Executive Summary

Q4 FY2024 revenue was $14.6M, down 22.7% y/y, driven by lower AbbVie MAVYRET/MAVIRET royalties; GAAP diluted EPS was $(1.36) with a net loss of $(28.8)M .
Company did not host a Q4 earnings call; next update was tied to pediatric RSV (RSVPEDs) topline in December 2024 .
Strategic momentum: positive EDP-323 Phase 2a RSV challenge topline (highly significant reductions in viral load and symptoms) and subsequent positive pediatric RSV zelicapavir Phase 2 topline (Dec 9) underpin RSV leadership narrative .
Cash and marketable securities were $248.2M at 9/30/24; runway expected into fiscal 2027, supported by retained royalties despite the OMERS royalty sale structure .
S&P Global consensus estimates for Q4 FY2024 were unavailable via API at the time of analysis; beat/miss vs Street cannot be assessed (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Robust RSV data momentum: “We believe [EDP-323] results are among the strongest ever reported for an antiviral in an RSV challenge study,” with highly statistically significant reductions in viral load and symptoms versus placebo (p<0.0001) .
Two leading RSV mechanisms: management highlighted potential optionality with zelicapavir (N-inhibitor) and EDP-323 (L-inhibitor) advancing in parallel, pending pediatric RSVPEDs readout (Dec) and adult high‑risk enrollment progress in RSVHR .
Pipeline expansion in immunology: nomination of EPS-1421 (KIT inhibitor) as development candidate and initiation of a STAT6 discovery program aimed at type 2 immune–driven diseases (e.g., atopic dermatitis), broadening beyond virology .

What Went Wrong

Top-line pressure from royalties: revenue declined to $14.6M (from $18.9M y/y) due to lower MAVYRET/MAVIRET sales at AbbVie; royalty rate structure tied to OMERS sale also introduces interest expense and partial cash sharing through 2032 .
Persistent losses despite opex control: net loss of $(28.8)M (vs $(28.1)M y/y); G&A up for the year on higher legal fees related to Pfizer patent litigation, and royalty-sale interest expense persisted .
No Q4 call: reduced real-time visibility/clarifications; management deferred detailed updates to December RSVPEDs results .

Financial Results

Income Statement (last three quarters; GAAP)

Metric ($USD Millions, except per-share)	Q2 2024 (Mar 31)	Q3 2024 (Jun 30)	Q4 2024 (Sep 30)
Revenue	$17.05	$17.97	$14.61
Research & Development	$35.59	$28.74	$30.78
General & Administrative	$14.24	$13.41	$13.68
Total Operating Expenses	$49.82	$42.16	$44.46
Loss from Operations	$(32.77)	$(24.19)	$(29.85)
Interest Expense	$(2.56)	$(2.36)	$(2.58)
Interest & Investment Income (net)	$3.81	$3.49	$3.25
Net Loss	$(31.16)	$(22.66)	$(28.82)
Diluted EPS	$(1.47)	$(1.07)	$(1.36)

Notes:

Q4 y/y revenue decline reflects lower AbbVie MAVYRET/MAVIRET sales; all revenue is royalty-based .
OMERS royalty financing: 54.5% of cash royalties paid to OMERS through June 30, 2032 (capped at 1.42x), with associated interest expense recognized .

Liquidity

Metric	Q2 2024 (Mar 31)	Q3 2024 (Jun 30)	Q4 2024 (Sep 30)
Cash, Cash Equivalents and Marketable Securities (period-end)	$300.3M	$272.6M	$248.2M

Additional balance sheet detail (Q4): cash and equivalents $37.23M; short-term marketable securities $210.95M .

Revenue Composition (Q4 FY2024)

Total revenue consisted of royalties from AbbVie’s MAVYRET/MAVIRET hepatitis C regimen .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance (Q4 FY2024)	Change
Cash runway	Multi-year	“Through the third quarter of fiscal 2027” (reiterated in Q3)	“Into fiscal 2027”	Maintained (slightly less specific)
R&D expense (FY24)	FY2024	$125–$145M (set at Q2)	No new range update in Q4 release	Maintained (no update disclosed)
G&A expense (FY24)	FY2024	$50–$60M (set at Q2)	No new range update in Q4 release	Maintained (no update disclosed)
Financial call cadence	Q4 FY2024	N/A	No earnings call; next update tied to RSVPEDs topline in Dec 2024	N/A

No revenue/EPS/dividend guidance was provided in Q4 materials; financial directional commentary centered on cash runway and opex framing .

Earnings Call Themes & Trends

Note: No Q4 earnings call was held . Themes below reflect the evolution of disclosures across Q2, Q3, and the Q4 press release.

