit)/Expense	$622	$363	$395
Net Loss	$(33,407)	$(31,157)	$(22,658)
Diluted EPS ($)	$(1.58)	$(1.47)	$(1.07)

Metric (USD Thousands, except per-share)	Q3 2023	Q3 2024
Revenue	$18,892	$17,971
Research & Development	$42,987	$28,742
General & Administrative	$12,618	$13,414
Total Operating Expenses	$55,605	$42,156
Loss from Operations	$(36,713)	$(24,185)
Interest Expense	$(1,997)	$(2,355)
Interest & Investment Income, net	$3,866	$3,487
Income Tax (Benefit)/Expense	$(4,221)	$395
Net Loss	$(39,065)	$(22,658)
Diluted EPS ($)	$(1.86)	$(1.07)

Revenue Source	Q1 2024	Q2 2024	Q3 2024
Royalties from AbbVie’s HCV regimen MAVYRET/MAVIRET	100% of $18.0M	100% of $17.1M	100% of $18.0M

KPI	Q1 2024	Q2 2024	Q3 2024
Cash, cash equivalents & marketable securities	$337.2M	$300.3M	$272.6M
Cash runway	Through FY2027	Through Q3 FY2027	Through Q3 FY2027
Royalty sale economics	54.5% of cash royalties to OMERS; cap 1.42x; interest expense $3.4M in Q1	Interest expense $2.6M in Q2	Interest expense $2.4M in Q3

Metric	Period	Previous Guidance	Current Guidance	Change
Research & Development expense	FY2024	$125M–$145M (updated at Q2)	No update provided in Q3; effectively maintained	Maintained
General & Administrative expense	FY2024	$50M–$60M (updated at Q2)	No update provided in Q3; effectively maintained	Maintained

Note: No revenue, margin, EPS, tax, or segment guidance was issued or updated in Q3 .

Note: Enanta did not hold an earnings call for Q3 FY2024; commentary is based on press releases .

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
RSVPEDs (pediatric zelicapavir)	Q1: Data targeted Q3 2024, dependent on seasonality ; Q2: Near completion; data 2H 2024	Enrollment completed; topline data Q4 2024	Advancing, timeline refined
EDP-323 (L-protein inhibitor) human challenge	Q1: Topline Q3 2024 ; Q2: On track Q3 2024	Study completed; topline data late Q3 2024	On track/completed
RSVHR (adult high-risk)	Q1: Updates as season continues ; Q2: Enrollment progressing; await Southern Hemisphere updates	Targeting enrollment completion in upcoming Northern Hemisphere season	Progressing
Immunology (KIT inhibitors for CSU)	Q1: Program introduced; dev. candidate in 2024	Q2: Dev. candidate in Q4 2024; second program in 2024	Q3: Ongoing optimization; nominate best-in-class Q4 2024; second program in Q4 2024
Royalty/OMERS financing impact	Q1: 54.5% share to OMERS; $3.4M interest	Q2: $2.6M interest	Q3: $2.4M interest; arrangement ongoing
Legal (Pfizer)	Q1: G&A elevated by litigation	Q2: G&A elevated	Q3: G&A increase driven by Pfizer litigation

“We have completed enrollment of RSVPEDs… This is a key milestone in the ongoing advancement of our robust clinical RSV portfolio… EDP-323 has completed the Phase 2a human challenge study and we remain on track to announce topline data this quarter.” — Jay R. Luly, Ph.D., President & CEO .
Financial posture: “Operations supported by cash and marketable securities totaling $272.6 million at June 30, 2024, as well as continuing retained royalties” .
Expense dynamics: R&D down primarily due to the COVID-19 program wind-down (partly offset by immunology), G&A up due to Pfizer litigation costs .
Royalty monetization reminder: 54.5% of cash royalties paid to OMERS with a cap of 1.42x through June 30, 2032; interest expense of $2.4M in Q3 .

No conference call or Q&A session was held with the Q3 FY2024 update; next update expected with EDP-323 challenge study results in late Q3 2024 .

Wall Street consensus (S&P Global) for Q3 FY2024 was unavailable at the time of this analysis due to an access limit; as a result, we cannot assess beat/miss versus S&P Global consensus for revenue or EPS in this report. Future comparisons will anchor to S&P Global when accessible.

Near-term catalysts: EDP-323 topline (late Q3 2024) and RSVPEDs pediatric topline (Q4 2024) are critical inflection points for the RSV franchise .
Sequential improvement in P&L driven by lower R&D and G&A, narrowing operating and net losses; however, top line remains solely dependent on HCV royalties pending pipeline validation .
Cash runway through Q3 FY2027 provides funding for multiple readouts without immediate financing, though OMERS royalty share and related interest remain ongoing P&L headwinds .
Legal overhang persists as G&A remains elevated due to Pfizer litigation, tempering near-term operating leverage potential .
If pediatric and challenge study data are positive, expectations may shift toward accelerated RSV development paths, potentially expanding optionality for partnerships or later-stage trials .
With no Q3 call or new guidance, focus shifts to data-driven catalysts and expense discipline; expense ranges set in Q2 appear maintained, aiding visibility into FY2024 burn .
Trading implication: stock likely to be catalyst-sensitive into late Q3/Q4; binary risk around EDP-323 and RSVPEDs readouts may drive volatility, while downside buffered by cash runway and base royalty stream .