Topic	Previous Mentions (Q2 and Q3 FY2024)	Current Period (Q4 FY2024)	Trend
RSV program execution	Q2: RSVPEDs near completion; adult RSVHR enrolling; EDP-323 challenge data expected in Q3 . Q3: RSVPEDs enrollment complete; EDP-323 data on track late Q3 .	EDP-323 positive topline (p<0.0001) in Sept challenge study; RSVPEDs pediatric data expected Dec; RSVHR adult high-risk enrollment targeted to complete in current NH season .	Positive momentum; multiple clinically meaningful data catalysts delivered/expected.
Immunology expansion (KIT/STAT6)	Q2: KIT program candidate selection targeted Q4 2024; second immunology program planned in 2024 . Q3: KIT preclinical optimization ongoing; second program to be introduced in Q4 .	EPS-1421 (KIT) nominated; STAT6 inhibitor discovery program introduced, targeting type 2 immune–driven diseases .	Scope broadened beyond virology; concrete progress in 4Q.
Royalty/OMERS financing dynamics	Q2/Q3 explained OMERS structure and interest expense impacts .	Continued recognition of full royalties as revenue and OMERS interest expense; 54.5% of cash royalties paid to OMERS until cap/2032 .	Structural factor persists; interest expense moderating vs 2023.
Legal/regulatory	Q2/Q3: Higher G&A from Pfizer patent litigation; no call at Q3 .	Full-year G&A up on legal fees; Dec 24 post‑quarter: company to appeal adverse patent ruling .	Ongoing legal overhang; appeal underway post-quarter.
Capital runway	Q2: runway through Q3 FY2027 ; Q3 reiterated .	Runway “into fiscal 2027” .	Maintained capacity to fund key programs.

Management Commentary

“We believe these [EDP-323] results are among the strongest ever reported for an antiviral in an RSV challenge study, and significantly unlock further promise of our RSV program…” — Jay R. Luly, Ph.D., President & CEO .
“We could potentially have two of the leading clinical candidates for the treatment of RSV with different mechanisms of action, providing us with important optionality.” — Jay R. Luly, Ph.D. .
“We also made notable progress in advancing and expanding our immunology portfolio with the nomination of EPS-1421… [and] introduce our second discovery stage program to develop oral STAT6 inhibitors…” — Jay R. Luly, Ph.D. .
“There is a substantial need for safe and effective oral treatments for RSV… these important antiviral data [in pediatrics]… support further clinical evaluation of zelicapavir.” — Scott T. Rottinghaus, M.D., CMO (Dec 9 pediatric topline) .
Corporate cadence: “Enanta will not be holding a conference call with today’s fiscal fourth quarter and year-end update.” .

Q&A Highlights

No Q4 earnings call or Q&A session was held; management deferred updates to the December RSVPEDs topline release .

Estimates Context

S&P Global consensus for Q4 FY2024 revenue/EPS was unavailable via API at the time of analysis; therefore, we cannot assess beat/miss vs Street or quantify the magnitude of any variance (S&P Global data unavailable).
Reported figures: revenue $14.6M; diluted EPS $(1.36); net loss $(28.8)M .

Key Takeaways for Investors

RSV remains the core value driver: Highly significant EDP-323 challenge data and positive pediatric zelicapavir topline de-risk two distinct RSV mechanisms, broadening potential patient coverage and combination optionality .
Near-term catalyst density: Pediatric RSVPEDs (Dec) and ongoing RSVHR enrollment progress are pivotal to shaping Phase 3 design/partnership paths and can move the stock around data readouts .
Funding runway intact: $248.2M cash and marketable securities at FY-end; runway into fiscal 2027 provides time to prosecute RSV and immunology milestones despite royalty-sharing headwind .
Expense mix evolving: R&D down vs prior year on reduced COVID spend; immunology investment rising; G&A historically elevated due to Pfizer litigation (appeal announced Dec 24) .
Royalty structural nuance: 100% of MAVYRET/MAVIRET royalties recognized as revenue, but 54.5% of cash paid to OMERS through 2032 with interest expense; investors should model cash vs GAAP nuance carefully .
No Q4 call: Less clarity on quarter-specific drivers; focus shifts to upcoming data and potential business development around RSV assets .
Medium-term thesis: If adult high‑risk and pediatric RSV signals translate into Phase 3-enabling outcomes, ENTA could occupy a first‑in‑disease RSV antiviral position; immunology (KIT/STAT6) adds optional upside and pipeline diversification .

Appendix: Additional Relevant Q4 Press Releases

EDP-323 RSV challenge positive topline (Sept 26, 2024): 85–87% viral load AUC reduction by qRT-PCR; 97–98% infectious viral load reduction; 66–78% symptom AUC reduction; favorable safety .
Pediatric zelicapavir Phase 2 positive topline (Dec 9, 2024): antiviral effect on virology endpoints; 1.4 log decline vs placebo at Day 5 (Part 2); prespecified ≤3‑day subset 1.2 log decline; well‑tolerated .
Legal: Company to appeal ruling on ’953 patent litigation vs Pfizer (Dec 24, 2024) .

ENANTA PHARMACEUTICALS INC (ENTA)·Q4 2024 Earnings Summary